485APOS 1 devip485a.htm DELAWARE VIP TRUST 485(A) 2-14-2006

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-1A

File No. 033-14363
File No. 811-05162

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 /X/

Pre-Effective Amendment No.
/ /

Post-Effective Amendment No. 44 /X/

AND

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 /X/

Amendment No. 44
(Check appropriate box or boxes)

DELAWARE VIP TRUST
--------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in Charter)

2005 Market Street, Philadelphia, Pennsylvania 19103-7094
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(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code: (800) 523-1918

David F. Connor, Esq., 2005 Market Street, Philadelphia, PA 19103-7094
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(Name and Address of Agent for Service)

Approximate Date of Public Offering: As soon as possible after effectiveness

It is proposed that this filing will become effective:

/_/ Immediately upon filing pursuant to paragraph (b)

/_/ on (date) pursuant to paragraph (b)

/X/ 60 days after filing pursuant to paragraph (a) (1)

/_/ on (date) pursuant to paragraph (a)(1)

/_/ 75 days after filing pursuant to paragraph (a) (2)

/_/ on (date) pursuant to paragraph (a)(2) of Rule 485

If appropriate:

/X/ this post-effective amendment designates a new effective date for a
previously filed post-effective amendment

--- C O N T E N T S ---

This Post-Effective Amendment No. 44 to Registration File No.
033-14363 includes the following:

1. Facing Page

2. Contents Page

3. Part A - Prospectuses

4. Part B - Statement of Additional Information

5. Part C - Other Information

6. Signatures

7. Exhibits

DELAWARE VIP TRUST
Delaware VIP Balanced Series

Standard Class

2005 Market Street, Philadelphia, PA 19103-7094

Prospectus

April [ ], 2006

This Prospectus offers the Delaware VIP Balanced Series. The Series is in effect
a separate fund issuing its own shares. The shares of the Series are sold only
to separate accounts of life insurance companies (life companies). The separate
accounts are used in conjunction with variable annuity contracts and variable
life insurance policies (variable contracts). The separate accounts invest in
shares of the Series in accordance with allocation instructions received from
contract owners. The investment objective and principal policies of the Series
are described in this Prospectus.

As with all mutual funds, the U.S. Securities and Exchange Commission has not
approved or disapproved these securities or passed upon the adequacy of this
Prospectus. Any representation to the contrary is a criminal offense.

Table of contents

Overview page
Delaware VIP Balanced Series

How we manage the Series page
Our investment strategies
The securities we typically invest in
The risks of investing in the Series
Disclosure of portfolio holdings information

Who manages the Series page
Investment manager
Portfolio managers
Who's who?

Important information about the Series page
Share classes
Salesperson and life company compensation
Purchase and redemption of shares
Valuation of shares
Fair valuation
Frequent trading of Series shares
Dividends, distributions and taxes
Certain management considerations

Financial highlights page

Overview: Delaware VIP Balanced Series

What is the Series' goal?
Delaware VIP Balanced Series seeks a balance of capital appreciation, income and
preservation of capital. Although the Series will strive to achieve its goal,
there is no assurance that it will.

What are the Series' main investment strategies?
Under normal circumstances, the Series will invest at least 25% of its net
assets in equity securities and at least 25% of its net assets in fixed-income
securities, including high-yield fixed-income securities. We invest in common
stocks of established companies we believe have the potential for long-term
capital appreciation. In addition, we invest in various types of fixed-income
securities including U.S. government securities and corporate bonds. Funds with
this mix of stocks and bonds are commonly known as balanced funds.

An investment in the Series is not a deposit of any bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency.

Who should invest in the Series

o Investors with long-term financial goals.
o Investors looking for stocks and bonds combined in a single investment.
o Investors seeking a measure of capital preservation.

Who should not invest in the Series

o Investors with short-term financial goals.
o Investors who are unwilling to own an investment whose value may fluctuate,
sometimes significantly, over the short term.

How has the Series performed?

This bar chart and table can help you evaluate the risks of investing in the
Delaware VIP Balanced Series Standard Class. We show returns for the past ten
calendar years, as well as average annual returns for one, five and ten years.
The Series' past performance does not necessarily indicate how it will perform
in the future. The returns reflect applicable voluntary expense and contractual
caps. The returns would be lower without the voluntary and contractual caps.
Moreover, the performance presented does not reflect any separate account fees,
which would reduce the returns.

[GRAPHIC OMITTED: BAR CHART SHOWING YEAR BY YEAR TOTAL RETURN (Delaware VIP
Balanced Series Standard Class)

Year-by-year total return (Delaware VIP Balanced Series Standard Class)

-------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
-------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
26.58% 15.91% 26.40% 18.62% -7.85% -3.12% -7.66% -16.27% 19.21% 5.84% [ ]%
-------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------

During the periods illustrated in this bar chart, the Class' highest quarterly
return was [ ]% for the quarter ended [date] and its lowest quarterly return was
[ ]% for the quarter ended [date].

Average annual returns for periods ending 12/31/05

------------- -------------------- --------------- -----------------------------
Delaware VIP
Balanced Series S&P 500 Lehman Brothers Aggregate
Standard Class Index Bond Index
------------- -------------------- --------------- -----------------------------
1 year [ ]% [ ]% [ ]%
------------- -------------------- --------------- -----------------------------
5 years [ ]% [ ]% [ ]%
------------- -------------------- --------------- -----------------------------
10 years [ ]% [ ]% [ ]%
------------- -------------------- --------------- -----------------------------

The Series' returns are compared to the performance of the S&P 500 Index and the
Lehman Brothers Aggregate Bond Index. The S&P 500 Index is an unmanaged index of
500 widely held common stocks that is often used to represent performance of the
U.S. stock market. The Lehman Brothers Aggregate Bond Index measures the
performance of approximately 5,500 publicly traded bonds including U.S.
government, mortgage-backed, corporate and Yankee bonds. Neither index is a
perfect comparison to Delaware VIP Balanced Series since the S&P 500 Index does
not include fixed-income securities and the Lehman Brothers Aggregate Bond Index
does not include stocks. You should remember that unlike the Series, the indexes
are unmanaged and don't reflect the actual costs of operating a mutual fund,
such as the costs of buying, selling and holding securities.

What are the Series' fees and expenses? (1)

----------------------------------------- --------------------------------------------- ----------
You do not pay sales charges directly Maximum sales charge (load) imposed on
from your investmentswhen you buy purchases as a percentage of offering price none
or sell shares of the Standard Class. --------------------------------------------- ----------
Maximum contingent deferred sales charge
(load) as a percentage of original purchase
price or redemption price, whichever is lower none
--------------------------------------------- ----------
Maximum sales charge (load) imposed on
reinvested dividends none
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Redemption fees none
--------------------------------------------- ----------
Exchange fees none
--------------------------------------------- ----------

----------------------------------------- --------------------------------------------- ----------
Annual Series operating expenses are
deducted from the Series' assets. Management fees 0.65%
--------------------------------------------- ----------
Distribution and service (12b-1) fees none
--------------------------------------------- ----------
Other expenses [ ]%
--------------------------------------------- ----------
Total operating expenses [ ]%
--------------------------------------------- ----------
Fee waivers and payments(2) [ ]%
--------------------------------------------- ----------
Net expenses [ ]%
--------------------------------------------- ----------

----------------------------------------- --------------------------------------------- ----------
This example is intended to help you
compare the cost of investing in the
Series to the cost of investing in other
mutual funds with similar investment
objectives. We show the cumulative
amount of Series expenses on a
hypothetical investment of $10,000 with
an annual 5% return over the time 1 year $[ ]
shown.(3) This is an example only, and --------------------------------------------- ----------
does not represent future expenses, 3 years $[ ]
which may be greater or less than those --------------------------------------------- ----------
shown here. 5 years $[ ]
--------------------------------------------- ----------
10 years $[ ]
----------------------------------------- --------------------------------------------- ----------

(1) These tables and example do not include any fees or sales charges imposed
by the variable insurance contract for which the Series is an investment
option. If they were included, your cost would be higher. Investors should
consult the contract prospectus or disclosure document for more
information.

(2) The investment manager has contracted to waive fees and pay expenses
through [date] in order to prevent total operating expenses (excluding any
12b-1 fees, taxes, interest, brokerage fees, extraordinary expenses and
certain insurance costs) from exceeding 0.80% of average daily net assets.

(3) The Series' actual rate of return may be greater or less than the
hypothetical 5% return we use here. This example reflects the net operating
expenses with expense waivers for the one-year contractual period and the
total operating expenses without expense waivers for years two through ten.

How we manage the Series

Our investment strategies
We seek capital appreciation by investing at least 25% of the Series' net assets
in equity securities of primarily large-capitalization companies that we believe
have long-term capital appreciation potential. We will typically follow a
value-oriented investment philosophy in selecting stocks for the Series using a
research-intensive approach that considers factors such as:

o Security prices that reflect a market valuation that is judged to be below
the estimated present or future value of the company;
o Favorable earnings growth prospects;
o Expected above-average return on equity and dividend yield;
o The financial condition of the issuer; and
o Various qualitative factors.

While our investment philosophy will typically be value-oriented, we also may
invest in issues with growth characteristics during market cycles when growth
stocks appear attractive.

