# EDGAR Filing Document

**Accession Number:** 0000814230
**File Stem:** 0001206774-23-000352
**Filing Date:** 2023-3
**Character Count:** 1456662
**Document Hash:** 58322db7cd7aae0ac3b4e4adaf62cc8b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001206774-23-000352.hdr.sgml**: 20230313

**ACCESSION NUMBER**: 0001206774-23-000352

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230313

**DATE AS OF CHANGE**: 20230310

**EFFECTIVENESS DATE**: 20230313

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DELAWARE VIP TRUST
- **CENTRAL INDEX KEY:** 0000814230
- **IRS NUMBER:** 232470518
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05162
- **FILM NUMBER:** 23725262

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354
- **BUSINESS PHONE:** 18005231918

**MAIL ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DELAWARE GROUP PREMIUM FUND
- **DATE OF NAME CHANGE:** 20000428

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DELAWARE PREMIUM FUND
- **DATE OF NAME CHANGE:** 20000224

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DELAWARE GROUP PREMIUM FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### DELAWARE VIP SMALL CAP VALUE SERIES (Series ID: S000002475)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000006665 | DELAWARE VIP SMALL CAP VALUE SERIES STANDARD CLASS |  |
| C000006666 | DELAWARE VIP SMALL CAP VALUE SERIES SERVICE CLASS  |  |

### DELAWARE VIP EMERGING MARKETS SERIES (Series ID: S000002482)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000006679 | DELAWARE VIP EMERGING MARKETS SERIES STANDARD CLASS |  |
| C000006680 | DELAWARE VIP EMERGING MARKETS SERIES SERVICE CLASS  |  |

### Delaware VIP Opportunity Series (Series ID: S000065938)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000212992 | Standard     |  |

### Delaware VIP Special Situations Series (Series ID: S000065939)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000212993 | Standard     |  |

### Delaware VIP Total Return Series (Series ID: S000065940)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000212994 | Service      |  |
| C000212995 | Standard     |  |

### Delaware VIP Equity Income Series (Series ID: S000065941)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000212996 | Standard     |  |

### Delaware VIP Fund for Income Series (Series ID: S000065942)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000212997 | Standard     |  |
| C000234377 | Service      |  |

### Delaware VIP Growth Equity Series (Series ID: S000065944)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000212999 | Standard     |  |

### Delaware VIP Growth and Income Series (Series ID: S000065945)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000213000 | Standard     |  |

### Delaware VIP International Series (Series ID: S000065946)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000213001 | Standard     |  |
| C000221905 | Service      |  |

### Delaware VIP Investment Grade Series (Series ID: S000065947)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000213002 | Standard     |  |
| C000213003 | Service      |  |

### Delaware VIP Limited Duration Bond Series (Series ID: S000065948)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000213004 | Standard     |  |

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT<br> INVESTMENT COMPANIES**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Investment Company Act file number: | &nbsp;&nbsp;811-05162 |
| &nbsp;&nbsp;Exact name of registrant as specified in charter: | &nbsp;&nbsp;Delaware VIP<sup>®</sup> Trust |
| &nbsp;&nbsp;Address of principal executive offices: | &nbsp;&nbsp; 610 Market Street<br> Philadelphia, PA 19106 |
| &nbsp;&nbsp;Name and address of agent for service: | &nbsp;&nbsp; David F. Connor, Esq.<br> 610 Market Street<br> Philadelphia, PA 19106 |
| &nbsp;&nbsp;Registrant's telephone number, including area code: | &nbsp;&nbsp;(800) 523-1918 |
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;December 31 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;December 31, 2022 |

---

Item 1. Reports to Stockholders

![](mim_cover.jpg)

Delaware VIP<sup>®</sup> Trust Delaware VIP Emerging Markets Series December 31, 2022

**[**Table of Contents**](#dvems_toc)**

**Table of contents**

---

| | |
|:---|:---|
| **[Portfolio management review](#vipem_001)** | **1** |
| **[Performance summary](#vipem_002)** | **3** |
| **[Disclosure of Series expenses](#vipem_003)** | **5** |
| **[Security type / country and sector allocations](#vipem_004)** | **6** |
| **[Schedule of investments](#vipem_005)** | **7** |
| **[**Statement of assets and liabilities**](#vipem_006)** | **10** |
| **[**Statement of operations**](#vipem_007)** | **11** |
| **[**Statements of changes in net assets**](#vipem_008)** | **12** |
| **[**Financial highlights**](#vipem_009)** | **13** |
| **[**Notes to financial statements**](#vipem_010)** | **15** |
| **[**Report of independent registered public accounting firm**](#vipem_011)** | **25** |
| **[**Other Series information**](#vipem_012)** | **26** |
| **[**Board of trustees / directors and officers addendum**](#vipem_013)** | **30** |

---

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 December 31, 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<sup>®</sup> Emerging Markets Series only if preceded or accompanied by the Series' current prospectus or the summary prospectus.© 2023 Macquarie Management Holdings, Inc.

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

**[**Table of Contents**](#dvems_toc)**

Portfolio management review

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Emerging Markets Series

December 31, 2022 (Unaudited)

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

For the fiscal year ended December 31, 2022, Delaware VIP Emerging Markets Series (the "Series") Standard Class shares fell 27.58%. The Series Service Class shares fell 27.81%. Both returns reflect reinvestment of all dividends. By comparison, the Series' benchmark, the MSCI Emerging Markets Index, fell 20.09% (net) and 19.74% (gross) for the same period. **Past performance does not guarantee future results.** For complete, annualized performance of Delaware VIP Emerging Markets Series, please see the table on page 3. Please see page 4 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

**Market review**

The MSCI Emerging Markets Index declined 20% during the fiscal year ended December 31, 2022, lagging developed markets. Several factors influenced performance. First, geopolitical tensions between Russia and Ukraine escalated to a full-scale military conflict. As events unfolded, the US and the European Union imposed sanctions on certain Russian entities, corporations, and individuals, and MSCI eliminated all Russian stocks from the benchmark at a de minimis price. Second, China maintained its stringent stance on COVID-19 through most of the year, imposing lockdowns in major metropolitan areas, further dampening the economic outlook. Third, the US Federal Reserve quickened its pace of monetary tightening to combat inflationary pressures, contributing to rising US bond yields and a strengthening US dollar.

Amid volatile market conditions, returns across countries and sectors diverged significantly. Among geographic regions, Latin America outperformed the most. Equities in Brazil and Peru posted returns exceeding 9% in US dollar terms, buoyed by rising commodities' prices and currency appreciation. Mexico also outperformed with notable strength in the financials and industrials sectors. Excluding the impact of Russia's removal from the MSCI Emerging Markets Index, markets in the Europe, Middle East, and Africa (EMEA) region also outperformed. Rising energy prices supported equities in the Middle East, while in South Africa, the energy, industrials, and consumer discretionary sectors bolstered performance. In Turkey, equities rallied amid high inflation.

In contrast, Asia relatively lagged, particularly the North Asian markets. In China, concern about slowing economic growth weighed on consumer-related stocks. Moreover, lingering uncertainty in the regulatory environment, both in China and the US, contributed to underperformance in the technology, communication services, and healthcare sectors. In Taiwan and South Korea, technology stocks underperformed as demand weakness appeared to spread beyond consumer-related applications to other end markets. Elsewhere, equities in South and Southeast Asia outperformed as domestic demand helped insulate these economies from slowing global growth. Indonesia and Thailand outperformed the most among Asian markets.

In terms of sectors, utilities, financials, consumer staples, and industrials relatively outperformed. In contrast, energy and technology underperformed the most.

**Within the Series**

Among countries, Russia detracted the most from relative performance. The Series' investment process centers on identifying individual companies that we believe possess sustainable franchises and favorable long-term growth prospects, and that trade at significant discounts to their intrinsic value. Historically, we have found selective Russian companies attractive from a fundamental perspective. For example, in the energy sector, we believe that the oil resources of **Rosneft Oil Co. PJSC** have some of the lowest extraction costs globally and that the company's long-term growth opportunities and valuation compare favorably to peers. However, we have also recognized heightened risks associated with these investments and have sought to manage such risks through enhanced valuation discounts and limits to position sizes. On balance, the Series has maintained a measured overweight position in Russia relative to its country weighting in the benchmark. As tensions between Russia and Ukraine ratcheted up in late 2021 and early 2022, we closely monitored the situation, but in our assessment at that time, the likelihood of a full-scale invasion appeared low.

In the wake of Russia's incursion into Ukraine and the swift application of sanctions against certain Russian entities, trading on Moscow's stock exchange was halted on February 28, 2022. Several Russian stocks listed offshore continued to trade but plunged in value before being suspended for trading on or around March 2, 2022. As of December 31, 2022, trading in Russian stocks remained suspended for foreign investors. Considering these trading suspensions and the ongoing geopolitical uncertainty, the value of the Series' Russian holdings has been written down based on fair valuation protocols.

**[**Table of Contents**](#dvems_toc)**

Portfolio management review

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Emerging Markets Series

Outside of Russia, the Series' stock selection in South Korea and Taiwan was unfavorable. The Series holds large overweight positions in semiconductor stocks including **MediaTek Inc.**, **SK hynix Inc.**, **Taiwan Semiconductor Manufacturing Co. Ltd.**, and **Samsung Electronics Co. Ltd.** These stocks underperformed as deterioration in the demand outlook heightened investors' concerns about rising inventories, price declines for semiconductor chips, and downward earnings-estimate revisions.

On the positive side, the Series' position in **Reliance Industries Ltd.** in India outperformed as domestic consumption recovered. In China, favorable stock selection contributed to relative performance.

The prevailing sources of uncertainty – including inflation, rising interest rates, energy markets, and a potential slowdown of global growth – are unlikely to abate in the near term, in our view. As such, we expect market conditions to remain volatile. Nonetheless, we do not believe these uncertainties have derailed long-term growth opportunities underpinned by secular trends such as digitalization and consumption premiumization (consumers' preference for high-quality, healthy, and premium products). Furthermore, we believe that equity valuations across several pockets of the emerging markets universe appear attractive.

Among countries, we currently hold overweight positions in South Korea, Taiwan, and Mexico. Conversely, we are currently underweight relative to the benchmark the Middle East, Southeast Asia, and South Africa. Sectors we currently favor include technology, consumer staples, and energy (largely due to the Series' holding in Reliance Industries). The Series is most underweight financials, industrials, and materials.

The Series used foreign currency exchange contracts to facilitate the purchase and sale of equities traded on international exchanges. The effect of these contracts on performance was immaterial.

**[**Table of Contents**](#dvems_toc)**

Performance summary (Unaudited)

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Emerging Markets Series

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Series and benchmark performance** | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* |
|  | 1 year | 3 year | 5 year | 10 year |
| Standard Class shares (commenced operations on May 1, 1997) | -27.58% | -4.17% | -1.90% | +2.34% |
| Service Class shares (commenced operations on May 1, 2000) | -27.81% | -4.46% | -2.19% | +2.06% |
| MSCI Emerging Markets Index (net) | -20.09% | -2.69% | -1.40% | +1.44% |
| MSCI Emerging Markets Index (gross) | -19.74% | -2.34% | -1.03% | +1.81% |

---

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

As described in the Series' most recent prospectus, the net expense ratios for Standard Class and Service Class shares of the Series were 1.18% and 1.48%, respectively, while total operating expenses for Standard Class and Service Class shares were 1.33% and 1.63%, respectively. The management fee for Standard Class and Service Class shares was 1.23%, and the annual distribution and service (12b-1) fee for Service Class shares was 0.30% of average daily net assets. The expense ratios may differ from the expense ratios in the "Financial highlights" since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in "Notes to financial statements" for additional details. Please see the "Financial highlights" section in this report for the most recent expense ratios.

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

Expense limitations were in effect for both classes during some or all of the periods shown in the "Series and benchmark performance" table above and in the "Performance of a $10,000 investment" graph on the next page. Performance would have been lower had expense limitations not been in effect.

Performance data do not include any fees or sales charges imposed by variable insurance contracts. This fund doesn't have any deferred sales charges. Performance shown here would have been reduced if such fees were included. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

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

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

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

**[**Table of Contents**](#dvems_toc)**

Performance summary (Unaudited)

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Emerging Markets Series

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

**Performance of a $10,000 investment<sup>1</sup>**

*For the period December 31, 2012 through December 31, 2022*

![](mim_vipem-ncsrx6x1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | | **Starting value** | **Ending value** |
| ![](mim_vipem-ncsrx6x2.jpg) | Delaware VIP Emerging Markets Series — Standard Class shares | $10000 | $12597 |
| ![](mim_vipem-ncsrx6x3.jpg) | MSCI Emerging Markets Index (gross) | $10000 | $11965 |
| ![](mim_vipem-ncsrx6x4.jpg) | MSCI Emerging Markets Index (net) | $10000 | $11533 |

---

The graph shows a $10,000 investment in Delaware VIP Emerging Markets Series Standard Class shares for the period from December 31, 2012 through December 31, 2022.

The graph also shows $10,000 invested in the MSCI Emerging Markets Index for the period from December 31, 2012 through December 31, 2022.

The MSCI Emerging Markets Index represents large- and mid-cap stocks across emerging market countries worldwide. The index covers approximately 85% of the free float-adjusted market capitalization in each country. Index "net" return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate. Index "gross" return approximates the maximum possible dividend reinvestment.

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

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

**Past performance does not guarantee future results.**

**[**Table of Contents**](#dvems_toc)**

Disclosure of Series expenses

For the six-month period from July 1, 2022 to December 31, 2022 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2022 to December 31, 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** | **Expense analysis of an investment of $1,000** | **Expense analysis of an investment of $1,000** | **Expense analysis of an investment of $1,000** |  |
|  | Beginning<br> Account<br> Value<br> 7/1/22 | Ending<br> Account<br> Value<br> 12/31/22 | Annualized<br> Expense<br> Ratio | Expenses<br> Paid<br> During<br> Period<br> 7/1/22 to<br> 12/31/22\* |
| **Actual Series return<sup>†</sup>** |  |  |  |  |
| Standard Class | $1000.00 | $936.70 | 1.19% | $5.81 |
| Service Class | 1000.00 | 935.20 | 1.49% | 7.27 |
| **Hypothetical 5% return (5% return before expenses)** |  |  |  |  |
| Standard Class | $1000.00 | $1019.21 | 1.19% | $6.06 |
| Service Class | 1000.00 | 1017.69 | 1.49% | 7.58 |

---

---

| | |
|:---|:---|
| \* | "Expenses Paid During Period" are equal to the Series' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
| <sup>†</sup> | 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**](#dvems_toc)**

Security type / country and sector allocations

Delaware VIP Emerging Markets Series

As of December 31, 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, which may result in the sector designations for one fund being different from another fund's sector designations.

---

| | |
|:---|:---|
| Security type / country | Percentage<br> of net assets |
| **Common Stocks by Country** | **93.62%** |
| Argentina | 1.46% |
| Australia | 0.45% |
| Bahrain | 0.24% |
| Brazil | 5.21% |
| Chile | 1.46% |
| China/Hong Kong | 31.26% |
| India | 12.94% |
| Indonesia | 1.24% |
| Japan | 0.54% |
| Malaysia | 0.05% |
| Mexico | 4.18% |
| Peru | 0.49% |
| Republic of Korea | 15.73% |
| Russia | 0.00% |
| South Africa | 0.08% |
| Taiwan | 16.51% |
| Turkey | 1.51% |
| United Kingdom | 0.27% |
| **Convertible Preferred Stock** | **0.04%** |
| **Preferred Stocks** | **4.67%** |
| **Rights** | **0.00%** |
| **Warrants** | **0.03%** |
| **Participation Notes** | **0.00%** |
| **Short-Term Investments** | **1.36%** |
| **Total Value of Securities** | **99.72%** |
| **Receivables and Other Assets Net of Liabilities** | **0.28%** |
| **Total Net Assets** | **100.00%** |

---

---

| | |
|:---|:---|
| Common stock, participation notes, and preferred stock by sector | Percentage <br>of net assets |
| Communication Services | 13.29% |
| Consumer Discretionary | 12.07% |
| Consumer Staples | 14.24% |
| Energy | 10.42% |
| Financials | 4.22% |
| Healthcare | 0.77% |
| Industrials | 1.65% |
| Information Technology\* | 35.39% |
| Materials | 4.85% |
| Real Estate | 0.53% |
| Utilities | 0.86% |
| **Total** | **98.29%** |

---

\* To monitor compliance with the Series' concentration guidelines as described in the Series' Prospectus and Statement of Additional Information, the Information Technology sectors (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-Semiconductor, Internet, Investment Companies, Semiconductor Components-Integrated Circuits, and Software. As of December 31, 2022, such amounts, as a percentage of total net assets were 2.04%, 2.31%,17.15%, 1.08%, 1.53%, 10.56%, and 0.72%, 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%.

**[**Table of Contents**](#dvems_toc)**

Schedule of investments

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Emerging Markets Series

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value<br> (US $)** |
| **Common Stocks — 93.62%∆** |  |  |
| Argentina — 1.46% |  |  |
| &nbsp;&nbsp;&nbsp;Arcos Dorados Holdings Class A | 280478 | $2344796 |
| &nbsp;&nbsp;&nbsp;Cablevision Holding GDR | 262838 | 820895 |
| &nbsp;&nbsp;&nbsp;Cresud ADR | 326731 | 2185831 |
| &nbsp;&nbsp;&nbsp;Grupo Clarin GDR Class B 144A #, † | 77680 | 89329 |
| &nbsp;&nbsp;&nbsp;IRSA Inversiones y Representaciones ADR | 535335 | 2558901 |
|  |  | 7999752 |
| Australia — 0.45% |  |  |
| &nbsp;&nbsp;&nbsp;BHP Group ADR | 39700 | 2463385 |
|  |  | 2463385 |
| Bahrain — 0.24% |  |  |
| &nbsp;&nbsp;&nbsp;Aluminium Bahrain GDR 144A # | 91200 | 1318935 |
|  |  | 1318935 |
| Brazil — 5.21% |  |  |
| &nbsp;&nbsp;&nbsp;AES Brasil Energia | 310668 | 568408 |
| &nbsp;&nbsp;&nbsp;Americanas | 1560623 | 2852410 |
| &nbsp;&nbsp;&nbsp;Banco Bradesco ADR | 1749871 | 5039628 |
| &nbsp;&nbsp;&nbsp;Banco Santander Brasil ADR | 53466 | 288182 |
| &nbsp;&nbsp;&nbsp;BRF ADR † | 788900 | 1246462 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding ADR | 1049325 | 4942321 |
| &nbsp;&nbsp;&nbsp;Rumo | 217473 | 766546 |
| &nbsp;&nbsp;&nbsp;Telefonica Brasil ADR | 272891 | 1951171 |
| &nbsp;&nbsp;&nbsp;TIM ADR | 155003 | 1805785 |
| &nbsp;&nbsp;&nbsp;Vale | 149527 | 2517157 |
| &nbsp;&nbsp;&nbsp;Vale ADR | 363623 | 6170682 |
| &nbsp;&nbsp;&nbsp;XP Class A † | 24226 | 371627 |
|  |  | 28520379 |
| Chile — 1.46% |  |  |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile ADR | 100000 | 7984000 |
|  |  | 7984000 |
| China/Hong Kong — 31.26% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding † | 827100 | 9139432 |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding ADR † | 143800 | 12667342 |
| &nbsp;&nbsp;&nbsp;ANTA Sports Products | 268400 | 3517711 |
| &nbsp;&nbsp;&nbsp;Baidu ADR † | 49719 | 5686859 |
| &nbsp;&nbsp;&nbsp;BeiGene † | 167800 | 2885005 |
| &nbsp;&nbsp;&nbsp;DiDi Global ADR † | 81500 | 259170 |
| &nbsp;&nbsp;&nbsp;Hengan International Group | 260500 | 1383357 |
| &nbsp;&nbsp;&nbsp;iQIYI ADR † | 59542 | 315573 |
| &nbsp;&nbsp;&nbsp;JD.com Class A | 34285 | 967216 |
| &nbsp;&nbsp;&nbsp;JD.com ADR | 350000 | 19645500 |
| &nbsp;&nbsp;&nbsp;Joinn Laboratories China Class H 144A # | 9604 | 49156 |
| &nbsp;&nbsp;&nbsp;Kunlun Energy | 3360900 | 2398352 |
| &nbsp;&nbsp;&nbsp;Kweichow Moutai Class A | 111913 | 27802372 |
| &nbsp;&nbsp;&nbsp;New Oriental Education & Technology Group ADR † | 16190 | 563736 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Class H | 585000 | 3871045 |
| &nbsp;&nbsp;&nbsp;Sohu.com ADR † | 429954 | 5894669 |
| &nbsp;&nbsp;&nbsp;TAL Education Group ADR † | 50701 | 357442 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 753900 | 32259844 |
| &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group ADR † | 159 | 1317 |
| &nbsp;&nbsp;&nbsp;Tianjin Development Holdings | 35950 | 6909 |
| &nbsp;&nbsp;&nbsp;Tingyi Cayman Islands Holding | 1582000 | 2792915 |
| &nbsp;&nbsp;&nbsp;Trip.com Group ADR † | 120588 | 4148227 |
| &nbsp;&nbsp;&nbsp;Tsingtao Brewery Class H | 797429 | 7876775 |
| &nbsp;&nbsp;&nbsp;Uni-President China Holdings | 2800000 | 2801632 |
| &nbsp;&nbsp;&nbsp;Weibo Class A † | 65500 | 1233561 |
| &nbsp;&nbsp;&nbsp;Weibo ADR † | 40000 | 764800 |
| &nbsp;&nbsp;&nbsp;Wuliangye Yibin Class A | 837792 | 21776060 |
|  |  | 171065977 |
| India — 12.94% |  |  |
| &nbsp;&nbsp;&nbsp;HCL Technologies | 312400 | 3924541 |
| &nbsp;&nbsp;&nbsp;Indiabulls Real Estate GDR † | 44628 | 43749 |
| &nbsp;&nbsp;&nbsp;Infosys | 285200 | 5199307 |
| &nbsp;&nbsp;&nbsp;Natco Pharma | 185519 | 1259480 |
| &nbsp;&nbsp;&nbsp;Reliance Industries | 859880 | 26475116 |
| &nbsp;&nbsp;&nbsp;Reliance Industries GDR 144A # | 452657 | 27838405 |
| &nbsp;&nbsp;&nbsp;Sify Technologies ADR † | 91200 | 105792 |
| &nbsp;&nbsp;&nbsp;Tata Consultancy Services | 151800 | 5975669 |
|  |  | 70822059 |
| Indonesia — 1.24% |  |  |
| &nbsp;&nbsp;&nbsp;Astra International | 18590600 | 6806900 |
|  |  | 6806900 |
| Japan — 0.54% |  |  |
| &nbsp;&nbsp;&nbsp;Renesas Electronics † | 324700 | 2928089 |
|  |  | 2928089 |
| Malaysia — 0.05% |  |  |
| &nbsp;&nbsp;&nbsp;UEM Sunrise † | 4748132 | 274864 |
|  |  | 274864 |
| Mexico — 4.18% |  |  |
| &nbsp;&nbsp;&nbsp;America Movil ADR Class L | 162815 | 2963233 |
| &nbsp;&nbsp;&nbsp;Banco Santander Mexico ADR | 276900 | 1669707 |
| &nbsp;&nbsp;&nbsp;Becle | 1571000 | 3430377 |
| &nbsp;&nbsp;&nbsp;Cemex ADR † | 469537 | 1901625 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Femsa ADR | 75784 | 5144218 |
| &nbsp;&nbsp;&nbsp;Fomento Economico Mexicano ADR | 19186 | 1498810 |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte Class O | 440979 | 3173628 |
| &nbsp;&nbsp;&nbsp;Grupo Televisa ADR | 656458 | 2993448 |

---

**[**Table of Contents**](#dvems_toc)**

Schedule of investments

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Emerging Markets Series

---

| | | |
|:---|:---|:---|
| | **Number of<br> shares** | **Value<br> (US $)** |
| **Common Stocks∆ (continued)** | | |
| Mexico (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Sitios Latinoamerica † | 162815 | $76869 |
|  |  | 22851915 |
| Peru — 0.49% |  |  |
| &nbsp;&nbsp;&nbsp;Cia de Minas Buenaventura ADR | 356605 | 2656707 |
|  |  | 2656707 |
| Republic of Korea — 15.73% |  |  |
| &nbsp;&nbsp;&nbsp;Fila Holdings | 101760 | 2684602 |
| &nbsp;&nbsp;&nbsp;LG Uplus | 250922 | 2197406 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics | 671359 | 29468124 |
| &nbsp;&nbsp;&nbsp;Samsung Life Insurance | 66026 | 3707699 |
| &nbsp;&nbsp;&nbsp;SK Hynix | 360000 | 21479058 |
| &nbsp;&nbsp;&nbsp;SK Square † | 315059 | 8386405 |
| &nbsp;&nbsp;&nbsp;SK Telecom | 159405 | 5979896 |
| &nbsp;&nbsp;&nbsp;SK Telecom ADR | 590316 | 12154606 |
|  |  | 86057796 |
| Russia — 0.00% |  |  |
| &nbsp;&nbsp;&nbsp;ENEL RUSSIA PJSC =, † | 755050 | 0 |
| &nbsp;&nbsp;&nbsp;Etalon Group GDR 144A #, = | 354800 | 0 |
| &nbsp;&nbsp;&nbsp;Gazprom PJSC = | 2087800 | 0 |
| &nbsp;&nbsp;&nbsp;Rosneft Oil PJSC = | 1449104 | 0 |
| &nbsp;&nbsp;&nbsp;Sberbank of Russia PJSC =, † | 2058929 | 0 |
| &nbsp;&nbsp;&nbsp;Surgutneftegas PJSC ADR =, † | 294652 | 0 |
| &nbsp;&nbsp;&nbsp;T Plus PJSC =, † | 25634 | 0 |
| &nbsp;&nbsp;&nbsp;VK GDR =, † | 71300 | 0 |
| &nbsp;&nbsp;&nbsp;Yandex Class A =, † | 101902 | 0 |
|  |  | 0 |
| South Africa — 0.08% |  |  |
| &nbsp;&nbsp;&nbsp;Sun International | 210726 | 428986 |
| &nbsp;&nbsp;&nbsp;Tongaat Hulett =, † | 182915 | 0 |
|  |  | 428986 |
| Taiwan — 16.51% |  |  |
| &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry | 3881564 | 12616299 |
| &nbsp;&nbsp;&nbsp;MediaTek | 1125000 | 22876641 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 3756864 | 54821086 |
|  |  | 90314026 |
| Turkey — 1.51% |  |  |
| &nbsp;&nbsp;&nbsp;D-MARKET Elektronik Hizmetler ve Ticaret ADR † | 15200 | 10032 |
| &nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri | 677165 | 1371547 |
| &nbsp;&nbsp;&nbsp;Turkiye Sise ve Cam Fabrikalari | 3008750 | 6904813 |
|  |  | 8286392 |
| United Kingdom — 0.27% |  |  |
| &nbsp;&nbsp;&nbsp;Griffin Mining † | 1642873 | 1493586 |
|  |  | 1493586 |
| **Total Common Stocks**<br> (cost $506,606,644) |  | **512273748** |
| **Convertible Preferred Stock — 0.04%** |  |  |
| Republic of Korea — 0.04% |  |  |
| &nbsp;&nbsp;&nbsp;CJ 3.07% | 4204 | 243087 |
| **Total Convertible Preferred Stock**<br> (cost $470,723) |  | **243087** |
| **Preferred Stocks — 4.67%** |  |  |
| Brazil — 0.81% |  |  |
| &nbsp;&nbsp;&nbsp;Centrais Eletricas Brasileiras Class B 3.76% ω | 216779 | 1774962 |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro ADR 44.73% ω | 285509 | 2652379 |
|  |  | 4427341 |
| Republic of Korea — 3.86% |  |  |
| &nbsp;&nbsp;&nbsp;CJ 4.81% ω | 28030 | 1089895 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics 1.97% ω | 499750 | 20026660 |
|  |  | 21116555 |
| Russia — 0.00% |  |  |
| &nbsp;&nbsp;&nbsp;Transneft PJSC =, ω | 3606 | 0 |
|  |  | 0 |
| **Total Preferred Stocks**<br> (cost $16,880,353) |  | **25543896** |
| **Rights — 0.00%** |  |  |
| Brazil — 0.00% |  |  |
| &nbsp;&nbsp;&nbsp;AES Brasil Energia SA † | 1671 | 79 |
| **Total Rights**<br> (cost $0) |  | **79** |
| **Warrants — 0.03%** |  |  |
| Argentina — 0.03% |  |  |
| &nbsp;&nbsp;&nbsp;IRSA Inversiones y Representaciones exercise price $0.25, expiration date 3/5/26 † | 594450 | 147037 |
| **Total Warrants**<br> (cost $0) |  | **147037** |
| **Participation Notes — 0.00%** |  |  |
| &nbsp;&nbsp;&nbsp;Lehman Indian Oil CW 12 LEPO =, † | 100339 | 0 |

---

**[**Table of Contents**](#dvems_toc)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value<br> (US $)** |
| **Participation Notes (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Lehman Oil & Natural Gas CW 12 LEPO =, † | 146971 | $0 |
| **Total Participation Notes<br> (cost $4,952,197)** |  | **0** |
| **Short-Term Investments — 1.36%** |  |  |
| Money Market Mutual Funds — 1.36% |  |  |
| &nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund –<br> Institutional Shares (seven-day effective yield 4.03%) | 1862045 | 1862045 |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio –<br> Class I (seven-day effective yield 4.06%) | 1862045 | 1862045 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund –<br> Institutional Shares (seven-day effective yield 4.23%) | 1862045 | 1862045 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio –<br> Institutional Class (seven-day effective yield 4.11%) | 1862044 | 1862044 |
| **Total Short-Term Investments<br> (cost $7,448,179)** |  | **7448179** |
| **Total Value of Securities — 99.72%<br> (cost $536,358,096)** |  | $**545656026** |

---

---

| |
|:---|
| Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 6 in "Security type / country and sector allocations." |
| Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2022, the aggregate value of Rule 144A securities was $29,295,825, which represents 5.35% of the Series' net assets. See Note 10 in "Notes to financial statements." |
| Non-income producing security. |
| The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security. |
| Perpetual security with no stated maturity date. |

---

**Summary of abbreviations:**

ADR – American Depositary Receipt

GDR – Global Depositary Receipt

LEPO – Low Exercise Price Option

PJSC – Private Joint Stock Company

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

**[**Table of Contents**](#dvems_toc)**

Statement of assets and liabilities

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Emerging Markets Series

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets:** | **Assets:** | |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | &nbsp;&nbsp;&nbsp;Investments, at value\* | $545656026 |
| &nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;Cash | 60922 |
| &nbsp;&nbsp;&nbsp;Foreign currencies, at value<sup>∆</sup> | &nbsp;&nbsp;&nbsp;Foreign currencies, at value<sup>∆</sup> | 3085901 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 1314379 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | 160965 |
| &nbsp;&nbsp;&nbsp;Receivable due from Advisor | &nbsp;&nbsp;&nbsp;Receivable due from Advisor | 37176 |
| &nbsp;&nbsp;&nbsp;Receivable for series shares sold | &nbsp;&nbsp;&nbsp;Receivable for series shares sold | 10923 |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;Other assets | 4951 |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;Total Assets | 550331243 |
| **Liabilities:** | **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Accrued capital gains taxes on appreciated securities | &nbsp;&nbsp;&nbsp;Accrued capital gains taxes on appreciated securities | 1561228 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;Other accrued expenses | 1072713 |
| &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | 353541 |
| &nbsp;&nbsp;&nbsp;Distribution fees payable to affiliates | &nbsp;&nbsp;&nbsp;Distribution fees payable to affiliates | 147263 |
| &nbsp;&nbsp;&nbsp;Administration expenses payable to affiliates | &nbsp;&nbsp;&nbsp;Administration expenses payable to affiliates | 16364 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;Total Liabilities | 3151109 |
| **Total Net Assets** | **Total Net Assets** | $547180134 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;&nbsp;Paid-in capital | $539550070 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | 7630064 |
| **Total Net Assets** | **Total Net Assets** | $547180134 |
| **Net Asset Value** | **Net Asset Value** |  |
| **Standard Class:** | **Standard Class:** |  |
| Net assets | Net assets | $294243578 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | Shares of beneficial interest outstanding, unlimited authorization, no par | 14937833 |
| Net asset value per share | Net asset value per share | $19.70 |
| **Service Class:** | **Service Class:** |  |
| Net assets | Net assets | $252936556 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | Shares of beneficial interest outstanding, unlimited authorization, no par | 12885035 |
| Net asset value per share | Net asset value per share | $19.63 |
| \* | Investments, at cost | $536358096 |
| ∆ | Foreign currencies, at cost | 3119307 |

---

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

**[**Table of Contents**](#dvems_toc)**

Statement of operations

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Emerging Markets Series

Year ended December 31, 2022

---

| | |
|:---|:---|
| **Investment Income:** | |
| &nbsp;&nbsp;&nbsp;Dividends | $18982191 |
| &nbsp;&nbsp;&nbsp;Foreign tax withheld | (2373877) |
|  | 16608314 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Management fees | 7400513 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Service Class | 850918 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 447082 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing and transfer agent fees and expenses | 183641 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | 115858 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | 103318 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | 40260 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 37098 |
| &nbsp;&nbsp;&nbsp;Legal fees | 34192 |
| &nbsp;&nbsp;&nbsp;Other | 61116 |
|  | 9273996 |
| &nbsp;&nbsp;&nbsp;Less expenses waived | (1281000) |
| &nbsp;&nbsp;&nbsp;Less expenses paid indirectly | (2) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 7992994 |
| **Net Investment Income (Loss)** | 8615320 |
| **Net Realized and Unrealized Gain (Loss):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>1</sup> | (1336076) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | (53781) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange contracts | (18308) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (1408165) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>1</sup> | (210249045) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | (54566) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (210303611) |
| **Net Realized and Unrealized Gain (Loss)** | (211711776) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(203096456) |

---

<sup>1</sup> Includes $(4498) capital gains tax paid and $(1561228) capital gains tax accrued.

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

**[**Table of Contents**](#dvems_toc)**

Statements of changes in net assets

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Emerging Markets Series

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $8615320 | $23672695 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (1408165) | (6830787) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (210303611) | (37897681) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (203096456) | (21055773) |
| **Dividends and Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | (13031896) | (2707604) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | (10983197) | (1921987) |
|  | (24015093) | (4629591) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | 46742952 | 77991728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | 25911033 | 37115785 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | 13031896 | 2707604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | 10983197 | 1921987 |
|  | 96669078 | 119737104 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | (24919016) | (29293517) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | (35086446) | (45809192) |
|  | (60005462) | (75102709) |
| &nbsp;&nbsp;&nbsp;Increase in net assets derived from capital share transactions | 36663616 | 44634395 |
| **Net Increase (Decrease) in Net Assets** | (190447933) | 18949031 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 737628067 | 718679036 |
| &nbsp;&nbsp;&nbsp;End of year | $547180134 | $737628067 |

---

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

**[**Table of Contents**](#dvems_toc)**

Financial highlights

Delaware VIP<sup>®</sup> Emerging Markets Series Standard Class

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| | **12/31/22** | **12/31/21** | **12/31/20** | **12/31/19** | **12/31/18** |
| **Net asset value, beginning of period** | $28.37 | $29.42 | $24.27 | $20.36 | $25.06 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.35 | 1.00 | 0.10 | 0.19 | 0.16 |
| Net realized and unrealized gain (loss) | (8.06) | (1.81) | 5.65 | 4.35 | (3.98) |
| Total from investment operations | (7.71) | (0.81) | 5.75 | 4.54 | (3.82) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | (0.96) | (0.10) | (0.18) | (0.15) | (0.80) |
| 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) |
| **Net asset value, end of period** | $19.70 | $28.37 | $29.42 | $24.27 | $20.36 |
| **Total return<sup>2</sup>** | (27.58)%<sup>3</sup> | (2.84)%<sup>3</sup> | 25.09%<sup>3</sup> | 22.63%<sup>3</sup> | (15.81)% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $294244 | $377296 | $339348 | $328524 | $236592 |
| Ratio of expenses to average net assets<sup>4</sup> | 1.20% | 1.25% | 1.28% | 1.30% | 1.34% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | 1.41% | 1.34% | 1.36% | 1.34% | 1.34% |
| Ratio of net investment income to average net assets | 1.59% | 3.34% | 0.44% | 0.86% | 0.71% |
| Ratio of net investment income to average net assets prior to fees waived | 1.38% | 3.25% | 0.36% | 0.82% | 0.71% |
| Portfolio turnover | 2% | 2% | 3% | 20% | 11% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> 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.

<sup>3</sup> Total return during the period reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

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

**[**Table of Contents**](#dvems_toc)**

Financial highlights

Delaware VIP<sup>®</sup> Emerging Markets Series Service Class

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| | **12/31/22** | **12/31/21** | **12/31/20** | **12/31/19** | **12/31/18** |
| **Net asset value, beginning of period** | $28.25 | $29.31 | $24.17 | $20.28 | $24.97 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.28 | 0.90 | 0.03 | 0.12 | 0.10 |
| Net realized and unrealized gain (loss) | (8.03) | (1.80) | 5.64 | 4.34 | (3.97) |
| Total from investment operations | (7.75) | (0.90) | 5.67 | 4.46 | (3.87) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | (0.87) | (0.02) | (0.11) | (0.09) | (0.74) |
| 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) |
| **Net asset value, end of period** | $19.63 | $28.25 | $29.31 | $24.17 | $20.28 |
| **Total return<sup>2</sup>** | (27.81)% | (3.13)% | 24.69% | 22.25% | (16.03)% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $252936 | $360332 | $379331 | $358165 | $323530 |
| Ratio of expenses to average net assets<sup>3</sup> | 1.50% | 1.55% | 1.58% | 1.60% | 1.62% |
| Ratio of expenses to average net assets prior to fees waived<sup>3</sup> | 1.71% | 1.64% | 1.66% | 1.64% | 1.64% |
| Ratio of net investment income to average net assets | 1.29% | 3.04% | 0.14% | 0.56% | 0.43% |
| Ratio of net investment income to average net assets prior to fees waived | 1.08% | 2.95% | 0.06% | 0.52% | 0.41% |
| Portfolio turnover | 2% | 2% | 3% | 20% | 11% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> 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.

<sup>3</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

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

**[**Table of Contents**](#dvems_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Emerging Markets Series

December 31, 2022

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 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 ETF 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, other than ETFs, 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 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. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Series' valuation designee, Delaware Management Company (DMC). Subject to the oversight of the Series' Board of Trustees (Board), DMC, as valuation designee, has adopted policies and procedures to fair value securities for which market quotations are not readily available consistent with the requirements of Rule 2a-5 under the 1940 Act. 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 and private placements are valued at fair value.

**Federal and Foreign Income Taxes** — No provision for federal income taxes has been made as the Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Series evaluates tax positions taken or expected to be taken in the course of preparing the Series' tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Series' tax positions taken or expected to be taken on the Series' federal income tax returns through the year ended December 31, 2022, and for all open tax years (years ended December 31, 2019–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 year ended December 31, 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 "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.

(continues) 15

**[**Table of Contents**](#dvems_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Emerging Markets Series

**1. Significant Accounting Policies (continued)**

**Derivative Financial Instruments** — The Series may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Series must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Series' successful use of a derivative financial instrument depends on the investment adviser's ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Series can realize on an investment and/or may result in lower distributions paid to shareholders. The Series' investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

**Segregation and Collateralizations** — In certain cases, based on requirements and agreements with certain exchanges and third-party broker-dealers, the Series may deliver or receive collateral in connection with certain investments (e.g., futures contracts, foreign currency exchange contracts, options written, securities with extended settlement periods, and swaps). Certain countries require that cash reserves be held while investing in companies incorporated in that country. These cash reserves and cash collateral that has been pledged/received to cover obligations of the Series under derivative contracts, if any, will be reported separately on the "Statement of assets and liabilities" as cash collateral due to/from broker. Securities collateral pledged for the same purpose, if any, is noted on the "Schedule of investments."

**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<sup>®</sup> (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.

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."

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

In accordance with the terms of its investment management agreement, the Series pays 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.

**[**Table of Contents**](#dvems_toc)**

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 for the Standard Class and the Service Class from April 29, 2022 through December 31, 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 for the Standard Class and 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.

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.

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; 0.0025% of the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the "Statement of operations" under "Accounting and administration expenses." For the year ended December 31, 2022, the Series paid $29,118 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC's fees are calculated daily and paid monthly, at the annual rate of 0.0075% of the Series' average daily net assets. This amount is included on the "Statement of operations" under "Dividend disbursing and transfer agent fees and expenses." For the year ended December 31, 2022, the Series paid $45,733 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 year ended December 31, 2022, the Series paid $24,310 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 Underlying Funds including ETFs 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.

(continues) 17

**[**Table of Contents**](#dvems_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Emerging Markets Series

**3. Investments**

For the year ended December 31, 2022, the Series made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | $25828614 |
| Sales | 10322715 |

---

The tax cost of investments and derivatives includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments but which approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2022, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for the Series were as follows:

---

| | |
|:---|:---|
| Cost of investments | $536404053 |
| Aggregate unrealized appreciation of investments | $201565815 |
| Aggregate unrealized depreciation of investments | (192313842) |
| Net unrealized appreciation of investments | $9251973 |

---

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.

**[**Table of Contents**](#dvems_toc)**

The following table summarizes the valuation of the Series' investments by fair value hierarchy levels as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| <u>Securities</u> |  |  |  |  |
| <u>Assets</u>: |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Argentina | $7089528 | $910224 | $— | $7999752 |
| &nbsp;&nbsp;&nbsp;Australia | 2463385 |  |  | 2463385 |
| &nbsp;&nbsp;&nbsp;Bahrain | 1318935 |  |  | 1318935 |
| &nbsp;&nbsp;&nbsp;Brazil | 28520379 |  |  | 28520379 |
| &nbsp;&nbsp;&nbsp;Chile | 7984000 |  |  | 7984000 |
| &nbsp;&nbsp;&nbsp;China/Hong Kong | 171065977 |  |  | 171065977 |
| &nbsp;&nbsp;&nbsp;India | 70778310 | 43749 |  | 70822059 |
| &nbsp;&nbsp;&nbsp;Indonesia | 6806900 |  |  | 6806900 |
| &nbsp;&nbsp;&nbsp;Japan | 2928089 |  |  | 2928089 |
| &nbsp;&nbsp;&nbsp;Malaysia | 274864 |  |  | 274864 |
| &nbsp;&nbsp;&nbsp;Mexico | 22851915 |  |  | 22851915 |
| &nbsp;&nbsp;&nbsp;Peru | 2656707 |  |  | 2656707 |
| &nbsp;&nbsp;&nbsp;Republic of Korea | 12154606 | 73903190 |  | 86057796 |
| &nbsp;&nbsp;&nbsp;Russia |  |  | —<sup>1,2</sup> |  |
| &nbsp;&nbsp;&nbsp;South Africa | 428986 |  |  | 428986 |
| &nbsp;&nbsp;&nbsp;Taiwan | 90314026 |  |  | 90314026 |
| &nbsp;&nbsp;&nbsp;Turkey | 8286392 |  |  | 8286392 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 1493586 |  |  | 1493586 |
| Convertible Preferred Stock |  | 243087 |  | 243087 |
| Participation Notes |  |  | —<sup>2</sup> |  |
| Preferred Stocks<sup>3</sup> | 4427341 | 21116555 | —<sup>2</sup> | 25543896 |
| Rights | 79 |  |  | 79 |
| Warrants | 147037 |  |  | 147037 |
| Short-Term Investments | 7448179 |  |  | 7448179 |
| Total Value of Securities | $449439221 | $96216805 | $— | $545656026 |

---

<sup>1</sup> The value represents valuations of Russian Common Stocks for which Management has determined include significant unobservable inputs as of December 31, 2022.

<sup>2</sup> The security that has been valued at zero on the "Schedule of investments" is considered to be Level 3 investments in this table.

<sup>3</sup> 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 |
| Preferred Stock | 17.33% | 82.67% – 100.00% |

---

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

(continues) 19

**[**Table of Contents**](#dvems_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Emerging Markets Series

**3. Investments (continued)**

A reconciliation of Level 3 investments is presented when the Series has a significant amount of Level 3 investments at the beginning 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 Series' net assets at the end of the year.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net gains on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2022 and 2021 were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| Ordinary income | $24015093 | $1339848 |
| Long-term capital gains |  | 3289743 |
| Total | $24015093 | $4629591 |

---

**5. Components of Net Assets on a Tax Basis**

As of December 31, 2022, the components of net assets on a tax basis were as follows:

---

| | |
|:---|:---|
| Shares of beneficial interest | $539550070 |
| Undistributed ordinary income | 8062950 |
| Capital loss carryforwards | (8069189) |
| Unrealized appreciation (depreciation) of investments and foreign currencies | 7636303 |
| Net assets | $547180134 |

---

Differences between components of net assets unrealized and tax cost unrealized may arise due to certain foreign currency transactions and/or foreign capital gains taxes.

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

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2022, the Series had no reclassifications.

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains.

At December 31, 2022, capital loss carryforwards available to offset future realized capital gains were as follows:

---

| | | |
|:---|:---|:---|
| Loss carryforward character | Loss carryforward character |  |
| Short-term | Long-term | Total |
| $1258686 | $6810503 | $8069189 |

---

**[**Table of Contents**](#dvems_toc)**

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | 2192970 | 2643070 |
| &nbsp;&nbsp;&nbsp;Service Class | 1192323 | 1257728 |
| Shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | 581781 | 88920 |
| &nbsp;&nbsp;&nbsp;Service Class | 490980 | 63265 |
|  | 4458054 | 4052983 |
| Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | (1136299) | (966708) |
| &nbsp;&nbsp;&nbsp;Service Class | (1553673) | (1507444) |
|  | (2689972) | (2474152) |
| Net increase | 1768082 | 1578831 |

---

**7. Line of Credit**

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

On October 31, 2022, the Series, along with the other Participants, entered into an amendment to the Agreement for a $355,000,000 revolving line of credit to be used as described above. It operates in substantially the same manner as the original Agreement. Under the amendment to the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the Agreement expires on October 30, 2023.

The Series had no amounts outstanding as of December 31, 2022, or at any time during the year then ended.

**8. Derivatives**

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

**Foreign Currency Exchange Contracts** — The Series may enter into foreign currency exchange contracts and foreign cross currency exchange contracts as a way of managing foreign exchange rate risk. The Series may enter into these contracts to fix the US dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is delivered and paid for. The Series may also enter into 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.

(continues) 21

**[**Table of Contents**](#dvems_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Emerging Markets Series

**8. Derivatives (continued)**

The use of foreign currency exchange contracts and foreign cross currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities, but does establish a rate of exchange that can be achieved in the future. Although foreign currency exchange contracts and foreign cross currency exchange contracts limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Series could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. The Series' maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between the Series and the counterparty and by the posting of collateral by the counterparty to the Series to cover the Series' exposure to the counterparty. No foreign currency exchange contracts were outstanding at December 31, 2022.

During the year ended December 31, 2022, the Series entered into foreign currency exchange contracts to facilitate or expedite the settlement of portfolio transactions.

During the year ended December 31, 2022, the Series experienced net realized and unrealized gains or losses attributable to foreign currency holdings, which are disclosed on the "Statement of operations."

The table below summarizes the average daily balance of derivative holdings by the Series during the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | Long Derivative<br>Volume | Short Derivative<br>Volume |
| Foreign currency exchange contracts (average notional value) | $66525 | $33355 |

---

**9. Securities Lending**

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

Cash collateral received by the Series is generally invested in an individual separate account. 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

**[**Table of Contents**](#dvems_toc)**

collateralized by non-cash collateral, the Series receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Series, the security lending agent, and the borrower. The Series records security lending income net of allocations to the security lending agent and the borrower.

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

During the year ended December 31, 2022, the Series had no securities out on loan.

**10. Credit and Market Risk**

An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

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.

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

(continues) 23

**[**Table of Contents**](#dvems_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Emerging Markets Series

**10. Credit and Market Risk (continued)**

fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Series' limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series' 10% limit on investments in illiquid securities. Rule 144A securities have been identified on the "Schedule of investments."

**11. Contractual Obligations**

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

**12. Subsequent Events**

Management has determined that no material events or transactions occurred subsequent to December 31, 2022, that would require recognition or disclosure in the Series' financial statements.

**[**Table of Contents**](#dvems_toc)**

Report of independent

registered public accounting firm

To the Board of Trustees of Delaware VIP<sup>®</sup> Trust and Shareholders of Delaware VIP Emerging Markets Series

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Emerging Markets Series (one of the series constituting Delaware VIP<sup>®</sup> Trust, referred to hereafter as the "Series") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and transfer agents. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 23, 2023

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

**[**Table of Contents**](#dvems_toc)**

Other Series information (Unaudited)

Delaware VIP<sup>®</sup> Trust — Delaware VIP Emerging Markets Series

**Tax Information**

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

For the year ended December 31, 2022, the Series reports distributions paid during the year as follows:

---

| | |
|:---|:---|
| (A) Ordinary Income Distributions (Tax Basis) | 100.00% |
| Total Distributions (Tax Basis) | 100.00% |

---

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

The Series intends to pass through foreign tax credits in the maximum amount of $1,341,026. The gross foreign source income earned during the fiscal year 2022 by the Series was $18,969,634.

**[**Table of Contents**](#dvems_toc)**

**Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting on Held August 9-11, 2022**

At a meeting held on August 9-11, 2022 (the "Annual Contract Renewal Meeting"), the Board of Trustees (the "Board"), including a majority of Trustees each of whom is not an "interested person" as defined under the Investment Company Act of 1940 (the "Independent Trustees"), approved the renewal of the Delaware VIP Emerging Markets Series (the "Fund") Investment Management Agreement with Delaware Management Company ("DMC"); and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited ("MIMGL") and Macquarie Funds Management Hong Kong Limited ("MFMHKL" and together with MIMGL, the "Affiliated Sub-Advisers").

Prior to the Meeting, including at a Board meeting held in May 2022, the Trustees conferred extensively among themselves and with representatives of DMC about these matters. Also, the Board was assisted by the applicable Investment Committee, with each Investment Committee assisting the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Investment Management Agreement and the Sub-Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, DMC was guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2022. In considering and approving the Investment Management Agreement and the Sub-Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with DMC about various topics. In this regard, the Board reviewed reports of DMC at each of its quarterly meetings, which included information about, among other things, Fund performance, investment strategies, and expenses. In addition, the Investment Committees confer with portfolio managers at various times throughout the year. In considering information relating to the approval of the Fund's Investment Management Agreement and the Sub-Advisory Agreements, the Independent Trustees also received information from an independent fund consultant, JDL Consultants, LLC ("JDL").

The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Investment Management Agreement and the Sub-Advisory Agreements for a one-year term. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approval.

**Nature, extent, and quality of services.** The Board received and considered various information regarding the nature, extent, and quality of the advisory services provided to the Fund by DMC under its Investment Management Agreement and the experience of the officers and employees of DMC who provide these services, including the Fund's portfolio manager. The Board's review included consideration of DMC's investment process and oversight and research and analysis capabilities, and its ability to attract and retain qualified investment professionals. The Board considered information regarding DMC's programs for risk management, including investment, operational, liquidity, valuation, and compliance risks. The Board received information with respect to the cybersecurity program and business continuity plans of DMC and its affiliates. The Board also considered non-advisory services that DMC and its affiliates provide to the Delaware Funds, including third party oversight, transfer agent, internal audit, valuation, portfolio trading, and legal and compliance. The Board took into account the benefits to shareholders of investing in a Fund that is part of a family of funds managed by an affiliate of Macquarie Group Ltd. ("Macquarie"), the parent company of DMC, and the resources available to DMC as part of Macquarie's global asset management business.

The Board received and considered various information with respect to the services provided by the Affiliated Sub-Advisers under the Sub-Advisory Agreements and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board considered the division of responsibilities between DMC and the Affiliated Sub-Advisers and the oversight provided by DMC. The Board considered the expertise of the Affiliated Sub-Advisers with respect to certain asset classes and/or investment styles. The Affiliated Sub-Advisers are part of Macquarie's global investment platform that has offices and personnel that are located around the world. As a result, the Board noted that DMC had stated that the Affiliated Sub-Advisers can provide research, investment and trading analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades, as applicable. The Board took into account that the Sub-Advisory Agreements may benefit the Fund and its shareholders by permitting DMC to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund.

**[**Table of Contents**](#dvems_toc)**

Other Series information (Unaudited)

Delaware VIP<sup>®</sup> Trust — Delaware VIP Emerging Markets Series

**Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting on Held August 9-11, 2022 (continued)**

The Board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Fund by DMC and the Affiliated Sub-Advisers.

**Investment performance.** The Board received and considered information with respect to the investment performance of the Fund, including performance reports and discussions with portfolio managers at meetings of the Board's Investment Committees throughout the year as well as reports provided by Broadridge Financial Solutions, an independent investment company data provider ("Broadridge"), furnished for the Annual Contract Renewal Meeting. The Broadridge reports prepared for the Fund showed its investment performance in comparison to a group of similar funds (the "Performance Universe"). The Board received a description of the methodology used by Broadridge to select the funds in the Performance Universe. Comparative annualized performance for the Fund was shown for the past 1-, 3-, 5-, and 10-year or since inception periods, as applicable, ended December 31, 2021.

The Performance Universe for the Fund consisted of the Fund and all emerging markets funds underlying variable insurance products, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1-, 3-, and 10-year periods was in the second quartile and for the 5-year period was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-, 3-, 5-, and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-year period and outperformed for the 3-, 5-, and 10-year periods. The Board noted that the Fund was generally performing in line with its Performance Universe and benchmark during the periods under review.

**Comparative expenses.** The Board received and considered expense data for the Fund. Management provided the Board with information on pricing levels and fee structures for the Fund as of its most recently completed fiscal year. The Board also considered on the comparative analysis of contractual management fees and actual total expense ratios of the Fund versus contractual management fees and actual total expense ratios of a group of similar funds as selected by Broadridge (the "Expense Group"). In reviewing comparative costs, the Fund's contractual management fee and the actual management fee incurred by the Fund were compared with the contractual management fees (assuming all funds were similar in size to the Fund) and actual management fees, taking into account any applicable breakpoints and fee waivers, with the Fund's expense universe, which is comprised of the Fund, its Expense Group and all other similar funds underlying variable insurance products with similar 12b-1 and non-12b-1 structures, excluding outliers (the "Expense Universe"). The Fund's total expenses were also compared with those of its Expense Universe.

The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by DMC to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing registered investment companies compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients, unregistered funds and separately managed accounts.

The Board noted that DMC, and not the Fund, pays the sub-advisory fees to the Affiliated Sub-Advisers and, accordingly, that the retention of the Affiliated Sub-Advisers does not increase the fees and expenses incurred by the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to DMC under the Investment Management Agreement and to the Affiliated Sub-Advisers under the Sub-Advisory Agreements was reasonable.

**Economies of scale.** The Board received and considered information about the potential for DMC to realize economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual Fund level, and the extent to which potential scale benefits are shared with shareholders, including the extent to which any economies of scale are reflected in the level of management fees charged. DMC discussed its advisory fee pricing and structure for the Delaware Funds complex, including the current breakpoints. The Board noted that, as of March 31, 2022, the Fund's net assets exceeded its first breakpoint level and that breakpoints result in

**[**Table of Contents**](#dvems_toc)**

a lower advisory fee than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints schedule are exceeded. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as DMC's investment in its business, including investments in business infrastructure, technology and cybersecurity.

**Management profitability.** The Board received and considered the Investment Management Profitability Analysis that addressed the overall profitability of DMC's business in providing management and other services to the Fund and the Delaware Funds as a whole, including the methodology used by DMC in allocating costs for the purpose of determining profitability. The Board also reviewed a report prepared by JDL regarding DMC's profitability as compared to certain peer fund complexes and the Independent Trustees discussed DMC's profitability in such context with representatives from JDL. Based on its review, the Board determined that DMC's profitability was not excessive in light of the nature, extent and quality of the services provided to the Fund.

**Ancillary benefits.** The Board received and considered information regarding the extent to which DMC and its affiliates might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as investment manager to the Delaware Funds; the benefits from allocation of fund brokerage to improve trading efficiencies; and the fees that various affiliates received for serving as transfer agent and for overseeing fund accounting and financial administration services to the Delaware Funds. The Board received information from DMC regarding its view of the performance of its affiliates in providing transfer agent and fund accounting and financial administration oversight services and the organizational structure employed to provide these services pursuant to their contracts with the Fund.

Based on its consideration of the factors and information it deemed relevant, including the costs of providing investment management and other services to the Fund and the ongoing commitment of DMC and its affiliates to the Fund, the Board did not find that any ancillary benefits received by DMC and its affiliates were unreasonable.

**Conclusion.** Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including all of the Independent Trustees, approved the continuation of DMC's Investment Management Agreement and of the Affiliated Sub-Advisers' Sub-Advisory Agreements for an additional one-year period.

**[**Table of Contents**](#dvems_toc)**

Board of trustees / directors and officers addendum

Delaware Funds by Macquarie<sup>®</sup>

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length<br> of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
| **Shawn K. Lytle**<sup>2</sup> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1970 | President,<br> Chief Executive Officer,<br> and Trustee | President and<br> Chief Executive Officer<br> since August 2015<br>Trustee since<br> September 2015 | 126 | Macquarie Asset<br> Management<sup>3</sup><br> (2015–Present)<br> - Global Head of<br> Macquarie Asset<br> Management Public<br> Investments<br> (2019–Present)<br> - Head of Americas of<br> Macquarie Group<br> (2017–Present) |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Jerome D. Abernathy**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1959 | Trustee | Since January 2019 | 126 | Stonebrook Capital<br> Management, LLC<br> (financial<br> technology: macro<br> factors and databases)<br> - Managing Member<br> (1993–Present) |  |
| **Ann D. Borowiec**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1958 | Trustee | Since March 2015 | 126 | J.P. Morgan Chase & Co.<br> (1987–2013)<br> - Chief Executive Officer,<br> Private Wealth<br> Management<br> (2011–2013) | Banco Santander<br> International<br> (2016–2019)<br> Santander Bank, N.A.<br> (2016–2019) |
| **Joseph W. Chow**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1953 | Trustee | Since January 2013 | 126 | Private Investor<br> (2011–Present) |  |
| **H. Jeffrey Dobbs**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1955 | Trustee | Since April 2019<sup>4</sup> | 126 | KPMG LLP<br> (2002–2015)<br> - Global Sector<br> Chairman,<br> Industrial Manufacturing<br> (2010–2015) | TechAccel LLC<br> (2015–Present)<br> PatientsVoices, Inc.<br> (2018–Present)<br> Valparaiso University<br> Board<br> (2012–Present)<br> Ivy Funds Complex<br> (2019–2021) |

---

**[**Table of Contents**](#dvems_toc)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length<br> of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **John A. Fry**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1960 | Trustee | Since January 2001 | 126 | Drexel University<br> - President<br> (2010–Present) | Federal Reserve<br> Bank of Philadelphia<br> (2020–Present)<br> FS Credit Real Estate<br> Income Trust, Inc.<br> (2018–Present)<br> vTv Therapeutics Inc.<br> (2017–Present)<br> Community Health<br> Systems<br> (2004–Present)<br> Drexel Morgan & Co.<br> (2015–2019) |
| **Joseph Harroz, Jr.**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1967 | Trustee | Since November 1998<sup>4</sup> | 126 | University of Oklahoma<br> - President<br> (2020–Present)<br> - Interim President<br> (2019–2020)<br> - Vice President and<br> Dean, College of Law<br> (2010–2019)<br> Brookhaven<br> Investments LLC<br> (commercial enterprises)<br> - Managing Member<br> (2019–Present)<br> St. Clair, LLC<br> (commercial enterprises)<br> - Managing Member<br> (2019–Present) | OU Medicine, Inc.<br> (2020–Present)<br> Big 12 Athletic Conference<br> (2019–Present)<br> Valliance Bank<br> (2007–Present)<br> Ivy Funds Complex<br> (1998–2021) |
| **Sandra A.J. Lawrence**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1957 | Trustee | Since April 2019<sup>4</sup> | 126 | Children's Mercy<br> Hospitals and Clinics<br> (2005–2019)<br> - Chief Administrative<br> Officer<br> (2016–2019) | Brixmor Property<br> Group Inc.<br> (2021–Present)<br> Sera Prognostics Inc.<br> (biotechnology)<br> (2021–Present)<br> Recology<br> (resource recovery)<br> (2021–Present)<br> Evergy, Inc., Kansas City<br> Power & Light Company,<br> KCP&L Greater Missouri<br> Operations Company,<br> Westar Energy, Inc. and<br> Kansas Gas and Electric<br> Company (related utility<br> companies)<br> (2018–Present)<br> National Association of<br> Corporate Directors<br> (2017–Present)<br> Ivy Funds Complex<br> (2019–2021)<br> American Shared Hospital<br> Services (medical device)<br> (2017–2021)<br> Westar Energy (utility)<br> (2004–2018) |

---

**[**Table of Contents**](#dvems_toc)**

Board of trustees / directors and officers addendum

Delaware Funds by Macquarie<sup>®</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Frances A.**<br> **Sevilla-Sacasa**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1956 | Trustee | Since September 2011 | 126 | Banco Itaú International<br> - Chief Executive Officer<br> (2012–2016) | Florida Chapter of<br> National Association of<br> Corporate Directors<br> (2021–Present)<br> Callon Petroleum<br> Company<br> (2019–Present)<br> Camden Property Trust<br> (2011–Present)<br> New Senior Investment<br> Group Inc. (2021)<br> Carrizo Oil & Gas, Inc.<br> (2018–2019) |
| **Thomas K. Whitford**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1956 | Chair and Trustee | Trustee since January<br> 2013<br>Chair since January<br> 2023 | 126 | PNC Financial<br> Services Group<br> (1983–2013)<br> - Vice Chairman<br> (2009–2013) | HSBC USA Inc.<br> (2014–2022)<br> HSBC North America<br> Holdings Inc.<br> (2013–2022)<br> HSBC Finance<br> Corporation<br> (2013–2018) |
| **Christianna Wood**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1959 | Trustee | Since January 2019 | 126 | Gore Creek<br> Capital, Ltd.<br> - Chief Executive Officer<br> and President<br> (2009–Present) | The Merger Fund<br> (2013–2021),<br> The Merger Fund VL<br> (2013–2021),<br> WCM Alternatives:<br> Event-Driven Fund<br> (2013–2021),<br> and WCM<br> Alternatives:<br> Credit Event Fund<br> (2017–2021)<br> Grange Insurance<br> (2013–Present)<br> H&R Block Corporation<br> (2008–Present) |
| **Janet L. Yeomans**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1948 | Trustee | Since April 1999 | 126 | 3M Company<br> (1995–2012)<br> - Vice President<br> and Treasurer<br> (2006–2012) | Okabena Company<br> (2009–2017) |
| **Officers** | **Officers** | **Officers** | **Officers** | **Officers** | **Officers** |
| **David F. Connor**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1963 | Senior Vice President,<br> General Counsel, and<br> Secretary | Senior Vice President,<br> since May 2013;<br> General Counsel<br> since May 2015;<br> Secretary since<br> October 2005 | 126 | David F. Connor has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. | None<sup>5</sup> |
| **Daniel V. Geatens**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1972 | Senior Vice President<br> and Treasurer | Senior Vice President<br> and Treasurer since<br> October 2007 | 126 | Daniel V. Geatens has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. | None<sup>5</sup> |

---

**[**Table of Contents**](#dvems_toc)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Richard Salus**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1963 | Senior Vice President<br> and Chief Financial<br> Officer | Senior Vice President<br> and Chief Financial<br> Officer since November<br> 2006 | 126 | Richard Salus has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. |  |

---

<sup>1</sup> "Length of Time Served" refers to the time since the Trustee or officer began serving one or more of the Trusts in the Delaware Funds complex.

<sup>2</sup> Shawn K. Lytle is considered to be an "Interested Trustee" because he is an executive officer of the Series' investment advisor.

<sup>3</sup> Macquarie Asset Management is the marketing name for certain companies comprising the asset management division of Macquarie Group, including the Series' investment advisor, principal underwriter, and transfer agent.

<sup>4</sup> Includes time served on the Board of Ivy Funds prior to the date when Ivy Funds joined the Delaware Funds complex.

<sup>5</sup> David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment manager, principal underwriter, and transfer agent as the Funds. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust, and he is Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc., which has the same investment manager as the Funds.

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

**[**Table of Contents**](#dvems_toc)**

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' Form 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, is 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.

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.

(2700499) **AR-VIPEM-0223**

![](mim_cover.jpg)

Delaware VIP<sup>®</sup> Trust Delaware VIP Small Cap Value Series December 31, 2022

**[**Table of Contents**](#dvscvs_toc)**

**Table of contents**

---

| | |
|:---|:---|
| **[Portfolio management review](#vipscv_001)** | **1** |
| **[Performance summary](#vipscv_002)** | **3** |
| **[Disclosure of Series expenses](#vipscv_003)** | **5** |
| **[Security type / sector allocations and top 10 equity holdings](#vipscv_004)** | **6** |
| **[Schedule of investments](#vipscv_005)** | **7** |
| **[**Statement of assets and liabilities**](#vipscv_006)** | **9** |
| **[**Statement of operations**](#vipscv_007)** | **10** |
| **[**Statements of changes in net assets**](#vipscv_008)** | **11** |
| **[**Financial highlights**](#vipscv_009)** | **12** |
| **[**Notes to financial statements**](#vipscv_010)** | **14** |
| **[**Report of independent registered public accounting firm**](#vipscv_011)** | **21** |
| **[**Other Series information**](#vipscv_012)** | **22** |
| **[**Board of trustees / directors and officers addendum**](#vipscv_013)** | **26** |

---

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 December 31, 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<sup>®</sup> Small Cap Value Series only if preceded or accompanied by the Series' current prospectus or the summary prospectus.© 2023 Macquarie Management Holdings, Inc.

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

**[**Table of Contents**](#dvscvs_toc)**

Portfolio management review

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Small Cap Value Series

December 31, 2022 (Unaudited)

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

For the fiscal year ended December 31, 2022, Delaware VIP Small Cap Value Series (the "Series") Standard Class shares declined 12.09% and Service Class shares declined 12.35%. This figure reflects all dividends reinvested. The Series' benchmark, the Russell 2000<sup>®</sup> Value Index, declined 14.48% for the same period. **Past performance does not guarantee future results.** For complete, annualized performance of Delaware VIP Small Cap Value Series, please see the table on page 3. Please see page 4 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

**Market review**

During the fiscal year, small-cap value stocks held up more robustly than small-cap growth, mid-cap, and large-cap stocks. Throughout the period, investors showed a strong preference for higher-quality companies. The Russell 2000 Value Index declined 14.48% while the Russell 2000 Growth Index declined 26.36%. The large-cap Russell 1000<sup>®</sup> Index declined 19.13% while the Russell Midcap<sup>®</sup> Index declined 17.32%.

Within the benchmark, the Russell 2000 Value Index, two of the 11 sectors advanced and nine declined. The energy and utilities sectors were the only sectors to generate a positive return for the year. Stocks in the consumer discretionary, healthcare, and transportation sectors of the benchmark declined the most. During the year, higher-quality companies in the benchmark provided downside protection relative to lower-quality companies. Companies that had higher return on equity (ROE) declined less on average than companies with lower ROEs. Additionally, companies in the benchmark with lower price-to-earnings (P/E) ratios declined less on average than companies with higher P/E ratios.

Early in the period, the US Federal Reserve recognized the need to remove monetary accommodation. In March, the Federal Open Market Committee (FOMC) began raising the federal funds rate and continued to do so at each subsequent meeting. By December, the target rate ranged from 4.25% to 4.50%, up from a range of zero to 0.25% in January. In addition, on June 1, 2022, the FOMC began reducing its holdings of Treasury securities, agency debt, and agency mortgage-backed securities (MBS) to reduce the size of the Fed's balance sheet.

The labor market remained tight during the year, while inflation readings increased at the fastest pace in more than 40 years. The unemployment rate declined from 3.9% in December 2021 to 3.5% in December 2022. For the 12 months ended December 31, 2022, the US Consumer Price Index (CPI) increased 6.5% after peaking at a 9.1% annual rate in June. On an unadjusted basis, the US Producer Price Index (PPI) for final demand prices hit record levels in March, up 11.7% from the previous year. For the year, the PPI increased 6.2%, following a 10.0% increase in calendar year 2021.

**Within the Series**

Within the Series, stock selection and sector positioning contributed to relative outperformance during the year. Stock selection in the consumer discretionary and industrials sectors contributed as the Series' holdings declined less than those in the benchmark. Stock selection and a relative underweight allocation in the healthcare sector also contributed. On the other hand, stock selection in the energy, consumer staples, and basic industry sectors detracted from the Series' relative performance.

**Flex Ltd.** is an electronics manufacturing services company that designs and develops original design manufacturing (ODM) products for the aerospace, auto, cloud, data communication, defense, digital health, energy, housing, and industrial-lighting industries. Shares of Flex outperformed during the year, driven by strength from most end markets, particularly auto, cloud, data communications, and industrial. When Flex reported its most-recent quarterly financial results, in October 2022, management noted that supply constraints had begun to ease. Flex increased sales expectations for its fiscal year and management is increasing the company's emphasis on business segments with higher margins.

**Patterson-UTI Energy Inc.** is one of the largest US land drillers. During the year, Patterson-UTI outperformed as the demand for the company's rigs from oil and gas producers remained strong. The company has favorable day rates and a strong backlog. Management believes that activity will remain strong into 2023 and expects to make 15 new rigs active throughout the year. Patterson-UTI has strong free cash flow, which it used to double its dividend. Additionally, the company plans to supplement its quarterly dividend with share repurchases. We maintained the Series' position in Patterson based on favorable financials.

**FNB Corp.** is a diversified financial services company operating in seven states and the District of Columbia. During the year, the company outperformed its peers while maintaining a discounted valuation. FNB's loans and deposits increased during the year, helping to drive earnings

**[**Table of Contents**](#dvscvs_toc)**

Portfolio management review

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Small Cap Value Series

growth. FNB's credit quality was better than most peers during the global financial crisis as it operates in certain slower-growth geographies. We maintained the Series' position in FNB as its asset quality remained favorable and its shares continued to trade at a discounted valuation relative to its peers.

**Western Alliance Bancorp** is a regional bank with branches in Arizona, California, and Nevada. The company also operates several national commercial-lending businesses and a national residential mortgage business. Western Alliance's balance sheet growth has been higher than peers, raising investors' concern about the company's credit underwriting during a recession. As a result, shares of Western Alliance underperformed during the year. Although we think the shares are trading at an attractive valuation, we trimmed the Series' position in Western Alliance during the year.

**Wolverine World Wide Inc.** is a designer, manufacturer, and marketer of a broad line of footwear, including Keds, Merrell, Saucony, and Sperry Top-Sider brands. Shares of Wolverine detracted during the year as the company's revenues and earnings were revised lower. Management cited ongoing supply chain disruptions and a heightened promotional retail environment as the reasons why Wolverine's leverage, inventory, and costs increased. Due to the deterioration of the company's fundamentals, we exited the Series' position in Wolverine before the end of the year.

In the consumer staples sector, shares of consumer and home products company **Spectrum Brands Holdings Inc.** underperformed during the year. On September 8, 2021, Spectrum Brands announced that it had signed an agreement to sell its hardware and home improvement (HHI) business to Assa Abloy AB for $4.3 billion in cash. We believed the transaction would be instrumental in transforming Spectrum Brands into a less-cyclical company with a vastly improved balance sheet. In the third quarter of 2022, however, the US Department of Justice announced that it would sue to block the transaction. Given the greatly enhanced odds that the deal does not close, we chose to exit the Series' position in Spectrum Brands before the end of the year.

Relative to the benchmark, the Series ended the year overweight the industrials, basic industry, technology, and energy sectors and underweight the healthcare, REIT, consumer discretionary, utilities, and financial services sectors. Sector weightings were similar to the benchmark in the consumer staples and transportation sectors at year end.

Our team's disciplined philosophy remains unchanged. We continue to focus on bottom-up stock selection and specifically on identifying companies that we believe trade at attractive valuations, generate strong free cash flow, and have the ability to implement shareholder-friendly policies through share buybacks, dividend increases, and debt reduction.

**[**Table of Contents**](#dvscvs_toc)**

Performance summary (Unaudited)

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Small Cap Value Series

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Series and benchmark performance** | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* |
|  | 1 year | 3 year | 5 year | 10 year |
| Standard Class shares (commenced operations on December 27, 1993) | -12.09% | +5.05% | +4.35% | +9.21% |
| Service Class shares (commenced operations on May 1, 2000) | -12.35% | +4.74% | +4.04% | +8.92% |
| Russell 2000 Value Index | -14.48% | +4.70% | +4.13% | +8.48% |

---

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

As described in the Series' most recent prospectus, the net expense ratios for Standard Class shares and Service Class shares of the Series were 0.75% and 1.05%, respectively, while total operating expenses for Standard Class and Service Class shares were 0.75% and 1.05%, respectively. The management fee for Standard Class and Service Class shares was 0.70%, and the annual distribution and service (12b-1) fee for Service Class shares was 0.30% of average daily net assets. The expense ratios may differ from the expense ratios in the "Financial highlights" since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in "Notes to financial statements" for additional details. Please see the "Financial highlights" section in this report for the most recent expense ratios.

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

Expense limitations were in effect for both classes during some or all of the periods shown in the "Series and benchmark performance" table above and in the "Performance of a $10,000 investment" graph on the next page. Performance would have been lower had expense limitations not been in effect.

Performance data do not include any fees or sales charges imposed by variable insurance contracts. This fund doesn't have any deferred sales charges. Performance shown here would have been reduced if such fees were included. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

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

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

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

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

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

**[**Table of Contents**](#dvscvs_toc)**

Performance summary (Unaudited)

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Small Cap Value Series

**Performance of a $10,000 investment**

*For the period December 31, 2012 through December 31, 2022*

![](mim_vipscv-ncsrx6x1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | | **Starting value** | **Ending value** |
| ![](mim_vipscv-ncsrx6x2.jpg) | Delaware VIP Small Cap Value Series — Standard Class shares | $10000 | $24143 |
| ![](mim_vipscv-ncsrx6x3.jpg) | Russell 2000 Value Index | $10000 | $22559 |

---

The graph shows a $10,000 investment in Delaware VIP Small Cap Value Series Standard Class shares for the period from December 31, 2012 through December 31, 2022.

The graph also shows $10,000 invested in the Russell 2000 Value Index for the period from December 31, 2012 through December 31, 2022.

The Russell 2000 Value Index measures the performance of the small-cap value segment of the US equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

The Russell 1000 Index, mentioned on page 1, measures the performance of the large-cap segment of the US equity universe.

The Russell 2000 Growth Index, mentioned on page 1, measures the performance of the small-cap growth segment of the US equity universe. It includes those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

The Russell Midcap Index, mentioned on page 1, measures the performance of the mid-cap segment of the US equity universe. The Russell Midcap Index is a subset of the Russell 1000 Index.

The Producer Price Index (PPI), mentioned on page 1, measures the average change over time in the selling price of goods and services sold by domestic producers for their output. The prices included in the PPI are from the first commercial transaction for many products and some services.

The US Consumer Price Index (CPI), mentioned on page 1, is a measure of inflation that is calculated by the US Department of Labor, representing changes in prices of all goods and services purchased for consumption by urban households.

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

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

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

**Past performance does not guarantee future results.**

**[**Table of Contents**](#dvscvs_toc)**

Disclosure of Series expenses

For the six-month period from July 1, 2022 to December 31, 2022 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2022 to December 31, 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 assume reinvestment of all dividends and distributions.

**Expense analysis of an investment of $1,000**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br> Account<br> Value<br> 7/1/22 | Ending<br> Account<br> Value<br> 12/31/22 | Annualized<br> Expense<br> Ratio | Expenses<br> Paid<br> During<br> Period<br> 7/1/22 to<br> 12/31/22\* |
| **Actual Series return<sup>†</sup>** |  |  |  |  |
| Standard Class | $1000.00 | $1058.00 | 0.80% | $4.15 |
| Service Class | 1000.00 | 1056.20 | 1.10% | 5.70 |
| **Hypothetical 5% return** (5% return before expenses) |  |  |  |  |
| Standard Class | $1000.00 | $1021.17 | 0.80% | $4.08 |
| Service Class | 1000.00 | 1019.66 | 1.10% | 5.60 |

---

---

| | |
|:---|:---|
| \* | "Expenses Paid During Period" are equal to the Series' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
| <sup>†</sup> | 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**](#dvscvs_toc)**

Security type / sector allocations and top 10 equity holdings

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Small Cap Value Series

As of December 31, 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, which may result in the sector designations for one fund being different from another fund's sector designations.

---

| | |
|:---|:---|
| Security type / sector | Percentage<br> of net assets |
| **Common Stocks** | **97.15%** |
| Basic Industry | 7.89% |
| Consumer Discretionary | 10.95% |
| Consumer Staples | 2.86% |
| Energy | 6.89% |
| Financial Services\* | 27.73% |
| Healthcare | 3.79% |
| Industrials | 13.81% |
| Real Estate Investment Trusts | 7.32% |
| Technology | 9.79% |
| Transportation | 2.17% |
| Utilities | 3.95% |
| **Short-Term Investments** | **2.99%** |
| **Total Value of Securities** | **100.14%** |
| **Liabilities Net of Receivables and Other Assets** | **(0.14)%** |
| **Total Net Assets** | **100.00%** |

---

\* To monitor compliance with the Series' concentration guidelines as described in the Series' Prospectus and Statement of Additional Information, the Financial Services sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of "industries" (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Financial Services sector consisted of Banks, Diversified Financial Services, and Insurance. As of December 31, 2022, such amounts, as a percentage of total net assets were 18.93%, 2.44%, and 6.36%, 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.

---

| | |
|:---|:---|
| Top 10 equity holdings | Percentage<br> of net assets |
| Hancock Whitney | 2.30% |
| MasTec | 2.28% |
| Webster Financial | 2.22% |
| East West Bancorp | 2.07% |
| FNB | 2.06% |
| WESCO International | 2.00% |
| Stifel Financial | 1.86% |
| Atkore | 1.70% |
| Magnolia Oil & Gas Class A | 1.67% |
| Berry Global Group | 1.65% |

---

**[**Table of Contents**](#dvscvs_toc)**

Schedule of investments

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Small Cap Value Series

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value<br> (US $)** |
| **Common Stocks — 97.15% ⧫** |  |  |
| Basic Industry — 7.89% |  |  |
| &nbsp;&nbsp;&nbsp;Arconic † | 449600 | $9513536 |
| &nbsp;&nbsp;&nbsp;Ashland | 101700 | 10935801 |
| &nbsp;&nbsp;&nbsp;Avient | 243900 | 8234064 |
| &nbsp;&nbsp;&nbsp;Berry Global Group | 384900 | 23259507 |
| &nbsp;&nbsp;&nbsp;HB Fuller | 210600 | 15083172 |
| &nbsp;&nbsp;&nbsp;Huntsman | 523000 | 14372040 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific | 329350 | 19497520 |
| &nbsp;&nbsp;&nbsp;Summit Materials Class A † | 354894 | 10075441 |
|  |  | 110971081 |
| Consumer Discretionary — 10.95% |  |  |
| &nbsp;&nbsp;&nbsp;Acushnet Holdings | 238600 | 10130956 |
| &nbsp;&nbsp;&nbsp;Adient † | 390200 | 13536038 |
| &nbsp;&nbsp;&nbsp;Barnes Group | 334600 | 13668410 |
| &nbsp;&nbsp;&nbsp;Choice Hotels International | 84900 | 9563136 |
| &nbsp;&nbsp;&nbsp;Columbia Sportswear | 146400 | 12821712 |
| &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store | 89800 | 8507652 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive | 75300 | 13581861 |
| &nbsp;&nbsp;&nbsp;KB Home | 318700 | 10150595 |
| &nbsp;&nbsp;&nbsp;Meritage Homes † | 144900 | 13359780 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group | 58400 | 10221752 |
| &nbsp;&nbsp;&nbsp;Steven Madden | 328550 | 10500458 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse | 130800 | 11896260 |
| &nbsp;&nbsp;&nbsp;UniFirst | 83600 | 16133964 |
|  |  | 154072574 |
| Consumer Staples — 2.86% |  |  |
| &nbsp;&nbsp;&nbsp;Flowers Foods | 357500 | 10274550 |
| &nbsp;&nbsp;&nbsp;J & J Snack Foods | 105700 | 15824347 |
| &nbsp;&nbsp;&nbsp;Performance Food Group † | 241737 | 14115023 |
|  |  | 40213920 |
| Energy — 6.89% |  |  |
| &nbsp;&nbsp;&nbsp;CNX Resources † | 1085150 | 18273926 |
| &nbsp;&nbsp;&nbsp;Delek US Holdings | 246500 | 6655500 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Class A | 1003900 | 23541455 |
| &nbsp;&nbsp;&nbsp;Matador Resources | 230720 | 13206413 |
| &nbsp;&nbsp;&nbsp;Murphy Oil | 382100 | 16434121 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy | 1114300 | 18764812 |
|  |  | 96876227 |
| Financial Services — 27.73% |  |  |
| &nbsp;&nbsp;&nbsp;American Equity Investment Life Holding | 406600 | 18549092 |
| &nbsp;&nbsp;&nbsp;Assurant | 111700 | 13969202 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings | 145260 | 7868734 |
| &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son | 272500 | 8123225 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings | 216600 | 8157156 |
| &nbsp;&nbsp;&nbsp;East West Bancorp | 441936 | 29123582 |
| &nbsp;&nbsp;&nbsp;Essent Group | 293100 | 11395728 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | 625900 | 15165557 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem Class A | 346664 | 13398564 |
| &nbsp;&nbsp;&nbsp;FNB | 2215900 | 28917495 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney | 668600 | 32353554 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group | 100300 | 13553539 |
| &nbsp;&nbsp;&nbsp;Hope Bancorp | 881360 | 11290222 |
| &nbsp;&nbsp;&nbsp;Kemper | 20119 | 989855 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding † | 131731 | 7728658 |
| &nbsp;&nbsp;&nbsp;Sandy Spring Bancorp | 216200 | 7616726 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group | 156790 | 13893162 |
| &nbsp;&nbsp;&nbsp;Stewart Information Services | 215600 | 9212588 |
| &nbsp;&nbsp;&nbsp;Stifel Financial | 448150 | 26158515 |
| &nbsp;&nbsp;&nbsp;Synovus Financial | 495500 | 18606025 |
| &nbsp;&nbsp;&nbsp;Umpqua Holdings | 1261600 | 22519560 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | 1855700 | 20987967 |
| &nbsp;&nbsp;&nbsp;Webster Financial | 658984 | 31196302 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 323400 | 19261704 |
|  |  | 390036712 |
| Healthcare — 3.79% |  |  |
| &nbsp;&nbsp;&nbsp;Avanos Medical † | 283700 | 7676922 |
| &nbsp;&nbsp;&nbsp;Integer Holdings † | 170300 | 11658738 |
| &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings † | 289900 | 16254693 |
| &nbsp;&nbsp;&nbsp;NuVasive † | 188000 | 7753120 |
| &nbsp;&nbsp;&nbsp;Service Corp. International | 144700 | 10004558 |
|  |  | 53348031 |
| Industrials — 13.81% |  |  |
| &nbsp;&nbsp;&nbsp;Altra Industrial Motion | 383270 | 22900383 |
| &nbsp;&nbsp;&nbsp;Atkore † | 211300 | 23965646 |
| &nbsp;&nbsp;&nbsp;CACI International Class A † | 49400 | 14849146 |
| &nbsp;&nbsp;&nbsp;H&E Equipment Services | 263700 | 11971980 |
| &nbsp;&nbsp;&nbsp;ITT | 261280 | 21189808 |
| &nbsp;&nbsp;&nbsp;KBR | 286593 | 15132110 |
| &nbsp;&nbsp;&nbsp;MasTec † | 375656 | 32054726 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord | 100252 | 12028235 |
| &nbsp;&nbsp;&nbsp;WESCO International † | 224300 | 28082360 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions | 571800 | 12093570 |
|  |  | 194267964 |
| Real Estate Investment Trusts — 7.32% |  |  |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust | 711190 | 11990663 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | 571618 | 12032559 |
| &nbsp;&nbsp;&nbsp;Life Storage | 120150 | 11834775 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust | 1180200 | 11825604 |
| &nbsp;&nbsp;&nbsp;National Health Investors | 194850 | 10175067 |
| &nbsp;&nbsp;&nbsp;Outfront Media | 736400 | 12209512 |
| &nbsp;&nbsp;&nbsp;RPT Realty | 647500 | 6500900 |
| &nbsp;&nbsp;&nbsp;Spirit Realty Capital | 329350 | 13150946 |
| &nbsp;&nbsp;&nbsp;Summit Hotel Properties | 835000 | 6028700 |

---

**[**Table of Contents**](#dvscvs_toc)**

Schedule of investments

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Small Cap Value Series

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value<br> (US $)** |
| **Common Stocks ⧫ (continued)** |  |  |
| Real Estate Investment Trusts (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Tricon Residential | 938535 | $7236105 |
|  |  | 102984831 |
| Technology — 9.79% |  |  |
| &nbsp;&nbsp;&nbsp;Cirrus Logic † | 178900 | 13324472 |
| &nbsp;&nbsp;&nbsp;Concentrix | 77900 | 10373164 |
| &nbsp;&nbsp;&nbsp;Diodes † | 172400 | 13126536 |
| &nbsp;&nbsp;&nbsp;Flex † | 983557 | 21107133 |
| &nbsp;&nbsp;&nbsp;Leonardo DRS † | 231700 | 2961126 |
| &nbsp;&nbsp;&nbsp;NCR † | 264921 | 6201801 |
| &nbsp;&nbsp;&nbsp;NetScout Systems † | 349463 | 11361042 |
| &nbsp;&nbsp;&nbsp;Power Integrations | 195500 | 14021260 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX | 126900 | 12018699 |
| &nbsp;&nbsp;&nbsp;Tower Semiconductor † | 40300 | 1740960 |
| &nbsp;&nbsp;&nbsp;TTM Technologies † | 975212 | 14706197 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions † | 832500 | 8749575 |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology | 371200 | 8006784 |
|  |  | 137698749 |
| Transportation — 2.17% |  |  |
| &nbsp;&nbsp;&nbsp;Kirby † | 149300 | 9607455 |
| &nbsp;&nbsp;&nbsp;Saia † | 27050 | 5671844 |
| &nbsp;&nbsp;&nbsp;Werner Enterprises | 378600 | 15242436 |
|  |  | 30521735 |
| Utilities — 3.95% |  |  |
| &nbsp;&nbsp;&nbsp;ALLETE | 224100 | 14456691 |
| &nbsp;&nbsp;&nbsp;Black Hills | 264670 | 18616888 |
| &nbsp;&nbsp;&nbsp;OGE Energy | 307900 | 12177445 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings | 165400 | 10234952 |
|  |  | 55485976 |
| **Total Common Stocks**<br> (cost $958,150,987) |  | **1366477800** |
| **Short-Term Investments — 2.99%** |  |  |
| Money Market Mutual Funds — 2.99% |  |  |
| &nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund –<br> Institutional Shares (seven-day effective yield 4.03%) | 10499980 | $10499980 |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio –<br> Class I (seven-day effective yield 4.06%) | 10499980 | 10499980 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund –<br> Institutional Shares (seven-day effective yield 4.23%) | 10499980 | 10499980 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio –<br> Institutional Class (seven-day effective yield 4.11%) | 10499981 | 10499981 |
| **Total Short-Term Investments**<br> (cost $41,999,921) |  | **41999921** |
| **Total Value of Securities — 100.14%**<br> (cost $1,000,150,908) |  | $**1408477721** |

---

<sup>⧫</sup> Narrow industries are utilized for compliance purposes for concentration whereas broad sectors are used for financial reporting. <br> <sup>†</sup> Non-income producing security.