To seek current income and help preserve capital, we generally invest at least
25% of the Series' net assets in various types of fixed-income securities,
including U.S. government and government agency securities, corporate bonds and
high-yield securities. Each bond in the portfolio will typically have a maturity
between one and 30 years, and the average maturity of the portfolio will
typically be between one and 10 years.

We conduct ongoing analysis of the different markets to determine the
appropriate mix of stocks and bonds for the current economic and investment
environment.

The Series' investment objective is non-fundamental. This means that the Board
of Trustees may change the objective without obtaining shareholder approval. If
the objective were changed, we would notify shareholders before the change in
the objective became effective.

The securities we typically invest in
Stocks offer investors the potential for capital appreciation, and may pay
dividends as well. Fixed-income securities offer the potential for greater
income payments than stocks, and also may provide capital appreciation.

-------------------------------------------------------------- ----------------------------------------------------------------
Convertible securities: Usually preferred stocks or The Series may invest in convertible securities; however, we
corporate bonds that can be exchanged for a set number of will not invest more than 10% of the net assets of the
shares of common stock at a predetermined price. These Series in convertible securities that are rated below
securities offer higher appreciation potential than investment grade by a nationally recognized statistical
nonconvertible bonds and greater income potential than ratings organization (NRSRO) or in securities that are
nonconvertible preferred stocks. unrated but deemed equivalent to non-investment grade.

-------------------------------------------------------------- ----------------------------------------------------------------
Mortgage-backed securities: Fixed-income securities that There is no limit on government-related mortgage-backed
represent pools of mortgages, with investors receiving securities or on privately issued mortgage-backed securities
principal and interest payments as the underlying mortgage that are fully collateralized by government securities.
loans are paid back. Many are issued and guaranteed against
default by the U.S. government or its agencies or We may invest up to 20% of net assets in mortgage-backed
instrumentalities, such as the Federal Home Loan Mortgage securities issued by private companies if the securities are
Corporation, Fannie Mae and the Government National Mortgage not collateralized by the U.S. government, or its agencies or
Association. Others are issued by private financial instrumentalities. However, these securities must be rated at
institutions, with some fully collateralized by certificates the time of purchase in one of the four highest categories by
issued or guaranteed by the U.S. government or its agencies an NRSRO such as S&P or Moody's. They must also represent
or instrumentalities. interests in whole-loan mortgages, multi-family mortgages,
commercial mortgages and other mortgage collateral supported
by a first mortgage lien on real estate. The privately issued
securities we invest in are either CMOs or REMICs (see below).

-------------------------------------------------------------- ----------------------------------------------------------------
Collateralized mortgage obligations (CMOs): Privately issued See mortgage-backed securities above.
mortgage-backed bonds whose underlying value is the
mortgages that are grouped into different pools according to
their maturity.

-------------------------------------------------------------- ----------------------------------------------------------------
Real estate mortgage investment conduits (REMICs): Privately See mortgage-backed securities above.
issued mortgage-backed bonds whose underlying value is a
fixed pool of mortgages secured by an interest in real
property. Like CMOs, REMICs offer different pools.

-------------------------------------------------------------- ----------------------------------------------------------------
Asset-backed securities: Bonds or notes backed by accounts We invest only in asset-backed securities rated in one of the
receivables including home equity, automobile or credit four highest categories by an NRSRO.
loans.

-------------------------------------------------------------- ----------------------------------------------------------------
Corporate bonds: Debt obligations issued by a corporation. We focus on bonds rated in one of the four highest categories
by an NRSRO (or, if unrated, deemed equivalent), with
maturities typically between one and 30 years.

-------------------------------------------------------------- ----------------------------------------------------------------
High-yield corporate bonds: Debt obligations issued by a The Series may invest in high-yield corporate bonds. Emphasis
corporation and rated lower than investment grade by a is typically on those rated BB or Ba by an NRSRO.
nationally recognized statistical ratings organization
(NRSRO) such as S&P or Moody's. High-yield bonds are issued We carefully evaluate an individual company's financial
by corporations that have lower credit quality and may have situation, its management, the prospects for its industry and
difficulty repaying principal and interest. the technical factors related to its bond offering. Our goal
is to identify those companies that we believe will be able to
repay their debt obligations in spite of poor ratings. The
Series may invest in unrated bonds if we believe their credit
quality is comparable to the rated bonds we are permitted to
invest in. Unrated bonds may be more speculative in nature
than rated bonds.

-------------------------------------------------------------- ----------------------------------------------------------------
Repurchase agreements: An agreement between a buyer, such as Typically, we use repurchase agreements as a short-term
the Series, and a seller of securities in which the seller investment for the Series' cash position. In order to enter
agrees to buy the securities back within a specified time at into these repurchase agreements, the Series must have
the same price the buyer paid for them, plus an amount equal collateral of 102% of the repurchase price. The Series will
to an agreed upon interest rate. Repurchase agreements are only enter into repurchase agreements in which the collateral
often viewed as equivalent to cash. is U.S. government securities.

-------------------------------------------------------------- ----------------------------------------------------------------
American Depositary Receipts (ADRs): Certificates issued by We may invest without limitation in ADRs.
a U.S. bank that represent the bank's holding of a stated
number of shares of a foreign corporation. An ADR entitles
the holder to all dividends and capital gains earned by the
underlying foreign shares. ADRs are bought and sold the same
as U.S. securities.

-------------------------------------------------------------- ----------------------------------------------------------------

Interest rate swap, index swap and credit default swap We may use interest rate swaps to adjust the Series'
agreements: In an interest rate swap, a Series receives sensitivity to interest rates or to hedge against changes in
payments from another party based on a variable or floating interest rates. Index swaps may be used to gain exposure to
interest rate, in return for making payments based on a markets that the Series invests in, such as the corporate bond
fixed interest rate. An interest rate swap can also work in market. We may also use index swaps as a substitute for
reverse with a Series receiving payments based on a fixed futures or options contracts if such contracts are not
interest rate and making payments based on a variable or directly available to the Series on favorable terms. We may
floating interest rate. In an index swap, a Series receives enter into credit default swaps in order to hedge against a
gains or incurs losses based on the total return of a credit event, to enhance total return or to gain exposure to
specified index, in exchange for making interest payments to certain securities or markets.
another party. An index swap can also work in reverse with a
fund receiving interest payments from another party in
exchange for movements in the total return of a specified
index. In a credit default swap, a Series may transfer the
financial risk of a credit event occurring (a bond default,
bankruptcy, restructuring, etc.) on a particular security or
basket of securities to another party by paying that party a
periodic premium; likewise, a Series may assume the
financial risk of a credit event occurring on a particular
security or basket of securities in exchange for receiving
premium payments from another party. Interest rate swaps,
index swaps and credit default swaps may be considered to be
illiquid.

-------------------------------------------------------------- ----------------------------------------------------------------
Restricted and illiquid securities: Restricted securities We may invest up to 10% of net assets in illiquid securities.
are privately placed securities whose resale is restricted For this Series, the 10% limit includes restricted securities
under securities law. such as privately placed securities that are eligible for
resale only among certain institutional buyers without
Illiquid securities are securities that do not have a ready registration, which are commonly known as Rule 144A
market, and cannot be easily sold within seven days at Securities, and repurchase agreements with maturities of over
approximately the price that a series has valued them. seven days.

-------------------------------------------------------------- ----------------------------------------------------------------

The Series may also invest in other securities including real estate investment
trusts, options, U.S. Treasury securities and foreign securities. Please see the
Statement of Additional Information (SAI) for additional descriptions of these
securities as well as those listed in the table above.

Lending securities The Series may lend up to 25% of its assets to qualified
brokers, dealers and institutional investors for their use in security
transactions. These transactions, if any, may generate additional income for the
Series.

Purchasing securities on a when-issued or delayed delivery basis Consistent with
its investment objective, the Series may invest in U.S. government securities
and corporate debt obligations on a when-issued or delayed delivery basis; that
is, paying for securities before delivery or taking delivery at a later date.
These transactions involve commitments to buy a new issue with settlement up to
60 days later. During the time between the commitment and settlement, the Series
does not accrue interest, but the market value of the bonds may fluctuate. This
can result in the Series' share value increasing or decreasing. The Series will
designate cash or securities in amounts sufficient to cover its obligations, and
will value the designated assets daily.

Temporary defensive positions For temporary defensive purposes, the Series may
hold a substantial portion of its assets in cash or cash equivalents. To the
extent it holds cash or cash equivalents, the Series may be unable to achieve
its investment objective.

Portfolio turnover We anticipate that the Series' annual portfolio turnover will
exceed 100%, and may be considerably in excess of 100%. A turnover rate of 100%
would occur if, for example, the Series bought and sold all of the securities in
its portfolio once in the course of a year or frequently traded a single
security. High turnover can result in increased transaction costs for investors
and may affect the Series' performance.

The risks of investing in the Series
Investing in any mutual fund involves risk, including the risk that you may
receive little or no return on your investment, and the risk that you may lose
part or all of the money you invest. Before you invest in the Series, you should
carefully evaluate the risks. An investment in the Series typically provides the
best results when held for a number of years. Following are the chief risks you
assume when investing in the Delaware VIP Balanced Series. Please see the SAI
for further discussion of these risks and other risks not discussed here.

--------------------------------------------------------------- --------------------------------------------------------------
Risks How we strive to manage them
Delaware VIP Balanced Series
--------------------------------------------------------------- --------------------------------------------------------------
Market risk: The risk that all or a majority of the We maintain a long-term investment approach and focus on
securities in a certain market--like the stock or bond stocks we believe can appreciate over an extended time frame
market--will decline in value because of factors such as regardless of interim market fluctuations. We do not try to
economic conditions, future expectations or investor predict overall stock market movements and generally do not
confidence. trade for short-term purposes.

We diversify the Series' assets among two major categories
of investments--stocks and bonds--which tend to increase and
decline in value in different economic or investment
conditions.

In evaluating the use of an index swap, we carefully
consider how market changes could affect the swap and how
that compares to us investing directly in the market the
swap is intended to represent.

--------------------------------------------------------------- --------------------------------------------------------------
Industry and security risk: The risk that the value of We limit the amount of the Series' assets invested in any
securities in a particular industry or the value of an one industry and in any individual security. We also follow
individual stock or bond will decline because of changing a rigorous selection process before choosing securities for
expectations for the performance of that industry or for the the portfolio.
individual company issuing the stock or bond.

--------------------------------------------------------------- --------------------------------------------------------------
Interest rate risk: The risk that securities, particularly We do not try to increase return by predicting and
bonds with longer maturities, will decrease in value if aggressively capitalizing on interest rate moves. Instead,
interest rates rise. we aim to keep the interest rate risk similar to the Lehman
Brothers Aggregate Bond Index.
Swaps may be particularly sensitive to interest rate
changes. Depending on the actual movements of interest rates We will not invest in swaps with maturities of more than two
and how well the portfolio manager anticipates them, a series years. Each business day we calculate the amount the Series
could experience a higher or lower return than anticipated. must pay for swaps it holds and will segregate cash or other
liquid securities to cover that amount.

--------------------------------------------------------------- --------------------------------------------------------------
Credit risk is the risk that there is the possibility that a Our careful, credit-oriented bond selection and our
bond's issuer will be unable to make timely payments of commitment to hold a diversified selection of high-yield
interest and principal. bonds are designed to manage this risk. We will limit the
Series' investments in high-yield bonds to 20% of the
Investing in so-called "junk" or "high-yield" bonds entails Series' net assets allocated to fixed-income securities
the risk of principal loss, which may be greater than the (typically no more than 8% of the Series' total net assets).
risk involved in investment grade bonds. High-yield bonds are
sometimes issued by companies whose earnings at the time of
issuance are less than the projected debt service on the junk
bonds.

--------------------------------------------------------------- --------------------------------------------------------------
Foreign risk: The risk that foreign securities may be We typically invest only a small portion of the Series'
adversely affected by political instability (including portfolio in foreign securities. When we do purchase foreign
governmental seizures or nationalization of assets), changes securities, they are often denominated in U.S. dollars. We
in currency exchange rates, foreign economic conditions or also tend to avoid markets where we believe accounting
lax regulatory and accounting standards. Foreign markets may principles or the regulatory structure are underdeveloped.
also be less efficient, less liquid, have greater price
volatility, less regulation and higher transaction costs than
U.S. markets.

--------------------------------------------------------------- --------------------------------------------------------------
Liquidity risk: The possibility that securities cannot be We limit exposure to illiquid securities. Swap agreements
readily sold within seven days at approximately the price will be treated as illiquid securities, but most swap
that the Series values them. dealers will be willing to repurchase interest rate swaps.

--------------------------------------------------------------- --------------------------------------------------------------
Derivatives Risk is the possibility that the Series may We will use derivatives for defensive purposes, such as to
experience a significant loss if it employs a derivatives protect gains or hedge against potential losses in the
strategy (including a strategy involving credit default portfolio without actually selling a security, to neutralize
swaps) related to a security or a securities index and that the impact of interest rate changes, to affect
security or index moves in the opposite direction from what diversification or to earn additional income. We will not
the portfolio manager had anticipated. Another risk of use derivatives for reasons inconsistent with our investment
derivative transactions is the creditworthiness of the objectives.
counterparty because the transaction depends on the
willingness and ability of the counterparty to fulfill its
contractual obligations. Derivatives also involve additional
expenses, which could reduce any benefit or increase any loss
to a series from using the strategy.

--------------------------------------------------------------- --------------------------------------------------------------

Disclosure of portfolio holdings information
A description of the Series' policies and procedures with respect to the
disclosure of the Series' portfolio securities is available in the Series' SAI.

Investment manager
The Series is managed by Delaware Management Company, a series of Delaware
Management Business Trust, which is an indirect wholly owned subsidiary of
Delaware Management Holdings, Inc. Delaware Management Company makes investment
decisions for the Series, manages the Series' business affairs and provides
daily administrative services. For its services to the Series, the manager was
paid [ ]% of average daily net assets for the last fiscal year.

A discussion of the basis for the Board of Trustee's approval of the Series'
investment advisory contract is available in the Series' semiannual report to
shareholders for the period ended June 30, 2005.

Portfolio managers
D. Tysen Nutt, Jr., Jordan L. Irving, Anthony A. Lombardi and Robert A. Vogel,
Jr. have primary responsibility for making the day-to-day investment decisions
for the equity portion of the Series. Messrs. Nutt, Irving, Lombardi and Vogel
assumed responsibility for the Series on February 21, 2005.

Paul Grillo, Stephen R. Cianci and Timothy L. Rabe have primary responsibility
for making day-to-day investment decisions for the fixed-income portion of the
Series. Messrs. Grillo and Cianci have been co-managing the fixed-income portion
of the Series since April 25, 2000. Mr. Rabe assumed responsibility for the
Series on February 21, 2005.

D. Tysen Nutt, Jr., Senior Vice President/Senior Portfolio Manager, joined
Delaware Investments in 2004. Prior to that, Mr. Nutt graduated from Dartmouth
College with a BA. Mr. Nutt began his investment career in 1983 at Dean Witter
Reynolds where he advanced to Vice President, Investments. In 1988, he joined
investment advisor Van Deventer & Hoch (V&H), where he managed value portfolios
for institutions and private clients. As a Senior Vice President at V&H, he was
a member of the firm's Management Committee. He managed mutual funds and
separate accounts for institutions and private clients; he departed MLIM as a
Managing Director. In 2001, Mr. Mutt joined Delaware Investments as a Senior
Vice President/Senior Portfolio Manager. Mr. Nutt moved to the U.S. Active Value
Team within Merrill Lynch Investment Managers (MLIM). He is a member of the New
York Society of Security Analysts and the CFA Institute.

Jordan L. Irving, Vice President/Senior Portfolio Manager, joined Delaware
Investments in 2004. Prior to that, Mr. Irving graduated from Yale University
with a BA in American Studies and earned a Special Diploma in Social Studies at
Oxford University the following year. In 1998, he joined U.S. Active Value Team
within Merrill Lynch Investment Managers (MLIM) and became a Portfolio Manager
in 2000. He managed mutual funds and separate accounts for institutions and
private clients, he departed MLIM as a Vice President. In 2004, Mr. Irving
joined Delaware Investments as Vice President/Senior Portfolio Manager. While
working for MLIM, Mr. Irving competed for The United States National Rowing
Team, winning a gold medal at the 1997 World Rowing Championships in
Aiguebelette, France.

Anthony A. Lombardi, Vice President/Senior Portfolio Manager, joined Delaware
Investments in 2004. Prior to that, Mr. Lombardi graduated from Hofstra
University with a BBA and MBA in Finance. Mr. Lombardi started his financial
services career as an Investment Analyst with Crossland Savings, FSB, Brooklyn,
NY in 1989. He joined at Dean Witter Reynolds, Inc. as a Research Assistant in
1990 and rose to the position of Vice President, Research Analyst. In 1998, he
joined the U.S. Active Value Team within Merrill Lynch Investment Managers
(MLIM) and became a Portfolio Manager in 2000; he departed MLIM as a Director.
In 2004, Mr. Lombardi joined Delaware Investments as a Vice President/Senior
Portfolio Manager. He is a Chartered Financial Analyst and a member of the New
York Society of Security Analysts and the CFA Institute.

Robert A. Vogel, Jr., Vice President/Senior Portfolio Manager, joined Delaware
Investments in 2004. Prior to that, Mr. Vogel graduated from Loyola College in
Maryland earning both his BBA and MS in Finance. He earned his MBA with a
concentration in Finance at the Wharton School of Business at the University of
Pennsylvania. Mr. Vogel started his financial services career as a Financial
Consultant with Merrill Lynch in 1992. In 1997 he joined Merrill Lynch
Investment Managers (MLIM) and became a Portfolio Manager with the U.S. Active
Value Team in 1998. He managed mutual funds and separate accounts for
institutions and private clients; he departed MLIM as a Director. In 2004, Mr.
Vogel joined Delaware Investments as Vice President/Senior Portfolio Manager.
Mr. Vogel is a Chartered Financial Analyst and a member of the New York Society
of Security Analysts and the Association for Investment Management and Research.

Paul Grillo, Senior Vice President/Senior Portfolio Manager, holds a BA in
business management from North Carolina State University and an MBA in finance
from Pace University. Prior to joining Delaware Investments in 1993, Mr. Grillo
served as mortgage strategist and trader at the Dreyfus Corporation. He also
served as mortgage strategist and portfolio manager for the Chemical Investment
Group and as financial analyst at Chemical Bank. Mr. Grillo is a CFA
charterholder.