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

**[**Table of Contents**](#dvscvs_toc)**

Statement of assets and liabilities

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Small Cap Value Series

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets:** | **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | &nbsp;&nbsp;&nbsp;Investments, at value\* | $1408477721 |
| &nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;Cash | 371556 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 1639834 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | &nbsp;&nbsp;&nbsp;Receivable for securities sold | 1634099 |
| &nbsp;&nbsp;&nbsp;Receivable for series shares sold | &nbsp;&nbsp;&nbsp;Receivable for series shares sold | 238015 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | 7183 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;Prepaid expenses | 214 |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;Other assets | 10999 |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;Total Assets | 1412379621 |
| **Liabilities:** | **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | &nbsp;&nbsp;&nbsp;Payable for securities purchased | 2957323 |
| &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | 1110949 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;Other accrued expenses | 867527 |
| &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | 855286 |
| &nbsp;&nbsp;&nbsp;Administration expenses payable to affiliates | &nbsp;&nbsp;&nbsp;Administration expenses payable to affiliates | 38918 |
| &nbsp;&nbsp;&nbsp;Distribution fees payable to affiliates | &nbsp;&nbsp;&nbsp;Distribution fees payable to affiliates | 4100 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;Total Liabilities | 5834103 |
| **Total Net Assets** | **Total Net Assets** | $1406545518 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;&nbsp;Paid-in capital | $929221794 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | 477323724 |
| **Total Net Assets** | **Total Net Assets** | $1406545518 |
| **Net Asset Value** | **Net Asset Value** |  |
| **Standard Class:** | **Standard Class:** |  |
| Net assets | Net assets | $511973906 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | Shares of beneficial interest outstanding, unlimited authorization, no par | 13814811 |
| Net asset value per share | Net asset value per share | $37.06 |
| **Service Class:** | **Service Class:** |  |
| Net assets | Net assets | $894571612 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | Shares of beneficial interest outstanding, unlimited authorization, no par | 24296583 |
| Net asset value per share | Net asset value per share | $36.82 |
| \* | Investments, at cost | $1000150908 |

---

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

**[**Table of Contents**](#dvscvs_toc)**

Statement of operations

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Small Cap Value Series

Year ended December 31, 2022

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $24982263 |
| &nbsp;&nbsp;&nbsp;Foreign tax withheld | (10775) |
|  | 24971488 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Management fees | 10273795 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Service Class | 2875874 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing and transfer agent fees and expenses | 430193 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | 252330 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | 229369 |
| &nbsp;&nbsp;&nbsp;Legal fees | 118899 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 88961 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 48089 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | 30053 |
| &nbsp;&nbsp;&nbsp;Registration fees | 12 |
| &nbsp;&nbsp;&nbsp;Other | 29498 |
|  | 14377073 |
| &nbsp;&nbsp;&nbsp;Less expenses paid indirectly | (5) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 14377068 |
| **Net Investment Income (Loss)** | 10594420 |
| **Net Realized and Unrealized Gain (Loss):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 59439084 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (268769425) |
| **Net Realized and Unrealized Gain (Loss)** | (209330341) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(198735921) |

---

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

**[**Table of Contents**](#dvscvs_toc)**

Statements of changes in net assets

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Small Cap Value Series

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $10594420 | $8581667 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 59439084 | 108182310 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (268769425) | 313331545 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (198735921) | 430095522 |
| **Dividends and Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | (35691430) | (4302653) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | (71917836) | (6284187) |
|  | (107609266) | (10586840) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | 125569762 | 92896158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | 105814731 | 116866106 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | 35691430 | 4302653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | 71917836 | 6284187 |
|  | 338993759 | 220349104 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | (71175072) | (137335057) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | (171408504) | (190326537) |
|  | (242583576) | (327661594) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | 96410183 | (107312490) |
| **Net Increase (Decrease) in Net Assets** | (209935004) | 312196192 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 1616480522 | 1304284330 |
| &nbsp;&nbsp;&nbsp;End of year | $1406545518 | $1616480522 |

---

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

**[**Table of Contents**](#dvscvs_toc)**

Financial highlights

Delaware VIP<sup>®</sup> Small Cap Value Series Standard Class

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| | **12/31/22** | **12/31/21** | **12/31/20** | **12/31/19** | **12/31/18** |
| **Net asset value, beginning of period** | $45.54 | $34.16 | $38.30 | $32.76 | $42.73 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.36 | 0.32 | 0.35 | 0.44 | 0.41 |
| Net realized and unrealized gain (loss) | (5.69) | 11.41 | (2.28) | 8.48 | (7.03) |
| Total from investment operations | (5.33) | 11.73 | (1.93) | 8.92 | (6.62) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | (0.34) | (0.35) | (0.41) | (0.40) | (0.35) |
| Net realized gain | (2.81) |  | (1.80) | (2.98) | (3.00) |
| Total dividends and distributions | (3.15) | (0.35) | (2.21) | (3.38) | (3.35) |
| **Net asset value, end of period** | $37.06 | $45.54 | $34.16 | $38.30 | $32.76 |
| **Total return<sup>2</sup>** | (12.09)% | 34.42% | (1.90)% | 28.14% | (16.72)% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $511974 | $522319 | $424213 | $435375 | $357318 |
| Ratio of expenses to average net assets<sup>3</sup> | 0.78% | 0.75% | 0.78% | 0.77% | 0.77% |
| Ratio of net investment income to average net assets | 0.92% | 0.77% | 1.20% | 1.22% | 1.03% |
| Portfolio turnover | 23% | 13% | 24% | 17% | 18% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> 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.

<sup>3</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

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

**[**Table of Contents**](#dvscvs_toc)**

Financial highlights

Delaware VIP<sup>®</sup> Small Cap Value Series Service Class

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| | **12/31/22** | **12/31/21** | **12/31/20** | **12/31/19** | **12/31/18** |
| **Net asset value, beginning of period** | $45.26 | $33.98 | $38.06 | $32.58 | $42.52 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.24 | 0.19 | 0.26 | 0.33 | 0.29 |
| Net realized and unrealized gain (loss) | (5.66) | 11.35 | (2.22) | 8.42 | (6.98) |
| Total from investment operations | (5.42) | 11.54 | (1.96) | 8.75 | (6.69) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | (0.21) | (0.26) | (0.32) | (0.29) | (0.25) |
| Net realized gain | (2.81) |  | (1.80) | (2.98) | (3.00) |
| Total dividends and distributions | (3.02) | (0.26) | (2.12) | (3.27) | (3.25) |
| **Net asset value, end of period** | $36.82 | $45.26 | $33.98 | $38.06 | $32.58 |
| **Total return<sup>2</sup>** | (12.35)% | 34.02% | (2.18)% | 27.72% | (16.95)%<sup>3</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $894572 | $1094161 | $880071 | $879365 | $700824 |
| Ratio of expenses to average net assets<sup>4</sup> | 1.08% | 1.05% | 1.08% | 1.07% | 1.05% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | 1.08% | 1.05% | 1.08% | 1.07% | 1.07% |
| Ratio of net investment income to average net assets | 0.62% | 0.47% | 0.90% | 0.92% | 0.74% |
| Ratio of net investment income to average net assets prior to fees waived | 0.62% | 0.47% | 0.90% | 0.92% | 0.72% |
| Portfolio turnover | 23% | 13% | 24% | 17% | 18% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> 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.

<sup>3</sup> Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

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

**[**Table of Contents**](#dvscvs_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Small Cap Value Series

December 31, 2022

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**

The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.

**Security Valuation** — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Open-end investment companies, other than ETFs, 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 by the Series' valuation designee, Delaware Management Company (DMC). Subject to the oversight of the Series' Board of Trustees (Board), DMC, as valuation designee, has adopted policies and procedures to fair value securities for which market quotations are not readily available consistent with the requirements of Rule 2a-5 under the 1940 Act. 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 and private placements are valued at fair value.

**Federal Income Taxes** — No provision for federal income taxes has been made as the Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Series evaluates tax positions taken or expected to be taken in the course of preparing the Series' tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Series' tax positions taken or expected to be taken on the Series' federal income tax returns through the year ended December 31, 2022, and for all open tax years (years ended December 31, 2019–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 year ended December 31, 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.

**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<sup>®</sup> (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. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, subject to reclassification

**[**Table of Contents**](#dvscvs_toc)**

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 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."

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

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

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

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; 0.0025% of the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the "Statement of operations" under "Accounting and administration expenses." For the year ended December 31, 2022, the Series paid $57,722 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC's fees are calculated daily and paid monthly, at the annual rate of 0.0075% of the Series' average daily net assets. This amount is included on the "Statement of operations" under "Dividend disbursing and transfer agent fees and expenses." For the year ended December 31, 2022, the Series paid $110,752 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 year ended December 31, 2022, the Series paid $62,273 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 Underlying Funds including ETFs 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.

(continues) 15

**[**Table of Contents**](#dvscvs_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Small Cap Value Series

**3. Investments**

For the year ended December 31, 2022, the Series made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | $330581541 |
| Sales | 354249692 |

---

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation), which may not necessarily be the final tax cost basis adjustments but which approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2022, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:

---

| | |
|:---|:---|
| Cost of investments | $1000905910 |
| Aggregate unrealized appreciation of investments | $452960650 |
| Aggregate unrealized depreciation of investments | (45388839) |
| Net unrealized appreciation of investments | $407571811 |

---

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.

**[**Table of Contents**](#dvscvs_toc)**

The following table summarizes the valuation of the Series' investments by fair value hierarchy levels as of December 31, 2022:

---

| | |
|:---|:---|
|  | Level 1 |
| <u>Securities</u> |  |
| <u>Assets</u>: |  |
| Common Stocks | $1366477800 |
| Short-Term Investments | 41999921 |
| Total Value of Securities | $1408477721 |

---

During the year ended December 31, 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 year in relation to the Series' net assets. During the year ended December 31, 2022, there were no Level 3 investments.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2022 and 2021 were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| Ordinary income | $11674994 | $10586840 |
| Long-term capital gains | 95934272 |  |
| Total | $107609266 | $10586840 |

---

**5. Components of Net Assets on a Tax Basis**

As of December 31, 2022, the components of net assets on a tax basis were as follows:

---

| | |
|:---|:---|
| Shares of beneficial interest | $929221794 |
| Undistributed ordinary income | 10564613 |
| Undistributed long-term capital gains | 59187300 |
| Unrealized appreciation of investments | 407571811 |
| Net assets | $1406545518 |

---

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

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2022, the Series had no reclassifications.

(continues) 17

**[**Table of Contents**](#dvscvs_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Small Cap Value Series

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | 3234348 | 2234907 |
| &nbsp;&nbsp;&nbsp;Service Class | 2683554 | 2806280 |
| Shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | 908641 | 103206 |
| &nbsp;&nbsp;&nbsp;Service Class | 1839332 | 151353 |
|  | 8665875 | 5295746 |
| Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | (1796864) | (3287190) |
| &nbsp;&nbsp;&nbsp;Service Class | (4401550) | (4682884) |
|  | (6198414) | (7970074) |
| Net increase (decrease) | 2467461 | (2674328) |

---

**7. Line of Credit**

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

On October 31, 2022, the Series, along with the other Participants, entered into an amendment to the Agreement for a $355,000,000 revolving line of credit to be used as described above. It operates in substantially the same manner as the original Agreement. Under the amendment to the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the Agreement expires on October 30, 2023.

The Series had no amounts outstanding as of December 31, 2022, or at any time during the year then ended.

**8. Securities Lending**

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

**[**Table of Contents**](#dvscvs_toc)**

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 is generally invested in an individual separate account. 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 year ended December 31, 2022, the Series had no securities out on loan.

**9. Credit and Market Risk**

An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

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

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

The Series invests in REITs and is subject to the risks associated with that industry. If the Series holds real estate directly or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the year ended December 31, 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.

(continues) 19

**[**Table of Contents**](#dvscvs_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Small Cap Value Series

**9. Credit and Market Risk (continued)**

The Series may invest up to 10% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Series' limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series' 10% limit on investments in illiquid securities. As of December 31, 2022, there were no Rule 144A securities held by the Series.

**10. Contractual Obligations**

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

**11. Subsequent Events**

Management has determined that no material events or transactions occurred subsequent to December 31, 2022, that would require recognition or disclosure in the Series' financial statements.

**[**Table of Contents**](#dvscvs_toc)**

Report of independent<br> registered public accounting firm

To the Board of Trustees of Delaware VIP<sup>®</sup> Trust and Shareholders of Delaware VIP Small Cap Value Series

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Small Cap Value Series (one of the series constituting Delaware VIP<sup>®</sup> Trust, referred to hereafter as the "Series") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 23, 2023

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

**[**Table of Contents**](#dvscvs_toc)**

Other Series information (Unaudited)

Delaware VIP<sup>®</sup> Trust — Delaware VIP Small Cap Value Series

**Tax Information**

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

For the year ended December 31, 2022, the Series reports distributions paid during the year as follows:

---

| | |
|:---|:---|
| (A) Long-Term Capital Gain Distributions Tax Basis | 89.15% |
| (B) Ordinary Income Distributions (Tax Basis) | 10.85% |
| Total Distributions (Tax Basis) | 100.0% |
| (C) Qualified Dividends<sup>1</sup> | 100.0% |

---

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

(C) is based on the Series' long-term capital gain distributions.

<sup>1</sup> Qualified dividends represent dividends which qualify for the corporate dividends received deduction.

**[**Table of Contents**](#dvscvs_toc)**

**Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 9-11, 2022**

At a meeting held on August 9-11, 2022 (the "Annual Contract Renewal Meeting"), the Board of Trustees (the "Board"), including a majority of Trustees each of whom is not an "interested person" as defined under the Investment Company Act of 1940 (the "Independent Trustees"), approved the renewal of the Delaware VIP Small Cap Value Series (the "Fund") Investment Management Agreement with Delaware Management Company ("DMC"); and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited ("MIMGL") and Macquarie Funds Management Hong Kong Limited ("MFMHKL" and together with MIMGL, the "Affiliated Sub-Advisers").

Prior to the Meeting, including at a Board meeting held in May 2022, the Trustees conferred extensively among themselves and with representatives of DMC about these matters. Also, the Board was assisted by the applicable Investment Committee, with each Investment Committee assisting the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Investment Management Agreement and the Sub-Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, DMC was guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2022. In considering and approving the Investment Management Agreement and the Sub-Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with DMC about various topics. In this regard, the Board reviewed reports of DMC at each of its quarterly meetings, which included information about, among other things, Fund performance, investment strategies, and expenses. In addition, the Investment Committees confer with portfolio managers at various times throughout the year. In considering information relating to the approval of the Fund's Investment Management Agreement and the Sub-Advisory Agreements, the Independent Trustees also received information from an independent fund consultant, JDL Consultants, LLC ("JDL").

The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Investment Management Agreement and the Sub-Advisory Agreements for a one-year term. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approval.

**Nature, extent, and quality of services.** The Board received and considered various information regarding the nature, extent, and quality of the advisory services provided to the Fund by DMC under its Investment Management Agreement and the experience of the officers and employees of DMC who provide these services, including the Fund's portfolio managers. The Board's review included consideration of DMC's investment process and oversight and research and analysis capabilities, and its ability to attract and retain qualified investment professionals. The Board considered information regarding DMC's programs for risk management, including investment, operational, liquidity, valuation, and compliance risks. The Board received information with respect to the cybersecurity program and business continuity plans of DMC and its affiliates. The Board also considered non-advisory services that DMC and its affiliates provide to the Delaware Funds, including third party oversight, transfer agent, internal audit, valuation, portfolio trading, and legal and compliance. The Board took into account the benefits to shareholders of investing in a Fund that is part of a family of funds managed by an affiliate of Macquarie Group Ltd. ("Macquarie"), the parent company of DMC, and the resources available to DMC as part of Macquarie's global asset management business.

The Board received and considered various information with respect to the services provided by the Affiliated Sub-Advisers under the Sub-Advisory Agreements and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board considered the division of responsibilities between DMC and the Affiliated Sub-Advisers and the oversight provided by DMC. The Board also considered the expertise of the Affiliated Sub-Advisers with respect to certain asset classes and/or investment styles. The Affiliated Sub-Advisers are part of Macquarie's global investment platform that has offices and personnel that are located around the world. As a result, the Board noted that DMC had stated that the Affiliated Sub-Advisers can provide research, investment and trading analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades, as applicable. The Board took into account that the Sub-Advisory Agreements may benefit the Fund and its shareholders by permitting DMC to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund.

**[**Table of Contents**](#dvscvs_toc)**

Other Series information (Unaudited)

Delaware VIP<sup>®</sup> Trust — Delaware VIP Small Cap Value Series

**Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 9-11, 2022 (continued)**

The Board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Fund by DMC and the Affiliated Sub-Advisers.

**Investment performance.** The Board received and considered information with respect to the investment performance of the Fund, including performance reports and discussions with portfolio managers at meetings of the Board's Investment Committees throughout the year as well as reports provided by Broadridge Financial Solutions, an independent investment company data provider ("Broadridge"), furnished for the Annual Contract Renewal Meeting. The Broadridge reports prepared for the Fund showed its investment performance in comparison to a group of similar funds (the "Performance Universe"). The Board received a description of the methodology used by Broadridge to select the funds in the Performance Universe. Comparative annualized performance for the Fund was shown for the past 1-, 3-, 5-, and 10-year and since inception periods, as applicable, ended December 31, 2021.

The Performance Universe for the Fund consisted of the Fund and all small-cap value funds underlying variable insurance products, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1-year period was in the first quartile, for the 3- and 10-year periods was in the second quartile and for the 5-year period was in the third quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-, 3-, and 10-year periods was above the median and for the 5-year period was below the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the 1-, 3-, and 5-year periods and underperformed its benchmark index for the 10-year period. The Board noted that the Fund was generally performing in line with its Performance Universe and benchmark during the periods under review.

**Comparative expenses.** The Board received and considered expense data for the Fund. Management provided the Board with information on pricing levels and fee structures for the Fund as of its most recently completed fiscal year. The Board also considered on the comparative analysis of contractual management fees and actual total expense ratios of the Fund versus contractual management fees and actual total expense ratios of a group of similar funds as selected by Broadridge (the "Expense Group"). In reviewing comparative costs, the Fund's contractual management fee and the actual management fee incurred by the Fund were compared with the contractual management fees (assuming all funds were similar in size to the Fund) and actual management fees, taking into account any applicable breakpoints and fee waivers, with the Fund's expense universe, which is comprised of the Fund, its Expense Group and all other similar funds underlying variable insurance products with similar 12b-1 and non-12b-1 structures, excluding outliers (the "Expense Universe"). The Fund's total expenses were also compared with those of its Expense Universe.

The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by DMC to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing registered investment companies compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients, unregistered funds and separately managed accounts.

The Board noted that DMC, and not the Fund, pays the sub-advisory fees to the Affiliated Sub-Advisers and, accordingly, that the retention of the Affiliated Sub-Advisers does not increase the fees and expenses incurred by the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to DMC under the Investment Management Agreement and to the Affiliated Sub-Advisers under the Sub-Advisory Agreements was reasonable.

**Economies of scale.** The Board received and considered information about the potential for DMC to realize economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual Fund level, and the extent to which potential scale benefits are shared with shareholders, including the extent to which any economies of scale are reflected in the level of management fees charged. DMC discussed its advisory fee pricing and structure for the Delaware Funds complex, including the current breakpoints. The Board noted that, as of March 31, 2022, the Fund's net assets exceeded its second breakpoint level and that breakpoints

**[**Table of Contents**](#dvscvs_toc)**

result in a lower advisory fee than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints schedule are exceeded. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as DMC's investment in its business, including investments in business infrastructure, technology and cybersecurity.

**Management profitability.** The Board received and considered the Investment Management Profitability Analysis that addressed the overall profitability of DMC's business in providing management and other services to the Fund and the Delaware Funds as a whole, including the methodology used by DMC in allocating costs for the purpose of determining profitability. The Board also reviewed a report prepared by JDL regarding DMC's profitability as compared to certain peer fund complexes and the Independent Trustees discussed DMC's profitability in such context with representatives from JDL. Based on its review, the Board determined that DMC's profitability was not excessive in light of the nature, extent and quality of the services provided to the Fund.

**Ancillary benefits.** The Board received and considered information regarding the extent to which DMC and its affiliates might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as investment manager to the Delaware Funds; the benefits from allocation of fund brokerage to improve trading efficiencies; and the fees that various affiliates received for serving as transfer agent and for overseeing fund accounting and financial administration services to the Delaware Funds. The Board received information from DMC regarding its view of the performance of its affiliates in providing transfer agent and fund accounting and financial administration oversight services and the organizational structure employed to provide these services pursuant to their contracts with the Fund.

Based on its consideration of the factors and information it deemed relevant, including the costs of providing investment management and other services to the Fund and the ongoing commitment of DMC and its affiliates to the Fund, the Board did not find that any ancillary benefits received by DMC and its affiliates were unreasonable.

**Conclusion.** Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including all of the Independent Trustees, approved the continuation of DMC's Investment Management Agreement and of the Affiliated Sub-Advisers' Sub-Advisory Agreements for an additional one-year period.

**[**Table of Contents**](#dvscvs_toc)**

Board of trustees / directors and officers addendum

Delaware Funds by Macquarie<sup>®</sup>

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length<br> of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
| **Shawn K. Lytle**<sup>2</sup> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1970 | President,<br> Chief Executive Officer,<br> and Trustee | President and<br> Chief Executive Officer<br> since August 2015<br>Trustee since<br> September 2015 | 126 | Macquarie Asset<br> Management<sup>3</sup> <br> (2015–Present)<br> - Global Head of<br> Macquarie Asset<br> Management Public<br> Investments<br> (2019–Present)<br> - Head of Americas of<br> Macquarie Group<br> (2017–Present) |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Jerome D. Abernathy**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1959 | Trustee | Since January 2019 | 126 | Stonebrook Capital<br> Management, LLC<br> (financial<br> technology: macro<br> factors and databases)<br> - Managing Member<br> (1993–Present) |  |
| **Ann D. Borowiec**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1958 | Trustee | Since March 2015 | 126 | J.P. Morgan Chase & Co.<br> (1987–2013)<br> - Chief Executive Officer,<br> Private Wealth<br> Management<br> (2011–2013) | Banco Santander<br> International<br> (2016–2019)<br> Santander Bank, N.A.<br> (2016–2019) |
| **Joseph W. Chow**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1953 | Trustee | Since January 2013 | 126 | Private Investor<br> (2011–Present) |  |
| **H. Jeffrey Dobbs**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1955 | Trustee | Since April 2019<sup>4</sup> | 126 | KPMG LLP<br> (2002–2015)<br> - Global Sector<br> Chairman,<br> Industrial Manufacturing<br> (2010–2015) | TechAccel LLC<br> (2015–Present)<br> PatientsVoices, Inc.<br> (2018–Present)<br> Valparaiso University<br> Board<br> (2012–Present)<br> Ivy Funds Complex<br> (2019–2021) |

---

**[**Table of Contents**](#dvscvs_toc)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length<br> of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **John A. Fry**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1960 | Trustee | Since January 2001 | 126 | Drexel University<br> - President<br> (2010–Present) | Federal Reserve<br> Bank of Philadelphia<br> (2020–Present)<br> FS Credit Real Estate<br> Income Trust, Inc.<br> (2018–Present)<br> vTv Therapeutics Inc.<br> (2017–Present)<br> Community Health<br> Systems<br> (2004–Present)<br> Drexel Morgan & Co.<br> (2015–2019) |
| **Joseph Harroz, Jr.**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1967 | Trustee | Since November 1998<sup>4</sup> | 126 | University of Oklahoma<br> - President<br> (2020–Present)<br> - Interim President<br> (2019–2020)<br> - Vice President and<br> Dean, College of Law<br> (2010–2019)<br> Brookhaven<br> Investments LLC<br> (commercial enterprises)<br> - Managing Member<br> (2019–Present)<br> St. Clair, LLC<br> (commercial enterprises)<br> - Managing Member<br> (2019–Present) | OU Medicine, Inc.<br> (2020–Present)<br> Big 12 Athletic Conference<br> (2019–Present)<br> Valliance Bank<br> (2007–Present)<br> Ivy Funds Complex<br> (1998–2021) |
| **Sandra A.J. Lawrence**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1957 | Trustee | Since April 2019<sup>4</sup> | 126 | Children's Mercy<br> Hospitals and Clinics<br> (2005–2019)<br> - Chief Administrative<br> Officer<br> (2016–2019) | Brixmor Property<br> Group Inc.<br> (2021–Present)<br> Sera Prognostics Inc.<br> (biotechnology)<br> (2021–Present)<br> Recology<br> (resource recovery)<br> (2021–Present)<br> Evergy, Inc., Kansas City<br> Power & Light Company,<br> KCP&L Greater Missouri<br> Operations Company,<br> Westar Energy, Inc. and<br> Kansas Gas and Electric<br> Company (related utility<br> companies)<br> (2018–Present)<br> National Association of<br> Corporate Directors<br> (2017–Present)<br> Ivy Funds Complex<br> (2019–2021)<br> American Shared Hospital<br> Services (medical device)<br> (2017–2021)<br> Westar Energy (utility)<br> (2004–2018) |

---

**[**Table of Contents**](#dvscvs_toc)**

Board of trustees / directors and officers addendum

Delaware Funds by Macquarie<sup>®</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Frances A.**<br> **Sevilla-Sacasa**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1956 | Trustee | Since September 2011 | 126 | Banco Itaú International<br> - Chief Executive Officer<br> (2012–2016) | Florida Chapter of<br> National Association of<br> Corporate Directors<br> (2021–Present)<br> Callon Petroleum<br> Company<br> (2019–Present)<br> Camden Property Trust<br> (2011–Present)<br> New Senior Investment<br> Group Inc. (2021)<br> Carrizo Oil & Gas, Inc.<br> (2018–2019) |
| **Thomas K. Whitford**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1956 | Chair and Trustee | Trustee since January<br> 2013<br>Chair since January<br> 2023 | 126 | PNC Financial<br> Services Group<br> (1983–2013)<br> - Vice Chairman<br> (2009–2013) | HSBC USA Inc.<br> (2014–2022)<br> HSBC North America<br> Holdings Inc.<br> (2013–2022)<br> HSBC Finance<br> Corporation<br> (2013–2018) |
| **Christianna Wood**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1959 | Trustee | Since January 2019 | 126 | Gore Creek<br> Capital, Ltd.<br> - Chief Executive Officer<br> and President<br> (2009–Present) | The Merger Fund<br> (2013–2021),<br> The Merger Fund VL<br> (2013–2021),<br> WCM Alternatives:<br> Event-Driven Fund<br> (2013–2021),<br> and WCM<br> Alternatives:<br> Credit Event Fund<br> (2017–2021)<br> Grange Insurance<br> (2013–Present)<br> H&R Block Corporation<br> (2008–Present) |
| **Janet L. Yeomans**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1948 | Trustee | Since April 1999 | 126 | 3M Company<br> (1995–2012)<br> - Vice President<br> and Treasurer<br> (2006–2012) | Okabena Company<br> (2009–2017) |
| **Officers** | **Officers** | **Officers** | **Officers** | **Officers** | **Officers** |
| **David F. Connor**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1963 | Senior Vice President,<br> General Counsel, and<br> Secretary | Senior Vice President,<br> since May 2013;<br> General Counsel<br> since May 2015;<br> Secretary since<br> October 2005 | 126 | David F. Connor has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. | None<sup>5</sup> |
| **Daniel V. Geatens**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1972 | Senior Vice President<br> and Treasurer | Senior Vice President<br> and Treasurer since<br> October 2007 | 126 | Daniel V. Geatens has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. | None<sup>5</sup> |

---

**[**Table of Contents**](#dvscvs_toc)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Richard Salus**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1963 | Senior Vice President<br> and Chief Financial<br> Officer | Senior Vice President<br> and Chief Financial<br> Officer since November<br> 2006 | 126 | Richard Salus has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. |  |

---

<sup>1</sup> "Length of Time Served" refers to the time since the Trustee or officer began serving one or more of the Trusts in the Delaware Funds complex.

<sup>2</sup> Shawn K. Lytle is considered to be an "Interested Trustee" because he is an executive officer of the Series' investment advisor.

<sup>3</sup> Macquarie Asset Management is the marketing name for certain companies comprising the asset management division of Macquarie Group, including the Series' investment advisor, principal underwriter, and transfer agent.

<sup>4</sup> Includes time served on the Board of Ivy Funds prior to the date when Ivy Funds joined the Delaware Funds complex.

<sup>5</sup> David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment manager, principal underwriter, and transfer agent as the Funds. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust, and he is Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc., which has the same investment manager as the Funds.

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

**[**Table of Contents**](#dvscvs_toc)**

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' Form 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, is 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.

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.

(2700499) **AR-VIPSCV-0223**

![](mim_cover.jpg)

Delaware VIP<sup>®</sup> Trust Delaware VIP Equity Income Series December 31, 2022

**[**Table of Contents**](#dveis_toc)**

**Table of contents**

---

| | |
|:---|:---|
| **[Portfolio management review](#vipei_001)** | **1** |
| **[Performance summary](#vipei_002)** | **3** |
| **[Disclosure of Series expenses](#vipei_003)** | **5** |
| **[Security type / sector allocations and top 10 equity holdings](#vipei_004)** | **6** |
| **[Schedule of investments](#vipei_005)** | **7** |
| **[**Statement of assets and liabilities**](#vipei_006)** | **9** |
| **[**Statement of operations**](#vipei_007)** | **10** |
| **[**Statements of changes in net assets**](#vipei_008)** | **11** |
| **[**Financial highlights**](#vipei_009)** | **12** |
| **[**Notes to financial statements**](#vipei_010)** | **13** |
| **[**Report of independent registered public accounting firm**](#vipei_011)** | **20** |
| **[**Other Series information**](#vipei_012)** | **21** |
| **[**Board of trustees / directors and officers addendum**](#vipei_013)** | **24** |

---

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 December 31, 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<sup>®</sup> Equity Income Series only if preceded or accompanied by the Series' current prospectus or the summary prospectus.© 2023 Macquarie Management Holdings, Inc.

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

**[**Table of Contents**](#dveis_toc)**

Portfolio management review

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Equity Income Series

December 31, 2022 (Unaudited)

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

For the fiscal year ended December 31, 2022, Delaware VIP Equity Income Series (the "Series") Standard Class shares gained 3.48% with all distributions reinvested. The Series outperformed its benchmark, the Russell 1000<sup>®</sup> Value Index, which fell 7.54% for the same period. **Past performance does not guarantee future results.** For complete, annualized performance of Delaware VIP Equity Income Series, please see the table on page 3. Please see page 4 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

**Market review**

Foreshadowing what was to be a difficult 2022 for equity markets, central banks and the US Federal Reserve in particular conceded what most investors had suspected: inflation was likely to be higher and more persistent than previously acknowledged. As 2022 began, investors had a range of challenges to confront including inflation, liquidity crunches, the likelihood of higher interest rates, geopolitical tensions, and Russia's invasion of Ukraine in late February. Even so, the markets staged several rallies during the year as investors hoped that the worst was behind them.

The strongest of those rallies took place in October and November. On the heels of three consecutive quarterly losses, US stocks rallied in the fourth quarter. Investors embraced stocks, driven in part by better-than-expected corporate earnings, moderating inflation data, and hope that the Fed might soon slow the pace of interest rate increases. In addition, a consensus view that the Fed would engineer a "soft landing" for the economy and that any recession in 2023 would be mild appeared to take root. In December, however, as it became clear that the Fed was not finished raising rates, equities gave back much of what had been gained earlier in the quarter. For the fiscal year, stocks were broadly lower. The S&P 500<sup>®</sup> Index was down 18.1% in 2022. By comparison, the technology-heavy NASDAQ Composite Index fell 33.1%. (Source: FactSet Research Systems.)

The Fed implemented seven interest rate hikes during the year, lifting the federal funds rate to a range from 4.25% to 4.50%, its highest level since December 2007. The most-recent move, a 0.50-percentage-point increase in mid-December, was a step down from the previous four hikes of 0.75 percentage points each. In his press conference following the November rate announcement, Fed Chair Jerome Powell said the pace of interest rate increases could slow down in the coming months. Nonetheless, in its post-meeting statement for December, the Fed said it "anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2% over time."

As the end of the year approached, inflation readings continued to moderate incrementally. According to the most-recent data from the Bureau of Economic Analysis, the Personal Consumption Expenditures Price Index (PCE) rose 5.5% in November from a year earlier, down from a high of 7.0% in June. The Core Personal Consumption Expenditures Price Index (Core PCE), the Fed's preferred inflation gauge, which excludes food and energy prices, increased 4.7% in November year over year, down from highs of 5.4% in both February and March. The price of West Texas Intermediate (WTI) crude oil ended the year at $81 a barrel, up 7% for the period but down from highs of more than $120 in both March and June. Employment growth slowed for much of the year. The unemployment rate ended the year at 3.5%. (Sources: FactSet, US Bureau of Labor Statistics.)

**Within the Series**

On a sector basis, healthcare, industrials, and energy were the main contributors to the Series' performance. Positive stock selection was the main driver of strong performance within the healthcare sector. In particular, holdings in **Merck & Co. Inc.**, **Cigna Corp.**, and **Gilead Sciences Inc.** contributed to the Series' performance.

US-based, global healthcare company Merck surprised the stock market positively several times during the fiscal year. The company reported successful trials treating pulmonary hypertension, a type of high blood pressure that affects the arteries in the lungs and the right side of the heart.

In the energy sector, both stock selection and asset allocation drove performance. Overweight positions in **ConocoPhillips** and **Exxon Mobil Corp.** added to performance. Exxon Mobil had a remarkable year, with strong oil and natural gas prices, enabling it to deliver some of the strongest results in its history. The company increased its dividend for the 40th year in a row. Exxon Mobil also continued its share-repurchase program and paid down debt, which was well received by the market.

**[**Table of Contents**](#dveis_toc)**

Portfolio management review

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Equity Income Series

The utilities and materials sectors were the leading detractors from performance. The Series' lack of an allocation to utilities weighed on performance as the sector delivered a positive return for the fiscal year. Likewise, limited exposure to the materials sector detracted from relative performance over the 12-month period.

As of the close of the fiscal year, the Series held 59 companies diversified across sectors. Cash was 0.2% of the Series' total portfolio and no derivative instruments were held. From a sector positioning point of view, the Series was overweight healthcare, energy, and information technology and was underweight industrials, real estate, materials, and utilities. From a factor perspective, at the end of the period the Series had a quality and value tilt. Due to the Series' objective, there was also a large exposure to income.

**[**Table of Contents**](#dveis_toc)**

Performance summary (Unaudited)

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Equity Income Series

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Series and benchmark performance** | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* |
|  | 1 year | 3 year | 5 year | 10 year |
| Standard Class shares (commenced operations on November 15, 1993) | +3.48% | +8.02% | +7.21% | +9.99% |
| Russell 1000 Value Index | -7.54% | +5.96% | +6.67% | +10.29% |

---

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

As described in the Series' most recent prospectus, the net expense ratio for Standard Class shares of the Series was 0.74%, while total operating expenses for Standard Class shares were 0.75%. The management fee for Standard Class shares was 0.65%. The expense ratios may differ from the expense ratios in the "Financial highlights" since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in "Notes to financial statements" for additional details. Please see the "Financial highlights" section in this report for the most recent expense ratios.

The Series adopted the performance of the First Investors Life Series Equity Income Fund (Predecessor Series) as the result of a reorganization of the Predecessor Series into the Series, which was consummated after the close of business on October 4, 2019 (Reorganization). The Series had not yet commenced operations prior to the Reorganization. The returns shown for periods ending on or prior to October 4, 2019 reflect the performance and expenses of the Predecessor Series. The returns shown for periods after October 4, 2019 reflect the performance and expenses of the Series.

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

Expense limitations were in effect for Standard Class shares during some or all of the periods shown in the "Series and benchmark performance" table above and in the "Performance of a $10,000 investment" graph on the next page. Performance would have been lower had expense limitations not been in effect.

Performance data do not include any fees or sales charges imposed by variable insurance contracts. This fund doesn't have any deferred sales charges. Performance shown here would have been reduced if such fees were included. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

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

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

**[**Table of Contents**](#dveis_toc)**

Performance summary (Unaudited)

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Equity Income Series

**Performance of a $10,000 investment**

*For the period December 31, 2012 through December 31, 2022*

![](mim_vipei-ncsrx6x1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | | **Starting value** | **Ending value** |
| ![](mim_vipei-ncsrx6x2.jpg) | Russell 1000 Value Index | $10000 | $26632 |
| ![](mim_vipei-ncsrx6x3.jpg) | Delaware VIP Equity Income Series — Standard Class shares | $10000 | $25921 |

---

The graph shows a $10,000 investment in Delaware VIP Equity Income Series Standard Class shares for the period from December 31, 2012 through December 31, 2022.

The graph also shows $10,000 invested in the Russell 1000 Value Index for the period from December 31, 2012 through December 31, 2022.

The Russell 1000 Value Index measures the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

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

The NASDAQ Composite Index, mentioned on page 1, is a broad-based, market capitalization weighted index that measures all NASDAQ US- and international-based common type stocks listed on The NASDAQ Stock Market and includes more than 2,500 securities.

The Personal Consumption Expenditures Price Index (PCE), mentioned on page 1, is a measure of inflation that is calculated by the Bureau of Economic Analysis, representing changes in consumer spending on goods and services. It accounts for about two-thirds of domestic final spending. The "core" PCE excludes food and energy prices.

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

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

**Past performance does not guarantee future results.**

**[**Table of Contents**](#dveis_toc)**

Disclosure of Series expenses

For the six-month period from July 1, 2022 to December 31, 2022 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2022 to December 31, 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**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning <br>Account <br>Value <br>7/1/22 | Ending <br>Account <br>Value <br>12/31/22 | Annualized <br>Expense <br>Ratio | Expenses <br>Paid <br>During <br>Period <br>7/1/22 to <br>12/31/22\* |
| **Actual Series return<sup>†</sup>** |  |  |  |  |
| Standard Class | $1000.00 | $1103.10 | 0.75% | $3.98 |
| **Hypothetical 5% return (5% return before expenses)** |  |  |  |  |
| Standard Class | $1000.00 | $1021.42 | 0.75% | $3.82 |

---

---

| | |
|:---|:---|
| \* | "Expenses Paid During Period" are equal to the Series' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
| <sup>†</sup> | 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**](#dveis_toc)**

Security type / sector allocations and top 10 equity holdings

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Equity Income Series

As of December 31, 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, which may result in the sector designations for one fund being different from another fund's sector designations.

---

| | |
|:---|:---|
| Security type / sector | Percentage<br> of net assets |
| **Common Stocks** | **99.34%** |
| Communication Services | 8.28% |
| Consumer Discretionary | 10.68% |
| Consumer Staples | 5.52% |
| Energy | 12.59% |
| Financials | 19.39% |
| Healthcare | 24.55% |
| Industrials | 5.35% |
| Information Technology | 12.98% |
| **Short-Term Investments** | **0.13%** |
| **Total Value of Securities** | **99.47%** |
| **Receivables and Other Assets Net of Liabilities** | **0.53%** |
| **Total Net Assets** | **100.00%** |

---

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

---

| | |
|:---|:---|
| Top 10 equity holdings | Percentage<br> of net assets |
| Exxon Mobil | 6.50% |
| Merck & Co. | 4.62% |
| Bristol-Myers Squibb | 4.00% |
| Gilead Sciences | 3.82% |
| Cigna | 3.68% |
| TJX | 3.67% |
| Cisco Systems | 3.62% |
| ConocoPhillips | 3.48% |
| Philip Morris International | 3.47% |
| Johnson & Johnson | 3.32% |

---

**[**Table of Contents**](#dveis_toc)**

Schedule of investments

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Equity Income Series

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value<br> (US $)** |
| **Common Stocks — 99.34%** |  |  |
| Communication Services — 8.28% |  |  |
| &nbsp;&nbsp;&nbsp;AT&T | 110608 | $2036293 |
| &nbsp;&nbsp;&nbsp;Comcast Class A | 73229 | 2560818 |
| &nbsp;&nbsp;&nbsp;Meta Platforms Class A † | 12741 | 1533252 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 73199 | 2884041 |
|  |  | 9014404 |
| Consumer Discretionary — 10.68% |  |  |
| &nbsp;&nbsp;&nbsp;APA | 47796 | 2231117 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill † | 354 | 491171 |
| &nbsp;&nbsp;&nbsp;Ford Motor | 29669 | 345051 |
| &nbsp;&nbsp;&nbsp;H&R Block | 25677 | 937467 |
| &nbsp;&nbsp;&nbsp;Lowe's | 6034 | 1202214 |
| &nbsp;&nbsp;&nbsp;Macy's | 83744 | 1729314 |
| &nbsp;&nbsp;&nbsp;Tapestry | 18158 | 691457 |
| &nbsp;&nbsp;&nbsp;TJX | 50160 | 3992736 |
|  |  | 11620527 |
| Consumer Staples — 5.52% |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group | 36724 | 1678654 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland | 5985 | 555707 |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 37303 | 3775437 |
|  |  | 6009798 |
| Energy — 12.59% |  |  |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 32072 | 3784496 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 64159 | 7076738 |
| &nbsp;&nbsp;&nbsp;Ovintiv | 33988 | 1723531 |
| &nbsp;&nbsp;&nbsp;PDC Energy | 17559 | 1114645 |
|  |  | 13699410 |
| Financials — 19.39% |  |  |
| &nbsp;&nbsp;&nbsp;Allstate | 2298 | 311609 |
| &nbsp;&nbsp;&nbsp;American Financial Group | 6797 | 933092 |
| &nbsp;&nbsp;&nbsp;American International Group | 37482 | 2370362 |
| &nbsp;&nbsp;&nbsp;Blackstone | 22921 | 1700509 |
| &nbsp;&nbsp;&nbsp;Discover Financial Services | 5198 | 508520 |
| &nbsp;&nbsp;&nbsp;Evercore Class A | 7551 | 823663 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial | 41405 | 1557656 |
| &nbsp;&nbsp;&nbsp;First American Financial | 20341 | 1064648 |
| &nbsp;&nbsp;&nbsp;MetLife | 43908 | 3177622 |
| &nbsp;&nbsp;&nbsp;Old Republic International | 75530 | 1824049 |
| &nbsp;&nbsp;&nbsp;OneMain Holdings | 30609 | 1019586 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 63746 | 2094694 |
| &nbsp;&nbsp;&nbsp;Truist Financial | 54856 | 2360454 |
| &nbsp;&nbsp;&nbsp;Unum Group | 33241 | 1363878 |
|  |  | 21110342 |
| Healthcare — 24.55% |  |  |
| &nbsp;&nbsp;&nbsp;AmerisourceBergen | 3846 | 637321 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 60476 | 4351248 |
| &nbsp;&nbsp;&nbsp;Cardinal Health | 4115 | 316320 |
| &nbsp;&nbsp;&nbsp;Cigna | 12074 | 4000599 |
| &nbsp;&nbsp;&nbsp;CVS Health | 26354 | 2455929 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 48462 | 4160463 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 20463 | 3614789 |
| &nbsp;&nbsp;&nbsp;McKesson | 1170 | 438890 |
| &nbsp;&nbsp;&nbsp;Merck & Co. | 45294 | 5025369 |
| &nbsp;&nbsp;&nbsp;Pfizer | 15016 | 769420 |
| &nbsp;&nbsp;&nbsp;Viatris | 85399 | 950491 |
|  |  | 26720839 |
| Industrials — 5.35% |  |  |
| &nbsp;&nbsp;&nbsp;Emerson Electric | 15480 | 1487009 |
| &nbsp;&nbsp;&nbsp;Honeywell International | 9972 | 2137000 |
| &nbsp;&nbsp;&nbsp;Raytheon Technologies | 21786 | 2198643 |
|  |  | 5822652 |
| Information Technology — 12.98% |  |  |
| &nbsp;&nbsp;&nbsp;Broadcom | 5919 | 3309490 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 82819 | 3945497 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Class A | 28992 | 1658053 |
| &nbsp;&nbsp;&nbsp;HP | 51764 | 1390899 |
| &nbsp;&nbsp;&nbsp;KLA | 704 | 265429 |
| &nbsp;&nbsp;&nbsp;Mastercard Class A | 934 | 324780 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions | 11581 | 2984540 |
| &nbsp;&nbsp;&nbsp;Western Union | 17911 | 246634 |
|  |  | 14125322 |
| **Total Common Stocks**<br> (cost $91,389,168) |  | **108123294** |
| **Short-Term Investments — 0.13%** |  |  |
| Money Market Mutual Funds — 0.13% |  |  |
| &nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund –<br> Institutional Shares (seven-day effective yield 4.03%) | 34802 | 34802 |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio –<br> Class I (seven-day effective yield 4.06%) | 34802 | 34802 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund –<br> Institutional Shares (seven-day effective yield 4.23%) | 34802 | 34802 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio –<br> Institutional Class (seven-day effective yield 4.11%) | 34802 | 34802 |
| **Total Short-Term Investments**<br> (cost $139,208) |  | **139208** |
| **Total Value of Securities — 99.47%**<br> (cost $91,528,376) |  | $**108262502** |

---

**[**Table of Contents**](#dveis_toc)**

Schedule of investments

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Equity Income Series

<sup>†</sup> Non-income producing security.

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

**[**Table of Contents**](#dveis_toc)**

Statement of assets and liabilities

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Equity Income Series

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets:** | **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | &nbsp;&nbsp;&nbsp;Investments, at value\* | $108262502 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | &nbsp;&nbsp;&nbsp;Receivable for securities sold | 487864 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | &nbsp;&nbsp;&nbsp;Dividends receivable | 189222 |
| &nbsp;&nbsp;&nbsp;Receivable for series shares sold | &nbsp;&nbsp;&nbsp;Receivable for series shares sold | 21 |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;Other assets | 829 |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;Total Assets | 108940438 |
| **Liabilities:** | **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Due to custodian | &nbsp;&nbsp;&nbsp;Due to custodian | 4108 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;Other accrued expenses | 50218 |
| &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | 22147 |
| &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | 21361 |
| &nbsp;&nbsp;&nbsp;Administration expenses payable to affiliates | &nbsp;&nbsp;&nbsp;Administration expenses payable to affiliates | 8705 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;Total Liabilities | 106539 |
| **Total Net Assets** | **Total Net Assets** | $108833899 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;&nbsp;Paid-in capital | $84113715 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | 24720184 |
| **Total Net Assets** | **Total Net Assets** | $108833899 |
| **Net Asset Value** | **Net Asset Value** |  |
| **Standard Class:** | **Standard Class:** |  |
| Net assets | Net assets | $108833899 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | Shares of beneficial interest outstanding, unlimited authorization, no par | 6275176 |
| Net asset value per share | Net asset value per share | $17.34 |
| \* | Investments, at cost | $91528376 |

---

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

**[**Table of Contents**](#dveis_toc)**

Statement of operations

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Equity Income Series

Year ended December 31, 2022

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $3698911 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Management fees | 724995 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | 56281 |
| &nbsp;&nbsp;&nbsp;Legal fees | 38713 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | 30339 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | 11884 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing and transfer agent fees and expenses | 10822 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 9362 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 5473 |
| &nbsp;&nbsp;&nbsp;Registration fees | 10 |
| &nbsp;&nbsp;&nbsp;Other | 3761 |
|  | 891640 |
| &nbsp;&nbsp;&nbsp;Less expenses waived | (58681) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 832959 |
| **Net Investment Income (Loss)** | 2865952 |
| **Net Realized and Unrealized Gain (Loss):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 5177735 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (4461924) |
| **Net Realized and Unrealized Gain (Loss)** | 715811 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $3581763 |

---

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

**[**Table of Contents**](#dveis_toc)**

Statements of changes in net assets

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Equity Income Series

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $2865952 | $2591060 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 5177735 | 13404615 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (4461924) | 7905654 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 3581763 | 23901329 |
| **Dividends and Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | (15625074) | (2135847) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | 754484 | 1131148 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | 15625074 | 2135847 |
|  | 16379558 | 3266995 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | (17447393) | (16204690) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | (1067835) | (12937695) |
| **Net Increase (Decrease) in Net Assets** | (13111146) | 8827787 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 121945045 | 113117258 |
| &nbsp;&nbsp;&nbsp;End of year | $108833899 | $121945045 |

---

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

**[**Table of Contents**](#dveis_toc)**

Financial highlights

Delaware VIP<sup>®</sup> Equity Income Series Standard Class

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| | **12/31/22** | **12/31/21** | **12/31/20** | **12/31/19<sup>1</sup>** | **12/31/18** |
| **Net asset value, beginning of period** | $19.35 | $16.12 | $22.37 | $20.61 | $23.64 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.45 | 0.39 | 0.32 | 0.41 | 0.66 |
| Net realized and unrealized gain (loss) | 0.16 | 3.16 | (1.67) | 3.94 | (2.57) |
| Total from investment operations | 0.61 | 3.55 | (1.35) | 4.35 | (1.91) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | (0.43) | (0.32) | (0.48) | (0.68) | (0.43) |
| Net realized gain | (2.19) |  | (4.42) | (1.91) | (0.69) |
| Total dividends and distributions | (2.62) | (0.32) | (4.90) | (2.59) | (1.12) |
| **Net asset value, end of period** | $17.34 | $19.35 | $16.12 | $22.37 | $20.61 |
| **Total return<sup>3</sup>** | 3.48%<sup>4</sup> | 22.20% | (0.33)%<sup>4</sup> | 22.71% | (8.42)% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $108834 | $121945 | $113117 | $128260 | $113885 |
| Ratio of expenses to average net assets<sup>5</sup> | 0.75% | 0.75% | 0.80% | 0.82% | 0.81% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | 0.80% | 0.75% | 0.82% | 0.82% | 0.81% |
| Ratio of net investment income to average net assets | 2.57% | 2.16% | 2.04% | 1.96% | 2.92% |
| Ratio of net investment income to average net assets prior to fees waived | 2.52% | 2.16% | 2.02% | 1.96% | 2.92% |
| Portfolio turnover | 21% | 49% | 30% | 118%<sup>6</sup> | 50% |

---

<sup>1</sup> On October 4, 2019, the First Investors Life Series Equity Income Fund shares were reorganized into Standard Class shares of the Series. 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.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> 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.

<sup>4</sup> Total return during the period reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

<sup>6</sup> 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.

**[**Table of Contents**](#dveis_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Equity Income Series

December 31, 2022

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.

**1. Significant Accounting Policies**

The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.

**Security Valuation —** Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Open-end investment companies, other than ETFs, 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 by the Series' valuation designee, Delaware Management Company (DMC). Subject to the oversight of the Series' Board of Trustees (Board), DMC, as valuation designee, has adopted policies and procedures to fair value securities for which market quotations are not readily available consistent with the requirements of Rule 2a-5 under the 1940 Act. 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 and private placements are valued at fair value.

**Federal Income Taxes** — No provision for federal income taxes has been made as the Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Series evaluates tax positions taken or expected to be taken in the course of preparing the Series' tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Series' tax positions taken or expected to be taken on the Series' federal income tax returns through the year ended December 31, 2022, and for all open tax years (years ended December 31, 2019–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 year ended December 31, 2022, the Series did not incur any interest or tax penalties.

**Use of Estimates** — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

**Other** — Expenses directly attributable to the Series are charged directly to the Series. Other expenses common to various funds within the Delaware Funds by Macquarie<sup>®</sup> (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. 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 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"

(continues) 13

**[**Table of Contents**](#dveis_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Equity Income Series

**1. Significant Accounting Policies (continued)**

under "Dividend disbursing and transfer agent fees and expenses" with the corresponding expenses offset included under "Less expenses paid indirectly." For the year ended December 31, 2022, the Series earned less than $1 under this arrangement.

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

In accordance with the terms of its investment management agreement, the Series pays 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 December 31, 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.

Macquarie Investment Management Global Limited (MIMGL), an affiliate of DMC, serves as the Series' sub-advisor and manages the Series' assets. In addition, Macquarie Funds Management Hong Kong Limited (MFMHKL, and together with MIMGL, the "Affiliated Sub-Advisors"), an affiliate of the Manager, may execute security trades for the Series. 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.

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; 0.0025% of the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the "Statement of operations" under "Accounting and administration expenses." For the year ended December 31, 2022, the Series paid $8,645 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC's fees are calculated daily and paid monthly, at the annual rate of 0.0075% of the Series' average daily net assets. This amount is included on the "Statement of operations" under "Dividend disbursing and transfer agent fees and expenses." For the year ended December 31, 2022, the Series paid $8,418 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 year ended December 31, 2022, the Series paid $35,103 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 Delaware Distributors, L.P. are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.

**[**Table of Contents**](#dveis_toc)**

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 including ETFs 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 year ended December 31, 2022, the Series made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | $22827600 |
| Sales | 36860358 |

---

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation), which may not necessarily be the final tax cost basis adjustments but which approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2022, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:

---

| | |
|:---|:---|
| Cost of investments | $91699778 |
| Aggregate unrealized appreciation of investments | $22774073 |
| Aggregate unrealized depreciation of investments | (6211349) |
| Net unrealized appreciation of investments | $16562724 |

---

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

(continues) 15

**[**Table of Contents**](#dveis_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Equity 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 December 31, 2022:

---

| | |
|:---|:---|
|  | Level 1 |
| <u>Securities</u> |  |
| <u>Assets</u>: |  |
| Common Stocks | $108123294 |
| Short-Term Investments | 139208 |
| Total Value of Securities | $108262502 |

---

During the year ended December 31, 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 year.

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 year in relation to the Series' net assets. During the year ended December 31, 2022, there were no Level 3 investments.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2022 and 2021 were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| Ordinary income | $5826465 | $2135847 |
| Long-term capital gains | 9798609 |  |
| Total | $15625074 | $2135847 |

---

**5. Components of Net Assets on a Tax Basis**

As of December 31, 2022, the components of net assets on a tax basis were as follows:

---

| | |
|:---|:---|
| Shares of beneficial interest | $84113715 |
| Undistributed ordinary income | 2863480 |
| Undistributed long-term capital gains | 5293980 |
| Unrealized appreciation of investments | 16562724 |
| Net assets | $108833899 |

---

**[**Table of Contents**](#dveis_toc)**

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

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2022, the Series had no reclassifications.

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | 41603 | 64240 |
| Shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | 922922 | 122118 |
|  | 964525 | 186358 |
| Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | (992010) | (902171) |
| Net decrease | (27485) | (715813) |

---

**7. Line of Credit**

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

On October 31, 2022, the Series, along with the other Participants, entered into an amendment to the Agreement for a $355,000,000 revolving line of credit to be used as described above. It operates in substantially the same manner as the original Agreement. Under the amendment to the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the Agreement expires on October 30, 2023.

The Series had no amounts outstanding as of December 31, 2022, or at any time during the year then ended.

**8. Securities Lending**

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

(continues) 17

**[**Table of Contents**](#dveis_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Equity Income Series

**8. Securities Lending (continued)**

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 is generally invested in an individual separate account. 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 year ended December 31, 2022, the Series had no securities out on loan.

**9. Credit and Market Risk**

An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

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

The Series may invest up to 10% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Series' limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series' 10% limit on investments in illiquid securities. As of December 31, 2022, there were no Rule 144A securities held by the Series.

**[**Table of Contents**](#dveis_toc)**

**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**

On November 10, 2022, the Board approved the reorganization (Reorganization) of the Series into Delaware VIP Growth and Income Series, a series of Delaware VIP Trust, on or about April 21, 2023. In connection with the Reorganization, effective as of the close of business one day before the Reorganization, the Series will close to new investors and existing shareholders.

Management has determined that no other material events or transactions occurred subsequent to December 31, 2022, that would require recognition or disclosure in the Series' financial statements.

(continues) 19

**[**Table of Contents**](#dveis_toc)**

Report of independent <br> registered public accounting firm

To the Board of Trustees of Delaware VIP<sup>®</sup> Trust and Shareholders of Delaware VIP Equity Income Series

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Equity Income Series (one of the series constituting Delaware VIP<sup>®</sup> Trust, referred to hereafter as the "Series") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the four years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the four years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Series as of and for the year ended December 31, 2018 and the financial highlights for the year ended December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 26, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and transfer agents. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 23, 2023

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

**[**Table of Contents**](#dveis_toc)**

Other Series information (Unaudited)

Delaware VIP<sup>®</sup> Trust — Delaware VIP Equity Income Series

**Tax Information**

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

For the year ended December 31, 2022, the Series reports distributions paid during the year as follows:

---

| | |
|:---|:---|
| (A) Long-Term Capital Gain Distributions (Tax Basis) | 62.71% |
| (B) Ordinary Income Distributions (Tax Basis) | 37.29% |
| Total Distributions (Tax Basis) | 100.0% |
| (C) Qualified Dividends<sup>1</sup> | 62.88% |

---

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

(C) is based on the Series' ordinary income distributions.

<sup>1</sup> Qualified dividends represent dividends which qualify for the corporate dividends received deduction.

**Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 9-11, 2022**

At a meeting held on August 9-11, 2022 (the "Annual Contract Renewal Meeting"), the Board of Trustees (the "Board"), including a majority of Trustees each of whom is not an "interested person" as defined under the Investment Company Act of 1940 (the "Independent Trustees"), approved the renewal of the Delaware VIP Equity Income Series (the "Fund") Investment Management Agreement with Delaware Management Company ("DMC"); and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited ("MIMGL") and Macquarie Funds Management Hong Kong Limited ("MFMHKL" and together with MIMGL, the "Affiliated Sub-Advisers").

Prior to the Meeting, including at a Board meeting held in May 2022, the Trustees conferred extensively among themselves and with representatives of DMC about these matters. Also, the Board was assisted by the applicable Investment Committee, with each Investment Committee assisting the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Investment Management Agreement and the Sub-Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, DMC was guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2022. In considering and approving the Investment Management Agreement and the Sub-Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with DMC about various topics. In this regard, the Board reviewed reports of DMC at each of its quarterly meetings, which included information about, among other things, Fund performance, investment strategies, and expenses. In addition, the Investment Committees confer with portfolio managers at various times throughout the year. In considering information relating to the approval of the Fund's Investment Management Agreement and the Sub-Advisory Agreements, the Independent Trustees also received information from an independent fund consultant, JDL Consultants, LLC ("JDL").

The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Investment Management Agreement and the Sub-Advisory Agreements for a one-year term. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approval.

**Nature, extent, and quality of services.** The Board received and considered various information regarding the nature, extent, and quality of the advisory services provided to the Fund by DMC under its Investment Management Agreement and the experience of the officers and employees of DMC who provide these services. The Board's review included consideration of DMC's investment process and oversight and research and analysis capabilities, and its ability to attract and retain qualified investment professionals. The Board considered information regarding DMC's programs for risk management, including investment, operational, liquidity, valuation, and compliance risks. The Board

**[**Table of Contents**](#dveis_toc)**

Other Series information (Unaudited)

Delaware VIP<sup>®</sup> Trust — Delaware VIP Equity Income Series

**Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 9-11, 2022 (continued)**

received information with respect to the cybersecurity program and business continuity plans of DMC and its affiliates. The Board also considered non-advisory services that DMC and its affiliates provide to the Delaware Funds, including third party oversight, transfer agent, internal audit, valuation, portfolio trading, and legal and compliance. The Board took into account the benefits to shareholders of investing in a Fund that is part of a family of funds managed by an affiliate of Macquarie Group Ltd. ("Macquarie"), the parent company of DMC, and the resources available to DMC as part of Macquarie's global asset management business.

The Board received and considered various information with respect to the services provided by the Affiliated Sub-Advisers under the Sub-Advisory Agreements and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services, including the Fund's portfolio managers. The Board considered the division of responsibilities between DMC and the Affiliated Sub-Advisers and the oversight provided by DMC. The Board considered the expertise of the Affiliated Sub-Advisers with respect to certain asset classes and/or investment styles. The Affiliated Sub-Advisers are part of Macquarie's global investment platform that has offices and personnel that are located around the world. As a result, the Board noted that DMC had stated that the Affiliated Sub-Advisers can provide research, investment and trading analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades, as applicable. The Board took into account that the Sub-Advisory Agreements may benefit the Fund and its shareholders by permitting DMC to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund.

The Board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Fund by DMC and the Affiliated Sub-Advisers.

**Investment performance.** The Board received and considered information with respect to the investment performance of the Fund, including performance reports and discussions with portfolio managers at meetings of the Board's Investment Committees throughout the year as well as reports provided by Broadridge Financial Solutions, an independent investment company data provider ("Broadridge"), furnished for the Annual Contract Renewal Meeting. The Broadridge reports prepared for the Fund showed its investment performance in comparison to a group of similar funds (the "Performance Universe"). The Board received a description of the methodology used by Broadridge to select the funds in the Performance Universe. Comparative annualized performance for the Fund was shown for the past 1-, 3-, 5-, and 10-year or since inception periods, as applicable, ended December 31, 2021.

The Performance Universe for the Fund consisted of the Fund and all large-cap value funds underlying variable insurance products, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1-, 3-, 5-, and 10-year periods was in the fourth quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-, 3-, 5-, and 10-year periods was below the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3-, 5-, and 10-year periods. The Board, however, noted that the investment performance of the current portfolio management team only began as of January 2021. The Board noted the explanations from DMC and MIMGL concerning the reasons for the Fund's relative performance versus the Performance Universe and its benchmark for the various periods.

**Comparative expenses.** The Board received and considered expense data for the Fund. Management provided the Board with information on pricing levels and fee structures for the Fund as of its most recently completed fiscal year. The Board also considered on the comparative analysis of contractual management fees and actual total expense ratios of the Fund versus contractual management fees and actual total expense ratios of a group of similar funds as selected by Broadridge (the "Expense Group"). In reviewing comparative costs, the Fund's contractual management fee and the actual management fee incurred by the Fund were compared with the contractual management fees (assuming all funds were similar in size to the Fund) and actual management fees, taking into account any applicable breakpoints and fee waivers, with the Fund's expense universe, which is comprised of the Fund, its Expense Group and all other similar funds underlying variable insurance products with similar 12b-1/non-12b-1 structures, excluding outliers (the "Expense Universe"). The Fund's total expenses were also compared with those of its Expense Universe.

The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average.

**[**Table of Contents**](#dveis_toc)**

The Board also received and considered information about the nature and extent of services offered and fee rates charged by DMC to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing registered investment companies compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients, unregistered funds and separately managed accounts.

The Board noted that DMC, and not the Fund, pays the sub-advisory fees to the Affiliated Sub-Advisers and, accordingly, that the retention of the Affiliated Sub-Advisers does not increase the fees and expenses incurred by the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to DMC under the Investment Management Agreement and to the Affiliated Sub-Advisers under the Sub-Advisory Agreements was reasonable.

**Economies of scale.** The Board received and considered information about the potential for DMC to realize economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual Fund level, and the extent to which potential scale benefits are shared with shareholders, including the extent to which any economies of scale are reflected in the level of management fees charged. DMC discussed its advisory fee pricing and structure for the Delaware Funds complex, including the current breakpoints. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as DMC's investment in its business, including investments in business infrastructure, technology and cybersecurity.

**Management profitability.** The Board received and considered the Investment Management Profitability Analysis that addressed the overall profitability of DMC's business in providing management and other services to the Fund and the Delaware Funds as a whole, including the methodology used by DMC in allocating costs for the purpose of determining profitability. The Board also reviewed a report prepared by JDL regarding DMC's profitability as compared to certain peer fund complexes and the Independent Trustees discussed DMC's profitability in such context with representatives from JDL. Based on its review, the Board determined that DMC's profitability was not excessive in light of the nature, extent and quality of the services provided to the Fund.

**Ancillary benefits.** The Board received and considered information regarding the extent to which DMC and its affiliates might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as investment manager to the Delaware Funds; the benefits from allocation of fund brokerage to improve trading efficiencies; and the fees that various affiliates received for serving as transfer agent and for overseeing fund accounting and financial administration services to the Delaware Funds. The Board received information from DMC regarding its view of the performance of its affiliates in providing transfer agent and fund accounting and financial administration oversight services and the organizational structure employed to provide these services pursuant to their contracts with the Fund.

Based on its consideration of the factors and information it deemed relevant, including the costs of providing investment management and other services to the Fund and the ongoing commitment of DMC and its affiliates to the Fund, the Board did not find that any ancillary benefits received by DMC and its affiliates were unreasonable.

**Conclusion.** Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including all of the Independent Trustees, approved the continuation of DMC's Investment Management Agreement and of the Affiliated Sub-Advisers' Sub-Advisory Agreements for an additional one-year period.

**[**Table of Contents**](#dveis_toc)**

Board of trustees / directors and officers addendum

Delaware Funds by Macquarie<sup>®</sup>

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length<br> of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
| **Shawn K. Lytle**<sup>2</sup> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1970 | President,<br> Chief Executive Officer,<br> and Trustee | President and<br> Chief Executive Officer<br> since August 2015<br>Trustee since<br> September 2015 | 126 | Macquarie Asset<br> Management<sup>3</sup><br> (2015–Present)<br> - Global Head of<br> Macquarie Asset<br> Management Public<br> Investments<br> (2019–Present)<br> - Head of Americas of<br> Macquarie Group<br> (2017–Present) |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Jerome D. Abernathy**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1959 | Trustee | Since January 2019 | 126 | Stonebrook Capital<br> Management, LLC<br> (financial<br> technology: macro<br> factors and databases)<br> - Managing Member<br> (1993–Present) |  |
| **Ann D. Borowiec**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1958 | Trustee | Since March 2015 | 126 | J.P. Morgan Chase & Co.<br> (1987–2013)<br> - Chief Executive Officer,<br> Private Wealth<br> Management<br> (2011–2013) | Banco Santander<br> International<br> (2016–2019)<br> Santander Bank, N.A.<br> (2016–2019) |
| **Joseph W. Chow**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1953 | Trustee | Since January 2013 | 126 | Private Investor<br> (2011–Present) |  |
| **H. Jeffrey Dobbs**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1955 | Trustee | Since April 2019<sup>4</sup> | 126 | KPMG LLP<br> (2002–2015)<br> - Global Sector<br> Chairman,<br> Industrial Manufacturing<br> (2010–2015) | TechAccel LLC<br> (2015–Present)<br> PatientsVoices, Inc.<br> (2018–Present)<br> Valparaiso University<br> Board<br> (2012–Present)<br> Ivy Funds Complex<br> (2019–2021) |

---

**[**Table of Contents**](#dveis_toc)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length<br> of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **John A. Fry**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1960 | Trustee | Since January 2001 | 126 | Drexel University<br> - President<br> (2010–Present) | Federal Reserve<br> Bank of Philadelphia<br> (2020–Present)<br> FS Credit Real Estate<br> Income Trust, Inc.<br> (2018–Present)<br> vTv Therapeutics Inc.<br> (2017–Present)<br> Community Health<br> Systems<br> (2004–Present)<br> Drexel Morgan & Co.<br> (2015–2019) |
| **Joseph Harroz, Jr.**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1967 | Trustee | Since November 1998<sup>4</sup> | 126 | University of Oklahoma<br> - President<br> (2020–Present)<br> - Interim President<br> (2019–2020)<br> - Vice President and<br> Dean, College of Law<br> (2010–2019)<br> Brookhaven<br> Investments LLC<br> (commercial enterprises)<br> - Managing Member<br> (2019–Present)<br> St. Clair, LLC<br> (commercial enterprises)<br> - Managing Member<br> (2019–Present) | OU Medicine, Inc.<br> (2020–Present)<br> Big 12 Athletic Conference<br> (2019–Present)<br> Valliance Bank<br> (2007–Present)<br> Ivy Funds Complex<br> (1998–2021) |
| **Sandra A.J. Lawrence**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1957 | Trustee | Since April 2019<sup>4</sup> | 126 | Children's Mercy<br> Hospitals and Clinics<br> (2005–2019)<br> - Chief Administrative<br> Officer<br> (2016–2019) | Brixmor Property<br> Group Inc.<br> (2021–Present)<br> Sera Prognostics Inc.<br> (biotechnology)<br> (2021–Present)<br> Recology<br> (resource recovery)<br> (2021–Present)<br> Evergy, Inc., Kansas City<br> Power & Light Company,<br> KCP&L Greater Missouri<br> Operations Company,<br> Westar Energy, Inc. and<br> Kansas Gas and Electric<br> Company (related utility<br> companies)<br> (2018–Present)<br> National Association of<br> Corporate Directors<br> (2017–Present)<br> Ivy Funds Complex<br> (2019–2021)<br> American Shared Hospital<br> Services (medical device)<br> (2017–2021)<br> Westar Energy (utility)<br> (2004–2018) |

---

**[**Table of Contents**](#dveis_toc)**

Board of trustees / directors and officers addendum

Delaware Funds by Macquarie<sup>®</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Frances A.**<br> **Sevilla-Sacasa**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1956 | Trustee | Since September 2011 | 126 | Banco Itaú International<br> - Chief Executive Officer<br> (2012–2016) | Florida Chapter of<br> National Association of<br> Corporate Directors<br> (2021–Present)<br> Callon Petroleum<br> Company<br> (2019–Present)<br> Camden Property Trust<br> (2011–Present)<br> New Senior Investment<br> Group Inc. (2021)<br> Carrizo Oil & Gas, Inc.<br> (2018–2019) |
| **Thomas K. Whitford**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1956 | Chair and Trustee | Trustee since January<br> 2013<br>Chair since January<br> 2023 | 126 | PNC Financial<br> Services Group<br> (1983–2013)<br> - Vice Chairman<br> (2009–2013) | HSBC USA Inc.<br> (2014–2022)<br> HSBC North America<br> Holdings Inc.<br> (2013–2022)<br> HSBC Finance<br> Corporation<br> (2013–2018) |
| **Christianna Wood**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1959 | Trustee | Since January 2019 | 126 | Gore Creek<br> Capital, Ltd.<br> - Chief Executive Officer<br> and President<br> (2009–Present) | The Merger Fund<br> (2013–2021),<br> The Merger Fund VL<br> (2013–2021),<br> WCM Alternatives:<br> Event-Driven Fund<br> (2013–2021),<br> and WCM<br> Alternatives:<br> Credit Event Fund<br> (2017–2021)<br> Grange Insurance<br> (2013–Present)<br> H&R Block Corporation<br> (2008–Present) |
| **Janet L. Yeomans**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1948 | Trustee | Since April 1999 | 126 | 3M Company<br> (1995–2012)<br> - Vice President<br> and Treasurer<br> (2006–2012) | Okabena Company<br> (2009–2017) |
| **Officers** | **Officers** | **Officers** | **Officers** | **Officers** | **Officers** |
| **David F. Connor**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1963 | Senior Vice President,<br> General Counsel, and<br> Secretary | Senior Vice President,<br> since May 2013;<br> General Counsel<br> since May 2015;<br> Secretary since<br> October 2005 | 126 | David F. Connor has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. | None<sup>5</sup> |
| **Daniel V. Geatens**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1972 | Senior Vice President<br> and Treasurer | Senior Vice President<br> and Treasurer since<br> October 2007 | 126 | Daniel V. Geatens has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. | None<sup>5</sup> |

---

**[**Table of Contents**](#dveis_toc)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Richard Salus**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1963 | Senior Vice President<br> and Chief Financial<br> Officer | Senior Vice President<br> and Chief Financial<br> Officer since November<br> 2006 | 126 | Richard Salus has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. |  |

---

<sup>1</sup> "Length of Time Served" refers to the time since the Trustee or officer began serving one or more of the Trusts in the Delaware Funds complex.

<sup>2</sup> Shawn K. Lytle is considered to be an "Interested Trustee" because he is an executive officer of the Series' investment advisor.

<sup>3</sup> Macquarie Asset Management is the marketing name for certain companies comprising the asset management division of Macquarie Group, including the Series' investment advisor, principal underwriter, and transfer agent.

<sup>4</sup> Includes time served on the Board of Ivy Funds prior to the date when Ivy Funds joined the Delaware Funds complex.

<sup>5</sup> David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment manager, principal underwriter, and transfer agent as the Funds. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust, and he is Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc., which has the same investment manager as the Funds.

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

**[**Table of Contents**](#dveis_toc)**

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' Form 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, is 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.

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.

(2700499) **AR-VIPEI-0223**

![](mim_cover.jpg)

Delaware VIP<sup>®</sup> Trust Delaware VIP Fund for Income Series December 31, 2022

**[**Table of Contents**](#dvffis_toc)**

**Table of contents**

---

| | |
|:---|:---|
| **[Portfolio management review](#vipffi_001)** | **1** |
| **[Performance summary](#vipffi_002)** | **3** |
| **[Disclosure of Series expenses](#vipffi_003)** | **6** |
| **[Security type / sector allocations](#vipffi_004)** | **7** |
| **[Schedule of investments](#vipffi_005)** | **8** |
| **[**Statement of assets and liabilities**](#vipffi_006)** | **13** |
| **[**Statement of operations**](#vipffi_007)** | **14** |
| **[**Statements of changes in net assets**](#vipffi_008)** | **15** |
| **[**Financial highlights**](#vipffi_009)** | **16** |
| **[**Notes to financial statements**](#vipffi_010)** | **18** |
| **[**Report of independent registered public accounting firm**](#vipffi_011)** | **26** |
| **[**Other Series information**](#vipffi_012)** | **27** |
| **[**Board of trustees / directors and officers addendum**](#vipffi_013)** | **31** |

---

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 December 31, 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<sup>®</sup> Fund for Income Series only if preceded or accompanied by the Series' current prospectus or the summary prospectus.© 2023 Macquarie Management Holdings, Inc.

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

**[**Table of Contents**](#dvffis_toc)**

Portfolio management review

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Fund for Income Series

December 31, 2022 (Unaudited)

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

For the fiscal year ended December 31, 2022, the Delaware VIP Fund for Income Series (the "Series") Standard Class shares declined 11.06%. During the same period, the Series' benchmark, the ICE BofA US High Yield Constrained Index, declined 11.21%. **Past performance does not guarantee future results.** For complete, annualized performance of the Series, please see the table on page 3. Please see page 4 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

**Market review**

High yield bond prices were buffeted by a trifecta of negative forces in 2022, with soaring inflation, rising interest rates, and recessionary fears combining to cause the sub-investment grade sector to post one of its weakest performances in recent memory.

As the fiscal year began, there was widespread concern that the US Federal Reserve had fallen significantly behind the inflationary curve and that a series of rate hikes – some of them unusually large – would be necessary to catch up. That view was subsequently confirmed when the Fed hiked rates seven times between March and December 2022 for a total increase of nearly 450 basis points, or 4.5 percentage points. (A basis point equals one hundredth of a percentage point.) Three of those increases were by 75 basis points each, helping to push the benchmark federal funds rate to its highest level in 15 years.

Not surprisingly, the steep rise in borrowing costs triggered fears of recession, with the odds of a so-called economic soft landing seeming to recede with each discouraging print of the Consumer Price Index (CPI) which measures changes in the prices paid by consumers for a basket of goods and services. At its peak in June, year-over-year headline inflation in the US exceeded 9%, the highest level since 1981. Gloomy sentiment regarding inflation and the economy was amplified in February by Russia's invasion of Ukraine, which exerted further upward pressure on food and energy prices. Meanwhile, a lingering and not-yet-fully- understood shortage of workers in the late-COVID era – particularly among aging baby boomers – compounded the difficulty of the Fed's inflation fight by keeping wages elevated.

The June inflation report nearly coincided with an initial bottom for high yield bond prices. This eventually stabilized during the late summer and early fall and then rallied through most of the fourth quarter on the back of falling energy costs, dragging the headline CPI lower as well. Meanwhile, still-healthy household and corporate balance sheets and a booming labor market appeared to lower the risk of a severe recession, allowing the Fed to continue its tightening campaign as 2022 drew to a close.

Among industry groups, energy was the leading performer – even though it still posted a negative total return – supported by an oil price that topped $100 a barrel before falling back. The metals and mining group also outperformed, particularly late in the year as the Chinese government's abrupt abandonment of its zero-COVID policy unleashed a sharp rally in copper, the metal that China consumes in prodigious amounts. Conversely, weakness was especially pronounced in retail (consumers pulling back), automotive (rising interest rates), broadcasters (weak advertising market), and cable and telecommunications (duration sensitivity).

Overall, credit spreads widened from 311 basis points to 481 basis points over the fiscal year while the yield on the Series' benchmark spiked from 4.33% to 8.98%.

**Within the Series**

We managed the Series' portfolio during its fiscal year with the view that a recession was on the way, but that any downturn would likely be short and shallow. Accordingly, we choose not to make large-scale up-in-quality trades, in part because that train already had left the station, but also because we didn't want to reposition the portfolio yet again by trading down in quality as a recession neared its conclusion, possibly only months later. Notably, market liquidity also began drying up early in 2022, making such maneuverings costly and inefficient. In other words, we wanted to have at least a benchmark-level amount of risk and yield already in the Series' portfolio when the peak in spreads is reached, which typically happens early in a recession.

Over the second half of the Series' fiscal year, we started to incrementally add small amounts of risk and income to the portfolio in names in which we continue to hold strong fundamental conviction and that appeared to offer what we view as compelling longer-term value. For example, we viewed the bonds of two major players in the cruise line industry – **Royal Caribbean Cruises Ltd.** and **Carnival Corp.** – as well-positioned to strongly outperform as the economy rebounded and COVID-related concerns receded further. In both instances, we recognized

**[**Table of Contents**](#dvffis_toc)**

Portfolio management review

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Fund for Income Series

that the bonds could lag the benchmark over the near term – which they did. However, we were willing to accept underperformance over the short term to own fixed-income securities that could have the potential to benefit disproportionately when a sustained rally in credit and risk assets got underway.

Among individual bonds, our holdings in **Altice USA Inc., Gray Television Inc., AMC Entertainment Holdings Inc., Cox Media Group Inc.,** and **Beasley Media Group** detracted from relative performance. As noted earlier, the broadcast, media, and cable sectors generally underperformed due to their longer-duration, higher-beta (more volatile) characteristics. Except for Beasley Media, we continue to hold each of these bonds within the Series' portfolio.

Meanwhile, the Series' positions in select consumer cyclical names, notably the gaming companies **Scientific Games International Inc.**, **Boyd Gaming Corp.**, and **Caesars Entertainment Inc.**, contributed to relative outperformance, as did our holdings in certain higher-quality, shorter-duration paper, including **Goodyear Tire & Rubber Co.,** and **Ford Motor Co.** In many cases, relative performance was determined by where a bond was located within a given credit and duration tranche. Those subtle yet important distinctions reflected the uncertain outlook for interest rates and the economy and further underscored the importance of careful security selection.

In keeping with the Series' traditional approach, we construct the portfolio on a bottom-up, bond-by-bond basis while seeking the highest total return per unit of risk. As such, we adhere closely to the Series' benchmark in terms of credit quality, sector weighting, and duration sensitivity, but we also seek to add income to the portfolio when we perceive value in higher-yielding securities.

While there is little consensus regarding potential default rates within high yield bonds in 2023, we do anticipate that defaults will exceed the historical average of around 3%. Given the unusually murky outlook for monetary policy and economic growth, we think it likely that all asset markets will pass through bouts of heightened volatility as the various storylines play out. In that uncertain environment, we believe our disciplined, research-driven process is well suited to potentially delivering solid risk-adjusted returns to our valued shareholders.

Please know that we appreciate the confidence that you have shown in us, and we pledge to always keep your financial objectives foremost in our minds as we move forward.

**[**Table of Contents**](#dvffis_toc)**

Performance summary (Unaudited)

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Fund for Income Series

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Series and benchmark performance** | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* |
|  | 1 year | 3 year | 5 year | 10 year | Lifetime |
| Standard Class shares (commenced operations on November 9, 1987) | -11.06% | +0.23% | +2.04% | +3.34% |  |
| Service Class shares (commenced operations on April 1, 2022) |  |  |  |  | -7.18% |
| ICE BofA US High Yield Constrained Index | -11.21% | -0.26% | +2.10% | +3.94% |  |

---

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

As described in the Series' most recent prospectus, the net expense ratios for Standard Class shares and Service Class shares of the Series were 0.74% and 1.04%, respectively, while total operating expenses for Standard Class and Service Class shares were 0.80% and 1.10%, respectively. The management fee for Standard Class and Service Class shares was 0.65%, and the annual distribution and service (12b-1) fee for Service Class shares was 0.30% of average daily net assets. The expense ratios may differ from the expense ratios in the "Financial highlights" since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in "Notes to financial statements" for additional details. Please see the "Financial highlights" section in this report for the most recent expense ratios.

The Series adopted the performance of the First Investors Life Series Fund for Income (Predecessor Series) as the result of a reorganization of the Predecessor Series into the Series, which was consummated after the close of business on October 4, 2019 (Reorganization). The Series had not yet commenced operations prior to the Reorganization. The returns shown for periods ending on or prior to October 4, 2019 reflect the performance and expenses of the Predecessor Series. The returns shown for periods after October 4, 2019 reflect the performance and expenses of the Series.

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

Expense limitations were in effect for both classes during some or all of the periods shown in the "Series and benchmark performance" table above and in the "Performance of a $10,000 investment" graph on the next page. Performance would have been lower had expense limitations not been in effect.

Performance data do not include any fees or sales charges imposed by variable insurance contracts. This fund doesn't have any deferred sales charges. Performance shown here would have been reduced if such fees were included. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

Fixed income securities and bond funds can lose value, and investors can lose principal as interest rates rise. They also may be affected by economic conditions that hinder an issuer's ability to make interest and principal payments on its debt. This includes prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds. The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds and certain other financial institutions,

**[**Table of Contents**](#dvffis_toc)**

Performance summary (Unaudited)

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Fund for Income Series

temporarily stop buying bonds for regulatory, financial, or other reasons. In addition, a less liquid secondary market makes it more difficult to obtain precise valuations of the high yield securities.

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

Liquidity risk is the possibility that investments cannot be readily sold within seven days at approximately the price at which a fund has valued them.

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

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

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

**Performance of a $10,000 investment**

*For the period December 31, 2012 through December 31, 2022*

![](mim_vipffi-ncsrx6x1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | | **Starting value** | **Ending value** |
| ![](mim_vipffi-ncsrx6x2.jpg) | ICE BofA US High Yield Constrained Index | $10000 | $14715 |
| ![](mim_vipffi-ncsrx6x3.jpg) | Delaware VIP Fund for Income Series — Standard Class shares | $10000 | $13885 |

---

The graph shows a $10,000 investment in Delaware VIP Fund for Income Series Standard Class shares for the period from December 31, 2012 through December 31, 2022.

The graph also shows $10,000 invested in the ICE BofA US High Yield Constrained Index for the period from December 31, 2012 through December 31, 2022.

The ICE BofA US High Yield Constrained Index tracks the performance of US dollar-denominated high yield corporate debt publicly issued in the US domestic market, but caps individual issuer exposure at 2% of the benchmark.

**[**Table of Contents**](#dvffis_toc)**

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

**Past performance does not guarantee future results.**

**[**Table of Contents**](#dvffis_toc)**

Disclosure of Series expenses

For the six-month period from July 1, 2022 to December 31, 2022 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2022 to December 31, 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**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br> Account<br> Value<br> 7/1/22 | Ending<br> Account<br> Value<br> 12/31/22 | Annualized<br> Expense<br> Ratio | Expenses<br> Paid<br> During<br> Period<br> 7/1/22 to<br> 12/31/22\* |
| **Actual Series return<sup>†</sup>** |  |  |  |  |
| Standard Class | $1000.00 | $1031.10 | 0.74% | $3.79 |
| Service Class | 1000.00 | 1031.10 | 1.04% | 5.32 |
| **Hypothetical 5% return** (5% return before expenses) |  |  |  |  |
| Standard Class | $1000.00 | $1021.48 | 0.74% | $3.77 |
| Service Class | 1000.00 | 1019.96 | 1.04% | 5.30 |

---

---

| | |
|:---|:---|
| \* | "Expenses Paid During Period" are equal to the Series' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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**](#dvffis_toc)**

Security type / sector allocations

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Fund for Income Series

As of December 31, 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, which may result in the sector designations for one fund being different from another fund's sector designations.