Stephen R. Cianci, Senior Vice President/Senior Portfolio Manager, holds a BS
and an MBA in finance from Widener University. He joined Delaware Investments in
1992 and assumed responsibility for maintaining the Fixed-Income Department's
investment grade analytical systems. These responsibilities included portfolio
analysis and the analysis of mortgage-backed and asset-backed securities. Mr.
Cianci is an Adjunct Professor of finance at Widener University and a CFA
charterholder.

Timothy L. Rabe, Senior Vice President/Senior Portfolio Manager, received a
bachelor's degree in finance from the University of Illinois. Prior to joining
Delaware Investments in 2000, Mr. Rabe was a high-yield portfolio manager for
Conseco Capital Management. Before that, he worked as a tax analyst for The
Northern Trust Company. He is a CFA charterholder.

The SAI for the Series provides additional information about the portfolio
managers' compensation, other accounts managed by the portfolio managers and the
portfolio managers' ownership of securities in the Series.

Who's who?

The following describes the various organizations involved with managing,
administering, and servicing the Series.

Board of Trustees
A mutual fund is governed by a board of trustees which has oversight
responsibility for the management of the fund's business affairs. Trustees
establish procedures and oversee and review the performance of the investment
manager, the distributor and others that perform services for the series.
Generally, at least 40% of the board of trustees must be independent of the
fund's investment manager and distributor. However, the Series relies on certain
exemptive rules created by the Securities and Exchange Commission that require
the Board of Trustees overseeing the Series to be comprised of a majority of
such independent trustees. These independent fund Trustees, in particular, are
advocates for shareholder interests.

Investment manager
Delaware Management Company, 2005 Market Street, Philadelphia, PA 19103-7094

An investment manager is a company responsible for selecting portfolio
investments consistent with objectives and policies stated in the mutual fund's
Prospectus. The investment manager places portfolio orders with broker/dealers
and is responsible for obtaining the best overall execution of those orders. A
written contract between a mutual fund and its investment manager specifies the
services the manager performs. Most management contracts provide for the manager
to receive an annual fee based on a percentage of the fund's average net assets.
The manager is subject to numerous legal restrictions, especially regarding
transactions between itself and the funds it advises.

On December 31, 2005, the Manager and its affiliates within Delaware Investments
were managing in the aggregate in excess of $[ ] billion in assets in various
institutional or separately managed, investment company, and insurance accounts.

Portfolio managers
Portfolio managers are employed by the investment manager to make investment
decisions for individual portfolios on a day-to-day basis. See "Portfolio
managers" for information about the portfolio managers of the Series.

Distributor
Delaware Distributors, L.P., 2005 Market Street, Philadelphia, PA 19103-7094

Shares of the Series are only sold to separate accounts of insurance companies
used in connection with variable annuity or variable life products.

Financial intermediary wholesaler
Lincoln Financial Distributors, Inc. ("LFD"), 2001 Market Street, Philadelphia,
PA 19103-7055

Pursuant to a contractual arrangement with Delaware Distributors, L.P., LFD is
primarily responsible for promoting the sale of Series shares through insurance
company sponsors, brokers, dealers and other financial intermediaries.

Custodian
JPMorgan Chase Bank, 4 Chase Metrotech Center, Brooklyn, NY 11245

Mutual funds are legally required to protect their portfolio securities and most
funds place them with a custodian, typically a qualified bank custodian, who
segregates fund securities from other bank assets.

Important Information about the Series

Salesperson and life company compensation
Your variable contract salesperson who sells your variable contract which
invests in shares of the Series may be eligible to receive the following amounts
as compensation for your investment in the Series. These amounts are paid by the
distributor to the life companies with whom your variable contract salesperson
is associated.

-------------------------------- ----------------------
Standard Class*
-------------------------------- ----------------------
Commission (%) -
-------------------------------- ----------------------
Fee to Dealer 0.25%
-------------------------------- ----------------------

* Your variable contract salesperson may be eligible to receive up to 0.25%
fee applicable to Standard Class shares. The Distributor may make such
payments out of its own resources to life companies that have entered into
service agreements with the Distributor.

The Distributor or an affiliate may also pay an amount up to 0.40% of the
Series' net assets out of the Distributor's or the affiliates own resources to
the life companies that sponsor your contract. Your salesperson may receive some
or all of such payment.

Purchase and redemption of shares
Shares are sold only to separate accounts of life companies at net asset value
(see "Valuation of shares"). Redemptions will be effected by the separate
accounts at the net asset value next determined after receipt of the order to
meet obligations under the variable contracts. Contract owners do not deal
directly with the Series with respect to the acquisition or redemption of Series
shares.

Valuation of shares
The price you pay for shares will depend on when we receive your purchase order.
If we or an authorized agent receive your order before the close of regular
trading on the New York Stock Exchange (normally 4:00 p.m. Eastern Time) on a
business day, you will pay that day's closing share price, which is based on the
Series' net asset value. If your order is received after the close of regular
trading, you will pay the next business day's price. A business day is any day
that the New York Stock Exchange is open for business. We reserve the right to
reject any purchase order.

We determine the Series' net asset value per share at the close of regular
trading on the New York Stock Exchange each business day that the New York Stock
Exchange is open. We calculate this value by adding the market value of all the
securities and assets in the Series' portfolio, deducting all liabilities, and
dividing the resulting number by the number of shares outstanding. The result is
the net asset value (NAV) per share. Foreign securities, currencies and other
assets denominated in foreign currencies are translated into U.S. dollars at the
exchange rate of these currencies against the U.S. dollar, as provided by an
independent pricing service. We price securities and other assets for which
market quotations are available at their market value. We price fixed-income
securities on the basis of valuations provided to us by an independent pricing
service that uses methods approved by the Board of Trustees. Any fixed-income
securities that have a maturity of less than 60 days, we price at amortized
cost. For all other securities, we use methods approved by the Board of Trustees
that are designed to price securities at their fair market value (see "Fair
valuation", below).

Fair valuation
When a Series uses fair value pricing, it may take into account any factors it
deems appropriate. A Series may determine fair value based upon developments
related to a specific security, current valuations of foreign stock indices (as
reflected in U.S. futures markets) and/or U.S. sector or broader stock market
indices. The prices of securities used by the Series to calculate its NAV may
differ from quoted or published prices for the same securities. Fair value
pricing may involve subjective judgments and it is possible that the fair value
determined for a security is materially different than the value that could be
realized upon the sale of that security.

The Series anticipates using fair value pricing for securities primarily traded
on U.S. exchanges only under very limited circumstances, such as the early
closing of the exchange on which a security is traded or suspension of trading
in the security. Series may use fair value pricing more frequently for
securities primarily traded in non-U.S. markets because, among other things,
most foreign markets close well before the Series values its securities at 4:00
p.m., Eastern Time. The earlier close of these foreign markets gives rise to the
possibility that significant events, including broad market moves, may have
occurred in the interim. To account for this, the Series may frequently value
many foreign equity securities using fair value prices based on third party
vendor modeling tools to the extent available.

Subject to the Board's oversight, each Series' Board has delegated
responsibility for valuing a Series' assets to a Pricing Committee of the
Manager, which operates under the policies and procedures approved by the Board,
to value the Series' assets on behalf of the Series. The Pricing Committee
values Series assets as described above.

Frequent trading of Series shares
The Series discourages purchases by market timers and purchase orders (including
the purchase side of exchange orders) by shareholders identified as market
timers may be rejected. The Series' Board of Trustees has adopted policies and
procedures designed to detect, deter and prevent trading activity detrimental to
the Series and its contract owners, such as market timing. The Series will
consider anyone who follows a pattern of market timing in any fund in the
Delaware Investments family or Optimum Fund Trust to be a market timer and may
consider anyone who has followed a similar pattern of market timing at an
unaffiliated fund family to be a market timer.

Market timing of a fund occurs when investors make consecutive, rapid,
short-term "roundtrips" - that is, purchases into a fund followed quickly by
redemptions out of that fund. A short-term roundtrip is any redemption of fund
shares within 20 business days of a purchase of that fund's shares. If you make
a second such short-term roundtrip in a fund within the same calendar quarter of
a previous short-term roundtrip in that fund, you may be considered a market
timer. In determining whether market timing has occurred, the Series will
consider short-term roundtrips to include rapid purchases and sales of Series
shares through the exchange privilege. The Series reserves the right to consider
other trading patterns to be market timing.

Your ability to use the Series' exchange privilege may be limited if you are
identified as a market timer. If you are identified as a market timer, we will
execute the redemption side of your exchange order but may refuse the purchase
side of your exchange order. The Series reserves the right to restrict, reject
or cancel, without prior notice, any purchase order or exchange order for any
reason, including any purchase order or exchange order accepted by any
shareholder's financial intermediary or in any omnibus-type account.
Transactions placed in violation of the Series' market timing policy are not
necessarily deemed accepted by the Series and may be cancelled or revoked by the
Series on the next business day following receipt by the Series.

Redemptions will continue to be permitted in accordance with the Series' current
Prospectus. A redemption of shares under these circumstances could be costly to
a shareholder if, for example, the shares have declined in value or the sale
results in adverse tax consequences. To avoid this risk, a shareholder should
carefully monitor the purchases, sales and exchanges of Series shares and avoid
frequent trading in Series shares.

The Series reserves the right to modify this policy, at any time without notice,
including modifications to the Series' monitoring procedures and the procedures
to close accounts to new purchases. Although the implementation of this policy
involves judgments that are inherently subjective and may be selectively
applied, we seek to make judgments and applications that are consistent with the
interests of the Series' contract owners. While we will take actions designed to
detect and prevent market timing, there can be no assurance that such trading
activity will be completely eliminated. Moreover, the Series' market timing
policy does not require the Series to take action in response to frequent
trading activity. If the Series elects not to take any action in response to
frequent trading, such frequent trading and market timing activity could
continue.

Risks of market timing By realizing profits through short-term trading, contract
owners that engage in rapid purchases and sales or exchanges of the Series'
shares dilute the value of shares held by long-term shareholders. Volatility
resulting from excessive purchases and sales or exchanges of Series shares,
especially involving large dollar amounts, may disrupt efficient portfolio
management. In particular, the Series may have difficulty implementing its
long-term investment strategies if it is forced to maintain a higher level of
its assets in cash to accommodate significant short-term trading activity.
Excessive purchases and sales or exchanges of the Series' shares may also force
the Series to sell portfolio securities at inopportune times to raise cash to
accommodate short-term trading activity. This could adversely affect the Series'
performance if, for example, the Series incurs increased brokerage costs and
realization of taxable capital gains without attaining any investment advantage.

A fund that invests significantly in foreign securities may be particularly
susceptible to short-term trading strategies. This is because foreign securities
are typically traded on markets that close well before the time the fund
calculates its NAV (typically, 4:00 p.m. Eastern Time). Developments that occur
between the closing of the foreign market and the Series' NAV calculation may
affect the value of these foreign securities. The time zone differences among
international stock markets can allow a shareholder engaging in a short-term
trading strategy to exploit differences in fund share prices that are based on
closing prices of foreign securities established some time before a fund
calculates its own share price.

Any fund that invests in securities that are thinly traded, traded infrequently,
or relatively illiquid has the risk that the securities prices used to calculate
the fund's NAV may not accurately reflect current market values. A contract
owner may seek to engage in short-term trading to take advantage of these
pricing differences. Funds that may be adversely affected by such arbitrage
include, in particular, funds that significantly invest in small cap securities,
technology and other specific industry sector securities, and in certain
fixed-income securities, such as high yield bonds, asset-backed securities, or
municipal bonds.

Transaction monitoring procedures The Series maintains surveillance procedures
designed to detect excessive or short-term trading in Series shares. This
monitoring process involves several factors, which include scrutinizing
transactions in Series shares for violations of the Series' market timing policy
or other patterns of short-term or excessive trading. For purposes of these
transaction monitoring procedures, the Series may consider trading activity by
multiple accounts under common ownership, control, or influence to be trading by
a single entity. Trading activity identified by these factors, or as a result of
any other available information, will be evaluated to determine whether such
activity might constitute market timing. These procedures may be modified from
time to time to improve the detection of excessive or short-term trading or to
address other concerns. Such changes may be necessary or appropriate, for
example, to deal with issues specific to certain retirement plans, plan exchange
limits, U.S. Department of Labor regulations, certain automated or
pre-established exchange, asset allocation or dollar cost averaging programs, or
omnibus account arrangements.

Shares of the Series are held through omnibus accounts of sponsors of variable
insurance products. The Series will attempt to apply its monitoring procedures
to these omnibus accounts and to the participants in such accounts. In an effort
to discourage market timers in such accounts the Series may consider enforcement
against market timers at the participant level and at the omnibus level, up to
and including termination of the omnibus account's authorization to purchase
Series shares.

Limitations on ability to detect and curtail market timing Contract owners
seeking to engage in market timing may employ a variety of strategies to avoid
detection and, despite the efforts of the Series and their agents to detect
market timing in Series shares, there is no guarantee that the Series will be
able to identify these contract owners or curtail their trading practices. In
particular, the Series may not be able to detect market timing in Series shares
attributable to a particular investor who effects purchase, redemption and/or
exchange activity in Series shares through omnibus accounts. The difficulty of
detecting market timing may be further compounded if these entities utilize
multiple tiers or omnibus accounts.

Dividends, distributions and taxes
Dividends, if any, are paid annually. Capital gain distributions, if any,
normally will be made following the close of the fiscal year.

We automatically reinvest all dividends and any capital gains.

The Series will not be subject to federal income tax to the extent its earnings
are distributed. The Series intends to distribute substantially all of its net
investment income and net capital gains.

The tax consequences for contract owners will depend on the provisions of the
variable contracts through which they are invested in shares of the Series.
Please refer to the prospectus for the variable contracts for more information.

Certain management considerations

Investments by fund of funds
The Series accepts investments from the Lincoln Profile Funds, a fund of funds.
From time to time, the Series may experience large investments or redemptions
due to allocations or rebalancings by the Lincoln Profile Funds. While it is
impossible to predict the overall impact of these transactions over time, there
could be adverse effects on portfolio management. For example, the Series may be
required to sell securities or invest cash at times when it would not otherwise
do so. These transactions could also increase transaction costs or portfolio
turnover.

Manager of managers structure
At a shareholder meeting held on March 23, 2005 (or as adjourned), the Series'
shareholders approved a "manager of managers" structure that would permit
Delaware Management Company, the Series' investment adviser, to appoint and
replace sub-advisers, enter into sub-advisory agreements, and amend and
terminate sub-advisory agreements with respect to the Series, subject to Board
approval but without shareholder approval (the "manager of managers structure").
While Delaware Management Company does not currently expect to use the manager
of managers structure with respect to the Series, including any Series that
currently has a sub-adviser, Delaware Management Company may, in the future,
recommend to the Series' Board the establishment of the manager of managers
structure by recommending the hiring of one or more sub-advisers to manage all
or a portion of the Series' portfolio if it believes that doing so would be
likely to enhance the Series' performance by introducing a different investment
style or focus.

The ability to implement the manager of managers structure with respect to the
Series is contingent upon the receipt of an exemptive order from the SEC or the
adoption of a rule by the SEC authorizing the implementation of the manager of
managers structure. The use of the manager of managers structure with respect to
the Series may be subject to certain conditions set forth in the SEC exemptive
order or rule. There can be no assurance that the SEC will grant the Series'
application for an exemptive order or adopt such a rule.

The manager of managers structure would enable the Series to operate with
greater efficiency and without incurring the expense and delays associated with
obtaining shareholder approval of sub-advisory agreements. The manager of
managers structure would not permit investment management fees paid by the
Series to be increased without shareholder approval or change Delaware
Management Company's responsibilities to the Series including Delaware
Management Company's responsibility for all advisory services furnished by a
sub-adviser.

Financial highlights

The financial highlights table is intended to help you understand the financial
performance of the Standard Class of the Series. The total returns in the table
represent the rate that an investor would have earned or lost on an investment
in the Series' Standard Class (assuming reinvestment of all dividends and
distributions). All "per share" information reflects financial results for a
single Series share. This information has been audited by [ ] LLP, whose report,
along with the Series' financial statements, is included in the Series' annual
report, which is available upon request by calling 800 523-1918.

-------------------------------------------- -----------------------------------------------------------------------
Delaware VIP Balanced Series Standard Class
Year Ended 12/31
-------------------------------------------- ----------- ----------- ----------- ----------- ----------- -----------
2005 2004 2003 2002 2001(1) 2000
-------------------------------------------- ----------- ----------- ----------- ----------- ----------- -----------

Net asset value, beginning of period $12.890 $11.170 $13.730 $15.230 $17.340

Income (loss) from investment operations:
Net investment income(2) 0.245 0.211 0.258 0.329 0.399
Net realized and unrealized gain (loss) on
investments and foreign currencies 0.493 1.872 (2.430) (1.494) (0.956)
------- ------- ------- ------- -------
Total from investment operations 0.738 2.083 (2.172) (1.165) (0.557)
------- ------- ------- ------- -------

Less dividends and distributions from:
Net investment income (0.268) (0.363) (0.388) (0.335) (0.451)
Net realized gain on investments --- --- --- --- (1.102)
------- ------- ------- ------- -------
Total dividends and distributions (0.268) (0.363) (0.388) (0.335) (1.553)
------- ------- ------- ------- -------

Net asset value, end of period $13.360 $12.890 $11.170 $13.730 $15.230
======= ======= ======= ======= =======

Total return(3) 5.84% 19.21% (16.27%) (7.66%) (3.12%)

Ratios and supplemental data:
Net assets, end of period (000 omitted) $45,407 $53,233 $54,789 $90,377 $120,705
Ratio of expenses to average net assets 0.77% 0.77% 0.75% 0.73% 0.79%
Ratio of expenses to average net assets
prior to expense limitation and expenses
paid indirectly 0.77% 0.77% 0.76% 0.73% 0.79%
Ratio of net investment income to average
net assets 1.91% 1.80% 2.10% 2.37% 2.54%
Ratio of net investment income to average
net assets prior to expense limitation
and expenses paid indirectly 1.91% 1.80% 2.09% 2.37% 2.54%
Portfolio turnover 247% 231% 303% 336% 179%
-------------------------------------------- ----------- ----------- ----------- ----------- ----------- -----------

(1) As required, effective January 1, 2001, the Series adopted the provisions
of the AICPA Audit and Accounting Guide for Investment Companies that
requires amortization of all premiums and discounts on debt securities and
the recording of paydown gains and losses on mortgage- and asset-backed
securities as an adjustment to interest income. The effect of these changes
for the year ended December 31, 2001 was a decrease in net investment
income per share of $0.009, an increase in net realized and unrealized gain
(loss) per share of $0.009, and a decrease in the ratio of net investment
income to average net assets of 0.07%. Per share data and ratios for
periods prior to January 1, 2001 have not been restated to reflect these
changes in accounting.