---

| | |
|:---|:---|
| Security type / sector | Percentage<br> of net assets |
| **Convertible Bond** | **0.13%** |
| **Corporate Bonds** | **88.25%** |
| Automotive | 2.59% |
| Banking | 1.04% |
| Basic Industry | 6.37% |
| Capital Goods | 3.73% |
| Communications | 7.01% |
| Consumer Goods | 1.64% |
| Energy | 13.38% |
| Financial Services | 4.12% |
| Healthcare | 7.86% |
| Insurance | 4.42% |

---

---

| | |
|:---|:---|
| Security type / sector | Percentage<br> of net assets |
| Leisure | 6.29% |
| Media | 8.87% |
| Retail | 4.46% |
| Services | 6.34% |
| Technology & Electronics | 4.49% |
| Transportation | 2.96% |
| Utilities | 2.68% |
| **Loan Agreements** | **7.75%** |
| **Short-Term Investments** | **2.19%** |
| **Total Value of Securities** | **98.32%** |
| **Receivables and Other Assets Net of Liabilities** | **1.68%** |
| **Total Net Assets** | **100.00%** |

---

**[**Table of Contents**](#dvffis_toc)**

Schedule of investments

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Fund for Income Series

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br> amount<sup>°</sup>** | **Value<br> (US $)** |
| **Convertible Bond — 0.13%** | | |
| &nbsp;&nbsp;&nbsp;Spirit Airlines 1.00% exercise price $49.07, maturity date 5/15/26 | 123000 | $99630 |
| **Total Convertible Bond**<br> (cost $110,101) |  | **99630** |
| **Corporate Bonds — 88.25%** |  |  |
| Automotive — 2.59% |  |  |
| &nbsp;&nbsp;&nbsp;Allison Transmission 144A 5.875% 6/1/29 # | 410000 | 385759 |
| &nbsp;&nbsp;&nbsp;Ford Motor 4.75% 1/15/43 | 265000 | 190813 |
| &nbsp;&nbsp;&nbsp;Ford Motor Credit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375% 11/13/25 | 260000 | 235503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.542% 8/1/26 | 270000 | 249244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.584% 3/18/24 | 470000 | 464853 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber 5.25% 7/15/31 | 470000 | 385043 |
|  |  | 1911215 |
| Banking — 1.04% |  |  |
| &nbsp;&nbsp;&nbsp;Barclays 6.125% 12/15/25 μ, ψ | 465000 | 424894 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank 6.00% 10/30/25 μ, ψ | 400000 | 341228 |
|  |  | 766122 |
| Basic Industry — 6.37% |  |  |
| &nbsp;&nbsp;&nbsp;ATI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% 10/1/29 | 105000 | 92925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% 10/1/31 | 235000 | 208081 |
| &nbsp;&nbsp;&nbsp;Cerdia Finanz 144A 10.50% 2/15/27 # | 320000 | 268493 |
| &nbsp;&nbsp;&nbsp;Chemours 144A 5.75% 11/15/28 # | 485000 | 436306 |
| &nbsp;&nbsp;&nbsp;Domtar 144A 6.75% 10/1/28 # | 216000 | 189447 |
| &nbsp;&nbsp;&nbsp;Eldorado Gold 144A 6.25% 9/1/29 # | 460000 | 403021 |
| &nbsp;&nbsp;&nbsp;First Quantum Minerals |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.875% 10/15/27 # | 440000 | 413725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.50% 4/1/25 # | 520000 | 507208 |
| &nbsp;&nbsp;&nbsp;FMG Resources August 2006 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.875% 4/15/30 # | 330000 | 307881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.125% 4/15/32 # | 150000 | 140107 |
| &nbsp;&nbsp;&nbsp;INEOS Quattro Finance 2 144A 3.375% 1/15/26 # | 490000 | 450798 |
| &nbsp;&nbsp;&nbsp;Novelis |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.875% 8/15/31 # | 95000 | 77685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.75% 1/30/30 # | 975000 | 866599 |
| &nbsp;&nbsp;&nbsp;Vibrantz Technologies 144A 9.00% 2/15/30 # | 447000 | 337914 |
|  |  | 4700190 |
| Capital Goods — 3.73% |  |  |
| &nbsp;&nbsp;&nbsp;ARD Finance 144A PIK 6.50% 6/30/27 #, > | 425000 | 296273 |
| &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging Finance USA 144A 3.25% 9/1/28 # | 220000 | 187157 |
| &nbsp;&nbsp;&nbsp;Bombardier 144A 6.00% 2/15/28 # | 206000 | 190744 |
| &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings 144A 6.625% 4/15/29 # | 75000 | 71402 |
| &nbsp;&nbsp;&nbsp;Granite US Holdings 144A 11.00% 10/1/27 # | 225000 | 237422 |
| &nbsp;&nbsp;&nbsp;Madison IAQ 144A 5.875% 6/30/29 # | 455000 | 312712 |
| &nbsp;&nbsp;&nbsp;Sealed Air 144A 5.00% 4/15/29 # | 215000 | 202411 |
| &nbsp;&nbsp;&nbsp;Terex 144A 5.00% 5/15/29 # | 545000 | 490513 |
| &nbsp;&nbsp;&nbsp;TK Elevator Holdco 144A 7.625% 7/15/28 # | 215000 | 175900 |
| &nbsp;&nbsp;&nbsp;TransDigm 4.625% 1/15/29 | 670000 | 590287 |
|  |  | 2754821 |
| Communications — 7.01% |  |  |
| &nbsp;&nbsp;&nbsp;Altice France 144A 5.50% 10/15/29 # | 690000 | 527377 |
| &nbsp;&nbsp;&nbsp;Altice France Holding 144A 6.00% 2/15/28 # | 705000 | 417671 |
| &nbsp;&nbsp;&nbsp;Connect Finco 144A 6.75% 10/1/26 # | 590000 | 548003 |
| &nbsp;&nbsp;&nbsp;Consolidated Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 10/1/28 # | 220000 | 162529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 10/1/28 # | 510000 | 397576 |
| &nbsp;&nbsp;&nbsp;Digicel International Finance 144A 8.75% 5/25/24 # | 410000 | 353248 |
| &nbsp;&nbsp;&nbsp;Frontier Communications Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 5/1/28 # | 75000 | 65551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.875% 10/15/27 # | 615000 | 572424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.75% 5/1/29 # | 255000 | 211301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.75% 5/15/30 # | 110000 | 112056 |
| &nbsp;&nbsp;&nbsp;Northwest Fiber 144A 4.75% 4/30/27 # | 275000 | 242306 |
| &nbsp;&nbsp;&nbsp;Sable International Finance 144A 5.75% 9/7/27 # | 320000 | 295760 |
| &nbsp;&nbsp;&nbsp;Sprint 7.625% 3/1/26 | 450000 | 474528 |
| &nbsp;&nbsp;&nbsp;T-Mobile USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375% 4/15/29 | 260000 | 229501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 4/15/31 | 199000 | 172279 |
| &nbsp;&nbsp;&nbsp;Vmed O2 UK Financing I 144A 4.75% 7/15/31 # | 485000 | 394938 |
|  |  | 5177048 |
| Consumer Goods — 1.64% |  |  |
| &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings 144A 8.75% 4/15/30 # | 240000 | 205883 |
| &nbsp;&nbsp;&nbsp;JBS USA LUX 144A 5.50% 1/15/30 # | 625000 | 596166 |

---

**[**Table of Contents**](#dvffis_toc)**

---

| | | |
|:---|:---|:---|
| | **Principal<br> amount<sup>°</sup>** | **Value<br> (US $)** |
| **Corporate Bonds (continued)** | | |
| Consumer Goods (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride 144A 4.25% 4/15/31 # | 465000 | $396180 |
| &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro 4.00% 4/1/31 | 15000 | 11481 |
|  |  | 1209710 |
| Energy — 13.38% |  |  |
| &nbsp;&nbsp;&nbsp;Ascent Resources Utica Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.875% 6/30/29 # | 495000 | 442000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 11/1/26 # | 230000 | 223461 |
| &nbsp;&nbsp;&nbsp;Callon Petroleum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.50% 6/15/30 # | 475000 | 435243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.00% 8/1/28 # | 290000 | 276828 |
| &nbsp;&nbsp;&nbsp;CNX Midstream Partners 144A 4.75% 4/15/30 # | 240000 | 197272 |
| &nbsp;&nbsp;&nbsp;CNX Resources 144A 6.00% 1/15/29 # | 485000 | 446990 |
| &nbsp;&nbsp;&nbsp;Crestwood Midstream Partners 144A 6.00% 2/1/29 # | 522000 | 479695 |
| &nbsp;&nbsp;&nbsp;EQM Midstream Partners 144A 4.75% 1/15/31 # | 822000 | 673592 |
| &nbsp;&nbsp;&nbsp;Genesis Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% 6/15/24 | 100000 | 96706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75% 2/1/28 | 375000 | 345773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00% 1/15/27 | 775000 | 733010 |
| &nbsp;&nbsp;&nbsp;Hilcorp Energy I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 4/15/30 # | 520000 | 463175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 2/1/31 # | 70000 | 60642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.25% 4/15/32 # | 268000 | 231655 |
| &nbsp;&nbsp;&nbsp;Murphy Oil 6.375% 7/15/28 | 820000 | 790463 |
| &nbsp;&nbsp;&nbsp;NuStar Logistics |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% 4/28/27 | 185000 | 173304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 6/1/26 | 267000 | 257555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375% 10/1/30 | 530000 | 491013 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20% 3/15/48 | 25000 | 19241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40% 4/15/46 | 100000 | 78280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40% 8/15/49 | 200000 | 156437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 7/15/44 | 105000 | 84116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45% 9/15/36 | 225000 | 230007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60% 3/15/46 | 185000 | 190780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 9/1/30 | 165000 | 170880 |
| &nbsp;&nbsp;&nbsp;PDC Energy 5.75% 5/15/26 | 588000 | 562246 |
| &nbsp;&nbsp;&nbsp;Southwestern Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% 2/1/29 | 75000 | 69638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% 3/15/30 | 750000 | 685458 |
| &nbsp;&nbsp;&nbsp;USA Compression Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 4/1/26 | 65000 | 62458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 9/1/27 | 395000 | 369959 |
| &nbsp;&nbsp;&nbsp;Weatherford International 144A 8.625% 4/30/30 # | 395000 | 380027 |
|  |  | 9877904 |
| Financial Services — 4.12% |  |  |
| &nbsp;&nbsp;&nbsp;AerCap Holdings 5.875% 10/10/79 μ | 600000 | 547146 |
| &nbsp;&nbsp;&nbsp;Air Lease 4.65% 6/15/26 μ, ψ | 450000 | 377199 |
| &nbsp;&nbsp;&nbsp;Ally Financial 8.00% 11/1/31 | 330000 | 341572 |
| &nbsp;&nbsp;&nbsp;Castlelake Aviation Finance DAC 144A 5.00% 4/15/27 # | 710000 | 618721 |
| &nbsp;&nbsp;&nbsp;Credit Suisse Group 144A 9.75% 6/23/27 #, μ, ψ | 470000 | 410577 |
| &nbsp;&nbsp;&nbsp;Hightower Holding 144A 6.75% 4/15/29 # | 300000 | 252171 |
| &nbsp;&nbsp;&nbsp;Medline Borrower 144A 3.875% 4/1/29 # | 385000 | 310982 |
| &nbsp;&nbsp;&nbsp;Midcap Financial Issuer Trust 144A 6.50% 5/1/28 # | 210000 | 180908 |
|  |  | 3039276 |
| Healthcare — 7.86% |  |  |
| &nbsp;&nbsp;&nbsp;Avantor Funding 144A 3.875% 11/1/29 # | 1051000 | 883917 |
| &nbsp;&nbsp;&nbsp;Bausch Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 11.00% 9/30/28 # | 186000 | 145981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 14.00% 10/15/30 # | 37000 | 22150 |
| &nbsp;&nbsp;&nbsp;Cheplapharm Arzneimittel 144A 5.50% 1/15/28 # | 425000 | 356057 |
| &nbsp;&nbsp;&nbsp;CHS 144A 4.75% 2/15/31 # | 470000 | 342111 |
| &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 10/15/26 # | 170000 | 159716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 10/15/28 # | 255000 | 234872 |
| &nbsp;&nbsp;&nbsp;DaVita 144A 4.625% 6/1/30 # | 405000 | 326649 |
| &nbsp;&nbsp;&nbsp;Encompass Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% 4/1/31 | 145000 | 124863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 2/1/30 | 360000 | 316709 |
| &nbsp;&nbsp;&nbsp;Hadrian Merger Sub 144A 8.50% 5/1/26 # | 504000 | 446143 |
| &nbsp;&nbsp;&nbsp;HCA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 9/1/30 | 170000 | 147020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% 2/1/25 | 155000 | 154938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 2/15/26 | 125000 | 125915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 2/1/29 | 255000 | 254739 |
| &nbsp;&nbsp;&nbsp;ModivCare Escrow Issuer 144A 5.00% 10/1/29 # | 470000 | 396962 |
| &nbsp;&nbsp;&nbsp;Organon & Co. 144A 5.125% 4/30/31 # | 665000 | 576978 |
| &nbsp;&nbsp;&nbsp;Surgery Center Holdings 144A 10.00% 4/15/27 # | 143000 | 145728 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.375% 1/15/30 # | 235000 | 203820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.125% 10/1/28 # | 265000 | 237819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 11/15/31 | 223000 | 201250 |
|  |  | 5804337 |

---

**[**Table of Contents**](#dvffis_toc)**

Schedule of investments

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Fund for Income Series

---

| | | |
|:---|:---|:---|
| | **Principal<br> amount<sup>°</sup>** | **Value<br> (US $)** |
| **Corporate Bonds (continued)** | | |
| Insurance — 4.42% |  |  |
| &nbsp;&nbsp;&nbsp;HUB International 144A 5.625% 12/1/29 # | 655000 | $572917 |
| &nbsp;&nbsp;&nbsp;Jones Deslauriers Insurance Management 144A 10.50% 12/15/30 # | 560000 | 552247 |
| &nbsp;&nbsp;&nbsp;NFP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.875% 8/15/28 # | 645000 | 533079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.50% 10/1/30 # | 185000 | 175116 |
| &nbsp;&nbsp;&nbsp;Roller Bearing Co. of America 144A 4.375% 10/15/29 # | 735000 | 636473 |
| &nbsp;&nbsp;&nbsp;USI 144A 6.875% 5/1/25 # | 821000 | 792203 |
|  |  | 3262035 |
| Leisure — 6.29% |  |  |
| &nbsp;&nbsp;&nbsp;Boyd Gaming 4.75% 12/1/27 | 505000 | 471084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.75% 6/15/31 # | 325000 | 283134 |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.25% 7/1/25 # | 290000 | 282375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.125% 7/1/27 # | 245000 | 241229 |
| &nbsp;&nbsp;&nbsp;Carnival |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.75% 3/1/27 # | 1155000 | 826714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 5/1/29 # | 150000 | 100239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.625% 3/1/26 # | 450000 | 357464 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.50% 8/31/26 # | 50000 | 42125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.50% 4/1/28 # | 1582000 | 1265315 |
| &nbsp;&nbsp;&nbsp;Scientific Games Holdings 144A 6.625% 3/1/30 # | 455000 | 384930 |
| &nbsp;&nbsp;&nbsp;Scientific Games International 144A 7.25% 11/15/29 # | 405000 | 389529 |
|  |  | 4644138 |
| Media — 8.87% |  |  |
| &nbsp;&nbsp;&nbsp;AMC Networks 4.25% 2/15/29 | 450000 | 281055 |
| &nbsp;&nbsp;&nbsp;Arches Buyer 144A 6.125% 12/1/28 # | 465000 | 373788 |
| &nbsp;&nbsp;&nbsp;CCO Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.50% 8/15/30 # | 875000 | 724859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 5/1/32 | 120000 | 95751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.375% 6/1/29 # | 365000 | 330882 |
| &nbsp;&nbsp;&nbsp;CMG Media 144A 8.875% 12/15/27 # | 645000 | 486510 |
| &nbsp;&nbsp;&nbsp;CSC Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.625% 12/1/30 # | 900000 | 499355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 11/15/31 # | 440000 | 246400 |
| &nbsp;&nbsp;&nbsp;Cumulus Media New Holdings 144A 6.75% 7/1/26 # | 484000 | 407325 |
| &nbsp;&nbsp;&nbsp;Directv Financing 144A 5.875% 8/15/27 # | 670000 | 600695 |
| &nbsp;&nbsp;&nbsp;DISH DBS 144A 5.75% 12/1/28 # | 415000 | 332000 |
| &nbsp;&nbsp;&nbsp;Gray Escrow II 144A 5.375% 11/15/31 # | 610000 | 440685 |
| &nbsp;&nbsp;&nbsp;Gray Television 144A 4.75% 10/15/30 # | 275000 | 199375 |
| &nbsp;&nbsp;&nbsp;Netflix 4.875% 4/15/28 | 190000 | 183889 |
| &nbsp;&nbsp;&nbsp;Nexstar Media 144A 4.75% 11/1/28 # | 345000 | 298946 |
| &nbsp;&nbsp;&nbsp;Sirius XM Radio 144A 4.00% 7/15/28 # | 935000 | 815526 |
| &nbsp;&nbsp;&nbsp;VZ Secured Financing 144A 5.00% 1/15/32 # | 285000 | 232113 |
|  |  | 6549154 |
| Retail — 4.46% |  |  |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.625% 11/15/29 # | 360000 | 303775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 3/1/30 | 320000 | 268063 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 11/1/35 | 295000 | 262757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95% 3/1/33 | 330000 | 290072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.375% 7/1/25 # | 116000 | 124055 |
| &nbsp;&nbsp;&nbsp;Bloomin' Brands 144A 5.125% 4/15/29 # | 495000 | 416988 |
| &nbsp;&nbsp;&nbsp;CP Atlas Buyer 144A 7.00% 12/1/28 # | 250000 | 186001 |
| &nbsp;&nbsp;&nbsp;LSF9 Atlantis Holdings 144A 7.75% 2/15/26 # | 630000 | 558375 |
| &nbsp;&nbsp;&nbsp;Murphy Oil USA 144A 3.75% 2/15/31 # | 450000 | 371169 |
| &nbsp;&nbsp;&nbsp;PetSmart 144A 7.75% 2/15/29 # | 540000 | 508176 |
|  |  | 3289431 |
| Services — 6.34% |  |  |
| &nbsp;&nbsp;&nbsp;ADT Security 144A 4.125% 8/1/29 # | 470000 | 400349 |
| &nbsp;&nbsp;&nbsp;Ahern Rentals 144A 7.375% 5/15/23 # | 230000 | 230000 |
| &nbsp;&nbsp;&nbsp;CDW 3.569% 12/1/31 | 675000 | 557490 |
| &nbsp;&nbsp;&nbsp;Clarivate Science Holdings 144A 4.875% 7/1/29 # | 640000 | 545056 |
| &nbsp;&nbsp;&nbsp;Gartner 144A 4.50% 7/1/28 # | 395000 | 368970 |
| &nbsp;&nbsp;&nbsp;Iron Mountain |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.25% 3/15/28 # | 460000 | 423931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.25% 7/15/30 # | 260000 | 226526 |
| &nbsp;&nbsp;&nbsp;NESCO Holdings II 144A 5.50% 4/15/29 # | 445000 | 389953 |
| &nbsp;&nbsp;&nbsp;Prime Security Services Borrower 144A 5.75% 4/15/26 # | 265000 | 255646 |
| &nbsp;&nbsp;&nbsp;Sotheby's 144A 5.875% 6/1/29 # | 455000 | 382655 |
| &nbsp;&nbsp;&nbsp;United Rentals North America 3.875% 2/15/31 | 435000 | 365637 |

---

**[**Table of Contents**](#dvffis_toc)**

---

| | | |
|:---|:---|:---|
| | **Principal <br> amount<sup>°</sup>** | **Value<br> (US $)** |
| **Corporate Bonds (continued)** | | |
| Services (continued) |  |  |
| &nbsp;&nbsp;&nbsp;White Cap Buyer 144A 6.875% 10/15/28 # | 610000 | $528653 |
| &nbsp;&nbsp;&nbsp;White Cap Parent 144A PIK 8.25% 3/15/26 #, « | 3000 | 2597 |
|  |  | 4677463 |
| Technology & Electronics — 4.49% |  |  |
| &nbsp;&nbsp;&nbsp;AthenaHealth Group 144A 6.50% 2/15/30 # | 200000 | 147761 |
| &nbsp;&nbsp;&nbsp;Black Knight InfoServ 144A 3.625% 9/1/28 # | 410000 | 355979 |
| &nbsp;&nbsp;&nbsp;CommScope Technologies 144A 6.00% 6/15/25 # | 230000 | 209774 |
| &nbsp;&nbsp;&nbsp;Entegris Escrow |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.75% 4/15/29 # | 212000 | 193758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.95% 6/15/30 # | 585000 | 540248 |
| &nbsp;&nbsp;&nbsp;Go Daddy Operating 144A 3.50% 3/1/29 # | 475000 | 398284 |
| &nbsp;&nbsp;&nbsp;NCR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 10/1/28 # | 220000 | 187916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.25% 10/1/30 # | 450000 | 371986 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies 144A 4.00% 4/15/29 # | 575000 | 496714 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies 144A 5.50% 9/30/27 # | 440000 | 412907 |
|  |  | 3315327 |
| Transportation — 2.96% |  |  |
| &nbsp;&nbsp;&nbsp;Air Canada 144A 3.875% 8/15/26 # | 410000 | 363847 |
| &nbsp;&nbsp;&nbsp;American Airlines 144A 5.75% 4/20/29 # | 279726 | 256162 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines 7.375% 1/15/26 | 224000 | 229235 |
| &nbsp;&nbsp;&nbsp;Grupo Aeromexico 144A 8.50% 3/17/27 # | 455000 | 402444 |
| &nbsp;&nbsp;&nbsp;Laredo Petroleum 144A 7.75% 7/31/29 # | 420000 | 378581 |
| &nbsp;&nbsp;&nbsp;Seaspan 144A 5.50% 8/1/29 # | 730000 | 554165 |
|  |  | 2184434 |
| Utilities — 2.68% |  |  |
| &nbsp;&nbsp;&nbsp;Calpine |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.625% 2/1/29 # | 155000 | 133247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 2/1/31 # | 510000 | 428660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.125% 3/15/28 # | 270000 | 241469 |
| &nbsp;&nbsp;&nbsp;PG&E 5.25% 7/1/30 | 240000 | 218768 |
| &nbsp;&nbsp;&nbsp;Vistra |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 12/15/26 #, μ, ψ | 670000 | 610623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.00% 10/15/26 #, μ, ψ | 365000 | 349331 |
|  |  | 1982098 |
| **Total Corporate Bonds** <br> (cost $74,635,650) |  | **65144703** |
| **Loan Agreements — 7.75%** |  |  |
| &nbsp;&nbsp;&nbsp;Air Canada 8.13% (LIBOR03M + 3.50%) 8/11/28 ● | 189524 | 187786 |
| &nbsp;&nbsp;&nbsp;Applied Systems 2nd Lien 11.33% (SOFR03M + 5.75%) 9/17/27 ● | 1434194 | 1430608 |
| &nbsp;&nbsp;&nbsp;Calpine 6.89% (LIBOR01M + 2.50%) 12/16/27 ● | 632 | 627 |
| &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings Tranche B 8.598% (SOFR01M + 3.25%) 4/13/29 ● | 69594 | 66486 |
| &nbsp;&nbsp;&nbsp;Epicor Software 2nd Lien 12.134% (LIBOR01M + 7.75%) 7/31/28 ● | 368200 | 364518 |
| &nbsp;&nbsp;&nbsp;Form Technologies Tranche B 9.199% (SOFR03M + 6.65%) 7/22/25 ● | 632174 | 551045 |
| &nbsp;&nbsp;&nbsp;Hamilton Projects Acquiror 9.23% (LIBOR03M + 4.50%) 6/17/27 ● | 576229 | 568065 |
| &nbsp;&nbsp;&nbsp;Hexion Holdings 1st Lien 8.934% (SOFR03M + 4.50%) 3/15/29 ● | 129350 | 111500 |
| &nbsp;&nbsp;&nbsp;Hexion Holdings 2nd Lien 11.859% (SOFR01M + 7.54%) 3/15/30 ● | 330000 | 262350 |
| &nbsp;&nbsp;&nbsp;Hunter Douglas Holding BV Tranche B-1 7.859% (SOFR03M + 3.50%) 2/26/29 ● | 206017 | 182403 |
| &nbsp;&nbsp;&nbsp;Pre Paid Legal Services 2nd Lien 11.384% (LIBOR01M + 7.00%) 12/14/29 ● | 230000 | 211313 |
| &nbsp;&nbsp;&nbsp;SPX Flow 8.923% (SOFR01M + 4.50%) 4/5/29 ● | 464835 | 433749 |
| &nbsp;&nbsp;&nbsp;SWF Holdings I 8.753% (LIBOR03M + 4.00%) 10/6/28 ● | 403783 | 331910 |
| &nbsp;&nbsp;&nbsp;UKG 2nd Lien 8.998% (LIBOR03M + 5.25%) 5/3/27 ● | 574000 | 530233 |
| &nbsp;&nbsp;&nbsp;Vantage Specialty Chemicals 1st Lien 7.915% - 8.23% (LIBOR03M + 3.50%) 10/28/24 ● | 337887 | 330812 |
| &nbsp;&nbsp;&nbsp;Vantage Specialty Chemicals 2nd Lien 12.985% (LIBOR03M + 8.25%) 10/27/25 ● | 169000 | 157064 |
| **Total Loan Agreements**<br> (cost $5,954,950) |  | **5720469** |
|  | **Number of <br> shares** |  |
| **Short-Term Investments — 2.19%** |  |  |
| Money Market Mutual Funds — 2.19% |  |  |
| &nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund –<br> Institutional Shares (seven-day effective yield 4.03%) | 404121 | 404121 |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio –<br> Class I (seven-day effective yield 4.06%) | 404123 | 404123 |

---

**[**Table of Contents**](#dvffis_toc)**

Schedule of investments

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Fund for Income Series

---

| | | |
|:---|:---|:---|
| | **Number<br> of shares** | **Value<br> (US $)** |
| **Short-Term Investments (continued)** | | |
| Money Market Mutual Funds (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund –<br> Institutional Shares (seven-day effective yield 4.23%) | 404123 | $404123 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio –<br> Institutional Class (seven-day effective yield 4.11%) | 404122 | 404122 |
| **Total Short-Term Investments**<br> (cost $1,616,489) |  | **1616489** |
| **Total Value of Securities — 98.32%**<br> (cost $82,317,190) |  | $**72581291** |

---

---

| | |
|:---|:---|
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2022, the aggregate value of Rule 144A securities was $49,691,567, which represents 67.32% of the Series' net assets. See Note 9 in "Notes to financial statements." |
| μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2022. Rate will reset at a future date. |
| ψ | Perpetual security. Maturity date represents next call date. |
| > | PIK. 100% of the income received was in the form of cash. |
| « | PIK. The first payment of cash and/or principal will be made after December 31, 2022. |
| ● | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 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. |

---

**Summary of abbreviations:**

DAC – Designated Activity Company

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

USD – US Dollar

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

**[**Table of Contents**](#dvffis_toc)**

Statement of assets and liabilities

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Fund for Income Series

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets:** | **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | &nbsp;&nbsp;&nbsp;Investments, at value\* | $72581291 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 1215062 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | &nbsp;&nbsp;&nbsp;Receivable for securities sold | 161123 |
| &nbsp;&nbsp;&nbsp;Receivable for series shares sold | &nbsp;&nbsp;&nbsp;Receivable for series shares sold | 2674 |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;Other assets | 633 |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;Total Assets | 73960783 |
| **Liabilities:** | **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Due to custodian | &nbsp;&nbsp;&nbsp;Due to custodian | 15824 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;Other accrued expenses | 60576 |
| &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | 30735 |
| &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | 25630 |
| &nbsp;&nbsp;&nbsp;Administration expenses payable to affiliates | &nbsp;&nbsp;&nbsp;Administration expenses payable to affiliates | 7723 |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | &nbsp;&nbsp;&nbsp;Payable for securities purchased | 1010 |
| &nbsp;&nbsp;&nbsp;Distribution fees payable to affiliates | &nbsp;&nbsp;&nbsp;Distribution fees payable to affiliates | 14 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;Total Liabilities | 141512 |
| **Total Net Assets** | **Total Net Assets** | $73819271 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;&nbsp;Paid-in capital | $87642425 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (13823154) |
| **Total Net Assets** | **Total Net Assets** | $73819271 |
| **Net Asset Value** | **Net Asset Value** |  |
| **Standard Class:** | **Standard Class:** |  |
| Net assets | Net assets | $73373461 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | Shares of beneficial interest outstanding, unlimited authorization, no par | 13805168 |
| Net asset value per share | Net asset value per share | $5.31 |
| **Service Class:** | **Service Class:** |  |
| Net assets | Net assets | $445810 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | Shares of beneficial interest outstanding, unlimited authorization, no par | 84044 |
| Net asset value per share | Net asset value per share | $5.30 |
| \* | Investments, at cost | $82317190 |

---

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

**[**Table of Contents**](#dvffis_toc)**

Statement of operations

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Fund for Income Series

Year ended December 31, 2022

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Interest | $4903923 |
| &nbsp;&nbsp;&nbsp;Dividends | 49724 |
|  | 4953647 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Management fees | 523189 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Service Class | 347 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | 52185 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | 44326 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing and transfer agent fees and expenses | 13008 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | 12899 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 6679 |
| &nbsp;&nbsp;&nbsp;Legal fees | 5639 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 5402 |
| &nbsp;&nbsp;&nbsp;Registration fees | 10 |
| &nbsp;&nbsp;&nbsp;Other | 29241 |
|  | 692925 |
| &nbsp;&nbsp;&nbsp;Less expenses waived | (84972) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 607953 |
| **Net Investment Income (Loss)** | 4345694 |
| **Net Realized and Unrealized Gain (Loss):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (1985226) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (12352140) |
| **Net Realized and Unrealized Gain (Loss)** | (14337366) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(9991672) |

---

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

**[**Table of Contents**](#dvffis_toc)**

Statements of changes in net assets

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Fund for Income Series

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $4345694 | $4283469 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (1985226) | 2917342 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (12352140) | (2603436) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (9991672) | 4597375 |
| **Dividends and Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | (5758945) | (4961205) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | (669) |  |
|  | (5759614) | (4961205) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | 723219 | 2472909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | 448272 |  |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | 5758945 | 4961205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | 669 |  |
|  | 6931105 | 7434114 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | (10523164) | (11772138) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | (3593) |  |
|  | (10526757) | (11772138) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | (3595652) | (4338024) |
| **Net Decrease in Net Assets** | (19346938) | (4701854) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 93166209 | 97868063 |
| &nbsp;&nbsp;&nbsp;End of year | $73819271 | $93166209 |

---

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

**[**Table of Contents**](#dvffis_toc)**

Financial highlights

Delaware VIP<sup>®</sup> Fund for Income Series Standard Class

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| | **12/31/22** | **12/31/21** | **12/31/20** | **12/31/19<sup>1</sup>** | **12/31/18** |
| **Net asset value, beginning of period** | $6.41 | $6.44 | $6.36 | $5.96 | $6.45 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.30 | 0.28 | 0.29 | 0.30 | 0.30 |
| Net realized and unrealized gain (loss) | (0.99) | 0.02 | 0.16 | 0.44 | (0.46) |
| Total from investment operations | (0.69) | 0.30 | 0.45 | 0.74 | (0.16) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | (0.32) | (0.33) | (0.37) | (0.34) | (0.33) |
| Net realized gain | (0.09) |  |  |  |  |
| Total dividends and distributions | (0.41) | (0.33) | (0.37) | (0.34) | (0.33) |
| **Net asset value, end of period** | $5.31 | $6.41 | $6.44 | $6.36 | $5.96 |
| **Total return<sup>3</sup>** | (11.06)%<sup>4</sup> | 4.88% | 7.95%<sup>4</sup> | 12.78%<sup>4</sup> | (2.58)% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $73373 | $93166 | $97868 | $105035 | $100198 |
| Ratio of expenses to average net assets<sup>5</sup> | 0.75% | 0.80% | 0.83% | 0.85% | 0.91% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | 0.86% | 0.80% | 0.87% | 0.88% | 0.91% |
| Ratio of net investment income to average net assets | 5.40% | 4.45% | 4.73% | 4.94% | 4.93% |
| Ratio of net investment income to average net assets prior to fees waived | 5.29% | 4.45% | 4.69% | 4.91% | 4.93% |
| Portfolio turnover | 35% | 86% | 131% | 115% | 73% |

---

<sup>1</sup> On October 4, 2019, the First Investors Life Series Fund For Income shares were reorganized into Standard Class shares of the Series. 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.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> 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.

<sup>4</sup> Total return during the period reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

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

**[**Table of Contents**](#dvffis_toc)**

Financial highlights

Delaware VIP<sup>®</sup> Fund for Income Series Service Class

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

---

| | |
|:---|:---|
| | **4/1/22<sup>1</sup>**<br>**to**<br>**12/31/22** |
| **Net asset value, beginning of period** | $6.13 |
| **Income (loss) from investment operations:** |  |
| Net investment income<sup>2</sup> | 0.23 |
| Net realized and unrealized loss | (0.65) |
| Total from investment operations | (0.42) |
| **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** | $5.30 |
| **Total return<sup>3</sup>** | (7.18)% |
| **Ratios and supplemental data:** |  |
| Net assets, end of period (000 omitted) | $446 |
| Ratio of expenses to average net assets<sup>4</sup> | 1.04% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | 1.23% |
| Ratio of net investment income to average net assets | 5.90% |
| Ratio of net investment income to average net assets prior to fees waived | 5.71% |
| Portfolio turnover | 35%<sup>5</sup> |

---

<sup>1</sup> Date of commencement of operations; ratios have been annualized and total return has not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> 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.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

<sup>5</sup> Portfolio turnover is representative of the Series for the entire period.

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

**[**Table of Contents**](#dvffis_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Fund for Income Series

December 31, 2022

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 and Service Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee and the Service Class shares carry a 12b-1 fee. The shares of the Series are sold only to separate accounts of life insurance companies.

**1. Significant Accounting Policies**

The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.

**Security Valuation** — Debt securities 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, other than exchange-traded funds (ETFs), 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 by the Series' valuation designee, Delaware Management Company (DMC). Subject to the oversight of the Series' Board of Trustees (Board), DMC, as valuation designee, has adopted policies and procedures to fair value securities for which market quotations are not readily available consistent with the requirements of Rule 2a-5 under the 1940 Act. 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 and private placements are valued at fair value.

**Federal Income Taxes** — No provision for federal income taxes has been made as the Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Series evaluates tax positions taken or expected to be taken in the course of preparing the Series' tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Series' tax positions taken or expected to be taken on the Series' federal income tax returns through the year ended December 31, 2022, and for all open tax years (years ended December 31, 2019–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 year ended December 31, 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.

**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<sup>®</sup> (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Interest income is recorded on the accrual basis. Income and capital gain distributions from any 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

**[**Table of Contents**](#dvffis_toc)**

income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. The Series declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, following the close of the fiscal year. The Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the "Statement of operations" under "Dividend disbursing and transfer agent fees and expenses" with the corresponding expenses offset included under "Less expenses paid indirectly." For the year ended December 31, 2022, the Series earned less than $1 under this arrangement.

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

In accordance with the terms of its investment management agreement, the Series pays 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 for the Standard Class and 1.04% for the Service Class from March 10, 2022 through December 31, 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 exceeded 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 Austria Kapitalanlage AG, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited (together, the "Affiliated Sub-Advisors"). DMC may also permit these Affiliated Sub-Advisors to execute Series security trades 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. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Series, pays each Affiliated Sub-Advisor a portion of its investment management fee.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Series. For these services, DIFSC's fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; 0.0025% of the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the "Statement of operations" under "Accounting and administration expenses." For the year ended December 31, 2022, the Series paid $14,647 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC's fees are calculated daily and paid monthly, at the annual rate of 0.0075% of the Series' average daily net assets. This amount is included on the "Statement of operations" under "Dividend disbursing and transfer agent fees and expenses." For the year ended December 31, 2022, the Series paid $6,145 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

**[**Table of Contents**](#dvffis_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Fund for Income Series

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

Pursuant to a distribution agreement and distribution plan, the Series pays Delaware Distributors, L.P. (DDLP), the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.30% of the average daily net assets of the Service Class shares. The fees are calculated daily and paid monthly. Standard Class shares do not pay 12b-1 fees.

As provided in the investment management agreement, the Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Series. For the year ended December 31, 2022, the Series paid $8,783 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 Underlying Funds including ETFs 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 March 10, 2022 through April 29, 2023.

**3. Investments**

For the year ended December 31, 2022, the Series made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | $26941805 |
| Sales | 30046938 |

---

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments but which approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2022, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:

---

| | |
|:---|:---|
| Cost of investments | $82577424 |
| Aggregate unrealized appreciation of investments | $560280 |
| Aggregate unrealized depreciation of investments | (10556413) |
| Net unrealized depreciation of investments | $(9996133) |

---

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

**[**Table of Contents**](#dvffis_toc)**

asset or liability based on the best information available under the circumstances. The Series' investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:

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

---

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

---

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

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

The following table summarizes the valuation of the Series' investments by fair value hierarchy levels as of December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Total |
| <u>Securities</u> |  |  |  |
| <u>Assets</u>: |  |  |  |
| Convertible Bond | $— | $99630 | $99630 |
| Corporate Bonds |  | 65144703 | 65144703 |
| Loan Agreements |  | 5720469 | 5720469 |
| Short-Term Investments | 1616489 |  | 1616489 |
| Total Value of Securities | $1616489 | $70964802 | $72581291 |

---

During the year ended December 31, 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 year in relation to the Series' net assets. During the year ended December 31, 2022, there were no Level 3 investments.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2022 and 2021 were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| Ordinary income | $5367219 | $4961205 |
| Long-term capital gains | 392395 |  |
| Total | $5759614 | $4961205 |

---

(continues) 21

**[**Table of Contents**](#dvffis_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Fund for Income Series

**5. Components of Net Assets on a Tax Basis**

As of December 31, 2022, the components of net assets on a tax basis were as follows:

---

| | |
|:---|:---|
| Shares of beneficial interest | $87642425 |
| Undistributed ordinary income | 4511292 |
| Capital loss carryforwards\* | (8159857) |
| Unrealized appreciation (depreciation) of investments and foreign currencies | (10174589) |
| Net assets | $73819271 |

---

\* A portion of the Series capital loss carryforward is subject to limitation under the Internal Revenue Code and related regulations.

Differences between components of net assets unrealized and tax cost unrealized may arise due to certain foreign currency transactions, foreign capital gains taxes, and amortization of callable bond premiums in accordance with ASU 2017-08.

The differences between book basis and tax basis components of net assets are primarily attributable to market premium on debt instruments.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2022, the Series had no reclassifications.

At December 31, 2022, capital loss carryforwards available to offset future realized capital gains were as follows:

---

| | | |
|:---|:---|:---|
| Loss carryforward character | Loss carryforward character |  |
| Short-term | Long-term | Total |
| $1836363 | $6323494 | $8159857 |

---

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | 128876 | 387116 |
| &nbsp;&nbsp;&nbsp;Service Class | 84603 |  |
| Shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | 1033922 | 800194 |
| &nbsp;&nbsp;&nbsp;Service Class | 120 |  |
|  | 1247521 | 1187310 |
| Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | (1888558) | (1847542) |
| &nbsp;&nbsp;&nbsp;Service Class | (679) |  |
|  | (1889237) | (1847542) |
| Net decrease | (641716) | (660232) |

---

**7. Line of Credit**

The Series, along with certain other funds in the Delaware Funds (Participants), was 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

**[**Table of Contents**](#dvffis_toc)**

shares. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on October 31, 2022.

On October 31, 2022, the Series, along with the other Participants, entered into an amendment to the Agreement for a $355,000,000 revolving line of credit to be used as described above. It operates in substantially the same manner as the original Agreement. Under the amendment to the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the Agreement expires on October 30, 2023.

The Series had no amounts outstanding as of December 31, 2022, or at any time during the year then ended.

**8. Securities Lending**

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

Cash collateral received by the Series is generally invested in an individual separate account. 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 year ended December 31, 2022, the Series had no securities out on loan.

(continues) 23

**[**Table of Contents**](#dvffis_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Fund for Income Series

**9. Credit and Market Risk**

An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

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.

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

**[**Table of Contents**](#dvffis_toc)**

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. 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. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. On December 21, 2022, FASB issued ASU 2022-06 to defer the sunset date of Accounting Standards Codification Topic 848 until December 31, 2024. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2024. Management is currently evaluating ASU 2020-04, but does not believe there will be a material impact.

**12. Subsequent Events**

Management has determined that no material events or transactions occurred subsequent to December 31, 2022, that would require recognition or disclosure in the Series' financial statements.

(continues) 25

**[**Table of Contents**](#dvffis_toc)**

Report of independent

registered public accounting firm

To the Board of Trustees of Delaware VIP<sup>®</sup> Trust and Shareholders of Delaware VIP Fund for Income Series

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Fund for Income Series (one of the series constituting Delaware VIP<sup>®</sup> Trust, referred to hereafter as the "Series") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| **Class Name** | **Financial Highlights** |
| Standard Class | For each of the four years in the period ended December 31, 2022 |
| Service Class | For the period April 1, 2022 (commencement of operations) through December 31, 2022 |

---

The financial statements of the Series as of and for the year ended December 31, 2018 and the financial highlights for the year ended December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 26, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agents, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 23, 2023

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

**[**Table of Contents**](#dvffis_toc)**

Other Series information (Unaudited)

Delaware VIP<sup>®</sup> Trust — Delaware VIP Fund for Income Series

**Tax Information**

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

For the year ended December 31, 2022, the Series reports distributions paid during the year as follows:

---

| | |
|:---|:---|
| (A) Long-Term Capital Gain Distributions (Tax Basis) | 6.81% |
| (B) Ordinary Income Distributions (Tax Basis) | 93.19% |
| Total Distributions (Tax Basis) | 100.0% |

---

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

**[**Table of Contents**](#dvffis_toc)**

Other Series information (Unaudited)

Delaware VIP<sup>®</sup> Trust — Delaware VIP Fund for Income Series

**Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 9-11, 2022**

At a meeting held on August 9-11, 2022 (the "Annual Contract Renewal Meeting"), the Board of Trustees (the "Board"), including a majority of Trustees each of whom is not an "interested person" as defined under the Investment Company Act of 1940 (the "Independent Trustees"), approved the renewal of the Delaware VIP Fund for Income Series (the "Fund") Investment Management Agreement with Delaware Management Company ("DMC"); and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited ("MIMGL"), Macquarie Investment Management Austria Kapitalanlage AG ("MIMAK") and Macquarie Investment Management Europe Limited ("MIMEL" and together with MIMGL and MIMAK, the "Affiliated Sub-Advisers").

Prior to the Meeting, including at a Board meeting held in May 2022, the Trustees conferred extensively among themselves and with representatives of DMC about these matters. Also, the Board was assisted by the applicable Investment Committee, with each Investment Committee assisting the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Investment Management Agreement and the Sub-Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, DMC was guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2022. In considering and approving the Investment Management Agreement and the Sub-Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with DMC about various topics. In this regard, the Board reviewed reports of DMC at each of its quarterly meetings, which included information about, among other things, Fund performance, investment strategies, and expenses. In addition, the Investment Committees confer with portfolio managers at various times throughout the year. In considering information relating to the approval of the Fund's Investment Management Agreement and the Sub-Advisory Agreements, the Independent Trustees also received information from an independent fund consultant, JDL Consultants, LLC ("JDL").

The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Investment Management Agreement and the Sub-Advisory Agreements for a one-year term. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approval.

**Nature, extent, and quality of services.** The Board received and considered various information regarding the nature, extent, and quality of the advisory services provided to the Fund by DMC under its Investment Management Agreement and the experience of the officers and employees of DMC who provide these services, including the Fund's portfolio managers. The Board's review included consideration of DMC's investment process and oversight and research and analysis capabilities, and its ability to attract and retain qualified investment professionals. The Board considered information regarding DMC's programs for risk management, including investment, operational, liquidity, valuation, and compliance risks. The Board received information with respect to the cybersecurity program and business continuity plans of DMC and its affiliates. The Board also considered non-advisory services that DMC and its affiliates provide to the Delaware Funds, including third party oversight, transfer agent, internal audit, valuation, portfolio trading, and legal and compliance. The Board took into account the benefits to shareholders of investing in a Fund that is part of a family of funds managed by an affiliate of Macquarie Group Ltd. ("Macquarie"), the parent company of DMC, and the resources available to DMC as part of Macquarie's global asset management business.

The Board received and considered various information with respect to the services provided by the Affiliated Sub-Advisers under the Sub-Advisory Agreements and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board considered the division of responsibilities between DMC and the Affiliated Sub-Advisers and the oversight provided by DMC. The Board considered the expertise of the Affiliated Sub-Advisers with respect to certain asset classes and/or investment styles. The Affiliated Sub-Advisers are part of Macquarie's global investment platform that has offices and personnel that are located around the world. As a result, the Board noted that DMC had stated that the Affiliated Sub-Advisers can provide research, investment and trading analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades, as applicable. The Board took into account that the Sub-Advisory Agreements may benefit the Fund and its shareholders by permitting DMC to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund.

**[**Table of Contents**](#dvffis_toc)**

The Board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Fund by DMC and the Affiliated Sub-Advisers.

**Investment performance.** The Board received and considered information with respect to the investment performance of the Fund, including performance reports and discussions with portfolio managers at meetings of the Board's Investment Committees throughout the year as well as reports provided by Broadridge Financial Solutions, an independent investment company data provider ("Broadridge"), furnished for the Annual Contract Renewal Meeting. The Broadridge reports prepared for the Fund showed its investment performance in comparison to a group of similar funds (the "Performance Universe"). The Board received a description of the methodology used by Broadridge to select the funds in the Performance Universe. Comparative annualized performance for the Fund was shown for the past 1-, 3-, 5-, and 10-year or since inception periods, as applicable, ended December 31, 2021.

The Performance Universe for the Fund consisted of the Fund and all high yield funds underlying variable insurance products, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1-, 3-, and 5-year periods was in the second quartile and for the 10-year period was in the third quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-, 3-, and 5-year periods was above the median and for the 10-year period was below the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3-, 5-, and 10-year periods. The Board, however, noted that the investment performance of the current portfolio management team only began as of October 2019. The Board noted the explanations from DMC concerning the reasons for the Fund's relative performance versus its Performance Universe and benchmark for the various periods.

**Comparative expenses.** The Board received and considered expense data for the Fund. Management provided the Board with information on pricing levels and fee structures for the Fund as of its most recently completed fiscal year. The Board also considered on the comparative analysis of contractual management fees and actual total expense ratios of the Fund versus contractual management fees and actual total expense ratios of a group of similar funds as selected by Broadridge (the "Expense Group"). In reviewing comparative costs, the Fund's contractual management fee and the actual management fee incurred by the Fund were compared with the contractual management fees (assuming all funds were similar in size to the Fund) and actual management fees, taking into account any applicable breakpoints and fee waivers, with the Fund's expense universe, which is comprised of the Fund, its Expense Group and all other similar funds underlying variable insurance products with similar 12b-1 and non-12b-1 structures, excluding outliers (the "Expense Universe"). The Fund's total expenses were also compared with those of its Expense Universe.

The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by DMC to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing registered investment companies compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients, unregistered funds and separately managed accounts.

The Board noted that DMC, and not the Fund, pays the sub-advisory fees to the Affiliated Sub-Advisers and, accordingly, that the retention of the Affiliated Sub-Advisers does not increase the fees and expenses incurred by the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to DMC under the Investment Management Agreement and to the Affiliated Sub-Advisers under the Sub-Advisory Agreements was reasonable.

**Economies of scale.** The Board received and considered information about the potential for DMC to realize economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual Fund level, and the extent to which potential scale benefits are shared with shareholders, including the extent to which any economies of scale are reflected in the level of management fees charged. DMC discussed its advisory fee pricing and structure for the Delaware Funds complex, including the current breakpoints. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as DMC's investment in its business, including investments in business infrastructure, technology and cybersecurity.

**[**Table of Contents**](#dvffis_toc)**

Other Series information (Unaudited)

Delaware VIP<sup>®</sup> Trust — Delaware VIP Fund for Income Series

**Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 9-11, 2022 (continued)**

**Management profitability.** The Board received and considered the Investment Management Profitability Analysis that addressed the overall profitability of DMC's business in providing management and other services to the Fund and the Delaware Funds as a whole, including the methodology used by DMC in allocating costs for the purpose of determining profitability. The Board also reviewed a report prepared by JDL regarding DMC's profitability as compared to certain peer fund complexes and the Independent Trustees discussed DMC's profitability in such context with representatives from JDL. Based on its review, the Board determined that DMC's profitability was not excessive in light of the nature, extent and quality of the services provided to the Fund.

**Ancillary benefits.** The Board received and considered information regarding the extent to which DMC and its affiliates might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as investment manager to the Delaware Funds; the benefits from allocation of fund brokerage to improve trading efficiencies; and the fees that various affiliates received for serving as transfer agent and for overseeing fund accounting and financial administration services to the Delaware Funds. The Board received information from DMC regarding its view of the performance of its affiliates in providing transfer agent and fund accounting and financial administration oversight services and the organizational structure employed to provide these services pursuant to their contracts with the Fund.

Based on its consideration of the factors and information it deemed relevant, including the costs of providing investment management and other services to the Fund and the ongoing commitment of DMC and its affiliates to the Fund, the Board did not find that any ancillary benefits received by DMC and its affiliates were unreasonable.

**Conclusion.** Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including all of the Independent Trustees, approved the continuation of DMC's Investment Management Agreement and of the Affiliated Sub-Advisers' Sub-Advisory Agreements for an additional one-year period.

**[**Table of Contents**](#dvffis_toc)**

Board of trustees / directors and officers addendum

Delaware Funds by Macquarie<sup>®</sup>

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length<br> of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
| **Shawn K. Lytle**<sup>2</sup> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1970 | President,<br> Chief Executive Officer,<br> and Trustee | President and<br> Chief Executive Officer<br> since August 2015<br>Trustee since<br> September 2015 | 126 | Macquarie Asset<br> Management<sup>3</sup><br> (2015–Present)<br> - Global Head of<br> Macquarie Asset<br> Management Public<br> Investments<br> (2019–Present)<br> - Head of Americas of<br> Macquarie Group<br> (2017–Present) |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Jerome D. Abernathy**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1959 | Trustee | Since January 2019 | 126 | Stonebrook Capital<br> Management, LLC<br> (financial<br> technology: macro<br> factors and databases)<br> - Managing Member<br> (1993–Present) |  |
| **Ann D. Borowiec**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1958 | Trustee | Since March 2015 | 126 | J.P. Morgan Chase & Co.<br> (1987–2013)<br> - Chief Executive Officer,<br> Private Wealth<br> Management<br> (2011–2013) | Banco Santander<br> International<br> (2016–2019)<br> Santander Bank, N.A.<br> (2016–2019) |
| **Joseph W. Chow**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1953 | Trustee | Since January 2013 | 126 | Private Investor<br> (2011–Present) |  |
| **H. Jeffrey Dobbs**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1955 | Trustee | Since April 2019<sup>4</sup> | 126 | KPMG LLP<br> (2002–2015)<br> - Global Sector<br> Chairman,<br> Industrial Manufacturing<br> (2010–2015) | TechAccel LLC<br> (2015–Present)<br> PatientsVoices, Inc.<br> (2018–Present)<br> Valparaiso University<br> Board<br> (2012–Present)<br> Ivy Funds Complex<br> (2019–2021) |

---

**[**Table of Contents**](#dvffis_toc)**

Board of trustees / directors and officers addendum

Delaware Funds by Macquarie<sup>®</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length<br> of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **John A. Fry**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1960 | Trustee | Since January 2001 | 126 | Drexel University<br> - President<br> (2010–Present) | Federal Reserve<br> Bank of Philadelphia<br> (2020–Present)<br> FS Credit Real Estate<br> Income Trust, Inc.<br> (2018–Present)<br> vTv Therapeutics Inc.<br> (2017–Present)<br> Community Health<br> Systems<br> (2004–Present)<br> Drexel Morgan & Co.<br> (2015–2019) |
| **Joseph Harroz, Jr.**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1967 | Trustee | Since November 1998<sup>4</sup> | 126 | University of Oklahoma<br> - President<br> (2020–Present)<br> - Interim President<br> (2019–2020)<br> - Vice President and<br> Dean, College of Law<br> (2010–2019)<br> Brookhaven<br> Investments LLC<br> (commercial enterprises)<br> - Managing Member<br> (2019–Present)<br> St. Clair, LLC<br> (commercial enterprises)<br> - Managing Member<br> (2019–Present) | OU Medicine, Inc.<br> (2020–Present)<br> Big 12 Athletic Conference<br> (2019–Present)<br> Valliance Bank<br> (2007–Present)<br> Ivy Funds Complex<br> (1998–2021) |
| **Sandra A.J. Lawrence**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1957 | Trustee | Since April 2019<sup>4</sup> | 126 | Children's Mercy<br> Hospitals and Clinics<br> (2005–2019)<br> - Chief Administrative<br> Officer<br> (2016–2019) | Brixmor Property<br> Group Inc.<br> (2021–Present)<br> Sera Prognostics Inc.<br> (biotechnology)<br> (2021–Present)<br> Recology<br> (resource recovery)<br> (2021–Present)<br> Evergy, Inc., Kansas City<br> Power & Light Company,<br> KCP&L Greater Missouri<br> Operations Company,<br> Westar Energy, Inc. and<br> Kansas Gas and Electric<br> Company (related utility<br> companies)<br> (2018–Present)<br> National Association of<br> Corporate Directors<br> (2017–Present)<br> Ivy Funds Complex<br> (2019–2021)<br> American Shared Hospital<br> Services (medical device)<br> (2017–2021)<br> Westar Energy (utility)<br> (2004–2018) |

---

**[**Table of Contents**](#dvffis_toc)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Frances A.**<br> **Sevilla-Sacasa**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1956 | Trustee | Since September 2011 | 126 | Banco Itaú International<br> - Chief Executive Officer<br> (2012–2016) | Florida Chapter of<br> National Association of<br> Corporate Directors<br> (2021–Present)<br> Callon Petroleum<br> Company<br> (2019–Present)<br> Camden Property Trust<br> (2011–Present)<br> New Senior Investment<br> Group Inc. (2021)<br> Carrizo Oil & Gas, Inc.<br> (2018–2019) |
| **Thomas K. Whitford**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1956 | Chair and Trustee | Trustee since January<br> 2013<br>Chair since January<br> 2023 | 126 | PNC Financial<br> Services Group<br> (1983–2013)<br> - Vice Chairman<br> (2009–2013) | HSBC USA Inc.<br> (2014–2022)<br> HSBC North America<br> Holdings Inc.<br> (2013–2022)<br> HSBC Finance<br> Corporation<br> (2013–2018) |
| **Christianna Wood**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1959 | Trustee | Since January 2019 | 126 | Gore Creek<br> Capital, Ltd.<br> - Chief Executive Officer<br> and President<br> (2009–Present) | The Merger Fund<br> (2013–2021),<br> The Merger Fund VL<br> (2013–2021),<br> WCM Alternatives:<br> Event-Driven Fund<br> (2013–2021),<br> and WCM<br> Alternatives:<br> Credit Event Fund<br> (2017–2021)<br> Grange Insurance<br> (2013–Present)<br> H&R Block Corporation<br> (2008–Present) |
| **Janet L. Yeomans**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1948 | Trustee | Since April 1999 | 126 | 3M Company<br> (1995–2012)<br> - Vice President<br> and Treasurer<br> (2006–2012) | Okabena Company<br> (2009–2017) |
| **Officers** | **Officers** | **Officers** | **Officers** | **Officers** | **Officers** |
| **David F. Connor**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1963 | Senior Vice President,<br> General Counsel, and<br> Secretary | Senior Vice President,<br> since May 2013;<br> General Counsel<br> since May 2015;<br> Secretary since<br> October 2005 | 126 | David F. Connor has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. | None<sup>5</sup> |
| **Daniel V. Geatens**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1972 | Senior Vice President<br> and Treasurer | Senior Vice President<br> and Treasurer since<br> October 2007 | 126 | Daniel V. Geatens has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. | None<sup>5</sup> |

---

**[**Table of Contents**](#dvffis_toc)**

Board of trustees / directors and officers addendum

Delaware Funds by Macquarie<sup>®</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Richard Salus**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1963 | Senior Vice President<br> and Chief Financial<br> Officer | Senior Vice President<br> and Chief Financial<br> Officer since November<br> 2006 | 126 | Richard Salus has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. |  |

---

<sup>1</sup> "Length of Time Served" refers to the time since the Trustee or officer began serving one or more of the Trusts in the Delaware Funds complex.

<sup>2</sup> Shawn K. Lytle is considered to be an "Interested Trustee" because he is an executive officer of the Series' investment advisor.

<sup>3</sup> Macquarie Asset Management is the marketing name for certain companies comprising the asset management division of Macquarie Group, including the Series' investment advisor, principal underwriter, and transfer agent.

<sup>4</sup> Includes time served on the Board of Ivy Funds prior to the date when Ivy Funds joined the Delaware Funds complex.

<sup>5</sup> David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment manager, principal underwriter, and transfer agent as the Funds. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust, and he is Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc., which has the same investment manager as the Funds.

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

**[**Table of Contents**](#dvffis_toc)**

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' Form 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, is 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.

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.

(2700499) **AR-VIPFFI-223**

![](mim_cover.jpg)

Delaware VIP<sup>®</sup> Trust Delaware VIP Growth and Income Series December 31, 2022

**[**Table of Contents**](#dvgis_toc)**

**Table of contents**

---

| | |
|:---|:---|
| **[Portfolio management review](#vipgi_001)** | **1** |
| **[Performance summary](#vipgi_002)** | **3** |
| **[Disclosure of Series expenses](#vipgi_003)** | **5** |
| **[Security type / sector allocations and top 10 equity holdings](#vipgi_004)** | **6** |
| **[Schedule of investments](#vipgi_005)** | **7** |
| **[**Statement of assets and liabilities**](#vipgi_006)** | **9** |
| **[**Statement of operations**](#vipgi_007)** | **10** |
| **[**Statements of changes in net assets**](#vipgi_008)** | **11** |
| **[**Financial highlights**](#vipgi_009)** | **12** |
| **[**Notes to financial statements**](#vipgi_010)** | **13** |
| **[**Report of independent registered public accounting firm**](#vipgi_011)** | **20** |
| **[**Other Series information**](#vipgi_012)** | **21** |
| **[**Board of trustees / directors and officers addendum**](#vipgi_013)** | **24** |

---

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 December 31, 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<sup>®</sup> Growth and Income Series only if preceded or accompanied by the Series' current prospectus or the summary prospectus.© 2023 Macquarie Management Holdings, Inc.

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

**[**Table of Contents**](#dvgis_toc)**

Portfolio management review

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Growth and Income Series

December 31, 2022 (Unaudited)

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

For the fiscal year ended December 31, 2022, Delaware VIP Growth and Income Series (the "Series") Standard Class shares gained 3.53% with all distributions reinvested. The Series outperformed its benchmark, the Russell 1000<sup>®</sup> Value Index, which fell 7.54% for the same period. **Past performance does not guarantee future results.** For complete annualized performance of Delaware VIP Growth and Income Series, please see the table on page 3. Please see page 4 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

**Market review**

Foreshadowing what was to be a difficult 2022 for equity markets, central banks and the US Federal Reserve in particular conceded what most investors had suspected: inflation was likely to be higher and more persistent than previously acknowledged. As 2022 began, investors had a range of challenges to confront including inflation, liquidity crunches, the likelihood of higher interest rates, geopolitical tensions, and Russia's invasion of Ukraine in late February. Even so, the markets staged several rallies during the year as investors hoped that the worst was behind them.

The strongest of those rallies took place in October and November. On the heels of three consecutive quarterly losses, US stocks rallied in the fourth quarter. Investors embraced stocks, driven in part by better-than-expected corporate earnings, moderating inflation data, and hope that the Fed might soon slow the pace of interest rate increases. In addition, a consensus view that the Fed would engineer a "soft landing" for the economy and that any recession in 2023 would be mild appeared to take root. In December, however, as it became clear that the Fed was not finished raising rates, equities gave back much of what had been gained earlier in the quarter. For the fiscal year, stocks were broadly lower. The S&P 500<sup>®</sup> Index was down 18.1% in 2022. By comparison, the technology-heavy NASDAQ Composite Index fell 33.1%. (Source: FactSet Research Systems.)

The Fed implemented seven interest rate hikes during the year, lifting the federal funds rate to a range from 4.25% to 4.50%, its highest level since December 2007. The most-recent move, a 0.50-percentage-point increase in mid-December, was a step down from the previous four hikes of 0.75 percentage points each. In his press conference following the November rate announcement, Fed Chair Jerome Powell said the pace of interest rate increases could slow down in the coming months. Nonetheless, in its post-meeting statement for December, the Fed said it "anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2% over time."

As the end of the year approached, inflation readings continued to moderate incrementally. According to the most-recent data from the Bureau of Economic Analysis, the Personal Consumption Expenditures Price Index (PCE) rose 5.5% in November from a year earlier, down from a high of 7.0% in June. The Core Personal Consumption Expenditures Price Index (Core PCE), the Fed's preferred inflation gauge, which excludes food and energy prices, increased 4.7% in November year over year, down from highs of 5.4% in both February and March. The price of West Texas Intermediate (WTI) crude oil ended the year at $81 a barrel, up 7% for the period but down from highs of more than $120 in both March and June. Employment growth slowed for much of the year. The unemployment rate ended the year at 3.5%. (Sources: FactSet, US Bureau of Labor Statistics.)

**Within the Series**

On a sector basis, healthcare, industrials, and energy were the main contributors to the Series' performance. Positive stock selection was the main driver of strong performance within the healthcare sector. In particular, holdings in **Merck & Co. Inc.**, **Cigna Corp.**, and **Gilead Sciences Inc.** contributed to the Series' performance.

US-based, global healthcare company Merck surprised the stock market positively several times during the fiscal year. The company reported successful trials treating pulmonary hypertension, a type of high blood pressure that affects the arteries in the lungs and the right side of the heart.

In the energy sector, both stock selection and asset allocation drove performance. Overweight holdings in **ConocoPhillips** and **Exxon Mobil Corp.** added to performance. Exxon Mobil had a remarkable year, with strong oil and natural gas prices, enabling it to deliver some of the strongest results in its history. The company increased its dividend for the 40th year in a row. Exxon Mobil also continued its share-repurchase program and paid down debt, which was well received by the market.

**[**Table of Contents**](#dvgis_toc)**

Portfolio management review

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Growth and Income Series

The utilities and materials sectors were the leading detractors from performance. The Series' lack of an allocation to utilities weighed on performance as the sector delivered a positive return for the fiscal year. Likewise, limited exposure to the materials sector detracted from relative performance over the 12-month period.

As of the close of the fiscal year, the Series held 58 companies diversified across sectors. Cash was 0.2% of the Series' total portfolio and no derivative instruments were held. From a sector positioning point of view, the Series was overweight healthcare, energy, and information technology and was underweight industrials, real estate, materials, and utilities. From a factor perspective, at the end of the period the Series had a quality and value tilt. Due to the Series' objective, there was also a large exposure to income.

**[**Table of Contents**](#dvgis_toc)**

Performance summary (Unaudited)

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Growth and Income Series

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Series and benchmark performance** | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* |
|  | 1 year | 3 year | 5 year | 10 year |
| Standard Class shares (commenced operations on November 9, 1987) | +3.53% | +7.99% | +7.28% | +10.27% |
| Russell 1000 Value Index | -7.54% | +5.96% | +6.67% | +10.29% |

---

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

As described in the Series' most recent prospectus, the net expense ratio for Standard Class shares of the Series was 0.72%, while total operating expenses for Standard Class shares were 0.70%. The management fee for Standard Class shares was 0.65%. The expense ratios may differ from the expense ratios in the "Financial highlights" since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in "Notes to financial statements" for additional details. Please see the "Financial highlights" section in this report for the most recent expense ratios.

The Series adopted the performance of the First Investors Life Series Growth and Income Fund (Predecessor Series) as the result of a reorganization of the Predecessor Series into the Series, which was consummated after the close of business on October 4, 2019 (Reorganization). The Series had not yet commenced operations prior to the Reorganization. The returns shown for periods ending on or prior to October 4, 2019 reflect the performance and expenses of the Predecessor Series. The returns shown for periods after October 4, 2019 reflect the performance and expenses of the Series.

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

Expense limitations were in effect for Standard Class shares during some or all of the periods shown in the "Series and benchmark performance" table above and in the "Performance of a $10,000 investment" graph on the next page. Performance would have been lower had expense limitations not been in effect.

Performance data do not include any fees or sales charges imposed by variable insurance contracts. This fund doesn't have any deferred sales charges. Performance shown here would have been reduced if such fees were included. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

In addition to the risks associated with the real estate industry, which include declines in the real estate market, decreases in property revenues and increases in property taxes and operating expenses, REITs are subject to additional risks, including those related to adverse governmental actions, declines in property value, and the potential failure to qualify for federal tax-free "pass-though" of distributed net income and net realized gains and exemption from registration as an investment company. REITs are dependent upon specialized management skills and may invest in relatively few properties, a small geographic area or a small number of property types. As a result, investments in REITs may be volatile. REITs are pooled investment vehicles with their own fees and expenses, and the Series will indirectly bear a proportionate share of those fees and expenses.

There is no guarantee that dividend-paying stocks will continue to pay dividends.

**[**Table of Contents**](#dvgis_toc)**

Performance summary (Unaudited)

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Growth and Income Series

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

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

**Performance of a $10,000 investment**

*For the period December 31, 2012 through December 31, 2022*

![](mim_vipgi-ncsrx6x1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | | **Starting value** | **Ending value** |
| ![](mim_vipgi-ncsrx6x2.jpg) | Russell 1000 Value Index | $10000 | $26632 |
| ![](mim_vipgi-ncsrx6x3.jpg) | Delaware VIP Growth and Income Series — Standard Class shares | $10000 | $26584 |

---

The graph shows a $10,000 investment in Delaware VIP Growth and Income Series Standard Class shares for the period from December 31, 2012 through December 31, 2022.

The graph also shows $10,000 invested in the Russell 1000 Value Index for the period from December 31, 2012 through December 31, 2022.

The Russell 1000 Value Index measures the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

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

The NASDAQ Composite Index, mentioned on page 1, is a broad-based, market capitalization weighted index that measures all NASDAQ US- and international-based common type stocks listed on The NASDAQ Stock Market and includes more than 2,500 securities.

The Personal Consumption Expenditures Price Index (PCE), mentioned on page 1, is a measure of inflation that is calculated by the Bureau of Economic Analysis, representing changes in consumer spending on goods and services. It accounts for about two-thirds of domestic final spending. The "core" PCE excludes food and energy prices.

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

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

**Past performance does not guarantee future results.**

**[**Table of Contents**](#dvgis_toc)**

Disclosure of Series expenses

For the six-month period from July 1, 2022 to December 31, 2022 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2022 to December 31, 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 assume reinvestment of all dividends and distributions.

**Expense analysis of an investment of $1,000**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br> Account<br> Value<br> 7/1/22 | Ending<br> Account<br> Value<br> 12/31/22 | Annualized<br> Expense<br> Ratio | Expenses<br> Paid<br> During<br> Period<br> 7/31/22 to<br> 1/1/22\* |
| **Actual Series return<sup>†</sup>** |  |  |  |  |
| Standard Class | $1000.00 | $1104.00 | 0.71% | $3.77 |
| **Hypothetical 5% return (5% return before expenses)** |  |  |  |  |
| Standard Class | $1000.00 | $1021.63 | 0.71% | $3.62 |

---

---

| | |
|:---|:---|
| \* | "Expenses Paid During Period" are equal to the Series' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
| <sup>†</sup> | 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**](#dvgis_toc)**

Security type / sector allocations and top 10 equity holdings

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Growth and Income Series

As of December 31, 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, which may result in the sector designations for one fund being different from another fund's sector designations.

---

| | |
|:---|:---|
| Security type / sector | Percentage<br> of net assets |
| **Common Stocks** | **99.38%** |
| Communication Services | 7.95% |
| Consumer Discretionary | 10.76% |
| Consumer Staples | 5.97% |
| Energy | 12.29% |
| Financials | 19.33% |
| Healthcare | 24.14% |
| Industrials | 6.16% |
| Information Technology | 12.78% |
| **Short-Term Investments** | **0.52%** |
| **Total Value of Securities** | **99.90%** |
| **Receivables and Other Assets Net of Liabilities** | **0.10%** |
| **Total Net Assets** | **100.00%** |

---

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

---

| | |
|:---|:---|
| Top 10 equity holdings | Percentage<br> of net assets |
| Exxon Mobil | 6.06% |
| Merck & Co. | 4.34% |
| Bristol-Myers Squibb | 3.88% |
| Gilead Sciences | 3.73% |
| ConocoPhillips | 3.55% |
| TJX | 3.52% |
| Cigna | 3.50% |
| Johnson & Johnson | 3.46% |
| Cisco Systems | 3.40% |
| Philip Morris International | 3.39% |

---

**[**Table of Contents**](#dvgis_toc)**

Schedule of investments

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Growth and Income Series

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of**<br>**shares** | **Value**<br>**(US $)** |
| **Common Stocks — 99.38%** | | |
| Communication Services — 7.95% |  |  |
| &nbsp;&nbsp;&nbsp;AT&T | 458763 | $8445827 |
| &nbsp;&nbsp;&nbsp;Comcast Class A | 305156 | 10671305 |
| &nbsp;&nbsp;&nbsp;Meta Platforms Class A † | 56582 | 6809078 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 318820 | 12561508 |
|  |  | 38487718 |
| Consumer Discretionary — 10.76% |  |  |
| &nbsp;&nbsp;&nbsp;APA | 209071 | 9759434 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill † | 2083 | 2890142 |
| &nbsp;&nbsp;&nbsp;Ford Motor | 130251 | 1514819 |
| &nbsp;&nbsp;&nbsp;H&R Block | 138090 | 5041666 |
| &nbsp;&nbsp;&nbsp;Lowe's | 26311 | 5242204 |
| &nbsp;&nbsp;&nbsp;Macy's | 370393 | 7648615 |
| &nbsp;&nbsp;&nbsp;Tapestry | 77872 | 2965366 |
| &nbsp;&nbsp;&nbsp;TJX | 213832 | 17021027 |
|  |  | 52083273 |
| Consumer Staples — 5.97% |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group | 152280 | 6960719 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland | 34034 | 3160057 |
| &nbsp;&nbsp;&nbsp;Mondelez International Class A | 35336 | 2355144 |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 162057 | 16401789 |
|  |  | 28877709 |
| Energy — 12.29% |  |  |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 145514 | 17170652 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 266048 | 29345094 |
| &nbsp;&nbsp;&nbsp;Ovintiv | 150155 | 7614360 |
| &nbsp;&nbsp;&nbsp;PDC Energy | 84718 | 5377899 |
|  |  | 59508005 |
| Financials — 19.33% |  |  |
| &nbsp;&nbsp;&nbsp;Allstate | 7474 | 1013474 |
| &nbsp;&nbsp;&nbsp;American Financial Group | 31500 | 4324320 |
| &nbsp;&nbsp;&nbsp;American International Group | 180461 | 11412354 |
| &nbsp;&nbsp;&nbsp;Blackstone | 101846 | 7555955 |
| &nbsp;&nbsp;&nbsp;Discover Financial Services | 22752 | 2225828 |
| &nbsp;&nbsp;&nbsp;Evercore Class A | 31436 | 3429039 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life † | 12229 | 244702 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial | 179849 | 6765919 |
| &nbsp;&nbsp;&nbsp;First American Financial | 113240 | 5926982 |
| &nbsp;&nbsp;&nbsp;MetLife | 193987 | 14038839 |
| &nbsp;&nbsp;&nbsp;Old Republic International | 312811 | 7554386 |
| &nbsp;&nbsp;&nbsp;OneMain Holdings | 120850 | 4025514 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 282453 | 9281406 |
| &nbsp;&nbsp;&nbsp;Truist Financial | 233815 | 10061059 |
| &nbsp;&nbsp;&nbsp;Unum Group | 138708 | 5691189 |
|  |  | 93550966 |
| Healthcare — 24.14% |  |  |
| &nbsp;&nbsp;&nbsp;AmerisourceBergen | 20248 | 3355296 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 261030 | 18781109 |
| &nbsp;&nbsp;&nbsp;Cardinal Health | 21421 | 1646632 |
| &nbsp;&nbsp;&nbsp;Cigna | 51138 | 16944065 |
| &nbsp;&nbsp;&nbsp;CVS Health | 107994 | 10063961 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 210443 | 18066532 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 94642 | 16718509 |
| &nbsp;&nbsp;&nbsp;McKesson | 5153 | 1932993 |
| &nbsp;&nbsp;&nbsp;Merck & Co. | 189357 | 21009159 |
| &nbsp;&nbsp;&nbsp;Pfizer | 65929 | 3378202 |
| &nbsp;&nbsp;&nbsp;Viatris | 446139 | 4965527 |
|  |  | 116861985 |
| Industrials — 6.16% |  |  |
| &nbsp;&nbsp;&nbsp;Emerson Electric | 69024 | 6630445 |
| &nbsp;&nbsp;&nbsp;Honeywell International | 41469 | 8886807 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman | 3208 | 1750317 |
| &nbsp;&nbsp;&nbsp;Raytheon Technologies | 124252 | 12539512 |
|  |  | 29807081 |
| Information Technology — 12.78% |  |  |
| &nbsp;&nbsp;&nbsp;Broadcom | 26023 | 14550240 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 345678 | 16468100 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Class A | 125075 | 7153039 |
| &nbsp;&nbsp;&nbsp;HP | 217663 | 5848605 |
| &nbsp;&nbsp;&nbsp;KLA | 3350 | 1263051 |
| &nbsp;&nbsp;&nbsp;Mastercard Class A | 5876 | 2043261 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions | 52390 | 13501427 |
| &nbsp;&nbsp;&nbsp;Western Union | 74082 | 1020109 |
|  |  | 61847832 |
| **Total Common Stocks<br> (cost $406,070,143)** |  | **481024569** |
| **Short-Term Investments — 0.52%** |  |  |
| Money Market Mutual Funds — 0.52% |  |  |
| &nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund –<br> Institutional Shares (seven-day effective yield 4.03%) | 629782 | 629782 |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio –<br> Class I (seven-day effective yield 4.06%) | 629784 | 629784 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund –<br> Institutional Shares (seven-day effective yield 4.23%) | 629784 | 629784 |

---

**[**Table of Contents**](#dvgis_toc)**

Schedule of investments

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Growth and Income Series

---

| | | |
|:---|:---|:---|
| | **Number of**<br>**shares** | **Value**<br>**(US $)** |
| **Short-Term Investments (continued)** | | |
| Money Market Mutual Funds (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio –<br> Institutional Class (seven-day effective yield 4.11%) | 629784 | $629784 |
| **Total Short-Term Investments**<br> (cost $2,519,134) |  | **2519134** |
| **Total Value of Securities — 99.90%**<br> (cost $408,589,277) |  | $**483543703** |

---

<sup>†</sup> Non-income producing security.

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

**[**Table of Contents**](#dvgis_toc)**

Statement of assets and liabilities

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Growth and Income Series

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets:** | **Assets:** | |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | &nbsp;&nbsp;&nbsp;Investments, at value\* | $483543703 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | &nbsp;&nbsp;&nbsp;Dividends receivable | 835834 |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;Other assets | 3510 |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;Total Assets | 484383047 |
| **Liabilities:** | **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | 269822 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;Other accrued expenses | 52030 |
| &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | 30129 |
| &nbsp;&nbsp;&nbsp;Administration expenses payable to affiliates | &nbsp;&nbsp;&nbsp;Administration expenses payable to affiliates | 23842 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;Total Liabilities | 375823 |
| **Total Net Assets** | **Total Net Assets** | $484007224 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;&nbsp;Paid-in capital | $375299144 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | 108708080 |
| **Total Net Assets** | **Total Net Assets** | $484007224 |
| **Net Asset Value** | **Net Asset Value** |  |
| **Standard Class:** | **Standard Class:** |  |
| Net assets | Net assets | $484007224 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | Shares of beneficial interest outstanding, unlimited authorization, no par | 15669669 |
| Net asset value per share | Net asset value per share | $30.89 |
| \* | Investments, at cost | $408589277 |

---

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

**[**Table of Contents**](#dvgis_toc)**

Statement of operations

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Growth and Income Series

Year ended December 31, 2022

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $15974641 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Management fees | 3154165 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | 113038 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing and transfer agent fees and expenses | 45352 |
| &nbsp;&nbsp;&nbsp;Legal fees | 36161 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | 30339 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | 19217 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 15374 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 12576 |
| &nbsp;&nbsp;&nbsp;Registration fees | 10 |
| &nbsp;&nbsp;&nbsp;Other | 9657 |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 3435889 |
| **Net Investment Income (Loss)** | 12538752 |
| **Net Realized and Unrealized Gain (Loss):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 22099160 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (18547041) |
| **Net Realized and Unrealized Gain (Loss)** | 3552119 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $16090871 |

---

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

**[**Table of Contents**](#dvgis_toc)**

Statements of changes in net assets

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Growth and Income Series

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $12538752 | $11107894 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 22099160 | 51788654 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (18547041) | 36550302 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 16090871 | 99446850 |
| **Dividends and Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | (59105904) | (9074137) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | 441880 | 1047557 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | 59105904 | 9074137 |
|  | 59547784 | 10121694 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | (48775720) | (51410464) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | 10772064 | (41288770) |
| **Net Increase (Decrease) in Net Assets** | (32242969) | 49083943 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 516250193 | 467166250 |
| &nbsp;&nbsp;&nbsp;End of year | $484007224 | $516250193 |

---

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

**[**Table of Contents**](#dvgis_toc)**

Financial highlights

Delaware VIP<sup>®</sup> Growth and Income Series Standard Class

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| | **12/31/22** | **12/31/21** | **12/31/20** | **12/31/19<sup>1</sup>** | **12/31/18** |
| **Net asset value, beginning of period** | $33.80 | $28.17 | $43.10 | $41.84 | $49.45 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.79 | 0.70 | 0.59 | 0.71 | 0.72 |
| Net realized and unrealized gain (loss) | 0.30 | 5.49 | (3.82) | 8.82 | (5.48) |
| Total from investment operations | 1.09 | 6.19 | (3.23) | 9.53 | (4.76) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | (0.75) | (0.56) | (0.75) | (0.74) | (0.68) |
| Net realized gain | (3.25) |  | (10.95) | (7.53) | (2.17) |
| Total dividends and distributions | (4.00) | (0.56) | (11.70) | (8.27) | (2.85) |
| **Net asset value, end of period** | $30.89 | $33.80 | $28.17 | $43.10 | $41.84 |
| **Total return<sup>3</sup>** | 3.53% | 22.20%<sup>4</sup> | (0.46)% | 25.60% | (10.17)% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $484007 | $516250 | $467166 | $518042 | $448975 |
| Ratio of expenses to average net assets<sup>5</sup> | 0.71% | 0.70% | 0.74% | 0.76% | 0.77% |
| Ratio of expenses to average net assets prior to fees waived | 0.71% | 0.70% | 0.74% | 0.76% | 0.77% |
| Ratio of net investment income to average net assets | 2.58% | 2.22% | 2.09% | 1.75% | 1.54% |
| Ratio of net investment income to average net assets prior to fees waived | 2.58% | 2.22% | 2.09% | 1.75% | 1.54% |
| Portfolio turnover | 22% | 49% | 30% | 122%<sup>6</sup> | 58% |

---

<sup>1</sup> On October 4, 2019, the First Investors Life Series Growth & Income Fund shares were reorganized into Standard Class shares of the Series. 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.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> 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.

<sup>4</sup> Total return during the period reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

<sup>6</sup> 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.

**[**Table of Contents**](#dvgis_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Growth and Income Series

December 31, 2022

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.

**1. Significant Accounting Policies**

The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.

**Security Valuation** — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Open-end investment companies, other than ETFs, 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 by the Series' valuation designee, Delaware Management Company (DMC). Subject to the oversight of the Series' Board of Trustees (Board), DMC, as valuation designee, has adopted policies and procedures to fair value securities for which market quotations are not readily available consistent with the requirements of Rule 2a-5 under the 1940 Act. 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 and private placements are valued at fair value.

**Federal Income Taxes** — No provision for federal income taxes has been made as the Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Series evaluates tax positions taken or expected to be taken in the course of preparing the Series' tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Series' tax positions taken or expected to be taken on the Series' federal income tax returns through the year ended December 31, 2022, and for all open tax years (years ended December 31, 2019–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 year ended December 31, 2022, the Series did not incur any interest or tax penalties.

**Use of Estimates** — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

**Other** — Expenses directly attributable to the Series are charged directly to the Series. Other expenses common to various funds within the Delaware Funds by Macquarie<sup>®</sup> (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. 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 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"

(continues) 13

**[**Table of Contents**](#dvgis_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Growth and Income Series

**1. Significant Accounting Policies (continued)**

under "Dividend disbursing and transfer agent fees and expenses" with the corresponding expenses offset included under "Less expenses paid indirectly." For the year ended December 31, 2022, the Series earned less than $1 under this arrangement.

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

In accordance with the terms of its investment management agreement, the Series pays 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 December 31, 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.

Macquarie Investment Management Global Limited (MIMGL), an affiliate of DMC, serves as the Series' sub-advisor and manages the Series' assets. In addition, Macquarie Funds Management Hong Kong Limited (MFMHKL, and together with MIMGL, the "Affiliated Sub-Advisors"), an affiliate of the Manager, may execute security trades for the Series. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Series, may pay each Affiliated Sub-Advisor a portion of its investment management fee.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Series. For these services, DIFSC's fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; 0.0025% of the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the "Statement of operations" under "Accounting and administration expenses." For the year ended December 31, 2022, the Series paid $21,956 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC's fees are calculated daily and paid monthly, at the annual rate of 0.0075% of the Series' average daily net assets. This amount is included on the "Statement of operations" under "Dividend disbursing and transfer agent fees and expenses." For the year ended December 31, 2022, the Series paid $36,500 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 year ended December 31, 2022, the Series paid $21,542 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 Delaware Distributors, L.P. are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.

**[**Table of Contents**](#dvgis_toc)**

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 including ETFs 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 year ended December 31, 2022, the Series made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | $106032593 |
| Sales | 140915278 |

---

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation), which may not necessarily be the final tax cost basis adjustments but which approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2022, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:

---

| | |
|:---|:---|
| Cost of investments | $409169671 |
| Aggregate unrealized appreciation of investments | $101034794 |
| Aggregate unrealized depreciation of investments | (26660762) |
| Net unrealized appreciation of investments | $74374032 |

---

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

(continues) 15

**[**Table of Contents**](#dvgis_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> 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 December 31, 2022:

---

| | |
|:---|:---|
|  | Level 1 |
| <u>Securities</u> |  |
| <u>Assets</u>: |  |
| Common Stocks | $481024569 |
| Short-Term Investments | 2519134 |
| Total Value of Securities | $483543703 |

---

During the year ended December 31, 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 year.

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 year in relation to the Series' net assets. During the year ended December 31, 2022, there were no Level 3 investments.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2022 and 2021 were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| Ordinary income | $21511890 | $9074137 |
| Long-term capital gains | 37594014 |  |
| Total | $59105904 | $9074137 |

---

**5. Components of Net Assets on a Tax Basis**

As of December 31, 2022, the components of net assets on a tax basis were as follows:

---

| | |
|:---|:---|
| Shares of beneficial interest | $375299144 |
| Undistributed ordinary income | 12536801 |
| Undistributed long-term capital gains | 21797247 |
| Unrealized appreciation of investments | 74374032 |
| Net assets | $484007224 |

---

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

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2022, the Series had no reclassifications.

**[**Table of Contents**](#dvgis_toc)**

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | 14761 | 34121 |
| Shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | 1959745 | 296929 |
|  | 1974506 | 331050 |
| Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | (1578110) | (1641369) |
| Net increase (decrease) | 396396 | (1310319) |

---

**7. Line of Credit**

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

On October 31, 2022, the Series, along with the other Participants, entered into an amendment to the Agreement for a $355,000,000 revolving line of credit to be used as described above. It operates in substantially the same manner as the original Agreement. Under the amendment to the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the Agreement expires on October 30, 2023.

The Series had no amounts outstanding as of December 31, 2022, or at any time during the year then ended.

**8. Securities Lending**

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

Cash collateral received by the Series is generally invested in an individual separate account. 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

(continues) 17

**[**Table of Contents**](#dvgis_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Growth and Income Series

**8. Securities Lending (continued)**

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 year ended December 31, 2022, the Series had no securities out on loan.

**9. Credit and Market Risk**

An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

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

The Series invests in growth stocks, which reflect projections of future earnings and revenue. These prices may rise or fall dramatically depending on whether those projections are met. These companies' stock prices may be more volatile, particularly over the short term.

The Series invests in REITs and is subject to the risks associated with that industry. If the Series holds real estate directly or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the year ended December 31, 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

**[**Table of Contents**](#dvgis_toc)**

for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series' 10% limit on investments in illiquid securities. As of December 31, 2022, there were no Rule 144A securities held by the Series.

**10. Contractual Obligations**

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

**11. Subsequent Events**

Management has determined that no material events or transactions occurred subsequent to December 31, 2022, that would require recognition or disclosure in the Series' financial statements.

(continues) 19

**[**Table of Contents**](#dvgis_toc)**

Report of independent

registered public accounting firm

To the Board of Trustees of Delaware VIP<sup>®</sup> Trust and Shareholders of Delaware VIP Growth and Income Series

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Growth and Income Series (one of the series constituting Delaware VIP<sup>®</sup> Trust, referred to hereafter as the "Series") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the four years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the four years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Series as of and for the year ended December 31, 2018 and the financial highlights for the year ended December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 26, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and transfer agents. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 23, 2023

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

**[**Table of Contents**](#dvgis_toc)**

Other Series information (Unaudited)

Delaware VIP<sup>®</sup> Trust — Delaware VIP Growth and Income Series

**Tax Information**

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

For the year ended December 31, 2022, the Series reports distributions paid during the year as follows:

---

| | |
|:---|:---|
| (A) Long-Term Capital Gain Distributions (Tax Basis) | 63.6% |
| (B) Ordinary Income Distributions (Tax Basis) | 36.4% |
| Total Distributions (Tax Basis) | 100.0% |
| (C) Qualified Dividends<sup>1</sup> | 73.53% |

---

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

(C) is based on the Series' ordinary income distributions.

<sup>1</sup> Qualified dividends represent dividends which qualify for the corporate dividends received deduction.

**Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 9-11, 2022**

At a meeting held on August 9-11, 2022 (the "Annual Contract Renewal Meeting"), the Board of Trustees (the "Board"), including a majority of Trustees each of whom is not an "interested person" as defined under the Investment Company Act of 1940 (the "Independent Trustees"), approved the renewal of the Delaware VIP Growth and Income Series (the "Fund") Investment Management Agreement with Delaware Management Company ("DMC"); and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited ("MIMGL") and Macquarie Funds Management Hong Kong Limited ("MFMHKL" and together with MIMGL, the "Affiliated Sub-Advisers").

Prior to the Meeting, including at a Board meeting held in May 2022, the Trustees conferred extensively among themselves and with representatives of DMC about these matters. Also, the Board was assisted by the applicable Investment Committee, with each Investment Committee assisting the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Investment Management Agreement and the Sub-Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, DMC was guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2022. In considering and approving the Investment Management Agreement and the Sub-Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with DMC about various topics. In this regard, the Board reviewed reports of DMC at each of its quarterly meetings, which included information about, among other things, Fund performance, investment strategies, and expenses. In addition, the Investment Committees confer with portfolio managers at various times throughout the year. In considering information relating to the approval of the Fund's Investment Management Agreement and the Sub-Advisory Agreements, the Independent Trustees also received information from an independent fund consultant, JDL Consultants, LLC ("JDL").

The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Investment Management Agreement and the Sub-Advisory Agreements for a one-year term. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approval.

**Nature, extent, and quality of services.** The Board received and considered various information regarding the nature, extent, and quality of the advisory services provided to the Fund by DMC under its Investment Management Agreement and the experience of the officers and employees of DMC who provide these services. The Board's review included consideration of DMC's investment process and oversight and research and analysis capabilities, and its ability to attract and retain qualified investment professionals. The Board considered information regarding DMC's programs for risk management, including investment, operational, liquidity, valuation, and compliance risks. The Board

**[**Table of Contents**](#dvgis_toc)**

Other Series information (Unaudited)

Delaware VIP<sup>®</sup> Trust — Delaware VIP Growth and Income Series

**Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 9-11, 2022 (continued)**

received information with respect to the cybersecurity program and business continuity plans of DMC and its affiliates. The Board also considered non-advisory services that DMC and its affiliates provide to the Delaware Funds, including third party oversight, transfer agent, internal audit, valuation, portfolio trading, and legal and compliance. The Board took into account the benefits to shareholders of investing in a Fund that is part of a family of funds managed by an affiliate of Macquarie Group Ltd. ("Macquarie"), the parent company of DMC, and the resources available to DMC as part of Macquarie's global asset management business.

The Board received and considered various information with respect to the services provided by the Affiliated Sub-Advisers under the Sub-Advisory Agreements and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services, including the Fund's portfolio managers. The Board considered the division of responsibilities between DMC and the Affiliated Sub-Advisers and the oversight provided by DMC. The Board considered the expertise of the Affiliated Sub-Advisers with respect to certain asset classes and/or investment styles. The Affiliated Sub-Advisers are part of Macquarie's global investment platform that has offices and personnel that are located around the world. As a result, the Board noted that DMC had stated that the Affiliated Sub-Advisers can provide research, investment and trading analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades, as applicable. The Board took into account that the Sub-Advisory Agreements may benefit the Fund and its shareholders by permitting DMC to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund.

The Board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Fund by DMC and the Affiliated Sub-Advisers.

**Investment performance.** The Board received and considered information with respect to the investment performance of the Fund, including performance reports and discussions with portfolio managers at meetings of the Board's Investment Committees throughout the year as well as reports provided by Broadridge Financial Solutions, an independent investment company data provider ("Broadridge"), furnished for the Annual Contract Renewal Meeting. The Broadridge reports prepared for the Fund showed its investment performance in comparison to a group of similar funds (the "Performance Universe"). The Board received a description of the methodology used by Broadridge to select the funds in the Performance Universe. Comparative annualized performance for the Fund was shown for the past 1-, 3-, 5-, and 10-year or since inception periods, as applicable, ended December 31, 2021.

The Performance Universe for the Fund consisted of the Fund and all equity income funds underlying variable insurance products, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1-, 3-, 5-, and 10-year periods was in the third quartile of its Performance Universe. The Fund was below the median for the 1-, 3-, 5-, and 10-year periods compared to its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3-, 5-, and 10-year periods. The Board, however, noted that the investment performance of the current portfolio management team only began as of January 2021. The Board noted the explanations from DMC and the Affiliated Sub-Advisers concerning the reasons for the Fund's relative performance versus the Performance Universe and its benchmark for the various periods.

**Comparative expenses.** The Board received and considered expense data for the Fund. Management provided the Board with information on pricing levels and fee structures for the Fund as of its most recently completed fiscal year. The Board also considered on the comparative analysis of contractual management fees and actual total expense ratios of the Fund versus contractual management fees and actual total expense ratios of a group of similar funds as selected by Broadridge (the "Expense Group"). In reviewing comparative costs, the Fund's contractual management fee and the actual management fee incurred by the Fund were compared with the contractual management fees (assuming all funds were similar in size to the Fund) and actual management fees, taking into account any applicable breakpoints and fee waivers, with the Fund's expense universe, which is comprised of the Fund, its Expense Group and all other similar funds underlying variable insurance products with similar 12b-1/non-12b-1 structures, excluding outliers (the "Expense Universe"). The Fund's total expenses were also compared with those of its Expense Universe.

The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above the Expense Group average.

**[**Table of Contents**](#dvgis_toc)**

The Board also received and considered information about the nature and extent of services offered and fee rates charged by DMC to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing registered investment companies compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients, unregistered funds and separately managed accounts.

The Board noted that DMC, and not the Fund, pays the sub-advisory fees to the Affiliated Sub-Advisers and, accordingly, that the retention of the Affiliated Sub-Advisers does not increase the fees and expenses incurred by the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to DMC under the Investment Management Agreement and to the Affiliated Sub-Advisers under the Sub-Advisory Agreements was reasonable.

**Economies of scale.** The Board received and considered information about the potential for DMC to realize economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual Fund level, and the extent to which potential scale benefits are shared with shareholders, including the extent to which any economies of scale are reflected in the level of management fees charged. DMC discussed its advisory fee pricing and structure for the Delaware Funds complex, including the current. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as DMC's investment in its business, including investments in business infrastructure, technology and cybersecurity.

**Management profitability.** The Board received and considered the Investment Management Profitability Analysis that addressed the overall profitability of DMC's business in providing management and other services to the Fund and the Delaware Funds as a whole, including the methodology used by DMC in allocating costs for the purpose of determining profitability. The Board also reviewed a report prepared by JDL regarding DMC's profitability as compared to certain peer fund complexes and the Independent Trustees discussed DMC's profitability in such context with representatives from JDL. Based on its review, the Board determined that DMC's profitability was not excessive in light of the nature, extent and quality of the services provided to the Fund.

**Ancillary benefits.** The Board received and considered information regarding the extent to which DMC and its affiliates might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as investment manager to the Delaware Funds; the benefits from allocation of fund brokerage to improve trading efficiencies; and the fees that various affiliates received for serving as transfer agent and for overseeing fund accounting and financial administration services to the Delaware Funds. The Board received information from DMC regarding its view of the performance of its affiliates in providing transfer agent and fund accounting and financial administration oversight services and the organizational structure employed to provide these services pursuant to their contracts with the Fund.

Based on its consideration of the factors and information it deemed relevant, including the costs of providing investment management and other services to the Fund and the ongoing commitment of DMC and its affiliates to the Fund, the Board did not find that any ancillary benefits received by DMC and its affiliates were unreasonable.

**Conclusion.** Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including all of the Independent Trustees, approved the continuation of DMC's Investment Management Agreement and of the Affiliated Sub-Advisers' Sub-Advisory Agreements for an additional one-year period.

**[**Table of Contents**](#dvgis_toc)**

Board of trustees / directors and officers addendum

Delaware Funds by Macquarie<sup>®</sup>

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length<br> of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
| **Shawn K. Lytle**<sup>2</sup> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1970 | President,<br> Chief Executive Officer,<br> and Trustee | President and<br> Chief Executive Officer<br> since August 2015<br>Trustee since<br> September 2015 | 126 | Macquarie Asset<br> Management<sup>3</sup><br> (2015–Present)<br> - Global Head of<br> Macquarie Asset<br> Management Public<br> Investments<br> (2019–Present)<br> - Head of Americas of<br> Macquarie Group<br> (2017–Present) |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Jerome D. Abernathy**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1959 | Trustee | Since January 2019 | 126 | Stonebrook Capital<br> Management, LLC<br> (financial<br> technology: macro<br> factors and databases)<br> - Managing Member<br> (1993–Present) |  |
| **Ann D. Borowiec**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1958 | Trustee | Since March 2015 | 126 | J.P. Morgan Chase & Co.<br> (1987–2013)<br> - Chief Executive Officer,<br> Private Wealth<br> Management<br> (2011–2013) | Banco Santander<br> International<br> (2016–2019)<br> Santander Bank, N.A.<br> (2016–2019) |
| **Joseph W. Chow**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1953 | Trustee | Since January 2013 | 126 | Private Investor<br> (2011–Present) |  |
| **H. Jeffrey Dobbs**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1955 | Trustee | Since April 2019<sup>4</sup> | 126 | KPMG LLP<br> (2002–2015)<br> - Global Sector<br> Chairman,<br> Industrial Manufacturing<br> (2010–2015) | TechAccel LLC<br> (2015–Present)<br> PatientsVoices, Inc.<br> (2018–Present)<br> Valparaiso University<br> Board<br> (2012–Present)<br> Ivy Funds Complex<br> (2019–2021) |

---

**[**Table of Contents**](#dvgis_toc)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length<br> of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **John A. Fry**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1960 | Trustee | Since January 2001 | 126 | Drexel University<br> - President<br> (2010–Present) | Federal Reserve<br> Bank of Philadelphia<br> (2020–Present)<br> FS Credit Real Estate<br> Income Trust, Inc.<br> (2018–Present)<br> vTv Therapeutics Inc.<br> (2017–Present)<br> Community Health<br> Systems<br> (2004–Present)<br> Drexel Morgan & Co.<br> (2015–2019) |
| **Joseph Harroz, Jr.**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1967 | Trustee | Since November 1998<sup>4</sup> | 126 | University of Oklahoma<br> - President<br> (2020–Present)<br> - Interim President<br> (2019–2020)<br> - Vice President and<br> Dean, College of Law<br> (2010–2019)<br> Brookhaven<br> Investments LLC<br> (commercial enterprises)<br> - Managing Member<br> (2019–Present)<br> St. Clair, LLC<br> (commercial enterprises)<br> - Managing Member<br> (2019–Present) | OU Medicine, Inc.<br> (2020–Present)<br> Big 12 Athletic Conference<br> (2019–Present)<br> Valliance Bank<br> (2007–Present)<br> Ivy Funds Complex<br> (1998–2021) |
| **Sandra A.J. Lawrence**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1957 | Trustee | Since April 2019<sup>4</sup> | 126 | Children's Mercy<br> Hospitals and Clinics<br> (2005–2019)<br> - Chief Administrative<br> Officer<br> (2016–2019) | Brixmor Property<br> Group Inc.<br> (2021–Present)<br> Sera Prognostics Inc.<br> (biotechnology)<br> (2021–Present)<br> Recology<br> (resource recovery)<br> (2021–Present)<br> Evergy, Inc., Kansas City<br> Power & Light Company,<br> KCP&L Greater Missouri<br> Operations Company,<br> Westar Energy, Inc. and<br> Kansas Gas and Electric<br> Company (related utility<br> companies)<br> (2018–Present)<br> National Association of<br> Corporate Directors<br> (2017–Present)<br> Ivy Funds Complex<br> (2019–2021)<br> American Shared Hospital<br> Services (medical device)<br> (2017–2021)<br> Westar Energy (utility)<br> (2004–2018) |

---

**[**Table of Contents**](#dvgis_toc)**

Board of trustees / directors and officers addendum

Delaware Funds by Macquarie<sup>®</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Frances A.**<br> **Sevilla-Sacasa**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1956 | Trustee | Since September 2011 | 126 | Banco Itaú International<br> - Chief Executive Officer<br> (2012–2016) | Florida Chapter of<br> National Association of<br> Corporate Directors<br> (2021–Present)<br> Callon Petroleum<br> Company<br> (2019–Present)<br> Camden Property Trust<br> (2011–Present)<br> New Senior Investment<br> Group Inc. (2021)<br> Carrizo Oil & Gas, Inc.<br> (2018–2019) |
| **Thomas K. Whitford**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1956 | Chair and Trustee | Trustee since January<br> 2013<br>Chair since January<br> 2023 | 126 | PNC Financial<br> Services Group<br> (1983–2013)<br> - Vice Chairman<br> (2009–2013) | HSBC USA Inc.<br> (2014–2022)<br> HSBC North America<br> Holdings Inc.<br> (2013–2022)<br> HSBC Finance<br> Corporation<br> (2013–2018) |
| **Christianna Wood**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1959 | Trustee | Since January 2019 | 126 | Gore Creek<br> Capital, Ltd.<br> - Chief Executive Officer<br> and President<br> (2009–Present) | The Merger Fund<br> (2013–2021),<br> The Merger Fund VL<br> (2013–2021),<br> WCM Alternatives:<br> Event-Driven Fund<br> (2013–2021),<br> and WCM<br> Alternatives:<br> Credit Event Fund<br> (2017–2021)<br> Grange Insurance<br> (2013–Present)<br> H&R Block Corporation<br> (2008–Present) |
| **Janet L. Yeomans**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1948 | Trustee | Since April 1999 | 126 | 3M Company<br> (1995–2012)<br> - Vice President<br> and Treasurer<br> (2006–2012) | Okabena Company<br> (2009–2017) |
| **Officers** | **Officers** | **Officers** | **Officers** | **Officers** | **Officers** |
| **David F. Connor**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1963 | Senior Vice President,<br> General Counsel, and<br> Secretary | Senior Vice President,<br> since May 2013;<br> General Counsel<br> since May 2015;<br> Secretary since<br> October 2005 | 126 | David F. Connor has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. | None<sup>5</sup> |
| **Daniel V. Geatens**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1972 | Senior Vice President<br> and Treasurer | Senior Vice President<br> and Treasurer since<br> October 2007 | 126 | Daniel V. Geatens has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. | None<sup>5</sup> |

---

**[**Table of Contents**](#dvgis_toc)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Richard Salus**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1963 | Senior Vice President<br> and Chief Financial<br> Officer | Senior Vice President<br> and Chief Financial<br> Officer since November<br> 2006 | 126 | Richard Salus has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. |  |

---

<sup>1</sup> "Length of Time Served" refers to the time since the Trustee or officer began serving one or more of the Trusts in the Delaware Funds complex.