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

(3) Total investment return is based on the change in net asset value of a
share during the period and assumes reinvestment of dividends and
distributions at net asset value. Total investment return reflects a waiver
and payment of fees by the manager, as applicable. Performance would have
been lower had the expense limitation not been in effect.

Delaware VIP Balanced Series

Additional information about the Series' investments is available in the Series'
annual and semiannual reports to shareholders. In the Series' annual report you
will find a discussion of the market conditions and investment strategies that
significantly affected the Series' performance during the last fiscal period.
You can find more detailed information about the Series in the current Statement
of Additional Information (SAI), which we have filed electronically with the
Securities and Exchange Commission (SEC) and which is legally a part of this
Prospectus. You may obtain a free copy of the SAI by writing to us at 2005
Market Street, Philadelphia, PA 19103-7094, or call toll-free 800 523-1918.

You can find reports and other information about the Series on the EDGAR
Database on the SEC Web site (http://www.sec.gov). You can also get copies of
this information, after payment of a duplicating fee, by e-mailing the SEC at
publicinfo@sec.gov or by writing to the Public Reference Section of the SEC,
Washington, D.C. 20549-0102. Information about the Series, including its SAI,
can be reviewed and copied at the SEC's Public Reference Room in Washington,
D.C. You can get information on the Public Reference Room by calling the SEC at
202 942-8090.

Investment Company Act File No. 811-5162

Delaware Series Symbol CUSIP
Delaware VIP Balanced Series
(Standard Class) 246493209

DELAWARE VIP TRUST
Delaware VIP Balanced Series

Service Class

2005 Market Street, Philadelphia, PA 19103-7094

Prospectus

April [ ], 2006

Table of contents

Overview page
Delaware VIP Balanced Series

How we manage the Series page
Our investment strategies
The securities we typically invest in
The risks of investing in the Series
Disclosure of portfolio holdings information

Who manages the Series page
Investment manager
Portfolio managers
Who's who?

Financial highlights page

Overview: Delaware VIP Balanced Series

An investment in the Series is not a deposit of any bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency.

Who should invest in the Series

o Investors with long-term financial goals.
o Investors looking for stocks and bonds combined in a single investment.
o Investors seeking a measure of capital preservation.

Who should not invest in the Series

o Investors with short-term financial goals.
o Investors who are unwilling to own an investment whose value may fluctuate,
sometimes significantly, over the short term.

How has the Series performed?

This bar chart and table can help you evaluate the risks of investing in the
Delaware VIP Balanced Series Service Class. We show returns for the past five
calendar years, as well as average annual returns for one year and since
inception. The Series' past performance does not necessarily indicate how it
will perform in the future. The returns reflect expense caps in effect during
the periods. The returns would be lower without the expense caps. Please see
footnotes 2 and 3 on page [ ] for additional information about the expense caps.
Moreover, the performance presented does not reflect any separate account fees,
which would reduce the returns.

[GRAPHIC OMITTED: BAR CHART SHOWING YEAR BY YEAR TOTAL RETURN (Delaware VIP
Balanced Series Service Class)]

Year-by-year total return (Delaware VIP Balanced Series Service Class)

------------ ------------ ------------ ------------ ------------
2001 2002 2003 2004 2005
------------ ------------ ------------ ------------ ------------
-7.76% -16.40% 18.90% 5.55% [ ]%
------------ ------------ ------------ ------------ ------------

During the period illustrated in this bar chart, the Class' highest quarterly
return was [ ]% for the quarter ended [date] and its lowest quarterly return was
[ ]% for the quarter ended [date].

Average annual returns for periods ending 12/31/05

----------------- ------------------- ------------- ----------------------------
Delaware VIP
Balanced Series S&P 500 Lehman Brothers Aggregate
Service Class Index Bond Index
----------------- ------------------- ------------- ----------------------------
1 year [ ]% [ ]% [ ]%
----------------- ------------------- ------------- ----------------------------
5 years [ ]% [ ]% [ ]%
----------------- ------------------- ------------- ----------------------------
Lifetime
(Inception 5/1/00) [ ]% [ ]%* [ ]%*
----------------- ------------------- ------------- ----------------------------

* The S&P 500 Index and the Lehman Brothers Aggregate Bond Index report
returns on a monthly basis as of the last day of the month. These figures
reflect the return from May 31, 2000 through December 31, 2005 for each
index.

What are the Series' fees and expenses? (1)

----------------------------------------- --------------------------------------------- ----------
Sales charges are fees paid directly Maximum sales charge (load) imposed on
from your investments when you buy or purchases as a percentage of offering price none
sell shares of the Service Class. --------------------------------------------- ----------
Maximum contingent deferred sales charge
(load) as a percentage of original purchase
price or redemption price, whichever
is lower none
--------------------------------------------- ----------
Maximum sales charge (load) imposed on
reinvested dividends none
--------------------------------------------- ----------
Redemption fees none
--------------------------------------------- ----------
Exchange fees none

----------------------------------------- --------------------------------------------- ----------
Annual Series operating expenses are
deducted from the Series' assets. Management fees 0.65%
--------------------------------------------- ----------
Distribution and service (12b-1) fees(2) 0.30%
--------------------------------------------- ----------
Other expenses [ ]%
--------------------------------------------- ----------
Total operating expenses [ ]%
--------------------------------------------- ----------
Fee waivers and payments(2,3) [ ]%
--------------------------------------------- ----------
Net expenses [ ]%

----------------------------------------- --------------------------------------------- ----------
This example is intended to help you
compare the cost of investing in the
Series to the cost of investing in other
mutual funds with similar investment
objectives. We show the cumulative
amount of Series expenses on a
hypothetical investment of $10,000 with 1 year $[ ]
an annual 5% return over the time --------------------------------------------- ----------
shown.(4) This is an example only, and 3 years $[ ]
does not represent future expenses, --------------------------------------------- ----------
which may be greater or less than those 5 years $[ ]
shown here. --------------------------------------------- ----------
10 years $[ ]
----------------------------------------- --------------------------------------------- ----------

(2) Service Class shares are subject to a 12b-1 fee of 0.30% of average daily
net assets. The Series' distributor has contracted to limit the 12b-1 fees
through [date] to no more than 0.25% of average daily net assets.

(3) The investment manager has contracted to waive fees and pay expenses
through [date] in order to prevent total operating expenses (excluding any
12b-1 fees, taxes, interest, brokerage fees, extraordinary expenses and
certain insurance costs) from exceeding 0.80% of average daily net assets.

(4) The Series' actual rate of return may be greater or less than the
hypothetical 5% return we use here. This example reflects the net operating
expenses with expense waivers for the one-year contractual period and the
total operating expenses without expense waivers for years two through ten.

How we manage the Series

While our investment philosophy will typically be value-oriented, we also may
invest in issues with growth characteristics during market cycles when growth
stocks appear attractive.

We conduct ongoing analysis of the different markets to determine the
appropriate mix of stocks and bonds for the current economic and investment
environment.

-------------------------------------------------------------- ----------------------------------------------------------------
Convertible securities: Usually preferred stocks or The Series may invest in convertible securities; however, we
corporate bonds that can be exchanged for a set number of will not invest more than 10% of the net assets of the Series
shares of common stock at a predetermined price. These in convertible securities that are rated below investment
securities offer higher appreciation potential than grade by a nationally recognized statistical ratings
nonconvertible bonds and greater income potential than organization (NRSRO) or in securities that are unrated but
nonconvertible preferred stocks. deemed equivalent to non-investment grade.

-------------------------------------------------------------- ----------------------------------------------------------------
American Depositary Receipts (ADRs): Certificates issued by We may invest without limitation in ADRs.
a U.S. bank that represent the bank's holding of a stated
number of shares of a foreign corporation. An ADR entitles
the holder to all dividends and capital gains earned by the
underlying foreign shares. ADRs are bought and sold the same
as U.S. securities.

-------------------------------------------------------------- ----------------------------------------------------------------
Interest rate swap, index swap and credit default swap We may use interest rate swaps to adjust the Series'
agreements: In an interest rate swap, a Series receives sensitivity to interest rates or to hedge against changes in
payments from another party based on a variable or floating interest rates. Index swaps may be used to gain exposure to
interest rate, in return for making payments based on a markets that the Series invests in, such as the corporate bond
fixed interest rate. An interest rate swap can also work in market. We may also use index swaps as a substitute for
reverse with a Series receiving payments based on a fixed futures or options contracts if such contracts are not
interest rate and making payments based on a variable or directly available to the Series on favorable terms. We may
floating interest rate. In an index swap, a Series receives enter into credit default swaps in order to hedge against a
gains or incurs losses based on the total return of a credit event, to enhance total return or to gain exposure to
specified index, in exchange for making interest payments to certain securities or markets.
another party. An index swap can also work in reverse with a
fund receiving interest payments from another party in
exchange for movements in the total return of a specified
index. In a credit default swap, a Series may transfer the
financial risk of a credit event occurring (a bond default,
bankruptcy, restructuring, etc.) on a particular security or
basket of securities to another party by paying that party a
periodic premium; likewise, a Series may assume the
financial risk of a credit event occurring on a particular
security or basket of securities in exchange for receiving
premium payments from another party. Interest rate swaps,
index swaps and credit default swaps may be considered to be
illiquid.