<sup>2</sup> Shawn K. Lytle is considered to be an "Interested Trustee" because he is an executive officer of the Series' investment advisor.

<sup>3</sup> Macquarie Asset Management is the marketing name for certain companies comprising the asset management division of Macquarie Group, including the Series' investment advisor, principal underwriter, and transfer agent.

<sup>4</sup> Includes time served on the Board of Ivy Funds prior to the date when Ivy Funds joined the Delaware Funds complex.

<sup>5</sup> David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment manager, principal underwriter, and transfer agent as the Funds. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust, and he is Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc., which has the same investment manager as the Funds.

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

**[**Table of Contents**](#dvgis_toc)**

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' Form 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, is 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.

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.

(2700499) **AR-VIPGI-0223**

![](mim_cover.jpg)

Delaware VIP<sup>®</sup> Trust Delaware VIP Growth Equity Series December 31, 2022

**[**Table of Contents**](#dvges_toc)**

**Table of contents**

---

| | |
|:---|:---|
| **[Portfolio management review](#vipge_001)** | **1** |
| **[Performance summary](#vipge_002)** | **3** |
| **[Disclosure of Series expenses](#vipge_003)** | **5** |
| **[Security type / sector allocations and top 10 equity holdings](#vipge_004)** | **6** |
| **[Schedule of investments](#vipge_005)** | **7** |
| **[**Statement of assets and liabilities**](#vipge_006)** | **8** |
| **[**Statement of operations**](#vipge_007)** | **9** |
| **[**Statements of changes in net assets**](#vipge_008)** | **10** |
| **[**Financial highlights**](#vipge_009)** | **11** |
| **[**Notes to financial statements**](#vipge_010)** | **12** |
| **[**Report of independent registered public accounting firm**](#vipge_011)** | **19** |
| **[**Other Series information**](#vipge_012)** | **20** |
| **[**Board of trustees / directors and officers addendum**](#vipge_013)** | **23** |

---

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 December 31, 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<sup>®</sup> Growth Equity Series only if preceded or accompanied by the Series' current prospectus or the summary prospectus.© 2023 Macquarie Management Holdings, Inc.

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

**[**Table of Contents**](#dvges_toc)**

Portfolio management review

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Growth Equity Series

December 31, 2022 (Unaudited)

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

The portfolio management team for the Series changed effective May 31, 2022.

For the fiscal year ended December 31, 2022, Delaware VIP Growth Equity Series (the "Series") Standard Class shares fell 26.60%. Returns reflect reinvestment of all dividends. By comparison, the Series' benchmark, the Russell 1000<sup>®</sup> Growth Index, fell 29.14% for the same period. **Past performance does not guarantee future results.** For complete, annualized performance of Delaware VIP Growth Equity Series, please see the table on page 3. Please see page 4 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

**Market review**

After solid gains of 38.5% and 27.6%, respectively, for 2020 and 2021, the Russell 1000 Growth Index posted a sizable drawdown of 29.1% for calendar year 2022. To keep things in perspective, this marked the benchmark's first year of a significant loss since the 2008 global financial crisis. Furthermore, over the past 10 years, the index rose a cumulative 274%.

While value styles shined during 2022, there were also moments of clarity wherein investors were drawn back to business quality – profitability, cash flow, and competitive advantage – as a necessary consideration. The market's hunt for the next "thematic" trade, whether that be peak interest rates, lower inflation, or a US Federal Reserve policy pivot, was not a sustainable and repeatable investment strategy. It is not surprising that in a period when the relative growth of many "hyper-growth" companies disappointed, investors returned to a theme with lasting power – business quality. The gains realized during 2020 and early 2021 in many low-quality, hyper-growth companies were based on unsustainable growth-rate expectations, which led to disappointment during 2022.

There were some key events that occurred in 2022 that will shape the outlook for the coming year. Particularly notable was the aggressive increase of interest rates. The Fed raised rates 4.25%, starting at near zero in March 2022 and ending the year at 4.375%. Additionally, starting in June 2022, the Fed initiated quantitative tightening by reducing its balance sheet by $80 to $90 billion per month. The inversion of the yield curve provided support for those arguing a recession is on the horizon.

This aggressive policy response was necessary as inflation hit a four-decade high. While a portion of the sharp move higher in inflation was attributable to unique circumstances associated with the pandemic, such as supply disruptions and continued China COVID-19 lockdowns, the services component continued to remain elevated. Exiting the year, the Fed made it clear that it wants to address the "stable prices" portion of its dual mandate and that it, too, believes some amount of economic pain is required to get there.

Labor markets remained strong throughout the year. The unemployment rate remained at a 50-year low despite the Fed's tightening and clear signals of economic slowing. One of these signals was the move lower in manufacturing data with headline data hovering around contraction territory. Housing data weakened as activity was directly affected by the higher rates, which more than doubled from their lows, cratering affordability. The ripple effects from a slowdown in housing can easily turn into waves given its importance to the overall economy.

**Within the Series**

Our strategy is anchored by our beliefs (supported by empirical evidence) that business quality is more persistent than growth, the market structurally undervalues quality businesses, and wide-moat (dominant) growth companies with attractive risk-reward profiles are the soundest vehicles for long-term compounding of wealth. As such, the Series continues to feature what we consider to be high-quality, wide-moat companies supported by secular growth tailwinds and reasonable valuations.

From a sector perspective, stock selection in financials, materials, and consumer discretionary contributed. Overweight positions to the industrials, financials, and consumer discretionary sectors also added to relative outperformance. Detractors included the consumer staples (both selection and allocation), energy (allocation), and industrials (selection) sectors.

The financials sector was the largest contributor to performance. While the Series overweight position to a relatively strong sector partly drove this, stock selection also significantly contributed. Leading positions were in **American Express Co.**, **W. R. Berkley Corp.**, **Ameriprise Financial Inc.**, and **Intercontinental Exchange Inc.**

**[**Table of Contents**](#dvges_toc)**

Portfolio management review

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Growth Equity Series

The consumer discretionary sector also drove positive performance from both allocation and selection. The sector was under pressure during the year, and the Series' underweight exposure helped. Regarding selection, lack of exposure to Tesla Inc. accounted for most of the Series' consumer discretionary sector's contribution. We remain convinced the auto industry will become more competitive over time, and Tesla is overpriced relative to its realizable future earnings. Other contributors, of lesser magnitude, included **AutoZone Inc.**, **LVMH Moet Hennessy Louis Vuitton SE Unsponsored ADR**, and **Ferrari NV**.

The Series' position in **Westlake Corp.** drove strong outperformance within the materials sector. Within the consumer discretionary sector, the lack of exposure to Netflix, Inc**.** was positive for performance. Other notable overweight positions in the Series that added to performance included **Motorola Solutions Inc.**, **VeriSign Inc.,** and **CoStar Group Inc.** Each of these names provide critical components or services to their customers that help their businesses to perform well in periods of economic weakness.

Energy detracted during the measurement period as the Series lacked exposure here. Rising commodity prices related to unfortunate geopolitical events drove energy stock results. Since we are not macro or commodity investors, we will not chase performance in companies that do not meet our business model hurdles. Thus, we remain comfortable with the Series' lack of exposure to what we view as transitory trends.

The weakness in the consumer staples sector was driven both by selection and allocation. This sector was seen as a play of safety and stability, which helped it outperform during the market drawdown. The Series' underweight allocation to what was a relatively strong sector hurt performance the most.

The industrials sector was mixed, with a strong contribution from the Series' overweight exposure to a strong sector. However, poor stock selection within industrials offset that gain.

We are full of optimism that the current environment, while volatile, is extremely ripe for active stock picking to generate significant value. It is unlikely that we will return to a zero-rate environment and with that regime change comes a different set of standards. Higher valuation levels and access to capital will have to be earned through consistent growth, strong cash generation, strong profitability, and disciplined capital management. The days of free money and an "everyone wins" mentality is likely behind us.

We believe this regime change will highlight the importance of high-quality stock selection and the minimization, through a disciplined process, of behavioral mistakes. The likelihood of false positives, or mistakes, has already dramatically increased in the post-pandemic reopening euphoria, and we believe this will likely continue to increase over the coming years. The tendency to favor growth as a way to validate quality will be exposed as a poor investment strategy resulting in a high degree of what we call "growth flame-outs" that can be associated with material disappointment.

Inflationary pressures are cooling, but they may prove to be more resilient. This is important because the persistence of inflation could keep the Fed involved longer, which has negative ramifications on economic activity both for 2023 and likely for 2024. Risk assets (cyclicals and high growth) will periodically react positively to the concept of a "Fed pivot" wherein the central bank would slow or pause its rate hikes, thereby creating a bullish narrative. We believe these "risk-on" events will be difficult to sustain until expectations are reset materially lower and overly optimistic outlooks are extinguished.

Investors should favor these high-quality stocks through cycles, and especially in periods of downside volatility, as we believe quality-first investing is a superior long-term strategy for durable compounding. If downside volatility does not surface, we believe our portfolio of high-quality growth stocks will likewise shine as their "growthy" attributes will prove to be more sustainable, remain underappreciated and allow for strong upside participation.

Our conviction is high as we believe business quality is more persistent than growth, and through-the-cycle outperformance can be achieved through a disciplined stock selection process that prioritizes high-quality business models first and growth second.

**[**Table of Contents**](#dvges_toc)**

Performance summary (Unaudited)

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Growth Equity Series

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Series and benchmark performance** | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* |
|  | 1 year | 3 year | 5 year | 10 year |
| Standard Class shares (commenced operations on November 8, 1999) | -26.60% | +9.79% | +9.63% | +13.06% |
| Russell 1000 Growth Index | -29.14% | +7.79% | +10.96% | +14.10% |

---

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

As described in the Series' most recent prospectus, the net expense ratio for Standard Class shares of the Series was 0.75%, while total operating expenses for Standard Class shares were 0.75%. The management fee for Standard Class shares was 0.65%. The expense ratios may differ from the expense ratios in the "Financial highlights" since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in "Notes to financial statements" for additional details. Please see the "Financial highlights" section in this report for the most recent expense ratios.

The Series adopted the performance of the First Investors Life Series Growth Equity Fund (Predecessor Series) as the result of a reorganization of the Predecessor Series into the Series, which was consummated after the close of business on October 4, 2019 (Reorganization). The Series had not yet commenced operations prior to the Reorganization. The returns shown for periods ending on or prior to October 4, 2019 reflect the performance and expenses of the Predecessor Series. The returns shown for periods after October 4, 2019 reflect the performance and expenses of the Series.

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

Expense limitations were in effect for Standard Class shares during some or all of the periods shown in the "Series and benchmark performance" table above and in the "Performance of a $10,000 Investment" graph on the next page. Performance would have been lower had expense limitations not been in effect.

Performance data do not include any fees or sales charges imposed by variable insurance contracts. This fund doesn't have any deferred sales charges. Performance shown here would have been reduced if such fees were included. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies. Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

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

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

**[**Table of Contents**](#dvges_toc)**

Performance summary (Unaudited)

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Growth Equity Series

**Performance of a $10,000 investment**

*For the period December 31, 2012 through December 31, 2022*

![](mim_vipge-ncsrx6x1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | | **Starting value** | **Ending value** |
| ![](mim_vipge-ncsrx6x2.jpg) | Russell 1000 Growth Index | $10000 | $37397 |
| ![](mim_vipge-ncsrx6x3.jpg) | Delaware VIP Growth Equity Series — Standard Class shares | $10000 | $34129 |

---

The graph shows a $10,000 investment in Delaware VIP Growth Equity Series Standard Class shares for the period from December 31, 2012 through December 31, 2022.

The graph also shows $10,000 invested in the Russell 1000 Growth Index for the period from December 31, 2012 through December 31, 2022.

The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the US equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

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

**Past performance does not guarantee future results.**

**[**Table of Contents**](#dvges_toc)**

Disclosure of Series expenses

For the six-month period from July 1, 2022 to December 31, 2022 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2022 to December 31, 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**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning <br>Account<br>Value <br>7/1/22** | **Ending <br>Account <br>Value <br>12/31/22** | **Annualized<br>Expense <br>Ratio** | **Expenses<br>Paid <br>During <br>Period <br>7/1/22 to <br>12/31/22\*** |
| **Actual Series return<sup>†</sup>** |  |  |  |  |
| Standard Class | $1000.00 | $1005.80 | 0.80% | $4.04 |
| **Hypothetical 5% return** (5% return before expenses) |  |  |  |  |
| Standard Class | $1000.00 | $1021.17 | 0.80% | $4.08 |

---

---

| | |
|:---|:---|
| \* | "Expenses Paid During Period" are equal to the Series' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
| <sup>†</sup> | 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**](#dvges_toc)**

Security type / sector allocations and top 10 equity holdings

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Growth Equity Series

As of December 31, 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, which may result in the sector designations for one fund being different from another fund's sector designations.

---

| | |
|:---|:---|
| Security type / sector | **Percentage<br> of net assets** |
| **Common Stocks** | **99.89%** |
| Communication Services | 9.08% |
| Consumer Discretionary | 13.45% |
| Consumer Staples | 3.63% |
| Financials | 5.19% |
| Healthcare | 10.65% |
| Industrials | 10.56% |
| Information Technology\* | 47.33% |
| **Short-Term Investments** | **0.22%** |
| **Total Value of Securities** | **100.11%** |
| **Liabilities Net of Receivables and Other Assets** | **(0.11)%** |
| **Total Net Assets** | **100.00%** |

---

\* 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 December 31, 2022, such amounts, as a percentage of total net assets, were 1.03%, 5.59%, 6.04%, 4.83%, 3.31%, 21.72%, and 4.81%, 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%.

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

---

| | |
|:---|:---|
| Top 10 equity holdings | **Percentage<br> of net assets** |
| Microsoft | 12.41% |
| Apple | 5.59% |
| Alphabet Class A | 5.08% |
| Visa Class A | 4.88% |
| VeriSign | 4.83% |
| Motorola Solutions | 4.81% |
| Amazon.com | 4.44% |
| CoStar Group | 4.38% |
| UnitedHealth Group | 4.38% |
| Coca-Cola | 3.62% |

---

**[**Table of Contents**](#dvges_toc)**

Schedule of investments

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Growth Equity Series

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of**<br>**shares** | **Value**<br>**(US $)** |
| <br>**Common Stocks — 99.89% ⧫** |  |  |
| Communication Services — 9.08% |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet Class A † | 51679 | $4559638 |
| &nbsp;&nbsp;&nbsp;Alphabet Class C † | 8001 | 709929 |
| &nbsp;&nbsp;&nbsp;Electronic Arts | 23574 | 2880271 |
|  |  | 8149838 |
| Consumer Discretionary — 13.45% |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com † | 47403 | 3981852 |
| &nbsp;&nbsp;&nbsp;Booking Holdings † | 682 | 1374421 |
| &nbsp;&nbsp;&nbsp;Ferrari | 10054 | 2153768 |
| &nbsp;&nbsp;&nbsp;Home Depot | 3898 | 1231222 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton ADR | 11127 | 1611968 |
| &nbsp;&nbsp;&nbsp;NIKE Class B | 14674 | 1717005 |
|  |  | 12070236 |
| Consumer Staples — 3.63% |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 51162 | 3254415 |
|  |  | 3254415 |
| Financials — 5.19% |  |  |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange | 21720 | 2228255 |
| &nbsp;&nbsp;&nbsp;S&P Global | 7242 | 2425635 |
|  |  | 4653890 |
| Healthcare — 10.65% |  |  |
| &nbsp;&nbsp;&nbsp;Cooper | 5696 | 1883496 |
| &nbsp;&nbsp;&nbsp;Danaher | 4974 | 1320199 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical † | 5186 | 1376105 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group | 7410 | 3928634 |
| &nbsp;&nbsp;&nbsp;Veeva Systems Class A † | 1407 | 227062 |
| &nbsp;&nbsp;&nbsp;Zoetis | 5607 | 821706 |
|  |  | 9557202 |
| Industrials — 10.56% |  |  |
| &nbsp;&nbsp;&nbsp;CoStar Group † | 50903 | 3933784 |
| &nbsp;&nbsp;&nbsp;Equifax | 2279 | 442947 |
| &nbsp;&nbsp;&nbsp;J.B. Hunt Transport Services | 10269 | 1790503 |
| &nbsp;&nbsp;&nbsp;TransUnion | 28839 | 1636613 |
| &nbsp;&nbsp;&nbsp;Union Pacific | 3631 | 751871 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics | 5226 | 921971 |
|  |  | 9477689 |
| Information Technology — 47.33% |  |  |
| &nbsp;&nbsp;&nbsp;Adobe † | 5976 | 2011103 |
| &nbsp;&nbsp;&nbsp;Apple | 38600 | 5015298 |
| &nbsp;&nbsp;&nbsp;Autodesk † | 6029 | 1126639 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions | 12856 | 1724375 |
| &nbsp;&nbsp;&nbsp;Intuit | 5936 | 2310410 |
| &nbsp;&nbsp;&nbsp;Mastercard Class A | 2989 | 1039365 |
| &nbsp;&nbsp;&nbsp;Microsoft | 46436 | 11136281 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions | 16744 | 4315096 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 20342 | 2972780 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings † | 13010 | 926572 |
| &nbsp;&nbsp;&nbsp;Salesforce † | 8908 | 1181112 |
| &nbsp;&nbsp;&nbsp;VeriSign † | 21083 | 4331292 |
| &nbsp;&nbsp;&nbsp;Visa Class A | 21081 | 4379789 |
|  |  | 42470112 |
| **Total Common Stocks**<br> (cost $88,741,827) |  | **89633382** |
| **Short-Term Investments — 0.22%** |  |  |
| **Money Market Mutual Funds — 0.22%** |  |  |
| &nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund –<br> Institutional Shares (seven-day effective yield 4.03%) | 49138 | 49138 |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio –<br> Class I (seven-day effective yield 4.06%) | 49138 | 49138 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund –<br> Institutional Shares (seven-day effective yield 4.23%) | 49138 | 49138 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio –<br> Institutional Class (seven-day effective yield 4.11%) | 49139 | 49139 |
| **Total Short-Term Investments**<br> (cost $196,553) |  | **196553** |
| **Total Value of Securities — 100.11%**<br> (cost $88,938,380) |  | $**89829935** |

---

<sup>⧫</sup> Narrow industries are utilized for compliance purposes for concentration whereas broad sectors are used for financial reporting. <br> <sup>†</sup> 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.

**[**Table of Contents**](#dvges_toc)**

Statement of assets and liabilities

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Growth Equity Series

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets:** | **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | &nbsp;&nbsp;&nbsp;Investments, at value\* | $89829935 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | &nbsp;&nbsp;&nbsp;Dividends receivable | 26649 |
| &nbsp;&nbsp;&nbsp;Receivable for series shares sold | &nbsp;&nbsp;&nbsp;Receivable for series shares sold | 8360 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | 1174 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;Prepaid expenses | 26 |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;Other assets | 901 |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;Total Assets | 89867045 |
| **Liabilities:** | **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Due to custodian | &nbsp;&nbsp;&nbsp;Due to custodian | 534 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;Other accrued expenses | 67470 |
| &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | 48358 |
| &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | 8970 |
| &nbsp;&nbsp;&nbsp;Administration expenses payable to affiliates | &nbsp;&nbsp;&nbsp;Administration expenses payable to affiliates | 7008 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;Total Liabilities | 132340 |
| **Total Net Assets** | **Total Net Assets** | $89734705 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;&nbsp;Paid-in capital | $62943288 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | 26791417 |
| **Total Net Assets** | **Total Net Assets** | $89734705 |
| **Net Asset Value** | **Net Asset Value** |  |
| **Standard Class:** | **Standard Class:** |  |
| Net assets | Net assets | $89734705 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | Shares of beneficial interest outstanding, unlimited authorization, no par | 5717465 |
| Net asset value per share | Net asset value per share | $15.69 |
| \* | Investments, at cost | $88938380 |

---

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

**[**Table of Contents**](#dvges_toc)**

Statement of operations

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Growth Equity Series

Year ended December 31, 2022

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $907676 |
| &nbsp;&nbsp;&nbsp;Foreign tax withheld | (1761) |
|  | 905915 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Management fees | 662405 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | 54146 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | 30356 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing and transfer agent fees and expenses | 25147 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | 16568 |
| &nbsp;&nbsp;&nbsp;Legal fees | 16145 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 5084 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 3818 |
| &nbsp;&nbsp;&nbsp;Registration fees | 4 |
| &nbsp;&nbsp;&nbsp;Other | 4256 |
|  | 817929 |
| &nbsp;&nbsp;&nbsp;Less expenses waived | (15562) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 802367 |
| **Net Investment Income (Loss)** | 103548 |
| **Net Realized and Unrealized Gain (Loss):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 25798369 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (60157570) |
| **Net Realized and Unrealized Gain (Loss)** | (34359201) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(34255653) |

---

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

**[**Table of Contents**](#dvges_toc)**

Statements of changes in net assets

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Growth Equity Series

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $103548 | $(39535) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 25798369 | 20236259 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (60157570) | 19836439 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (34255653) | 40033163 |
| **Dividends and Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | (20195621) | (5241382) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | 3379444 | 3102696 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | 20195621 | 5241382 |
|  | 23575065 | 8344078 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | (11249076) | (17600858) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | 12325989 | (9256780) |
| **Net Increase (Decrease) in Net Assets** | (42125285) | 25535001 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 131859990 | 106324989 |
| &nbsp;&nbsp;&nbsp;End of year | $89734705 | $131859990 |

---

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

**[**Table of Contents**](#dvges_toc)**

Financial highlights

Delaware VIP<sup>®</sup> Growth Equity Series Standard Class

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| | **12/31/22** | **12/31/21** | **12/31/20** | **12/31/19<sup>1</sup>** | **12/31/18** |
| **Net asset value, beginning of period** | $26.34 | $19.79 | $16.53 | $14.14 | $15.87 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | 0.02 | (0.01) | 0.01 | 0.07 | 0.05 |
| Net realized and unrealized gain (loss) | (6.55) | 7.56 | 4.39 | 3.28 | (0.57) |
| Total from investment operations | (6.53) | 7.55 | 4.40 | 3.35 | (0.52) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income |  | (0.01) | (0.07) | (0.05) | (0.06) |
| Net realized gain | (4.12) | (0.99) | (1.07) | (0.91) | (1.15) |
| Total dividends and distributions | (4.12) | (1.00) | (1.14) | (0.96) | (1.21) |
| **Net asset value, end of period** | $15.69 | $26.34 | $19.79 | $16.53 | $14.14 |
| **Total return<sup>3</sup>** | (26.60)%<sup>4</sup> | 39.23% | 29.50%<sup>4</sup> | 24.35%<sup>4</sup> | (3.79)% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $89735 | $131860 | $106325 | $91962 | $73629 |
| Ratio of expenses to average net assets | 0.79% | 0.75% | 0.80% | 0.82% | 0.81% |
| Ratio of expenses to average net assets prior to fees waived | 0.80% | 0.75% | 0.83% | 0.84% | 0.81% |
| Ratio of net investment income (loss) to average net assets | 0.10% | (0.03)% | 0.04% | 0.43% | 0.34% |
| Ratio of net investment income (loss) to average net assets prior to fees waived | 0.09% | (0.03)% | 0.01% | 0.41% | 0.34% |
| Portfolio turnover | 105% | 31% | 37% | 45% | 31% |

---

<sup>1</sup> On October 4, 2019, the First Investors Life Series Select Growth Fund shares were reorganized into Standard Class shares of the Series. 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.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> 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.

<sup>4</sup> Total return during the period reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

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

**[**Table of Contents**](#dvges_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Growth Equity Series

December 31, 2022

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.

**1. Significant Accounting Policies**

The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.

**Security Valuation** — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and 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, other than ETFs, 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 by the Series' valuation designee, Delaware Management Company (DMC). Subject to the oversight of the Series' Board of Trustees (Board), DMC, as valuation designee, has adopted policies and procedures to fair value securities for which market quotations are not readily available consistent with the requirements of Rule 2a-5 under the 1940 Act. 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 and private placements are valued at fair value.

**Federal Income Taxes** — No provision for federal income taxes has been made as the Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Series evaluates tax positions taken or expected to be taken in the course of preparing the Series' tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Series' tax positions taken or expected to be taken on the Series' federal income tax returns through the year ended December 31, 2022, and for all open tax years (years ended December 31, 2019–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 year ended December 31, 2022, the Series did not incur any interest or tax penalties.

**Use of Estimates** — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

**Other** — Expenses directly attributable to the Series are charged directly to the Series. Other expenses common to various funds within the Delaware Funds by Macquarie<sup>®</sup> (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. 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.

**[**Table of Contents**](#dvges_toc)**

The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the "Statement of operations" under "Dividend disbursing and transfer agent fees and expenses" with the corresponding expenses offset included under "Less expenses paid indirectly." For the year ended December 31, 2022, the Series earned less than $1 under this arrangement.

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

In accordance with the terms of its investment management agreement, the Series pays 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 December 31, 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) furnished investment sub-advisory services to the Series. For these services, DMC, not the Series, paid Smith a fee, which was based on 0.20% of the aggregate average daily net assets of the Series and Delaware Growth Equity Fund.

Macquarie Investment Management Global Limited (MIMGL), an affiliate of DMC, serves as the Series' sub-advisor and manages the Series' assets. In addition, Macquarie Funds Management Hong Kong Limited (MFMHKL, and together with MIMGL, the "Affiliated Sub-Advisors"), an affiliate of the Manager, may execute security trades for the Series. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Series, may pay each Affiliated Sub-Advisor a portion of its investment management fee.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Series. For these services, DIFSC's fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; 0.0025% of the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the "Statement of operations" under "Accounting and administration expenses." For the year ended December 31, 2022, the Series paid $8,486 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC's fees are calculated daily and paid monthly, at the annual rate of 0.0075% of the Series' average daily net assets. This amount is included on the "Statement of operations" under "Dividend disbursing and transfer agent fees and expenses." For the year ended December 31, 2022, the Series paid $7,868 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 year ended December 31, 2022, the Series paid $13,490 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 Delaware Distributors, L.P. are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.

(continues) 13

**[**Table of Contents**](#dvges_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Growth Equity Series

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

In addition to the management fees and other expenses of the Series, the Series indirectly bears the investment management fees and other expenses of any Underlying Funds including ETFs 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 year ended December 31, 2022, the Series made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | $107354215 |
| Sales | 113850207 |

---

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation), which may not necessarily be the final tax cost basis adjustments but which approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2022, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:

---

| | |
|:---|:---|
| Cost of investments | $89064287 |
| Aggregate unrealized appreciation of investments | $5719315 |
| Aggregate unrealized depreciation of investments | (4953667) |
| Net unrealized appreciation of investments | $765648 |

---

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) |

---

**[**Table of Contents**](#dvges_toc)**

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

The following table summarizes the valuation of the Series' investments by fair value hierarchy levels as of December 31, 2022:

---

| | |
|:---|:---|
|  | Level 1 |
| <u>Securities</u> |  |
| <u>Assets</u>: |  |
| Common Stocks | $89633382 |
| Short-Term Investments | 196553 |
| Total Value of Securities | $89829935 |

---

During the year ended December 31, 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 year.

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 year in relation to the Series' net assets. During the year ended December 31, 2022, there were no Level 3 investments.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2022 and 2021 were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| Ordinary income | $897278 | $36986 |
| Long-term capital gains | 19298343 | 5204396 |
| Total | $20195621 | $5241382 |

---

**5. Components of Net Assets on a Tax Basis**

As of December 31, 2022, the components of net assets on a tax basis were as follows:

---

| | |
|:---|:---|
| Shares of beneficial interest | $62943288 |
| Undistributed ordinary income | 101959 |
| Undistributed long-term capital gains | 25923810 |
| Unrealized appreciation of investments | 765648 |
| Net assets | $89734705 |

---

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

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2022, the Series had no reclassifications.

(continues) 15

**[**Table of Contents**](#dvges_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Growth Equity Series

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | 179422 | 142140 |
| Shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | 1139065 | 243559 |
|  | 1318487 | 385699 |
| Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | (607610) | (751455) |
| Net increase (decrease) | 710877 | (365756) |

---

**7. Line of Credit**

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

On October 31, 2022, the Series, along with the other Participants, entered into an amendment to the Agreement for a $355,000,000 revolving line of credit to be used as described above. It operates in substantially the same manner as the original Agreement. Under the amendment to the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the Agreement expires on October 30, 2023.

The Series had no amounts outstanding as of December 31, 2022, or at any time during the year then ended.

**8. Securities Lending**

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

Cash collateral received by the Series is generally invested in an individual separate account. 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

**[**Table of Contents**](#dvges_toc)**

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 year ended December 31, 2022, the Series had no securities out on loan.

**9. Credit and Market Risk**

An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

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

The Series invests in growth stocks, which reflect projections of future earnings and revenue. These prices may rise or fall dramatically depending on whether those projections are met. These companies' stock prices may be more volatile, particularly over the short term.

The Series may invest up to 10% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Series' limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series' 10% limit on investments in illiquid securities. As of December 31, 2022, there were no Rule 144A securities held by the Series.

**10. Contractual Obligations**

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

(continues) 17

**[**Table of Contents**](#dvges_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Growth Equity Series

**11. Subsequent Events**

Management has determined that no material events or transactions occurred subsequent to December 31, 2022, that would require recognition or disclosure in the Series' financial statements.

**[**Table of Contents**](#dvges_toc)**

Report of independent

registered public accounting firm

To the Board of Trustees of Delaware VIP<sup>®</sup> Trust and Shareholders of Delaware VIP Growth Equity Series

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Growth Equity Series (one of the series constituting Delaware VIP<sup>®</sup> Trust, referred to hereafter as the "Series") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the four years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the four years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Series as of and for the year ended December 31, 2018 and the financial highlights for the year ended December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 26, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and transfer agents. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 23, 2023

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

**[**Table of Contents**](#dvges_toc)**

Other Series information (Unaudited)

Delaware VIP<sup>®</sup> Trust — Delaware VIP Growth Equity Series

**Tax Information**

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

For the year ended December 31, 2022, the Series reports distributions paid during the year as follows:

---

| | |
|:---|:---|
| (A) Long-Term Capital Gain Distributions (Tax Basis) | 95.56% |
| (B) Ordinary Income Distributions (Tax Basis) | 4.44% |
| Total Distributions (Tax Basis) | 100.0% |
| (C) Qualified Dividends<sup>1</sup> | 98.19% |

---

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

(C) is based on the Series' ordinary income distributions.

<sup>1</sup> Qualified dividends represent dividends which qualify for the corporate dividends received deduction.

**Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 9-11, 2022**

At a meeting held on August 9-11, 2022 (the "Annual Contract Renewal Meeting"), the Board of Trustees (the "Board"), including a majority of Trustees each of whom is not an "interested person" as defined under the Investment Company Act of 1940 (the "Independent Trustees"), approved the renewal of the Delaware VIP Growth Equity Series (the "Fund") Investment Management Agreement with Delaware Management Company ("DMC"); and the Sub-Advisory Agreement with Macquarie Investment Management Global Limited ("MIMGL") and Macquarie Funds Management Hong Kong Limited ("MFMHKL" and together with MIMGL, the "Affiliated Sub-Advisers").

Prior to the Meeting, including at a Board meeting held in May 2022, the Trustees conferred extensively among themselves and with representatives of DMC about these matters. Also, the Board was assisted by the applicable Investment Committee, with each Investment Committee assisting the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Investment Management Agreement and the Sub-Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, DMC was guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2022. In considering and approving the Investment Management Agreement and the Sub-Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with DMC about various topics. In this regard, the Board reviewed reports of DMC at each of its quarterly meetings, which included information about, among other things, Fund performance, investment strategies, and expenses. In addition, the Investment Committees confer with portfolio managers at various times throughout the year. In considering information relating to the approval of the Fund's Investment Management Agreement and the Sub-Advisory Agreements, the Independent Trustees also received information from an independent fund consultant, JDL Consultants, LLC ("JDL").

The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Investment Management Agreement and the Sub-Advisory Agreements for a one-year term. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approval.

**Nature, extent, and quality of services.** The Board received and considered various information regarding the nature, extent, and quality of the advisory services provided to the Fund by DMC under its Investment Management Agreement and the experience of the officers and employees of DMC who provide these services, including the Fund's portfolio managers. The Board's review included consideration of DMC's investment process and oversight and research and analysis capabilities, and its ability to attract and retain qualified investment professionals. The Board considered information regarding DMC's programs for risk management, including investment, operational, liquidity, valuation, and

**[**Table of Contents**](#dvges_toc)**

compliance risks. The Board received information with respect to the cybersecurity program and business continuity plans of DMC and its affiliates. The Board also considered non-advisory services that DMC and its affiliates provide to the Delaware Funds, including third party oversight, transfer agent, internal audit, valuation, portfolio trading, and legal and compliance. The Board took into account the benefits to shareholders of investing in a Fund that is part of a family of funds managed by an affiliate of Macquarie Group Ltd. ("Macquarie"), the parent company of DMC, and the resources available to DMC as part of Macquarie's global asset management business.

The Board received and considered various information with respect to the services provided by the Affiliated Sub-Advisers under the Sub-Advisory Agreements and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board considered the division of responsibilities between DMC and the Affiliated Sub-Advisers and the oversight provided by DMC. The Board considered the expertise of the Affiliated Sub-Advisers with respect to certain asset classes and/or investment styles. The Affiliated Sub-Advisers are part of Macquarie's global investment platform that has offices and personnel that are located around the world. As a result, the Board noted that DMC had stated that the Affiliated Sub-Advisers can provide research, investment and trading analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades, as applicable. The Board took into account that the Sub-Advisory Agreements may benefit the Fund and its shareholders by permitting DMC to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund.

The Board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Fund by DMC and the Affiliated Sub-Advisers.

**Investment performance.** The Board received and considered information with respect to the investment performance of the Fund, including performance reports and discussions with portfolio managers at meetings of the Board's Investment Committees throughout the year as well as reports provided by Broadridge Financial Solutions, an independent investment company data provider ("Broadridge"), furnished for the Annual Contract Renewal Meeting. The Broadridge reports prepared for the Fund showed its investment performance in comparison to a group of similar funds (the "Performance Universe"). The Board received a description of the methodology used by Broadridge to select the funds in the Performance Universe. Comparative annualized performance for the Fund was shown for the past 1-, 3-, 5-, and 10-year or since inception periods, as applicable, ended December 31, 2021.

The Performance Universe for the Fund consisted of the Fund and all multi-cap growth funds underlying variable insurance products, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1-year period was in the first quartile and for the 3-, 5-, and 10-year periods was in the second quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-, 3-, 5-, and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund outperformed for the 1-year period and underperformed its benchmark index for the 3-, 5-, and 10-year periods. The Board, however, noted that the investment performance of the current portfolio management team only began as of May 2022. The Board noted the explanations from DMC concerning the reasons for the Fund's relative performance versus its benchmark for the various periods.

**Comparative expenses.** The Board received and considered expense data for the Fund. Management provided the Board with information on pricing levels and fee structures for the Fund as of its most recently completed fiscal year. The Board also considered on the comparative analysis of contractual management fees and actual total expense ratios of the Fund versus contractual management fees and actual total expense ratios of a group of similar funds as selected by Broadridge (the "Expense Group"). In reviewing comparative costs, the Fund's contractual management fee and the actual management fee incurred by the Fund were compared with the contractual management fees (assuming all funds were similar in size to the Fund) and actual management fees, taking into account any applicable breakpoints and fee waivers, with the Fund's expense universe, which is comprised of the Fund, its Expense Group and all other similar funds underlying variable insurance products with similar 12b-1/non-12b-1 structures, excluding outliers (the "Expense Universe"). The Fund's total expenses were also compared with those of its Expense Universe.

The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were below its Expense Group average.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by DMC to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly

**[**Table of Contents**](#dvges_toc)**

Other Series information (Unaudited)

Delaware VIP<sup>®</sup> Trust — Delaware VIP Growth Equity Series

**Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 9-11, 2022 (continued)**

greater scope of services, and compliance, reporting and other legal burdens and risks of managing registered investment companies compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients, unregistered funds and separately managed accounts.

The Board noted that DMC, and not the Fund, pays the sub-advisory fees to the Affiliated Sub-Advisers and, accordingly, that the retention of the Affiliated Sub-Advisers does not increase the fees and expenses incurred by the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to DMC under the Investment Management Agreement and to the Affiliated Sub-Advisers under the Sub-Advisory Agreements was reasonable.

**Economies of scale.** The Board received and considered information about the potential for DMC to realize economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual Fund level, and the extent to which potential scale benefits are shared with shareholders, including the extent to which any economies of scale are reflected in the level of management fees charged. DMC discussed its advisory fee pricing and structure for the Delaware Funds complex, including the current breakpoints. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as DMC's investment in its business, including investments in business infrastructure, technology and cybersecurity.

**Management profitability.** The Board received and considered the Investment Management Profitability Analysis that addressed the overall profitability of DMC's business in providing management and other services to the Fund and the Delaware Funds as a whole, including the methodology used by DMC in allocating costs for the purpose of determining profitability. The Board also reviewed a report prepared by JDL regarding DMC's profitability as compared to certain peer fund complexes and the Independent Trustees discussed DMC's profitability in such context with representatives from JDL. Based on its review, the Board determined that DMC's profitability was not excessive in light of the nature, extent and quality of the services provided to the Fund.

**Ancillary benefits.** The Board received and considered information regarding the extent to which DMC and its affiliates might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as investment manager to the Delaware Funds; the benefits from allocation of fund brokerage to improve trading efficiencies; and the fees that various affiliates received for serving as transfer agent and for overseeing fund accounting and financial administration services to the Delaware Funds. The Board received information from DMC regarding its view of the performance of its affiliates in providing transfer agent and fund accounting and financial administration oversight services and the organizational structure employed to provide these services pursuant to their contracts with the Fund.

Based on its consideration of the factors and information it deemed relevant, including the costs of providing investment management and other services to the Fund and the ongoing commitment of DMC and its affiliates to the Fund, the Board did not find that any ancillary benefits received by DMC and its affiliates were unreasonable.

**Conclusion.** Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including all of the Independent Trustees, approved the continuation of DMC's Investment Management Agreement and of the Affiliated Sub-Advisers' Sub-Advisory Agreements for an additional one-year period.

**[**Table of Contents**](#dvges_toc)**

Board of trustees / directors and officers addendum

Delaware Funds by Macquarie<sup>®</sup>

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length<br> of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
| **Shawn K. Lytle**<sup>2</sup> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1970 | President,<br> Chief Executive Officer,<br> and Trustee | President and<br> Chief Executive Officer<br> since August 2015<br>Trustee since<br> September 2015 | 126 | Macquarie Asset<br> Management<sup>3</sup><br> (2015–Present)<br> - Global Head of<br> Macquarie Asset<br> Management Public<br> Investments<br> (2019–Present)<br> - Head of Americas of<br> Macquarie Group<br> (2017–Present) |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Jerome D. Abernathy**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1959 | Trustee | Since January 2019 | 126 | Stonebrook Capital<br> Management, LLC<br> (financial<br> technology: macro<br> factors and databases)<br> - Managing Member<br> (1993–Present) |  |
| **Ann D. Borowiec**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1958 | Trustee | Since March 2015 | 126 | J.P. Morgan Chase & Co.<br> (1987–2013)<br> - Chief Executive Officer,<br> Private Wealth<br> Management<br> (2011–2013) | Banco Santander<br> International<br> (2016–2019)<br> Santander Bank, N.A.<br> (2016–2019) |
| **Joseph W. Chow**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1953 | Trustee | Since January 2013 | 126 | Private Investor<br> (2011–Present) |  |
| **H. Jeffrey Dobbs**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1955 | Trustee | Since April 2019<sup>4</sup> | 126 | KPMG LLP<br> (2002–2015)<br> - Global Sector<br> Chairman,<br> Industrial Manufacturing<br> (2010–2015) | TechAccel LLC<br> (2015–Present)<br> PatientsVoices, Inc.<br> (2018–Present)<br> Valparaiso University<br> Board<br> (2012–Present)<br> Ivy Funds Complex<br> (2019–2021) |

---

**[**Table of Contents**](#dvges_toc)**

Board of trustees / directors and officers addendum

Delaware Funds by Macquarie<sup>®</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length<br> of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **John A. Fry**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1960 | Trustee | Since January 2001 | 126 | Drexel University<br> - President<br> (2010–Present) | Federal Reserve<br> Bank of Philadelphia<br> (2020–Present)<br> FS Credit Real Estate<br> Income Trust, Inc.<br> (2018–Present)<br> vTv Therapeutics Inc.<br> (2017–Present)<br> Community Health<br> Systems<br> (2004–Present)<br> Drexel Morgan & Co.<br> (2015–2019) |
| **Joseph Harroz, Jr.**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1967 | Trustee | Since November 1998<sup>4</sup> | 126 | University of Oklahoma<br> - President<br> (2020–Present)<br> - Interim President<br> (2019–2020)<br> - Vice President and<br> Dean, College of Law<br> (2010–2019)<br> Brookhaven<br> Investments LLC<br> (commercial enterprises)<br> - Managing Member<br> (2019–Present)<br> St. Clair, LLC<br> (commercial enterprises)<br> - Managing Member<br> (2019–Present) | OU Medicine, Inc.<br> (2020–Present)<br> Big 12 Athletic Conference<br> (2019–Present)<br> Valliance Bank<br> (2007–Present)<br> Ivy Funds Complex<br> (1998–2021) |
| **Sandra A.J. Lawrence**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1957 | Trustee | Since April 2019<sup>4</sup> | 126 | Children's Mercy<br> Hospitals and Clinics<br> (2005–2019)<br> - Chief Administrative<br> Officer<br> (2016–2019) | Brixmor Property<br> Group Inc.<br> (2021–Present)<br> Sera Prognostics Inc.<br> (biotechnology)<br> (2021–Present)<br> Recology<br> (resource recovery)<br> (2021–Present)<br> Evergy, Inc., Kansas City<br> Power & Light Company,<br> KCP&L Greater Missouri<br> Operations Company,<br> Westar Energy, Inc. and<br> Kansas Gas and Electric<br> Company (related utility<br> companies)<br> (2018–Present)<br> National Association of<br> Corporate Directors<br> (2017–Present)<br> Ivy Funds Complex<br> (2019–2021)<br> American Shared Hospital<br> Services (medical device)<br> (2017–2021)<br> Westar Energy (utility)<br> (2004–2018) |

---

**[**Table of Contents**](#dvges_toc)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Frances A.**<br> **Sevilla-Sacasa**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1956 | Trustee | Since September 2011 | 126 | Banco Itaú International<br> - Chief Executive Officer<br> (2012–2016) | Florida Chapter of<br> National Association of<br> Corporate Directors<br> (2021–Present)<br> Callon Petroleum<br> Company<br> (2019–Present)<br> Camden Property Trust<br> (2011–Present)<br> New Senior Investment<br> Group Inc. (2021)<br> Carrizo Oil & Gas, Inc.<br> (2018–2019) |
| **Thomas K. Whitford**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1956 | Chair and Trustee | Trustee since January<br> 2013<br>Chair since January<br> 2023 | 126 | PNC Financial<br> Services Group<br> (1983–2013)<br> - Vice Chairman<br> (2009–2013) | HSBC USA Inc.<br> (2014–2022)<br> HSBC North America<br> Holdings Inc.<br> (2013–2022)<br> HSBC Finance<br> Corporation<br> (2013–2018) |
| **Christianna Wood**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1959 | Trustee | Since January 2019 | 126 | Gore Creek<br> Capital, Ltd.<br> - Chief Executive Officer<br> and President<br> (2009–Present) | The Merger Fund<br> (2013–2021),<br> The Merger Fund VL<br> (2013–2021),<br> WCM Alternatives:<br> Event-Driven Fund<br> (2013–2021),<br> and WCM<br> Alternatives:<br> Credit Event Fund<br> (2017–2021)<br> Grange Insurance<br> (2013–Present)<br> H&R Block Corporation<br> (2008–Present) |
| **Janet L. Yeomans**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1948 | Trustee | Since April 1999 | 126 | 3M Company<br> (1995–2012)<br> - Vice President<br> and Treasurer<br> (2006–2012) | Okabena Company<br> (2009–2017) |
| **Officers** | **Officers** | **Officers** | **Officers** | **Officers** | **Officers** |
| **David F. Connor**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1963 | Senior Vice President,<br> General Counsel, and<br> Secretary | Senior Vice President,<br> since May 2013;<br> General Counsel<br> since May 2015;<br> Secretary since<br> October 2005 | 126 | David F. Connor has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. | None<sup>5</sup> |
| **Daniel V. Geatens**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1972 | Senior Vice President<br> and Treasurer | Senior Vice President<br> and Treasurer since<br> October 2007 | 126 | Daniel V. Geatens has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. | None<sup>5</sup> |

---

**[**Table of Contents**](#dvges_toc)**

Board of trustees / directors and officers addendum

Delaware Funds by Macquarie<sup>®</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Richard Salus**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1963 | Senior Vice President<br> and Chief Financial<br> Officer | Senior Vice President<br> and Chief Financial<br> Officer since November<br> 2006 | 126 | Richard Salus has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. |  |

---

<sup>1</sup> "Length of Time Served" refers to the time since the Trustee or officer began serving one or more of the Trusts in the Delaware Funds complex.

<sup>2</sup> Shawn K. Lytle is considered to be an "Interested Trustee" because he is an executive officer of the Series' investment advisor.

<sup>3</sup> Macquarie Asset Management is the marketing name for certain companies comprising the asset management division of Macquarie Group, including the Series' investment advisor, principal underwriter, and transfer agent.

<sup>4</sup> Includes time served on the Board of Ivy Funds prior to the date when Ivy Funds joined the Delaware Funds complex.

<sup>5</sup> David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment manager, principal underwriter, and transfer agent as the Funds. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust, and he is Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc., which has the same investment manager as the Funds.

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

**[**Table of Contents**](#dvges_toc)**

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' Form 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, is 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.

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.

(2700499) **AR-VIPGE-0223**

![](mim_cover.jpg)

Delaware VIP<sup>®</sup> Trust Delaware VIP International Series December 31, 2022

**[**Table of Contents**](#dvis_toc)**

**Table of contents**

---

| | |
|:---|:---|
| **[Portfolio management review](#vipint_001)** | **1** |
| **[Performance summary](#vipint_002)** | **3** |
| **[Disclosure of Series expenses](#vipint_003)** | **6** |
| **[Security type / country and sector allocations](#vipint_004)** | **7** |
| **[Schedule of investments](#vipint_005)** | **8** |
| **[**Statement of assets and liabilities**](#vipint_006)** | **10** |
| **[**Statement of operations**](#vipint_007)** | **11** |
| **[**Statements of changes in net assets**](#vipint_008)** | **12** |
| **[**Financial highlights**](#vipint_009)** | **13** |
| **[**Notes to financial statements**](#vipint_010)** | **15** |
| **[**Report of independent registered public accounting firm**](#vipint_011)** | **24** |
| **[**Other Series information**](#vipint_012)** | **25** |
| **[**Board of trustees / directors and officers addendum**](#vipint_013)** | **29** |

---

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 December 31, 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<sup>®</sup> International Series only if preceded or accompanied by the Series' current prospectus or the summary prospectus.© 2023 Macquarie Management Holdings, Inc.

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

**[**Table of Contents**](#dvis_toc)**

Portfolio management review

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP International Series

December 31, 2022 (Unaudited)

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

For the fiscal year ended December 31, 2022, Delaware VIP International Series (the "Series") Standard Class shares declined 17.34% and Service Class shares declined 17.60%. These figures reflect all distributions reinvested. For the same period, the Series' benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index, declined 14.45% (net) and 14.01% (gross). **Past performance does not guarantee future results.** For complete, annualized performance of Delaware VIP International Series, please see the table on page 3. Please see page 4 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

**Market review**

Central bank rhetoric started to change in late 2021. Nervousness then spread across markets as inflation, liquidity crunches, and higher interest rates, combined with geopolitical tensions and Russia's invasion of Ukraine in February 2022, raised investor concerns. Several times during 2022, however, investors breathed a sigh of relief when there appeared to be sufficient consensus expectation that the worst is over, and that the US central bank would mutate from a hawk to a dove and would soon lower interest rates again.

The strongly rising inflation rate has resulted in large interest rate increases, particularly in the US, but also in Europe, with both beginning at a historically low level. Although the high inflation level means that higher returns on interest-bearing receivables are mostly counterbalanced by price increases, today these investments offer an alternative to buying shares, especially for those who believe that inflation is a passing phenomenon. At the same time, interest rate increases (nominal) mean that price-to-earnings (P/E) multiples in the stock market have fallen. Until the end of 2021, there was a strong belief that interest rates would remain low, and this was reflected in the pricing of certain parts of the stock market, bringing back memories of the bursting of the tech bubble in 2000. But gravity always strikes, and 2022 brought about a solid wake-up call for global investors.

**Within the Series**

The portfolio management team invests with the mindset of long-term business owners. Our research is focused on how well we think a company can deploy its capital and redeploy retained earnings. Therefore, the Series' portfolio is built bottom-up (stock by stock) by selecting company stocks based on quantitative insights and qualitative assessments.

We use a multivariate risk model to identify what we view as potential contributors to and detractors from the Series' performance against its benchmark. For the year ended December 31, 2022, active country and region weights had an overall negative impact on performance. The Series' overweight positioning in France had a positive impact underpinned by positive attribution for all five stocks, whereas the opposite was true for the overweight positioning in Germany, with negative attribution from all four German companies. Germany was the single largest detractor from performance for the fiscal year. There were negative selection effects in the UK and Spain. In contrast, Switzerland, Sweden, and Japan showed positive selection effects. The Series' overweight in Denmark and successful stock selection relative to its benchmark were positive.

At the sector level, having no exposure to financials and energy caused the largest drags on performance, with the rest of the Series' sector allocations yielding a positive result. On balance, the Series' stock selection was slightly negative, with the most negative results from stock selection within healthcare and industrials and the most positive results from stock selection within communication services and information technology. Overall, the Series' underperformance was predominantly due to allocation and, to a relatively small extent, stock selection.

Three of the largest individual contributors to active performance were **Novo Nordisk A/S**, **Sodexo SA**, and **Unilever PLC**.

The Danish world-leading diabetes care company Novo Nordisk posted strong performance and raised its guidance three times in 2022, growing both sales and earnings by double-digit rates, including some tailwind effect from a strong US dollar. The company's key franchises, diabetes (GLP-1) and obesity care, have strong growth rates and offer what we view as a very attractive combination of large and expanding addressable markets. Novo Nordisk is a leader in both. Obesity care is a big opportunity: globally, more than 760 million people are obese, but today very few are treated. With highly efficient drugs, obesity is becoming a therapeutic area that could play an important role in preventing other severe health implications related to obesity, such as risk of heart disease, stroke, and high blood pressure.

Sodexo, the French caterer and on-site food service solution provider, has finally regained its lost COVID-19 business. In 2022, annual revenues grew by as much as double-digits organically and profit margins improved, a very positive development. Sodexo has decided to focus

**[**Table of Contents**](#dvis_toc)**

Portfolio management review

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP International Series

on developing its food service to make it more pleasurable for employees to return to the workplace and, in the future, has decided to be more selective and limit itself to activity in no more than 50 countries worldwide. Mid-term targets (fiscal year 2024-2025) were revealed in connection with the Capital Markets Day in November. Organic revenue growth is expected to be around 6% to 8%. Sodexo is targeting a profit margin of more than 6% in fiscal year 2025.

Unilever, the British personal products giant and ice cream producer, has increased prices rapidly, leading to improved full-year growth expectations. Although volume suffered slightly toward the end of 2022, by the end of the third quarter, volume had only gone down 1.6% in that quarter. After a third-quarter acceleration in pricing of 12.5% versus 9.8% in the second quarter, Unilever upgraded its full-year organic sales guidance to more than 8% from its previous guidance that ranged from 4.5% to 6.5%. Regarding the inflationary headwind (net material inflation), Unilever continues to expect a drag of €4.5 billion in 2022. Anticipating further inflation in 2023, Unilever expects price increases to continue, amounting to €2 billion in the first of the year. Unilever reiterated an underlying margin expectation of 16% in 2022 and looks forward to improvements in 2023 and 2024, driven by pricing, cost takeout, and the positive effect from its product mix.

Conversely, three of the largest detractors from performance during the year were **adidas AG**, **Fresenius Medical Care AG & Co. KGaA**, and **Amadeus IT Group SA.**

German worldwide sports apparel company adidas' shares were hurt by a challenging trading environment in China, caused by COVID-19 restrictions and industry-wide supply chain disruptions. In 2022, the company lowered its outlook a few times. China is a major driver behind the company's growth challenges, as China is a profitable market for adidas as well as an important sourcing market. In effect, China's zero-COVID policy has significantly affected adidas and has overshadowed its positive attributes as a company. Despite the current challenges, we are still confident that adidas will remain a very strong brand and has the ability to restore profitability relatively fast. We think the underlying profit margin potential is substantially higher for adidas than the current level, driven by operating leverage, higher direct-to-consumer content, and cost reductions after the sale of Reebok. In our opinion, once adidas reduces inventory at mark-down prices, it can then sustain higher margins.

We believe the world's leading kidney dialysis company Fresenius Medical Care was in a perfect storm together with its competitors. COVID-19 has reduced the patient population, slowed clinic traffic, and increased patient costs. The industry works on a contract basis, and the final payors and prices for dialysis services have yet to be adjusted higher to reflect inflation. In essence, Fresenius Medical Care must absorb these higher costs until prices are renegotiated. In the management ranks there have been quite a few changes and more than we like. There have been different strategic views within the firm's executive ranks. Due to these challenges, the stock price has suffered a lot, and we believe that the valuation is now attractive, provided that increased input costs can be passed on.

Amadeus IT Group is the global leader in ticketing software for the airline industry with a dominant market share. The profits of Amadeus IT Group are driven by the number of tickets sold, not the ticket price, which makes Amadeus a more stable business than its competitors. Global air travel is now recovering after COVID-19. Amadeus IT Group has confirmed an accelerating travel recovery approaching pre-pandemic levels. The US market is already above that level, while Asia Pacific and Europe are still below, but in rapid recovery. With the business model of Amadeus IT Group having minimal additional costs associated with issuing more tickets, we expect to see earnings improve rapidly as travel volumes recover.

The Series used foreign currency exchange contracts to facilitate the purchase and sale of equities traded on international exchanges. The effect of these contracts on performance was immaterial.

**[**Table of Contents**](#dvis_toc)**

Performance summary (Unaudited)

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP International Series

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Series and benchmark performance** | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* |
|  | 1 year | 3 year | 5 year | 10 year | Lifetime |
| Standard Class shares (commenced operations on April 16, 1990) | -17.34% | -1.81% | +0.76% | +4.12% |  |
| Service Class shares (commenced operations on December 14, 2020) | -17.60% |  |  |  | -5.61% |
| MSCI EAFE Index (net) | -14.45% | +0.87% | +1.54% | +4.67% |  |
| MSCI EAFE Index (gross) | -14.01% | +1.34% | +2.03% | +5.16% |  |

---

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

As described in the Series' most recent prospectus, the net expense ratios for Standard Class and Service Class shares of the Series were 0.86% and 1.16%, respectively, while total operating expenses for Standard Class and Service Class shares were 0.96% and 1.26%, respectively. The management fee for Standard Class and Service Class shares was 0.85%, and the annual distribution and service (12b-1) fee for Service Class shares was 0.30% of average daily net assets. The expense ratios may differ from the expense ratios in the "Financial highlights" since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in "Notes to financial statements" for additional details. Please see the "Financial highlights" section in this report for the most recent expense ratios.

The Series adopted the performance of the First Investors Life Series International Fund (Predecessor Series) as the result of a reorganization of the Predecessor Series into the Series, which was consummated after the close of business on October 4, 2019 (Reorganization). The Series had not yet commenced operations prior to the Reorganization. The returns shown for periods ending on or prior to October 4, 2019 reflect the performance and expenses of the Predecessor Series. The returns shown for periods after October 4, 2019 reflect the performance and expenses of the Series.

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

Expense limitations were in effect for both classes during some or all of the periods shown in the "Series and benchmark performance" table above and in the "Performance of a $10,000 investment" graph on the next page. Performance would have been lower had expense limitations not been in effect.

Performance data do not include any fees or sales charges imposed by variable insurance contracts. This fund doesn't have any deferred sales charges. Performance shown here would have been reduced if such fees were included. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

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

**[**Table of Contents**](#dvis_toc)**

Performance summary (Unaudited)

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP International Series

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

"Non-diversified" funds may allocate more of their net assets to investments in single securities than "diversified" funds. Resulting adverse effects may subject these funds to greater risks and volatility.

Liquidity risk is the possibility that securities cannot be readily sold within seven days at approximately the price at which a fund has valued them.

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

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

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

**Performance of a $10,000 investment**

*For the period December 31, 2012 through December 31, 2022*

![](mim_vipint-ncsrx6x1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | | **Starting value** | **Ending value** |
| ![](mim_vipint-ncsrx6x2.jpg) | MSCI EAFE Index (gross) | $10000 | $16543 |
| ![](mim_vipint-ncsrx6x3.jpg) | MSCI EAFE Index (net) | $10000 | $15787 |
| ![](mim_vipint-ncsrx6x4.jpg) | Delaware VIP International Series — Standard Class shares | $10000 | $14969 |

---

The graph shows a $10,000 investment in Delaware VIP International Series Standard Class shares for the period from December 31, 2012 through December 31, 2022.

The graph also shows $10,000 invested in the MSCI EAFE Index for the period from December 31, 2012 through December 31, 2022.

The MSCI EAFE (Europe, Australasia, Far East) Index represents large- and mid-cap stocks across 21 developed markets, excluding the United States and Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country. Index "net" return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate. Index "gross" return approximates the maximum possible dividend reinvestment.

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

**[**Table of Contents**](#dvis_toc)**

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

**Past performance does not guarantee future results**.

**[**Table of Contents**](#dvis_toc)**

Disclosure of Series expenses

For the six-month period from July 1, 2022 to December 31, 2022 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2022 to December 31, 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**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br> Account<br> Value<br> 7/1/22 | Ending<br> Account<br> Value<br> 12/31/22 | Annualized<br> Expense<br> Ratio | Expenses<br> Paid<br> During<br> Period<br> 7/1/22 to<br> 12/31/22\* |
| **Actual Series return<sup>†</sup>** |  |  |  |  |
| Standard Class | $1000.00 | $1026.80 | 0.86% | $4.39 |
| Service Class | 1000.00 | 1024.80 | 1.16% | 5.92 |
| **Hypothetical 5% return (5% return before expenses)** |  |  |  |  |
| Standard Class | $1000.00 | $1020.87 | 0.86% | $4.38 |
| Service Class | 1000.00 | 1019.36 | 1.16% | 5.90 |

---

---

| | |
|:---|:---|
| \* | "Expenses Paid During Period" are equal to the Series' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
| <sup>†</sup> | 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.

**[**Table of Contents**](#dvis_toc)**

Security type / country and sector allocations

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP International Series

As of December 31, 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, which may result in the sector designations for one fund being different from another fund's sector designations.

---

| | |
|:---|:---|
| Security type / country | Percentage<br> of net assets |
| **Common Stocks by Country** | **98.58%** |
| Denmark | 4.18% |
| France | 17.42% |
| Germany | 12.28% |
| Japan | 10.00% |
| Netherlands | 6.20% |
| Spain | 5.29% |
| Sweden | 10.43% |
| Switzerland | 13.47% |
| United Kingdom | 19.31% |
| **Exchange-Traded Funds** | **0.85%** |
| **Short-Term Investments** | **0.96%** |
| **Total Value of Securities** | **100.39%** |
| **Liabilities Net of Receivables and Other Assets** | **(0.39)%** |
| **Total Net Assets** | **100.00%** |

---

---

| | |
|:---|:---|
| Common stock by sector | Percentage<br> of net assets |
| Communication Services | 4.96% |
| Consumer Discretionary | 14.24% |
| Consumer Staples\* | 37.11% |
| Health Care | 15.10% |
| Industrials | 12.03% |
| Information Technology | 9.88% |
| Materials | 5.26% |
| **Total** | **98.58%** |

---

\* 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 December 31, 2022, such amounts, as a percentage of total net assets were 6.88%, 12.89%, and 17.34%, 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%.

**[**Table of Contents**](#dvis_toc)**

Schedule of investments

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP International Series

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value<br> (US $)** |
| **Common Stocks — 98.58%∆** |  |  |
| Denmark — 4.18% |  |  |
| &nbsp;&nbsp;&nbsp;Novo Nordisk Class B | 53380 | $7207698 |
|  |  | 7207698 |
| France — 17.42% |  |  |
| &nbsp;&nbsp;&nbsp;Air Liquide | 64020 | 9073400 |
| &nbsp;&nbsp;&nbsp;Danone | 130010 | 6851300 |
| &nbsp;&nbsp;&nbsp;Orange | 265420 | 2636907 |
| &nbsp;&nbsp;&nbsp;Publicis Groupe | 52320 | 3327873 |
| &nbsp;&nbsp;&nbsp;Sodexo | 84880 | 8130134 |
|  |  | 30019614 |
| Germany — 12.28% |  |  |
| &nbsp;&nbsp;&nbsp;adidas AG | 47160 | 6434490 |
| &nbsp;&nbsp;&nbsp;Fresenius Medical Care AG & Co. | 105320 | 3446455 |
| &nbsp;&nbsp;&nbsp;Knorr-Bremse | 61480 | 3359007 |
| &nbsp;&nbsp;&nbsp;SAP | 76720 | 7916021 |
|  |  | 21155973 |
| Japan — 10.00% |  |  |
| &nbsp;&nbsp;&nbsp;Asahi Group Holdings | 52800 | 1657141 |
| &nbsp;&nbsp;&nbsp;Kao | 156500 | 6266439 |
| &nbsp;&nbsp;&nbsp;KDDI | 85200 | 2585084 |
| &nbsp;&nbsp;&nbsp;Makita | 183800 | 4313502 |
| &nbsp;&nbsp;&nbsp;Seven & i Holdings | 55600 | 2397867 |
|  |  | 17220033 |
| Netherlands — 6.20% |  |  |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize | 372010 | 10688174 |
|  |  | 10688174 |
| Spain — 5.29% |  |  |
| &nbsp;&nbsp;&nbsp;Amadeus IT Group † | 175410 | 9116119 |
|  |  | 9116119 |
| Sweden — 10.43% |  |  |
| &nbsp;&nbsp;&nbsp;Essity Class B | 272000 | 7123974 |
| &nbsp;&nbsp;&nbsp;H & M Hennes & Mauritz Class B | 280980 | 3022295 |
| &nbsp;&nbsp;&nbsp;Securitas Class B | 938000 | 7816929 |
|  |  | 17963198 |
| Switzerland — 13.47% |  |  |
| &nbsp;&nbsp;&nbsp;Nestle | 85640 | 9923181 |
| &nbsp;&nbsp;&nbsp;Roche Holding | 20190 | 6343152 |
| &nbsp;&nbsp;&nbsp;Swatch Group | 24390 | 6937295 |
|  |  | 23203628 |
| United Kingdom — 19.31% |  |  |
| &nbsp;&nbsp;&nbsp;Diageo | 231060 | 10195910 |
| &nbsp;&nbsp;&nbsp;Intertek Group | 107210 | 5228529 |
| &nbsp;&nbsp;&nbsp;Smith & Nephew | 673460 | 9033321 |
| &nbsp;&nbsp;&nbsp;Unilever | 174370 | 8815849 |
|  |  | 33273609 |
| **Total Common Stocks**<br> (cost $190,958,019) |  | **169848046** |
| **Exchange-Traded Funds — 0.85%** |  |  |
| &nbsp;&nbsp;&nbsp;iShares MSCI EAFE ETF | 530 | 34789 |
| &nbsp;&nbsp;&nbsp;iShares Trust iShares ESG Aware MSCI EAFE ETF | 21100 | 1387114 |
| &nbsp;&nbsp;&nbsp;Vanguard FTSE Developed Markets ETF | 1260 | 52883 |
| **Total Exchange-Traded Funds**<br> (cost $1,310,164) |  | **1474786** |
| **Short-Term Investments — 0.96%** |  |  |
| Money Market Mutual Funds — 0.96% |  |  |
| &nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund –<br> Institutional Shares (seven-day effective yield 4.03%) | 411449 | 411449 |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio –<br> Class I (seven-day effective yield 4.06%) | 411449 | 411449 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund –<br> Institutional Shares (seven-day effective yield 4.23%) | 411449 | 411449 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio –<br> Institutional Class (seven-day effective yield 4.11%) | 411450 | 411450 |
| **Total Short-Term Investments**<br> (cost $1,645,797) |  | **1645797** |
| **Total Value of Securities — 100.39%**<br> (cost $193,913,980) |  | $**172968629** |

---

<sup>∆</sup> Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 6 in "Security type / country and sector allocations."

<sup>†</sup> Non-income producing security.

**[**Table of Contents**](#dvis_toc)**

The following foreign currency exchange contracts were outstanding at December 31, 2022:<sup>1</sup>

**Foreign Currency Exchange Contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Currency to<br> Receive (Deliver) | Currency to<br> Receive (Deliver) | In Exchange For | In Exchange For | Settlement<br> Date | Unrealized<br> Depreciation |
| BNYM | EUR | (57194) | USD | 60993 | 1/3/23 | $(247) |

---

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 appreciation (depreciation) is reflected in the Series' net assets.

<sup>1</sup> See Note 8 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

MSCI – Morgan Stanley Capital International

**Summary of currencies:**

EUR – European Monetary Unit

USD – US Dollar

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

**[**Table of Contents**](#dvis_toc)**

Statement of assets and liabilities

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP International Series

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets:** | **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | &nbsp;&nbsp;&nbsp;Investments, at value\* | $172968629 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | 1090426 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | &nbsp;&nbsp;&nbsp;Dividends receivable | 99020 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | &nbsp;&nbsp;&nbsp;Receivable for securities sold | 61224 |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;Other assets | 1479 |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;Total Assets | 174220778 |
| **Liabilities:** | **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Due to custodian | &nbsp;&nbsp;&nbsp;Due to custodian | 1321289 |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | &nbsp;&nbsp;&nbsp;Payable for securities purchased | 233118 |
| &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | 151112 |
| &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | 108317 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;Other accrued expenses | 93537 |
| &nbsp;&nbsp;&nbsp;Administration expenses payable to affiliates | &nbsp;&nbsp;&nbsp;Administration expenses payable to affiliates | 12549 |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;Unrealized depreciation on foreign currency exchange contracts | 247 |
| &nbsp;&nbsp;&nbsp;Distribution fees payable to affiliates | &nbsp;&nbsp;&nbsp;Distribution fees payable to affiliates | 47 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;Total Liabilities | 1920216 |
| **Total Net Assets** | **Total Net Assets** | $172300562 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;&nbsp;Paid-in capital | $192949889 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (20649327) |
| **Total Net Assets** | **Total Net Assets** | $172300562 |
| **Net Asset Value** | **Net Asset Value** |  |
| **Standard Class:** | **Standard Class:** |  |
| Net assets | Net assets | $171243721 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | Shares of beneficial interest outstanding, unlimited authorization, no par | 11463621 |
| Net asset value per share | Net asset value per share | $14.94 |
| **Service Class:** | **Service Class:** |  |
| Net assets | Net assets | $1056841 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | Shares of beneficial interest outstanding, unlimited authorization, no par | 70982 |
| Net asset value per share | Net asset value per share | $14.89 |
| \* | Investments, at cost | $193913980 |

---

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

**[**Table of Contents**](#dvis_toc)**

Statement of operations

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP International Series

Year ended December 31, 2022

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $4804360 |
| &nbsp;&nbsp;&nbsp;Foreign tax withheld | (555999) |
|  | 4248361 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Management fees | 1536525 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Service Class | 2489 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | 68824 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 54852 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | 33051 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing and transfer agent fees and expenses | 19822 |
| &nbsp;&nbsp;&nbsp;Legal fees | 16180 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | 14947 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 5973 |
| &nbsp;&nbsp;&nbsp;Registration fees | 10 |
| &nbsp;&nbsp;&nbsp;Other | 10964 |
|  | 1763637 |
| &nbsp;&nbsp;&nbsp;Less expenses waived | (205817) |
| &nbsp;&nbsp;&nbsp;Less expenses paid indirectly | (1) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 1557819 |
| **Net Investment Income (Loss)** | 2690542 |
| **Net Realized and Unrealized Gain (Loss):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (1557969) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | (130246) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange contracts | (61615) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (1749830) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (38278066) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | (85989) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange contracts | (730) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (38364785) |
| **Net Realized and Unrealized Gain (Loss)** | (40114615) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(37424073) |

---

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

**[**Table of Contents**](#dvis_toc)**

Statements of changes in net assets

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP International Series

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $2690542 | $2859061 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (1749830) | 14958977 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (38364785) | (2848153) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (37424073) | 14969885 |
| **Dividends and Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | (17608545) | (6663940) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | (71038) | (24142) |
|  | (17679583) | (6688082) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | 6118124 | 5463716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | 557689 | 44014 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | 17608545 | 6663940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | 71038 | 24142 |
|  | 24355396 | 12195812 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | (14789745) | (18765233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | (105555) | (121694) |
|  | (14895300) | (18886927) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | 9460096 | (6691115) |
| **Net Increase (Decrease) in Net Assets** | (45643560) | 1590688 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 217944122 | 216353434 |
| &nbsp;&nbsp;&nbsp;End of year | $172300562 | $217944122 |

---

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

**[**Table of Contents**](#dvis_toc)**

Financial highlights

Delaware VIP<sup>®</sup> International Series Standard Class

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| | **12/31/22** | **12/31/21** | **12/31/20** | **12/31/19<sup>1</sup>** | **12/31/18** |
| **Net asset value, beginning of period** | $19.87 | $19.16 | $25.00 | $22.08 | $26.57 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.24 | 0.26 | 0.27 | 0.18 | 0.21 |
| Net realized and unrealized gain (loss) | (3.53) | 1.05 |  | 4.97 | (3.29) |
| Total from investment operations | (3.29) | 1.31 | 0.27 | 5.15 | (3.08) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | (0.25) | (0.19) |  | (0.19) | (0.21) |
| 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) |
| **Net asset value, end of period** | $14.94 | $19.87 | $19.16 | $25.00 | $22.08 |
| **Total return<sup>3</sup>** | (17.34)%<sup>4</sup> | 6.87%<sup>4</sup> | 7.16%<sup>4</sup> | 24.91%<sup>4</sup> | (12.16)% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $171244 | $217194 | $215577 | $166210 | $142248 |
| Ratio of expenses to average net assets<sup>5</sup> | 0.86% | 0.90% | 0.87% | 0.83% | 0.86% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | 0.97% | 1.00% | 1.04% | 0.87% | 0.86% |
| Ratio of net investment income to average net assets | 1.49% | 1.28% | 1.44% | 0.75% | 0.84% |
| Ratio of net investment income to average net assets prior to fees waived | 1.38% | 1.18% | 1.27% | 0.71% | 0.84% |
| Portfolio turnover | 29% | 33% | 16% | 144%<sup>6</sup> | 50% |

---

<sup>1</sup> On October 4, 2019, the First Investors Life Series International Fund shares were reorganized into Standard Class shares of the Series. 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.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> 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.

<sup>4</sup> Total return during the period reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

<sup>6</sup> 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.

**[**Table of Contents**](#dvis_toc)**

Financial highlights

Delaware VIP<sup>®</sup> International Series Service Class

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | |
| | **12/31/22** | **12/31/21** | **12/14/20<sup>1</sup> to**<br>**12/31/20** |
| **Net asset value, beginning of period** | $19.81 | $19.15 | $18.93 |
| **Income (loss) from investment operations:** |  |  |  |
| Net investment income<sup>2</sup> | 0.18 | 0.20 | —<sup>3</sup> |
| Net realized and unrealized gain (loss) | (3.51) | 1.06 | 0.22 |
| Total from investment operations | (3.33) | 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** | $14.89 | $19.81 | $19.15 |
| **Total return<sup>4</sup>** | (17.60)% | 6.59% | 1.16% |
| **Ratios and supplemental data:** |  |  |  |
| Net assets, end of period (000 omitted) | $1057 | $750 | $776 |
| Ratio of expenses to average net assets<sup>5</sup> | 1.16% | 1.20% | 1.16% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | 1.27% | 1.30% | 1.33% |
| Ratio of net investment income to average net assets | 1.19% | 0.98% | 0.27% |
| Ratio of net investment income to average net assets prior to fees waived | 1.08% | 0.88% | 0.10% |
| Portfolio turnover | 29% | 33% | 16%<sup>6</sup> |

---

<sup>1</sup> Date of commencement of operations; ratios have been annualized and total return has not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Amount is less than $0.005 per share.

<sup>4</sup> 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.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

<sup>6</sup> Portfolio turnover is representative of the Series for the entire period.

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

**[**Table of Contents**](#dvis_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP International Series

December 31, 2022

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.

**1. Significant Accounting Policies**

The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.

**Security Valuation** — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and 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, other than ETFs, 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 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. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Series' valuation designee, Delaware Management Company (DMC). Subject to the oversight of the Series' Board of Trustees (Board), DMC, as valuation designee, has adopted policies and procedures to fair value securities for which market quotations are not readily available consistent with the requirements of Rule 2a-5 under the 1940 Act. 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 and private placements are valued at fair value.

**Federal and Foreign Income Taxes** — No provision for federal income taxes has been made as the Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Series evaluates tax positions taken or expected to be taken in the course of preparing the Series' tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Series' tax positions taken or expected to be taken on the Series' federal income tax returns through the year ended December 31, 2022, and for all open tax years (years ended December 31, 2019–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 year ended December 31, 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.

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

**Foreign Currency Transactions** — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the Series' prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current

(continues) 15

**[**Table of Contents**](#dvis_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP International Series

**1. Significant Accounting Policies (continued)**

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

**Derivative Financial Instruments** — The Series may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Series must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Series' successful use of a derivative financial instrument depends on the investment adviser's ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Series can realize on an investment and/or may result in lower distributions paid to shareholders. The Series' investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

**Segregation and Collateralizations** — In certain cases, based on requirements and agreements with certain exchanges and third-party broker-dealers, the Series may deliver or receive collateral in connection with certain investments (e.g., futures contracts, foreign currency exchange contracts, options written, securities with extended settlement periods, and swaps). Certain countries require that cash reserves be held while investing in companies incorporated in that country. These cash reserves and cash collateral that has been pledged/received to cover obligations of the Series under derivative contracts, if any, will be reported separately on the "Statement of assets and liabilities" as cash collateral due to/from broker. Securities collateral pledged for the same purpose, if any, is noted on the "Schedule of investments."

**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<sup>®</sup> (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.

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."

**[**Table of Contents**](#dvis_toc)**

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

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

DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), 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 from January 1, 2022 through December 31, 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.

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.

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; 0.0025% of the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the "Statement of operations" under "Accounting and administration expenses." For the year ended December 31, 2022, the Series paid $12,384 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC's fees are calculated daily and paid monthly, at the annual rate of 0.0075% of the Series' average daily net assets. This amount is included on the "Statement of operations" under "Dividend disbursing and transfer agent fees and expenses." For the year ended December 31, 2022, the Series paid $13,796 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Series. Sub-transfer agency fees are paid by the Series and are also included on the "Statement of operations" under "Dividend disbursing and transfer agent fees and expenses." The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

Pursuant to a distribution agreement and distribution plan, the Series pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.30% of the average daily net assets of the Service Class shares. The fees are calculated daily and paid monthly. Standard Class shares do not pay 12b-1 fees.

As provided in the investment management agreement, the Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Series. For the year ended December 31, 2022, the Series paid $8,216 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 Underlying Funds including ETFs 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.

(continues) 17

**[**Table of Contents**](#dvis_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP International Series

**3. Investments**

For the year ended December 31, 2022, the Series made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | $53393024 |
| Sales | 59036010 |

---

The tax cost of investments and derivatives includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments but which approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2022, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for the Series were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | $195780185 |
| Aggregate unrealized appreciation of investments and derivatives | $3427673 |
| Aggregate unrealized depreciation of investments and derivatives | (26239476) |
| Net unrealized depreciation of investments and derivatives | $(22811803) |

---

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.

**[**Table of Contents**](#dvis_toc)**

The following table summarizes the valuation of the Series' investments by fair value hierarchy levels as of December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Total |
| <u>Securities</u> |  |  |  |
| <u>Assets</u>: |  |  |  |
| Common Stocks | $169848046 | $— | $169848046 |
| Exchange-Traded Funds | 1474786 |  | 1474786 |
| Short-Term Investments | 1645797 |  | 1645797 |
| Total Value of Securities | $172968629 | $— | $172968629 |
| <u>Derivatives<sup>1</sup></u> |  |  |  |
| <u>Liabilities</u>: |  |  |  |
| Foreign Currency Exchange Contracts | $— | $(247) | $(247) |

---

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

During the year ended December 31, 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 year.

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 year in relation to the Series' net assets. During the year ended December 31, 2022, there were no Level 3 investments.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net gains on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2022 and 2021 were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| Ordinary income | $4169087 | $3785022 |
| Long-term capital gains | 13510496 | 2903060 |
| Total | $17679583 | $6688082 |

---

**5. Components of Net Assets on a Tax Basis**

As of December 31, 2022, the components of net assets on a tax basis were as follows:

---

| | |
|:---|:---|
| Shares of beneficial interest | $192949889 |
| Undistributed ordinary income | 2488435 |
| Capital loss carryforwards | (234098) |
| Unrealized appreciation (depreciation) of investments, foreign currencies and derivatives | (22903664) |
| Net assets | $172300562 |

---

Differences between components of net assets unrealized and tax cost unrealized may arise due to certain foreign currency transactions and/or foreign capital gains taxes.

(continues) 19

**[**Table of Contents**](#dvis_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP International Series

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

The differences between the book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales and mark-to-market of foreign currency exchange contracts.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2022, the Series had no reclassifications.

At December 31, 2022, capital loss carryforwards available to offset future realized capital gains were as follows:

---

| | | |
|:---|:---|:---|
| Loss carryforward character | Loss carryforward character |  |
| Short-term | Long-term | Total |
| $234098 | $— | $234098 |

---

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | 392877 | 277201 |
| &nbsp;&nbsp;&nbsp;Service Class | 35496 | 2287 |
| Shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | 1068480 | 338959 |
| &nbsp;&nbsp;&nbsp;Service Class | 4315 | 1229 |
|  | 1501168 | 619676 |
| Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | (927232) | (938955) |
| &nbsp;&nbsp;&nbsp;Service Class | (6675) | (6184) |
|  | (933907) | (945139) |
| Net increase (decrease) | 567261 | (325463) |

---

**7. Line of Credit**

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

On October 31, 2022, the Series, along with the other Participants, entered into an amendment to the Agreement for a $355,000,000 revolving line of credit to be used as described above. It operates in substantially the same manner as the original Agreement. Under the amendment to the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the Agreement expires on October 30, 2023.

The Series had no amounts outstanding as of December 31, 2022, or at any time during the year then ended.

**[**Table of Contents**](#dvis_toc)**

**8. Derivatives**

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

**Foreign Currency Exchange Contracts**

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

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

During the year ended December 31, 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 year ended December 31, 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 daily balance of derivative holdings by the Series during the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | Long Derivative<br> Volume | Short Derivative<br> Volume |
| Foreign currency exchange contracts (average notional value) | $154025 | $204443 |

---

**9. Securities Lending**

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

Cash collateral received by the Series is generally invested in an individual separate account. 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

(continues) 21

**[**Table of Contents**](#dvis_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP International Series

**9. Securities Lending (continued)**

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 year ended December 31, 2022, the Series had no securities out on loan.

**10. Credit and Market Risk**

An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

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

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

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

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

**[**Table of Contents**](#dvis_toc)**

for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series' 10% limit on investments in illiquid securities. As of December 31, 2022, there were no Rule 144A securities held by the Series.

**11. Contractual Obligations**

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

**12. Subsequent Events**

Management has determined that no material events or transactions occurred subsequent to December 31, 2022, that would require recognition or disclosure in the Series' financial statements.

(continues) 23

**[**Table of Contents**](#dvis_toc)**

Report of independent<br> registered public accounting firm

To the Board of Trustees of Delaware VIP<sup>®</sup>Trust and Shareholders of Delaware VIP International Series

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP International Series (one of the series constituting Delaware VIP<sup>®</sup> Trust, referred to hereafter as the "Series") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| **Class Name** | **Financial Highlights** |
| Standard Class | For each of the four years in the period ended December 31, 2022 |
| Service Class | For each of the two years in the period ended December 31, 2022 and the period from December 14, 2020 (commencement of operations) through December 31, 2020 |

---

The financial statements of the Series as of and for the year ended December 31, 2018 and the financial highlights for the year ended December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 26, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agents and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 23, 2023

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

**[**Table of Contents**](#dvis_toc)**

Other Series information (Unaudited)

Delaware VIP<sup>®</sup> Trust — Delaware VIP International Series

**Tax Information**

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

For the year ended December 31, 2022, the Series reports distributions paid during the year as follows:

---

| | |
|:---|:---|
| (A) Long-Term Capital Gain Distributions (Tax Basis) | 76.42% |
| (B) Ordinary Income Distributions (Tax Basis) | 23.58% |
| Total Distributions (Tax Basis) | 100.0% |

---

The Series intends to pass through foreign tax credits in the maximum amount of $318,610. The gross foreign source income earned during the fiscal year 2022 by the Series was $4,712,713.

**[**Table of Contents**](#dvis_toc)**

Other Series information (Unaudited)

Delaware VIP<sup>®</sup> Trust — Delaware VIP International Series

**Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 9-11, 2022**

At a meeting held on August 9-11, 2022 (the "Annual Contract Renewal Meeting"), the Board of Trustees (the "Board"), including a majority of Trustees each of whom is not an "interested person" as defined under the Investment Company Act of 1940 (the "Independent Trustees"), approved the renewal of the Delaware VIP International Series (the "Fund") Investment Management Agreement with Delaware Management Company ("DMC"); and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited ("MIMGL") and Macquarie Funds Management Hong Kong Limited ("MFMHKL" and together with MIMGL, the "Affiliated Sub-Advisers").

Prior to the Meeting, including at a Board meeting held in May 2022, the Trustees conferred extensively among themselves and with representatives of DMC about these matters. Also, the Board was assisted by the applicable Investment Committee, with each Investment Committee assisting the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Investment Management Agreement and the Sub-Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, DMC was guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2022. In considering and approving the Investment Management Agreement and the Sub-Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with DMC about various topics. In this regard, the Board reviewed reports of DMC at each of its quarterly meetings, which included information about, among other things, Fund performance, investment strategies, and expenses. In addition, the Investment Committees confer with portfolio managers at various times throughout the year. In considering information relating to the approval of the Fund's Investment Management Agreement and the Sub-Advisory Agreements, the Independent Trustees also received information from an independent fund consultant, JDL Consultants, LLC ("JDL").

The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Investment Management Agreement and the Sub-Advisory Agreements for a one-year term. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approval.

**Nature, extent, and quality of services.** The Board received and considered various information regarding the nature, extent, and quality of the advisory services provided to the Fund by DMC under its Investment Management Agreement and the experience of the officers and employees of DMC who provide these services, including the Fund's portfolio managers. The Board's review included consideration of DMC's investment process and oversight and research and analysis capabilities, and its ability to attract and retain qualified investment professionals. The Board considered information regarding DMC's programs for risk management, including investment, operational, liquidity, valuation, and compliance risks. The Board received information with respect to the cybersecurity program and business continuity plans of DMC and its affiliates. The Board also considered non-advisory services that DMC and its affiliates provide to the Delaware Funds, including third party oversight, transfer agent, internal audit, valuation, portfolio trading, and legal and compliance. The Board took into account the benefits to shareholders of investing in a Fund that is part of a family of funds managed by an affiliate of Macquarie Group Ltd. ("Macquarie"), the parent company of DMC, and the resources available to DMC as part of Macquarie's global asset management business.

The Board received and considered various information with respect to the services provided by the Affiliated Sub-Advisers under the Sub-Advisory Agreements and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board considered the division of responsibilities between DMC and the Affiliated Sub-Advisers and the oversight provided by DMC. The Board considered the expertise of the Affiliated Sub-Advisers with respect to certain asset classes and/or investment styles. The Affiliated Sub-Advisers are part of Macquarie's global investment platform that has offices and personnel that are located around the world. As a result, the Board noted that DMC had stated that the Affiliated Sub-Advisers can provide research, investment and trading analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades, as applicable. The Board took into account that the Sub-Advisory Agreements may benefit the Fund and its shareholders by permitting DMC to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund.

**[**Table of Contents**](#dvis_toc)**

The Board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Fund by DMC and the Affiliated Sub-Advisers.

**Investment performance.** The Board received and considered information with respect to the investment performance of the Fund, including performance reports and discussions with portfolio managers at meetings of the Board's Investment Committees throughout the year as well as reports provided by Broadridge Financial Solutions, an independent investment company data provider ("Broadridge"), furnished for the Annual Contract Renewal Meeting. The Broadridge reports prepared for the Fund showed its investment performance in comparison to a group of similar funds (the "Performance Universe"). The Board received a description of the methodology used by Broadridge to select the funds in the Performance Universe. Comparative annualized performance for the Fund was shown for the past 1-, 3-, 5-, and 10-year or since inception periods, as applicable, ended December 31, 2021.

The Performance Universe for the Fund consisted of the Fund and all international large-cap growth funds underlying variable insurance products, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1-, 5-, and 10-year periods was in the third quartile and for the 3-year period was in the fourth quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-, 3-, 5-, and 10-year periods was below the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the 5- and 10- year periods and underperformed its benchmark index for the 1- and 3-year periods. The Board, however, noted that the investment performance of the current portfolio management team only began as of October 2019. The Board noted the explanations from DMC concerning the reasons for the Fund's relative performance versus the Performance Universe and its benchmark for the various periods.

**Comparative expenses.** The Board received and considered expense data for the Fund. Management provided the Board with information on pricing levels and fee structures for the Fund as of its most recently completed fiscal year. The Board also considered on the comparative analysis of contractual management fees and actual total expense ratios of the Fund versus contractual management fees and actual total expense ratios of a group of similar funds as selected by Broadridge (the "Expense Group"). In reviewing comparative costs, the Fund's contractual management fee and the actual management fee incurred by the Fund were compared with the contractual management fees (assuming all funds were similar in size to the Fund) and actual management fees, taking into account any applicable breakpoints and fee waivers, with the Fund's expense universe, which is comprised of the Fund, its Expense Group and all other similar funds underlying variable insurance products with similar 12b-1 and non-12b-1 structures, excluding outliers (the "Expense Universe"). The Fund's total expenses were also compared with those of its Expense Universe.

The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were above its Expense Group average.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by DMC to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing registered investment companies compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients, unregistered funds and separately managed accounts.

The Board noted that DMC, and not the Fund, pays the sub-advisory fees to the Affiliated Sub-Advisers and, accordingly, that the retention of the Affiliated Sub-Advisers does not increase the fees and expenses incurred by the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to DMC under the Investment Management Agreement and to the Affiliated Sub-Advisers under the Sub-Advisory Agreements was reasonable.

**Economies of scale.** The Board received and considered information about the potential for DMC to realize economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual Fund level, and the extent to which potential scale benefits are shared with shareholders, including the extent to which any economies of scale are reflected in the level of management fees charged. DMC discussed its advisory fee pricing and structure for the Delaware Funds complex, including the current breakpoints. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as DMC's investment in its business, including investments in business infrastructure, technology and cybersecurity.

**[**Table of Contents**](#dvis_toc)**

Other Series information (Unaudited)

Delaware VIP<sup>®</sup> Trust — Delaware VIP International Series

**Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 9-11, 2022 (continued)**

**Management profitability.** The Board received and considered the Investment Management Profitability Analysis that addressed the overall profitability of DMC's business in providing management and other services to the Fund and the Delaware Funds as a whole, including the methodology used by DMC in allocating costs for the purpose of determining profitability. The Board also reviewed a report prepared by JDL regarding DMC's profitability as compared to certain peer fund complexes and the Independent Trustees discussed DMC's profitability in such context with representatives from JDL. Based on its review, the Board determined that DMC's profitability was not excessive in light of the nature, extent and quality of the services provided to the Fund.

**Ancillary benefits.** The Board received and considered information regarding the extent to which DMC and its affiliates might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as investment manager to the Delaware Funds; the benefits from allocation of fund brokerage to improve trading efficiencies; and the fees that various affiliates received for serving as transfer agent and for overseeing fund accounting and financial administration services to the Delaware Funds. The Board received information from DMC regarding its view of the performance of its affiliates in providing transfer agent and fund accounting and financial administration oversight services and the organizational structure employed to provide these services pursuant to their contracts with the Fund.

Based on its consideration of the factors and information it deemed relevant, including the costs of providing investment management and other services to the Fund and the ongoing commitment of DMC and its affiliates to the Fund, the Board did not find that any ancillary benefits received by DMC and its affiliates were unreasonable.

**Conclusion.** Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including all of the Independent Trustees, approved the continuation of DMC's Investment Management Agreement and of the Affiliated Sub-Advisers' Sub-Advisory Agreements for an additional one-year period.

**[**Table of Contents**](#dvis_toc)**

Board of trustees / directors and officers addendum

Delaware Funds by Macquarie<sup>®</sup>

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length<br> of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
| **Shawn K. Lytle**<sup>2</sup> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1970 | President,<br> Chief Executive Officer,<br> and Trustee | President and<br> Chief Executive Officer<br> since August 2015<br>Trustee since<br> September 2015 | 126 | Macquarie Asset<br> Management<sup>3</sup><br> (2015–Present)<br> - Global Head of<br> Macquarie Asset<br> Management Public<br> Investments<br> (2019–Present)<br> - Head of Americas of<br> Macquarie Group<br> (2017–Present) |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Jerome D. Abernathy**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1959 | Trustee | Since January 2019 | 126 | Stonebrook Capital<br> Management, LLC<br> (financial<br> technology: macro<br> factors and databases)<br> - Managing Member<br> (1993–Present) |  |
| **Ann D. Borowiec**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1958 | Trustee | Since March 2015 | 126 | J.P. Morgan Chase & Co.<br> (1987–2013)<br> - Chief Executive Officer,<br> Private Wealth<br> Management<br> (2011–2013) | Banco Santander<br> International<br> (2016–2019)<br> Santander Bank, N.A.<br> (2016–2019) |
| **Joseph W. Chow**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1953 | Trustee | Since January 2013 | 126 | Private Investor<br> (2011–Present) |  |
| **H. Jeffrey Dobbs**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1955 | Trustee | Since April 2019<sup>4</sup> | 126 | KPMG LLP<br> (2002–2015)<br> - Global Sector<br> Chairman,<br> Industrial Manufacturing<br> (2010–2015) | TechAccel LLC<br> (2015–Present)<br> PatientsVoices, Inc.<br> (2018–Present)<br> Valparaiso University<br> Board<br> (2012–Present)<br> Ivy Funds Complex<br> (2019–2021) |

---

**[**Table of Contents**](#dvis_toc)**

Board of trustees / directors and officers addendum

Delaware Funds by Macquarie<sup>®</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length<br> of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **John A. Fry**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1960 | Trustee | Since January 2001 | 126 | Drexel University<br> - President<br> (2010–Present) | Federal Reserve<br> Bank of Philadelphia<br> (2020–Present)<br> FS Credit Real Estate<br> Income Trust, Inc.<br> (2018–Present)<br> vTv Therapeutics Inc.<br> (2017–Present)<br> Community Health<br> Systems<br> (2004–Present)<br> Drexel Morgan & Co.<br> (2015–2019) |
| **Joseph Harroz, Jr.**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1967 | Trustee | Since November 1998<sup>4</sup> | 126 | University of Oklahoma<br> - President<br> (2020–Present)<br> - Interim President<br> (2019–2020)<br> - Vice President and<br> Dean, College of Law<br> (2010–2019)<br> Brookhaven<br> Investments LLC<br> (commercial enterprises)<br> - Managing Member<br> (2019–Present)<br> St. Clair, LLC<br> (commercial enterprises)<br> - Managing Member<br> (2019–Present) | OU Medicine, Inc.<br> (2020–Present)<br> Big 12 Athletic Conference<br> (2019–Present)<br> Valliance Bank<br> (2007–Present)<br> Ivy Funds Complex<br> (1998–2021) |
| **Sandra A.J. Lawrence**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1957 | Trustee | Since April 2019<sup>4</sup> | 126 | Children's Mercy<br> Hospitals and Clinics<br> (2005–2019)<br> - Chief Administrative<br> Officer<br> (2016–2019) | Brixmor Property<br> Group Inc.<br> (2021–Present)<br> Sera Prognostics Inc.<br> (biotechnology)<br> (2021–Present)<br> Recology<br> (resource recovery)<br> (2021–Present)<br> Evergy, Inc., Kansas City<br> Power & Light Company,<br> KCP&L Greater Missouri<br> Operations Company,<br> Westar Energy, Inc. and<br> Kansas Gas and Electric<br> Company (related utility<br> companies)<br> (2018–Present)<br> National Association of<br> Corporate Directors<br> (2017–Present)<br> Ivy Funds Complex<br> (2019–2021)<br> American Shared Hospital<br> Services (medical device)<br> (2017–2021)<br> Westar Energy (utility)<br> (2004–2018) |

---

**[**Table of Contents**](#dvis_toc)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Frances A.**<br> **Sevilla-Sacasa**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1956 | Trustee | Since September 2011 | 126 | Banco Itaú International<br> - Chief Executive Officer<br> (2012–2016) | Florida Chapter of<br> National Association of<br> Corporate Directors<br> (2021–Present)<br> Callon Petroleum<br> Company<br> (2019–Present)<br> Camden Property Trust<br> (2011–Present)<br> New Senior Investment<br> Group Inc. (2021)<br> Carrizo Oil & Gas, Inc.<br> (2018–2019) |
| **Thomas K. Whitford**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1956 | Chair and Trustee | Trustee since January<br> 2013<br>Chair since January<br> 2023 | 126 | PNC Financial<br> Services Group<br> (1983–2013)<br> - Vice Chairman<br> (2009–2013) | HSBC USA Inc.<br> (2014–2022)<br> HSBC North America<br> Holdings Inc.<br> (2013–2022)<br> HSBC Finance<br> Corporation<br> (2013–2018) |
| **Christianna Wood**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1959 | Trustee | Since January 2019 | 126 | Gore Creek<br> Capital, Ltd.<br> - Chief Executive Officer<br> and President<br> (2009–Present) | The Merger Fund<br> (2013–2021),<br> The Merger Fund VL<br> (2013–2021),<br> WCM Alternatives:<br> Event-Driven Fund<br> (2013–2021),<br> and WCM<br> Alternatives:<br> Credit Event Fund<br> (2017–2021)<br> Grange Insurance<br> (2013–Present)<br> H&R Block Corporation<br> (2008–Present) |
| **Janet L. Yeomans**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1948 | Trustee | Since April 1999 | 126 | 3M Company<br> (1995–2012)<br> - Vice President<br> and Treasurer<br> (2006–2012) | Okabena Company<br> (2009–2017) |
| **Officers** | **Officers** | **Officers** | **Officers** | **Officers** | **Officers** |
| **David F. Connor**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1963 | Senior Vice President,<br> General Counsel, and<br> Secretary | Senior Vice President,<br> since May 2013;<br> General Counsel<br> since May 2015;<br> Secretary since<br> October 2005 | 126 | David F. Connor has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. | None<sup>5</sup> |
| **Daniel V. Geatens**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1972 | Senior Vice President<br> and Treasurer | Senior Vice President<br> and Treasurer since<br> October 2007 | 126 | Daniel V. Geatens has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. | None<sup>5</sup> |

---

**[**Table of Contents**](#dvis_toc)**

Board of trustees / directors and officers addendum

Delaware Funds by Macquarie<sup>®</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Richard Salus**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1963 | Senior Vice President<br> and Chief Financial<br> Officer | Senior Vice President<br> and Chief Financial<br> Officer since November<br> 2006 | 126 | Richard Salus has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. |  |

---

<sup>1</sup> "Length of Time Served" refers to the time since the Trustee or officer began serving one or more of the Trusts in the Delaware Funds complex.

<sup>2</sup> Shawn K. Lytle is considered to be an "Interested Trustee" because he is an executive officer of the Series' investment advisor.

<sup>3</sup> Macquarie Asset Management is the marketing name for certain companies comprising the asset management division of Macquarie Group, including the Series' investment advisor, principal underwriter, and transfer agent.

<sup>4</sup> Includes time served on the Board of Ivy Funds prior to the date when Ivy Funds joined the Delaware Funds complex.

<sup>5</sup> David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment manager, principal underwriter, and transfer agent as the Funds. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust, and he is Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc., which has the same investment manager as the Funds.

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

**[**Table of Contents**](#dvis_toc)**

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' Form 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, is 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.

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.

(2700499) **AR-VIPINT-0223**

![](mim_cover.jpg)

Delaware VIP<sup>®</sup> Trust Delaware VIP Investment Grade Series December 31, 2022

**[**Table of Contents**](#dvigs_toc)**

**Table of contents**

---

| | |
|:---|:---|
| **[Portfolio management review](#vipig_001)** | **1** |
| **[Performance summary](#vipig_002)** | **4** |
| **[Disclosure of Series expenses](#vipig_003)** | **7** |
| **[Security type / sector allocations](#vipig_004)** | **8** |
| **[Schedule of investments](#vipig_005)** | **9** |
| **[**Statement of assets and liabilities**](#vipig_006)** | **14** |
| **[**Statement of operations**](#vipig_007)** | **15** |
| **[**Statements of changes in net assets**](#vipig_008)** | **16** |
| **[**Financial highlights**](#vipig_009)** | **17** |
| **[**Notes to financial statements**](#vipig_010)** | **19** |
| **[**Report of independent registered public accounting firm**](#vipig_011)** | **29** |
| **[**Other Series information**](#vipig_012)** | **30** |
| **[**Board of trustees / directors and officers addendum**](#vipig_013)** | **34** |

---

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 December 31, 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<sup>®</sup> Investment Grade Series only if preceded or accompanied by the Series' current prospectus or the summary prospectus.© 2023 Macquarie Management Holdings, Inc.

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

**[**Table of Contents**](#dvigs_toc)**

Portfolio management review

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Investment Grade Series

December 31, 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.

For the fiscal year ended December 31, 2022, Delaware VIP Investment Grade Series (the "Series") Standard Class shares fell 17.06%. The Series' Service Class shares fell 17.32%. Both figures reflect all dividends reinvested. For the same period, the Series' benchmark, the Bloomberg US Corporate Investment Grade Index, declined 15.76%. **Past performance does not guarantee future results.** For complete, annualized performance of the Series, please see the table on page 4. Please see page 5 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

**Market review**

It quickly became apparent as the Series' fiscal year began that inflation had shifted from being real but transitory to becoming severe and sticky, owing to a combination of labor shortages, low unemployment, high consumer demand, and supply chain shortages.

We foresaw, like many investors, that the US Federal Reserve would react by raising rates. What we did not anticipate was just how fast, steep, and tenacious those increases would be. Investors expected that rates would rise gradually. They were surprised then by the Fed's pace of hikes that began with a 0.25-percentage-point increase in mid-March followed by a 0.50-percentage-point hike in early May and increases of 0.75 percentage points at the next four meetings before ending the year with a 0.50-percentage-point hike in December. Though the Fed was initially constrained by the need to reduce its balance sheet, by the time it acted, a more aggressive approach seemed necessary.

The Russia-Ukraine war and China's economic lockdowns to prevent the spread of COVID-19 also surprised investors. Both caused severe disruptions of the global supply chain, putting significant pressure on inflation. The world learned an expensive lesson on just how important Ukraine is to the global supply of agricultural and industrial products. While less surprising, the disruption in the supply of Russian energy was also painful, particularly to European economies that have been reliant on cheap Russian natural gas. The problems in China were unexpected as the spread of the virus began to increase despite the onset of warmer weather. Rather than take a more moderate approach to managing the virus, China reacted with a broad swath of shutdowns that sharply curtailed industrial output.

All three events – the Fed's aggressive response to inflation, the Russia-Ukraine war, and China's zero-COVID policy – had a dramatic effect on bond markets during the Series' fiscal year. Driven primarily by rates and inflation, 2022 was the worst annual performance on record and only the second time in history the Bloomberg US Corporate Investment Grade Index would post back-to-back annual losses – the other time was in 1979-1980. This was attributable mainly to duration, a measure of a portfolio's sensitivity to higher interest rates. The longer the duration of a portfolio, the more sensitive it is to interest rates.

There was significant rate volatility throughout the year. When the Fed started to raise rates aggressively, investors began talking of an impending recession. (The federal funds rate was raised 4.25 percentage points in 2022.) As a result, spreads reacted negatively and began to widen. The 10-year Treasury yield rose from 1.51% on December 31, 2021 to 3.88% at year-end 2022, an increase of 237 basis points (or 2.37 percentage points), which sharply stung long-duration credits. While spreads in the investment grade market increased only about 38 basis points over the course of the year, the combination of rising rates and widening spreads was both unusual and painful to investors.

Looking at the relative performance of investment grade versus high yield securities, duration was the key differentiator. High yield performed much better than investment grade, with most of the damage in the investment grade market resulting more from duration rather than from widening spreads. Because high yield tends to be a shorter-duration asset class, it held up better. For calendar year 2022, investment grade bonds, as measured by the Bloomberg US Corporate Investment Grade Index, declined 15.76%. High yield bonds, as measured by the Bloomberg US Corporate High-Yield Index, declined 11.19%, just three-quarters of the loss sustained by investment grade bonds.

Although 2022 was another strong year for issuance in the US investment grade corporate bond market, issuance was 20% lower than the previous year. It is noteworthy that 2021 marked the second highest amount of proceeds ever raised in the investment grade market. Some sectors, particularly banking, unexpectedly flooded the market with new issuance in 2022, as companies looked to obtain financing once the Fed began its torrid pace of aggressive rate hikes early in the year.

Even though 2022 was the worst year on record for total returns within the investment grade corporate bond market, corporate profitability was never higher, with record-setting margins and healthy cash flows. From a fundamental standpoint, this allowed issuers in the US corporate bond

**[**Table of Contents**](#dvigs_toc)**

Portfolio management review

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Investment Grade Series

market to enter this weakening macroeconomic backdrop with strong balance sheets and liquidity. However, third-quarter results indicated noticeable slowdowns across many sectors while guidance and overall sentiment began to shift more negatively as we headed toward year end and into 2023.

**Within the Series**

Duration was the chief factor in the Series' under performance. Given the overweight to BBB-rated spread duration of the Series' holdings, higher interest rates sharply drove down the price of credits held in the portfolio. The Series benefited from out-of-benchmark investments in high yield securities, which generally outperformed their investment grade counterparts for the fiscal year by virtue of their lower-duration nature. While the Series can invest up to 20% of its assets in high yield securities, its portfolio allocation varied throughout the fiscal year.

We think most of the relative performance was attributable to rising rates and higher duration. Still, credit spreads widened meaningfully as well – a phenomenon that we acknowledge is rather rare when rates and spreads widen at the same time. Usually spreads increase in the face of a potential recession and consequently weigh on issuers' earnings. But this year, rates and spreads moved in the same direction, resulting in the corporate bond market's worst calendar year total return since its inception.

While we began 2022 with the view that valuations in the investment grade credit market were quite full, we also acknowledged that credit fundamentals and credit metrics were still extremely strong. Against this backdrop, we started the year positioning the Series with higher yields and higher spreads than the overall benchmark, as we believed this was the best strategy to potentially generate alpha (excess returns). We thought we had time before the Fed would embark on a cycle of raising rates; we also miscalculated that Russia would go to war and invade Ukraine.

As these two events unexpectedly unfolded early in the year, investor sentiment became increasingly negative. The Series' exposure to longer spread duration was adversely affected more than the benchmark, which held lower duration and more defensive credits. Our strategy, therefore, to potentially generate alpha with higher yields and to overweight spread duration relative to the benchmark was the primary source of the Series' underperformance.

On a sector basis, banking detracted the most from the Series' performance. Ironically, fundamental credit quality in the banking industry has generally been pristine, much stronger today than it was during prior recessionary periods. Yet, the Series underperformed in this sector due to a combination of security selection and underweight to the front end of the curve. In an effort to add yield, we invested in subordinated instruments and largely avoided shorter duration securities where we thought yields were less attractive. As 2022 progressed, however, the impact of higher rates and unexpected issuance weakened spreads in the sector and proved detrimental for such a strategy. Additionally, given the sector's shorter duration profile, it outperformed the broader Bloomberg US Corporate Investment Grade Index and as a result, the Series' underweight also partially detracted from performance. Banking credits that the Series owned included **Morgan Stanley** and **Bank of America Corp.**

The Series also held bonds issued by companies in the electric utility sector. These were typically long duration and given the Series' overweight positions to longer-dated issues, it detracted from performance during the fiscal year. Series holdings included energy conglomerate **Berkshire Hathaway Energy Co.** and electric co-op **Oglethorpe Power Corp.**

Among contributors to performance during the period, the Series benefited from security selection in capital goods, driven by its underweighting to longer-dated issues and overweighting to shorter-dated issues. Both of these allocations benefited performance amid the surge in rates over the year. Series holdings included **Standard Industries Inc.**, a building products manufacturer, and **Reynolds Group Holdings Inc.**, a packaging products manufacturer.

In addition, the Series' out-of-benchmark allocation to risk-free assets, including cash, Treasurys, and short-duration sectors, such as asset-backed securities (auto loans), contributed to performance during the fiscal year.

Once higher rates and wider spreads had done material damage to the asset class, we sought to increase the Series' credit quality. With prices at historic lows, we began buying lower-priced bonds. The asset class experienced some of the lowest dollar prices on securities in the past 30 to 40 years. Consequently, we viewed accumulating bonds from high-quality issuers at historically low prices as an attractive opportunity.

**[**Table of Contents**](#dvigs_toc)**

At fiscal year end, the Series was positioned with 90% of its assets in investment grade securities and the balance in high yield. Earlier in the fiscal year, the Series had as much as 14% in high yield. We also reduced the Series' BBB-rated allocation within investment grade, having moved up in quality within the asset class as the macroeconomic environment weakened.

The Series' use of credit default swaps had a limited material effect during the fiscal year. Overall, derivatives were immaterial to the Series' performance during the fiscal year.

We believe credit fundamentals are likely to weaken over the next several quarters, with the highest risks in industries most exposed to consumer demand and interest rates. The ultimate impact on balance sheets may depend on the extent of earnings deceleration from profit margin erosion. We do not believe that the current spread level of the overall Bloomberg US Corporate Investment Grade Index – at +130 basis points at year end – reflects the risks surrounding current monetary and economic policies or the technical risk around supply issuance that we believe is looming for the beginning of 2023. For this reason, the Series is carrying more cash than usual entering the new year, as we anticipate widening in secondary spreads from an active new-issue calendar and weak fourth-quarter earnings and guidance.

Along with global central banks ratcheting up rates, commercial and retail banks are also aggressively tightening lending conditions. In light of this, we think the next shoe to drop in the global economy could be a series of weaker profits around quarterly earnings announcements. Given our view that spreads should be wider than where they are now, we think spreads could remain range-bound (and not hit the +200-basis-point levels often associated with a full-blown recessionary environment).

Our thesis about spreads remaining range-bound, albeit at wider levels, is predicated on the fact that: (1) corporate fundamentals (broadly speaking) have never been stronger coming into this backdrop of softening demand and tighter lending/monetary conditions, (2) the level of all-in total yields should be supportive of investor inflows, and (3) investors should be mindful of the "Fed put" that could be reinitiated to restore market stability if spread levels were to surpass +200 basis points. Thus, we believe the latter two points could prompt buying and offer a potential snap-back from wider spread levels given the strength of corporate balance sheets.

**[**Table of Contents**](#dvigs_toc)**

Performance summary (Unaudited)

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Investment Grade Series

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Series and benchmark performance** | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* |
|  | 1 year | 3 year | 5 year | 10 year | Lifetime |
| Standard Class shares (commenced operations on January 7, 1992) | -17.06% | -2.69% | +0.33% | +1.55% |  |
| Service Class shares (commenced operations on October 31, 2019) | -17.32% | -2.99% |  |  | -2.72% |
| Bloomberg US Corporate Investment Grade Index | -15.76% | -2.88% | +0.45% | +1.96% |  |

---

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

As described in the Series' most recent prospectus, the net expense ratios for Standard Class shares and Service Class shares of the Series were 0.63% and 0.93%, respectively, while total operating expenses for Standard Class and Service Class shares were 0.74% and 1.04%, respectively. The management fee for Standard Class and Service Class shares was 0.50%, and the annual distribution and service (12b-1) fee for Service Class shares was 0.30% of average daily net assets. The expense ratios may differ from the expense ratios in the "Financial highlights" since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in "Notes to financial statements" for additional details. Please see the "Financial highlights" section in this report for the most recent expense ratios.

The Series adopted the performance of the First Investors Life Series Investment Grade Fund (Predecessor Series) as the result of a reorganization of the Predecessor Series into the Series, which was consummated after the close of business on October 4, 2019 (Reorganization). The Series had not yet commenced operations prior to the Reorganization. The returns shown for periods ending on or prior to October 4, 2019 reflect the performance and expenses of the Predecessor Series. The returns shown for periods after October 4, 2019 reflect the performance and expenses of the Series.

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

Expense limitations were in effect for both classes during some or all of the periods shown in the "Series and benchmark performance" table above and in the "Performance of a $10,000 investment" graph on the next page. Performance would have been lower had expense limitations not been in effect.

Performance data do not include any fees or sales charges imposed by variable insurance contracts. This fund doesn't have any deferred sales charges. Performance shown here would have been reduced if such fees were included. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer's ability to make interest and principal payments on its debt. This includes prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

Interest payments on inflation-indexed debt securities will vary as the principal and/or interest is adjusted for inflation.

**[**Table of Contents**](#dvigs_toc)**

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

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

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

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

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

**Performance of a $10,000 investment**

*For the period December 31, 2012 through December 31, 2022*

![](mim_vipig-ncsrx7x1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | | **Starting value** | **Ending value** |
| ![](mim_vipig-ncsrx7x2.jpg) | Bloomberg US Corporate Investment Grade Index | $10000 | $12139 |
| ![](mim_vipig-ncsrx7x3.jpg) | Delaware VIP Investment Grade Series — Standard Class shares | $10000 | $11660 |

---

The graph shows a $10,000 investment in the Delaware VIP Investment Grade Series Standard Class shares for the period from December 31, 2012 through December 31, 2022.

The graph also shows $10,000 invested in the Bloomberg US Corporate Investment Grade Index for the period from December 31, 2012 through December 31, 2022.

The Bloomberg US Corporate Investment Grade Index is composed of US dollar-denominated, investment grade corporate bonds that are US Securities and Exchange Commission (SEC)-registered or 144A with registration rights, and issued by industrial, utility, and financial companies. All bonds in the index have at least one year to maturity.

The Bloomberg US Corporate High-Yield Index, mentioned on page 1, is composed of US dollar-denominated, non-investment- grade corporate bonds for which the middle rating among Moody's Investors Service, Inc., Fitch, Inc., and Standard & Poor's is Ba1/BB+/BB+ or below.

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

**[**Table of Contents**](#dvigs_toc)**

Performance summary (Unaudited)

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Investment Grade Series

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

**Past performance does not guarantee future results.**

**[**Table of Contents**](#dvigs_toc)**

Disclosure of Series expenses

For the six-month period from July 1, 2022 to December 31, 2022 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2022 to December 31, 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**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br> Account<br> Value<br> 7/1/22 | Ending<br> Account<br> Value<br> 12/31/22 | Annualized<br> Expense<br> Ratio | Expenses<br> Paid<br> During<br> Period<br> 7/1/22 to<br> 12/31/22\* |
| **Actual Series return<sup>†</sup>** |  |  |  |  |
| Standard Class | $1000.00 | $986.10 | 0.63% | $3.15 |
| Service Class | 1000.00 | 983.70 | 0.93% | 4.65 |
| **Hypothetical 5% return** (5% return before expenses) |  |  |  |  |
| Standard Class | $1000.00 | $1022.03 | 0.63% | $3.21 |
| Service Class | 1000.00 | 1020.52 | 0.93% | 4.74 |

---

---

| | |
|:---|:---|
| \* | "Expenses Paid During Period" are equal to the Series' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
| <sup>†</sup> | 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**](#dvigs_toc)**

Security type / sector allocations

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Investment Grade Series

As of December 31, 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, which may result in the sector designations for one fund being different from another fund's sector designations.

---

| | |
|:---|:---|
| Security type / sector | Percentage<br> of net assets |
| **Agency Collateralized Mortgage Obligations** | **0.12%** |
| **Convertible Bonds** | **0.40%** |
| **Corporate Bonds** | **86.06%** |
| Banking | 19.95% |
| Basic Industry | 2.59% |
| Brokerage | 2.18% |
| Capital Goods | 5.16% |
| Communications | 9.98% |
| Consumer Cyclical | 2.45% |
| Consumer Non-Cyclical | 5.92% |
| Electric | 10.31% |
| Energy | 8.57% |
| Finance Companies | 4.37% |
| Insurance | 3.75% |

---

---

| | |
|:---|:---|
| Security type / sector | Percentage<br> of net assets |
| Natural Gas | 1.72% |
| Real Estate Investment Trusts | 1.47% |
| Technology | 6.31% |
| Transportation | 1.33% |
| **Municipal Bonds** | **0.29%** |
| **Non-Agency Asset-Backed Securities** | **2.11%** |
| **Loan Agreements** | **3.20%** |
| **US Treasury Obligation** | **0.73%** |
| **Short-Term Investments** | **6.32%** |
| **Total Value of Securities** | **99.23%** |
| **Receivables and Other Assets Net of Liabilities** | **0.77%** |
| **Total Net Assets** | **100.00%** |

---

**[**Table of Contents**](#dvigs_toc)**

Schedule of investments

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Investment Grade Series

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br> amount°** | **Value<br> (US $)** |
| **Agency Collateralized Mortgage Obligations — 0.12%** | | |
| &nbsp;&nbsp;&nbsp;Freddie Mac Structured Agency Credit Risk REMIC Trust Series 2021-DNA3 M1 144A 4.678% (SOFR + 0.75%) 10/25/33 #, ● | 47495 | $47111 |
| **Total Agency Collateralized Mortgage Obligations<br> (cost $47,495)** |  | **47111** |
| **Convertible Bonds — 0.40%** |  |  |
| &nbsp;&nbsp;&nbsp;Liberty Broadband 144A 2.75% exercise price $857.56, maturity date 9/30/50 # | 4000 | 3906 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband 144A 1.25% exercise price $900.01, maturity date 9/30/50 # | 100000 | 97000 |
| &nbsp;&nbsp;&nbsp;Spirit Airlines 1.00% exercise price $49.07, maturity date 5/15/26 | 69000 | 55890 |
| **Total Convertible Bonds**<br> (cost $160,954) |  | **156796** |
| **Corporate Bonds — 86.06%** |  |  |
| Banking — 19.95% |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.482% 9/21/36 μ | 260000 | 191635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.204% 11/10/28 μ | 170000 | 175826 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.596% 7/26/30 μ | 275000 | 266081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70% 9/20/25 μ, ψ | 350000 | 336920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.802% 10/25/28 μ | 25000 | 25896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.834% 10/25/33 μ | 85000 | 88385 |
| &nbsp;&nbsp;&nbsp;Barclays |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.325% 11/2/26 μ | 200000 | 207378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00% 3/15/29 μ, ψ | 200000 | 187500 |
| &nbsp;&nbsp;&nbsp;Citigroup 5.61% 9/29/26 μ | 350000 | 351865 |
| &nbsp;&nbsp;&nbsp;Citizens Bank 6.064% 10/24/25 μ | 250000 | 252998 |
| &nbsp;&nbsp;&nbsp;Credit Suisse Group 144A 6.442% 8/11/28 #, μ | 250000 | 228041 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.337% 4/25/33 μ | 56000 | 51325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.361% 10/27/28 μ | 99000 | 102036 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bank 5.852% 10/27/25 μ | 250000 | 252704 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group 1.542% 9/10/27 μ | 630000 | 544248 |
| &nbsp;&nbsp;&nbsp;Huntington National Bank 4.552% 5/17/28 μ | 250000 | 241610 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.882% 7/24/38 μ | 195000 | 162566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.851% 7/25/28 μ | 415000 | 405216 |
| &nbsp;&nbsp;&nbsp;KeyBank 5.85% 11/15/27 | 305000 | 315360 |
| &nbsp;&nbsp;&nbsp;KeyCorp 4.789% 6/1/33 μ | 192000 | 181847 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.928% 4/28/32 μ | 130000 | 98392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.484% 9/16/36 μ | 265000 | 192758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.138% 10/16/26 μ | 40000 | 40897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.342% 10/18/33 μ | 155000 | 162905 |
| &nbsp;&nbsp;&nbsp;NatWest Group 4.60% 6/28/31 μ, ψ | 200000 | 143686 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.671% 10/28/25 μ | 130000 | 131477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% 9/15/27 μ, ψ | 115000 | 112671 |
| &nbsp;&nbsp;&nbsp;State Street |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.203% 2/7/28 μ | 140000 | 125962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.164% 8/4/33 μ | 195000 | 180710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.751% 11/4/26 μ | 30000 | 30742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.82% 11/4/28 μ | 20000 | 20690 |
| &nbsp;&nbsp;&nbsp;SVB Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80% 10/28/26 | 62000 | 54332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80% 2/2/31 | 58000 | 42440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10% 5/15/28 | 140000 | 115991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 5/15/26 μ, ψ | 105000 | 69433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57% 4/29/33 μ | 169000 | 149989 |
| &nbsp;&nbsp;&nbsp;Truist Bank 2.636% 9/17/29 μ | 445000 | 416440 |
| &nbsp;&nbsp;&nbsp;Truist Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% 9/1/25 μ, ψ | 395000 | 378647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.123% 10/28/33 μ | 82000 | 86539 |
| &nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.491% 11/3/36 μ | 115000 | 87787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.548% 7/22/28 μ | 175000 | 171196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.727% 10/21/26 μ | 95000 | 96862 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.54% 8/15/26 μ | 160000 | 156953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.808% 7/25/28 μ | 200000 | 195669 |
|  |  | 7832605 |
| Basic Industry — 2.59% |  |  |
| &nbsp;&nbsp;&nbsp;Celanese US Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05% 3/15/25 | 195000 | 194406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.165% 7/15/27 | 45000 | 44457 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging International 144A 3.50% 3/1/29 # | 130000 | 111277 |
| &nbsp;&nbsp;&nbsp;Newmont |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% 10/1/30 | 135000 | 108817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80% 10/1/29 | 230000 | 196019 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams 2.90% 3/15/52 | 285000 | 178683 |
| &nbsp;&nbsp;&nbsp;Westlake 3.125% 8/15/51 | 295000 | 182823 |
|  |  | 1016482 |
| Brokerage — 2.18% |  |  |
| &nbsp;&nbsp;&nbsp;Blackstone Holdings Finance 144A 1.625% 8/5/28 # | 325000 | 265126 |
| &nbsp;&nbsp;&nbsp;Charles Schwab 5.375% 6/1/25 μ, ψ | 180000 | 176940 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group 2.625% 10/15/31 | 425000 | 325225 |
| &nbsp;&nbsp;&nbsp;Jefferies Group 6.50% 1/20/43 | 90000 | 88098 |
|  |  | 855389 |

---

**[**Table of Contents**](#dvigs_toc)**

Schedule of investments

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Investment Grade Series

---

| | | |
|:---|:---|:---|
| | **Principal<br> amount°** | **Value<br> (US $)** |
| **Corporate Bonds (continued)** | | |
| Capital Goods — 5.16% |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol 2.20% 9/15/31 | 180000 | $143056 |
| &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging Finance USA 144A 4.00% 9/1/29 # | 200000 | 158880 |
| &nbsp;&nbsp;&nbsp;Ashtead Capital 144A 1.50% 8/12/26 # | 400000 | 341843 |
| &nbsp;&nbsp;&nbsp;Boeing 3.75% 2/1/50 | 60000 | 41445 |
| &nbsp;&nbsp;&nbsp;Eaton 4.15% 3/15/33 | 255000 | 237859 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin 5.70% 11/15/54 | 195000 | 205591 |
| &nbsp;&nbsp;&nbsp;Madison IAQ 144A 4.125% 6/30/28 # | 75000 | 62813 |
| &nbsp;&nbsp;&nbsp;Pactiv Evergreen Group Issuer 144A 4.00% 10/15/27 # | 140000 | 124411 |
| &nbsp;&nbsp;&nbsp;Republic Services 2.375% 3/15/33 | 205000 | 164086 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies 2.25% 4/1/28 | 405000 | 349425 |
| &nbsp;&nbsp;&nbsp;Waste Connections |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95% 1/15/52 | 100000 | 66025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20% 1/15/33 | 140000 | 130460 |
|  |  | 2025894 |
| Communications — 9.98% |  |  |
| &nbsp;&nbsp;&nbsp;Altice France 144A 5.125% 1/15/29 # | 200000 | 150709 |
| &nbsp;&nbsp;&nbsp;AMC Networks 4.75% 8/1/25 | 156000 | 118833 |
| &nbsp;&nbsp;&nbsp;AT&T 3.50% 9/15/53 | 480000 | 326129 |
| &nbsp;&nbsp;&nbsp;CCO Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.50% 6/1/33 # | 35000 | 26924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.75% 2/1/32 # | 150000 | 121912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.375% 9/1/29 # | 70000 | 65917 |
| &nbsp;&nbsp;&nbsp;Cellnex Finance 144A 3.875% 7/7/41 # | 200000 | 137089 |
| &nbsp;&nbsp;&nbsp;Charter Communications Operating 3.85% 4/1/61 | 365000 | 212387 |
| &nbsp;&nbsp;&nbsp;Comcast 3.20% 7/15/36 | 295000 | 240190 |
| &nbsp;&nbsp;&nbsp;Crown Castle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% 7/15/26 | 100000 | 86522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10% 4/1/31 | 136000 | 107515 |
| &nbsp;&nbsp;&nbsp;CSC Holdings 144A 4.50% 11/15/31 # | 200000 | 139138 |
| &nbsp;&nbsp;&nbsp;Directv Financing 144A 5.875% 8/15/27 # | 150000 | 134484 |
| &nbsp;&nbsp;&nbsp;Discovery Communications 4.00% 9/15/55 | 303000 | 183128 |
| &nbsp;&nbsp;&nbsp;Netflix 4.875% 4/15/28 | 115000 | 111301 |
| &nbsp;&nbsp;&nbsp;Time Warner Cable 7.30% 7/1/38 | 100000 | 99578 |
| &nbsp;&nbsp;&nbsp;Time Warner Cable Enterprises 8.375% 3/15/23 | 290000 | 291835 |
| &nbsp;&nbsp;&nbsp;T-Mobile USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 2/15/41 | 205000 | 145430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375% 4/15/29 | 535000 | 472242 |
| &nbsp;&nbsp;&nbsp;Verizon Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875% 11/20/50 | 265000 | 167283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 8/10/33 | 425000 | 399038 |
| &nbsp;&nbsp;&nbsp;Virgin Media Secured Finance 144A 5.50% 5/15/29 # | 200000 | 179613 |
|  |  | 3917197 |
| Consumer Cyclical — 2.45% |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com 2.50% 6/3/50 | 520000 | 330087 |
| &nbsp;&nbsp;&nbsp;Aptiv 3.10% 12/1/51 | 364000 | 216525 |
| &nbsp;&nbsp;&nbsp;Levi Strauss & Co. 144A 3.50% 3/1/31 # | 110000 | 87449 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Finance North America 144A 5.25% 11/29/27 # | 150000 | 151021 |
| &nbsp;&nbsp;&nbsp;VICI Properties 4.95% 2/15/30 | 185000 | 176354 |
|  |  | 961436 |
| Consumer Non-Cyclical — 5.92% |  |  |
| &nbsp;&nbsp;&nbsp;Baxter International 3.132% 12/1/51 | 255000 | 165684 |
| &nbsp;&nbsp;&nbsp;Bimbo Bakeries USA 144A 4.00% 5/17/51 # | 200000 | 150823 |
| &nbsp;&nbsp;&nbsp;Bunge Limited Finance 2.75% 5/14/31 | 290000 | 238728 |
| &nbsp;&nbsp;&nbsp;CVS Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70% 8/21/40 | 419000 | 291041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.78% 3/25/38 | 85000 | 77769 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.60% 11/15/25 # | 100000 | 100723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.65% 11/15/27 # | 100000 | 101345 |
| &nbsp;&nbsp;&nbsp;JBS USA LUX 144A 3.00% 2/2/29 # | 128000 | 106216 |
| &nbsp;&nbsp;&nbsp;Merck & Co. 2.75% 12/10/51 | 72000 | 48458 |
| &nbsp;&nbsp;&nbsp;Perrigo Finance Unlimited 4.375% 3/15/26 | 300000 | 278685 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35% 9/2/51 | 460000 | 285376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55% 9/2/50 | 19000 | 12217 |
| &nbsp;&nbsp;&nbsp;Sodexo 144A 1.634% 4/16/26 # | 260000 | 229503 |
| &nbsp;&nbsp;&nbsp;US Foods 144A 4.75% 2/15/29 # | 115000 | 102247 |
| &nbsp;&nbsp;&nbsp;Viatris 4.00% 6/22/50 | 142000 | 87982 |
| &nbsp;&nbsp;&nbsp;Zoetis 5.40% 11/14/25 | 45000 | 45948 |
|  |  | 2322745 |
| Electric — 10.31% |  |  |
| &nbsp;&nbsp;&nbsp;Ameren Illinois 5.90% 12/1/52 | 40000 | 43700 |
| &nbsp;&nbsp;&nbsp;Appalachian Power 4.50% 8/1/32 | 235000 | 219809 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway Energy 2.85% 5/15/51 | 110000 | 72524 |
| &nbsp;&nbsp;&nbsp;Commonwealth Edison 2.75% 9/1/51 | 300000 | 193355 |
| &nbsp;&nbsp;&nbsp;Duke Energy 5.00% 8/15/52 | 230000 | 205335 |
| &nbsp;&nbsp;&nbsp;Duke Energy Carolinas 3.95% 11/15/28 | 70000 | 67308 |
| &nbsp;&nbsp;&nbsp;Enel Finance International 144A 6.80% 10/14/25 # | 200000 | 205581 |
| &nbsp;&nbsp;&nbsp;Entergy Texas 3.55% 9/30/49 | 115000 | 83062 |
| &nbsp;&nbsp;&nbsp;Indianapolis Power & Light 144A 5.65% 12/1/32 # | 115000 | 118310 |
| &nbsp;&nbsp;&nbsp;IPALCO Enterprises 4.25% 5/1/30 | 145000 | 129154 |

---

**[**Table of Contents**](#dvigs_toc)**

---

| | | |
|:---|:---|:---|
| | **Principal<br> amount°** | **Value<br> (US $)** |
| **Corporate Bonds (continued)** | | |
| Electric (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Liberty Utilities Finance GP 1 144A 2.05% 9/15/30 # | 190000 | $143149 |
| &nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance 4.15% 12/15/32 | 180000 | 166768 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings 3.00% 1/15/52 | 305000 | 200506 |
| &nbsp;&nbsp;&nbsp;NRG Energy 144A 2.45% 12/2/27 # | 100000 | 83011 |
| &nbsp;&nbsp;&nbsp;Oglethorpe Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% 8/1/50 | 215000 | 155185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.50% 4/1/47 # | 210000 | 167732 |
| &nbsp;&nbsp;&nbsp;Pacific Gas and Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30% 8/1/40 | 45000 | 30622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% 6/15/43 | 135000 | 102488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% 7/1/50 | 55000 | 42852 |
| &nbsp;&nbsp;&nbsp;PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90% 6/15/52 | 580000 | 381319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35% 12/1/53 | 65000 | 64734 |
| &nbsp;&nbsp;&nbsp;Public Service Co. of Oklahoma 3.15% 8/15/51 | 170000 | 113496 |
| &nbsp;&nbsp;&nbsp;San Diego Gas & Electric 3.32% 4/15/50 | 120000 | 86339 |
| &nbsp;&nbsp;&nbsp;Southern California Edison |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45% 2/1/52 | 65000 | 46554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 3/1/48 | 120000 | 96330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% 3/1/49 | 155000 | 137091 |
| &nbsp;&nbsp;&nbsp;Union Electric 3.90% 4/1/52 | 165000 | 133815 |
| &nbsp;&nbsp;&nbsp;Vistra Operations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.55% 7/15/24 # | 244000 | 234162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.125% 5/13/25 # | 170000 | 166547 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group 5.15% 10/1/27 | 155000 | 156940 |
|  |  | 4047778 |
| Energy — 8.57% |  |  |
| &nbsp;&nbsp;&nbsp;BP Capital Markets 4.875% 3/22/30 μ, ψ | 330000 | 289781 |
| &nbsp;&nbsp;&nbsp;BP Capital Markets America 2.939% 6/4/51 | 145000 | 96135 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy 3.125% 3/24/31 | 235000 | 195164 |
| &nbsp;&nbsp;&nbsp;Enbridge |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60% 10/4/26 | 120000 | 105255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% 7/15/80 μ | 195000 | 176810 |
| &nbsp;&nbsp;&nbsp;Energy Transfer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 5/15/50 | 40000 | 32136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% 2/15/33 | 60000 | 58817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% 4/15/49 | 140000 | 130856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 11/15/26 μ, ψ | 385000 | 332063 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Operating 3.30% 2/15/53 | 275000 | 184167 |
| &nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco 144A 2.94% 9/30/40 # | 193306 | 156106 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan 5.45% 8/1/52 | 145000 | 130902 |
| &nbsp;&nbsp;&nbsp;Marathon Oil 5.20% 6/1/45 | 225000 | 193563 |
| &nbsp;&nbsp;&nbsp;NuStar Logistics 5.625% 4/28/27 | 183000 | 171430 |
| &nbsp;&nbsp;&nbsp;ONEOK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10% 11/15/32 | 140000 | 140422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50% 9/1/23 | 290000 | 293283 |
| &nbsp;&nbsp;&nbsp;Targa Resources Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 1/15/32 | 95000 | 80060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% 2/1/31 | 155000 | 140167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 1/15/28 | 220000 | 210230 |
| &nbsp;&nbsp;&nbsp;Valero Energy 3.65% 12/1/51 | 345000 | 245148 |
|  |  | 3362495 |
| Finance Companies — 4.37% |  |  |
| &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% 10/29/24 | 150000 | 138461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 10/29/28 | 300000 | 251876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40% 10/29/33 | 300000 | 228272 |
| &nbsp;&nbsp;&nbsp;Air Lease |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20% 1/15/27 | 140000 | 122196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875% 1/15/32 | 150000 | 119545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 12/15/26 μ, ψ | 153000 | 105187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85% 12/15/27 | 80000 | 80051 |
| &nbsp;&nbsp;&nbsp;Aviation Capital Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 1.95% 1/30/26 # | 65000 | 56656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.50% 11/1/27 # | 300000 | 262503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.50% 12/15/24 # | 355000 | 348988 |
|  |  | 1713735 |
| Insurance — 3.75% |  |  |
| &nbsp;&nbsp;&nbsp;Aon 5.00% 9/12/32 | 100000 | 99200 |
| &nbsp;&nbsp;&nbsp;Athene Global Funding 144A 1.985% 8/19/28 # | 442000 | 356387 |
| &nbsp;&nbsp;&nbsp;Athene Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45% 5/15/52 | 125000 | 77212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95% 5/25/51 | 50000 | 33940 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway Finance 3.85% 3/15/52 | 460000 | 369089 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial 4.70% 6/22/47 | 83000 | 61036 |
| &nbsp;&nbsp;&nbsp;Global Atlantic 144A 4.70% 10/15/51 #, μ | 200000 | 152657 |
| &nbsp;&nbsp;&nbsp;Hartford Financial Services Group 2.90% 9/15/51 | 135000 | 85447 |
| &nbsp;&nbsp;&nbsp;Humana |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% 3/1/28 | 76000 | 77740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 3/1/33 | 35000 | 36244 |
| &nbsp;&nbsp;&nbsp;Prudential Financial 3.70% 10/1/50 μ | 145000 | 122561 |
|  |  | 1471513 |
| Natural Gas — 1.72% |  |  |
| &nbsp;&nbsp;&nbsp;Atmos Energy 5.75% 10/15/52 | 135000 | 141768 |
| &nbsp;&nbsp;&nbsp;Sempra Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 4/1/52 μ | 125000 | 97406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% 10/15/25 μ, ψ | 310000 | 287426 |
| &nbsp;&nbsp;&nbsp;Southern California Gas 6.35% 11/15/52 | 80000 | 88022 |

---

**[**Table of Contents**](#dvigs_toc)**

Schedule of investments

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Investment Grade Series

---

| | | |
|:---|:---|:---|
| | **Principal<br> amount°** | **Value<br> (US $)** |
| **Corporate Bonds (continued)** | | |
| Natural Gas (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Southern Co. Gas Capital 5.15% 9/15/32 | 60000 | $59071 |
|  |  | 673693 |
| Real Estate Investment Trusts — 1.47% |  |  |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent 3.625% 4/15/32 | 70000 | 59068 |
| &nbsp;&nbsp;&nbsp;Corporate Office Properties 2.75% 4/15/31 | 150000 | 112592 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust 5.55% 1/15/28 | 140000 | 141178 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage 2.35% 3/15/32 | 350000 | 265725 |
|  |  | 578563 |
| Technology — 6.31% |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet 2.05% 8/15/50 | 390000 | 229695 |
| &nbsp;&nbsp;&nbsp;Autodesk 2.40% 12/15/31 | 185000 | 148263 |
| &nbsp;&nbsp;&nbsp;Broadcom 144A 3.469% 4/15/34 # | 335000 | 268235 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions 2.60% 5/1/31 | 319000 | 260508 |
| &nbsp;&nbsp;&nbsp;CDW 3.276% 12/1/28 | 435000 | 373245 |
| &nbsp;&nbsp;&nbsp;Clarivate Science Holdings 144A 3.875% 7/1/28 # | 149000 | 129269 |
| &nbsp;&nbsp;&nbsp;CoStar Group 144A 2.80% 7/15/30 # | 175000 | 143313 |
| &nbsp;&nbsp;&nbsp;Entegris Escrow |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.75% 4/15/29 # | 140000 | 127953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.95% 6/15/30 # | 135000 | 124673 |
| &nbsp;&nbsp;&nbsp;Marvell Technology |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% 4/15/26 | 210000 | 185721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45% 4/15/28 | 110000 | 93296 |
| &nbsp;&nbsp;&nbsp;Oracle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%11/10/25 | 30000 | 30705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15%11/9/29 | 220000 | 228873 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies 144A 3.75% 2/15/31 # | 160000 | 131868 |
|  |  | 2475617 |
| Transportation — 1.33% |  |  |
| &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe 2.875%6/15/52 | 148000 | 99381 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines 144A 7.00% 5/1/25 # | 136000 | 139107 |
| &nbsp;&nbsp;&nbsp;Mileage Plus Holdings 144A 6.50% 6/20/27 # | 144009 | 143491 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern 3.15% 6/1/27 | 95000 | 88454 |
| &nbsp;&nbsp;&nbsp;Seaspan 144A 5.50% 8/1/29 # | 70000 | 53139 |
|  |  | 523572 |
| **Total Corporate Bonds<br> (cost $39,014,608)** |  | **33778714** |
| **Municipal Bonds — 0.29%** |  |  |
| &nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico (Restructured) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.00% 7/1/35 | 5110 | 4313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.10% 7/1/24^ | 2341 | 2171 |
| &nbsp;&nbsp;&nbsp;GDB Debt Recovery Authority of Puerto Rico 7.50% 8/20/40 | 128783 | 107855 |
| **Total Municipal Bonds <br> (cost $129,471)** |  | **114339** |
| **Non-Agency Asset-Backed Securities — 2.11%** |  |  |
| &nbsp;&nbsp;&nbsp;Enterprise Fleet Financing Series 2022-2 A2 144A 4.65% 5/21/29 # | 225000 | 221852 |
| &nbsp;&nbsp;&nbsp;Ford Credit Floorplan Master Owner Trust Series 2019-2 A 3.06% 4/15/26 | 205000 | 198820 |
| &nbsp;&nbsp;&nbsp;Toyota Auto Loan Extended Note Trust Series 2022-1A A 144A 3.82% 4/25/35 # | 225000 | 213145 |
| &nbsp;&nbsp;&nbsp;Volkswagen Auto Lease Trust Series 2022-A A3 3.44% 7/21/25 | 200000 | 195701 |
| **Total Non-Agency Asset-Backed Securities<br> (cost $854,101)** |  | **829518** |
| **Loan Agreements — 3.20%** |  |  |
| &nbsp;&nbsp;&nbsp;AmWINS Group 6.634% (LIBOR01M + 2.25%) 2/19/28 ● | 107801 | 105941 |
| &nbsp;&nbsp;&nbsp;Applied Systems 9.08% ((SOFR03M + 3.50%)) 9/18/26 ● | 117006 | 116714 |
| &nbsp;&nbsp;&nbsp;Gates Global Tranche B-3 6.884% (LIBOR01M + 2.50%) 3/31/27 ● | 117600 | 115358 |
| &nbsp;&nbsp;&nbsp;Horizon Therapeutics USA Tranche B-2 6.188% (LIBOR01M + 1.75%) 3/15/28 ● | 108075 | 108102 |
| &nbsp;&nbsp;&nbsp;Informatica 7.188% (LIBOR01M + 2.75%) 10/27/28 ● | 114138 | 112425 |
| &nbsp;&nbsp;&nbsp;Prime Security Services Borrower Tranche B-1 6.505% (LIBOR03M + 2.75%) 9/23/26 ● | 117900 | 116969 |
| &nbsp;&nbsp;&nbsp;RealPage 1st Lien 7.384% (LIBOR01M + 3.00%) 4/24/28 ● | 118500 | 112990 |
| &nbsp;&nbsp;&nbsp;Reynolds Group Holdings Tranche B-2 7.634% (LIBOR01M + 3.25%) 2/5/26 ● | 112700 | 111686 |
| &nbsp;&nbsp;&nbsp;Standard Industries 6.425% (LIBOR06M + 2.25%) 9/22/28 ● | 360013 | 356063 |
| **Total Loan Agreements<br> (cost $1,270,156)** |  | **1256248** |
| **US Treasury Obligation — 0.73%** |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Bonds 3.00% 8/15/52 | 350000 | 288477 |
| **Total US Treasury Obligation<br> (cost $303,728)** |  | **288477** |

---

**[**Table of Contents**](#dvigs_toc)**

---

| | | |
|:---|:---|:---|
| | **Number of <br> shares** | **Value<br> (US $)** |
| **Short-Term Investments — 6.32%** | | |
| Money Market Mutual Funds — 6.32% |  |  |
| &nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund –<br> Institutional Shares (seven-day effective yield 4.03%) | 619978 | $619978 |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio –<br> Class I (seven-day effective yield 4.06%) | 619978 | 619978 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund –<br> Institutional Shares (seven-day effective yield 4.23%) | 619978 | 619978 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio –<br> Institutional Class (seven-day effective yield 4.11%) | 619978 | 619978 |
| **Total Short-Term Investments**<br> (cost $2,479,912) |  | **2479912** |
| **Total Value of Securities — 99.23%**<br> (cost $44,260,425) |  | $**38951115** |

---

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

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2022, the aggregate value of Rule 144A securities was $7,573,355, which represents 19.29% of the Series' net assets. See Note 10 in "Notes to financial statements."

● Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 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 December 31, 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

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

SOFR03M – Secured Overnight Financing Rate 3 Month

USD – US Dollar

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

**[**Table of Contents**](#dvigs_toc)**

Statement of assets and liabilities

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Investment Grade Series

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets:** | **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | &nbsp;&nbsp;&nbsp;Investments, at value\* | $38951115 |
| &nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;Cash | 3383 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 405074 |
| &nbsp;&nbsp;&nbsp;Receivable for series shares sold | &nbsp;&nbsp;&nbsp;Receivable for series shares sold | 7867 |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;Other assets | 366 |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;Total Assets | 39367805 |
| **Liabilities:** | **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;Other accrued expenses | 95480 |
| &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | 8653 |
| &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | 6217 |
| &nbsp;&nbsp;&nbsp;Administration expenses payable to affiliates | &nbsp;&nbsp;&nbsp;Administration expenses payable to affiliates | 5290 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;Total Liabilities | 115640 |
| **Total Net Assets** | **Total Net Assets** | $39252165 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;&nbsp;Paid-in capital | $47934021 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (8681856) |
| **Total Net Assets** | **Total Net Assets** | $39252165 |
| **Net Asset Value** | **Net Asset Value** |  |
| **Standard Class:** | **Standard Class:** |  |
| Net assets | Net assets | $39242997 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | Shares of beneficial interest outstanding, unlimited authorization, no par | 4615676 |
| Net asset value per share | Net asset value per share | $8.50 |
| **Service Class:** | **Service Class:** |  |
| Net assets | Net assets | $9168 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | Shares of beneficial interest outstanding, unlimited authorization, no par | 1082 |
| Net asset value per share | Net asset value per share | $8.47 |
| \* | Investments, at cost | $44260425 |

---

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

**[**Table of Contents**](#dvigs_toc)**

Statement of operations

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Investment Grade Series

Year ended December 31, 2022

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Interest | $1783220 |
| &nbsp;&nbsp;&nbsp;Dividends | 13246 |
|  | 1796466 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Management fees | 220937 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Service Class | 29 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | 45630 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | 45391 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing and transfer agent fees and expenses | 14927 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | 14682 |
| &nbsp;&nbsp;&nbsp;Legal fees | 3327 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 3243 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 2278 |
| &nbsp;&nbsp;&nbsp;Registration fees | 4 |
| &nbsp;&nbsp;&nbsp;Other | 35339 |
|  | 385787 |
| &nbsp;&nbsp;&nbsp;Less expenses waived | (107315) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 278472 |
| **Net Investment Income (Loss)** | 1517994 |
| **Net Realized and Unrealized Gain (Loss):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (4541439) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (592) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (4542031) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (5889862) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | 592 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (5889270) |
| **Net Realized and Unrealized Gain (Loss)** | (10431301) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(8913307) |

---

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

**[**Table of Contents**](#dvigs_toc)**

Statements of changes in net assets

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Investment Grade Series

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1517994 | $1403626 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (4542031) | 895374 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (5889270) | (2755154) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (8913307) | (456154) |
| **Dividends and Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | (2333366) | (3612371) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | (463) | (646) |
|  | (2333829) | (3613017) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | 1215669 | 2636589 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | 2333366 | 3612371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | 463 | 646 |
|  | 3549498 | 6249606 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | (7130506) | (8191477) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | (3581008) | (1941871) |
| **Net Decrease in Net Assets** | (14828144) | (6011042) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 54080309 | 60091351 |
| &nbsp;&nbsp;&nbsp;End of year | $39252165 | $54080309 |

---

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

**[**Table of Contents**](#dvigs_toc)**

Financial highlights

Delaware VIP<sup>®</sup> Investment Grade Series Standard Class

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| | **12/31/22** | **12/31/21** | **12/31/20** | **12/31/19<sup>1</sup>** | **12/31/18** |
| **Net asset value, beginning of period** | $10.80 | $11.60 | $11.02 | $10.18 | $10.80 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.31 | 0.27 | 0.26 | 0.29 | 0.31 |
| Net realized and unrealized gain (loss) | (2.13 | (0.37 | 0.98 | 0.95 | (0.53 |
| Total from investment operations | (1.82 | (0.10 | 1.24 | 1.24 | (0.22 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | (0.34) | (0.34) | (0.41) | (0.40) | (0.40) |
| Net realized gain | (0.14 | (0.36 | (0.25 |  |  |
| Total dividends and distributions | (0.48 | (0.70 | (0.66 | (0.40 | (0.40 |
| **Net asset value, end of period** | $8.50 | $10.80 | $11.60 | $11.02 | $10.18 |
| **** | | | | | |
| **Total return<sup>3</sup>** | (17.06) | (0.72) | 11.91 | 12.62 | (2.03) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $39243 | $54069 | $60080 | $61952 | $61630 |
| Ratio of expenses to average net assets<sup>4</sup> | 0.63 | 0.65 | 0.69 | 0.73 | 0.70 |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | 0.87 | 0.74 | 0.81 | 0.90 | 0.85 |
| Ratio of net investment income to average net assets | 3.44 | 2.45 | 2.39 | 2.76 | 3.05 |
| Ratio of net investment income to average net assets prior to fees waived | 3.20 | 2.36 | 2.27 | 2.59 | 2.90 |
| Portfolio turnover | 99 | 110 | 147 | 157 | 53 |

---

<sup>1</sup> On October 4, 2019, the First Investors Life Series Investment Grade Fund shares were reorganized into Standard Class shares of the Series. 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.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> 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. 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.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

<sup>5</sup> 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.

**[**Table of Contents**](#dvigs_toc)**

Financial highlights

Delaware VIP<sup>®</sup> Investment Grade Series Service Class

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | |
| | **12/31/22** | **12/31/21** | **12/31/20** | **10/31/19<sup>1</sup> to**<br>**12/31/19** |
| **Net asset value, beginning of period** | $10.76 | $11.56 | $11.01 | $10.97 |
| **Income (loss) from investment operations:** |  |  |  |  |
| Net investment income<sup>2</sup> | 0.29 | 0.23 | 0.23 | 0.03 |
| Net realized and unrealized gain (loss) | (2.13) | (0.36) | 0.97 | 0.01 |
| Total from investment operations | (1.84) | (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** | $8.47 | $10.76 | $11.56 | $11.01 |
| **Total return<sup>3</sup>** | (17.32)% | (1.03)% | 11.57% | 0.37% |
| **Ratios and supplemental data:** |  |  |  |  |
| Net assets, end of period (000 omitted) | $9 | $11 | $11 | $10 |
| Ratio of expenses to average net assets<sup>4</sup> | 0.93% | 0.95% | 0.99% | 0.99% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | 1.15% | 1.04% | 1.11% | 1.31% |
| Ratio of net investment income to average net assets | 3.16% | 2.15% | 2.09% | 1.50% |
| Ratio of net investment income to average net assets prior to fees waived | 2.94% | 2.06% | 1.97% | 1.18% |
| Portfolio turnover | 99% | 110% | 147% | 157%<sup>5,6</sup> |

---

<sup>1</sup> Date of commencement of operations; ratios have been annualized and total return has not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> 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.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

<sup>5</sup> Portfolio turnover is representative of the Series for the entire period.

<sup>6</sup> 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.

**[**Table of Contents**](#dvigs_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Investment Grade Series

December 31, 2022

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.

**1. Significant Accounting Policies**

The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.

**Security Valuation** — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and 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, other than ETFs, 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 by the Series' valuation designee, Delaware Management Company (DMC). Subject to the oversight of the Series' Board of Trustees (Board), DMC, as valuation designee, has adopted policies and procedures to fair value securities for which market quotations are not readily available consistent with the requirements of Rule 2a-5 under the 1940 Act. 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 and private placements are valued at fair value.

**Federal Income Taxes** — No provision for federal income taxes has been made as the Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Series evaluates tax positions taken or expected to be taken in the course of preparing the Series' tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Series' tax positions taken or expected to be taken on the Series' federal income tax returns through the year ended December 31, 2022, and for all open tax years (years ended December 31, 2019–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 year ended December 31, 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.

**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.

(continues) 19

**[**Table of Contents**](#dvigs_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Investment Grade Series

**1. Significant Accounting Policies (continued)**

**Other** — Expenses directly attributable to the Series are charged directly to the Series. Other expenses common to various funds within the Delaware Funds by Macquarie<sup>®</sup> (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. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. The Series declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, following the close of the fiscal year. The Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the "Statement of operations" under "Dividend disbursing and transfer agent fees and expenses" with the corresponding expenses offset included under "Less expenses paid indirectly." For the year ended December 31, 2022, the Series earned less than $1 under this arrangement.

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

In accordance with the terms of its investment management agreement, the Series pays 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 0.63% of the Series' average daily net assets for the Standard Class and 0.93% for the Service Class from January 1, 2022 through December 31, 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.

DMC may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited (together, the "Affiliated Sub-Advisors"). DMC may also permit these Affiliated Sub-Advisors to execute Series security trades 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. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Series, pays each Affiliated Sub-Advisor a portion of its investment management fee.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Series. For these services, DIFSC's fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; 0.0025% of the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the "Statement of operations" under "Accounting and administration expenses." For the year ended December 31, 2022, the Series paid $12,538 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC's fees are calculated daily and paid monthly, at the annual rate of 0.0075% of the Series' average daily net assets. This amount is included on the "Statement of operations" under "Dividend disbursing and transfer agent fees and expenses." For the year ended December 31, 2022, the Series paid $3,401 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides

**[**Table of Contents**](#dvigs_toc)**

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 year ended December 31, 2022, the Series paid $2,036 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 Underlying Funds including ETFs 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 year ended December 31, 2022, the Series made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases other than US government securities | $38488552 |
| Purchases of US government securities | 4331538 |
| Sales other than US government securities | 45581002 |
| Sales of US government securities | 4043925 |

---

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments but which approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2022, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:

---

| | |
|:---|:---|
| Cost of investments | $44355272 |
| Aggregate unrealized appreciation of investments | $411287 |
| Aggregate unrealized depreciation of investments | (5815444) |
| Net unrealized depreciation of investments | $(5404157) |

---

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

(continues) 21

**[**Table of Contents**](#dvigs_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Investment Grade Series

**3. Investments (continued)**

asset or liability based on the best information available under the circumstances. The Series' investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:

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

---

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

---

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

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

The following table summarizes the valuation of the Series' investments by fair value hierarchy levels as of December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Total |
| <u>Securities</u> |  |  |  |
| <u>Assets<u>:</u></u> |  |  |  |
| Agency Collateralized Mortgage Obligations | $— | $47111 | $47111 |
| Convertible Bonds |  | 156796 | 156796 |
| Corporate Bonds |  | 33778714 | 33778714 |
| Loan Agreements |  | 1256248 | 1256248 |
| Municipal Bonds |  | 114339 | 114339 |
| Non-Agency Asset-Backed Securities |  | 829518 | 829518 |
| US Treasury Obligation |  | 288477 | 288477 |
| Short-Term Investments | 2479912 |  | 2479912 |
| Total Value of Securities | $2479912 | $36471203 | $38951115 |

---

During the year ended December 31, 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 year in relation to the Series' net assets. During the year ended December 31, 2022, there were no Level 3 investments.

**[**Table of Contents**](#dvigs_toc)**

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2022 and 2021 were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| Ordinary income | $1704384 | $3613017 |
| Long-term capital gains | 629445 |  |
| Total | $2333829 | $3613017 |

---

**5. Components of Net Assets on a Tax Basis**

As of December 31, 2022, the components of net assets on a tax basis were as follows:

---

| | |
|:---|:---|
| Shares of beneficial interest | $47934021 |
| Undistributed ordinary income | 1579559 |
| Capital loss carryforwards | (4752154) |
| Unrealized appreciation (depreciation) on investments | (5509261) |
| Net assets | $39252165 |

---

Differences between components of net assets unrealized and tax cost unrealized may arise due to certain foreign currency transactions, foreign capital gains taxes, and amortization of callable bond premiums in accordance with ASU 2017-08.

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

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2022, the Series had no reclassifications.

At December 31, 2022, capital loss carryforwards available to offset future realized capital gains were as follows:

---

| | | |
|:---|:---|:---|
| Loss carryforward character | Loss carryforward character |  |
| Short-term | Long-term | Total |
| $2603525 | $2148629 | $4752154 |

---

(continues) 23

**[**Table of Contents**](#dvigs_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Investment Grade Series

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | 133584 | 239094 |
| Shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | 260420 | 342405 |
| &nbsp;&nbsp;&nbsp;Service Class | 52 | 61 |
|  | 394056 | 581560 |
| Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | (786899) | (752914) |
| Net decrease | (392843) | (171354) |

---

**7. Line of Credit**

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

On October 31, 2022, the Series, along with the other Participants, entered into an amendment to the Agreement for a $355,000,000 revolving line of credit to be used as described above. It operates in substantially the same manner as the original Agreement. Under the amendment to the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the Agreement expires on October 30, 2023.

The Series had no amounts outstanding as of December 31, 2022, or at any time during the year then ended.

**8. Derivatives**

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

**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 the 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).

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

**[**Table of Contents**](#dvigs_toc)**

payment may be made or received by the Series in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the par (or other agreed-upon) value of the reference security (or basket of securities) to the counterparty. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.

During the year ended December 31, 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 year ended December 31, 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 December 31, 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."

**9. Securities Lending**

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

Cash collateral received by the Series is generally invested in an individual separate account. 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

(continues) 25

**[**Table of Contents**](#dvigs_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Investment Grade Series

**9. Securities Lending (continued)**

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 year ended December 31, 2022, the Series had no securities out on loan.

**10. Credit and Market Risk**

An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

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

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

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

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

**[**Table of Contents**](#dvigs_toc)**

obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other direct indebtedness acquired by the Series may involve revolving credit facilities or other standby financing commitments that obligate the Series to pay additional cash on a certain date or on demand. These commitments may require the Series to increase its investment in a company at a time when the Series might not otherwise decide to do so (including at a time when the company's financial condition makes it unlikely that such amounts will be repaid). To the extent that the Series is committed to advance additional funds, it will at all times hold and maintain cash or other high grade debt obligations in an amount sufficient to meet such commitments. When a loan agreement is purchased, the Series may pay an assignment fee. On an ongoing basis, the Series may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by the borrower. Prepayment penalty, facility, commitment, consent, and amendment fees are recorded to income as earned or paid.

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

The Series invests 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."

**11. Contractual Obligations**

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

**12. Recent Accounting Pronouncements**

In 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

(continues) 27

**[**Table of Contents**](#dvigs_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Investment Grade Series

**12. Recent Accounting Pronouncements (continued)**

reference rates as of the end of 2021. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. On December 21, 2022, FASB issued ASU 2022-06 to defer the sunset date of Accounting Standards Codification Topic 848 until December 31, 2024. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2024. Management is currently evaluating ASU 2020-04, but does not believe there will be a material impact.

**13. Subsequent Events**

Management has determined that no material events or transactions occurred subsequent to December 31, 2022, that would require recognition or disclosure in the Series' financial statements.

**[**Table of Contents**](#dvigs_toc)**

Report of independent<br> registered public accounting firm

To the Board of Trustees of Delaware VIP<sup>®</sup> Trust and Shareholders of Delaware VIP Investment Grade Series

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Investment Grade Series (one of the series constituting Delaware VIP<sup>®</sup> Trust, referred to hereafter as the "Series") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| **Class Name** | **Financial Highlights** |
| Standard Class | For each of the four years in the period ended December 31, 2022 |
| Service Class | For each of the three years in the period ended December 31, 2022 and the period October 31, 2019 (commencement of operations) through December 31, 2019 |

---

The financial statements of the Series as of and for the year ended December 31, 2018 and the financial highlights for the year ended December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 26, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agents and agent banks. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 23, 2023

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

**[**Table of Contents**](#dvigs_toc)**

Other Series information (Unaudited)

Delaware VIP<sup>®</sup> Trust — Delaware VIP Investment Grade Series

**Tax Information**

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

For the year ended December 31, 2022, the Series reports distributions paid during the year as follows:

---

| | |
|:---|:---|
| (A) Long-Term Capital Gain Distributions (Tax Basis) | 26.97% |
| (B) Ordinary Income Distributions (Tax Basis) | 73.03% |
| Total Distributions (Tax Basis) | 100.0% |

---

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

**[**Table of Contents**](#dvigs_toc)**

**Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 9-11, 2022**

At a meeting held on August 9-11, 2022 (the "Annual Contract Renewal Meeting"), the Board of Trustees (the "Board"), including a majority of Trustees each of whom is not an "interested person" as defined under the Investment Company Act of 1940 (the "Independent Trustees"), approved the renewal of the Delaware VIP Investment Grade Series (the "Fund") Investment Management Agreement with Delaware Management Company ("DMC"); and the Sub-Advisory Agreements with Macquarie Investment Management Austria Kapitalanlage AG ("MIMAK"), Macquarie Investment Management Europe Limited ("MIMEL") and Macquarie Investment Management Global Limited ("MIMGL" and together with MIMAK and MIMEL, the "Affiliated Sub-Advisers").

Prior to the Meeting, including at a Board meeting held in May 2022, the Trustees conferred extensively among themselves and with representatives of DMC about these matters. Also, the Board was assisted by the applicable Investment Committee, with each Investment Committee assisting the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Investment Management Agreement and the Sub-Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, DMC was guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2022. In considering and approving the Investment Management Agreement and the Sub-Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with DMC about various topics. In this regard, the Board reviewed reports of DMC at each of its quarterly meetings, which included information about, among other things, Fund performance, investment strategies, and expenses. In addition, the Investment Committees confer with portfolio managers at various times throughout the year. In considering information relating to the approval of the Fund's Investment Management Agreement and the Sub-Advisory Agreements, the Independent Trustees also received information from an independent fund consultant, JDL Consultants, LLC ("JDL").

The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Investment Management Agreement and the Sub-Advisory Agreements for a one-year term. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approval.

**Nature, extent, and quality of services.** The Board received and considered various information regarding the nature, extent, and quality of the advisory services provided to the Fund by DMC under its Investment Management Agreement and the experience of the officers and employees of DMC who provide these services, including the Fund's portfolio managers. The Board's review included consideration of DMC's investment process and oversight and research and analysis capabilities, and its ability to attract and retain qualified investment professionals. The Board considered information regarding DMC's programs for risk management, including investment, operational, liquidity, valuation, and compliance risks. The Board received information with respect to the cybersecurity program and business continuity plans of DMC and its affiliates. The Board also considered non-advisory services that DMC and its affiliates provide to the Delaware Funds, including third party oversight, transfer agent, internal audit, valuation, portfolio trading, and legal and compliance. The Board took into account the benefits to shareholders of investing in a Fund that is part of a family of funds managed by an affiliate of Macquarie Group Ltd. ("Macquarie"), the parent company of DMC, and the resources available to DMC as part of Macquarie's global asset management business.

The Board received and considered various information with respect to the services provided by the Affiliated Sub-Advisers under the Sub-Advisory Agreements and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board considered the division of responsibilities between DMC and the Affiliated Sub-Advisers and the oversight provided by DMC. The Board considered the expertise of the Affiliated Sub-Advisers with respect to certain asset classes and/or investment styles. The Affiliated Sub-Advisers are part of Macquarie's global investment platform that has offices and personnel that are located around the world. As a result, the Board noted that DMC had stated that the Affiliated Sub-Advisers can provide research, investment and trading analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades, as applicable. The Board took into account that the Sub-Advisory Agreements may benefit the Fund and its shareholders by permitting DMC to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund.

**[**Table of Contents**](#dvigs_toc)**

Other Series information (Unaudited)

Delaware VIP<sup>®</sup> Trust — Delaware VIP Investment Grade Series

**Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 9-11, 2022 (continued)**

The Board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Fund by DMC and the Affiliated Sub-Advisers.

**Investment performance.** The Board received and considered information with respect to the investment performance of the Fund, including performance reports and discussions with portfolio managers at meetings of the Board's Investment Committees throughout the year as well as reports provided by Broadridge Financial Solutions, an independent investment company data provider ("Broadridge"), furnished for the Annual Contract Renewal Meeting. The Broadridge reports prepared for the Fund showed its investment performance in comparison to a group of similar funds (the "Performance Universe"). The Board received a description of the methodology used by Broadridge to select the funds in the Performance Universe. Comparative annualized performance for the Fund was shown for the past 1-, 3-, 5-, and 10-year or since inception periods, as applicable, ended December 31, 2021.

The Performance Universe for the Fund consisted of the Fund and all BBB-rated corporate debt funds underlying variable insurance products, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1-year period was in the first quartile and for the 3-, 5-, and 10-year periods was in the second quartile of its Performance Universe. The Fund was above the median for the 1-, 3-, 5-, and 10-year periods compared to its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the 1- and 3-year periods and slightly underperformed its benchmark index for the 5- and 10-year periods. The Board, however, noted that the investment performance of the current portfolio management team only began as of October 2019. The Board noted that the Fund was generally performing in line with its Performance Universe and its benchmark during the periods under review.

**Comparative expenses.** The Board received and considered expense data for the Fund. Management provided the Board with information on pricing levels and fee structures for the Fund as of its most recently completed fiscal year. The Board also considered on the comparative analysis of contractual management fees and actual total expense ratios of the Fund versus contractual management fees and actual total expense ratios of a group of similar funds as selected by Broadridge (the "Expense Group"). In reviewing comparative costs, the Fund's contractual management fee and the actual management fee incurred by the Fund were compared with the contractual management fees (assuming all funds were similar in size to the Fund) and actual management fees, taking into account any applicable breakpoints and fee waivers, with the Fund's expense universe, which is comprised of the Fund, its Expense Group and all other similar funds underlying variable insurance products with similar 12b-1 and non-12b-1 structures, excluding outliers (the "Expense Universe"). The Fund's total expenses were also compared with those of its Expense Universe.

The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were above its Expense Group average.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by DMC to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing registered investment companies compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients, unregistered funds and separately managed accounts.

The Board noted that DMC, and not the Fund, pays the sub-advisory fees to the Affiliated Sub-Advisers and, accordingly, that the retention of the Affiliated Sub-Advisers does not increase the fees and expenses incurred by the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to DMC under the Investment Management Agreement and to the Affiliated Sub-Advisers under the Sub-Advisory Agreements was reasonable.

**Economies of scale.** The Board received and considered information about the potential for DMC to realize economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual Fund level, and the extent to which potential scale benefits are shared with shareholders, including the extent to which any economies of scale are reflected in the level of management fees charged. DMC discussed its advisory fee pricing and structure for the Delaware Funds complex, including the current

**[**Table of Contents**](#dvigs_toc)**

breakpoints. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as DMC's investment in its business, including investments in business infrastructure, technology and cybersecurity.

**Management profitability.** The Board received and considered the Investment Management Profitability Analysis that addressed the overall profitability of DMC's business in providing management and other services to the Fund and the Delaware Funds as a whole, including the methodology used by DMC in allocating costs for the purpose of determining profitability. The Board also reviewed a report prepared by JDL regarding DMC's profitability as compared to certain peer fund complexes and the Independent Trustees discussed DMC's profitability in such context with representatives from JDL. Based on its review, the Board determined that DMC's profitability was not excessive in light of the nature, extent and quality of the services provided to the Fund.

**Ancillary benefits.** The Board received and considered information regarding the extent to which DMC and its affiliates might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as investment manager to the Delaware Funds; the benefits from allocation of fund brokerage to improve trading efficiencies; and the fees that various affiliates received for serving as transfer agent and for overseeing fund accounting and financial administration services to the Delaware Funds. The Board received information from DMC regarding its view of the performance of its affiliates in providing transfer agent and fund accounting and financial administration oversight services and the organizational structure employed to provide these services pursuant to their contracts with the Fund.

Based on its consideration of the factors and information it deemed relevant, including the costs of providing investment management and other services to the Fund and the ongoing commitment of DMC and its affiliates to the Fund, the Board did not find that any ancillary benefits received by DMC and its affiliates were unreasonable.

**Conclusion.** Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including all of the Independent Trustees, approved the continuation of DMC's Investment Management Agreement and of the Affiliated Sub-Advisers' Sub-Advisory Agreements for an additional one-year period.

**[**Table of Contents**](#dvigs_toc)**

Board of trustees / directors and officers addendum

Delaware Funds by Macquarie<sup>®</sup>

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length<br> of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
| **Shawn K. Lytle**<sup>2</sup> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1970 | President,<br> Chief Executive Officer,<br> and Trustee | President and<br> Chief Executive Officer<br> since August 2015<br>Trustee since<br> September 2015 | 126 | Macquarie Asset<br> Management<sup>3</sup> <br> (2015–Present)<br> - Global Head of<br> Macquarie Asset<br> Management Public<br> Investments<br> (2019–Present)<br> - Head of Americas of<br> Macquarie Group<br> (2017–Present) |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Jerome D. Abernathy**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1959 | Trustee | Since January 2019 | 126 | Stonebrook Capital<br> Management, LLC<br> (financial<br> technology: macro<br> factors and databases)<br> - Managing Member<br> (1993–Present) |  |
| **Ann D. Borowiec**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1958 | Trustee | Since March 2015 | 126 | J.P. Morgan Chase & Co.<br> (1987–2013)<br> - Chief Executive Officer,<br> Private Wealth<br> Management<br> (2011–2013) | Banco Santander<br> International<br> (2016–2019)<br> Santander Bank, N.A.<br> (2016–2019) |
| **Joseph W. Chow**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1953 | Trustee | Since January 2013 | 126 | Private Investor<br> (2011–Present) |  |
| **H. Jeffrey Dobbs**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1955 | Trustee | Since April 2019<sup>4</sup> | 126 | KPMG LLP<br> (2002–2015)<br> - Global Sector<br> Chairman,<br> Industrial Manufacturing<br> (2010–2015) | TechAccel LLC<br> (2015–Present)<br> PatientsVoices, Inc.<br> (2018–Present)<br> Valparaiso University<br> Board<br> (2012–Present)<br> Ivy Funds Complex<br> (2019–2021) |

---

**[**Table of Contents**](#dvigs_toc)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length<br> of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **John A. Fry**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1960 | Trustee | Since January 2001 | 126 | Drexel University<br> - President<br> (2010–Present) | Federal Reserve<br> Bank of Philadelphia<br> (2020–Present)<br> FS Credit Real Estate<br> Income Trust, Inc.<br> (2018–Present)<br> vTv Therapeutics Inc.<br> (2017–Present)<br> Community Health<br> Systems<br> (2004–Present)<br> Drexel Morgan & Co.<br> (2015–2019) |
| **Joseph Harroz, Jr.**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1967 | Trustee | Since November 1998<sup>4</sup> | 126 | University of Oklahoma<br> - President<br> (2020–Present)<br> - Interim President<br> (2019–2020)<br> - Vice President and<br> Dean, College of Law<br> (2010–2019)<br> Brookhaven<br> Investments LLC<br> (commercial enterprises)<br> - Managing Member<br> (2019–Present)<br> St. Clair, LLC<br> (commercial enterprises)<br> - Managing Member<br> (2019–Present) | OU Medicine, Inc.<br> (2020–Present)<br> Big 12 Athletic Conference<br> (2019–Present)<br> Valliance Bank<br> (2007–Present)<br> Ivy Funds Complex<br> (1998–2021) |
| **Sandra A.J. Lawrence**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1957 | Trustee | Since April 2019<sup>4</sup> | 126 | Children's Mercy<br> Hospitals and Clinics<br> (2005–2019)<br> - Chief Administrative<br> Officer<br> (2016–2019) | Brixmor Property<br> Group Inc.<br> (2021–Present)<br> Sera Prognostics Inc.<br> (biotechnology)<br> (2021–Present)<br> Recology<br> (resource recovery)<br> (2021–Present)<br> Evergy, Inc., Kansas City<br> Power & Light Company,<br> KCP&L Greater Missouri<br> Operations Company,<br> Westar Energy, Inc. and<br> Kansas Gas and Electric<br> Company (related utility<br> companies)<br> (2018–Present)<br> National Association of<br> Corporate Directors<br> (2017–Present)<br> Ivy Funds Complex<br> (2019–2021)<br> American Shared Hospital<br> Services (medical device)<br> (2017–2021)<br> Westar Energy (utility)<br> (2004–2018) |

---

**[**Table of Contents**](#dvigs_toc)**

Board of trustees / directors and officers addendum

Delaware Funds by Macquarie<sup>®</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Frances A.**<br> **Sevilla-Sacasa**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1956 | Trustee | Since September 2011 | 126 | Banco Itaú International<br> - Chief Executive Officer<br> (2012–2016) | Florida Chapter of<br> National Association of<br> Corporate Directors<br> (2021–Present)<br> Callon Petroleum<br> Company<br> (2019–Present)<br> Camden Property Trust<br> (2011–Present)<br> New Senior Investment<br> Group Inc. (2021)<br> Carrizo Oil & Gas, Inc.<br> (2018–2019) |
| **Thomas K. Whitford**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1956 | Chair and Trustee | Trustee since January<br> 2013<br>Chair since January<br> 2023 | 126 | PNC Financial<br> Services Group<br> (1983–2013)<br> - Vice Chairman<br> (2009–2013) | HSBC USA Inc.<br> (2014–2022)<br> HSBC North America<br> Holdings Inc.<br> (2013–2022)<br> HSBC Finance<br> Corporation<br> (2013–2018) |
| **Christianna Wood**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1959 | Trustee | Since January 2019 | 126 | Gore Creek<br> Capital, Ltd.<br> - Chief Executive Officer<br> and President<br> (2009–Present) | The Merger Fund<br> (2013–2021),<br> The Merger Fund VL<br> (2013–2021),<br> WCM Alternatives:<br> Event-Driven Fund<br> (2013–2021),<br> and WCM<br> Alternatives:<br> Credit Event Fund<br> (2017–2021)<br> Grange Insurance<br> (2013–Present)<br> H&R Block Corporation<br> (2008–Present) |
| **Janet L. Yeomans**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1948 | Trustee | Since April 1999 | 126 | 3M Company<br> (1995–2012)<br> - Vice President<br> and Treasurer<br> (2006–2012) | Okabena Company<br> (2009–2017) |
| **Officers** | **Officers** | **Officers** | **Officers** | **Officers** | **Officers** |
| **David F. Connor**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1963 | Senior Vice President,<br> General Counsel, and<br> Secretary | Senior Vice President,<br> since May 2013;<br> General Counsel<br> since May 2015;<br> Secretary since<br> October 2005 | 126 | David F. Connor has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. | None<sup>5</sup> |
| **Daniel V. Geatens**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1972 | Senior Vice President<br> and Treasurer | Senior Vice President<br> and Treasurer since<br> October 2007 | 126 | Daniel V. Geatens has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. | None<sup>5</sup> |

---

**[**Table of Contents**](#dvigs_toc)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Richard Salus**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1963 | Senior Vice President<br> and Chief Financial<br> Officer | Senior Vice President<br> and Chief Financial<br> Officer since November<br> 2006 | 126 | Richard Salus has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. |  |

---

<sup>1</sup> "Length of Time Served" refers to the time since the Trustee or officer began serving one or more of the Trusts in the Delaware Funds complex.

<sup>2</sup> Shawn K. Lytle is considered to be an "Interested Trustee" because he is an executive officer of the Series' investment advisor.

<sup>3</sup> Macquarie Asset Management is the marketing name for certain companies comprising the asset management division of Macquarie Group, including the Series' investment advisor, principal underwriter, and transfer agent.

<sup>4</sup> Includes time served on the Board of Ivy Funds prior to the date when Ivy Funds joined the Delaware Funds complex.

<sup>5</sup> David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment manager, principal underwriter, and transfer agent as the Funds. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust, and he is Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc., which has the same investment manager as the Funds.

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

**[**Table of Contents**](#dvigs_toc)**

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' Form 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, is 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.

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.

(2700499) **AR-VIPIG-0223**

![](mim_cover.jpg)

Delaware VIP<sup>®</sup> Trust Delaware VIP Limited Duration Bond Series December 31, 2022

**[**Table of Contents**](#dvldbs_toc)**

**Table of contents**

---

| | |
|:---|:---|
| **[Portfolio management review](#viplpd_001)** | **1** |
| **[Performance summary](#viplpd_002)** | **3** |
| **[Disclosure of Series expenses](#viplpd_003)** | **6** |
| **[Security type / sector allocations](#viplpd_004)** | **7** |
| **[Schedule of investments](#viplpd_005)** | **8** |
| **[**Statement of assets and liabilities**](#viplpd_006)** | **13** |
| **[**Statement of operations**](#viplpd_007)** | **14** |
| **[**Statements of changes in net assets**](#viplpd_008)** | **15** |
| **[**Financial highlights**](#viplpd_009)** | **16** |
| **[**Notes to financial statements**](#viplpd_010)** | **17** |
| **[**Report of independent registered public accounting firm**](#viplpd_011)** | **28** |
| **[**Other Series information**](#viplpd_012)** | **29** |
| **[**Board of trustees / directors and officers addendum**](#viplpd_013)** | **33** |

---

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 December 31, 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<sup>®</sup> Limited Duration Bond Series only if preceded or accompanied by the Series' current prospectus or the summary prospectus.© 2023 Macquarie Management Holdings, Inc.

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

**[**Table of Contents**](#dvldbs_toc)**

Portfolio management review

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Limited Duration Bond Series

December 31, 2022 (Unaudited)

For its fiscal year ended December 31, 2022, Delaware VIP Limited Duration Bond Series (the "Series") declined 4.19%. The figure reflects all distributions reinvested. For the same period, the Bloomberg 1-3 Year US Government/Credit Index declined 3.69%. **Past performance does not guarantee future results.** Complete annualized performance for Delaware VIP Limited Duration Bond Series is shown in the table on page 3. Please see page 4 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

**Market review**

Russia's invasion of Ukraine in late February 2022 was notable not just for its human tragedy; it also marked the most substantial use of unconventional economic weapons in response to the conventional weapons of modern warfare. As such, the war in Ukraine had significant economic ramifications, not the least of which was global inflation that climbed to a multi-decade high before the year ended.

The war created severe disruptions in the production of Ukrainian agricultural and other commodities. Combined with the economic sanctions imposed on Russia, significant disruptions to global supply chains resulted. Energy and food markets, already confronting shortages and soaring prices stemming from the COVID-19 pandemic, were pressured further.

Central banks around the world attempted to control inflation, which was fueled by supply shortages, combined with resilient consumer demand. In particular, Europe felt the brunt of rising energy prices because of its heavy reliance on imports from Russia, complicating the mission of the European Central Bank.

Generally during periods of heightened geopolitical risk and increasing volatility, central banks slow the pace of interest rates hikes, but this past year was an exception as inflation remained well above their target. The Federal Reserve raised interest rates and stopped quantitative easing, abandoning the tools that it had previously used to stimulate the economy.

The abrupt rise in interest rates – the US federal funds rate increased from near zero to a range of 4.25% to 4.5% by year-end – took a bite out of the interest-rate-sensitive sectors of the economy. Housing felt the burden of higher mortgage rates after enjoying significant appreciation during the pandemic.

Political unrest in China, especially that related to restrictions imposed to control the spread of COVID-19, also contributed to global economic problems. Throughout much of the year, China maintained its aggressive lockdowns of major cities. The "zero-COVID" policy contributed to ongoing supply-chain disruptions and inflationary pressure. In December, China abruptly eased its restrictions, opening the door to a potential surge in demand. That could pose new challenges to central banks early in 2023 as they attempt to bring inflation down to acceptable levels.

The US dollar maintained strength for most of the year while the euro declined below parity with the dollar. The war in Ukraine and central banks' aggressive anti-inflationary monetary policies combined to cause idiosyncratic stressors to bubble to the surface. For example, an acute financial crisis in the UK related to pension plans led the Bank of England to intervene to stabilize the country's interest rates even though it had been raising rates to fight inflation.

Against this highly volatile backdrop, credit markets behaved reasonably well in 2022, albeit while sustaining broad losses, largely due to the move higher in interest rates. However, higher yields were viewed as an opportunity for many fixed income investors and may have provided important technical support at time when central banks across most the developed world were in the midst of raising short-term rates.

**Within the Series**

Investors widely expected that the Fed would be active throughout most of the fiscal year. That expectation became reality at the end of March when the Fed began raising rates. Investors then shifted focus to just how much tightening the Fed would do.

In managing the portfolio, we try to provide rather than take liquidity. Liquidity enables us to take advantage of periods of uncertainty. It provides us with the investment flexibility to take advantage of market opportunities as they arise.

We entered 2022 with an overweight to investment grade corporate credit, which detracted from performance. That was in large part because of our overweight to BBB-rated credit, which underperformed. We were attracted to the higher income provided by BBB-rated bonds. Yield opportunities in shorter-term securities moved materially higher. Meanwhile, we maintained our overweight to investment grade corporate credit.

**[**Table of Contents**](#dvldbs_toc)**

Portfolio management review

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Limited Duration Bond Series

Some key drivers that weighed on performance within investment grade corporate credit included **Avolon Holdings Ltd.**, which leases commercial jet aircraft. Avolon had disappointing financial results and we exited that credit. However, we have maintained exposure to the industry, as we remain constructive on its economic fundamentals.

Another detractor from relative performance was **Credit Suisse Group AG** senior unsecured bonds, which we continue to hold. Despite negative performance in 2022, Credit Suisse announced last year that it was executing a new strategic plan and we are constructive on the organization's forward-looking guidance.

We also had a modest exposure to agency mortgage-backed securities (MBS), which detracted from performance based on the mortgage market's sensitivity to the uncertainties associated with rising interest rates. The rising interest rate environment added to volatility within the MBS market, but we believe that relative to investment grade corporate credit, MBS looks reasonably attractive and we maintain exposure there.

Yield curve management also detracted from performance. We generally maintained greater interest rate sensitivity in the portfolio than the overall benchmark.

Out-of-benchmark exposure to asset-backed securities (ABS) detracted as well but was diversified across multiple subsectors including lease and equipment and high-quality auto segments.

Contributors to the Series' relative performance included an underweight to government-related non-corporate issuers as their performance generated negative excess returns. Conversely, our allocation to high yield bonds outperformed the benchmark return. That came from positive security selection, including exposure to senior secure bonds issued by lower-rated insurance broker **USI Inc.** We remain comfortable owning the bond as we see a favorable insurance-rate environment continuing into the new year.

We also benefited from good security selection in emerging markets relative to the index. This included exposure to higher-quality names within that space. One was a modest allocation to **Sura Asset Management,** a Colombian-based provider of pension management, life insurance, and other asset management services. With commodity prices rising throughout 2022, some exposure to **FirstQuantum Minerals Ltd.** benefited performance.

**Key risks and opportunities**

Monetary policy in the US remains one of the largest uncertainties as we embark on a new year. Markets continue to price in a lower terminal rate (peak interest rate) than the Fed. That indicates that the Fed is likely to tighten more than investors expect. That divergence will be resolved one way or the other and will be determined largely by the trajectory of inflation, which remains well above the Fed's 2% target rate. The discrepancy in expectations between investors and the Fed suggests there will likely be more market volatility in the coming months.

We expect credit spreads to widen because of that uncertainty. We could also see a shallow recession in late 2023 or early 2024. However, if we are wrong, the risk most likely would be skewed to the downside – a potentially deeper or longer recession.

We are watching for signs that economic slowing could be occurring more quickly than expected. We believe this would increase the risk of a policy mistake by the Fed, further adding to volatility.

We believe that fixed income still offers attractive yields, which should provide a positive factor as investors look at break-even levels and attractiveness relative to other asset classes. Effectively, a yield of 5% or 6% now on a fixed income fund compared with 1% or 2% in January 2022 could provide a buffer if yield spreads materially widen. Now, you'd have to see interest rates move materially higher before that 6% yield disappears. Accordingly, this reduces the likelihood of negative returns in fixed income assets today compared with 2022.

Delaware VIP Limited Duration Bond Series used derivatives, including interest rate futures and high yield credit default swaps (CDX) to tactically gain access to the high yield asset class. Derivatives detracted from performance less than 50 basis points.

**[**Table of Contents**](#dvldbs_toc)**

Performance summary (Unaudited)

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Limited Duration Bond Series

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Series and benchmark performance** | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* |
|  | 1 year | 3 year | 5 year | Lifetime |
| Standard Class shares (commenced operations on July 1, 2014) | -4.19% | -0.41% | +0.51% | +0.15% |
| Bloomberg 1-3 Year US Government/Credit Index | -3.69% | -0.32% | +0.92% |  |

---

\* The benchmark lifetime return is calculated using the month end prior to the Series' Standard Class inception date. Returns reflect the reinvestment of all distributions. Please see page 5 for a description of the index.

As described in the Series' most recent prospectus, the net expense ratio for Standard Class shares of the Series was 0.53%, while total operating expenses for Standard Class shares were 0.94%. The management fee for Standard Class shares was 0.50%. The expense ratios may differ from the expense ratios in the "Financial highlights" since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in "Notes to financial statements" for additional details. Please see the "Financial highlights" section in this report for the most recent expense ratios.