-------------------------------------------------------------- ----------------------------------------------------------------

---------------------------------------------------------------- ----------------------------------------------------------------
Risks How we strive to manage them
Delaware VIP Balanced Series
---------------------------------------------------------------- ----------------------------------------------------------------
Market risk: The risk that all or a majority of the securities We maintain a long-term investment approach and focus on
in a certain market--like the stock or bond market--will decline stocks we believe can appreciate over an extended time frame
in value because of factors such as economic conditions, regardless of interim market fluctuations. We do not try to
future expectations or investor confidence. predict overall stock market movements and generally do not
trade for short-term purposes.

We diversify the Series' assets among two major categories of
investments--stocks and bonds--which tend to increase and
decline in value in different economic or investment
conditions.

In evaluating the use of an index swap, we carefully consider
how market changes could affect the swap and how that compares
to us investing directly in the market the swap is intended to
represent.

---------------------------------------------------------------- ----------------------------------------------------------------
Industry and security risk: The risk that the value of We limit the amount of the Series' assets invested in any one
securities in a particular industry or the value of an industry and in any individual security. We also follow a
individual stock or bond will decline because of changing rigorous selection process before choosing securities for the
expectations for the performance of that industry or for the portfolio.
individual company issuing the stock or bond.

---------------------------------------------------------------- ----------------------------------------------------------------
Interest rate risk: The risk that securities, particularly We do not try to increase return by predicting and
bonds with longer maturities, will decrease in value if aggressively capitalizing on interest rate moves. Instead, we
interest rates rise. aim to keep the interest rate risk similar to the Lehman
Brothers Aggregate Bond Index.
Swaps may be particularly sensitive to interest rate changes.
Depending on the actual movements of interest rates and how We will not invest in swaps with maturities of more than two
well the portfolio manager anticipates them, a series could years. Each business day we calculate the amount the Series
experience a higher or lower return than anticipated. must pay for swaps it holds and will segregate cash or other
liquid securities to cover that amount.

---------------------------------------------------------------- ----------------------------------------------------------------
Credit risk is the risk that there is the possibility that a Our careful, credit-oriented bond selection and our commitment
bond's issuer will be unable to make timely payments of to hold a diversified selection of high-yield bonds are
interest and principal. designed to manage this risk. We will limit the Series'
investments in high-yield bonds to 20% of the Series' net
Investing in so-called "junk" or "high-yield" bonds entails assets allocated to fixed-income securities (typically no more
the risk of principal loss, which may be greater than the risk than 8% of the Series' total net assets).
involved in investment grade bonds. High-yield bonds are
sometimes issued by companies whose earnings at the time of
issuance are less than the projected debt service on the junk
bonds.

---------------------------------------------------------------- ----------------------------------------------------------------
Foreign risk: The risk that foreign securities may be We typically invest only a small portion of the Series'
adversely affected by political instability (including portfolio in foreign securities. When we do purchase foreign
governmental seizures or nationalization of assets), changes securities, they are often denominated in U.S. dollars. We
in currency exchange rates, foreign economic conditions or lax also tend to avoid markets where we believe accounting
regulatory and accounting standards. Foreign markets may also principles or the regulatory structure are underdeveloped.
be less efficient, less liquid, have greater price volatility,
less regulation and higher transaction costs than U.S. markets.

---------------------------------------------------------------- ----------------------------------------------------------------
Liquidity risk: The possibility that securities cannot be We limit exposure to illiquid securities. Swap agreements will
readily sold within seven days at approximately the price that be treated as illiquid securities, but most swap dealers will
the Series values them. be willing to repurchase interest rate swaps.

---------------------------------------------------------------- ----------------------------------------------------------------
Derivatives Risk is the possibility that the Series may We will use derivatives for defensive purposes, such as to
experience a significant loss if it employs a derivatives protect gains or hedge against potential losses in the
strategy (including a strategy involving credit default swaps) portfolio without actually selling a security, to neutralize
related to a security or a securities index and that security the impact of interest rate changes, to affect diversification
or index moves in the opposite direction from what the or to earn additional income. We will not use derivatives for
portfolio manager had anticipated. Another risk of derivative reasons inconsistent with our investment objectives.
transactions is the creditworthiness of the counterparty
because the transaction depends on the willingness and ability
of the counterparty to fulfill its contractual obligations.
Derivatives also involve additional expenses, which could
reduce any benefit or increase any loss to a series from using
the strategy.

---------------------------------------------------------------- ----------------------------------------------------------------

Disclosure of portfolio holdings information
A description of the Series' policies and procedures with respect to the
disclosure of the Series' portfolio securities is available in the Series' SAI.

Who's who?

The following describes the various organizations involved with managing,
administering, and servicing the Series.

Board of Trustees
A mutual fund is governed by a board of trustees which has oversight
responsibility for the management of the fund's business affairs. Trustees
establish procedures and oversee and review the performance of the investment
manager, the distributor and others that perform services for the series.
Generally, at least 40% of the board of trustees must be independent of the
fund's investment manager and distributor. However, the Series relies on certain
exemptive rules created by the Securities and Exchange Commission (SEC) that
require the Board of Trustees overseeing the Series to be comprised of a
majority of such independent Trustees. These independent fund Trustees, in
particular, are advocates for shareholder interests.

Investment manager
Delaware Management Company, 2005 Market Street, Philadelphia, PA 19103-7094

Distributor
Delaware Distributors, L.P., 2005 Market Street, Philadelphia, PA 19103-7094

Shares of the Series are only sold to separate accounts of insurance companies
used in connection with variable annuity or variable life products.

Financial intermediary wholesaler
Lincoln Financial Distributors, Inc. ("LFD"), 2001 Market Street, Philadelphia
19103-7055

Custodian
JPMorgan Chase Bank, 4 Chase Metrotech Center, Brooklyn, NY 11245

Important Information about the Series

Share classes
The Series offers two classes of shares, Service Class and Standard Class. The
two classes of shares are identical, except that Service Class shares are
subject to distribution, or "Rule 12b-1" fees. The Trust's 12b-1 plan allows the
Trust to pay distribution fees of up to 0.30% per year to those who sell and
distribute Service Class shares and provide services to shareholders and
contract owners. Since the 12b-1 fees are paid out of Service Class' assets on
an ongoing basis, over time these fees will increase the cost of your investment
and may cost you more than paying other types of sales charges.

-------------------------------- ----------------------
Service Class*
-------------------------------- ----------------------
Commission (%) -
-------------------------------- ----------------------
12b-1 Fee to Dealer 0.30%
-------------------------------- ----------------------

* Pursuant to the Series' 12b-1 Plan, your variable contract salesperson is
eligible to receive up to 0.30% 12b-1 fee applicable to Service Class
shares. The maximum 12b-1 fee applicable to Service Class shares is 0.30%,
however the Distributor has contracted to limit this amount to 0.25%
through [date].

Dividends, distributions and taxes
Dividends, if any, are paid annually. Capital gain distributions, if any,
normally will be made following the close of the fiscal year.

We automatically reinvest all dividends and any capital gains.

The Series will not be subject to federal income tax to the extent its earnings
are distributed. The Series intends to distribute substantially all of its net
investment income and net capital gains.

Certain management considerations

Financial highlights

The financial highlights table is intended to help you understand the financial
performance of the Service Class of the Series. The total returns in the table
represent the rate that an investor would have earned or lost on an investment
in the Series' Service Class (assuming reinvestment of all dividends and
distributions). All "per share" information reflects financial results for a
single Series share. This information has been audited by [ ], whose report,
along with the Series' financial statements, is included in the Series' annual
report, which is available upon request by calling 800 523-1918.

-------------------------------------------- ---------------------------------------------------------------------
Delaware VIP Balanced Series Service Class
-------------------------------------------- ---------------------------------------------------------------------
5/1/00(2)
Year Ended to
12/31 12/31/00
-------------------------------------------- --------- ----------- ----------- ----------- ----------- -----------
2005 2004 2003 2002 2001(1)
-------------------------------------------- --------- ----------- ----------- ----------- ----------- -----------

Net asset value, beginning of period $12.880 $11.170 $13.720 $15.230 $15.080

Income (loss) from investment operations:
Net investment income(3) 0.214 0.186 0.238 0.308 0.246
Net realized and unrealized gain (loss) on
investments and foreign currencies 0.488 1.867 (2.421) (1.498) 0.024
------- ------- ------- ------- -------
Total from investment operations 0.702 2.053 (2.183) (1.190) 0.270
------- ------- ------- ------- -------

Less dividends and distributions from:
Net investment income (0.242) (0.343) (0.367) (0.320) (0.120)
Total dividends and distributions (0.242) (0.343) (0.367) (0.320) (0.120)
------- ------- ------- ------- -------

Net asset value, end of period $13.340 $12.880 $11.170 $13.720 $15.230
======= ======= ======= ======= =======

Total return(4) 5.55% 18.90% (16.40%) (7.76%) 1.91%

Ratios and supplemental data:
Net assets, end of period (000 omitted) $5 $5 $4 $5 $5
Ratio of expenses to average net assets 1.02% 0.99% 0.90% 0.88% 0.94%
Ratio of expenses to average net assets
prior to expense limitation and
expenses paid indirectly 1.07% 1.02% 0.91% 0.88% 0.94%
Ratio of net investment income to average
net assets 1.66% 1.58% 1.95% 2.22% 2.39%
Ratio of net investment income to average
net assets prior to expense limitation
and expenses paid indirectly 1.61% 1.55% 1.94% 2.22% 2.39%
Portfolio turnover 247% 231% 303% 336% 179%
-------------------------------------------- --------- ----------- ----------- ----------- ----------- -----------

(2) Date of commencement of operations; ratios have been annualized and total
return has not been annualized.