The Series adopted the performance of the First Investors Life Series Limited Duration Bond Fund (Predecessor Series) as the result of a reorganization of the Predecessor Series into the Series, which was consummated after the close of business on October 4, 2019 (Reorganization). The Series had not yet commenced operations prior to the Reorganization. The returns shown for periods ending on or prior to October 4, 2019 reflect the performance and expenses of the Predecessor Series. The returns shown for periods after October 4, 2019 reflect the performance and expenses of the Series.

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

Expense limitations were in effect for Standard Class shares during some or all of the periods shown in the "Series and benchmark performance" table above and in the "Performance of a $10,000 investment" graph on page 5. Performance would have been lower had expense limitations not been in effect.

Performance data do not include any fees or sales charges imposed by variable insurance contracts. This fund doesn't have any deferred sales charges. Performance shown here would have been reduced if such fees were included. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer's ability to make interest and principal payments on its debt. This includes prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate. Interest payments on inflation-indexed debt securities will vary as the principal and/or interest is adjusted for inflation.

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

**[**Table of Contents**](#dvldbs_toc)**

Performance summary (Unaudited)

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Limited Duration Bond Series

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

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

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

During periods of falling interest rates, an issuer of a callable bond held by the Series may "call," or repay, the security before its stated maturity. The Series would then lose any price appreciation above the bond's call price and the Series may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Series' income.

The market values of bonds and other debt securities are affected by changes in interest rates. In general, when interest rates rise, the market value of a debt security declines, and when interest rates decline, the market value of a debt security increases. Generally, the longer the maturity and duration of a debt security, the greater its sensitivity to interest rates. The yields received by the Series on its investments will generally decline as interest rates decline.

Writing call options involves risks, such as potential losses if equity markets or an individual equity security do not move as expected and the potential for greater losses than if these techniques had not been used.

The Series may hold a significant amount of investments in similar businesses, which could be affected by the same economic or market conditions. To the extent the Series invests significantly in the financials sector, the value of the Series' shares may be particularly vulnerable to factors affecting that sector, such as the availability and cost of capital, changes in interest rates, the rate of corporate and consumer debt defaults, credit ratings and quality, market liquidity, extensive government regulation, and price competition.

An exchange-traded fund (ETF) is a security that represents all the stocks on a given exchange. ETF shares can be bought, sold, short-sold, traded on margin, and generally function as if they were stocks.

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

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

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

**[**Table of Contents**](#dvldbs_toc)**

**Performance of a $10,000 investment**

For the period July 1, 2014 (Series' inception date) through December 31, 2022

![](mim_vipldb-ncsrx7x1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | | **Starting value** | **Ending value** |
| ![](mim_vipldb-ncsrx7x2.jpg) | Bloomberg 1-3 Year US Government/Credit Index | $10000 | $10787 |
| ![](mim_vipldb-ncsrx7x3.jpg) | Delaware VIP Limited Duration Bond Series — Standard Class shares | $10000 | $10130 |

---

The graph shows a $10,000 investment in Delaware VIP Limited Duration Bond Series Standard Class shares for the period from July 1, 2014 through December 31, 2022.

The graph also shows $10,000 invested in the Bloomberg 1-3 Year US Government/Credit Index for the period from July 1, 2014 through December 31, 2022.

The Bloomberg 1-3 Year US Government/Credit Index is a market value-weighted index of government fixed-rate debt securities and investment grade US and foreign fixed-rate debt securities with average maturities of one to three years.

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

**Past performance does not guarantee future results.**

**[**Table of Contents**](#dvldbs_toc)**

Disclosure of Series expenses

For the six-month period from July 1, 2022 to December 31, 2022 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2022 to December 31, 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**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br> Account<br> Value<br> 7/1/22** | **Ending<br> Account<br> Value<br> 12/31/22** | **Annualized<br> Expense<br> Ratio** | **Expenses<br> Paid<br> During<br> Period<br> 7/1/22 to<br> 12/31/22\*** |
| **Actual Series return<sup>†</sup>** |  |  |  |  |
| Standard Class | $1000.00 | $1001.10 | 0.53% | $2.67 |
| **Hypothetical 5% return** (5% return before expenses) |  |  |  |  |
| Standard Class | $1000.00 | $1022.53 | 0.53% | $2.70 |

---

\* "Expenses Paid During Period" are equal to the Series' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

<sup>†</sup> 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**](#dvldbs_toc)**

Security type / sector allocations

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Limited Duration Bond Series

As of December 31, 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, which may result in the sector designations for one fund being different from another fund's sector designations.

---

| | |
|:---|:---|
| Security type / sector | Percentage<br> of net assets |
| **Agency Collateralized Mortgage Obligations** | **1.36%** |
| **Agency Mortgage-Backed Securities** | **4.79%** |
| **Collateralized Debt Obligations** | **9.25%** |
| **Corporate Bonds** | **61.08%** |
| Banking | 16.75% |
| Basic Industry | 2.51% |
| Brokerage | 0.51% |
| Capital Goods | 4.64% |
| Communications | 2.71% |
| Consumer Cyclical | 2.77% |
| Consumer Non-Cyclical | 2.99% |
| Electric | 6.40% |
| Energy | 4.74% |

---

---

| | |
|:---|:---|
| **Security type / sector** | **Percentage<br> of net assets** |
| Finance Companies | 4.07% |
| Insurance | 5.42% |
| Natural Gas | 0.37% |
| Real Estate Investment Trusts | 0.18% |
| Technology | 4.45% |
| Transportation | 2.57% |
| **Non-Agency Asset-Backed Securities** | **8.45%** |
| **US Treasury Obligations** | **13.82%** |
| **Short-Term Investments** | **2.43%** |
| **Total Value of Securities** | **101.18%** |
| **Liabilities Net of Receivables and Other Assets** | **(1.18)%** |
| **Total Net Assets** | **100.00%** |

---

**[**Table of Contents**](#dvldbs_toc)**

Schedule of investments

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Limited Duration Bond Series

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br> amount<sup>°</sup>** | **Value<br> (US $)** |
| **Agency Collateralized Mortgage Obligations — 1.36%** | | |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5092 WG 1.00% 4/25/31 | 252030 | $218849 |
| &nbsp;&nbsp;&nbsp;Freddie Mac Structured Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Risk REMIC Trust Series 2021-HQA1 M1 144A 4.628% (SOFR + 0.70%) 8/25/33 #, ● | 5616 | 5585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-HQA2 M1 144A 4.628% (SOFR + 0.70%) 12/25/33 #, ● | 42203 | 41870 |
| **Total Agency Collateralized Mortgage Obligations**<br> (cost $301,345) |  | **266304** |
| **Agency Mortgage-Backed Securities — 4.79%** |  |  |
| &nbsp;&nbsp;&nbsp;Fannie Mae S.F. 15 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 8/1/35 | 63572 | 58333 |
| &nbsp;&nbsp;&nbsp;Fannie Mae S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 2/1/44 | 81015 | 79982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 4/1/44 | 99234 | 97968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 1/1/50 | 239989 | 237909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 7/1/47 | 279294 | 283527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 5/1/48 | 102288 | 102756 |
| &nbsp;&nbsp;&nbsp;Freddie Mac S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 8/1/48 | 78074 | 78280 |
| **Total Agency Mortgage-Backed Securities**<br> (cost $1,040,764) |  | **938755** |
| **Collateralized Debt Obligations — 9.25%** |  |  |
| &nbsp;&nbsp;&nbsp;ARES LX CLO Series 2021-60A A 144A 5.314% (LIBOR03M + 1.12%, Floor 1.12%) 7/18/34 #, ● | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | 240956 |
| &nbsp;&nbsp;&nbsp;Canyon Capital CLO Series 2019-2A AR 144A 5.259%(LIBOR03M + 1.18%, Floor 1.18%) 10/15/34 #, ● | 250000 | 241443 |
| &nbsp;&nbsp;&nbsp;Cedar Funding IX CLO Series 2018-9A A1 144A 5.223% (LIBOR03M + 0.98%, Floor 0.98%) 4/20/31 #, ● | 250000 | 246421 |
| &nbsp;&nbsp;&nbsp;CIFC Funding Series 2013-4A A1RR 144A 5.418% (LIBOR03M + 1.06%, Floor 1.06%) 4/27/31 #, ● | 250000 | 245878 |
| &nbsp;&nbsp;&nbsp;Dryden 83 CLO Series 2020-83A A 144A 5.414% (LIBOR03M + 1.22%, Floor 1.22%) 1/18/32 #, ● | 250000 | 244751 |
| &nbsp;&nbsp;&nbsp;KKR CLO 32 Series 32A A1 144A 5.399% (LIBOR03M + 1.32%, Floor 1.32%) 1/15/32 #, ● | 100000 | 98715 |
| &nbsp;&nbsp;&nbsp;LCM XVIII Series 18A A1R 144A 5.263% (LIBOR03M + 1.02%) 4/20/31 #, ● | 250000 | 246567 |
| &nbsp;&nbsp;&nbsp;Octagon Investment Partners 33Series 2017-1A A1 144A 5.433% (LIBOR03M + 1.19%) 1/20/31 #, ● | 250000 | 247637 |
| **Total Collateralized Debt Obligations**<br> (cost $1,840,682) |  | **1812368** |
| **Corporate Bonds — 61.08%** |  |  |
| Banking — 16.75% |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.843% 2/4/25 μ | 190000 | 182246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.458% 3/15/25 μ | 80000 | 77914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10% 7/24/23 | 130000 | 129463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.204% 11/10/28 μ | 5000 | 5171 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon 5.802% 10/25/28 μ | 38000 | 39362 |
| &nbsp;&nbsp;&nbsp;BBVA Bancomer 144A 1.875% 9/18/25 # | 200000 | 181594 |
| &nbsp;&nbsp;&nbsp;Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.281% 11/3/25 μ | 35000 | 32274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.678% 5/15/24 μ | 105000 | 103528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.014% 1/25/26 μ | 30000 | 27826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61% 9/29/26 μ | 20000 | 20107 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank 0.898% 5/28/24 | 150000 | 140336 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375% 1/28/25 | 35000 | 33214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65% 1/25/24 | 35000 | 34486 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.925% 10/21/24 μ | 175000 | 167704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.542% 9/10/27 μ | 25000 | 21597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.089% (SOFR + 0.81%) 3/9/27 ● | &nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;259247 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.023% 12/5/24 μ | 330000 | 325198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.851% 7/25/28 μ | 30000 | 29293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.898% (SOFR + 0.58%) 3/16/24 ● | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;89746 |
| &nbsp;&nbsp;&nbsp;KeyBank 5.85% 11/15/27 | 15000 | 15510 |
| &nbsp;&nbsp;&nbsp;KeyCorp 3.878% 5/23/25 μ | 45000 | 44055 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.138% 10/16/26 μ | 300000 | 306726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.296% 10/18/28 μ | 40000 | 41363 |
| &nbsp;&nbsp;&nbsp;PNC Bank 3.875% 4/10/25 | 250000 | 243356 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group 5.671% 10/28/25 μ | 35000 | 35398 |

---

**[**Table of Contents**](#dvldbs_toc)**

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value <br> (US $)** |
| **Corporate Bonds (continued)** |  |  |
| Banking (continued) |  |  |
| &nbsp;&nbsp;&nbsp;State Street |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.684% 11/18/27 μ | 55000 | $48792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.751% 11/4/26 μ | 5000 | 5124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.82% 11/4/28 μ | 5000 | 5172 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank 4.108% 6/8/27 | 115000 | 111350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.602% (SOFR + 0.355%) 3/4/24 ● | 50000 | 49689 |
| &nbsp;&nbsp;&nbsp;Truist Bank 2.636% 9/17/29 μ | 215000 | 201202 |
| &nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375% 2/5/24 | 55000 | 54041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.727% 10/21/26 μ | 25000 | 25490 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.908% 4/25/26 μ | 165000 | 160510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.808% 7/25/28 μ | 35000 | 34242 |
|  |  | 3282326 |
| Basic Industry — 2.51% |  |  |
| &nbsp;&nbsp;&nbsp;Avient 144A 5.75% 5/15/25 # | 139000 | 135764 |
| &nbsp;&nbsp;&nbsp;Celanese US Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05% 3/15/25 | 15000 | 14954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.165% 7/15/27 | 30000 | 29638 |
| &nbsp;&nbsp;&nbsp;First Quantum Minerals 144A 7.50% 4/1/25 # | 200000 | 195080 |
| &nbsp;&nbsp;&nbsp;Nucor 3.95% 5/23/25 | 25000 | 24482 |
| &nbsp;&nbsp;&nbsp;Nutrien 5.95% 11/7/25 | 90000 | 91930 |
|  |  | 491848 |
| Brokerage — 0.51% |  |  |
| &nbsp;&nbsp;&nbsp;SURA Asset Management 144A 4.875% 4/17/24 # | 100000 | 99828 |
|  |  | 99828 |
| Capital Goods — 4.64% |  |  |
| &nbsp;&nbsp;&nbsp;Carlisle 0.55% 9/1/23 | 70000 | 67751 |
| &nbsp;&nbsp;&nbsp;Mauser Packaging Solutions Holding 144A 5.50% 4/15/24 # | 153000 | 149084 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65% 6/15/24 | 95000 | 93007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% 9/15/27 | 70000 | 68033 |
| &nbsp;&nbsp;&nbsp;Roper Technologies 2.35% 9/15/24 | 145000 | 138538 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies 0.95% 4/1/24 | 280000 | 264647 |
| &nbsp;&nbsp;&nbsp;TransDigm |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.25% 3/15/26 # | 25000 | 24710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.00% 12/15/25 # | 51000 | 51866 |
| &nbsp;&nbsp;&nbsp;WESCO Distribution 144A 7.125% 6/15/25 # | 51000 | 51750 |
|  |  | 909386 |
| Communications — 2.71% |  |  |
| &nbsp;&nbsp;&nbsp;AMC Networks 5.00% 4/1/24 | 30000 | 28103 |
| &nbsp;&nbsp;&nbsp;NBN 144A 0.875% 10/8/24 # | 200000 | 184539 |
| &nbsp;&nbsp;&nbsp;T-Mobile USA 3.75% 4/15/27 | 105000 | 99059 |
| &nbsp;&nbsp;&nbsp;Verizon Communications 0.75% 3/22/24 | 120000 | 113898 |
| &nbsp;&nbsp;&nbsp;Warnermedia Holdings 144A 3.638% 3/15/25 # | 110000 | 104696 |
|  |  | 530295 |
| Consumer Cyclical — 2.77% |  |  |
| &nbsp;&nbsp;&nbsp;Aptiv 2.396% 2/18/25 | 70000 | 66065 |
| &nbsp;&nbsp;&nbsp;Carnival 144A 7.625% 3/1/26 # | 51000 | 40513 |
| &nbsp;&nbsp;&nbsp;Daimler Trucks Finance North America 144A 1.625% 12/13/24 # | 150000 | 139314 |
| &nbsp;&nbsp;&nbsp;General Motors Financial 4.15% 6/19/23 | 30000 | 29845 |
| &nbsp;&nbsp;&nbsp;IRB Holding 144A 7.00% 6/15/25 # | 8000 | 7993 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International 5.75% 6/15/25 | 120000 | 116800 |
| &nbsp;&nbsp;&nbsp;Prime Security Services Borrower 144A 5.25% 4/15/24 # | 68000 | 66914 |
| &nbsp;&nbsp;&nbsp;VF 2.40% 4/23/25 | 40000 | 37582 |
| &nbsp;&nbsp;&nbsp;VICI Properties 4.95% 2/15/30 | 40000 | 38131 |
|  |  | 543157 |
| Consumer Non-Cyclical — 2.99% |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60% 11/21/24 | 90000 | 86164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% 11/14/23 | 165000 | 163405 |
| &nbsp;&nbsp;&nbsp;Conagra Brands 0.50% 8/11/23 | 65000 | 63170 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences 3.70% 4/1/24 | 80000 | 78689 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma 1.20% 9/2/25 | 195000 | 174700 |
| &nbsp;&nbsp;&nbsp;Viatris 1.65% 6/22/25 | 10000 | 9066 |
| &nbsp;&nbsp;&nbsp;Zoetis 5.40% 11/14/25 | 10000 | 10211 |
|  |  | 585405 |
| Electric — 6.40% |  |  |
| &nbsp;&nbsp;&nbsp;Avangrid 3.20% 4/15/25 | 60000 | 57390 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy 4.776% (SOFR + 0.65%) 5/13/24 ● | 285000 | 281737 |
| &nbsp;&nbsp;&nbsp;Duke Energy 4.875% 9/16/24 μ, ψ | 50000 | 45750 |
| &nbsp;&nbsp;&nbsp;Duke Energy Carolinas 3.95% 11/15/28 | 30000 | 28846 |
| &nbsp;&nbsp;&nbsp;Entergy Louisiana 4.05% 9/1/23 | 10000 | 9954 |
| &nbsp;&nbsp;&nbsp;Eversource Energy 2.90% 3/1/27 | 25000 | 23054 |
| &nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance 1.875% 2/7/25 | 135000 | 126706 |
| &nbsp;&nbsp;&nbsp;NRG Energy 144A 3.75% 6/15/24 # | 95000 | 91551 |

---

**[**Table of Contents**](#dvldbs_toc)**

Schedule of investments

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Limited Duration Bond Series

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value<br> (US $)** |
| **Corporate Bonds (continued)** |  |  |
| Electric (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Pacific Gas and Electric 3.75% 2/15/24 | 120000 | $117573 |
| &nbsp;&nbsp;&nbsp;Southern California Edison 1.10% 4/1/24 | 210000 | 199551 |
| &nbsp;&nbsp;&nbsp;Vistra Operations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.55% 7/15/24 # | 105000 | 100767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.125% 5/13/25 # | 40000 | 39187 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group 0.80% 3/15/24 | 140000 | 132699 |
|  |  | 1254765 |
| Energy — 4.74% |  |  |
| &nbsp;&nbsp;&nbsp;ConocoPhillips 2.40% 3/7/25 | 70000 | 66588 |
| &nbsp;&nbsp;&nbsp;Devon Energy 5.25% 9/15/24 | 39000 | 39057 |
| &nbsp;&nbsp;&nbsp;Enbridge 0.55% 10/4/23 | 115000 | 111214 |
| &nbsp;&nbsp;&nbsp;Energy Transfer 5.55% 2/15/28 | 130000 | 129120 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil 2.019% 8/16/24 | 130000 | 124436 |
| &nbsp;&nbsp;&nbsp;MPLX 4.875% 12/1/24 | 135000 | 133997 |
| &nbsp;&nbsp;&nbsp;Murphy Oil 5.75% 8/15/25 | 33000 | 32483 |
| &nbsp;&nbsp;&nbsp;NuStar Logistics 5.75% 10/1/25 | 73000 | 70303 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum 5.50% 12/1/25 | 58000 | 57884 |
| &nbsp;&nbsp;&nbsp;ONEOK 7.50% 9/1/23 | 115000 | 116302 |
| &nbsp;&nbsp;&nbsp;Southwestern Energy 5.70% 1/23/25 | 10000 | 9841 |
| &nbsp;&nbsp;&nbsp;Targa Resources Partners 5.00% 1/15/28 | 40000 | 38223 |
|  |  | 929448 |
| Finance Companies — 4.07% |  |  |
| &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% 10/29/24 | 150000 | 138461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15% 2/15/24 | 150000 | 145070 |
| &nbsp;&nbsp;&nbsp;Air Lease |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% 8/18/24 | 105000 | 96749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875% 1/15/26 | 15000 | 13895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 9/15/23 | 80000 | 78665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85% 12/15/27 | 20000 | 20013 |
| &nbsp;&nbsp;&nbsp;Aviation Capital Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 1.95% 1/30/26 # | 65000 | 56656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.375% 1/30/24 # | 60000 | 58521 |
| &nbsp;&nbsp;&nbsp;DAE Sukuk DIFC 144A 3.75% 2/15/26 # | 200000 | 190224 |
|  |  | 798254 |
| Insurance — 5.42% |  |  |
| &nbsp;&nbsp;&nbsp;Athene Global Funding 144A 1.00% 4/16/24 # | 205000 | 191756 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 1.00% 4/12/24 # | 115000 | 108344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.499% (SOFR + 0.76%) 4/12/24 #, ● | 85000 | 84202 |
| &nbsp;&nbsp;&nbsp;Equitable Financial Life Global Funding 144A 0.80% 8/12/24 # | 100000 | 92825 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings 3.90% 4/20/23 | 61000 | 60805 |
| &nbsp;&nbsp;&nbsp;GA Global Funding Trust 144A 1.00% 4/8/24 # | 275000 | 257748 |
| &nbsp;&nbsp;&nbsp;Humana 5.75% 3/1/28 | 20000 | 20458 |
| &nbsp;&nbsp;&nbsp;Met Tower Global Funding 144A 3.70% 6/13/25 # | 150000 | 145592 |
| &nbsp;&nbsp;&nbsp;USI 144A 6.875% 5/1/25 # | 103000 | 99387 |
|  |  | 1061117 |
| Natural Gas — 0.37% |  |  |
| &nbsp;&nbsp;&nbsp;Sempra Energy 3.30% 4/1/25 | 75000 | 71985 |
|  |  | 71985 |
| Real Estate Investment Trusts — 0.18% |  |  |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45% 7/15/28 | 15000 | 14230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 1/15/28 | 20000 | 20168 |
|  |  | 34398 |
| Technology — 4.45% |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services 4.70% 7/15/27 | 100000 | 97724 |
| &nbsp;&nbsp;&nbsp;International Business Machines 3.00% 5/15/24 | 100000 | 97306 |
| &nbsp;&nbsp;&nbsp;Microchip Technology |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.983% 9/1/24 | 150000 | 138987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.333% 6/1/23 | 55000 | 54774 |
| &nbsp;&nbsp;&nbsp;NXP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70% 5/1/25 | 5000 | 4711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% 3/1/24 | 165000 | 163813 |
| &nbsp;&nbsp;&nbsp;Oracle 5.80% 11/10/25 | 5000 | 5117 |
| &nbsp;&nbsp;&nbsp;S&P Global 144A 2.45% 3/1/27 # | 50000 | 45739 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 10/1/25 # | 90000 | 88050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.625% 11/1/24 # | 25000 | 24882 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions 0.90% 6/1/23 | 150000 | 147055 |
| &nbsp;&nbsp;&nbsp;Workday 3.50% 4/1/27 | 5000 | 4680 |
|  |  | 872838 |
| Transportation — 2.57% |  |  |
| &nbsp;&nbsp;&nbsp;Canadian Pacific Railway 1.35% 12/2/24 | 90000 | 83954 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 5/1/25 # | 185000 | 189227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375% 1/15/26 | 24000 | 24561 |
| &nbsp;&nbsp;&nbsp;Penske Truck Leasing 144A 4.40% 7/1/27 # | 45000 | 42773 |
| &nbsp;&nbsp;&nbsp;Spirit Loyalty Cayman 144A 8.00% 9/20/25 # | 24000 | 24119 |
| &nbsp;&nbsp;&nbsp;Triton Container International 144A 1.15% 6/7/24 # | 140000 | 129548 |

---

**[**Table of Contents**](#dvldbs_toc)**

---

| | | |
|:---|:---|:---|
| | **Principal<br> amount<sup>°</sup>** | **Value<br> (US $)** |
| **Corporate Bonds (continued)** | | |
| Transportation (continued) |  |  |
| &nbsp;&nbsp;&nbsp;United Airlines 144A 4.375% 4/15/26 # | 10000 | $9286 |
|  |  | 503468 |
| **Total Corporate Bonds**<br> (cost $12,484,195) |  | **11968518** |
| **Non-Agency Asset-Backed Securities — 8.45%** |  |  |
| &nbsp;&nbsp;&nbsp;Enterprise Fleet Financing Series 2022-2 A2 144A 4.65% 5/21/29 # | 60000 | 59161 |
| &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Series 2022-A B 1.91% 7/15/27 | 86000 | 78587 |
| &nbsp;&nbsp;&nbsp;Hyundai Auto Lease Securitization Trust Series 2021-A B 144A 0.61% 10/15/25 # | 900000 | 877614 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase Bank Series 2020-2 B 144A 0.84% 2/25/28 # | 58704 | 57315 |
| &nbsp;&nbsp;&nbsp;Tesla Auto Lease Trust Series 2021-A B 144A 1.02% 3/20/25 # | 235000 | 224566 |
| &nbsp;&nbsp;&nbsp;Trafigura Securitisation Finance Series 2021-1A A2 144A 1.08% 1/15/25 # | 200000 | 180091 |
| &nbsp;&nbsp;&nbsp;Verizon Master Trust Series 2022-2 B 1.83% 7/20/28 | 86000 | 80162 |
| &nbsp;&nbsp;&nbsp;Volkswagen Auto Lease Trust Series 2022-A A3 3.44% 7/21/25 | 100000 | 97850 |
| **Total Non-Agency Asset-Backed Securities**<br> (cost $1,725,650) |  | **1655346** |
| **US Treasury Obligations — 13.82%** |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 10/31/27 | 330000 | 331238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% 12/31/24 | 310000 | 308946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% 10/15/25 | 1440000 | 1439100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 11/30/24 | 630000 | 630074 |
| **Total US Treasury Obligations**<br> (cost $2,703,505) |  | **2709358** |
|  | **Number of<br> shares** |  |
| **Short-Term Investments — 2.43%** |  |  |
| Money Market Mutual Funds — 2.43% |  |  |
| &nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund –<br> Institutional Shares (seven-day effective yield 4.03%) | 118858 | 118858 |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio –<br> Class I (seven-day effective yield 4.06%) | 118857 | $118857 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund –<br> Institutional Shares (seven-day effective yield 4.23%) | 118857 | 118857 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio –<br> Institutional Class (seven-day effective yield 4.11%) | 118857 | 118857 |
| **Total Short-Term Investments**<br> (cost $475,429) |  | **475429** |
| **Total Value of Securities** — **101.18%**<br> (cost $20,571,570) |  | $**19826078** |

---

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

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2022, the aggregate value of Rule 144A securities was $6,762,599, which represents 34.51% of the Series' net assets. See Note 10 in "Notes to financial statements."

● Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 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 December 31, 2022. Rate will reset at a future date.

ψ Perpetual security. Maturity date represents next call date.

**[**Table of Contents**](#dvldbs_toc)**

Schedule of investments

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Limited Duration Bond Series

The following futures contracts were outstanding at December 31, 2022:<sup>1</sup>

**Futures Contracts**

**Exchange-Traded**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Contracts to Buy (Sell) | Contracts to Buy (Sell) | Notional<br> Amount | Notional<br> Cost<br> (Proceeds) | Expiration<br> Date | Value/<br> Unrealized<br> Appreciation | Value/<br> Unrealized<br> Depreciation | Variation<br> Margin<br> Due from<br> (Due to)<br> Brokers |
| 11 | US Treasury 2 yr Notes | $2255859 | $2253822 | 3/31/23 | $2037 | $— | $(1719) |
| (2) | US Treasury 5 yr Notes | (215859) | (215823) | 3/31/23 |  | (36) | 172 |
| Total Futures Contracts | Total Futures Contracts |  | $2037999 |  | $2037 | $(36) | $(1547) |

---

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

<sup>1</sup> See Note 8 in "Notes to financial statements."

**Summary of abbreviations:**

CLO – Collateralized Loan Obligation

DAC – Designated Activity Company

DIFC – Dubai International Financial Centre

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.

**[**Table of Contents**](#dvldbs_toc)**

Statement of assets and liabilities

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Limited Duration Bond Series

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets:** | **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | &nbsp;&nbsp;&nbsp;Investments, at value\* | $19826078 |
| &nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;Cash | 16351 |
| &nbsp;&nbsp;&nbsp;Cash collateral due from brokers | &nbsp;&nbsp;&nbsp;Cash collateral due from brokers | 13649 |
| &nbsp;&nbsp;&nbsp;Foreign currencies, at value<sup>∆</sup> | &nbsp;&nbsp;&nbsp;Foreign currencies, at value<sup>∆</sup> | 218 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 139919 |
| &nbsp;&nbsp;&nbsp;Receivable for series shares sold | &nbsp;&nbsp;&nbsp;Receivable for series shares sold | 3814 |
| &nbsp;&nbsp;&nbsp;Receivable from investment manager | &nbsp;&nbsp;&nbsp;Receivable from investment manager | 3785 |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;Other assets | 171 |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;Total Assets | 20003985 |
| **Liabilities:** | **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | &nbsp;&nbsp;&nbsp;Payable for securities purchased | 309068 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;Other accrued expenses | 86333 |
| &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | 7608 |
| &nbsp;&nbsp;&nbsp;Administration expenses payable to affiliates | &nbsp;&nbsp;&nbsp;Administration expenses payable to affiliates | 4648 |
| &nbsp;&nbsp;&nbsp;Variation margin due to broker on future contracts | &nbsp;&nbsp;&nbsp;Variation margin due to broker on future contracts | 1547 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;Total Liabilities | 409204 |
| **Total Net Assets** | **Total Net Assets** | $19594781 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;&nbsp;Paid-in capital | $22870293 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (3275512) |
| **Total Net Assets** | **Total Net Assets** | $19594781 |
| **Net Asset Value** | **Net Asset Value** |  |
| **Standard Class:** | **Standard Class:** |  |
| Net assets | Net assets | $19594781 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | Shares of beneficial interest outstanding, unlimited authorization, no par | 2204152 |
| Net asset value per share | Net asset value per share | $8.89 |
| \* | Investments, at cost | $20571570 |
| ∆ | Foreign currencies, at cost | 225 |

---

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

**[**Table of Contents**](#dvldbs_toc)**

Statement of operations

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Limited Duration Bond Series

Year ended December 31, 2022

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Interest | $557865 |
| &nbsp;&nbsp;&nbsp;Dividends | 3331 |
|  | 561196 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Management fees | 109655 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | 45391 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | 42233 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | 12958 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing and transfer agent fees and expenses | 8373 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 2555 |
| &nbsp;&nbsp;&nbsp;Legal fees | 1857 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 1130 |
| &nbsp;&nbsp;&nbsp;Registration fees | 4 |
| &nbsp;&nbsp;&nbsp;Other | 26758 |
|  | 250914 |
| &nbsp;&nbsp;&nbsp;Less expenses waived | (134651) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 116263 |
| **Net Investment Income (Loss)** | 444933 |
| **Net Realized and Unrealized Gain (Loss):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (468692) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | (93124) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | 4675 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (556956) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (920035) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | (36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 5780 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (914291) |
| **Net Realized and Unrealized Gain (Loss)** | (1471247) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(1026314) |

---

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

**[**Table of Contents**](#dvldbs_toc)**

Statements of changes in net assets

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Limited Duration Bond Series

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $444933 | $245432 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (556956) | 65770 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (914291) | (482456) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (1026314) | (171254) |
| **Dividends and Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | (458920) | (589680) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | 461636 | 1605912 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | 458920 | 589680 |
|  | 920556 | 2195592 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | (5103617) | (5107563) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | (4183061) | (2911971) |
| **Net Decrease in Net Assets** | (5668295) | (3672905) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 25263076 | 28935981 |
| &nbsp;&nbsp;&nbsp;End of year | $19594781 | $25263076 |

---

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

**[**Table of Contents**](#dvldbs_toc)**

Financial highlights

Delaware VIP<sup>®</sup> Limited Duration Bond Series Standard Class

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| | **12/31/22** | **12/31/21** | **12/31/20** | **12/31/19<sup>1</sup>** | **12/31/18** |
| **Net asset value, beginning of period** | $9.47 | $9.74 | $9.66 | $9.34 | $9.61 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.18 | 0.09 | 0.12 | 0.21 | 0.05 |
| Net realized and unrealized gain (loss) | (0.57) | (0.15) | 0.24 | 0.17 | (0.07) |
| Total from investment operations | (0.39) | (0.06) | 0.36 | 0.38 | (0.02) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | (0.19) | (0.21) | (0.28) | (0.06) | (0.25) |
| Total dividends and distributions | (0.19) | (0.21) | (0.28) | (0.06) | (0.25) |
| **Net asset value, end of period** | $8.89 | $9.47 | $9.74 | $9.66 | $9.34 |
| **Total return<sup>3</sup>** | (4.19)% | (0.68)% | 3.79% | 4.09% | (0.22)% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $19595 | $25263 | $28936 | $31712 | $33522 |
| Ratio of expenses to average net assets<sup>4</sup> | 0.53% | 0.60% | 0.75% | 0.86% | 1.15% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | 1.14% | 0.94% | 1.03% | 1.10% | 1.30% |
| Ratio of net investment income to average net assets | 2.03% | 0.90% | 1.25% | 2.15% | 0.49% |
| Ratio of net investment income to average net assets prior to fees waived | 1.42% | 0.56% | 0.97% | 1.91% | 0.34% |
| Portfolio turnover | 157% | 252% | 126% | 108% | 268% |

---

<sup>1</sup> On October 4, 2019, the First Investors Life Series Limited Duration Bond Fund shares were reorganized into Standard Class shares of the Series. 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.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> 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. 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.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

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

**[**Table of Contents**](#dvldbs_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Limited Duration Bond Series

December 31, 2022

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.

**1. Significant Accounting Policies**

The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.

**Security Valuation** — Debt securities and credit default swap (CDS) contracts are valued based upon valuations provided by an independent pricing service or broker counterparty and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. 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, other than exchange-traded funds (ETFs), 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 by the Series' valuation designee, Delaware Management Company (DMC). Subject to the oversight of the Series' Board of Trustees (Board), DMC, as valuation designee, has adopted policies and procedures to fair value securities for which market quotations are not readily available consistent with the requirements of Rule 2a-5 under the 1940 Act. 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 and private placements are valued at fair value.

**Federal and Foreign Income Taxes** — No provision for federal income taxes has been made as the Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Series evaluates tax positions taken or expected to be taken in the course of preparing the Series' tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Series' tax positions taken or expected to be taken on the Series' federal income tax returns through the year ended December 31, 2022, and for all open tax years (years ended December 31, 2019–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 year ended December 31, 2022, the Series did not incur any interest or tax penalties.

**Foreign Currency Transactions** — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the Series' prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Series generally bifurcate 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.

(continues) 17

**[**Table of Contents**](#dvldbs_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Limited Duration Bond Series

**1. Significant Accounting Policies (continued)**

**Derivative Financial Instruments** — The Series may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Series must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Series successful use of a derivative financial instrument depends on the investment adviser's ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Series can realize on an investment and/or may result in lower distributions paid to shareholders. The Series investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

**Segregation and Collateralizations** — In certain cases, based on requirements and agreements with certain exchanges and third-party broker-dealers, the Series may deliver or receive collateral in connection with certain investments (e.g., futures contracts, foreign currency exchange contracts, options written, securities with extended settlement periods, and swaps). Certain countries require that cash reserves be held while investing in companies incorporated in that country. These cash reserves and cash collateral that has been pledged/received to cover obligations of the Series under derivative contracts, if any, will be reported separately on the "Statement of assets and liabilities" as cash collateral due to/from broker. Securities collateral pledged for the same purpose, if any, is noted on the "Schedule of investments."

**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<sup>®</sup> (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. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. The Series may pay foreign capital gains taxes on certain foreign securities held, which are reported as components of realized losses for financial reporting purposes, whereas such components are treated as ordinary loss for federal income tax purposes. The Series declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, following the close of the fiscal year. The Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the "Statement of operations" under "Dividend disbursing and transfer agent fees and expenses" with the corresponding expenses offset included under "Less expenses paid indirectly." For the year ended December 31, 2022, the Series earned less than $1 under this arrangement.

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

In accordance with the terms of its investment management agreement, the Series pays 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.

**[**Table of Contents**](#dvldbs_toc)**

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 December 31, 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.

DMC may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited (together, the "Affiliated Sub-Advisors"). DMC may also permit these Affiliated Sub-Advisors to execute Series security trades 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. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Series, pays each Affiliated Sub-Advisor a portion of its investment management fee.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Series. For these services, DIFSC's fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; 0.0025% of the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the "Statement of operations" under "Accounting and administration expenses." For the year ended December 31, 2022, the Series paid $10,646 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC's fees are calculated daily and paid monthly, at the annual rate of 0.0075% of the Series' average daily net assets. This amount is included on the "Statement of operations" under "Dividend disbursing and transfer agent fees and expenses." For the year ended December 31, 2022, the Series paid $1,679 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 year ended December 31, 2022, the Series paid $997 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 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 including ETFs 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.

(continues) 19

**[**Table of Contents**](#dvldbs_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Limited Duration Bond Series

**3. Investments**

For the year ended December 31, 2022, the Series made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases other than US government securities | $4942674 |
| Purchases of US government securities | 29015001 |
| Sales other than US government securities | 5906825 |
| Sales of US government securities | 31546431 |

---

The tax cost of investments and derivatives includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments but which approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2022, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for the Series were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | $20659340 |
| Aggregate unrealized appreciation of investments and derivatives | $185006 |
| Aggregate unrealized depreciation of investments and derivatives | (1016267) |
| Net unrealized depreciation of investments and derivatives | $(831261) |

---

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.

**[**Table of Contents**](#dvldbs_toc)**

The following table summarizes the valuation of the Series' investments by fair value hierarchy levels as of December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Total |
| <u>Securities</u> |  |  |  |
| <u>Assets:</u> |  |  |  |
| Agency Collateralized Mortgage Obligations | $— | $266304 | $266304 |
| Agency Mortgage-Backed Securities |  | 938755 | 938755 |
| Collateralized Debt Obligations |  | 1812368 | 1812368 |
| Corporate Bonds |  | 11968518 | 11968518 |
| Non-Agency Asset-Backed Securities |  | 1655346 | 1655346 |
| US Treasury Obligations |  | 2709358 | 2709358 |
| Short-Term Investments | 475429 |  | 475429 |
| Total Value of Securities | $475429 | $19350649 | $19826078 |
| <u><u>Derivatives<sup>1</sup></u></u> |  |  |  |
| <u>Assets:</u> |  |  |  |
| Futures Contracts | $2037 | $— | $2037 |
| <u>Liabilities:</u> |  |  |  |
| Futures Contracts | $(36) | $— | $(36) |

---

<sup>1</sup> Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end.

During the year ended December 31, 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 year.

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 year in relation to the Series' net assets. During the year ended December 31, 2022, there were no Level 3 investments.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net gains on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2022 and 2021 were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| Ordinary income | $458920 | $589680 |

---

**5. Components of Net Assets on a Tax Basis**

As of December 31, 2022, the components of net assets on a tax basis were as follows:

---

| | |
|:---|:---|
| Shares of beneficial interest | $22870293 |
| Undistributed ordinary income | 514356 |
| Capital loss carryforwards\* | (2884078) |
| Unrealized appreciation (depreciation) of investments, foreign currencies and derivatives | (905790) |
| Net assets | $19594781 |

---

(continues) 21

**[**Table of Contents**](#dvldbs_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Limited Duration Bond Series

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

\* A portion of the Series capital loss carryforward is subject to limitation under the Internal Revenue Code and related regulations.

Differences between components of net assets unrealized and tax cost unrealized may arise due to certain foreign currency transactions, foreign capital gains taxes, and amortization of callable bond premiums in accordance with ASU 2017-08.

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

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2022, the Series had no reclassifications.

At December 31, 2022, capital loss carryforwards available to offset future realized capital gains were as follows:

---

| | | |
|:---|:---|:---|
| Loss carryforward character | Loss carryforward character |  |
| Short-term | Long-term | Total |
| $1556754 | $1327324 | $2884078 |

---

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | 51267 | 166715 |
| Shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | 51219 | 62006 |
|  | 102486 | 228721 |
| Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | (564852) | (532712) |
| Net decrease | (462366) | (303991) |

---

**7. Line of Credit**

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

On October 31, 2022, the Series, along with the other Participants, entered into an amendment to the Agreement for a $355,000,000 revolving line of credit to be used as described above. It operates in substantially the same manner as the original Agreement. Under the amendment to the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the Agreement expires on October 30, 2023.

The Series had no amounts outstanding as of December 31, 2022, or at any time during the year then ended.

**[**Table of Contents**](#dvldbs_toc)**

**8. Derivatives**

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

**Futures Contracts**

A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. The Series may use futures contracts in the normal course of pursuing its investment objective. The Series may invest in futures contracts to hedge its existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions. Upon entering into a futures contract, the Series deposits cash or pledges US government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Series as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Series records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Series because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. At December 31, 2022, the Series posted $13,649 in cash as collateral for open futures contracts, which is included in "Cash collateral due from brokers" on the "Statement of assets and liabilities".

During the year ended December 31, 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 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).

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

During the year ended December 31, 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 as unrealized appreciation or depreciation daily. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. Initial margin and variation margin is posted to central counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty. During the year ended December 31, 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

(continues) 23

**[**Table of Contents**](#dvldbs_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Limited Duration Bond Series

**8. Derivatives (continued)**

protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Series and the counterparty and by the posting of collateral by the counterparty to the Series to cover the Series' exposure to the counterparty, and (2) for cleared swaps, trading these instruments through a central counterparty. No CDS contracts were outstanding at December 31, 2022.

During the year ended December 31, 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."

During the year ended December 31, 2022, the Series experienced unrealized gains or losses attributable to foreign currency holdings, which are disclosed on the "Statement of assets and liabilities".

The effect of derivative instruments on the "Statement of Operations" for the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Net Realized Gain (Loss) on: | Net Realized Gain (Loss) on: | Net Realized Gain (Loss) on: |
|  | Futures<br>Contracts | Swap<br>Contracts |<br>Total |
| Interest rate |  |  |  |
| &nbsp;&nbsp;&nbsp;contracts | $(93124) | $— | $(93124) |
| Credit |  |  |  |
| &nbsp;&nbsp;&nbsp;contracts |  | 4675 | 4675 |
| Total | $(93124) | $4675 | $(88449) |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Net Change in<br> Unrealized Appreciation (Depreciation) on: |
|  | Futures<br>Contracts |
| Interest rate |  |
| &nbsp;&nbsp;&nbsp;contracts | $5780 |

---

The table below summarizes the average balance of derivative holdings by the Series during the year ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Long Derivative | Long Derivative | Short Derivative | Short Derivative |
|  | Volume | Volume | Volume | Volume |
| Futures contracts (average notional value) | USD | 2934692 | USD | 820840 |
| CDS contracts (average notional value)\* | EUR |  | EUR | 11952 |
| CDS contracts (average notional value)\* | USD |  | USD | 3550 |

---

\* Long represents buying protection and short represents selling protection.

**9. Securities Lending**

The Series, along with other funds in the Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities.

**[**Table of Contents**](#dvldbs_toc)**

With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by the Series is generally invested in an individual separate account. 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 year ended December 31, 2022, the Series had no securities out on loan.

**10. Credit and Market Risk**

An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

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

(continues) 25

**[**Table of Contents**](#dvldbs_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Limited Duration Bond Series

**10. Credit and Market Risk (continued)**

strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.

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

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

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

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

The Series invests in fixed income securities whose value is derived from an underlying pool of mortgages or consumer loans. The value of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be adversely affected by shifts in the market's perception of the issuers and changes in interest rates. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are CMOs. CMOs are debt securities issued by US government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on the Series' yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Series may fail to fully recoup its initial investment in these securities even if the securities are rated in the highest rating categories.

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

**[**Table of Contents**](#dvldbs_toc)**

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

**11. Contractual Obligations**

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

**12. Recent Accounting Pronouncements**

In 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. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. On December 21, 2022, FASB issued ASU 2022-06 to defer the sunset date of Accounting Standards Codification Topic 848 until December 31, 2024. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2024. Management is currently evaluating ASU 2020-04, but does not believe there will be a material impact.

**13. Subsequent Events**

Management has determined that no material events or transactions occurred subsequent to December 31, 2022, that would require recognition or disclosure in the Series' financial statements.

(continues) 27

**[**Table of Contents**](#dvldbs_toc)**

Report of independent<br> registered public accounting firm

To the Board of Trustees of Delaware VIP<sup>®</sup> Trust and Shareholders of Delaware VIP Limited Duration Bond Series

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Limited Duration Bond Series (one of the series constituting Delaware VIP<sup>®</sup> Trust, referred to hereafter as the "Series") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the four years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the four years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Series as of and for the year ended December 31, 2018 and the financial highlights for the year ended December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 26, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 23, 2023

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

**[**Table of Contents**](#dvldbs_toc)**

Other Series information (Unaudited)

Delaware VIP<sup>®</sup> Trust — Delaware VIP Limited Duration Bond Series

**Tax Information**

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

For the year ended December 31, 2022, the Series reports distributions paid during the year as follows:

---

| | | |
|:---|:---|:---|
| (A) Ordinary Income Distributions (Tax Basis) | 100.0 | % |

---

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

**[**Table of Contents**](#dvldbs_toc)**

Other Series information (Unaudited)

Delaware VIP<sup>®</sup> Trust — Delaware VIP Limited Duration Bond Series

**Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 9-11, 2022**

At a meeting held on August 9-11, 2022 (the "Annual Contract Renewal Meeting"), the Board of Trustees (the "Board"), including a majority of Trustees each of whom is not an "interested person" as defined under the Investment Company Act of 1940 (the "Independent Trustees"), approved the renewal of the Delaware VIP Limited Duration Bond Series (the "Fund") Investment Management Agreement with Delaware Management Company ("DMC"); and the Sub-Advisory Agreements with Macquarie Investment Management Austria Kapitalanlage AG ("MIMAK"), Macquarie Investment Management Europe Limited ("MIMEL"), and Macquarie Investment Management Global Limited ("MIMGL" and together with MIMAK and MIMEL, the "Affiliated Sub-Advisers").

Prior to the Meeting, including at a Board meeting held in May 2022, the Trustees conferred extensively among themselves and with representatives of DMC about these matters. Also, the Board was assisted by the applicable Investment Committee, with each Investment Committee assisting the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Investment Management Agreement and the Sub-Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, DMC was guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2022. In considering and approving the Investment Management Agreement and the Sub-Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with DMC about various topics. In this regard, the Board reviewed reports of DMC at each of its quarterly meetings, which included information about, among other things, Fund performance, investment strategies, and expenses. In addition, the Investment Committees confer with portfolio managers at various times throughout the year. In considering information relating to the approval of the Fund's Investment Management Agreement and the Sub-Advisory Agreements, the Independent Trustees also received information from an independent fund consultant, JDL Consultants, LLC ("JDL").

The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Investment Management Agreement and the Sub-Advisory Agreements for a one-year term. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approval.

**Nature, extent, and quality of services.** The Board received and considered various information regarding the nature, extent, and quality of the advisory services provided to the Fund by DMC under its Investment Management Agreement and the experience of the officers and employees of DMC who provide these services, including the Fund's portfolio managers. The Board's review included consideration of DMC's investment process and oversight and research and analysis capabilities, and its ability to attract and retain qualified investment professionals. The Board considered information regarding DMC's programs for risk management, including investment, operational, liquidity, valuation, and compliance risks. The Board received information with respect to the cybersecurity program and business continuity plans of DMC and its affiliates. The Board also considered non-advisory services that DMC and its affiliates provide to the Delaware Funds, including third party oversight, transfer agent, internal audit, valuation, portfolio trading, and legal and compliance. The Board took into account the benefits to shareholders of investing in a Fund that is part of a family of funds managed by an affiliate of Macquarie Group Ltd. ("Macquarie"), the parent company of DMC, and the resources available to DMC as part of Macquarie's global asset management business.

The Board received and considered various information with respect to the services provided by the Affiliated Sub-Advisers under the Sub-Advisory Agreements and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board considered the division of responsibilities between DMC and the Affiliated Sub-Advisers and the oversight provided by DMC. The Board considered the expertise of the Affiliated Sub-Advisers with respect to certain asset classes and/or investment styles. The Affiliated Sub-Advisers are part of Macquarie's global investment platform that has offices and personnel that are located around the world. As a result, the Board noted that DMC had stated that the Affiliated Sub-Advisers can provide research, investment and trading analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades, as applicable. The Board took into account that the Sub-Advisory Agreements may benefit the Fund and its shareholders by permitting DMC to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund.

**[**Table of Contents**](#dvldbs_toc)**

The Board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Fund by DMC and the Affiliated Sub-Advisers.

**Investment performance.** The Board received and considered information with respect to the investment performance of the Fund, including performance reports and discussions with portfolio managers at meetings of the Board's Investment Committees throughout the year as well as reports provided by Broadridge Financial Solutions, an independent investment company data provider ("Broadridge"), furnished for the Annual Contract Renewal Meeting. The Broadridge reports prepared for the Fund showed its investment performance in comparison to a group of similar funds (the "Performance Universe"). The Board received a description of the methodology used by Broadridge to select the funds in the Performance Universe. Comparative annualized performance for the Fund was shown for the past 1-, 3-, 5-, and 10-year or since inception periods, as applicable, ended December 31, 2021.

The Performance Universe for the Fund consisted of the Fund and all short-intermediate investment-grade debt funds underlying variable insurance products, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1-year period was in the third quartile and for the 3-, 5-, and 10-year period was in the fourth quartile of its Performance Universe. The Fund was below the median for the 1-, 3-, 5-, and 10-year periods compared to its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the 3-year period and underperformed its benchmark index for the 1-, 5-, and 10-year periods. The Board, however, noted that the investment performance of the current portfolio management team only began as of September 2020. The Board noted the explanations from DMC concerning the reasons for the Fund's relative performance versus the Performance Universe and its benchmark for the various periods.

**Comparative expenses.** The Board received and considered expense data for the Fund. Management provided the Board with information on pricing levels and fee structures for the Fund as of its most recently completed fiscal year. The Board also considered on the comparative analysis of contractual management fees and actual total expense ratios of the Fund versus contractual management fees and actual total expense ratios of a group of similar funds as selected by Broadridge (the "Expense Group"). In reviewing comparative costs, the Fund's contractual management fee and the actual management fee incurred by the Fund were compared with the contractual management fees (assuming all funds were similar in size to the Fund) and actual management fees, taking into account any applicable breakpoints and fee waivers, with the Fund's expense universe, which is comprised of the Fund, its Expense Group and all other similar funds underlying variable insurance products with similar 12b-1 and non-12b-1 structures, excluding outliers (the "Expense Universe"). The Fund's total expenses were also compared with those of its Expense Universe.

The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were above its Expense Group average.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by DMC to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing registered investment companies compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients, unregistered funds and separately managed accounts.

The Board noted that DMC, and not the Fund, pays the sub-advisory fees to the Affiliated Sub-Advisers and, accordingly, that the retention of the Affiliated Sub-Advisers does not increase the fees and expenses incurred by the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to DMC under the Investment Management Agreement and to the Affiliated Sub-Advisers under the Sub-Advisory Agreements was reasonable.

**Economies of scale.** The Board received and considered information about the potential for DMC to realize economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual Fund level, and the extent to which potential scale benefits are shared with shareholders, including the extent to which any economies of scale are reflected in the level of management fees charged. DMC discussed its advisory fee pricing and structure for the Delaware Funds complex, including the current breakpoints. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as DMC's investment in its business, including investments in business infrastructure, technology and cybersecurity.

**[**Table of Contents**](#dvldbs_toc)**

Other Series information (Unaudited)

Delaware VIP<sup>®</sup> Trust — Delaware VIP Limited Duration Bond Series

**Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 9-11, 2022 (continued)**

**Management profitability.** The Board received and considered the Investment Management Profitability Analysis that addressed the overall profitability of DMC's business in providing management and other services to the Fund and the Delaware Funds as a whole, including the methodology used by DMC in allocating costs for the purpose of determining profitability. The Board also reviewed a report prepared by JDL regarding DMC's profitability as compared to certain peer fund complexes and the Independent Trustees discussed DMC's profitability in such context with representatives from JDL. Based on its review, the Board determined that DMC's profitability was not excessive in light of the nature, extent and quality of the services provided to the Fund.

**Ancillary benefits.** The Board received and considered information regarding the extent to which DMC and its affiliates might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as investment manager to the Delaware Funds; the benefits from allocation of fund brokerage to improve trading efficiencies; and the fees that various affiliates received for serving as transfer agent and for overseeing fund accounting and financial administration services to the Delaware Funds. The Board received information from DMC regarding its view of the performance of its affiliates in providing transfer agent and fund accounting and financial administration oversight services and the organizational structure employed to provide these services pursuant to their contracts with the Fund.

Based on its consideration of the factors and information it deemed relevant, including the costs of providing investment management and other services to the Fund and the ongoing commitment of DMC and its affiliates to the Fund, the Board did not find that any ancillary benefits received by DMC and its affiliates were unreasonable.

**Conclusion.** Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including all of the Independent Trustees, approved the continuation of DMC's Investment Management Agreement and of the Affiliated Sub-Advisers' Sub-Advisory Agreements for an additional one-year period.

**[**Table of Contents**](#dvldbs_toc)**

Board of trustees / directors and officers addendum

Delaware Funds by Macquarie<sup>®</sup>

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length<br> of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
| **Shawn K. Lytle**<sup>2</sup> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1970 | President,<br> Chief Executive Officer,<br> and Trustee | President and<br> Chief Executive Officer<br> since August 2015<br>Trustee since<br> September 2015 | 126 | Macquarie Asset<br> Management<sup>3</sup><br> (2015–Present)<br> - Global Head of<br> Macquarie Asset<br> Management Public<br> Investments<br> (2019–Present)<br> - Head of Americas of<br> Macquarie Group<br> (2017–Present) |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Jerome D. Abernathy**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1959 | Trustee | Since January 2019 | 126 | Stonebrook Capital<br> Management, LLC<br> (financial<br> technology: macro<br> factors and databases)<br> - Managing Member<br> (1993–Present) |  |
| **Ann D. Borowiec**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1958 | Trustee | Since March 2015 | 126 | J.P. Morgan Chase & Co.<br> (1987–2013)<br> - Chief Executive Officer,<br> Private Wealth<br> Management<br> (2011–2013) | Banco Santander<br> International<br> (2016–2019)<br> Santander Bank, N.A.<br> (2016–2019) |
| **Joseph W. Chow**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1953 | Trustee | Since January 2013 | 126 | Private Investor<br> (2011–Present) |  |
| **H. Jeffrey Dobbs**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1955 | Trustee | Since April 2019<sup>4</sup> | 126 | KPMG LLP<br> (2002–2015)<br> - Global Sector<br> Chairman,<br> Industrial Manufacturing<br> (2010–2015) | TechAccel LLC<br> (2015–Present)<br> PatientsVoices, Inc.<br> (2018–Present)<br> Valparaiso University<br> Board<br> (2012–Present)<br> Ivy Funds Complex<br> (2019–2021) |

---

**[**Table of Contents**](#dvldbs_toc)**

Board of trustees / directors and officers addendum

Delaware Funds by Macquarie<sup>®</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length<br> of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **John A. Fry**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1960 | Trustee | Since January 2001 | 126 | Drexel University<br> - President<br> (2010–Present) | Federal Reserve<br> Bank of Philadelphia<br> (2020–Present)<br> FS Credit Real Estate<br> Income Trust, Inc.<br> (2018–Present)<br> vTv Therapeutics Inc.<br> (2017–Present)<br> Community Health<br> Systems<br> (2004–Present)<br> Drexel Morgan & Co.<br> (2015–2019) |
| **Joseph Harroz, Jr.**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1967 | Trustee | Since November 1998<sup>4</sup> | 126 | University of Oklahoma<br> - President<br> (2020–Present)<br> - Interim President<br> (2019–2020)<br> - Vice President and<br> Dean, College of Law<br> (2010–2019)<br> Brookhaven<br> Investments LLC<br> (commercial enterprises)<br> - Managing Member<br> (2019–Present)<br> St. Clair, LLC<br> (commercial enterprises)<br> - Managing Member<br> (2019–Present) | OU Medicine, Inc.<br> (2020–Present)<br> Big 12 Athletic Conference<br> (2019–Present)<br> Valliance Bank<br> (2007–Present)<br> Ivy Funds Complex<br> (1998–2021) |
| **Sandra A.J. Lawrence**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1957 | Trustee | Since April 2019<sup>4</sup> | 126 | Children's Mercy<br> Hospitals and Clinics<br> (2005–2019)<br> - Chief Administrative<br> Officer<br> (2016–2019) | Brixmor Property<br> Group Inc.<br> (2021–Present)<br> Sera Prognostics Inc.<br> (biotechnology)<br> (2021–Present)<br> Recology<br> (resource recovery)<br> (2021–Present)<br> Evergy, Inc., Kansas City<br> Power & Light Company,<br> KCP&L Greater Missouri<br> Operations Company,<br> Westar Energy, Inc. and<br> Kansas Gas and Electric<br> Company (related utility<br> companies)<br> (2018–Present)<br> National Association of<br> Corporate Directors<br> (2017–Present)<br> Ivy Funds Complex<br> (2019–2021)<br> American Shared Hospital<br> Services (medical device)<br> (2017–2021)<br> Westar Energy (utility)<br> (2004–2018) |

---

**[**Table of Contents**](#dvldbs_toc)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Frances A.**<br> **Sevilla-Sacasa**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1956 | Trustee | Since September 2011 | 126 | Banco Itaú International<br> - Chief Executive Officer<br> (2012–2016) | Florida Chapter of<br> National Association of<br> Corporate Directors<br> (2021–Present)<br> Callon Petroleum<br> Company<br> (2019–Present)<br> Camden Property Trust<br> (2011–Present)<br> New Senior Investment<br> Group Inc. (2021)<br> Carrizo Oil & Gas, Inc.<br> (2018–2019) |
| **Thomas K. Whitford**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1956 | Chair and Trustee | Trustee since January<br> 2013<br>Chair since January<br> 2023 | 126 | PNC Financial<br> Services Group<br> (1983–2013)<br> - Vice Chairman<br> (2009–2013) | HSBC USA Inc.<br> (2014–2022)<br> HSBC North America<br> Holdings Inc.<br> (2013–2022)<br> HSBC Finance<br> Corporation<br> (2013–2018) |
| **Christianna Wood**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1959 | Trustee | Since January 2019 | 126 | Gore Creek<br> Capital, Ltd.<br> - Chief Executive Officer<br> and President<br> (2009–Present) | The Merger Fund<br> (2013–2021),<br> The Merger Fund VL<br> (2013–2021),<br> WCM Alternatives:<br> Event-Driven Fund<br> (2013–2021),<br> and WCM<br> Alternatives:<br> Credit Event Fund<br> (2017–2021)<br> Grange Insurance<br> (2013–Present)<br> H&R Block Corporation<br> (2008–Present) |
| **Janet L. Yeomans**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1948 | Trustee | Since April 1999 | 126 | 3M Company<br> (1995–2012)<br> - Vice President<br> and Treasurer<br> (2006–2012) | Okabena Company<br> (2009–2017) |
| **Officers** | **Officers** | **Officers** | **Officers** | **Officers** | **Officers** |
| **David F. Connor**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1963 | Senior Vice President,<br> General Counsel, and<br> Secretary | Senior Vice President,<br> since May 2013;<br> General Counsel<br> since May 2015;<br> Secretary since<br> October 2005 | 126 | David F. Connor has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. | None<sup>5</sup> |
| **Daniel V. Geatens**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1972 | Senior Vice President<br> and Treasurer | Senior Vice President<br> and Treasurer since<br> October 2007 | 126 | Daniel V. Geatens has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. | None<sup>5</sup> |

---

**[**Table of Contents**](#dvldbs_toc)**

Board of trustees / directors and officers addendum

Delaware Funds by Macquarie<sup>®</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Richard Salus**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1963 | Senior Vice President<br> and Chief Financial<br> Officer | Senior Vice President<br> and Chief Financial<br> Officer since November<br> 2006 | 126 | Richard Salus has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. |  |

---

<sup>1</sup> "Length of Time Served" refers to the time since the Trustee or officer began serving one or more of the Trusts in the Delaware Funds complex.

<sup>2</sup> Shawn K. Lytle is considered to be an "Interested Trustee" because he is an executive officer of the Series' investment advisor.

<sup>3</sup> Macquarie Asset Management is the marketing name for certain companies comprising the asset management division of Macquarie Group, including the Series' investment advisor, principal underwriter, and transfer agent.

<sup>4</sup> Includes time served on the Board of Ivy Funds prior to the date when Ivy Funds joined the Delaware Funds complex.

<sup>5</sup> David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment manager, principal underwriter, and transfer agent as the Funds. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust, and he is Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc., which has the same investment manager as the Funds.

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

**[**Table of Contents**](#dvldbs_toc)**

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' Form 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, is 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.

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.

(2700499) **AR-VIPLDB-0223**

![](mim_cover.jpg)

Delaware VIP<sup>®</sup> Trust Delaware VIP Opportunity Series December 31, 2022

**[**Table of Contents**](#dvos_toc)**

**Table of contents**

---

| | |
|:---|:---|
| **[Portfolio management review](#vipop_001)** | **1** |
| **[Performance summary](#vipop_002)** | **3** |
| **[Disclosure of Series expenses](#vipop_003)** | **6** |
| **[Security type / sector allocations and top 10 equity holdings](#vipop_004)** | **7** |
| **[Schedule of investments](#vipop_005)** | **8** |
| **[**Statement of assets and liabilities**](#vipop_006)** | **11** |
| **[**Statement of operations**](#vipop_007)** | **12** |
| **[**Statements of changes in net assets**](#vipop_008)** | **13** |
| **[**Financial highlights**](#vipop_009)** | **14** |
| **[**Notes to financial statements**](#vipop_010)** | **15** |
| **[**Report of independent registered public accounting firm**](#vipop_011)** | **22** |
| **[**Other Series information**](#vipop_012)** | **23** |
| **[**Board of trustees / directors and officers addendum**](#vipop_013)** | **26** |

---

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 December 31, 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<sup>®</sup> Opportunity Series only if preceded or accompanied by the Series' current prospectus or the summary prospectus.© 2023 Macquarie Management Holdings, Inc.

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

**[**Table of Contents**](#dvos_toc)**

Portfolio management review

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Opportunity Series

December 31, 2022 (Unaudited)

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

For the fiscal year ended December 31, 2022, Delaware VIP Opportunity Series (the "Series") Standard Class shares declined 13.68% with all distributions reinvested. For the same period, the Series' benchmark, the Russell 2500™ Index, declined 18.37%. **Past performance does not guarantee future results.** For complete, annualized performance of Delaware VIP Opportunity Series, please see the table on page 3. Please see page 4 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

**Market review**

For the fiscal year, the Russell 2500 Index, declined 18.37%. Smid-cap growth stocks underperformed smid-cap value stocks as the Russell 2500 Growth Index declined 26.21% and the Russell 2500™ Value Index declined 13.09%. Small- and large-cap stocks underperformed as the Russell 2000<sup>®</sup> Index declined 20.44% and the large-cap Russell 1000<sup>®</sup> Index declined 19.13% for the year.

Sector-level performance within the Russell 2500 Index was mostly negative with only one sector, energy, advancing and 15 declining. Companies in the utilities, capital goods, and consumer staples sectors declined the least for the year. The weakest sectors in the benchmark for the year were credit cyclicals, technology, healthcare, and consumer discretionary.

The third-quarter 2022 US gross domestic product (GDP) annualized growth rate of 3.2% was above consensus and followed two consecutive quarters of declining GDP. The December Purchasing Manager's Index (PMI) registered 48.4%, indicating that the manufacturing sector contracted for the second consecutive month, following a 29-month period of growth. Readings below 50% indicate contraction. December's figure was the lowest since May 2020, when it fell to 43.5%.

With respect to labor, the US unemployment rate ended December 31, 2022, at 3.5%, its lowest rate for the year. For the 12 months ended December 31, 2022, the US Consumer Price Index (CPI) increased 6.5%, the smallest 12-month increase since the period ended October 31, 2021. The Conference Board Consumer Confidence Index<sup>®</sup> declined during the fiscal year, from a December 2021 reading of 115.2 to 108.3 in December 2022. The National Federation of Independent Business (NFIB) Small Business Optimism Index declined during the fourth quarter to 89.8 in December, marking the 12th consecutive month below the 49-year average of 98.

**Within the Series**

Strong stock selection in the technology, finance, and healthcare sectors contributed to outperformance for the year as the Series' positions declined less than those in the benchmark. Contribution was positive in 13 of 16 sectors over the year; the remaining three sectors, consumer staples, capital goods, and transportation, detracted due to adverse stock selection.

Energy was the strongest-performing sector in the benchmark and Series for the fiscal year. Shares of **Diamondback Energy Inc.** outperformed as the company continued to improve its earnings and free cash flow profile. During the fiscal year, Diamondback increased its dividend and declared an additional variable cash dividend. Diamondback is committed to returning 75% of free cash flow to shareholders, using various methods including dividends and share repurchases. During the fiscal year, the company repurchased more than five million shares. We maintained the Series' position in Diamondback as the company is a leader in low-cost operations, has a high free cash flow yield, and management is committed to maximizing returns for shareholders.

Specialty contractor **Quanta Services Inc.** was a leading contributor for the year as the company delivered financial strength across its various business segments, including electric power, renewable energy, and underground utility infrastructure solutions. We maintained the Series' position in Quanta Services as we believe that the company offers attractive opportunities for investors to gain exposure to long-term secular growth trends.

Stock selection contributed to the technology sector as the Series' systems-industry positions outperformed. **ExlService Holdings Inc.**, a data analytics and digital operations and solutions company, outperformed during the Series' fiscal year. ExlService benefited from the digitization of back office and customer-facing technology, serving clients in the insurance, healthcare, travel, transportation, and logistics industries. The company grew revenues and earnings. Additionally, its operational excellence led to margin expansion. We maintained the Series' position in ExlService as we believe the company is well positioned to expand its solutions to new and existing customers.

**[**Table of Contents**](#dvos_toc)**

Portfolio management review

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Opportunity Series

In the software industry, shares of cyber-security analytics company **Rapid7 Inc.** underperformed during the fiscal year. Since we purchased Rapid7, it diversified its offerings to become a multipillar platform covering threat detection and response, cloud security, and vulnerability risk. Rapid7 delivered good financial results during the year, though management noted its annualized recurring revenue (ARR) growth rate would slow below its historical level of about 20% due to softening economic conditions. We maintained the Series' position in Rapid7 as the company has multiple product drivers to help it reach its 2025 free cash flow and ARR financial goals.

In the medical products industry, shares of contract development and manufacturing company **Catalent Inc.** underperformed. Catalent's fiscal first-quarter 2023 financial results were weaker than expected and the company reduced its financial guidance to reflect worsening economic conditions. We maintained the Series' position in Catalent as it markets an impressive suite of products, is trading at a discounted multiple, and is positioned for organic growth.

The Series' position in multibrand specialty apparel retailer **American Eagle Outfitters Inc.** underperformed during the fiscal year. At the start of the period, we believed American Eagle would experience sales-growth pressure due to lapsing stimulus payments. At the same time, we believed management had established a competitive moat that would drive sustained growth longer term. The company reported weak results for its fiscal second quarter and indicated it expected continued weakness due to higher inventories and the need for more retail promotions. We exited the Series' position before the end of the fiscal year.

The Series ended the year with its largest overweights in the transportation, consumer discretionary, business services, and healthcare sectors. The largest sector underweights were in utilities, real estate investment trusts (REITs), technology, and capital goods.

We believe that the current market and economic environment should continue to support active management. In our opinion, we can take advantage of market conditions that have created valuation disconnects. We continue to maintain our strategy of investing in companies that we believe have strong balance sheets and cash flow, sustainable competitive advantages, and high-quality management teams with the potential to deliver value to shareholders. We appreciate your confidence and look forward to serving your investment needs in the next fiscal year.

**[**Table of Contents**](#dvos_toc)**

Performance summary (Unaudited)

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Opportunity Series

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Series and benchmark performance** | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* |
|  | 1 year | 3 year | 5 year | 10 year |
| Standard Class shares (commenced operations on December 17, 2012) | -13.68% | +5.60% | +5.33% | +9.38% |
| Russell 2500 Index | -18.37% | +5.00% | +5.89% | +10.03% |

---

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

As described in the Series' most recent prospectus, the net expense ratio for Standard Class shares of the Series was 0.83%, while total operating expenses for Standard Class shares were 0.88%. The management fee for Standard Class shares was 0.75%. The expense ratios may differ from the expense ratios in the "Financial highlights" since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in "Notes to financial statements" for additional details. Please see the "Financial highlights" section in this report for the most recent expense ratios.

The Series adopted the performance of the First Investors Life Series Opportunity Fund (Predecessor Series) as the result of a reorganization of the Predecessor Series into the Series, which was consummated after the close of business on October 4, 2019 (Reorganization). The Series had not yet commenced operations prior to the Reorganization. The returns shown for periods ending on or prior to October 4, 2019 reflect the performance and expenses of the Predecessor Series. The returns shown for periods after October 4, 2019 reflect the performance and expenses of the Series.

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

Expense limitations were in effect for Standard Class shares during some or all of the periods shown in the "Series and benchmark performance" table above and in the "Performance of a $10,000 investment" graph on the next page. Performance would have been lower had expense limitations not been in effect.

Performance data do not include any fees or sales charges imposed by variable insurance contracts. This fund doesn't have any deferred sales charges. Performance shown here would have been reduced if such fees were included. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

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

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

An exchange-traded fund (ETF) is a security that represents all the stocks on a given exchange. ETF shares can be bought, sold, short-sold, traded on margin, and generally function as if they were stocks.

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

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

**[**Table of Contents**](#dvos_toc)**

Performance summary (Unaudited)

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Opportunity Series

**Performance of a $10,000 investment**

*For the period December 31, 2012 through December 31, 2022*

![](mim_vipop-ncsrx6x1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | | **Starting value** | **Ending value** |
| ![](mim_vipop-ncsrx6x2.jpg) | Russell 2500 Index | $10000 | $26003 |
| ![](mim_vipop-ncsrx6x3.jpg) | Delaware VIP Opportunity Series — Standard Class shares | $10000 | $24517 |

---

The graph shows a $10,000 investment in Delaware VIP Opportunity Series Standard Class shares for the period from December 31, 2012 through December 31, 2022.

The graph also shows $10,000 invested in the Russell 2500 Index for the period from December 31, 2012 through December 31, 2022.

The Russell 2500 Index measures the performance of the small- to mid-cap segment of the US equity universe. The Russell 2500 Index is a subset of the Russell 3000<sup>®</sup> Index, representing approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership.

The Russell 2500 Growth Index, mentioned on page 1, measures the performance of the small- to mid-cap growth segment of the US equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.

The Russell 2500 Value Index, mentioned on page 1, measures the performance of the small- to mid-cap value segment of the US equity universe. It includes those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.

The Russell 2000 Index, mentioned on page 1, measures the performance of the small-cap segment of the US equity universe.

The Russell 1000 Index, mentioned on page 1, measures the performance of the large-cap segment of the US equity universe.

The Purchasing Managers' Index (PMI), mentioned on page 1, is an indicator of the economic health of the manufacturing sector. A PMI reading above 50% indicates that the manufacturing economy is generally expanding; below 50% indicates that it is generally contracting.

The US Consumer Price Index (CPI), mentioned on page 1, is a measure of inflation that is calculated by the US Department of Labor, representing changes in prices of all goods and services purchased for consumption by urban households.

The Conference Board Consumer Confidence Index, mentioned on page 1, is a barometer of the health of the US economy from the perspective of the consumer. The index is based on consumers' perceptions of current business and employment conditions, as well as their expectations for six months hence regarding business conditions, employment, and income. The resulting relative value is then used as an "index value" and compared against each respective monthly value for 1985. In that year, the result of the index was arbitrarily set at 100, representing it as the index benchmark.

The NFIB Small Business Optimism Index, mentioned on page 1, is a survey asking small business owners a battery of questions related to their expectations for the future and their plans to hire, build inventory, borrow, and expand.

**[**Table of Contents**](#dvos_toc)**

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

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

Gross domestic product is a measure of all goods and services produced by a nation in a year. It is a measure of economic activity.

**Past performance does not guarantee future results.**

**[**Table of Contents**](#dvos_toc)**

Disclosure of Series expenses

For the six-month period from July 1, 2022 to December 31, 2022 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2022 to December 31, 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**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br> Account<br> Value<br> 7/1/22 | Ending<br> Account<br> Value<br> 12/31/22 | Annualized<br> Expense<br> Ratio | Expenses<br> Paid <br> During<br> Period<br> 7/1/22 to<br> 12/31/22\* |
| **Actual Series return<sup>†</sup>** |  |  |  |  |
| Standard Class | $1000.00 | $1064.50 | 0.83% | $4.32 |
| **Hypothetical 5% return (5% return before expenses)** |  |  |  |  |
| Standard Class | $1000.00 | $1021.02 | 0.83% | $4.23 |

---

---

| | |
|:---|:---|
| \* | "Expenses Paid During Period" are equal to the Series' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
| <sup>†</sup> | 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**](#dvos_toc)**

Security type / sector allocations and top 10 equity holdings

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Opportunity Series

As of December 31, 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, which may result in the sector designations for one fund being different from another fund's sector designations.

---

| | |
|:---|:---|
| Security type / sector | Percentage <br> of net assets |
| **Common Stocks** | **96.80%** |
| Basic Materials | 7.89% |
| Business Services | 5.35% |
| Capital Goods | 10.60% |
| Consumer Discretionary | 5.61% |
| Consumer Services | 2.17% |
| Consumer Staples | 3.15% |
| Credit Cyclicals | 3.13% |
| Energy | 5.25% |
| Financial Services | 15.20% |
| Healthcare | 12.78% |
| Media | 1.85% |
| Real Estate Investment Trusts | 6.22% |
| Technology | 12.68% |
| Transportation | 3.05% |
| Utilities | 1.87% |
| **Short-Term Investments** | **3.30%** |
| **Total Value of Securities** | **100.10%** |
| **Liabilities Net of Receivables and Other Assets** | **(0.10)%** |
| **Total Net Assets** | **100.00%** |

---

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

---

| | |
|:---|:---|
| Top 10 equity holdings | Percentage<br> of net assets |
| Liberty Energy | 2.21% |
| Chesapeake Energy | 1.73% |
| Reliance Steel & Aluminum | 1.65% |
| ExlService Holdings | 1.45% |
| WillScot Mobile Mini Holdings | 1.44% |
| Quanta Services | 1.43% |
| Huntsman | 1.39% |
| Casey's General Stores | 1.38% |
| Primerica | 1.36% |
| Reinsurance Group of America | 1.33% |

---

**[**Table of Contents**](#dvos_toc)**

Schedule of investments

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Opportunity Series

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value <br> (US $)** |
| **Common Stocks — 96.80%** |  |  |
| Basic Materials — 7.89% |  |  |
| &nbsp;&nbsp;&nbsp;Beacon Roofing Supply † | 11481 | $606082 |
| &nbsp;&nbsp;&nbsp;Boise Cascade | 8757 | 601343 |
| &nbsp;&nbsp;&nbsp;Huntsman | 36507 | 1003212 |
| &nbsp;&nbsp;&nbsp;Kaiser Aluminum | 5963 | 452950 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies | 12253 | 744002 |
| &nbsp;&nbsp;&nbsp;Reliance Steel & Aluminum | 5855 | 1185286 |
| &nbsp;&nbsp;&nbsp;Westrock | 12518 | 440133 |
| &nbsp;&nbsp;&nbsp;Worthington Industries | 13080 | 650207 |
|  |  | 5683215 |
| Business Services — 5.35% |  |  |
| &nbsp;&nbsp;&nbsp;ABM Industries | 10800 | 479736 |
| &nbsp;&nbsp;&nbsp;Aramark | 21196 | 876243 |
| &nbsp;&nbsp;&nbsp;ASGN † | 7501 | 611181 |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems Class A † | 4321 | 342699 |
| &nbsp;&nbsp;&nbsp;Clean Harbors † | 4468 | 509888 |
| &nbsp;&nbsp;&nbsp;WillScot Mobile Mini Holdings † | 22908 | 1034754 |
|  |  | 3854501 |
| Capital Goods — 10.60% |  |  |
| &nbsp;&nbsp;&nbsp;Ameresco Class A † | 5063 | 289300 |
| &nbsp;&nbsp;&nbsp;Barnes Group | 4551 | 185908 |
| &nbsp;&nbsp;&nbsp;Carlisle | 2123 | 500285 |
| &nbsp;&nbsp;&nbsp;Federal Signal | 8084 | 375663 |
| &nbsp;&nbsp;&nbsp;Gates Industrial † | 17364 | 198123 |
| &nbsp;&nbsp;&nbsp;Graco | 6737 | 453131 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions | 3044 | 365493 |
| &nbsp;&nbsp;&nbsp;Kadant | 1747 | 310320 |
| &nbsp;&nbsp;&nbsp;KBR | 11060 | 583968 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | 4161 | 601223 |
| &nbsp;&nbsp;&nbsp;MasTec † | 6423 | 548075 |
| &nbsp;&nbsp;&nbsp;Oshkosh | 5789 | 510532 |
| &nbsp;&nbsp;&nbsp;Quanta Services | 7245 | 1032412 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord | 2786 | 334264 |
| &nbsp;&nbsp;&nbsp;Tetra Tech | 2757 | 400289 |
| &nbsp;&nbsp;&nbsp;WESCO International † | 5110 | 639772 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions | 14228 | 300922 |
|  |  | 7629680 |
| Consumer Discretionary — 5.61% |  |  |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings † | 7532 | 498317 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods | 7592 | 913242 |
| &nbsp;&nbsp;&nbsp;Five Below † | 5245 | 927683 |
| &nbsp;&nbsp;&nbsp;Malibu Boats Class A † | 9790 | 521807 |
| &nbsp;&nbsp;&nbsp;Steven Madden | 21786 | 696281 |
| &nbsp;&nbsp;&nbsp;Tractor Supply | 2132 | 479636 |
|  |  | 4036966 |
| Consumer Services — 2.17% |  |  |
| &nbsp;&nbsp;&nbsp;Brinker International † | 8985 | 286711 |
| &nbsp;&nbsp;&nbsp;Jack in the Box | 3579 | 244195 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse | 5589 | 508320 |
| &nbsp;&nbsp;&nbsp;Wendy's | 23187 | 524722 |
|  |  | 1563948 |
| Consumer Staples — 3.15% |  |  |
| &nbsp;&nbsp;&nbsp;Casey's General Stores | 4439 | 995890 |
| &nbsp;&nbsp;&nbsp;Helen of Troy † | 1688 | 187216 |
| &nbsp;&nbsp;&nbsp;J & J Snack Foods | 3657 | 547489 |
| &nbsp;&nbsp;&nbsp;YETI Holdings † | 12976 | 536039 |
|  |  | 2266634 |
| Credit Cyclicals — 3.13% |  |  |
| &nbsp;&nbsp;&nbsp;BorgWarner | 13084 | 526631 |
| &nbsp;&nbsp;&nbsp;Dana | 17989 | 272173 |
| &nbsp;&nbsp;&nbsp;KB Home | 8506 | 270916 |
| &nbsp;&nbsp;&nbsp;La-Z-Boy | 11490 | 262202 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home † | 11978 | 363532 |
| &nbsp;&nbsp;&nbsp;Toll Brothers | 11178 | 558006 |
|  |  | 2253460 |
| Energy — 5.25% |  |  |
| &nbsp;&nbsp;&nbsp;Chesapeake Energy | 13224 | 1247949 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy | 6868 | 939405 |
| &nbsp;&nbsp;&nbsp;Liberty Energy | 99532 | 1593508 |
|  |  | 3780862 |
| Financial Services — 15.20% |  |  |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings | 14302 | 774739 |
| &nbsp;&nbsp;&nbsp;Comerica | 8069 | 539413 |
| &nbsp;&nbsp;&nbsp;East West Bancorp | 14265 | 940063 |
| &nbsp;&nbsp;&nbsp;Essent Group | 14277 | 555090 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane Class A | 6229 | 397909 |
| &nbsp;&nbsp;&nbsp;Kemper | 11567 | 569096 |
| &nbsp;&nbsp;&nbsp;NMI Holdings Class A † | 17302 | 361612 |
| &nbsp;&nbsp;&nbsp;Primerica | 6875 | 975012 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial | 6049 | 646336 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America | 6744 | 958255 |
| &nbsp;&nbsp;&nbsp;SouthState | 7791 | 594921 |
| &nbsp;&nbsp;&nbsp;Stifel Financial | 13257 | 773811 |
| &nbsp;&nbsp;&nbsp;Umpqua Holdings | 36104 | 644456 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | 41800 | 472758 |
| &nbsp;&nbsp;&nbsp;Webster Financial | 17439 | 825562 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 6900 | 410964 |
| &nbsp;&nbsp;&nbsp;WSFS Financial | 11026 | 499919 |
|  |  | 10939916 |
| Healthcare — 12.78% |  |  |
| &nbsp;&nbsp;&nbsp;Amicus Therapeutics † | 26788 | 327081 |
| &nbsp;&nbsp;&nbsp;Azenta | 7102 | 413478 |
| &nbsp;&nbsp;&nbsp;Bio-Techne | 7428 | 615633 |
| &nbsp;&nbsp;&nbsp;Blueprint Medicines † | 6959 | 304874 |
| &nbsp;&nbsp;&nbsp;Catalent † | 9134 | 411121 |
| &nbsp;&nbsp;&nbsp;Encompass Health | 10190 | 609464 |
| &nbsp;&nbsp;&nbsp;Exact Sciences † | 5642 | 279335 |

---

**[**Table of Contents**](#dvos_toc)**

---

| | | |
|:---|:---|:---|
| | **Number of <br> shares** | **Value <br> (US $)** |
| **Common Stocks (continued)** | | |
| Healthcare (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics † | 15017 | $854467 |
| &nbsp;&nbsp;&nbsp;ICON † | 2627 | 510295 |
| &nbsp;&nbsp;&nbsp;Insmed † | 13368 | 267093 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems † | 2860 | 720377 |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals † | 4718 | 315162 |
| &nbsp;&nbsp;&nbsp;Natera † | 8859 | 355866 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences † | 6656 | 794993 |
| &nbsp;&nbsp;&nbsp;OmniAb † | 23118 | 83225 |
| &nbsp;&nbsp;&nbsp;OmniAb 12.5 =, † | 1789 | 0 |
| &nbsp;&nbsp;&nbsp;OmniAb 15 =, † | 1789 | 0 |
| &nbsp;&nbsp;&nbsp;QuidelOrtho † | 3774 | 323318 |
| &nbsp;&nbsp;&nbsp;Repligen † | 3625 | 613749 |
| &nbsp;&nbsp;&nbsp;Shockwave Medical † | 2962 | 609017 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals † | 13055 | 465672 |
| &nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical † | 7008 | 324681 |
|  |  | 9198901 |
| Media — 1.85% |  |  |
| &nbsp;&nbsp;&nbsp;IMAX † | 19236 | 282000 |
| &nbsp;&nbsp;&nbsp;Interpublic Group | 20028 | 667132 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group | 2164 | 378765 |
|  |  | 1327897 |
| Real Estate Investment Trusts — 6.22% |  |  |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group | 31884 | 722810 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | 5509 | 616347 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality | 27998 | 229304 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust | 14092 | 680080 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | 29344 | 617691 |
| &nbsp;&nbsp;&nbsp;Life Storage | 6586 | 648721 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust | 31394 | 314568 |
| &nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust | 20315 | 272018 |
| &nbsp;&nbsp;&nbsp;Physicians Realty Trust | 26185 | 378897 |
|  |  | 4480436 |
| Technology — 12.68% |  |  |
| &nbsp;&nbsp;&nbsp;Blackline † | 2913 | 195957 |
| &nbsp;&nbsp;&nbsp;Box Class A † | 8928 | 277929 |
| &nbsp;&nbsp;&nbsp;Coherent † | 10400 | 365040 |
| &nbsp;&nbsp;&nbsp;Dynatrace † | 9538 | 365305 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings † | 6137 | 1039792 |
| &nbsp;&nbsp;&nbsp;Guidewire Software † | 4661 | 291592 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings † | 6942 | 437207 |
| &nbsp;&nbsp;&nbsp;MaxLinear † | 12220 | 414869 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor † | 9420 | 587525 |
| &nbsp;&nbsp;&nbsp;Paycom Software † | 459 | 142432 |
| &nbsp;&nbsp;&nbsp;Procore Technologies † | 6037 | 284826 |
| &nbsp;&nbsp;&nbsp;PTC † | 7933 | 952277 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings † | 9578 | 257361 |
| &nbsp;&nbsp;&nbsp;Rapid7 † | 5816 | 197628 |
| &nbsp;&nbsp;&nbsp;Semtech † | 7315 | 209867 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories † | 2948 | 399955 |
| &nbsp;&nbsp;&nbsp;Smartsheet Class A † | 8219 | 323500 |
| &nbsp;&nbsp;&nbsp;Sprout Social Class A † | 2749 | 155209 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings | 5059 | 263372 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies † | 361 | 116390 |
| &nbsp;&nbsp;&nbsp;Varonis Systems † | 12092 | 289482 |
| &nbsp;&nbsp;&nbsp;WNS Holdings ADR † | 9937 | 794861 |
| &nbsp;&nbsp;&nbsp;Yelp † | 11958 | 326932 |
| &nbsp;&nbsp;&nbsp;Ziff Davis † | 5586 | 441853 |
|  |  | 9131161 |
| Transportation — 3.05% |  |  |
| &nbsp;&nbsp;&nbsp;Allegiant Travel † | 3212 | 218384 |
| &nbsp;&nbsp;&nbsp;Kirby † | 9652 | 621106 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings | 13411 | 702871 |
| &nbsp;&nbsp;&nbsp;Werner Enterprises | 16275 | 655231 |
|  |  | 2197592 |
| Utilities — 1.87% |  |  |
| &nbsp;&nbsp;&nbsp;Black Hills | 10150 | 713951 |
| &nbsp;&nbsp;&nbsp;Spire | 9152 | 630207 |
|  |  | 1344158 |
| **Total Common Stocks**<br> (cost $61,240,457) |  | **69689327** |

---

---

| | |
|:---|:---|
| **Short-Term Investments — 3.30%** | |
| Money Market Mutual Funds — 3.30% |  |
| &nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund –<br> Institutional Shares (seven-day effective yield 4.03%) | 595249 |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio –<br> Class I (seven-day effective yield 4.06%) | 595253 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund –<br> Institutional Shares (seven-day effective yield 4.23%) | 595253 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio –<br> Institutional Class (seven-day effective yield 4.11%) | 595253 |
| **Total Short-Term Investments**<br> (cost $2,381,008) | **2381008** |
| **Total Value of Securities — 100.10%**<br> (cost $63,621,465) | $**72070335** |

---

<sup>†</sup> Non-income producing security.

**[**Table of Contents**](#dvos_toc)**

Schedule of investments

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Opportunity Series

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

**Summary of abbreviations:**

ADR – American Depositary Receipt

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

**[**Table of Contents**](#dvos_toc)**

Statement of assets and liabilities

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Opportunity Series

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets:** | **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | &nbsp;&nbsp;&nbsp;Investments, at value\* | $72070335 |
| &nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;Cash | 1898 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | &nbsp;&nbsp;&nbsp;Dividends receivable | 61758 |
| &nbsp;&nbsp;&nbsp;Receivable for series shares sold | &nbsp;&nbsp;&nbsp;Receivable for series shares sold | 6911 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;Prepaid expenses | 5 |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;Other assets | 626 |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;Total Assets | 72141533 |
| **Liabilities:** | **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;Other accrued expenses | 70474 |
| &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | 38397 |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | &nbsp;&nbsp;&nbsp;Payable for securities purchased | 19284 |
| &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | 12095 |
| &nbsp;&nbsp;&nbsp;Administration expenses payable to affiliates | &nbsp;&nbsp;&nbsp;Administration expenses payable to affiliates | 6316 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;Total Liabilities | 146566 |
| **Total Net Assets** | **Total Net Assets** | $71994967 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;&nbsp;Paid-in capital | $57636928 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | 14358039 |
| **Total Net Assets** | **Total Net Assets** | $71994967 |
| **Net Asset Value** | **Net Asset Value** |  |
| **Standard Class:** | **Standard Class:** |  |
| Net assets | Net assets | $71994967 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | Shares of beneficial interest outstanding, unlimited authorization, no par | 4409175 |
| Net asset value per share | Net asset value per share | $16.33 |
| \* | Investments, at cost | $63621465 |

---

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

**[**Table of Contents**](#dvos_toc)**

Statement of operations

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Opportunity Series

Year ended December 31, 2022

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $1112686 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Management fees | 583253 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | 50289 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | 30905 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing and transfer agent fees and expenses | 24257 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | 14652 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 7163 |
| &nbsp;&nbsp;&nbsp;Legal fees | 5433 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 3880 |
| &nbsp;&nbsp;&nbsp;Registration fees | 4 |
| &nbsp;&nbsp;&nbsp;Other | 4485 |
|  | 724321 |
| &nbsp;&nbsp;&nbsp;Less expenses waived | (78718) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 645603 |
| **Net Investment Income (Loss)** | 467083 |
| **Net Realized and Unrealized Gain (Loss):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 5570460 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (18379804) |
| **Net Realized and Unrealized Gain (Loss)** | (12809344) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(12342261) |

---

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

**[**Table of Contents**](#dvos_toc)**

Statements of changes in net assets

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Opportunity Series

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $467083 | $175971 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 5570460 | 6000160 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (18379804) | 12793310 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (12342261) | 18969441 |
| **Dividends and Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | (6199616) | (2573260) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | 3042001 | 2199697 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | 6199616 | 2573260 |
|  | 9241617 | 4772957 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | (10817416) | (14732766) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | (1575799) | (9959809) |
| **Net Increase (Decrease) in Net Assets** | (20117676) | 6436372 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 92112643 | 85676271 |
| &nbsp;&nbsp;&nbsp;End of year | $71994967 | $92112643 |

---

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

**[**Table of Contents**](#dvos_toc)**

Financial highlights

Delaware VIP<sup>®</sup> Opportunity Series Standard Class

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| | **12/31/22** | **12/31/21** | **12/31/20** | **12/31/19<sup>1</sup>** | **12/31/18** |
| **Net asset value, beginning of period** | $20.48 | $17.10 | $19.50 | $15.58 | $18.76 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.10 | 0.04 | 0.22 | 0.11 | 0.24 |
| Net realized and unrealized gain (loss) | (2.82) | 3.88 | 0.36 | 4.49 | (3.08) |
| Total from investment operations | (2.72) | 3.92 | 0.58 | 4.60 | (2.84) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | (0.04) | (0.23) | (0.12) | (0.23) | (0.10) |
| 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) |
| **Net asset value, end of period** | $16.33 | $20.48 | $17.10 | $19.50 | $15.58 |
| **Total return<sup>3</sup>** | (13.68)%<sup>4</sup> | 23.13%<sup>4</sup> | 10.80%<sup>4</sup> | 30.11%<sup>4</sup> | (15.38)% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $71995 | $92113 | $85676 | $82342 | $64195 |
| Ratio of expenses to average net assets<sup>5</sup> | 0.83% | 0.83% | 0.83% | 0.84% | 0.83% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | 0.93% | 0.88% | 0.97% | 0.89% | 0.83% |
| Ratio of net investment income to average net assets | 0.60% | 0.19% | 1.50% | 0.65% | 1.34% |
| Ratio of net investment income to average net assets prior to fees waived | 0.50% | 0.14% | 1.36% | 0.60% | 1.34% |
| Portfolio turnover | 22% | 17% | 31% | 125%<sup>6</sup> | 59% |

---

<sup>1</sup> On October 4, 2019, the First Investors Life Series Opportunity Fund shares were reorganized into Standard Class shares of the Series. 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.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> 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.

<sup>4</sup> Total return during the period reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

<sup>6</sup> 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.

**[**Table of Contents**](#dvos_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Opportunity Series

December 31, 2022

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.

**1. Significant Accounting Policies**

The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.

**Security Valuation** — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Open-end investment companies, other than ETFs, 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 by the Series' valuation designee, Delaware Management Company (DMC). Subject to the oversight of the Series' Board of Trustees (Board), DMC, as valuation designee, has adopted policies and procedures to fair value securities for which market quotations are not readily available consistent with the requirements of Rule 2a-5 under the 1940 Act. 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 and private placements are valued at fair value.

**Federal Income Taxes** — No provision for federal income taxes has been made as the Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Series evaluates tax positions taken or expected to be taken in the course of preparing the Series' tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Series' tax positions taken or expected to be taken on the Series' federal income tax returns through the year ended December 31, 2022, and for all open tax years (years ended December 31, 2019–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 year ended December 31, 2022, the Series did not incur any interest or tax penalties.

**Use of Estimates** — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

**Other** — Expenses directly attributable to the Series are charged directly to the Series. Other expenses common to various funds within the Delaware Funds by Macquarie<sup>®</sup> (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. 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. 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.

(continues) 15

**[**Table of Contents**](#dvos_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Opportunity Series

**1. Significant Accounting Policies (continued)**

The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the "Statement of operations" under "Dividend disbursing and transfer agent fees and expenses" with the corresponding expenses offset included under "Less expenses paid indirectly." For the year ended December 31, 2022, the Series earned less than $1 under this arrangement.

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

In accordance with the terms of its investment management agreement, the Series pays 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 December 31, 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.

Macquarie Investment Management Global Limited (MIMGL), an affiliate of DMC, serves as the Series' sub-advisor and manages the Series' assets. In addition, Macquarie Funds Management Hong Kong Limited (MFMHKL, and together with MIMGL, the "Affiliated Sub-Advisors"), an affiliate of the Manager, may execute security trades for the Series. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Series, may pay each Affiliated Sub-Advisor a portion of its investment management fee.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Series. For these services, DIFSC's fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; 0.0025% of the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the "Statement of operations" under "Accounting and administration expenses." For the year ended December 31, 2022, the Series paid $7,677 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC's fees are calculated daily and paid monthly, at the annual rate of 0.0075% of the Series' average daily net assets. This amount is included on the "Statement of operations" under "Dividend disbursing and transfer agent fees and expenses." For the year ended December 31, 2022, the Series paid $5,934 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 year ended December 31, 2022, the Series paid $3,243 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 Delaware Distributors, L.P. are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.

**[**Table of Contents**](#dvos_toc)**

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 including ETFs 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.

Cross trades for the year ended December 31, 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 year ended December 31, 2022, the Series engaged in Rule 17a-7 securities purchases of $4,134,232. 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 year ended December 31, 2022, the Series made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | $17284733 |
| Sales | 26226166 |

---

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments but which approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2022, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:

---

| | |
|:---|:---|
| Cost of investments | $63822486 |
| Aggregate unrealized appreciation of investments | $14359048 |
| Aggregate unrealized depreciation of investments | (6111199) |
| Net unrealized appreciation of investments | $8247849 |

---

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 |

---

(continues) 17

**[**Table of Contents**](#dvos_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Opportunity Series

**3. Investments (continued)**

rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)

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

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

The following table summarizes the valuation of the Series' investments by fair value hierarchy levels as of December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 3 | Total |
| <u>Securities</u> |  |  |  |
| <u>Assets</u>: |  |  |  |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic Materials | $5683215 | $— | $5683215 |
| &nbsp;&nbsp;&nbsp;Business Services | 3854501 |  | 3854501 |
| &nbsp;&nbsp;&nbsp;Capital Goods | 7629680 |  | 7629680 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 4036966 |  | 4036966 |
| &nbsp;&nbsp;&nbsp;Consumer Services | 1563948 |  | 1563948 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 2266634 |  | 2266634 |
| &nbsp;&nbsp;&nbsp;Credit Cyclicals | 2253460 |  | 2253460 |
| &nbsp;&nbsp;&nbsp;Energy | 3780862 |  | 3780862 |
| &nbsp;&nbsp;&nbsp;Financial Services | 10939916 |  | 10939916 |
| &nbsp;&nbsp;&nbsp;Healthcare | 9198901 | —<sup>1</sup> | 9198901 |
| &nbsp;&nbsp;&nbsp;Media | 1327897 |  | 1327897 |
| &nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 4480436 |  | 4480436 |
| &nbsp;&nbsp;&nbsp;Technology | 9131161 |  | 9131161 |
| &nbsp;&nbsp;&nbsp;Transportation | 2197592 |  | 2197592 |
| &nbsp;&nbsp;&nbsp;Utilities | 1344158 |  | 1344158 |
| Short-Term Investments | 2381008 |  | 2381008 |
| Total Value of Securities | $72070335 | $— | $72070335 |

---

<sup>1</sup> The security that has been valued at zero on the "Schedule of investments" is considered to be Level 3 investments in this table.

During the year ended December 31, 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 year.

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 year in relation to the Series' net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to the Series' net assets at the beginning or end of the year. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments are not considered significant to the Series' net assets at the end of the year.

**[**Table of Contents**](#dvos_toc)**

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2022 and 2021 were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| Ordinary income | $630395 | $2573260 |
| Long-term capital gains | 5569221 |  |
| Total | $6199616 | $2573260 |

---

**5. Components of Net Assets on a Tax Basis**

As of December 31, 2022, the components of net assets on a tax basis were as follows:

---

| | |
|:---|:---|
| Shares of beneficial interest | $57636928 |
| Undistributed ordinary income | 825475 |
| Undistributed long-term capital gains | 5284715 |
| Unrealized appreciation of investments | 8247849 |
| Net assets | $71994967 |

---

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

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2022, the Series had no reclassifications.

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | 176166 | 113500 |
| Shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | 358982 | 133468 |
|  | 535148 | 246968 |
| Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | (623281) | (758921) |
| Net decrease | (88133) | (511953) |

---

**7. Line of Credit**

The Series, along with certain other funds in the Delaware Funds (Participants), was 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 were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of

(continues) 19

**[**Table of Contents**](#dvos_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Opportunity Series

**7. Line of Credit (continued)**

one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on October 31, 2022.

On October 31, 2022, the Series, along with the other Participants, entered into an amendment to the Agreement for a $355,000,000 revolving line of credit to be used as described above. It operates in substantially the same manner as the original Agreement. Under the amendment to the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the Agreement expires on October 30, 2023.

The Series had no amounts outstanding as of December 31, 2022, or at any time during the year then ended.

**8. Securities Lending**

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

Cash collateral received by the Series is generally invested in an individual separate account. 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 year ended December 31, 2022, the Series had no securities out on loan.

**[**Table of Contents**](#dvos_toc)**

**9. Credit and Market Risk**

An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

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

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

The Series invests in REITs and is subject to the risks associated with that industry. If the Series holds real estate directly or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the year ended December 31, 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 December 31, 2022, there were no Rule 144A securities held by the Series.

**10. Contractual Obligations**

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

**11. Subsequent Events**

Management has determined that no material events or transactions occurred subsequent to December 31, 2022, that would require recognition or disclosure in the Series' financial statements.

(continues) 21

**[**Table of Contents**](#dvos_toc)**

Report of independent

registered public accounting firm

To the Board of Trustees of Delaware VIP<sup>®</sup> Trust and Shareholders of Delaware VIP Opportunity Series

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Opportunity Series (one of the series constituting Delaware VIP<sup>®</sup> Trust, referred to hereafter as the "Series") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the four years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the four years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Series as of and for the year ended December 31, 2018 and the financial highlights for the year ended December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 26, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 23, 2023

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

**[**Table of Contents**](#dvos_toc)**

Other Series information (Unaudited)

Delaware VIP<sup>®</sup> Trust — Delaware VIP Opportunity Series

**Tax Information**

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

For the year ended December 31, 2022, the Series reports distributions paid during the year as follows:

---

| | |
|:---|:---|
| (A) Long-Term Capital Gain Distributions (Tax Basis) | 89.83% |
| (B) Ordinary Income Distributions (Tax Basis) | 10.17% |
| Total Distributions (Tax Basis) | 100.0% |
| (C) Qualified Dividends<sup>1</sup> | 100.0% |

---

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

(C) is based on the Series' ordinary income distributions.

<sup>1</sup> Qualified dividends represent dividends which qualify for the corporate dividends received deduction.

For the fiscal year ended December 31, 2022, certain dividends paid by the Series, determined to be Qualified Short-Term Capital Gains may be subject to relief from US withholding for foreign shareholders, as provided by the American Jobs Creation Act of 2004; the Tax Relief Unemployment Insurance Reauthorization, and Job Creations Act of 2010; and as extended by the American Taxpayer Relief Act of 2012. For the year ended December 31, 2022, the Series has reported maximum distributions of Qualified Short-Term Capital Gain of $366,437.

**Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 9-11, 2022**

At a meeting held on August 9-11, 2022 (the "Annual Contract Renewal Meeting"), the Board of Trustees (the "Board"), including a majority of Trustees each of whom is not an "interested person" as defined under the Investment Company Act of 1940 (the "Independent Trustees"), approved the renewal of the Delaware VIP Opportunity Series (the "Fund") Investment Management Agreement with Delaware Management Company ("DMC"); and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited ("MIMGL") and Macquarie Funds Management Hong Kong Limited ("MFMHKL" and together with MIMGL, the "Affiliated Sub-Advisers").

Prior to the Meeting, including at a Board meeting held in May 2022, the Trustees conferred extensively among themselves and with representatives of DMC about these matters. Also, the Board was assisted by the applicable Investment Committee, with each Investment Committee assisting the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Investment Management Agreement and the Sub-Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, DMC was guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2022. In considering and approving the Investment Management Agreement and the Sub-Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with DMC about various topics. In this regard, the Board reviewed reports of DMC at each of its quarterly meetings, which included information about, among other things, Fund performance, investment strategies, and expenses. In addition, the Investment Committees confer with portfolio managers at various times throughout the year. In considering information relating to the approval of the Fund's Investment Management Agreement and the Sub-Advisory Agreements, the Independent Trustees also received information from an independent fund consultant, JDL Consultants, LLC ("JDL").

The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Investment Management Agreement and the Sub-Advisory Agreements for a one-year term. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approval.

**[**Table of Contents**](#dvos_toc)**

Other Series information (Unaudited)

Delaware VIP<sup>®</sup> Trust — Delaware VIP Opportunity Series

**Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 9-11, 2022 (continued)**

**Nature, extent, and quality of services.** The Board received and considered various information regarding the nature, extent, and quality of the advisory services provided to the Fund by DMC under its Investment Management Agreement and the experience of the officers and employees of DMC who provide these services, including the Fund's portfolio managers. The Board's review included consideration of DMC's investment process and oversight and research and analysis capabilities, and its ability to attract and retain qualified investment professionals. The Board considered information regarding DMC's programs for risk management, including investment, operational, liquidity, valuation, and compliance risks. The Board received information with respect to the cybersecurity program and business continuity plans of DMC and its affiliates. The Board also considered non-advisory services that DMC and its affiliates provide to the Delaware Funds, including third party oversight, transfer agent, internal audit, valuation, portfolio trading, and legal and compliance. The Board took into account the benefits to shareholders of investing in a Fund that is part of a family of funds managed by an affiliate of Macquarie Group Ltd. ("Macquarie"), the parent company of DMC, and the resources available to DMC as part of Macquarie's global asset management business.

The Board received and considered various information with respect to the services provided by the Affiliated Sub-Advisers under the Sub-Advisory Agreements and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board considered the division of responsibilities between DMC and the Affiliated Sub-Advisers and the oversight provided by DMC. The Board considered the expertise of the Affiliated Sub-Advisers with respect to certain asset classes and/or investment styles. The Affiliated Sub-Advisers are part of Macquarie's global investment platform that has offices and personnel that are located around the world. As a result, the Board noted that DMC had stated that the Affiliated Sub-Advisers can provide research, investment and trading analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades, as applicable. The Board took into account that the Sub-Advisory Agreements may benefit the Fund and its shareholders by permitting DMC to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund.

The Board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Fund by DMC and the Affiliated Sub-Advisers.

**Investment performance.** The Board received and considered information with respect to the investment performance of the Fund, including performance reports and discussions with portfolio managers at meetings of the Board's Investment Committees throughout the year as well as reports provided by Broadridge Financial Solutions, an independent investment company data provider ("Broadridge"), furnished for the Annual Contract Renewal Meeting. The Broadridge reports prepared for the Fund showed its investment performance in comparison to a group of similar funds (the "Performance Universe"). The Board received a description of the methodology used by Broadridge to select the funds in the Performance Universe. Comparative annualized performance for the Fund was shown for the past 1-, 3-, 5-, and 10-year or since inception periods, as applicable, ended December 31, 2021.

The Performance Universe for the Fund consisted of the Fund and all small-cap core funds underlying variable insurance portfolios, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1-year period was in the third quartile, for the 3-, and 5-year periods was in the first quartile and for the 10-year period was in the second quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-year period was below the median and for the 3-, 5-, and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the 1-year period and underperformed for the 3-, 5-, and 10-year periods. The Board, however, noted that the investment performance of the current portfolio management team only began as of October 2019. The Board noted the explanations from DMC concerning the reasons for the Fund's relative performance versus the Performance Universe and its benchmark for the various periods.

**Comparative expenses.** The Board received and considered expense data for the Fund. Management provided the Board with information on pricing levels and fee structures for the Fund as of its most recently completed fiscal year. The Board also considered on the comparative analysis of contractual management fees and actual total expense ratios of the Fund versus contractual management fees and actual total expense ratios of a group of similar funds as selected by Broadridge (the "Expense Group"). In reviewing comparative costs, the Fund's contractual management fee and the actual management fee incurred by the Fund were compared with the contractual management fees (assuming all funds were similar in size to the Fund) and actual management fees, taking into account any applicable breakpoints and fee waivers, with the Fund's expense universe, which is comprised of the Fund, its Expense Group and all other similar funds underlying variable

**[**Table of Contents**](#dvos_toc)**

insurance products with similar 12b-1/non-12b-1 structures, excluding outliers (the "Expense Universe"). The Fund's total expenses were also compared with those of its Expense Universe.

The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were below its Expense Group average.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by DMC to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing registered investment companies compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients, unregistered funds and separately managed accounts.

The Board noted that DMC, and not the Fund, pays the sub-advisory fees to the Affiliated Sub-Advisers and, accordingly, that the retention of the Affiliated Sub-Advisers does not increase the fees and expenses incurred by the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to DMC under the Investment Management Agreement and to the Affiliated Sub-Advisers under the Sub-Advisory Agreements was reasonable.

**Economies of scale.** The Board received and considered information about the potential for DMC to realize economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual Fund level, and the extent to which potential scale benefits are shared with shareholders, including the extent to which any economies of scale are reflected in the level of management fees charged. DMC discussed its advisory fee pricing and structure for the Delaware Funds complex, including the current breakpoints. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as DMC's investment in its business, including investments in business infrastructure, technology and cybersecurity.

**Management profitability.** The Board received and considered the Investment Management Profitability Analysis that addressed the overall profitability of DMC's business in providing management and other services to the Fund and the Delaware Funds as a whole, including the methodology used by DMC in allocating costs for the purpose of determining profitability. The Board also reviewed a report prepared by JDL regarding DMC's profitability as compared to certain peer fund complexes and the Independent Trustees discussed DMC's profitability in such context with representatives from JDL. Based on its review, the Board determined that DMC's profitability was not excessive in light of the nature, extent and quality of the services provided to the Fund.

**Ancillary benefits.** The Board received and considered information regarding the extent to which DMC and its affiliates might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as investment manager to the Delaware Funds; the benefits from allocation of fund brokerage to improve trading efficiencies; and the fees that various affiliates received for serving as transfer agent and for overseeing fund accounting and financial administration services to the Delaware Funds. The Board received information from DMC regarding its view of the performance of its affiliates in providing transfer agent and fund accounting and financial administration oversight services and the organizational structure employed to provide these services pursuant to their contracts with the Fund.

Based on its consideration of the factors and information it deemed relevant, including the costs of providing investment management and other services to the Fund and the ongoing commitment of DMC and its affiliates to the Fund, the Board did not find that any ancillary benefits received by DMC and its affiliates were unreasonable.

**Conclusion.** Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including all of the Independent Trustees, approved the continuation of DMC's Investment Management Agreement and of the Affiliated Sub-Advisers' Sub-Advisory Agreements for an additional one-year period.

**[**Table of Contents**](#dvos_toc)**

Board of trustees / directors and officers addendum

Delaware Funds by Macquarie<sup>®</sup>

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length<br> of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
| **Shawn K. Lytle**<sup>2</sup> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1970 | President,<br> Chief Executive Officer,<br> and Trustee | President and<br> Chief Executive Officer<br> since August 2015<br>Trustee since<br> September 2015 | 126 | Macquarie Asset<br> Management<sup>3</sup> <br> (2015–Present)<br> - Global Head of<br> Macquarie Asset<br> Management Public<br> Investments<br> (2019–Present)<br> - Head of Americas of<br> Macquarie Group<br> (2017–Present) |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Jerome D. Abernathy**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1959 | Trustee | Since January 2019 | 126 | Stonebrook Capital<br> Management, LLC<br> (financial<br> technology: macro<br> factors and databases)<br> - Managing Member<br> (1993–Present) |  |
| **Ann D. Borowiec**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1958 | Trustee | Since March 2015 | 126 | J.P. Morgan Chase & Co.<br> (1987–2013)<br> - Chief Executive Officer,<br> Private Wealth<br> Management<br> (2011–2013) | Banco Santander<br> International<br> (2016–2019)<br> Santander Bank, N.A.<br> (2016–2019) |
| **Joseph W. Chow**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1953 | Trustee | Since January 2013 | 126 | Private Investor<br> (2011–Present) |  |
| **H. Jeffrey Dobbs**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1955 | Trustee | Since April 2019<sup>4</sup> | 126 | KPMG LLP<br> (2002–2015)<br> - Global Sector<br> Chairman,<br> Industrial Manufacturing<br> (2010–2015) | TechAccel LLC<br> (2015–Present)<br> PatientsVoices, Inc.<br> (2018–Present)<br> Valparaiso University<br> Board<br> (2012–Present)<br> Ivy Funds Complex<br> (2019–2021) |

---

**[**Table of Contents**](#dvos_toc)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length<br> of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **John A. Fry**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1960 | Trustee | Since January 2001 | 126 | Drexel University<br> - President<br> (2010–Present) | Federal Reserve<br> Bank of Philadelphia<br> (2020–Present)<br> FS Credit Real Estate<br> Income Trust, Inc.<br> (2018–Present)<br> vTv Therapeutics Inc.<br> (2017–Present)<br> Community Health<br> Systems<br> (2004–Present)<br> Drexel Morgan & Co.<br> (2015–2019) |
| **Joseph Harroz, Jr.**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1967 | Trustee | Since November 1998<sup>4</sup> | 126 | University of Oklahoma<br> - President<br> (2020–Present)<br> - Interim President<br> (2019–2020)<br> - Vice President and<br> Dean, College of Law<br> (2010–2019)<br> Brookhaven<br> Investments LLC<br> (commercial enterprises)<br> - Managing Member<br> (2019–Present)<br> St. Clair, LLC<br> (commercial enterprises)<br> - Managing Member<br> (2019–Present) | OU Medicine, Inc.<br> (2020–Present)<br> Big 12 Athletic Conference<br> (2019–Present)<br> Valliance Bank<br> (2007–Present)<br> Ivy Funds Complex<br> (1998–2021) |
| **Sandra A.J. Lawrence**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1957 | Trustee | Since April 2019<sup>4</sup> | 126 | Children's Mercy<br> Hospitals and Clinics<br> (2005–2019)<br> - Chief Administrative<br> Officer<br> (2016–2019) | Brixmor Property<br> Group Inc.<br> (2021–Present)<br> Sera Prognostics Inc.<br> (biotechnology)<br> (2021–Present)<br> Recology<br> (resource recovery)<br> (2021–Present)<br> Evergy, Inc., Kansas City<br> Power & Light Company,<br> KCP&L Greater Missouri<br> Operations Company,<br> Westar Energy, Inc. and<br> Kansas Gas and Electric<br> Company (related utility<br> companies)<br> (2018–Present)<br> National Association of<br> Corporate Directors<br> (2017–Present)<br> Ivy Funds Complex<br> (2019–2021)<br> American Shared Hospital<br> Services (medical device)<br> (2017–2021)<br> Westar Energy (utility)<br> (2004–2018) |

---

**[**Table of Contents**](#dvos_toc)**

Board of trustees / directors and officers addendum

Delaware Funds by Macquarie<sup>®</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Frances A.**<br> **Sevilla-Sacasa**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1956 | Trustee | Since September 2011 | 126 | Banco Itaú International<br> - Chief Executive Officer<br> (2012–2016) | Florida Chapter of<br> National Association of<br> Corporate Directors<br> (2021–Present)<br> Callon Petroleum<br> Company<br> (2019–Present)<br> Camden Property Trust<br> (2011–Present)<br> New Senior Investment<br> Group Inc. (2021)<br> Carrizo Oil & Gas, Inc.<br> (2018–2019) |
| **Thomas K. Whitford**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1956 | Chair and Trustee | Trustee since January<br> 2013<br>Chair since January<br> 2023 | 126 | PNC Financial<br> Services Group<br> (1983–2013)<br> - Vice Chairman<br> (2009–2013) | HSBC USA Inc.<br> (2014–2022)<br> HSBC North America<br> Holdings Inc.<br> (2013–2022)<br> HSBC Finance<br> Corporation<br> (2013–2018) |
| **Christianna Wood**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1959 | Trustee | Since January 2019 | 126 | Gore Creek<br> Capital, Ltd.<br> - Chief Executive Officer<br> and President<br> (2009–Present) | The Merger Fund<br> (2013–2021),<br> The Merger Fund VL<br> (2013–2021),<br> WCM Alternatives:<br> Event-Driven Fund<br> (2013–2021),<br> and WCM<br> Alternatives:<br> Credit Event Fund<br> (2017–2021)<br> Grange Insurance<br> (2013–Present)<br> H&R Block Corporation<br> (2008–Present) |
| **Janet L. Yeomans**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1948 | Trustee | Since April 1999 | 126 | 3M Company<br> (1995–2012)<br> - Vice President<br> and Treasurer<br> (2006–2012) | Okabena Company<br> (2009–2017) |
| **Officers** | **Officers** | **Officers** | **Officers** | **Officers** | **Officers** |
| **David F. Connor**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1963 | Senior Vice President,<br> General Counsel, and<br> Secretary | Senior Vice President,<br> since May 2013;<br> General Counsel<br> since May 2015;<br> Secretary since<br> October 2005 | 126 | David F. Connor has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. | None<sup>5</sup> |
| **Daniel V. Geatens**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1972 | Senior Vice President<br> and Treasurer | Senior Vice President<br> and Treasurer since<br> October 2007 | 126 | Daniel V. Geatens has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. | None<sup>5</sup> |

---

**[**Table of Contents**](#dvos_toc)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Richard Salus**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1963 | Senior Vice President<br> and Chief Financial<br> Officer | Senior Vice President<br> and Chief Financial<br> Officer since November<br> 2006 | 126 | Richard Salus has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. |  |

---

<sup>1</sup> "Length of Time Served" refers to the time since the Trustee or officer began serving one or more of the Trusts in the Delaware Funds complex.

<sup>2</sup> Shawn K. Lytle is considered to be an "Interested Trustee" because he is an executive officer of the Series' investment advisor.

<sup>3</sup> Macquarie Asset Management is the marketing name for certain companies comprising the asset management division of Macquarie Group, including the Series' investment advisor, principal underwriter, and transfer agent.

<sup>4</sup> Includes time served on the Board of Ivy Funds prior to the date when Ivy Funds joined the Delaware Funds complex.

<sup>5</sup> David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment manager, principal underwriter, and transfer agent as the Funds. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust, and he is Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc., which has the same investment manager as the Funds.

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

**[**Table of Contents**](#dvos_toc)**

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' Form 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, is 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.

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.

(2700499) **AR-VIPOP-0223**

![](mim_cover.jpg)

Delaware VIP<sup>®</sup> Trust Delaware VIP Special Situations Series December 31, 2022

**[**Table of Contents**](#dvsss_toc)**

**Table of contents**

---

| | |
|:---|:---|
| **[Portfolio management review](#vipss_001)** | **1** |
| **[Performance summary](#vipss_002)** | **3** |
| **[Disclosure of Series expenses](#vipss_003)** | **5** |
| **[Security type / sector allocations and top 10 equity holdings](#vipss_004)** | **6** |
| **[Schedule of investments](#vipss_005)** | **7** |
| **[**Statement of assets and liabilities**](#vipss_006)** | **9** |
| **[**Statement of operations**](#vipss_007)** | **10** |
| **[**Statements of changes in net assets**](#vipss_008)** | **11** |
| **[**Financial highlights**](#vipss_009)** | **12** |
| **[**Notes to financial statements**](#vipss_010)** | **13** |
| **[**Report of independent registered public accounting firm**](#vipss_011)** | **20** |
| **[**Other Series information**](#vipss_012)** | **21** |
| **[**Board of trustees / directors and officers addendum**](#vipss_013)** | **24** |

---

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 December 31, 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<sup>®</sup> Special Situations Series only if preceded or accompanied by the Series' current prospectus or the summary prospectus.© 2023 Macquarie Management Holdings, Inc.

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

**[**Table of Contents**](#dvsss_toc)**

Portfolio management review

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Special Situations Series

December 31, 2022 (Unaudited)

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

For the fiscal year ended December 31, 2022, Delaware VIP Special Situations Series (the "Series") Standard Class shares declined 12.13%. This figure reflects all dividends reinvested. The Series' benchmark, the Russell 2000<sup>®</sup> Value Index, declined 14.48% for the same period. **Past performance does not guarantee future results.** For complete, annualized performance of Delaware VIP Special Situations Series, please see the table on page 3. Please see page 4 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

**Market review**

During the fiscal year, small-cap value stocks held up more robustly than small-cap growth, mid-cap, and large-cap stocks. Throughout the period, investors showed a strong preference for higher-quality companies. The Russell 2000 Value Index declined 14.48% while the Russell 2000 Growth Index declined 26.36%. The large-cap Russell 1000<sup>®</sup> Index declined 19.13% while the Russell Midcap<sup>®</sup> Index declined 17.32%.

Within the benchmark, the Russell 2000 Value Index, two of the 11 sectors advanced and nine declined. The energy and utilities sectors were the only sectors to generate a positive return for the year. Stocks in the consumer discretionary, healthcare, and transportation sectors of the benchmark declined the most. During the year, higher-quality companies in the benchmark provided downside protection relative to lower-quality companies. Companies that had higher return on equity (ROE) declined less on average than companies with lower ROEs. Additionally, companies in the benchmark with lower price-to-earnings (P/E) ratios declined less on average than companies with higher P/E ratios.

Early in the period, the US Federal Reserve recognized the need to remove monetary accommodation. In March, the Federal Open Market Committee (FOMC) began raising the federal funds rate and continued to do so at each subsequent meeting. By December, the target rate ranged from 4.25% to 4.50%, up from a range of zero to 0.25% in January. In addition, on June 1, 2022, the FOMC began reducing its holdings of Treasury securities, agency debt, and agency mortgage-backed securities (MBS) to reduce the size of the Fed's balance sheet.

The labor market remained tight during the year, while inflation readings increased at the fastest pace in more than 40 years. The unemployment rate declined from 3.9% in December 2021 to 3.5% in December 2022. For the 12 months ended December 31, 2022, the US Consumer Price Index (CPI) increased 6.5% after peaking at a 9.1% annual rate in June. On an unadjusted basis, the US Producer Price Index (PPI) for final demand prices hit record levels in March, up 11.7% from the previous year. For the year, the PPI increased 6.2%, following a 10.0% increase in calendar year 2021.

**Within the Series**

Within the Series, stock selection and sector positioning contributed to relative outperformance during the year. Stock selection in the consumer discretionary and industrials sectors contributed as the Series' holdings declined less than those in the benchmark. Stock selection and a relative underweight allocation in the healthcare sector also contributed. On the other hand, stock selection in the energy, consumer staples, and basic industry sectors detracted from the Series' relative performance.

**Flex Ltd.** is an electronics manufacturing services company that designs and develops original design manufacturing (ODM) products for the aerospace, auto, cloud, data communication, defense, digital health, energy, housing, and industrial-lighting industries. Shares of Flex outperformed during the year, driven by strength from most end markets, particularly auto, cloud, data communications, and industrial. When Flex reported its most-recent quarterly financial results, in October 2022, management noted that supply constraints had begun to ease. Flex increased sales expectations for its fiscal year and management is increasing the company's emphasis on business segments with higher margins.

**Patterson-UTI Energy Inc.** is one of the largest US land drillers. During the year, Patterson-UTI outperformed as the demand for the company's rigs from oil and gas producers remained strong. The company has favorable day rates and a strong backlog. Management believes that activity will remain strong into 2023 and expects to make 15 new rigs active throughout the year. Patterson-UTI has strong free cash flow, which it used to double its dividend. Additionally, the company plans to supplement its quarterly dividend with share repurchases. We maintained the Series' position in Patterson based on favorable financials.

**FNB Corp.** is a diversified financial services company operating in seven states and the District of Columbia. During the year, the company outperformed its peers while maintaining a discounted valuation. FNB's loans and deposits increased during the year, helping to drive earnings

**[**Table of Contents**](#dvsss_toc)**

Portfolio management review

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Special Situations Series

growth. FNB's credit quality was better than most peers during the global financial crisis as it operates in certain slower-growth geographies. We maintained the Series' position in FNB as its asset quality remained favorable and its shares continued to trade at a discounted valuation relative to its peers.

**Western Alliance Bancorp** is a regional bank with branches in Arizona, California, and Nevada. The company also operates several national commercial-lending businesses and a national residential mortgage business. Western Alliance's balance sheet growth has been higher than peers, raising investors' concern about the company's credit underwriting during a recession. As a result, shares of Western Alliance underperformed during the year. Although we think the shares are trading at an attractive valuation, we trimmed the Series' position in Western Alliance during the year.

**Wolverine World Wide Inc.** is a designer, manufacturer, and marketer of a broad line of footwear, including the Keds, Merrell, Saucony, and Sperry Top-Sider brands. Shares of Wolverine detracted during the year as the company's revenues and earnings were revised lower. Management cited ongoing supply chain disruptions and a heightened promotional retail environment as the reasons why Wolverine's leverage, inventory, and costs increased. Due to the deterioration of the company's fundamentals, we exited the Series' position in Wolverine before the end of the year.

In the consumer staples sector, shares of consumer and home products company **Spectrum Brands Holdings Inc.** underperformed during the year. On September 8, 2021, Spectrum Brands announced that it had signed an agreement to sell its hardware and home improvement (HHI) business to Assa Abloy AB for $4.3 billion in cash. We believed the transaction would be instrumental in transforming Spectrum Brands into a less-cyclical company with a vastly improved balance sheet. In the third quarter of 2022, however, the US Department of Justice announced that it would sue to block the transaction. Given the greatly enhanced odds that the deal does not close, we chose to exit the Series' position in Spectrum Brands before the end of the year.

Relative to the benchmark, the Series ended the year overweight the industrials, basic industry, technology, and energy sectors and underweight the healthcare, REIT, consumer discretionary, utilities, and financial services sectors. Sector weightings were similar to the benchmark in the consumer staples and transportation sectors at year end.

Our team's disciplined philosophy remains unchanged. We continue to focus on bottom-up stock selection and specifically on identifying companies that we believe trade at attractive valuations, generate strong free cash flow, and have the ability to implement shareholder-friendly policies through share buybacks, dividend increases, and debt reduction.

**[**Table of Contents**](#dvsss_toc)**

Performance summary (Unaudited)

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Special Situations Series

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Series and benchmark performance** | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* |
|  | 1 year | 3 year | 5 year | 10 year |
| Standard Class shares (commenced operations on November 9, 1987) | -12.13% | +5.02% | +3.06% | +8.25% |
| Russell 2000 Value Index | -14.48% | +4.70% | +4.13% | +8.48% |

---

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

As described in the Series' most recent prospectus, the net expense ratio for Standard Class shares of the Series was 0.80%, while total operating expenses for Standard Class shares were 0.82%. The management fee for Standard Class shares was 0.75%. The expense ratios may differ from the expense ratios in the "Financial highlights" since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in "Notes to financial statements" for additional details. Please see the "Financial highlights" section in this report for the most recent expense ratios.

The Series adopted the performance of the First Investors Life Series Special Situations Fund (Predecessor Series) as the result of a reorganization of the Predecessor Series into the Series, which was consummated after the close of business on October 4, 2019 (Reorganization). The Series had not yet commenced operations prior to the Reorganization. The returns shown for periods ending on or prior to October 4, 2019 reflect the performance and expenses of the Predecessor Series. The returns shown for periods after October 4, 2019 reflect the performance and expenses of the Series.

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

Expense limitations were in effect for Standard Class shares during some or all of the periods shown in the "Series and benchmark performance" table above and in the "Performance of a $10,000 Investment" graph on the next page. Performance would have been lower had expense limitations not been in effect.

Performance data do not include any fees or sales charges imposed by variable insurance contracts. This fund doesn't have any deferred sales charges. Performance shown here would have been reduced if such fees were included. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

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

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

An exchange-traded fund (ETF) is a security that represents all the stocks on a given exchange. ETF shares can be bought, sold, short-sold, traded on margin, and generally function as if they were stocks.

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

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

**[**Table of Contents**](#dvsss_toc)**

Performance summary (Unaudited)

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Special Situations Series

**Performance of a $10,000 investment**

*For the period December 31, 2012 through December 31, 2022*

![](mim_vipss-ncsrx6x1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | | **Starting value** | **Ending value** |
| ![](mim_vipss-ncsrx6x2.jpg) | Russell 2000 Value Index | $10000 | $22559 |
| ![](mim_vipss-ncsrx6x3.jpg) | Delaware VIP Special Situations Series — Standard Class shares | $10000 | $22092 |

---

The graph shows a $10,000 investment in Delaware VIP Special Situations Series Standard Class shares for the period from December 31, 2012 through December 31, 2022.

The graph also shows $10,000 invested in the Russell 2000 Value Index for the period from December 31, 2012 through December 31, 2022.

The Russell 2000 Value Index measures the performance of the small-cap value segment of the US equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

The Russell 1000 Index, mentioned on page 1, measures the performance of the large-cap segment of the US equity universe.

The Russell 2000 Growth Index, mentioned on page 1, measures the performance of the small-cap growth segment of the US equity universe. It includes those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

The Russell Midcap Index, mentioned on page 1, measures the performance of the mid-cap segment of the US equity universe. The Russell Midcap Index is a subset of the Russell 1000 Index.

The Producer Price Index (PPI), mentioned on page 1, measures the average change over time in the selling price of goods and services sold by domestic producers for their output. The prices included in the PPI are from the first commercial transaction for many products and some services.

The US Consumer Price Index (CPI), mentioned on page 1, is a measure of inflation that is calculated by the US Department of Labor, representing changes in prices of all goods and services purchased for consumption by urban households.

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

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

**Past performance does not guarantee future results.**

**[**Table of Contents**](#dvsss_toc)**

Disclosure of Series expenses

For the six-month period from July 1, 2022 to December 31, 2022 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2022 to December 31, 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**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br> Account<br> Value<br> 7/1/22 | Ending<br> Account<br> Value<br> 12/31/22 | Annualized<br> Expense<br> Ratio | Expenses<br> Paid<br> During<br> Period<br> 7/1/22 to<br> 12/31/22\* |
| **Actual Series return<sup>†</sup>** |  |  |  |  |
| Standard Class | $1000.00 | $1057.50 | 0.80% | $4.15 |
| **Hypothetical 5% return** (5% return before expenses) |  |  |  |  |
| Standard Class | $1000.00 | $1021.17 | 0.80% | $4.08 |

---

\* "Expenses Paid During Period" are equal to the Series' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

<sup>†</sup> 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**](#dvsss_toc)**

Security type / sector allocations and top 10 equity holdings

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Special Situations Series

As of December 31, 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, which may result in the sector designations for one fund being different from another fund's sector designations.

---

| | |
|:---|:---|
| Security type / sector | Percentage<br> of net assets |
| **Common Stocks** | **97.69%** |
| Basic Industry | 7.96% |
| Consumer Discretionary | 11.06% |
| Consumer Staples | 2.87% |
| Energy | 6.93% |
| Financial Services\* | 27.77% |
| Healthcare | 3.82% |
| Industrials | 14.00% |
| Real Estate Investment Trusts | 7.34% |
| Technology | 9.80% |
| Transportation | 2.18% |
| Utilities | 3.96% |
| **Short-Term Investments** | **2.38%** |
| **Total Value of Securities** | **100.07%** |
| **Liabilities Net of Receivables and Other Assets** | **(0.07)%** |
| **Total Net Assets** | **100.00%** |

---

\* To monitor compliance with the Series' concentration guidelines as described in the Series' Prospectus and Statement of Additional Information, the Financial Services sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of "industries" (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Financial Services sector consisted of Banks, Diversified Financial Services, and Insurance. As of December 31, 2022, such amounts, as a percentage of total net assets were 18.96%, 2.44%, and 6.37%, 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.

---

| | |
|:---|:---|
| Top 10 equity holdings | Percentage<br> of net assets |
| MasTec | 2.31% |
| Hancock Whitney | 2.30% |
| Webster Financial | 2.22% |
| East West Bancorp | 2.07% |
| FNB | 2.06% |
| WESCO International | 2.03% |
| Stifel Financial | 1.86% |
| Atkore | 1.78% |
| Magnolia Oil & Gas Class A | 1.68% |
| Berry Global Group | 1.67% |

---

**[**Table of Contents**](#dvsss_toc)**

Schedule of investments

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Special Situations Series

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br> shares** | **Value<br> (US $)** |
| **Common Stocks — 97.69%⧫** | | |
| Basic Industry — 7.96% |  |  |
| &nbsp;&nbsp;&nbsp;Arconic † | 69200 | $1464272 |
| &nbsp;&nbsp;&nbsp;Ashland | 15500 | 1666715 |
| &nbsp;&nbsp;&nbsp;Avient | 37100 | 1252496 |
| &nbsp;&nbsp;&nbsp;Berry Global Group | 58400 | 3529112 |
| &nbsp;&nbsp;&nbsp;HB Fuller | 32000 | 2291840 |
| &nbsp;&nbsp;&nbsp;Huntsman | 79600 | 2187408 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific | 49550 | 2933360 |
| &nbsp;&nbsp;&nbsp;Summit Materials Class A † | 52652 | 1494790 |
|  |  | 16819993 |
| Consumer Discretionary — 11.06% |  |  |
| &nbsp;&nbsp;&nbsp;Acushnet Holdings | 35900 | 1524314 |
| &nbsp;&nbsp;&nbsp;Adient † | 58800 | 2039772 |
| &nbsp;&nbsp;&nbsp;Barnes Group | 50400 | 2058840 |
| &nbsp;&nbsp;&nbsp;Choice Hotels International | 12800 | 1441792 |
| &nbsp;&nbsp;&nbsp;Columbia Sportswear | 22400 | 1961792 |
| &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store | 13700 | 1297938 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive | 11500 | 2074255 |
| &nbsp;&nbsp;&nbsp;KB Home | 48500 | 1544725 |
| &nbsp;&nbsp;&nbsp;Meritage Homes † | 22300 | 2056060 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group | 8800 | 1540264 |
| &nbsp;&nbsp;&nbsp;Steven Madden | 48800 | 1559648 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse | 20150 | 1832643 |
| &nbsp;&nbsp;&nbsp;UniFirst | 12600 | 2431674 |
|  |  | 23363717 |
| Consumer Staples — 2.87% |  |  |
| &nbsp;&nbsp;&nbsp;Flowers Foods | 53800 | 1546212 |
| &nbsp;&nbsp;&nbsp;J & J Snack Foods | 16100 | 2410331 |
| &nbsp;&nbsp;&nbsp;Performance Food Group † | 36016 | 2102974 |
|  |  | 6059517 |
| Energy — 6.93% |  |  |
| &nbsp;&nbsp;&nbsp;CNX Resources † | 167250 | 2816490 |
| &nbsp;&nbsp;&nbsp;Delek US Holdings | 37100 | 1001700 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Class A | 151100 | 3543295 |
| &nbsp;&nbsp;&nbsp;Matador Resources | 34700 | 1986228 |
| &nbsp;&nbsp;&nbsp;Murphy Oil | 57500 | 2473075 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy | 167800 | 2825752 |
|  |  | 14646540 |
| Financial Services — 27.77% |  |  |
| &nbsp;&nbsp;&nbsp;American Equity Investment Life Holding | 61000 | 2782820 |
| &nbsp;&nbsp;&nbsp;Assurant | 16800 | 2101008 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings | 21823 | 1182152 |
| &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son | 41000 | 1222210 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings | 32600 | 1227716 |
| &nbsp;&nbsp;&nbsp;East West Bancorp | 66500 | 4382350 |
| &nbsp;&nbsp;&nbsp;Essent Group | 44100 | 1714608 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | 94500 | 2289735 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem Class A | 52885 | 2044005 |
| &nbsp;&nbsp;&nbsp;FNB | 333600 | 4353480 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney | 100650 | 4870453 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group | 15100 | 2040463 |
| &nbsp;&nbsp;&nbsp;Hope Bancorp | 132210 | 1693610 |
| &nbsp;&nbsp;&nbsp;Kemper | 3055 | 150306 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding † | 19798 | 1161549 |
| &nbsp;&nbsp;&nbsp;Sandy Spring Bancorp | 31900 | 1123837 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group | 23600 | 2091196 |
| &nbsp;&nbsp;&nbsp;Stewart Information Services | 32500 | 1388725 |
| &nbsp;&nbsp;&nbsp;Stifel Financial | 67450 | 3937056 |
| &nbsp;&nbsp;&nbsp;Synovus Financial | 74350 | 2791843 |
| &nbsp;&nbsp;&nbsp;Umpqua Holdings | 191000 | 3409350 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | 278400 | 3148704 |
| &nbsp;&nbsp;&nbsp;Webster Financial | 99199 | 4696081 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 48350 | 2879726 |
|  |  | 58682983 |
| Healthcare — 3.82% |  |  |
| &nbsp;&nbsp;&nbsp;Avanos Medical † | 42700 | 1155462 |
| &nbsp;&nbsp;&nbsp;Integer Holdings † | 25900 | 1773114 |
| &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings † | 43700 | 2450259 |
| &nbsp;&nbsp;&nbsp;NuVasive † | 28700 | 1183588 |
| &nbsp;&nbsp;&nbsp;Service Corp. International | 21750 | 1503795 |
|  |  | 8066218 |
| Industrials — 14.00% |  |  |
| &nbsp;&nbsp;&nbsp;Altra Industrial Motion | 57700 | 3447575 |
| &nbsp;&nbsp;&nbsp;Atkore † | 33100 | 3754202 |
| &nbsp;&nbsp;&nbsp;CACI International Class A † | 7600 | 2284484 |
| &nbsp;&nbsp;&nbsp;H&E Equipment Services | 39200 | 1779680 |
| &nbsp;&nbsp;&nbsp;ITT | 39800 | 3227780 |
| &nbsp;&nbsp;&nbsp;KBR | 43332 | 2287929 |
| &nbsp;&nbsp;&nbsp;MasTec † | 57190 | 4880023 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord | 15408 | 1848652 |
| &nbsp;&nbsp;&nbsp;WESCO International † | 34200 | 4281840 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions | 85100 | 1799865 |
|  |  | 29592030 |
| Real Estate Investment Trusts — 7.34% |  |  |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust | 106680 | 1798625 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | 85755 | 1805143 |
| &nbsp;&nbsp;&nbsp;Life Storage | 18150 | 1787775 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust | 177050 | 1774041 |
| &nbsp;&nbsp;&nbsp;National Health Investors | 29250 | 1527435 |
| &nbsp;&nbsp;&nbsp;Outfront Media | 111500 | 1848670 |
| &nbsp;&nbsp;&nbsp;RPT Realty | 98400 | 987936 |
| &nbsp;&nbsp;&nbsp;Spirit Realty Capital | 49400 | 1972542 |
| &nbsp;&nbsp;&nbsp;Summit Hotel Properties | 127500 | 920550 |

---

**[**Table of Contents**](#dvsss_toc)**

Schedule of investments

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Special Situations Series

---

| | | |
|:---|:---|:---|
| | **Number of<br> shares** | **Value<br> (US $)** |
| **Common Stocks ⧫ (continued)** | | |
| Real Estate Investment Trusts (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Tricon Residential | 141493 | $1090911 |
|  |  | 15513628 |
| Technology — 9.80% |  |  |
| &nbsp;&nbsp;&nbsp;Cirrus Logic † | 26900 | 2003512 |
| &nbsp;&nbsp;&nbsp;Concentrix | 11600 | 1544656 |
| &nbsp;&nbsp;&nbsp;Diodes † | 25900 | 1972026 |
| &nbsp;&nbsp;&nbsp;Flex † | 147609 | 3167689 |
| &nbsp;&nbsp;&nbsp;Leonardo DRS † | 34800 | 444744 |
| &nbsp;&nbsp;&nbsp;NCR † | 40788 | 954847 |
| &nbsp;&nbsp;&nbsp;NetScout Systems † | 52600 | 1710026 |
| &nbsp;&nbsp;&nbsp;Power Integrations | 29000 | 2079880 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX | 19100 | 1808961 |
| &nbsp;&nbsp;&nbsp;Tower Semiconductor † | 5600 | 241920 |
| &nbsp;&nbsp;&nbsp;TTM Technologies † | 148500 | 2239380 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions † | 128000 | 1345280 |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology | 55900 | 1205763 |
|  |  | 20718684 |
| Transportation — 2.18% |  |  |
| &nbsp;&nbsp;&nbsp;Kirby † | 22500 | 1447875 |
| &nbsp;&nbsp;&nbsp;Saia † | 4100 | 859688 |
| &nbsp;&nbsp;&nbsp;Werner Enterprises | 57000 | 2294820 |
|  |  | 4602383 |
| Utilities — 3.96% |  |  |
| &nbsp;&nbsp;&nbsp;ALLETE | 33400 | 2154634 |
| &nbsp;&nbsp;&nbsp;Black Hills | 40390 | 2841033 |
| &nbsp;&nbsp;&nbsp;OGE Energy | 46300 | 1831165 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings | 25000 | 1547000 |
|  |  | 8373832 |
| **Total Common Stocks**<br> (cost $172,355,980)** |  | **206439525** |
| **Short-Term Investments — 2.38%** |  |  |
| Money Market Mutual Funds — 2.38% |  |  |
| &nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund –<br> Institutional Shares (seven-day effective yield 4.03%) | 1255621 | $1255621 |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio –<br> Class I (seven-day effective yield 4.06%) | 1255623 | 1255623 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund –<br> Institutional Shares (seven-day effective yield 4.23%) | 1255623 | 1255623 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio –<br> Institutional Class (seven-day effective yield 4.11%) | 1255623 | 1255623 |
| **Total Short-Term Investments**<br> (cost $5,022,490) |  | **5022490** |
| **Total Value of Securities — 100.07%**<br> (cost $177,378,470) |  | $**211462015** |

---

<sup>t</sup> Narrow industries are utilized for compliance purposes for concentration whereas broad sectors are used for financial reporting.

<sup>†</sup> Non-income producing security.

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

**[**Table of Contents**](#dvsss_toc)**

Statement of assets and liabilities

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Special Situations Series

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets:** | **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | &nbsp;&nbsp;&nbsp;Investments, at value\* | $211462015 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | &nbsp;&nbsp;&nbsp;Receivable for securities sold | 319019 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | &nbsp;&nbsp;&nbsp;Dividends receivable | 241961 |
| &nbsp;&nbsp;&nbsp;Receivable for series shares sold | &nbsp;&nbsp;&nbsp;Receivable for series shares sold | 1282 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | 1084 |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;Other assets | 1779 |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;Total Assets | 212027140 |
| **Liabilities:** | **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Due to custodian | &nbsp;&nbsp;&nbsp;Due to custodian | 5 |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | &nbsp;&nbsp;&nbsp;Payable for securities purchased | 441863 |
| &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | 121817 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;Other accrued expenses | 110777 |
| &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | 31212 |
| &nbsp;&nbsp;&nbsp;Administration expenses payable to affiliates | &nbsp;&nbsp;&nbsp;Administration expenses payable to affiliates | 10866 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;Total Liabilities | 716540 |
| **Total Net Assets** | **Total Net Assets** | $211310600 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;&nbsp;Paid-in capital | $169585238 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | 41725362 |
| **Total Net Assets** | **Total Net Assets** | $211310600 |
| **Net Asset Value** | **Net Asset Value** |  |
| **Standard Class:** | **Standard Class:** |  |
| Net assets | Net assets | $211310600 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | Shares of beneficial interest outstanding, unlimited authorization, no par | 7003429 |
| Net asset value per share | Net asset value per share | $30.17 |
| \* | Investments, at cost | $177378470 |

---

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

**[**Table of Contents**](#dvsss_toc)**

Statement of operations

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Special Situations Series

Year ended December 31, 2022

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $3824429 |
| &nbsp;&nbsp;&nbsp;Foreign tax withheld | (1626) |
|  | 3822803 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Management fees | 1702529 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | 71813 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing and transfer agent fees and expenses | 53255 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | 31325 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 28480 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | 24033 |
| &nbsp;&nbsp;&nbsp;Legal fees | 17537 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 11293 |
| &nbsp;&nbsp;&nbsp;Registration fees | 4 |
| &nbsp;&nbsp;&nbsp;Other | 14789 |
|  | 1955058 |
| &nbsp;&nbsp;&nbsp;Less expenses waived | (138726) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 1816332 |
| **Net Investment Income (Loss)** | 2006471 |
| **Net Realized and Unrealized Gain (Loss):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 8406978 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (41301577) |
| **Net Realized and Unrealized Gain (Loss)** | (32894599) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(30888128) |

---

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

**[**Table of Contents**](#dvsss_toc)**

Statements of changes in net assets

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Special Situations Series

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $2006471 | $1613633 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 8406978 | 16275104 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (41301577) | 53892021 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (30888128) | 71780758 |
| **Dividends and Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | (13870026) | (2190732) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | 800846 | 1064688 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | 13870026 | 2190732 |
|  | 14670872 | 3255420 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | (19813906) | (29344471) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | (5143034) | (26089051) |
| **Net Increase (Decrease) in Net Assets** | (49901188) | 43500975 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 261211788 | 217710813 |
| &nbsp;&nbsp;&nbsp;End of year | $211310600 | $261211788 |

---

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

**[**Table of Contents**](#dvsss_toc)**

Financial highlights

Delaware VIP<sup>®</sup> Special Situations Series Standard Class

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| | **12/31/22** | **12/31/21** | **12/31/20** | **12/31/19<sup>1</sup>** | **12/31/18** |
| **Net asset value, beginning of period** | $36.48 | $27.40 | $32.21 | $28.86 | $40.08 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.28 | 0.21 | 0.30 | 0.33 | 0.23 |
| Net realized and unrealized gain (loss) | (4.60) | 9.16 | (2.40) | 5.39 | (6.17) |
| Total from investment operations | (4.32) | 9.37 | (2.10) | 5.72 | (5.94) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | (0.23) | (0.29) | (0.42) | (0.22) | (0.18) |
| Net realized gain | (1.76) |  | (2.29) | (2.15) | (5.10) |
| Total dividends and distributions | (1.99) | (0.29) | (2.71) | (2.37) | (5.28) |
| **Net asset value, end of period** | $30.17 | $36.48 | $27.40 | $32.21 | $28.86 |
| **Total return<sup>3</sup>** | (12.13)%<sup>4</sup> | 34.28%<sup>4</sup> | (1.85)%<sup>4</sup> | 20.36%<sup>4</sup> | (16.60)% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $211311 | $261212 | $217711 | $239350 | $209826 |
| Ratio of expenses to average net assets<sup>5</sup> | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | 0.86% | 0.82% | 0.88% | 0.82% | 0.80% |
| Ratio of net investment income to average net assets | 0.88% | 0.64% | 1.27% | 1.08% | 0.65% |
| Ratio of net investment income to average net assets prior to fees waived | 0.82% | 0.62% | 1.19% | 1.06% | 0.65% |
| Portfolio turnover | 19% | 13% | 21% | 128%<sup>6</sup> | 54% |

---

<sup>1</sup> On October 4, 2019, the First Investors Life Series Special Situations Fund shares were reorganized into Standard Class shares of the Series. 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.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> 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.

<sup>4</sup> Total return during the period reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

<sup>6</sup> 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.

**[**Table of Contents**](#dvsss_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Special Situations Series

December 31, 2022

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.

**1. Significant Accounting Policies**

The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.

**Security Valuation** — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Open-end investment companies, other than ETFs, 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 by the Series' valuation designee, Delaware Management Company (DMC). Subject to the oversight of the Series' Board of Trustees (Board), DMC, as valuation designee, has adopted policies and procedures to fair value securities for which market quotations are not readily available consistent with the requirements of Rule 2a-5 under the 1940 Act. 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 and private placements are valued at fair value.

**Federal Income Taxes** — No provision for federal income taxes has been made as the Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Series evaluates tax positions taken or expected to be taken in the course of preparing the Series' tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Series' tax positions taken or expected to be taken on the Series' federal income tax returns through the year ended December 31, 2022, and for all open tax years (years ended December 31, 2019–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 year ended December 31, 2022, the Series did not incur any interest or tax penalties.

**Use of Estimates** — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

**Other** — Expenses directly attributable to the Series are charged directly to the Series. Other expenses common to various funds within the Delaware Funds by Macquarie<sup>®</sup> (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. 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.

(continues) 13

**[**Table of Contents**](#dvsss_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Special Situations Series

**1. Significant Accounting Policies (continued)**

The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the "Statement of operations" under "Dividend disbursing and transfer agent fees and expenses" with the corresponding expenses offset included under "Less expenses paid indirectly." For the year ended December 31, 2022, the Series earned less than $1 under this arrangement.

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

In accordance with the terms of its investment management agreement, the Series pays 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 December 31, 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.

Macquarie Investment Management Global Limited (MIMGL), an affiliate of DMC, serves as the Series' sub-advisor and manages the Series' assets. In addition, Macquarie Funds Management Hong Kong Limited (MFMHKL, and together with MIMGL, the "Affiliated Sub-Advisors"), an affiliate of the Manager, may execute security trades for the Series. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Series, may pay each Affiliated Sub-Advisor a portion of its investment management fee.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Series. For these services, DIFSC's fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; 0.0025% of the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the "Statement of operations" under "Accounting and administration expenses." For the year ended December 31, 2022, the Series paid $13,048 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC's fees are calculated daily and paid monthly, at the annual rate of 0.0075% of the Series' average daily net assets. This amount is included on the "Statement of operations" under "Dividend disbursing and transfer agent fees and expenses." For the year ended December 31, 2022, the Series paid $17,265 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Series. Sub-transfer agency fees are paid by the Series and are also included on the "Statement of operations" under "Dividend disbursing and transfer agent fees and expenses." 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 year ended December 31, 2022, the Series paid $10,536 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 Delaware Distributors, L.P. are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.

**[**Table of Contents**](#dvsss_toc)**

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 including ETFs 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 year ended December 31, 2022, the Series made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | $43677263 |
| Sales | 63308541 |

---

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation), which may not necessarily be the final tax cost basis adjustments but which approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2022, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:

---

| | |
|:---|:---|
| Cost of investments | $177622334 |
| Aggregate unrealized appreciation of investments | $43850371 |
| Aggregate unrealized depreciation of investments | (10010690) |
| Net unrealized appreciation of investments | $33839681 |

---

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

(continues) 15

**[**Table of Contents**](#dvsss_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Special Situations 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 December 31, 2022:

---

| | |
|:---|:---|
|  | Level 1 |
| <u>Securities</u> |  |
| <u>Assets</u>: |  |
| Common Stocks | $206439525 |
| Short-Term Investments | 5022490 |
| Total Value of Securities | $211462015 |

---

During the year ended December 31, 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 year.

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 year in relation to the Series' net assets. During the year ended December 31, 2022, there were no Level 3 investments.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2022 and 2021 were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| Ordinary income | $1619096 | $2190732 |
| Long-term capital gains | 12250930 |  |
| Total | $13870026 | $2190732 |

---

**5. Components of Net Assets on a Tax Basis**

As of December 31, 2022, the components of net assets on a tax basis were as follows:

---

| | |
|:---|:---|
| Shares of beneficial interest | $169585238 |
| Undistributed ordinary income | 1999730 |
| Undistributed long-term capital gains | 10287795 |
| Capital loss carryforwards\* | (4401844) |
| Unrealized appreciation of investments | 33839681 |
| Net assets | $211310600 |

---

\* A portion of the Series capital loss carryforward is subject to limitation under the Internal Revenue Code and related regulations.

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

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2022, the Series had no reclassifications.

**[**Table of Contents**](#dvsss_toc)**

At December 31, 2022, capital loss carryforwards available to offset future realized capital gains were as follows:

---

| | | |
|:---|:---|:---|
| Loss carryforward character | Loss carryforward character |  |
| Short-term | Long-term | Total |
| $2510953 | $1890891 | $4401844 |

---

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | 26077 | 32316 |
| Shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | 433981 | 65552 |
|  | 460058 | 97868 |
| Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | (617005) | (882729) |
| Net decrease | (156947) | (784861) |

---

**7. Line of Credit**

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

On October 31, 2022, the Series, along with the other Participants, entered into an amendment to the Agreement for a $355,000,000 revolving line of credit to be used as described above. It operates in substantially the same manner as the original Agreement. Under the amendment to the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the Agreement expires on October 30, 2023.

The Series had no amounts outstanding as of December 31, 2022, or at any time during the year then ended.

**8. Securities Lending**

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

(continues) 17

**[**Table of Contents**](#dvsss_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Special Situations Series

**8. Securities Lending (continued)**

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 is generally invested in an individual separate account. 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 year ended December 31, 2022, the Series had no securities out on loan.

**9. Credit and Market Risk**

An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

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

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

The Series invests in REITs and is subject to the risks associated with that industry. If the Series holds real estate directly or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real

**[**Table of Contents**](#dvsss_toc)**

estate holdings during the year ended December 31, 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 December 31, 2022, there were no Rule 144A securities held by the Series.

**10. Contractual Obligations**

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

**11. Subsequent Events**

On November 10, 2022, the Board approved the reorganization (Reorganization) of the Series into Delaware VIP Small Cap Value Series, a series of Delaware VIP Trust, on or about April 21, 2023. In connection with the Reorganization, effective as of the close of business one day before the Reorganization, the Series will close to new investors and existing shareholders.

Management has determined that no other material events or transactions occurred subsequent to December 31, 2022, that would require recognition or disclosure in the Series' financial statements.

**[**Table of Contents**](#dvsss_toc)**

Report of independent<br> registered public accounting firm

To the Board of Trustees of Delaware VIP<sup>®</sup> Trust and Shareholders of Delaware VIP Special Situations Series

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Special Situations Series (one of the series constituting Delaware VIP<sup>®</sup> Trust, referred to hereafter as the "Series") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the four years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the four years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Series as of and for the year ended December 31, 2018 and the financial highlights for the year ended December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 26, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 23, 2023

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

**[**Table of Contents**](#dvsss_toc)**

Other Series information (Unaudited)

Delaware VIP<sup>®</sup> Trust — Delaware VIP Special Situations Series

**Tax Information**

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

For the year ended December 31, 2022, the Series reports distributions paid during the year as follows:

---

| | |
|:---|:---|
| (A) Long-Term Capital Gain Distributions (Tax Basis) | 88.33% |
| (B) Ordinary Income Distributions (Tax Basis) | 11.67% |
| Total Distributions (Tax Basis) | 100.0% |
| (C) Qualified Dividends<sup>1</sup> | 100.0% |

---

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

(C) is based on the Series' ordinary income distributions.

<sup>1</sup> <sup></sup>Qualified dividends represent dividends which qualify for the corporate dividends received deduction.

**Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 9-11, 2022**

At a meeting held on August 9-11, 2022 (the "Annual Contract Renewal Meeting"), the Board of Trustees (the "Board"), including a majority of Trustees each of whom is not an "interested person" as defined under the Investment Company Act of 1940 (the "Independent Trustees"), approved the renewal of the Delaware VIP Special Situations Series (the "Fund") Investment Management Agreement with Delaware Management Company ("DMC"); and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited ("MIMGL") and Macquarie Funds Management Hong Kong Limited ("MFMHKL" and together with MIMGL, the "Affiliated Sub-Advisers").

Prior to the Meeting, including at a Board meeting held in May 2022, the Trustees conferred extensively among themselves and with representatives of DMC about these matters. Also, the Board was assisted by the applicable Investment Committee, with each Investment Committee assisting the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Investment Management Agreement and the Sub-Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, DMC was guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2022. In considering and approving the Investment Management Agreement and the Sub-Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with DMC about various topics. In this regard, the Board reviewed reports of DMC at each of its quarterly meetings, which included information about, among other things, Fund performance, investment strategies, and expenses. In addition, the Investment Committees confer with portfolio managers at various times throughout the year. In considering information relating to the approval of the Fund's Investment Management Agreement and the Sub-Advisory Agreements, the Independent Trustees also received information from an independent fund consultant, JDL Consultants, LLC ("JDL").

The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Investment Management Agreement and the Sub-Advisory Agreements for a one-year term. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approval.

**Nature, extent, and quality of services.** The Board received and considered various information regarding the nature, extent, and quality of the advisory services provided to the Fund by DMC under its Investment Management Agreement and the experience of the officers and employees of DMC who provide these services, including the Fund's portfolio managers. The Board's review included consideration of DMC's investment process and oversight and research and analysis capabilities, and its ability to attract and retain qualified investment professionals. The Board considered information regarding DMC's programs for risk management, including investment, operational, liquidity, valuation, and

**[**Table of Contents**](#dvsss_toc)**

Other Series information (Unaudited)

Delaware VIP<sup>®</sup> Trust — Delaware VIP Special Situations Series

**Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 9-11, 2022 (continued)**

compliance risks. The Board received information with respect to the cybersecurity program and business continuity plans of DMC and its affiliates. The Board also considered non-advisory services that DMC and its affiliates provide to the Delaware Funds, including third party oversight, transfer agent, internal audit, valuation, portfolio trading, and legal and compliance. The Board took into account the benefits to shareholders of investing in a Fund that is part of a family of funds managed by an affiliate of Macquarie Group Ltd. ("Macquarie"), the parent company of DMC, and the resources available to DMC as part of Macquarie's global asset management business.

The Board received and considered various information with respect to the services provided by the Affiliated Sub-Advisers under the Sub-Advisory Agreements and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board considered the division of responsibilities between DMC and the Affiliated Sub-Advisers and the oversight provided by DMC. The Board considered the expertise of the Affiliated Sub-Advisers with respect to certain asset classes and/or investment styles. The Affiliated Sub-Advisers are part of Macquarie's global investment platform that has offices and personnel that are located around the world. As a result, the Board noted that DMC had stated that the Affiliated Sub-Advisers can provide research, investment and trading analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades, as applicable. The Board took into account that the Sub-Advisory Agreements may benefit the Fund and its shareholders by permitting DMC to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund.

The Board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Fund by DMC and the Affiliated Sub-Advisers.

**Investment performance.** The Board received and considered information with respect to the investment performance of the Fund, including performance reports and discussions with portfolio managers at meetings of the Board's Investment Committees throughout the year as well as reports provided by Broadridge Financial Solutions, an independent investment company data provider ("Broadridge"), furnished for the Annual Contract Renewal Meeting. The Broadridge reports prepared for the Fund showed its investment performance in comparison to a group of similar funds (the "Performance Universe"). The Board received a description of the methodology used by Broadridge to select the funds in the Performance Universe. Comparative annualized performance for the Fund was shown for the past 1-, 3-, 5- and 10-year or since inception periods, as applicable, ended December 31, 2021.

The Performance Universe for the Fund consisted of the Fund and all small-cap value funds underlying variable insurance products, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1-year period was in the first quartile, for the 3-, and 10-year periods was in the fourth quartile and for the 5-year periods was in the third quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-year period was above the median and for the 3-, 5-, and 10-year periods was below the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the 1-, and 5-year periods and underperformed for the 3-, and 10-year periods. The Board, however, noted that the investment performance of the current portfolio management team only began as of October 2019. The Board noted the explanations from DMC concerning the reasons for the Fund's relative performance versus the Performance Universe and its benchmark for the various periods.

**Comparative expenses.** The Board received and considered expense data for the Fund. Management provided the Board with information on pricing levels and fee structures for the Fund as of its most recently completed fiscal year. The Board also considered on the comparative analysis of contractual management fees and actual total expense ratios of the Fund versus contractual management fees and actual total expense ratios of a group of similar funds as selected by Broadridge (the "Expense Group"). In reviewing comparative costs, the Fund's contractual management fee and the actual management fee incurred by the Fund were compared with the contractual management fees (assuming all funds were similar in size to the Fund) and actual management fees, taking into account any applicable breakpoints and fee waivers, with the Fund's expense universe, which is comprised of the Fund, its Expense Group and all other similar funds underlying variable insurance products with similar 12b-1/non-12b-1 structures, excluding outliers (the "Expense Universe"). The Fund's total expenses were also compared with those of its Expense Universe.

The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were below its Expense Group average.

**[**Table of Contents**](#dvsss_toc)**

The Board also received and considered information about the nature and extent of services offered and fee rates charged by DMC to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing registered investment companies compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients, unregistered funds and separately managed accounts.

The Board noted that DMC, and not the Fund, pays the sub-advisory fees to the Affiliated Sub-Advisers and, accordingly, that the retention of the Affiliated Sub-Advisers does not increase the fees and expenses incurred by the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to DMC under the Investment Management Agreement and to the Affiliated Sub-Advisers under the Sub-Advisory Agreements was reasonable.

**Economies of scale.** The Board received and considered information about the potential for DMC to realize economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual Fund level, and the extent to which potential scale benefits are shared with shareholders, including the extent to which any economies of scale are reflected in the level of management fees charged. DMC discussed its advisory fee pricing and structure for the Delaware Funds complex, including the current breakpoints. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as DMC's investment in its business, including investments in business infrastructure, technology and cybersecurity.

**Management profitability.** The Board received and considered the Investment Management Profitability Analysis that addressed the overall profitability of DMC's business in providing management and other services to the Fund and the Delaware Funds as a whole, including the methodology used by DMC in allocating costs for the purpose of determining profitability. The Board also reviewed a report prepared by JDL regarding DMC's profitability as compared to certain peer fund complexes and the Independent Trustees discussed DMC's profitability in such context with representatives from JDL. Based on its review, the Board determined that DMC's profitability was not excessive in light of the nature, extent and quality of the services provided to the Fund.

**Ancillary benefits.** The Board received and considered information regarding the extent to which DMC and its affiliates might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as investment manager to the Delaware Funds; the benefits from allocation of fund brokerage to improve trading efficiencies; and the fees that various affiliates received for serving as transfer agent and for overseeing fund accounting and financial administration services to the Delaware Funds. The Board received information from DMC regarding its view of the performance of its affiliates in providing transfer agent and fund accounting and financial administration oversight services and the organizational structure employed to provide these services pursuant to their contracts with the Fund.

Based on its consideration of the factors and information it deemed relevant, including the costs of providing investment management and other services to the Fund and the ongoing commitment of DMC and its affiliates to the Fund, the Board did not find that any ancillary benefits received by DMC and its affiliates were unreasonable.

**Conclusion.** Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including all of the Independent Trustees, approved the continuation of DMC's Investment Management Agreement and of the Affiliated Sub-Advisers' Sub-Advisory Agreements for an additional one-year period.

**[**Table of Contents**](#dvsss_toc)**

Board of trustees / directors and officers addendum

Delaware Funds by Macquarie<sup>®</sup>

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length<br> of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
| **Shawn K. Lytle**<sup>2</sup> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1970 | President,<br> Chief Executive Officer,<br> and Trustee | President and<br> Chief Executive Officer<br> since August 2015<br>Trustee since<br> September 2015 | 126 | Macquarie Asset<br> Management<sup>3</sup> <br> (2015–Present)<br> - Global Head of<br> Macquarie Asset<br> Management Public<br> Investments<br> (2019–Present)<br> - Head of Americas of<br> Macquarie Group<br> (2017–Present) |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Jerome D. Abernathy**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1959 | Trustee | Since January 2019 | 126 | Stonebrook Capital<br> Management, LLC<br> (financial<br> technology: macro<br> factors and databases)<br> - Managing Member<br> (1993–Present) |  |
| **Ann D. Borowiec**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1958 | Trustee | Since March 2015 | 126 | J.P. Morgan Chase & Co.<br> (1987–2013)<br> - Chief Executive Officer,<br> Private Wealth<br> Management<br> (2011–2013) | Banco Santander<br> International<br> (2016–2019)<br> Santander Bank, N.A.<br> (2016–2019) |
| **Joseph W. Chow**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1953 | Trustee | Since January 2013 | 126 | Private Investor<br> (2011–Present) |  |
| **H. Jeffrey Dobbs**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1955 | Trustee | Since April 2019<sup>4</sup> | 126 | KPMG LLP<br> (2002–2015)<br> - Global Sector<br> Chairman,<br> Industrial Manufacturing<br> (2010–2015) | TechAccel LLC<br> (2015–Present)<br> PatientsVoices, Inc.<br> (2018–Present)<br> Valparaiso University<br> Board<br> (2012–Present)<br> Ivy Funds Complex<br> (2019–2021) |

---

**[**Table of Contents**](#dvsss_toc)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length<br> of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **John A. Fry**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1960 | Trustee | Since January 2001 | 126 | Drexel University<br> - President<br> (2010–Present) | Federal Reserve<br> Bank of Philadelphia<br> (2020–Present)<br> FS Credit Real Estate<br> Income Trust, Inc.<br> (2018–Present)<br> vTv Therapeutics Inc.<br> (2017–Present)<br> Community Health<br> Systems<br> (2004–Present)<br> Drexel Morgan & Co.<br> (2015–2019) |
| **Joseph Harroz, Jr.**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1967 | Trustee | Since November 1998<sup>4</sup> | 126 | University of Oklahoma<br> - President<br> (2020–Present)<br> - Interim President<br> (2019–2020)<br> - Vice President and<br> Dean, College of Law<br> (2010–2019)<br> Brookhaven<br> Investments LLC<br> (commercial enterprises)<br> - Managing Member<br> (2019–Present)<br> St. Clair, LLC<br> (commercial enterprises)<br> - Managing Member<br> (2019–Present) | OU Medicine, Inc.<br> (2020–Present)<br> Big 12 Athletic Conference<br> (2019–Present)<br> Valliance Bank<br> (2007–Present)<br> Ivy Funds Complex<br> (1998–2021) |
| **Sandra A.J. Lawrence**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1957 | Trustee | Since April 2019<sup>4</sup> | 126 | Children's Mercy<br> Hospitals and Clinics<br> (2005–2019)<br> - Chief Administrative<br> Officer<br> (2016–2019) | Brixmor Property<br> Group Inc.<br> (2021–Present)<br> Sera Prognostics Inc.<br> (biotechnology)<br> (2021–Present)<br> Recology<br> (resource recovery)<br> (2021–Present)<br> Evergy, Inc., Kansas City<br> Power & Light Company,<br> KCP&L Greater Missouri<br> Operations Company,<br> Westar Energy, Inc. and<br> Kansas Gas and Electric<br> Company (related utility<br> companies)<br> (2018–Present)<br> National Association of<br> Corporate Directors<br> (2017–Present)<br> Ivy Funds Complex<br> (2019–2021)<br> American Shared Hospital<br> Services (medical device)<br> (2017–2021)<br> Westar Energy (utility)<br> (2004–2018) |

---

**[**Table of Contents**](#dvsss_toc)**

Board of trustees / directors and officers addendum

Delaware Funds by Macquarie<sup>®</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Frances A.**<br> **Sevilla-Sacasa**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1956 | Trustee | Since September 2011 | 126 | Banco Itaú International<br> - Chief Executive Officer<br> (2012–2016) | Florida Chapter of<br> National Association of<br> Corporate Directors<br> (2021–Present)<br> Callon Petroleum<br> Company<br> (2019–Present)<br> Camden Property Trust<br> (2011–Present)<br> New Senior Investment<br> Group Inc. (2021)<br> Carrizo Oil & Gas, Inc.<br> (2018–2019) |
| **Thomas K. Whitford**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1956 | Chair and Trustee | Trustee since January<br> 2013<br>Chair since January<br> 2023 | 126 | PNC Financial<br> Services Group<br> (1983–2013)<br> - Vice Chairman<br> (2009–2013) | HSBC USA Inc.<br> (2014–2022)<br> HSBC North America<br> Holdings Inc.<br> (2013–2022)<br> HSBC Finance<br> Corporation<br> (2013–2018) |
| **Christianna Wood**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1959 | Trustee | Since January 2019 | 126 | Gore Creek<br> Capital, Ltd.<br> - Chief Executive Officer<br> and President<br> (2009–Present) | The Merger Fund<br> (2013–2021),<br> The Merger Fund VL<br> (2013–2021),<br> WCM Alternatives:<br> Event-Driven Fund<br> (2013–2021),<br> and WCM<br> Alternatives:<br> Credit Event Fund<br> (2017–2021)<br> Grange Insurance<br> (2013–Present)<br> H&R Block Corporation<br> (2008–Present) |
| **Janet L. Yeomans**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1948 | Trustee | Since April 1999 | 126 | 3M Company<br> (1995–2012)<br> - Vice President<br> and Treasurer<br> (2006–2012) | Okabena Company<br> (2009–2017) |
| **Officers** | **Officers** | **Officers** | **Officers** | **Officers** | **Officers** |
| **David F. Connor**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1963 | Senior Vice President,<br> General Counsel, and<br> Secretary | Senior Vice President,<br> since May 2013;<br> General Counsel<br> since May 2015;<br> Secretary since<br> October 2005 | 126 | David F. Connor has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. | None<sup>5</sup> |
| **Daniel V. Geatens**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1972 | Senior Vice President<br> and Treasurer | Senior Vice President<br> and Treasurer since<br> October 2007 | 126 | Daniel V. Geatens has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. | None<sup>5</sup> |

---

**[**Table of Contents**](#dvsss_toc)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Richard Salus**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1963 | Senior Vice President<br> and Chief Financial<br> Officer | Senior Vice President<br> and Chief Financial<br> Officer since November<br> 2006 | 126 | Richard Salus has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. |  |

---

<sup>1</sup> "Length of Time Served" refers to the time since the Trustee or officer began serving one or more of the Trusts in the Delaware Funds complex.

<sup>2</sup> Shawn K. Lytle is considered to be an "Interested Trustee" because he is an executive officer of the Series' investment advisor.

<sup>3</sup> Macquarie Asset Management is the marketing name for certain companies comprising the asset management division of Macquarie Group, including the Series' investment advisor, principal underwriter, and transfer agent.

<sup>4</sup> Includes time served on the Board of Ivy Funds prior to the date when Ivy Funds joined the Delaware Funds complex.

<sup>5</sup> David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment manager, principal underwriter, and transfer agent as the Funds. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust, and he is Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc., which has the same investment manager as the Funds.

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

**[**Table of Contents**](#dvsss_toc)**

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' Form 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, is 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.

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.

(2700499) **AR-VIPSS-0223**

![](mim_cover.jpg)

Delaware VIP<sup>®</sup> Trust<br>Delaware VIP Total Return Series<br>December 31, 2022<br>

**[**Table of Contents**](#dvtrs_toc)**

**Table of contents**

---

| | |
|:---|:---|
| **[Portfolio management review](#viptr_001)** | **1** |
| **[Performance summary](#viptr_002)** | **3** |
| **[Disclosure of Series expenses](#viptr_003)** | **6** |
| **[Security type / sector allocations](#viptr_004)** | **7** |
| **[Schedule of investments](#viptr_005)** | **8** |
| **[**Statement of assets and liabilities**](#viptr_006)** | **17** |
| **[**Statement of operations**](#viptr_007)** | **18** |
| **[**Statements of changes in net assets**](#viptr_008)** | **19** |
| **[**Financial highlights**](#viptr_009)** | **20** |
| **[**Notes to financial statements**](#viptr_010)** | **22** |
| **[**Report of independent registered public accounting firm**](#viptr_011)** | **34** |
| **[**Other Series information**](#viptr_012)** | **35** |
| **[**Board of trustees / directors and officers addendum**](#viptr_013)** | **38** |

---

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 December 31, 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<sup>®</sup> Total Return Series only if preceded or accompanied by the Series' current prospectus or the summary prospectus.© 2023 Macquarie Management Holdings, Inc.

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

**[**Table of Contents**](#dvtrs_toc)**

Portfolio management review

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Total Return Series

December 31, 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.

For the fiscal year ended December 31, 2022, Delaware VIP Total Return Series (the "Series") Standard Class shares declined 10.56% and Service Class shares declined 10.82% (both figures reflect all distributions reinvested). The Series' primary benchmark, the S&P 500<sup>®</sup> Index, declined 18.11% for the same period. **Past performance does not guarantee future results**. The Series' secondary benchmarks, the Bloomberg US Aggregate Index and a blend of 60% S&P 500 Index / 40% Bloomberg US Aggregate Index, fell 13.01% and 15.56%, respectively, for the same period. For complete, annualized performance of Delaware VIP Total Return Series, please see the table on page 3. Please see page 5 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

**Market review**

At the start of the Series' fiscal year in January 2022, persistently high inflation led to frequent and serious discussions at the US Federal Reserve about implementing interest rate hikes. Investors reacted by selling bonds, which pushed yields higher and equity prices lower. Financial markets also reacted negatively as Russia built up its troops along the Ukraine border. Russia's invasion in February 2022 prompted unprecedented sanctions – including a freeze on Russian central bank reserves, an oil embargo, and a trading ban on Russian financial stocks. Equities sold off globally while commodity prices soared. Government bonds were briefly in demand as a short-term safe haven but quickly resumed their downward trend.

Tighter central bank monetary policy characterized the rest of the fiscal year, with the Fed leading the way. From March through September 2022, the Fed raised the federal funds rate five times, including three 0.75-percentage-point increases – at the June, July, and September meetings of the Federal Open Market Committee (FOMC). As a result, the target short-term interest rate rose from a range of zero to 0.25% in January 2022 to 3.00% to 3.25% by the end of the fiscal year. This increase in rates was the Fed's aggressive attempt to bring inflation under control.

Other central banks, including the Bank of England and the European Central Bank (ECB), also took repeated steps to tighten monetary policy in their jurisdictions. Meanwhile, equities and bonds posted historically poor performance throughout the measurement period in the face of brutal headwinds and unrelenting negative news. This included soaring inflation, consequent aggressive monetary tightening, ongoing supply chain problems, China's zero-COVID policy-related lockdowns, the Russia-Ukraine war, and soaring energy prices. The higher prices and disruptions within the supply of oil and gas hit Europe hardest as Russia cut off gas to several European Union (EU) countries. In turn, the Group of Seven (G7) nations and later the EU implemented an oil embargo.

Among major central banks, only the Bank of Japan maintained ultra-loose monetary policy as it attempted to keep Japanese yields stable by buying bonds. However, that led to a weakening of the Japanese yen, which fell to a 20-year low.

Markets rallied briefly in July 2022, when a near-term turnaround in inflation seemed possible. Despite investors' concerns about economic growth slowing, stocks appreciated along with other risk asset classes, including corporate, high yield, convertible, and emerging market bonds. A key reason for this appreciation was the decline in yields on US and euro-zone government bonds, leading to significant price gains. However, the tide turned again in mid-August and the bear market returned for most asset classes as hopes for a slowdown of inflation were dashed. Central banks reaffirmed their intentions to continue aggressively tightening monetary policy. Recession fears mounted and the energy crisis worsened as Russia announced it was shutting down a gas pipeline for maintenance. German yields rose sharply, and the euro fell below parity with the US dollar for the first time in 20 years.

The picture worsened even further in September 2022, with heavy losses among virtually all asset classes. Energy prices continued to fall while the European inflation rate reached double-digit levels and central banks planned further interest rate hikes. As the measurement period ended, the market showed its friendlier side. Although inflation remained high and central banks continued to raise interest rates, increasing data indicating an economic slowdown gave rise to hopes of a turnaround in monetary policy.

Markets were in recovery mode in November. After the Fed's expected interest rate hike of 0.75 percentage points at the beginning of the month, poorer economic data during the month and slightly declining inflation rates fueled hopes of slower rate hikes in the near future. Against this backdrop, both equities and bonds rose strongly. Thanks to sharply falling risk premiums, investment grade corporate and emerging market

**[**Table of Contents**](#dvtrs_toc)**

Portfolio management review

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Total Return Series

government bonds performed particularly well. The US dollar weakened, and the price of oil fell due to weaker demand. China relaxed its zero-COVID policy somewhat, but record-high infections led to new restrictions, resulting in protests and somewhat deteriorating market sentiment toward the month's end.

Instead of a year-end rally, equities and bonds suffered significant losses in December. Global inflation rates fell slightly, and, as expected, the major central banks raised key interest rates but by less than before (for example, the Fed and the ECB each raised rates by 0.50 percentage points). However, statements by the ECB president that significantly higher interest rates were still needed caused yields to rise sharply and prices to fall. In Europe, bonds lost much more than stocks, while the reverse occurred in the US, as tech stocks slipped again. China surprised many by ending its zero-COVID policy, and Japan slightly tightened its monetary policy, which helped firm up the yen. Meanwhile, the US dollar lost some ground.

**Within the Series**

The Series finished the year outperforming the benchmark, with markets generally down double-digits for the calendar year. The performance of the Series reflects the mix of returns in the underlying assets during the reporting period and the allocation weightings.

The Series benefited from both asset allocation and security selection effects. Allocations to US large-cap value equities as well as US quality and income contributed to performance while the allocation to US real estate detracted slightly. Within equities, security selection from US quality and income and US large-cap value contributed to outperformance while selection from international equities detracted slightly.

Within fixed income, all sleeves outperformed the Bloomberg US Aggregate Bond Index and thus, contributed from an asset allocation perspective. While security selection within fixed income was generally negative, it's impact on performance was minor.

We periodically examine the contribution of derivatives to the Series' performance. Based on the available information, the Series' combination of futures, options, swaps, and currency positions had only a limited impact on performance during the period.

**[**Table of Contents**](#dvtrs_toc)**

Performance summary (Unaudited)

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Total Return Series

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Series and benchmark performance** | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* | *Average annual total returns through December 31, 2022* |
|  | 1 year | 3 year | 5 year | 10 year | Lifetime |
| Standard Class shares (commenced operations on December 17, 2012) | -10.56% | +1.65% | +2.89% | +5.30% |  |
| Service Class shares (commenced operations on October 31, 2019) | -10.82% | +1.31% |  |  | +2.38% |
| S&P 500 Index | -18.11% | +7.66% | +9.42% | +12.56% |  |
| 60% S&P 500 Index / 40% Bloomberg US Aggregate Index | -15.56% | +4.22% | +6.20% | +8.21% |  |
| Bloomberg US Aggregate Index | -13.01% | -2.71% | +0.02% | +1.06% |  |

---

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

As described in the Series' most recent prospectus, the net expense ratios for Standard Class shares and Service Class shares of the Series were 0.83% and 1.13%, respectively, while total operating expenses for Standard Class and Service Class shares were 0.96% and 1.26%, respectively. The management fee for Standard Class and Service Class shares was 0.65%, and the annual distribution and service (12b-1) fee for Service Class shares was 0.30% of average daily net assets. The expense ratios may differ from the expense ratios in the "Financial highlights" since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in "Notes to financial statements" for additional details. Please see the "Financial highlights" section in this report for the most recent expense ratios.

The Series adopted the performance of the First Investors Life Series Total Return Fund (Predecessor Series) as the result of a reorganization of the Predecessor Series into the Series, which was consummated after the close of business on October 4, 2019 (Reorganization). The Series had not yet commenced operations prior to the Reorganization. The returns shown for periods ending on or prior to October 4, 2019 reflect the performance and expenses of the Predecessor Series. The returns shown for periods after October 4, 2019 reflect the performance and expenses of the Series.

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

Expense limitations were in effect for Standard Class shares during some or all of the periods shown in the "Series and benchmark performance" table above and in the "Performance of a $10,000 investment" graph on page 5. Performance would have been lower had expense limitations not been in effect.

Performance data do not include any fees or sales charges imposed by variable insurance contracts. This fund doesn't have any deferred sales charges. Performance shown here would have been reduced if such fees were included. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

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

**[**Table of Contents**](#dvtrs_toc)**

Performance summary (Unaudited)

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Total Return Series

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

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

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

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

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

Risk controls and asset allocation models do not promise any level of performance or guarantee against loss of principal. Each Series has a different level of risk.

An exchange-traded fund (ETF) is a security that represents all the stocks on a given exchange. ETF shares can be bought, sold, short-sold, traded on margin, and generally function as if they were stocks.

Liquidity risk is the possibility that securities cannot be readily sold within seven days at approximately the price at which a fund has valued them.

"Non-diversified" funds may allocate more of their net assets to investments in single securities than "diversified" funds. Resulting adverse effects may subject these funds to greater risks and volatility.

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

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

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

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

**[**Table of Contents**](#dvtrs_toc)**

**Performance of a $10,000 investment**

*For the period December 31, 2012 through December 31, 2022*

![](mim_viptr-ncsrx7x1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | | **Starting value** | **Ending value** |
| ![](mim_viptr-ncsrx7x2.jpg) | S&P 500 Index | $10000 | $32654 |
| ![](mim_viptr-ncsrx7x3.jpg) | 60% S&P 500 Index / 40% Bloomberg US Aggregate Index | $10000 | $22008 |
| ![](mim_viptr-ncsrx7x4.jpg) | Delaware VIP Total Return Series — Standard Class shares | $10000 | $16759 |
| ![](mim_viptr-ncsrx7x5.jpg) | Bloomberg US Aggregate Index | $10000 | $11108 |

---

The graph shows a $10,000 investment in Delaware VIP Total Return Series Standard Class shares for the period from December 31, 2012 through December 31, 2022.

The graph also shows $10,000 invested in the S&P 500 Index, a blend of 60% S&P 500 Index / 40% Bloomberg US Aggregate Index, and the Bloomberg US Aggregate Index for the period from December 31, 2012 through December 31, 2022.

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

The Bloomberg US Aggregate Index is a broad composite that tracks the investment grade domestic bond market.

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

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

**Past performance does not guarantee future results.**

**[**Table of Contents**](#dvtrs_toc)**

Disclosure of Series expenses

For the six-month period from July 1, 2022 to December 31, 2022 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2022 to December 31, 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** | **Expense analysis of an investment of $1,000** | **Expense analysis of an investment of $1,000** | **Expense analysis of an investment of $1,000** |  |
|  | Beginning<br> Account<br> Value<br> 7/1/22 | Ending<br> Account<br> Value<br> 12/31/22 | Annualized<br> Expense<br> Ratio | Expenses<br> Paid <br> During<br> Period<br> 7/1/22 to<br> 12/31/22\* |
| **Actual Series return<sup>†</sup>** |  |  |  |  |
| Standard Class | $1000.00 | $1031.70 | 0.83% | $4.25 |
| Service Class | 1000.00 | 1030.00 | 1.13% | 5.78 |
| **Hypothetical 5% return (5% return before expenses)** |  |  |  |  |
| Standard Class | $1000.00 | $1021.02 | 0.83% | $4.23 |
| Service Class | 1000.00 | 1019.51 | 1.13% | 5.75 |

---

---

| | |
|:---|:---|
| \* | "Expenses Paid During Period" are equal to the Series' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
| <sup>†</sup> | 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.

**[**Table of Contents**](#dvtrs_toc)**

Security type / sector allocations

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Total Return Series

As of December 31, 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, which may result in the sector designations for one fund being different from another fund's sector designations.

---

| | |
|:---|:---|
| Security type / sector | Percentage<br> of net assets |
| **Convertible Bonds** | **8.57%** |
| Basic Industry | 0.14% |
| Brokerage | 0.08% |
| Capital Goods | 0.28% |
| Communications | 1.03% |
| Consumer Cyclical | 0.56% |
| Consumer Non-Cyclical | 2.57% |
| Electric | 0.57% |
| Energy | 0.50% |
| Financials | 0.55% |
| Industrials | 0.23% |
| Real Estate Investment Trusts | 0.33% |
| Technology | 1.50% |
| Transportation | 0.23% |
| **Corporate Bonds** | **7.98%** |
| Automotive | 0.20% |
| Basic Industry | 0.46% |
| Capital Goods | 0.29% |
| Communications | 0.42% |
| Consumer Goods | 0.16% |
| Energy | 1.43% |
| Financial Services | 0.32% |
| Healthcare | 0.74% |
| Insurance | 0.36% |
| Leisure | 0.68% |
| Media | 0.93% |
| Real Estate | 0.07% |
| Retail | 0.45% |
| Services | 0.59% |
| Technology & Electronics | 0.31% |
| Transportation | 0.28% |
| Utilities | 0.29% |
| **US Treasury Obligations** | **19.02%** |
| **Common Stocks** | **54.19%** |
| Communication Services | 2.18% |
| Consumer Discretionary | 6.93% |
| Consumer Staples | 3.76% |
| Energy | 3.74% |
| Financials | 7.35% |
| Healthcare | 8.06% |
| Industrials | 3.14% |
| Information Technology | 12.78% |
| Materials | 1.36% |
| REIT Diversified | 0.30% |
| REIT Healthcare | 0.32% |
| REIT Industrial | 0.43% |
| REIT Information Technology | 0.22% |
| REIT Lodging | 0.14% |
| REIT Mall | 0.09% |
| REIT Manufactured Housing | 0.06% |
| REIT Multifamily | 0.79% |
| REIT Office | 0.11% |
| REIT Self-Storage | 0.36% |
| REIT Shopping Center | 0.33% |
| REIT Single Tenant | 0.16% |
| REIT Specialty | 0.38% |
| Retail | 0.38% |
| Utilities | 0.82% |
| **Convertible Preferred Stock** | **1.45%** |
| **Exchange-Traded Funds** | **7.80%** |
| **Short-Term Investments** | **0.77%** |
| **Total Value of Securities** | **99.78%** |
| **Receivables and Other Assets Net of Liabilities** | **0.22%** |
| **Total Net Assets** | **100.00%** |

---

**[**Table of Contents**](#dvtrs_toc)**

Schedule of investments

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Total Return Series

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br> amount<sup>°</sup>** | **Value<br> (US $)** |
| **Convertible Bonds — 8.57%** | | |
| Basic Industry — 0.14% |  |  |
| &nbsp;&nbsp;&nbsp;Ivanhoe Mines 144A 2.50% exercise price $9.31, maturity date 4/15/26 # | 48000 | $59016 |
|  |  | 59016 |
| Brokerage — 0.08% |  |  |
| &nbsp;&nbsp;&nbsp;New Mountain Finance 144A 7.50% exercise price $14.20, maturity date 10/15/25 # | 32000 | 32099 |
|  |  | 32099 |
| Capital Goods — 0.28% |  |  |
| &nbsp;&nbsp;&nbsp;Kaman 3.25% exercise price $65.26, maturity date 5/1/24 | 122000 | 114009 |
|  |  | 114009 |
| Communications — 1.03% |  |  |
| &nbsp;&nbsp;&nbsp;Cable One 1.125% exercise price $2,275.83, maturity date 3/15/28 | 153000 | 114444 |
| &nbsp;&nbsp;&nbsp;DISH Network 3.375% exercise price $65.18, maturity date 8/15/26 | 165000 | 103785 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband 144A 1.25% exercise price $900.01, maturity date 9/30/50 # | 170000 | 164900 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America 2.00% exercise price $20.65, maturity date 7/15/24 | 51000 | 45517 |
|  |  | 428646 |
| Consumer Cyclical — 0.56% |  |  |
| &nbsp;&nbsp;&nbsp;Cheesecake Factory 0.375% exercise price $77.09, maturity date 6/15/26 | 179000 | 147563 |
| &nbsp;&nbsp;&nbsp;Ford Motor 3.177% exercise price $16.85, maturity date 3/15/26 ^ | 91000 | 86314 |
|  |  | 233877 |
| Consumer Non-Cyclical — 2.57% |  |  |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical 0.599% exercise price $124.67, maturity date 8/1/24 | 45000 | 47871 |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse 1.875% exercise price $44.20, maturity date 12/1/24 | 165000 | 171352 |
| &nbsp;&nbsp;&nbsp;Chegg 4.67% exercise price $107.55, maturity date 9/1/26 ^ | 172000 | 136637 |
| &nbsp;&nbsp;&nbsp;Coherus Biosciences 1.50% exercise price $19.26, maturity date 4/15/26 | 91000 | 59833 |
| &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical 2.625% exercise price $29.19, maturity date 2/15/26 | 68000 | 69190 |
| &nbsp;&nbsp;&nbsp;CONMED 144A 2.25% exercise price $145.33, maturity date 6/15/27 # | 125000 | 114500 |
| &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings 0.50% exercise price $73.67, maturity date 8/15/25 | 146000 | 142277 |
| &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals 0.125% exercise price $83.28, maturity date 12/15/24 | 99000 | 90397 |
| &nbsp;&nbsp;&nbsp;Jazz Investments I 2.00% exercise price $155.81, maturity date 6/15/26 | 55000 | 65656 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings 144A 2.625% exercise price $79.81, maturity date 12/15/27 # | 21000 | 21250 |
| &nbsp;&nbsp;&nbsp;Paratek Pharmaceuticals 4.75% exercise price $15.90, maturity date 5/1/24 | 171000 | 150343 |
|  |  | 1069306 |
| Electric — 0.57% |  |  |
| &nbsp;&nbsp;&nbsp;NextEra Energy Partners 144A 1.048% exercise price $75.33, maturity date 11/15/25 #, ^ | 45000 | 44955 |
| &nbsp;&nbsp;&nbsp;NRG Energy 2.75% exercise price $43.46, maturity date 6/1/48 | 95000 | 94383 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies 144A 2.50% exercise price $90.27, maturity date 7/15/27 # | 83000 | 96944 |
|  |  | 236282 |
| Energy — 0.50% |  |  |
| &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group 6.75% exercise price $6.97, maturity date 2/15/26 | 150000 | 207993 |
|  |  | 207993 |
| Financials — 0.55% |  |  |
| &nbsp;&nbsp;&nbsp;FTI Consulting 2.00% exercise price $101.38, maturity date 8/15/23 | 80000 | 126240 |
| &nbsp;&nbsp;&nbsp;Repay Holdings 144A 2.007% exercise price $33.60, maturity date 2/1/26 #, ^ | 141000 | 103678 |
|  |  | 229918 |

---

**[**Table of Contents**](#dvtrs_toc)**

---

| | | |
|:---|:---|:---|
| | **Principal<br> amount<sup>°</sup>** | **Value<br> (US $)** |
| **Convertible Bonds (continued)** | | |
| Industrials — 0.23% |  |  |
| &nbsp;&nbsp;&nbsp;Chart Industries 1.00% exercise price $58.73, maturity date 11/15/24 | 42000 | $83622 |
| &nbsp;&nbsp;&nbsp;Danimer Scientific 144A 3.25% exercise price $10.79, maturity date 12/15/26 # | 25000 | 9713 |
|  |  | 93335 |
| Real Estate Investment Trusts — 0.33% |  |  |
| &nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust 4.75% exercise price $36.23, maturity date 3/15/23 | 104000 | 103025 |
| &nbsp;&nbsp;&nbsp;Summit Hotel Properties 1.50% exercise price $11.88, maturity date 2/15/26 | 40000 | 34360 |
|  |  | 137385 |
| Technology — 1.50% |  |  |
| &nbsp;&nbsp;&nbsp;Block 0.125% exercise price $121.01, maturity date 3/1/25 | 74000 | 70763 |
| &nbsp;&nbsp;&nbsp;InterDigital 144A 3.50% exercise price $77.49, maturity date 6/1/27 # | 164000 | 155800 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor 1.625% exercise price $20.72, maturity date 10/15/23 | 43000 | 129279 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks 0.75% exercise price $88.78, maturity date 7/1/23 | 69000 | 109192 |
| &nbsp;&nbsp;&nbsp;Semtech 144A 1.625% exercise price $37.27, maturity date 11/1/27 # | 54000 | 55485 |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology 2.25% exercise price $31.20, maturity date 6/15/25 | 58000 | 56121 |
| &nbsp;&nbsp;&nbsp;Wolfspeed 144A 0.25% exercise price $127.22, maturity date 2/15/28 # | 53000 | 45951 |
|  |  | 622591 |
| Transportation — 0.23% |  |  |
| &nbsp;&nbsp;&nbsp;Spirit Airlines 1.00% exercise price $49.07, maturity date 5/15/26 | 116000 | 93960 |
|  |  | 93960 |
| **Total Convertible Bonds** (cost $3,636,559) |  | **3558417** |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds — 7.98%** | | |
| Automotive — 0.20% |  |  |
| &nbsp;&nbsp;&nbsp;Allison Transmission 144A 5.875% 6/1/29 # | 55000 | $51748 |
| &nbsp;&nbsp;&nbsp;Ford Motor 4.75% 1/15/43 | 15000 | 10801 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber 5.25% 7/15/31 | 25000 | 20481 |
|  |  | 83030 |
| Basic Industry — 0.46% |  |  |
| &nbsp;&nbsp;&nbsp;ATI 5.125% 10/1/31 | 15000 | 13282 |
| &nbsp;&nbsp;&nbsp;Avient 144A 5.75% 5/15/25 # | 17000 | 16604 |
| &nbsp;&nbsp;&nbsp;Chemours 144A 5.75% 11/15/28 # | 35000 | 31486 |
| &nbsp;&nbsp;&nbsp;FMG Resources August 2006 144A 5.875% 4/15/30 # | 25000 | 23324 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan 5.45% 3/15/43 | 62000 | 56066 |
| &nbsp;&nbsp;&nbsp;Novelis 144A 4.75% 1/30/30 # | 35000 | 31109 |
| &nbsp;&nbsp;&nbsp;Olin 5.00% 2/1/30 | 20000 | 18286 |
|  |  | 190157 |
| Capital Goods — 0.29% |  |  |
| &nbsp;&nbsp;&nbsp;Madison IAQ 144A 5.875% 6/30/29 # | 30000 | 20618 |
| &nbsp;&nbsp;&nbsp;Sealed Air 144A 5.00% 4/15/29 # | 25000 | 23536 |
| &nbsp;&nbsp;&nbsp;Terex 144A 5.00% 5/15/29 # | 40000 | 36001 |
| &nbsp;&nbsp;&nbsp;TransDigm 144A 6.25% 3/15/26 # | 40000 | 39536 |
|  |  | 119691 |
| Communications — 0.42% |  |  |
| &nbsp;&nbsp;&nbsp;Altice France 144A 5.50% 10/15/29 # | 35000 | 26751 |
| &nbsp;&nbsp;&nbsp;Consolidated Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 10/1/28 # | 20000 | 14775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 10/1/28 # | 20000 | 15591 |
| &nbsp;&nbsp;&nbsp;Frontier Communications Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.875% 10/15/27 # | 55000 | 51192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.75% 5/1/29 # | 20000 | 16573 |
| &nbsp;&nbsp;&nbsp;T-Mobile USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625% 4/15/26 | 20000 | 18366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375% 4/15/29 | 20000 | 17654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 4/15/31 | 17000 | 14717 |
|  |  | 175619 |
| Consumer Goods — 0.16% |  |  |
| &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings 144A 8.75% 4/15/30 # | 10000 | 8578 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride 144A 4.25% 4/15/31 # | 25000 | 21300 |
| &nbsp;&nbsp;&nbsp;Post Holdings 144A 5.50% 12/15/29 # | 43000 | 39001 |
|  |  | 68879 |

---

**[**Table of Contents**](#dvtrs_toc)**

Schedule of investments

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Total Return Series

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount<sup>°</sup>** | **Value<br> (US $)** |
| **Corporate Bonds (continued)** |  |  |
| Energy — 1.43% |  |  |
| &nbsp;&nbsp;&nbsp;Ascent Resources Utica Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.875% 6/30/29 # | 35000 | $31253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 11/1/26 # | 20000 | 19431 |
| &nbsp;&nbsp;&nbsp;Callon Petroleum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.50% 6/15/30 # | 5000 | 4581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.00% 8/1/28 # | 30000 | 28637 |
| &nbsp;&nbsp;&nbsp;CNX Midstream Partners 144A 4.75% 4/15/30 # | 15000 | 12329 |
| &nbsp;&nbsp;&nbsp;CNX Resources 144A 6.00% 1/15/29 # | 35000 | 32257 |
| &nbsp;&nbsp;&nbsp;Crestwood Midstream Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.625% 5/1/27 # | 11000 | 10249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 2/1/29 # | 31000 | 28488 |
| &nbsp;&nbsp;&nbsp;EQM Midstream Partners 144A 4.75% 1/15/31 # | 38000 | 31139 |
| &nbsp;&nbsp;&nbsp;Genesis Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75% 2/1/28 | 60000 | 55324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00% 1/15/27 | 35000 | 33104 |
| &nbsp;&nbsp;&nbsp;Hilcorp Energy I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 4/15/30 # | 25000 | 22268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 2/1/31 # | 5000 | 4332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.25% 4/15/32 # | 15000 | 12966 |
| &nbsp;&nbsp;&nbsp;Murphy Oil 6.375% 7/15/28 | 65000 | 62659 |
| &nbsp;&nbsp;&nbsp;NuStar Logistics |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% 4/28/27 | 30000 | 28103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 6/1/26 | 10000 | 9646 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45% 9/15/36 | 10000 | 10223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60% 3/15/46 | 25000 | 25781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 9/1/30 | 10000 | 10356 |
| &nbsp;&nbsp;&nbsp;PDC Energy 5.75% 5/15/26 | 43000 | 41117 |
| &nbsp;&nbsp;&nbsp;Southwestern Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% 2/1/29 | 5000 | 4643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% 3/15/30 | 15000 | 13709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75% 10/1/27 | 18000 | 18373 |
| &nbsp;&nbsp;&nbsp;USA Compression Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 4/1/26 | 2000 | 1922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 9/1/27 | 22000 | 20605 |
| &nbsp;&nbsp;&nbsp;Weatherford International 144A 8.625% 4/30/30 # | 20000 | 19242 |
|  |  | 592737 |
| Financial Services — 0.32% |  |  |
| &nbsp;&nbsp;&nbsp;Ally Financial 8.00% 11/1/31 | 35000 | 36227 |
| &nbsp;&nbsp;&nbsp;Castlelake Aviation Finance DAC 144A 5.00% 4/15/27 # | 35000 | 30500 |
| &nbsp;&nbsp;&nbsp;Hightower Holding 144A 6.75% 4/15/29 # | 30000 | 25217 |
| &nbsp;&nbsp;&nbsp;Medline Borrower 144A 3.875% 4/1/29 # | 20000 | 16155 |
| &nbsp;&nbsp;&nbsp;MSCI 144A 3.625% 11/1/31 # | 30000 | 24853 |
|  |  | 132952 |
| Healthcare — 0.74% |  |  |
| &nbsp;&nbsp;&nbsp;Avantor Funding 144A 3.875% 11/1/29 # | 56000 | 47097 |
| &nbsp;&nbsp;&nbsp;Bausch Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 11.00% 9/30/28 # | 20000 | 15697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 14.00% 10/15/30 # | 4000 | 2395 |
| &nbsp;&nbsp;&nbsp;CHS 144A 4.75% 2/15/31 # | 30000 | 21837 |
| &nbsp;&nbsp;&nbsp;DaVita 144A 4.625% 6/1/30 # | 30000 | 24196 |
| &nbsp;&nbsp;&nbsp;Encompass Health 4.75% 2/1/30 | 30000 | 26393 |
| &nbsp;&nbsp;&nbsp;Hadrian Merger Sub 144A 8.50% 5/1/26 # | 40000 | 35408 |
| &nbsp;&nbsp;&nbsp;HCA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% 2/1/25 | 30000 | 29988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 2/15/26 | 35000 | 35256 |
| &nbsp;&nbsp;&nbsp;ModivCare Escrow Issuer 144A 5.00% 10/1/29 # | 25000 | 21115 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.375% 1/15/30 # | 15000 | 13010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.125% 10/1/28 # | 40000 | 35897 |
|  |  | 308289 |
| Insurance — 0.36% |  |  |
| &nbsp;&nbsp;&nbsp;HUB International 144A 5.625% 12/1/29 # | 35000 | 30614 |
| &nbsp;&nbsp;&nbsp;Jones Deslauriers Insurance |  |  |
| &nbsp;&nbsp;&nbsp;Management 144A 10.50% 12/15/30 # | 35000 | 34515 |
| &nbsp;&nbsp;&nbsp;NFP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.875% 8/15/28 # | 25000 | 20662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.50% 10/1/30 # | 10000 | 9466 |
| &nbsp;&nbsp;&nbsp;USI 144A 6.875% 5/1/25 # | 55000 | 53071 |
|  |  | 148328 |
| Leisure — 0.68% |  |  |
| &nbsp;&nbsp;&nbsp;Boyd Gaming |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 12/1/27 | 35000 | 32649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.75% 6/15/31 # | 5000 | 4356 |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment 144A 6.25% 7/1/25 # | 75000 | 73028 |
| &nbsp;&nbsp;&nbsp;Carnival |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.75% 3/1/27 # | 75000 | 53683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.625% 3/1/26 # | 50000 | 39718 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises 144A 5.50% 4/1/28 # | 75000 | 59987 |
| &nbsp;&nbsp;&nbsp;Scientific Games International 144A 7.25% 11/15/29 # | 20000 | 19236 |
|  |  | 282657 |
| Media — 0.93% |  |  |
| &nbsp;&nbsp;&nbsp;AMC Networks 4.25% 2/15/29 | 25000 | 15614 |

---

**[**Table of Contents**](#dvtrs_toc)**

---

| | | |
|:---|:---|:---|
| | **Principal**<br> **amount<sup>°</sup>** | **Value<br> (US $)** |
| **Corporate Bonds (continued)** | | |
| Media (continued) |  |  |
| &nbsp;&nbsp;&nbsp;CCO Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 5/1/32 | 90000 | $71813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.375% 6/1/29 # | 30000 | 27196 |
| &nbsp;&nbsp;&nbsp;CMG Media 144A 8.875% 12/15/27 # | 35000 | 26400 |
| &nbsp;&nbsp;&nbsp;CSC Holdings 144A 5.75% 1/15/30 # | 200000 | 113239 |
| &nbsp;&nbsp;&nbsp;Cumulus Media New Holdings 144A 6.75% 7/1/26 # | 36000 | 30297 |
| &nbsp;&nbsp;&nbsp;Directv Financing 144A 5.875% 8/15/27 # | 25000 | 22414 |
| &nbsp;&nbsp;&nbsp;Gray Escrow II 144A 5.375% 11/15/31 # | 25000 | 18061 |
| &nbsp;&nbsp;&nbsp;Sirius XM Radio 144A 4.00% 7/15/28 # | 70000 | 61055 |
|  |  | 386089 |
| Real Estate — 0.07% |  |  |
| &nbsp;&nbsp;&nbsp;VICI Properties 144A 3.875% 2/15/29 # | 35000 | 30726 |
|  |  | 30726 |
| Retail — 0.45% |  |  |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group 144A 4.625% 11/15/29 # | 30000 | 25315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 3/1/30 | 15000 | 12565 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 11/1/35 | 35000 | 31174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95% 3/1/33 | 29000 | 25491 |
| &nbsp;&nbsp;&nbsp;CP Atlas Buyer 144A 7.00% 12/1/28 # | 15000 | 11160 |
| &nbsp;&nbsp;&nbsp;Levi Strauss & Co. 144A 3.50% 3/1/31 # | 32000 | 25440 |
| &nbsp;&nbsp;&nbsp;LSF9 Atlantis Holdings 144A 7.75% 2/15/26 # | 29000 | 25703 |
| &nbsp;&nbsp;&nbsp;Murphy Oil USA 144A 3.75% 2/15/31 # | 35000 | 28869 |
|  |  | 185717 |
| Services — 0.59% |  |  |
| &nbsp;&nbsp;&nbsp;CDW 3.569% 12/1/31 | 35000 | 28907 |
| &nbsp;&nbsp;&nbsp;Iron Mountain 144A 5.25% 3/15/28 # | 55000 | 50687 |
| &nbsp;&nbsp;&nbsp;NESCO Holdings II 144A 5.50% 4/15/29 # | 25000 | 21907 |
| &nbsp;&nbsp;&nbsp;Prime Security Services Borrower 144A 5.75% 4/15/26 # | 65000 | 62705 |
| &nbsp;&nbsp;&nbsp;United Rentals North America 3.875% 2/15/31 | 56000 | 47071 |
| &nbsp;&nbsp;&nbsp;Univar Solutions USA 144A 5.125% 12/1/27 # | 25000 | 23752 |
| &nbsp;&nbsp;&nbsp;White Cap Buyer 144A 6.875% 10/15/28 # | 12000 | 10400 |
|  |  | 245429 |
| Technology & Electronics — 0.31% |  |  |
| &nbsp;&nbsp;&nbsp;CommScope Technologies 144A 6.00% 6/15/25 # | 13000 | 11857 |
| &nbsp;&nbsp;&nbsp;Entegris Escrow |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.75% 4/15/29 # | 11000 | 10053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.95% 6/15/30 # | 30000 | 27705 |
| &nbsp;&nbsp;&nbsp;Go Daddy Operating 144A 3.50% 3/1/29 # | 40000 | 33540 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies 144A 4.00% 4/15/29 # | 10000 | 8639 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies 144A 5.50% 9/30/27 # | 40000 | 37537 |
|  |  | 129331 |
| Transportation — 0.28% |  |  |
| &nbsp;&nbsp;&nbsp;American Airlines 144A 5.75% 4/20/29 # | 15846 | 14511 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines 7.375% 1/15/26 | 24000 | 24561 |
| &nbsp;&nbsp;&nbsp;Laredo Petroleum 144A 7.75% 7/31/29 # | 20000 | 18028 |
| &nbsp;&nbsp;&nbsp;Seaspan 144A 5.50% 8/1/29 # | 35000 | 26570 |
| &nbsp;&nbsp;&nbsp;United Airlines |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.375% 4/15/26 # | 15000 | 13929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.625% 4/15/29 # | 20000 | 17449 |
|  |  | 115048 |
| Utilities — 0.29% |  |  |
| &nbsp;&nbsp;&nbsp;Calpine |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.50% 2/15/28 # | 16000 | 14307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 2/1/31 # | 35000 | 29418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.25% 6/1/26 # | 16000 | 15266 |
| &nbsp;&nbsp;&nbsp;PG&E 5.25% 7/1/30 | 20000 | 18231 |
| &nbsp;&nbsp;&nbsp;Vistra |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 12/15/26 #, μ, ψ | 30000 | 27341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.00% 10/15/26 #, μ, ψ | 15000 | 14356 |
|  |  | 118919 |
| **Total Corporate Bonds <br> (cost $3,786,404)** |  | **3313598** |
| **US Treasury Obligations — 19.02%** |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375% 8/15/50 | 220000 | 122328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875% 2/15/51 | 200000 | 127184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% 8/15/49 | 165000 | 116080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% 2/15/52 | 20000 | 13916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 2/15/45 | 70000 | 52767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 2/15/46 | 90000 | 67423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875% 5/15/43 | 90000 | 73543 |

---

**[**Table of Contents**](#dvtrs_toc)**

Schedule of investments

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Total Return Series

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount<sup>°</sup>** | **Value<br> (US $)** |
| **US Treasury Obligations (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 5/15/42 | 65000 | $54713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 2/15/47 | 105000 | 86051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 8/15/48 | 150000 | 123258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 8/15/52 | 30000 | 24727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125% 11/15/41 | 165000 | 142693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375% 5/15/44 | 85000 | 75032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 11/15/52 | 20000 | 20034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% 11/15/40 | 130000 | 132922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% 11/15/39 | 35000 | 36524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 5/15/38 | 15000 | 15944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 5/15/37 | 30000 | 33528 |
| &nbsp;&nbsp;&nbsp;US Treasury Floating Rate Note |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% (USBMMY3M + 0.14%) 10/31/24 ● | 215000 | 214779 |
| &nbsp;&nbsp;&nbsp;US Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.625% 12/31/27 | 550000 | 465996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% 7/31/28 | 880000 | 748137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.125% 2/15/31 | 100000 | 81527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375% 8/31/23 | 1000000 | 977657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% 2/15/30 | 280000 | 238678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.125% 5/31/26 | 1055000 | 987414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% 2/15/24 | 1185000 | 1159634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 10/31/29 | 210000 | 210115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% 10/15/25 | 865000 | 864459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% 10/31/24 | 355000 | 354015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% 2/15/31 | 255000 | 280057 |
| **Total US Treasury Obligations** <br> (cost $8,458,300) |  | **7901135** |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br> shares** |  |
| <br>**Common Stocks — 54.19%** |  |  |
| Communication Services — 2.18% |  |  |
| &nbsp;&nbsp;&nbsp;AT&T | 3033 | $55838 |
| &nbsp;&nbsp;&nbsp;Comcast Class A | 5683 | 198735 |
| &nbsp;&nbsp;&nbsp;Interpublic Group | 711 | 23683 |
| &nbsp;&nbsp;&nbsp;KDDI | 900 | 27307 |
| &nbsp;&nbsp;&nbsp;Orange | 2670 | 26526 |
| &nbsp;&nbsp;&nbsp;Publicis Groupe | 530 | 33711 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 9177 | 361574 |
| &nbsp;&nbsp;&nbsp;Walt Disney † | 2042 | 177409 |
|  |  | 904783 |
| Consumer Discretionary — 6.93% |  |  |
| &nbsp;&nbsp;&nbsp;adidas AG | 480 | 65491 |
| &nbsp;&nbsp;&nbsp;APA | 2582 | 120528 |
| &nbsp;&nbsp;&nbsp;Best Buy | 1991 | 159698 |
| &nbsp;&nbsp;&nbsp;Dollar General | 851 | 209559 |
| &nbsp;&nbsp;&nbsp;Dollar Tree † | 1400 | 198016 |
| &nbsp;&nbsp;&nbsp;eBay | 1482 | 61459 |
| &nbsp;&nbsp;&nbsp;H & M Hennes & Mauritz Class B | 2830 | 30440 |
| &nbsp;&nbsp;&nbsp;Home Depot | 1036 | 327231 |
| &nbsp;&nbsp;&nbsp;Lowe's | 1244 | 247855 |
| &nbsp;&nbsp;&nbsp;Macy's | 6190 | 127823 |
| &nbsp;&nbsp;&nbsp;NIKE Class B | 1436 | 168026 |
| &nbsp;&nbsp;&nbsp;PulteGroup | 1262 | 57459 |
| &nbsp;&nbsp;&nbsp;Ross Stores | 1764 | 204747 |
| &nbsp;&nbsp;&nbsp;Sodexo | 850 | 81416 |
| &nbsp;&nbsp;&nbsp;Starbucks | 396 | 39283 |
| &nbsp;&nbsp;&nbsp;Sturm Ruger & Co. | 588 | 29765 |
| &nbsp;&nbsp;&nbsp;Swatch Group | 245 | 69686 |
| &nbsp;&nbsp;&nbsp;TJX | 5943 | 473063 |
| &nbsp;&nbsp;&nbsp;Tractor Supply | 929 | 208997 |
|  |  | 2880542 |
| Consumer Staples — 3.76% |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group | 4617 | 211043 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland | 2300 | 213555 |
| &nbsp;&nbsp;&nbsp;Asahi Group Holdings | 500 | 15693 |
| &nbsp;&nbsp;&nbsp;Conagra Brands | 5700 | 220590 |
| &nbsp;&nbsp;&nbsp;Danone | 1310 | 69035 |
| &nbsp;&nbsp;&nbsp;Diageo | 2330 | 102815 |
| &nbsp;&nbsp;&nbsp;Essity Class B | 2760 | 72287 |
| &nbsp;&nbsp;&nbsp;Kao | 1600 | 64066 |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize | 3750 | 107741 |
| &nbsp;&nbsp;&nbsp;Nestle | 860 | 99649 |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 2445 | 247458 |
| &nbsp;&nbsp;&nbsp;Seven & i Holdings | 600 | 25876 |
| &nbsp;&nbsp;&nbsp;Unilever | 1760 | 88983 |
| &nbsp;&nbsp;&nbsp;Vector Group | 1783 | 21146 |
|  |  | 1559937 |
| Energy — 3.74% |  |  |
| &nbsp;&nbsp;&nbsp;Chevron | 927 | 166387 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 3254 | 383972 |
| &nbsp;&nbsp;&nbsp;Coterra Energy | 3041 | 74717 |
| &nbsp;&nbsp;&nbsp;Devon Energy | 632 | 38874 |
| &nbsp;&nbsp;&nbsp;EOG Resources | 625 | 80950 |
| &nbsp;&nbsp;&nbsp;EQT | 1486 | 50271 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 3719 | 410206 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan | 4630 | 83711 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum | 1997 | 232431 |
| &nbsp;&nbsp;&nbsp;Viper Energy Partners | 1052 | 33443 |
|  |  | 1554962 |
| Financials — 7.35% |  |  |
| &nbsp;&nbsp;&nbsp;American Financial Group | 1603 | 220060 |
| &nbsp;&nbsp;&nbsp;American International Group | 3300 | 208692 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial | 587 | 182774 |
| &nbsp;&nbsp;&nbsp;BlackRock | 314 | 222510 |
| &nbsp;&nbsp;&nbsp;Blackstone | 1816 | 134729 |
| &nbsp;&nbsp;&nbsp;Carlyle Group | 2713 | 80956 |

---

**[**Table of Contents**](#dvtrs_toc)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value<br> (US $)** |
| **Common Stocks (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Discover Financial Services | 2578 | $252206 |
| &nbsp;&nbsp;&nbsp;Evercore Class A | 516 | 56285 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life † | 79 | 1581 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial | 1170 | 44015 |
| &nbsp;&nbsp;&nbsp;Invesco | 6178 | 111142 |
| &nbsp;&nbsp;&nbsp;Jackson Financial Class A | 1948 | 67771 |
| &nbsp;&nbsp;&nbsp;MetLife | 6559 | 474675 |
| &nbsp;&nbsp;&nbsp;Moelis & Co. Class A | 1189 | 45622 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group | 2685 | 225325 |
| &nbsp;&nbsp;&nbsp;Prudential Financial | 2276 | 226371 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 3659 | 120235 |
| &nbsp;&nbsp;&nbsp;Truist Financial | 4300 | 185029 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 4400 | 191884 |
|  |  | 3051862 |
| Healthcare — 8.06% |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie | 1783 | 288151 |
| &nbsp;&nbsp;&nbsp;AmerisourceBergen | 1447 | 239782 |
| &nbsp;&nbsp;&nbsp;Amgen | 186 | 48851 |
| &nbsp;&nbsp;&nbsp;Baxter International | 4000 | 203880 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 3050 | 219448 |
| &nbsp;&nbsp;&nbsp;Cigna | 600 | 198804 |
| &nbsp;&nbsp;&nbsp;CVS Health | 2000 | 186380 |
| &nbsp;&nbsp;&nbsp;Fresenius Medical Care AG & Co. | 1060 | 34687 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 1276 | 109545 |
| &nbsp;&nbsp;&nbsp;Hologic † | 2842 | 212610 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 3226 | 569873 |
| &nbsp;&nbsp;&nbsp;Merck & Co. | 4752 | 527234 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk Class B | 540 | 72914 |
| &nbsp;&nbsp;&nbsp;Pfizer | 3352 | 171756 |
| &nbsp;&nbsp;&nbsp;Roche Holding | 200 | 62835 |
| &nbsp;&nbsp;&nbsp;Smith & Nephew | 6790 | 91076 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group | 212 | 112398 |
|  |  | 3350224 |
| Industrials — 3.14% |  |  |
| &nbsp;&nbsp;&nbsp;Boise Cascade | 1695 | 116396 |
| &nbsp;&nbsp;&nbsp;Dover | 1591 | 215437 |
| &nbsp;&nbsp;&nbsp;Honeywell International | 986 | 211300 |
| &nbsp;&nbsp;&nbsp;Intertek Group | 1090 | 53158 |
| &nbsp;&nbsp;&nbsp;Knorr-Bremse | 620 | 33874 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin | 109 | 53027 |
| &nbsp;&nbsp;&nbsp;Makita | 1900 | 44590 |
| &nbsp;&nbsp;&nbsp;Masco | 753 | 35143 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman | 400 | 218244 |
| &nbsp;&nbsp;&nbsp;Raytheon Technologies | 2239 | 225960 |
| &nbsp;&nbsp;&nbsp;Robert Half International | 262 | 19344 |
| &nbsp;&nbsp;&nbsp;Securitas Class B | 9470 | 78919 |
|  |  | 1305392 |
| Information Technology — 12.78% |  |  |
| &nbsp;&nbsp;&nbsp;Amadeus IT Group † | 1770 | 91988 |
| &nbsp;&nbsp;&nbsp;Apple | 7533 | 978763 |
| &nbsp;&nbsp;&nbsp;Applied Materials | 648 | 63102 |
| &nbsp;&nbsp;&nbsp;Broadcom | 956 | 534528 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 8463 | 403177 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Class A | 3178 | 181750 |
| &nbsp;&nbsp;&nbsp;Dell Technologies Class C | 2154 | 86634 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services | 2164 | 146827 |
| &nbsp;&nbsp;&nbsp;HP | 6814 | 183092 |
| &nbsp;&nbsp;&nbsp;KLA | 198 | 74652 |
| &nbsp;&nbsp;&nbsp;Lam Research | 378 | 158873 |
| &nbsp;&nbsp;&nbsp;Microchip Technology | 336 | 23604 |
| &nbsp;&nbsp;&nbsp;Microsoft | 3545 | 850162 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems | 409 | 144627 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions | 800 | 206168 |
| &nbsp;&nbsp;&nbsp;NetApp | 2679 | 160901 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 1361 | 198897 |
| &nbsp;&nbsp;&nbsp;Oracle | 2700 | 220698 |
| &nbsp;&nbsp;&nbsp;Paychex | 1761 | 203501 |
| &nbsp;&nbsp;&nbsp;QUALCOMM | 1579 | 173595 |
| &nbsp;&nbsp;&nbsp;SAP | 770 | 79449 |
| &nbsp;&nbsp;&nbsp;Western Union | 10388 | 143043 |
|  |  | 5308031 |
| Materials — 1.36% |  |  |
| &nbsp;&nbsp;&nbsp;Air Liquide | 650 | 92123 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings | 1165 | 99258 |
| &nbsp;&nbsp;&nbsp;Dow | 2439 | 122901 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours | 3200 | 219616 |
| &nbsp;&nbsp;&nbsp;Ryerson Holding | 1037 | 31380 |
|  |  | 565278 |
| REIT Diversified — 0.30% |  |  |
| &nbsp;&nbsp;&nbsp;Gaming and Leisure Properties | 385 | 20055 |
| &nbsp;&nbsp;&nbsp;VICI Properties | 3290 | 106596 |
|  |  | 126651 |
| REIT Healthcare — 0.32% |  |  |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities | 272 | 39622 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT | 452 | 8398 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust | 924 | 17806 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties | 271 | 6794 |
| &nbsp;&nbsp;&nbsp;Medical Properties Trust | 474 | 5280 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors | 26 | 727 |
| &nbsp;&nbsp;&nbsp;Ventas | 231 | 10407 |
| &nbsp;&nbsp;&nbsp;Welltower | 655 | 42935 |
|  |  | 131969 |
| REIT Industrial — 0.43% |  |  |
| &nbsp;&nbsp;&nbsp;Plymouth Industrial REIT | 199 | 3817 |
| &nbsp;&nbsp;&nbsp;Prologis | 1314 | 148127 |

---

**[**Table of Contents**](#dvtrs_toc)**

Schedule of investments

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Total Return Series

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value<br> (US $)** |
| **Common Stocks (continued)** |  |  |
| REIT Industrial (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty | 223 | $12185 |
| &nbsp;&nbsp;&nbsp;Terreno Realty | 223 | 12682 |
|  |  | 176811 |
| REIT Information Technology — 0.22% |  |  |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust | 247 | 24767 |
| &nbsp;&nbsp;&nbsp;Equinix | 100 | 65503 |
|  |  | 90270 |
| REIT Lodging — 0.14% |  |  |
| &nbsp;&nbsp;&nbsp;Apple Hospitality REIT | 1461 | 23054 |
| &nbsp;&nbsp;&nbsp;Chatham Lodging Trust | 721 | 8847 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts | 1115 | 17896 |
| &nbsp;&nbsp;&nbsp;Park Hotels & Resorts | 682 | 8041 |
|  |  | 57838 |
| REIT Mall — 0.09% |  |  |
| &nbsp;&nbsp;&nbsp;Simon Property Group | 302 | 35479 |
|  |  | 35479 |
| REIT Manufactured Housing — 0.06% |  |  |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties | 142 | 9173 |
| &nbsp;&nbsp;&nbsp;Sun Communities | 103 | 14729 |
|  |  | 23902 |
| REIT Multifamily — 0.79% |  |  |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent Class A | 463 | 13955 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities | 172 | 27781 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | 165 | 18460 |
| &nbsp;&nbsp;&nbsp;Equity Residential | 3546 | 209214 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust | 122 | 25854 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust | 611 | 10301 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities | 105 | 16484 |
| &nbsp;&nbsp;&nbsp;UDR | 113 | 4377 |
|  |  | 326426 |
| REIT Office — 0.11% |  |  |
| &nbsp;&nbsp;&nbsp;City Office REIT | 119 | 997 |
| &nbsp;&nbsp;&nbsp;Cousins Properties | 473 | 11962 |
| &nbsp;&nbsp;&nbsp;Douglas Emmett | 121 | 1897 |
| &nbsp;&nbsp;&nbsp;Highwoods Properties | 582 | 16285 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty | 212 | 8198 |
| &nbsp;&nbsp;&nbsp;Piedmont Office Realty Trust Class A | 617 | 5658 |
|  |  | 44997 |
| REIT Self-Storage — 0.36% |  |  |
| &nbsp;&nbsp;&nbsp;CubeSmart | 180 | 7245 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage | 272 | 40033 |
| &nbsp;&nbsp;&nbsp;Life Storage | 259 | 25512 |
| &nbsp;&nbsp;&nbsp;National Storage Affiliates Trust | 283 | 10222 |
| &nbsp;&nbsp;&nbsp;Public Storage | 239 | 66965 |
|  |  | 149977 |
| REIT Shopping Center — 0.33% |  |  |
| &nbsp;&nbsp;&nbsp;Agree Realty | 187 | 13264 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group | 1204 | 27295 |
| &nbsp;&nbsp;&nbsp;Kimco Realty | 883 | 18702 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | 208 | 4378 |
| &nbsp;&nbsp;&nbsp;Phillips Edison & Co. | 526 | 16748 |
| &nbsp;&nbsp;&nbsp;Regency Centers | 364 | 22750 |
| &nbsp;&nbsp;&nbsp;Retail Opportunity Investments | 1221 | 18351 |
| &nbsp;&nbsp;&nbsp;SITE Centers | 768 | 10491 |
| &nbsp;&nbsp;&nbsp;Urban Edge Properties | 379 | 5340 |
|  |  | 137319 |
| REIT Single Tenant — 0.16% |  |  |
| &nbsp;&nbsp;&nbsp;Four Corners Property Trust | 283 | 7338 |
| &nbsp;&nbsp;&nbsp;Realty Income | 527 | 33428 |
| &nbsp;&nbsp;&nbsp;Spirit Realty Capital | 465 | 18567 |
| &nbsp;&nbsp;&nbsp;STORE Capital | 288 | 9233 |
|  |  | 68566 |
| REIT Specialty — 0.38% |  |  |
| &nbsp;&nbsp;&nbsp;EPR Properties | 209 | 7883 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust | 510 | 11970 |
| &nbsp;&nbsp;&nbsp;Invitation Homes | 1262 | 37406 |
| &nbsp;&nbsp;&nbsp;Iron Mountain | 1574 | 78464 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Class A | 65 | 6136 |
| &nbsp;&nbsp;&nbsp;Outfront Media | 548 | 9086 |
| &nbsp;&nbsp;&nbsp;WP Carey | 88 | 6877 |
|  |  | 157822 |
| Retail — 0.38% |  |  |
| &nbsp;&nbsp;&nbsp;Bath & Body Works | 3788 | 159626 |
|  |  | 159626 |
| Utilities — 0.82% |  |  |
| &nbsp;&nbsp;&nbsp;Edison International | 3000 | 190860 |
| &nbsp;&nbsp;&nbsp;Vistra | 6381 | 148039 |
|  |  | 338899 |
| **Total Common Stocks**<br> (cost $21,354,946) |  | **22507563** |
| **Convertible Preferred Stock — 1.45%** |  |  |
| &nbsp;&nbsp;&nbsp;2020 Mandatory Exchangeable Trust 144A 6.50% exercise price $47.09, maturity date 5/16/23 # | 72 | 63736 |
| &nbsp;&nbsp;&nbsp;Algonquin Power & Utilities 7.75% exercise price $18.00, maturity date 6/15/24 | 815 | 19454 |
| &nbsp;&nbsp;&nbsp;AMG Capital Trust II 5.15% exercise price $195.47, maturity date 10/15/37 | 702 | 35984 |
| &nbsp;&nbsp;&nbsp;Bank of America 7.25% exercise price $50.00 ω | 63 | 73080 |

---

**[**Table of Contents**](#dvtrs_toc)**

---

| | | |
|:---|:---|:---|
| | **Number of<br> shares** | **Value<br> (US $)** |
| **Convertible Preferred Stock (continued)** | | |
| &nbsp;&nbsp;&nbsp;El Paso Energy Capital Trust I 4.75% exercise price $34.49, maturity date 3/31/28 | 2164 | $97464 |
| &nbsp;&nbsp;&nbsp;Elanco Animal Health 5.00% exercise price $38.40, maturity date 2/1/23 | 1154 | 22538 |
| &nbsp;&nbsp;&nbsp;Lyondellbasell Advanced Polymers 6.00% exercise price $52.33 ω | 78 | 66300 |
| &nbsp;&nbsp;&nbsp;RBC Bearings 5.00% exercise price $226.60, maturity date 10/15/24 | 841 | 86270 |
| &nbsp;&nbsp;&nbsp;UGI 7.25% exercise price $52.57, maturity date 6/1/24 | 1073 | 92734 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. 7.50% exercise price $156.71 ω | 39 | 46215 |
| **Total Convertible Preferred Stock**<br> (cost $713,080) |  | **603775** |
| **Exchange-Traded Funds — 7.80%** |  |  |
| &nbsp;&nbsp;&nbsp;iShares 0-5 Year Investment Grade Corporate Bond ETF | 44892 | 2148531 |
| &nbsp;&nbsp;&nbsp;iShares MSCI EAFE ETF | 10 | 656 |
| &nbsp;&nbsp;&nbsp;iShares Trust iShares ESG Aware MSCI EAFE ETF | 90 | 5917 |
| &nbsp;&nbsp;&nbsp;Vanguard FTSE Developed Markets ETF | 30 | 1259 |
| &nbsp;&nbsp;&nbsp;Vanguard Russell 2000 ETF | 15405 | 1084050 |
| **Total Exchange-Traded Funds** <br> (cost $3,330,239) |  | **3240413** |
| **Short-Term Investments — 0.77%** |  |  |
| Money Market Mutual Funds — 0.77% |  |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | 80318 | 80318 |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.06%) | 80318 | 80318 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.23%) | 80318 | 80318 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.11%) | 80318 | 80318 |
| **Total Short-Term Investments<br> (cost $321,272)** |  | **321272** |
| **Total Value of Securities — 99.78%**<br> (cost $41,600,800) |  | $**41446173** |

---

The following foreign currency exchange contracts and futures contracts were outstanding at December 31, 2022:<sup>1</sup>

**Foreign Currency Exchange Contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Currency to<br> Receive (Deliver) | Currency to<br> Receive (Deliver) | In Exchange For | In Exchange For | Settlement<br> Date | Unrealized<br> Depreciation |
| BNYM | EUR | (3472) | USD | 3710 | 1/3/23 | $(8) |

---

**Futures Contracts**

**Exchange-Traded**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Contracts to Buy (Sell) | Notional<br> Amount | Notional <br> Cost<br> (Proceeds) | Expiration<br> Date | Value/<br> Unrealized<br> Depreciation | Variation<br> Margin<br> Due from<br> (Due to)<br> Brokers |
| 3 | US Treasury 10 yr Notes | $336891 | $337836 | 3/22/23 | $(945) | $(422) |

---

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

---

| | |
|:---|:---|
| 1 | See Note 8 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 December 31, 2022, the aggregate value of Rule 144A securities was $3,340,467, which represents 8.04% of the Series' net assets. See Note 10 in "Notes to financial statements." |

---

**[**Table of Contents**](#dvtrs_toc)**

Schedule of investments

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Total Return Series

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

μ Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2022. Rate will reset at a future date.

ψ Perpetual security. Maturity date represents next call date.

● Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 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.

† 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

ICE – Intercontinental Exchange, Inc.

LIBOR – London Interbank Offered Rate

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

MSCI – Morgan Stanley Capital International

REIT – Real Estate Investment Trust

USBMMY3M – US Treasury 3 Month Bill Money Market Yield

yr – Year

**Summary of currencies:**

EUR – European Monetary Unit

USD – US Dollar

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

**[**Table of Contents**](#dvtrs_toc)**

Statement of assets and liabilities

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Total Return Series

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets:** | **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | &nbsp;&nbsp;&nbsp;Investments, at value\* | $41446173 |
| &nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;Cash | 4149 |
| &nbsp;&nbsp;&nbsp;Cash collateral due from brokers | &nbsp;&nbsp;&nbsp;Cash collateral due from brokers | 7260 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 178918 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | &nbsp;&nbsp;&nbsp;Receivable for securities sold | 22696 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | 14657 |
| &nbsp;&nbsp;&nbsp;Receivable for series shares sold | &nbsp;&nbsp;&nbsp;Receivable for series shares sold | 7131 |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;Other assets | 382 |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;Total Assets | 41681366 |
| **Liabilities:** | **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Due to custodian | &nbsp;&nbsp;&nbsp;Due to custodian | 13802 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;Other accrued expenses | 108450 |
| &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | 14472 |
| &nbsp;&nbsp;&nbsp;Administration expenses payable to affiliates | &nbsp;&nbsp;&nbsp;Administration expenses payable to affiliates | 5476 |
| &nbsp;&nbsp;&nbsp;Variation margin due to broker on future contracts | &nbsp;&nbsp;&nbsp;Variation margin due to broker on future contracts | 422 |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;Unrealized depreciation on foreign currency exchange contracts | 8 |
| &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | 4 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;Total Liabilities | 142634 |
| **Total Net Assets** | **Total Net Assets** | $41538732 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;&nbsp;Paid-in capital | $41198310 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | 340422 |
| **Total Net Assets** | **Total Net Assets** | $41538732 |
| **Net Asset Value** | **Net Asset Value** |  |
| **Standard Class:** | **Standard Class:** |  |
| Net assets | Net assets | $41527956 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | Shares of beneficial interest outstanding, unlimited authorization, no par | 3649504 |
| Net asset value per share | Net asset value per share | $11.38 |
| **Service Class:** | **Service Class:** |  |
| Net assets | Net assets | $10776 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | Shares of beneficial interest outstanding, unlimited authorization, no par | 951 |
| Net asset value per share | Net asset value per share | $11.33 |
| \* | Investments, at cost | $41600800 |

---

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

**[**Table of Contents**](#dvtrs_toc)**

Statement of operations

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Total Return Series

Year ended December 31, 2022

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $777826 |
| &nbsp;&nbsp;&nbsp;Interest | 70184 |
| &nbsp;&nbsp;&nbsp;Foreign tax withheld | (8056) |
|  | 839954 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Management fees | 302589 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Service Class | 33 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | 47189 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | 45982 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | 16484 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 14654 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing and transfer agent fees and expenses | 11676 |
| &nbsp;&nbsp;&nbsp;Legal fees | 2900 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 2435 |
| &nbsp;&nbsp;&nbsp;Registration fees | 4 |
| &nbsp;&nbsp;&nbsp;Other | 35132 |
|  | 479078 |
| &nbsp;&nbsp;&nbsp;Less expenses waived | (87513) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 391565 |
| **Net Investment Income (Loss)** | 448389 |
| **Net Realized and Unrealized Gain (Loss):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 355111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | (11182) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange contracts | 5305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 3752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | 1208 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 354194 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (6483197) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | (1020) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange contracts | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | (945) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (6485188) |
| **Net Realized and Unrealized Gain (Loss)** | (6130994) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(5682605) |

---

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

**[**Table of Contents**](#dvtrs_toc)**

Statements of changes in net assets

Delaware VIP**<sup>®</sup>** Trust — Delaware VIP Total Return Series

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $448389 | $877327 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 354194 | 5538388 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (6485188) | 2113842 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (5682605) | 8529557 |
| **Dividends and Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | (5441308) | (1270802) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | (1219) | (221) |
|  | (5442527) | (1271023) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | 873619 | 1948057 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | 5441308 | 1270802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | 1219 | 221 |
|  | 6316146 | 3219080 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class | (9740926) | (8679996) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | (3424780) | (5460916) |
| **Net Increase (Decrease) in Net Assets** | (14549912) | 1797618 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 56088644 | 54291026 |
| &nbsp;&nbsp;&nbsp;End of year | $41538732 | $56088644 |

---

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

**[**Table of Contents**](#dvtrs_toc)**

Financial highlights

Delaware VIP<sup>®</sup> Total Return Series Standard Class

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| | **12/31/22** | **12/31/21** | **12/31/20** | **12/31/19<sup>1</sup>** | **12/31/18** |
| **Net asset value, beginning of period** | $14.29 | $12.56 | $14.29 | $12.50 | $13.83 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.12 | 0.21 | 0.24 | 0.22 | 0.24 |
| Net realized and unrealized gain (loss) | (1.55) | 1.82 | (0.44) | 2.08 | (1.28) |
| Total from investment operations | (1.43) | 2.03 | (0.20) | 2.30 | (1.04) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | (0.28) | (0.30) | (0.27) | (0.26) | (0.22) |
| 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) |
| **Net asset value, end of period** | $11.38 | $14.29 | $12.56 | $14.29 | $12.50 |
| **Total return<sup>3</sup>** | (10.56)%<sup>4</sup> | 16.37%<sup>4</sup> | 0.91%<sup>4</sup> | 18.88%<sup>4</sup> | (7.65)% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $41528 | $56077 | $54281 | $58637 | $51630 |
| Ratio of expenses to average net assets<sup>5</sup> | 0.84% | 0.86% | 0.86% | 0.93% | 0.90% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | 1.03% | 0.96% | 1.06% | 0.99% | 0.90% |
| Ratio of net investment income to average net assets | 0.96% | 1.56% | 2.01% | 1.63% | 1.80% |
| Ratio of net investment income to average net assets prior to fees waived | 0.77% | 1.46% | 1.81% | 1.57% | 1.80% |
| Portfolio turnover | 55% | 95% | 87% | 150%<sup>6</sup> | 68% |

---

<sup>1</sup> On October 4, 2019, the First Investors Life Series Total Return Fund shares were reorganized into Standard Class shares of the Series. 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.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> 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.

<sup>4</sup> Total return during the period reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

<sup>6</sup> 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.

**[**Table of Contents**](#dvtrs_toc)**

Financial highlights

Delaware VIP<sup>®</sup> Total Return Series Service Class

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | |
| | **12/31/22** | **12/31/21** | **12/31/20** | **10/31/19<sup>1</sup>**<br>**to**<br>**12/31/19** |
| **Net asset value, beginning of period** | $14.23 | $12.52 | $14.29 | $13.79 |
| **Income (loss) from investment operations:** |  |  |  |  |
| Net investment income<sup>2</sup> | 0.08 | 0.17 | 0.20 | 0.04 |
| Net realized and unrealized gain (loss) | (1.54) | 1.81 | (0.44) | 0.46 |
| Total from investment operations | (1.46) | 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** | $11.33 | $14.23 | $12.52 | $14.29 |
| **Total return<sup>3</sup>** | (10.82)% | 15.96% | 0.54% | 3.63% |
| **Ratios and supplemental data:** |  |  |  |  |
| Net assets, end of period (000 omitted) | $11 | $12 | $10 | $10 |
| Ratio of expenses to average net assets<sup>4</sup> | 1.14% | 1.16% | 1.16% | 1.16% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | 1.33% | 1.25% | 1.36% | 1.50% |
| Ratio of net investment income to average net assets | 0.70% | 1.26% | 1.71% | 1.79% |
| Ratio of net investment income to average net assets prior to fees waived | 0.51% | 1.17% | 1.51% | 1.45% |
| Portfolio turnover | 55% | 95% | 87% | 150%<sup>5,6</sup> |

---

<sup>1</sup> Date of commencement of operations; ratios have been annualized and total return has not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> 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.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

<sup>5</sup> Portfolio turnover is representative of the Series for the entire period.

<sup>6</sup> 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.

**[**Table of Contents**](#dvtrs_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Total Return Series

December 31, 2022

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.

**1. Significant Accounting Policies**

The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.

**Security Valuation** — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and 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 the ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Open-end investment companies, other than ETFs 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 by the Series valuation designee, Delaware Management Company (DMC). Subject to the oversight of the Series' Board of Trustees (Board), DMC, as valuation designee, has adopted policies and procedures to fair value securities for which market quotations are not readily available consistent with the requirements of Rule 2a-5 under the 1940 Act. 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 and private placements are valued at fair value.

**Federal and Foreign Income Taxes** — No provision for federal income taxes has been made as the Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Series evaluates tax positions taken or expected to be taken in the course of preparing the Series' tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Series' tax positions taken or expected to be taken on the Series' federal income tax returns through the year ended December 31, 2022, and for all open tax years (years ended December 31, 2019–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 year ended December 31, 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.

**[**Table of Contents**](#dvtrs_toc)**

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

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

**Derivative Financial Instruments** — The Series may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/ or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Series must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Series successful use of a derivative financial instrument depends on the investment adviser's ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Series can realize on an investment and/or may result in lower distributions paid to shareholders. The Series investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

**Segregation and Collateralizations** — In certain cases, based on requirements and agreements with certain exchanges and third-party broker-dealers, the Series may deliver or receive collateral in connection with certain investments (e.g., futures contracts, foreign currency exchange contracts, options written, securities with extended settlement periods, and swaps). Certain countries require that cash reserves be held while investing in companies incorporated in that country. These cash reserves and cash collateral that has been pledged/received to cover obligations of the Series under derivative contracts, if any, will be reported separately on the "Statement of assets and liabilities" as cash collateral due to/from broker. Securities collateral pledged for the same purpose, if any, is noted on the "Schedule of investments."

**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<sup>®</sup> (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

(continues) 23

**[**Table of Contents**](#dvtrs_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Total Return Series

**1. Significant Accounting Policies (continued)**

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 transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the "Statement of operations" under "Dividend disbursing and transfer agent fees and expenses" with the corresponding expenses offset included under "Less expenses paid indirectly." For the year ended December 31, 2022, the Series earned less than $1 under this arrangement.

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

In accordance with the terms of its investment management agreement, the Series pays 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 0.83% of the Series' average daily net assets for the Standard Class and 1.13% for the Service Class from April 29, 2022 through December 31, 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"). DMC 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.

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; 0.0025% of the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the "Statement of operations" under "Accounting and administration expenses." For the year ended December 31, 2022, the Series paid $12,477 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC's fees are calculated daily and paid monthly, at the annual rate of 0.0075% of the Series' average daily net assets. This amount is included on the "Statement of operations" under "Dividend disbursing and transfer agent fees and expenses." For the year ended December 31, 2022, the Series paid $3,570 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides

**[**Table of Contents**](#dvtrs_toc)**

certain sub-transfer agency services to the Series. Sub-transfer agency fees are paid by the Series and are also included on the "Statement of operations" under "Dividend disbursing and transfer agent fees and expenses." The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

Pursuant to a distribution agreement and distribution plan, the Series pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.30% of the average daily net assets of the Service Class shares. The fees are calculated daily and paid monthly. Standard Class shares do not pay 12b-1 fees.

As provided in the investment management agreement, the Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Series. For the year ended December 31, 2022, the Series paid $2,139 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 Underlying Funds including ETFs 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 year ended December 31, 2022, the Series made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases other than US government securities | $11992333 |
| Purchases of US government securities | 13105923 |
| Sales other than US government securities | 21096051 |
| Sales of US government securities | 11617298 |

---

The tax cost of investments and derivatives includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments but which approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2022, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for the Series were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | $42171166 |
| Aggregate unrealized appreciation of investments and derivatives | $3669475 |
| Aggregate unrealized depreciation of investments and derivatives | (4395421) |
| Net unrealized depreciation of investments and derivatives | $(725946) |

---

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

(continues) 25

**[**Table of Contents**](#dvtrs_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Total Return Series

**3. Investments (continued)**

asset or liability based on the best information available under the circumstances. The Series' investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:

---

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

---

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

The following table summarizes the valuation of the Series' investments by fair value hierarchy levels as of December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Total |
| <u>Securities</u> |  |  |  |
| <u>Assets</u>: |  |  |  |
| Common Stocks | $22507563 | $— | $22507563 |
| Convertible Bonds |  | 3558417 | 3558417 |
| Convertible Preferred Stock | 603775 |  | 603775 |
| Corporate Bonds |  | 3313598 | 3313598 |
| Exchange-Traded Funds | 3240413 |  | 3240413 |
| US Treasury Obligations |  | 7901135 | 7901135 |
| Short-Term Investments | 321272 |  | 321272 |
| Total Value of Securities | $26673023 | $14773150 | $41446173 |
| <u><u>Derivatives<sup>1</sup></u></u> |  |  |  |
| <u>Liabilities</u>: |  |  |  |
| Futures Contracts | $(945) | $— | $(945) |
| Foreign Currency Exchange Contracts |  | (8) | (8) |

---

<sup>1</sup> Foreign currency exchange contracts and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end.

During the year ended December 31, 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 year.

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 year in relation to the Series' net assets. During the year ended December 31, 2022, there were no Level 3 investments.

**[**Table of Contents**](#dvtrs_toc)**

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net gains on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2022 and 2021 were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| Ordinary income | $2905615 | $1271023 |
| Long-term capital gains | 2536912 |  |
| Total | $5442527 | $1271023 |

---

**5. Components of Net Assets on a Tax Basis**

As of December 31, 2022, the components of net assets on a tax basis were as follows:

---

| | |
|:---|:---|
| Shares of beneficial interest | $41198310 |
| Undistributed ordinary income | 921001 |
| Undistributed long-term capital gains | 177132 |
| Unrealized appreciation (depreciation) of investments, foreign currencies, and derivatives | (757711) |
| Net assets | $41538732 |

---

Differences between components of net assets unrealized and tax cost unrealized may arise due to certain foreign currency transactions, foreign capital gains taxes, and amortization of callable bond premiums in accordance with ASU 2017-08.

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

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2022, the Series had no reclassifications.

(continues) 27

**[**Table of Contents**](#dvtrs_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Total Return Series

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 12/31/22 | 12/31/21 |
| Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | 72763 | 147459 |
| Shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | 453821 | 96492 |
| &nbsp;&nbsp;&nbsp;Service Class | 102 | 17 |
|  | 526686 | 243968 |
| Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Standard Class | (801213) | (642479) |
| Net decrease | (274527) | (398511) |

---

**7. Line of Credit**

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

On October 31, 2022, the Series, along with the other Participants, entered into an amendment to the Agreement for a $355,000,000 revolving line of credit to be used as described above. It operates in substantially the same manner as the original Agreement. Under the amendment to the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the Agreement expires on October 30, 2023.

The Series had no amounts outstanding as of December 31, 2022, or at any time during the year then ended.

**8. Derivatives**

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

**Foreign Currency Exchange Contracts**

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

The use of foreign currency exchange contracts and foreign cross currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities, but does establish a rate of exchange that can be achieved in the future. Although foreign currency exchange contracts and foreign cross currency exchange contracts limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also

**[**Table of Contents**](#dvtrs_toc)**

limit any potential gain that might result should the value of the currency change favorably. In addition, the Series could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. The Series' maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between the Series and the counterparty and by the posting of collateral by the counterparty to the Series to cover the Series' exposure to the counterparty.

During the year ended December 31, 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 year ended December 31, 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. At December 31, 2022, the Series posted $7,260 in cash as collateral for open futures contracts, which is included in "Cash collateral due from brokers" on the "Statement of assets and liabilities".

During the year ended December 31, 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.

**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 December 31, 2022.

During the year ended December 31, 2022, the Series entered into option contracts to manage the Series' exposure to changes in securities prices caused by interest rates or market conditions.

(continues) 29

**[**Table of Contents**](#dvtrs_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Total Return Series

**8. Derivatives (continued)**

Fair values of derivative instruments as of December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Liability Derivatives Fair Value | Liability Derivatives Fair Value | Liability Derivatives Fair Value |
| <br> Statement of Assets and Liabilities Location | Currency<br> Contracts | Interest<br> Rate<br> Contracts | <br>Total |
| Unrealized depreciation on foreign currency exchange contracts | $(8) | $— | $(8) |
| Variation margin due to broker on futures contracts\* |  | (945) | (945) |
| Total | $(8) | $(945) | $(953) |

---

\* Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2022. Only current day variation margin is reported on the Series "Statement of assets and liabilities."

The effect of derivative instruments on the "Statement of operations" for the year ended December 31, 2022 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Net Realized Gain (Loss) on: | Net Realized Gain (Loss) on: | Net Realized Gain (Loss) on: | Net Realized Gain (Loss) on: |
|  | Foreign<br> Currency<br> Exchange<br> Contracts | <br>Futures<br> Contracts | <br>Options<br> Written | <br>Total |
| Currency |  |  |  |  |
| &nbsp;&nbsp;&nbsp;contracts | $5305 | $— | $— | $5305 |
| Interest rate |  |  |  |  |
| &nbsp;&nbsp;&nbsp;contracts |  | 3752 | 1208 | 4960 |
| Total | $5305 | $3752 | $1208 | $10265 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Net Change in Unrealized Appreciation (Depreciation) on: | Net Change in Unrealized Appreciation (Depreciation) on: | Net Change in Unrealized Appreciation (Depreciation) on: |
|  | Foreign<br> Currency<br> Exchange<br> Contracts | Futures<br> Contracts | Total |
| Currency |  |  |  |
| &nbsp;&nbsp;&nbsp;contracts | $(26) | $— | $(26) |
| Interest rate |  |  |  |
| &nbsp;&nbsp;&nbsp;contracts |  | (945) | (945) |
| Total | $(26) | $(945) | $(971) |

---

The table below summarizes the average daily balance of derivative holdings by the Series during the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | Long Derivative<br> Volume | Short Derivative<br> Volume |
| Foreign currency exchange contracts (average notional value) | $1989 | $10326 |
| Futures contracts (average notional value) | 104530 | 14217 |
| Options contracts (average value)\* |  | 19 |

---

\* Long represents purchased options and short represents written options.

**9. Securities Lending**

The Series, along with other funds in the Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the

**[**Table of Contents**](#dvtrs_toc)**

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

Cash collateral received by the Series is generally invested in an individual separate account. 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 year ended December 31, 2022, the Series had no securities out on loan.

**10. Credit and Market Risk**

An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

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.

(continues) 31

**[**Table of Contents**](#dvtrs_toc)**

Notes to financial statements

Delaware VIP<sup>®</sup> Trust — Delaware VIP Total Return Series

**10. Credit and Market Risk (continued)**

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

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.

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

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

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

The Series invests in REITs and is subject to the risks associated with that industry. If the Series holds real estate directly or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the year ended December 31, 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 invests in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor's Financial Services LLC and lower than Baa3 by Moody's Investors Service, Inc., or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.

The Series invests in fixed income securities whose value is derived from an underlying pool of mortgages or consumer loans. The value of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be adversely affected by shifts in the market's perception of the issuers and changes in interest rates. Investors receive principal and interest payments as the underlying

**[**Table of Contents**](#dvtrs_toc)**

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."

**11. Contractual Obligations**

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

**12. Recent Accounting Pronouncements**

In 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. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. On December 21, 2022, FASB issued ASU 2022-06 to defer the sunset date of Accounting Standards Codification Topic 848 until December 31, 2024. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2024. Management is currently evaluating ASU 2020-04, but does not believe there will be a material impact.

**13. Subsequent Events**

Management has determined that no material events or transactions occurred subsequent to December 31, 2022, that would require recognition or disclosure in the Series' financial statements.

(continues) 33

**[**Table of Contents**](#dvtrs_toc)**

Report of independent

registered public accounting firm

To the Board of Trustees of Delaware VIP<sup>®</sup> Trust and Shareholders of Delaware VIP Total Return Series

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Total Return Series (one of the series constituting Delaware VIP<sup>®</sup> Trust, referred to hereafter as the "Series") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| **Class Name** | **Financial Highlights** |
| Standard Class | For each of the four years in the period ended December 31, 2022 |
| Service Class | For each of the three years in the period ended December 31, 2022 and the period October 31, 2019 (commencement of operations) through December 31, 2019 |

---

The financial statements of the Series as of and for the year ended December 31, 2018 and the financial highlights for the year ended December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 26, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agents and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 23, 2023

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

**[**Table of Contents**](#dvtrs_toc)**

Other Series information (Unaudited)

Delaware VIP<sup>®</sup> Trust — Delaware VIP Total Return Series

**Tax Information**

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

For the year ended December 31, 2022, the Series reports distributions paid during the year as follows:

---

| | |
|:---|:---|
| (A) Long-Term Capital Gain Distributions (Tax Basis) | 46.61% |
| (B) Ordinary Income Distributions (Tax Basis) | 53.39% |
| Total Distributions (Tax Basis) | 100.0% |
| (C) Qualified Dividends<sup>1</sup> | 22.02% |

---

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

(C) is based on the Series' ordinary income distributions.

<sup>1</sup> Qualified dividends represent dividends which qualify for the corporate dividends received deduction.

**Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 9-11, 2022**

At a meeting held on August 9-11, 2022 (the "Annual Contract Renewal Meeting"), the Board of Trustees (the "Board"), including a majority of Trustees each of whom is not an "interested person" as defined under the Investment Company Act of 1940 (the "Independent Trustees"), approved the renewal of the Delaware VIP Total Return Series (the "Fund") Investment Management Agreement with Delaware Management Company ("DMC"); and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited ("MIMGL"), Macquarie Investment Management Austria Kapitalanlage AG ("MIMAK"), Macquarie Investment Management Europe Limited ("MIMEL"), and Macquarie Funds Management Hong Kong Limited ("MFMHKL") (together with MIMGL, MIMAK and MIMEL, the "Affiliated Sub-Advisers").

Prior to the Meeting, including at a Board meeting held in May 2022, the Trustees conferred extensively among themselves and with representatives of DMC about these matters. Also, the Board was assisted by the applicable Investment Committee, with each Investment Committee assisting the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Investment Management Agreement and the Sub-Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, DMC was guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2022. In considering and approving the Investment Management Agreement and the Sub-Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with DMC about various topics. In this regard, the Board reviewed reports of DMC at each of its quarterly meetings, which included information about, among other things, Fund performance, investment strategies, and expenses. In addition, the Investment Committees confer with portfolio managers at various times throughout the year. In considering information relating to the approval of the Fund's Investment Management Agreement and the Sub-Advisory Agreements, the Independent Trustees also received information from an independent fund consultant, JDL Consultants, LLC ("JDL").

The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Investment Management Agreement and the Sub-Advisory Agreements for a one-year term. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approval.

**Nature, extent, and quality of services.** The Board received and considered various information regarding the nature, extent, and quality of the advisory services provided to the Fund by DMC under its Investment Management Agreement and the experience of the officers and employees of DMC who provide these services, including the Fund's co-portfolio manager. The Board's review included consideration of DMC's investment process and oversight and research and analysis capabilities, and its ability to attract and retain qualified investment professionals.

**[**Table of Contents**](#dvtrs_toc)**

Other Series information (Unaudited)

Delaware VIP<sup>®</sup> Trust — Delaware VIP Total Return Series

**Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 9-11, 2022 (continued)**

The Board considered information regarding DMC's programs for risk management, including investment, operational, liquidity, valuation, and compliance risks. The Board received information with respect to the cybersecurity program and business continuity plans of DMC and its affiliates. The Board also considered non-advisory services that DMC and its affiliates provide to the Delaware Funds, including third party oversight, transfer agent, internal audit, valuation, portfolio trading, and legal and compliance. The Board took into account the benefits to shareholders of investing in a Fund that is part of a family of funds managed by an affiliate of Macquarie Group Ltd. ("Macquarie"), the parent company of DMC, and the resources available to DMC as part of Macquarie's global asset management business.

The Board received and considered various information with respect to the services provided by the Affiliated Sub-Advisers under the Sub-Advisory Agreements and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services, including the Fund's co-portfolio managers. The Board considered the division of responsibilities between DMC and the Affiliated Sub-Advisers and the oversight provided by DMC. The Board considered the expertise of the Affiliated Sub-Advisers with respect to certain asset classes and/or investment styles. The Affiliated Sub-Advisers are part of Macquarie's global investment platform that has offices and personnel that are located around the world. As a result, the Board noted that DMC had stated that the Affiliated Sub-Advisers can provide research, investment and trading analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades, as applicable. The Board took into account that the Sub-Advisory Agreements may benefit the Fund and its shareholders by permitting DMC to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund.

The Board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Fund by DMC and the Affiliated Sub-Advisers.

**Investment performance.** The Board received and considered information with respect to the investment performance of the Fund, including performance reports and discussions with portfolio managers at meetings of the Board's Investment Committees throughout the year as well as reports provided by Broadridge Financial Solutions, an independent investment company data provider ("Broadridge"), furnished for the Annual Contract Renewal Meeting. The Broadridge reports prepared for the Fund showed its investment performance in comparison to a group of similar funds (the "Performance Universe"). The Board received a description of the methodology used by Broadridge to select the funds in the Performance Universe. Comparative annualized performance for the Fund was shown for the past 1-, 3-, 5- and 10-year or since inception periods, as applicable, ended December 31, 2021.

The Performance Universe for the Fund consisted of the Fund and all mixed-asset target allocation moderate funds underlying variable insurance products, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1-year period was in the first quartile, for the 3- and 10-year periods was in the third quartile, and 5-year period was in the fourth quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-year period was above the median and for the 3-, 5- and 10-year periods was below the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3-, 5- and 10-year periods. The Board, however, noted that the investment performance of the current portfolio management team only began as of June 2020. The Board noted the explanations from DMC and MIMAK concerning the reasons for the Fund's relative performance versus the Performance Universe and its benchmark for the various periods.

**Comparative expenses.** The Board received and considered expense data for the Fund. Management provided the Board with information on pricing levels and fee structures for the Fund as of its most recently completed fiscal year. The Board also considered on the comparative analysis of contractual management fees and actual total expense ratios of the Fund versus contractual management fees and actual total expense ratios of a group of similar funds as selected by Broadridge (the "Expense Group"). In reviewing comparative costs, the Fund's contractual management fee and the actual management fee incurred by the Fund were compared with the contractual management fees (assuming all funds were similar in size to the Fund) and actual management fees, taking into account any applicable breakpoints and fee waivers, with the Fund's expense universe, which is comprised of the Fund, its Expense Group and all other similar funds underlying variable insurance products with similar 12b-1/non-12b-1 structures, excluding outliers (the "Expense Universe"). The Fund's total expenses were also compared with those of its Expense Universe.

The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were above its Expense Group average.

**[**Table of Contents**](#dvtrs_toc)**

The Board also received and considered information about the nature and extent of services offered and fee rates charged by DMC to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing registered investment companies compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients, unregistered funds and separately managed accounts.

The Board noted that DMC, and not the Fund, pays the sub-advisory fees to the Affiliated Sub-Advisers and, accordingly, that the retention of the Affiliated Sub-Advisers does not increase the fees and expenses incurred by the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to DMC under the Investment Management Agreement and to the Affiliated Sub-Advisers under the Sub-Advisory Agreements was reasonable.

**Economies of scale.** The Board received and considered information about the potential for DMC to realize economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual Fund level, and the extent to which potential scale benefits are shared with shareholders, including the extent to which any economies of scale are reflected in the level of management fees charged. DMC discussed its advisory fee pricing and structure for the Delaware Funds complex, including the current breakpoints. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as DMC's investment in its business, including investments in business infrastructure, technology and cybersecurity.

**Management profitability.** The Board received and considered the Investment Management Profitability Analysis that addressed the overall profitability of DMC's business in providing management and other services to the Fund and the Delaware Funds as a whole, including the methodology used by DMC in allocating costs for the purpose of determining profitability. The Board also reviewed a report prepared by JDL regarding DMC's profitability as compared to certain peer fund complexes and the Independent Trustees discussed DMC's profitability in such context with representatives from JDL. Based on its review, the Board determined that DMC's profitability was not excessive in light of the nature, extent and quality of the services provided to the Fund.

**Ancillary benefits.** The Board received and considered information regarding the extent to which DMC and its affiliates might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as investment manager to the Delaware Funds; the benefits from allocation of fund brokerage to improve trading efficiencies; and the fees that various affiliates received for serving as transfer agent and for overseeing fund accounting and financial administration services to the Delaware Funds. The Board received information from DMC regarding its view of the performance of its affiliates in providing transfer agent and fund accounting and financial administration oversight services and the organizational structure employed to provide these services pursuant to their contracts with the Fund.

Based on its consideration of the factors and information it deemed relevant, including the costs of providing investment management and other services to the Fund and the ongoing commitment of DMC and its affiliates to the Fund, the Board did not find that any ancillary benefits received by DMC and its affiliates were unreasonable.

**Conclusion.** Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including all of the Independent Trustees, approved the continuation of DMC's Investment Management Agreement and of the Affiliated Sub-Advisers' Sub-Advisory Agreements for an additional one-year period.

**[**Table of Contents**](#dvtrs_toc)**

Board of trustees / directors and officers addendum

Delaware Funds by Macquarie<sup>®</sup>

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length<br> of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
| **Shawn K. Lytle**<sup>2</sup> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1970 | President,<br> Chief Executive Officer,<br> and Trustee | President and<br> Chief Executive Officer<br> since August 2015<br>Trustee since<br> September 2015 | 126 | Macquarie Asset<br> Management<sup>3</sup><br> (2015–Present)<br> - Global Head of<br> Macquarie Asset<br> Management Public<br> Investments<br> (2019–Present)<br> - Head of Americas of<br> Macquarie Group<br> (2017–Present) |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Jerome D. Abernathy**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1959 | Trustee | Since January 2019 | 126 | Stonebrook Capital<br> Management, LLC<br> (financial<br> technology: macro<br> factors and databases)<br> - Managing Member<br> (1993–Present) |  |
| **Ann D. Borowiec**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1958 | Trustee | Since March 2015 | 126 | J.P. Morgan Chase & Co.<br> (1987–2013)<br> - Chief Executive Officer,<br> Private Wealth<br> Management<br> (2011–2013) | Banco Santander<br> International<br> (2016–2019)<br> Santander Bank, N.A.<br> (2016–2019) |
| **Joseph W. Chow**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1953 | Trustee | Since January 2013 | 126 | Private Investor<br> (2011–Present) |  |
| **H. Jeffrey Dobbs**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1955 | Trustee | Since April 2019<sup>4</sup> | 126 | KPMG LLP<br> (2002–2015)<br> - Global Sector<br> Chairman,<br> Industrial Manufacturing<br> (2010–2015) | TechAccel LLC<br> (2015–Present)<br> PatientsVoices, Inc.<br> (2018–Present)<br> Valparaiso University<br> Board<br> (2012–Present)<br> Ivy Funds Complex<br> (2019–2021) |

---

**[**Table of Contents**](#dvtrs_toc)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length<br> of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **John A. Fry**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1960 | Trustee | Since January 2001 | 126 | Drexel University<br> - President<br> (2010–Present) | Federal Reserve<br> Bank of Philadelphia<br> (2020–Present)<br> FS Credit Real Estate<br> Income Trust, Inc.<br> (2018–Present)<br> vTv Therapeutics Inc.<br> (2017–Present)<br> Community Health<br> Systems<br> (2004–Present)<br> Drexel Morgan & Co.<br> (2015–2019) |
| **Joseph Harroz, Jr.**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1967 | Trustee | Since November 1998<sup>4</sup> | 126 | University of Oklahoma<br> - President<br> (2020–Present)<br> - Interim President<br> (2019–2020)<br> - Vice President and<br> Dean, College of Law<br> (2010–2019)<br> Brookhaven<br> Investments LLC<br> (commercial enterprises)<br> - Managing Member<br> (2019–Present)<br> St. Clair, LLC<br> (commercial enterprises)<br> - Managing Member<br> (2019–Present) | OU Medicine, Inc.<br> (2020–Present)<br> Big 12 Athletic Conference<br> (2019–Present)<br> Valliance Bank<br> (2007–Present)<br> Ivy Funds Complex<br> (1998–2021) |
| **Sandra A.J. Lawrence**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1957 | Trustee | Since April 2019<sup>4</sup> | 126 | Children's Mercy<br> Hospitals and Clinics<br> (2005–2019)<br> - Chief Administrative<br> Officer<br> (2016–2019) | Brixmor Property<br> Group Inc.<br> (2021–Present)<br> Sera Prognostics Inc.<br> (biotechnology)<br> (2021–Present)<br> Recology<br> (resource recovery)<br> (2021–Present)<br> Evergy, Inc., Kansas City<br> Power & Light Company,<br> KCP&L Greater Missouri<br> Operations Company,<br> Westar Energy, Inc. and<br> Kansas Gas and Electric<br> Company (related utility<br> companies)<br> (2018–Present)<br> National Association of<br> Corporate Directors<br> (2017–Present)<br> Ivy Funds Complex<br> (2019–2021)<br> American Shared Hospital<br> Services (medical device)<br> (2017–2021)<br> Westar Energy (utility)<br> (2004–2018) |

---

**[**Table of Contents**](#dvtrs_toc)**

Board of trustees / directors and officers addendum

Delaware Funds by Macquarie<sup>®</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Frances A.**<br> **Sevilla-Sacasa**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1956 | Trustee | Since September 2011 | 126 | Banco Itaú International<br> - Chief Executive Officer<br> (2012–2016) | Florida Chapter of<br> National Association of<br> Corporate Directors<br> (2021–Present)<br> Callon Petroleum<br> Company<br> (2019–Present)<br> Camden Property Trust<br> (2011–Present)<br> New Senior Investment<br> Group Inc. (2021)<br> Carrizo Oil & Gas, Inc.<br> (2018–2019) |
| **Thomas K. Whitford**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1956 | Chair and Trustee | Trustee since January<br> 2013<br>Chair since January<br> 2023 | 126 | PNC Financial<br> Services Group<br> (1983–2013)<br> - Vice Chairman<br> (2009–2013) | HSBC USA Inc.<br> (2014–2022)<br> HSBC North America<br> Holdings Inc.<br> (2013–2022)<br> HSBC Finance<br> Corporation<br> (2013–2018) |
| **Christianna Wood**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1959 | Trustee | Since January 2019 | 126 | Gore Creek<br> Capital, Ltd.<br> - Chief Executive Officer<br> and President<br> (2009–Present) | The Merger Fund<br> (2013–2021),<br> The Merger Fund VL<br> (2013–2021),<br> WCM Alternatives:<br> Event-Driven Fund<br> (2013–2021),<br> and WCM<br> Alternatives:<br> Credit Event Fund<br> (2017–2021)<br> Grange Insurance<br> (2013–Present)<br> H&R Block Corporation<br> (2008–Present) |
| **Janet L. Yeomans**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1948 | Trustee | Since April 1999 | 126 | 3M Company<br> (1995–2012)<br> - Vice President<br> and Treasurer<br> (2006–2012) | Okabena Company<br> (2009–2017) |
| **Officers** | **Officers** | **Officers** | **Officers** | **Officers** | **Officers** |
| **David F. Connor**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1963 | Senior Vice President,<br> General Counsel, and<br> Secretary | Senior Vice President,<br> since May 2013;<br> General Counsel<br> since May 2015;<br> Secretary since<br> October 2005 | 126 | David F. Connor has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. | None<sup>5</sup> |
| **Daniel V. Geatens**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1972 | Senior Vice President<br> and Treasurer | Senior Vice President<br> and Treasurer since<br> October 2007 | 126 | Daniel V. Geatens has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. | None<sup>5</sup> |

---

**[**Table of Contents**](#dvtrs_toc)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address,**<br> **and Birth Year** | **Position(s)**<br> **Held with**<br> **the Trust** | **Length of Time**<br> **Served<sup>1</sup>** | **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee** | **Principal**<br> **Occupation(s)**<br> **During the**<br> **Past Five Years** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the**<br> **Past Five Years** |
| **Richard Salus**<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA<br> 19106-2354<br> 1963 | Senior Vice President<br> and Chief Financial<br> Officer | Senior Vice President<br> and Chief Financial<br> Officer since November<br> 2006 | 126 | Richard Salus has<br> served in various<br> capacities at different<br> times at Macquarie<br> Asset Management. |  |

---

<sup>1</sup> "Length of Time Served" refers to the time since the Trustee or officer began serving one or more of the Trusts in the Delaware Funds complex.

<sup>2</sup> Shawn K. Lytle is considered to be an "Interested Trustee" because he is an executive officer of the Series' investment advisor.

<sup>3</sup> Macquarie Asset Management is the marketing name for certain companies comprising the asset management division of Macquarie Group, including the Series' investment advisor, principal underwriter, and transfer agent.

<sup>4</sup> Includes time served on the Board of Ivy Funds prior to the date when Ivy Funds joined the Delaware Funds complex.

<sup>5</sup> David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment manager, principal underwriter, and transfer agent as the Funds. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust, and he is Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc., which has the same investment manager as the Funds.

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

**[**Table of Contents**](#dvtrs_toc)**

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' Form 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, is 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.

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.

(2700499) **AR-VIPTR-0223**

Item 2. Code of Ethics

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. A copy of the registrant's Code of Business Ethics has been posted on the Delaware Funds by Macquarie<sup>®</sup> Internet Web site at <u>www.delawarefunds.com</u>. Any amendments to the Code of Business Ethics, and information on any waiver from its provisions granted by the registrant, will also be posted on this Web site within five business days of such amendment or waiver and will remain on the Web site for at least 12 months.

Item 3. Audit Committee Financial Expert

The registrant's Board of Trustees has determined that certain members of the registrant's Audit Committee are audit committee financial experts, as defined below. For purposes of this item, an "audit committee financial expert" is a person who has the following attributes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An understanding of generally accepted accounting principles and financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The ability to assess the general application of such principles in connection with the accounting for estimates, accruals, and reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Experience preparing, auditing, analyzing, or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant's financial statements, or experience actively supervising one or more persons engaged in such activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. An understanding of internal controls and procedures for financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. An understanding of audit committee functions.

An "audit committee financial expert" shall have acquired such attributes through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Education and experience as a principal financial officer, principal accounting officer, controller, public accountant, or auditor or experience in one or more positions that involve the performance of similar functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor, or person performing similar functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing, or evaluation of financial statements; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Other relevant experience.

The registrant's Board of Trustees has also determined that each member of the registrant's Audit Committee is independent. In order to be "independent" for purposes of this item, the Audit Committee member may not: (i) other than in his or her capacity as a member of the Board of Trustees or any committee thereof, accept directly or indirectly any consulting,

advisory or other compensatory fee from the issuer; or (ii) be an "interested person" of the registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940.

The names of the audit committee financial experts on the registrant's Audit Committee are set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Jeffrey Dobbs

Sandra A.J. Lawrence

Frances Sevilla-Sacasa, Chair

Item 4. Principal Accountant Fees and Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit fees</u>.

The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant's annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $407,978 for the fiscal year ended December 31, 2022.

The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant's annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $374,292 for the fiscal year ended December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-related fees</u>.

The aggregate fees billed by the registrant's independent auditors for services relating to the performance of the audit of the registrant's financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended December 31, 2022.

The aggregate fees billed by the registrant's independent auditors for services relating to the performance of the audit of the financial statements of the registrant's investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $2,050,189 for the registrant's fiscal year ended December 31, 2022. The percentage of these fees relating to services approved by the registrant's Audit Committee pursuant to the <u>de</u> <u>minimis</u> exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year-end audit procedures; group reporting and subsidiary statutory audits.

The aggregate fees billed by the registrant's independent auditors for services relating to the performance of the audit of the registrant's financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended December 31, 2021.

The aggregate fees billed by the registrant's independent auditors for services relating to the performance of the audit of the financial statements of the registrant's investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $1,134,001 for the registrant's fiscal year ended December 31, 2021. The percentage of these fees relating to services approved by the registrant's Audit Committee pursuant to the <u>de</u> <u>minimis</u> exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year-end audit procedures; group reporting and subsidiary statutory audits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax fees</u>.

The aggregate fees billed by the registrant's independent auditors for tax-related services provided to the registrant were $57,321 for the fiscal year ended December 31, 2022. The percentage of these fees relating to services approved by the registrant's Audit Committee pursuant to the <u>de</u> <u>minimis</u> exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

The aggregate fees billed by the registrant's independent auditors for tax-related services provided to the registrant's investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant's fiscal year ended December 31, 2022. The percentage of these fees relating to services approved by the registrant's Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

The aggregate fees billed by the registrant's independent auditors for tax-related services provided to the registrant were $53,568 for the fiscal year ended December 31, 2021. The percentage of these fees relating to services approved by the registrant's Audit Committee pursuant to the <u>de</u> <u>minimis</u> exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

The aggregate fees billed by the registrant's independent auditors for tax-related services provided to the registrant's investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant's fiscal year ended December 31, 2021. The percentage of these fees relating to services approved by the registrant's Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All other fees</u>.

The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended December 31, 2022.

The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant's independent auditors to the registrant's adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant's fiscal year ended December 31, 2022. The percentage of these fees relating to services approved by the registrant's Audit Committee pursuant to the <u>de</u> <u>minimis</u> exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended December 31, 2021.

The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant's independent auditors to the registrant's adviser and

other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant's fiscal year ended December 31, 2021. The percentage of these fees relating to services approved by the registrant's Audit Committee pursuant to the <u>de</u> <u>minimis</u> exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The registrant's Audit Committee has established pre-approval policies and procedures as permitted by Rule 2-01(c)(7)(i)(B) of Regulation S-X (the "Pre-Approval Policy") with respect to services provided by the registrant's independent auditors. Pursuant to the Pre-Approval Policy, the Audit Committee has pre-approved the services set forth in the table below with respect to the registrant up to the specified fee limits. Certain fee limits are based on aggregate fees to the registrant and other registrants within the Delaware Funds by Macquarie<sup>®</sup>.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Service** | &nbsp;&nbsp;**Range of Fees** |
| &nbsp;&nbsp;**Audit Services** |  |
| &nbsp;&nbsp;Statutory audits or financial audits for new Funds | &nbsp;&nbsp;up to $50,000 per Fund |
| &nbsp;&nbsp;Services associated with SEC registration statements (e.g., Form N-1A, Form N-14, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., comfort letters for closed-end Fund offerings, consents), and assistance in responding to SEC comment letters | &nbsp;&nbsp; <br> up to $10,000 per Fund |
| &nbsp;&nbsp;Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered "audit-related services" rather than "audit services") | &nbsp;&nbsp; <br>up to $25,000 in the aggregate |
| &nbsp;&nbsp;**Audit-Related Services** |  |
| &nbsp;&nbsp;Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and /or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered "audit services" rather than "audit-related services") | &nbsp;&nbsp; <br>up to $25,000 in the aggregate |
| &nbsp;&nbsp;**Tax Services** |  |
| &nbsp;&nbsp;U.S. federal, state and local and international tax planning and advice (e.g., consulting on statutory, regulatory or administrative developments, evaluation of Funds' tax compliance function, etc.) | &nbsp;&nbsp; <br> up to $25,000 in the aggregate |
| &nbsp;&nbsp;U.S. federal, state and local tax compliance (e.g., excise distribution reviews, etc.) | &nbsp;&nbsp;up to $5,000 per Fund |
| &nbsp;&nbsp;Review of federal, state, local and international income, franchise and other tax returns | &nbsp;&nbsp;up to $5,000 per Fund |

---

Under the Pre-Approval Policy, the Audit Committee has also pre-approved the services set forth in the table below with respect to the registrant's investment adviser and other entities controlling, controlled by or under common control with the investment adviser that provide ongoing services to the registrant (the "Control Affiliates") up to the specified fee limit. This fee limit is based on aggregate fees to the investment adviser and its Control Affiliates.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Service** | &nbsp;&nbsp;**Range of Fees** |
| &nbsp;&nbsp;**Non-Audit Services** |  |
| &nbsp;&nbsp;Services associated with periodic reports and other documents filed with the SEC and assistance in responding to SEC comment letters | &nbsp;&nbsp;up to $10,000 in the aggregate |

---

The Pre-Approval Policy requires the registrant's independent auditors to report to the Audit Committee at each of its regular meetings regarding all services initiated since the last such report was rendered, including those services authorized by the Pre-Approval Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's independent auditors for services rendered to the registrant and to its investment adviser and other service providers under common control with the adviser were $9,044,000 and $9,044,000 for the registrant's fiscal years ended December 31, 2022 and December 31, 2021, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In connection with its selection of the independent auditors, the registrant's Audit Committee has considered the independent auditors' provision of non-audit services to the registrant's investment adviser and other service providers under common control with the adviser that were not required to be pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X. The Audit Committee has determined that the independent auditors' provision of these services is compatible with maintaining the auditors' independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Included as part of report to shareholders filed under Item 1 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 240.15d-15(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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13. Exhibits

(a) (1) Code of Ethics

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(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.](mimvipt4167591-ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.

Not applicable.

[(b)](mimvipt4167591-ex99906cert.htm) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.](mimvipt4167591-ex99906cert.htm)

**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<sup>®</sup> TRUST**

---

| | |
|:---|:---|
| /s/SHAWN K. LYTLE | /s/SHAWN K. LYTLE |
| By: | Shawn K. Lytle |
| Title: | President and Chief Executive Officer |
| Date: | March 10, 2023 |

---

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 | /s/SHAWN K. LYTLE |
| By: | Shawn K. Lytle |
| Title: | President and Chief Executive Officer |
| Date: | March 10, 2023 |

---

---

| | |
|:---|:---|
| **/s/RICHARD SALUS** | **/s/RICHARD SALUS** |
| By: | Richard Salus |
| Title: | Chief Financial Officer |
| Date: | March 10, 2023 |

---

## Ex-99.Cert

**EXHIBIT 99.CERT**

**<u>CERTIFICATION</u>**

I, Shawn K. Lytle, certify that:

1. I have reviewed this report on Form N-CSR of Delaware VIP<sup>®</sup> Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the
filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's
board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal
control over financial reporting.

Date: March 10, 2023

---

| | |
|:---|:---|
| /s/SHAWN K. LYTLE | /s/SHAWN K. LYTLE |
| By: | Shawn K. Lytle |
| Title: | President and Chief Executive Officer |

---

**<u>CERTIFICATION</u>**

I, Richard Salus, certify that:

1. I have reviewed this report on Form N-CSR of Delaware VIP<sup>®</sup> Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the
filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's
board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal
control over financial reporting.

Date: March 10, 2023

---

| | |
|:---|:---|
| **/s/RICHARD SALUS** | **/s/RICHARD SALUS** |
| By: | Richard Salus |
| Title: | Chief Financial Officer |

---

## Exhibit 99.906

**EXHIBIT 99.906CERT**

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the attached report of the registrant on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the registrant does hereby certify, to the best of such officer's knowledge, that:

1. The Report fully complies with the requirements of Section
13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly represents,
in all material respects, the financial condition and results of operations of the registrant as of, and for, the periods presented in
the Report.

Date: March 10, 2023

---

| | |
|:---|:---|
| /s/SHAWN K. LYTLE | /s/SHAWN K. LYTLE |
| By: | Shawn K. Lytle |
| Title: | President and Chief Executive Officer |

---

---

| | |
|:---|:---|
| **/s/RICHARD SALUS** | **/s/RICHARD SALUS** |
| **By:** | **Richard Salus** |
| **Title:** | **Chief Financial Officer** |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act, or other document authenticating, acknowledging, or otherwise adopting the signatures that appear in typed form within the electronic version of this written statement required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the SEC or its staff upon request.