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

(4) Total investment return is based on the change in net asset value of a
share during the period and assumes reinvestment of dividends and
distributions at net asset value. Total investment return reflects a waiver
and payment of fees by the manager and distributor, as applicable.
Performance would have been lower had the expense limitation not been in
effect.

Delaware VIP Balanced Series

Investment Company Act File No. 811-5162

Delaware Series Symbol
CUSIP
Delaware VIP Balanced Series
(Service Class) 246493100

DELAWARE VIP TRUST
Delaware VIP Capital Reserves Series

Standard Class

2005 Market Street, Philadelphia, PA 19103-7094

Prospectus

April [ ], 2006

This Prospectus offers the Delaware VIP Capital Reserves Series. The Series is
in effect a separate fund issuing its own shares. The shares of the Series are
sold only to separate accounts of life insurance companies (life companies). The
separate accounts are used in conjunction with variable annuity contracts and
variable life insurance policies (variable contracts). The separate accounts
invest in shares of the Series in accordance with allocation instructions
received from contract owners. The investment objective and principal policies
of the Series are described in this Prospectus.

Table of contents
Overview page
Delaware VIP Capital Reserves Series

How we manage the Series page
Our investment strategies
The securities we typically invest in
The risks of investing in the Series
Disclosure of portfolio holdings information

Who manages the Series page
Investment manager
Portfolio managers
Who's who?

Financial highlights page

Overview: Delaware VIP Capital Reserves Series

What is the Series' goal?
Delaware VIP Capital Reserves Series seeks a high, stable level of current
income while attempting to minimize fluctuations in principal and provide
maximum liquidity. Although the Series will strive to achieve its goal, there is
no assurance that it will.

What are the Series' main investment strategies? We invest primarily in
short-term securities, including securities issued or guaranteed by the U.S.
government, its agencies or instrumentalities, instruments secured by U.S.
government securities and debt securities issued by U.S. corporations.

Delaware VIP Capital Reserves Series is not a money market fund. A money market
fund is designed for stability of principal; consequently, the level of income
fluctuates. The Series is designed for greater stability of income at a
relatively higher level; consequently, the principal value will fluctuate over
time. The Series will attempt to provide investors with yields higher than those
available in money market vehicles by extending the average maturity of the
bonds in its portfolio beyond what is typically associated with money market
funds.

An investment in the Series is not a deposit of any bank and is not insured or
guaranteed by the Federal Deposit Insurance
Corporation (FDIC) or any other government agency.

Who should invest in the Series

o Investors with long-term financial goals.
o Investors looking for relatively stable and high income flow.
o Investors looking for the security associated with a portfolio of high
quality fixed-income securities.

Who should not invest in the Series

o Investors with short-term financial goals.
o Investors who are unwilling to own an investment whose value may fluctuate,
sometimes significantly, over the short term.

How has the Series performed?

This bar chart and table can help you evaluate the risks of investing in the
Delaware VIP Capital Reserves Series Standard Class. We show returns for the
past ten calendar years, as well as average annual returns for one, five and ten
years. The Series' past performance does not necessarily indicate how it will
perform in the future. The returns reflect applicable voluntary expense and
contractual caps. The returns would be lower without the voluntary and
contractual caps. Moreover, the performance presented does not reflect any
separate account fees, which would reduce the returns.

[GRAPHIC OMITTED: BAR CHART SHOWING YEAR BY YEAR TOTAL RETURN (Delaware VIP
Capital Reserves Series Standard Class)]

Year-by-year total return (Delaware VIP Capital Reserves Series Standard Class)

------ ------ ------ ------ ------ ------ ------ ------ ------- --------
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
------ ------ ------ ------ ------ ------ ------ ------ ------- --------
4.05% 7.60% 6.78% 0.28% 8.46% 8.27% 7.09% 4.63% 3.66% [ ]%
------ ------ ------ ------ ------ ------ ------ ------ ------- --------

During the periods illustrated in this bar chart, the Class' highest quarterly
return was [ ]% for the quarter ended [date] and its lowest quarterly return was
[ ]% for the quarter ended [date].

Average annual returns for periods ending 12/31/05

---------- ---------------------- --------------- ---------------------------------
Delaware VIP Capital Merrill Lynch Lehman Brothers
Reserves Series 1- to 3-Year Intermediate Government/Credit
Standard Class Treasury Index* Index
---------- ---------------------- --------------- ---------------------------------
1 year [ ]% [ ]% [ ]%
---------- ---------------------- --------------- ---------------------------------
5 years [ ]% [ ]% [ ]%
---------- ---------------------- --------------- ---------------------------------
10 years [ ]% [ ]% [ ]%
---------- ---------------------- --------------- ---------------------------------

The Series' returns are compared to the performance of the Merrill Lynch 1- to
3-Year Treasury Index and the Lehman Brothers Intermediate Government/Credit
Index. The Merrill Lynch 1- to 3-Year Treasury Index is an unmanaged index of
short-term U.S. Treasury obligations having maturities from 1 to 2.99 years. The
Lehman Brothers Intermediate Government/Credit Index is based on all publicly
issued intermediate government and corporate debt securities with an average
maturity of four to five years. You should remember that, unlike the Series, the
indexes are unmanaged and do not reflect the actual costs of operating a mutual
fund, such as the costs of buying, selling and holding securities.

* The Merill Lynch 1- to 3-Year Treasury Index is replacing the Lehman
Brothers Intermediate Government/Credit Index as the Series' benchmark. The
investment manager believes the effective duration of the Merrill Lynch 1-
to 3-Year Treasury Index better reflects the Series' investments. The
Lehman Brothers Intermediate Government/Credit Index may be excluded from
this comparison in the future.

What are the Series' fees and expenses? (1)

----------------------------------------- ----------------------------------------------- -----------
You do not pay sales charges directly Maximum sales charge (load) imposed on none
from your investments when you buy or purchases as a percentage of offering price
sell shares of the Standard Class. ----------------------------------------------- -----------
Maximum contingent deferred sales charge (load) none
as a percentage of original purchase price or
redemption price, whichever is lower
----------------------------------------------- -----------
Maximum sales charge (load) imposed on
reinvested dividends none
----------------------------------------------- -----------
Redemption fees none
----------------------------------------------- -----------
Exchange fees none
----------------------------------------------- -----------

----------------------------------------- ----------------------------------------------- -----------
Annual Series operating expenses are Management fees 0.50%
deducted from the Series' assets. ----------------------------------------------- -----------
Distribution and service (12b-1) fees none
----------------------------------------------- -----------
Other expenses [ ]%
----------------------------------------------- -----------
Total operating expenses [ ]%
----------------------------------------------- -----------
Fee waivers and payments(2) [ ]%
----------------------------------------------- -----------
Net expenses [ ]%
----------------------------------------- ----------------------------------------------- -----------
This example is intended to help you 1 year $[ ]
compare the cost of investing in the ----------------------------------------------- -----------
Series to the cost of investing in 3 years $[ ]
other mutual funds with similar ----------------------------------------------- -----------
investment objectives. We show the 5 years $[ ]
cumulative amount of Series expenses ----------------------------------------------- -----------
on a hypothetical investment of 10 years $[ ]
$10,000 with an annual 5% return
over the time shown.(3) This is an
example only, and does not
represent future expenses, which may
be greater or less than those shown
here.
----------------------------------------- ----------------------------------------------- -----------

How we manage the Series

Our investment strategies

Delaware VIP Capital Reserves Series is a type of current income fund that
invests primarily in a variety of high-quality debt instruments ("fixed-income
securities"), which provide high income potential.

We will strive to reduce the effects of interest rate volatility on principal by
maintaining a short effective duration for the Series similar to that of the
Merrill Lynch 1- to 3-year Treasury Index, an effective duration normally
ranging from one to three years. We will decide where to position the portfolio
within this permissible duration range based on our perception of the direction
of interest rates and the risks in the fixed-income markets. If, in our
judgment, interest rates are relatively high and borrowing requirements in the
economy are weakening, we will generally extend the duration of the Series.
Conversely, if we believe interest rates are relatively low and borrowing
requirements appear to be strengthening, we may shorten the duration.

The securities we typically invest in

Fixed-income securities offer the potential for greater income payments than
stocks, and also may provide capital appreciation.

Securities How we use them

Delaware VIP Capital Reserves Series

Direct U.S. Treasury obligations We may invest without limit in U.S.
include Treasury bills, notes and Treasury securities, though they are
bonds of varying maturities. U.S. typically not our largest holding
Treasury securities are backed by because they generally do not offer as
the "full faith and credit" of the high a level of current income as other
United States. fixed-income securities.
---------------------------------- -----------------------------------------
Mortgage-backed securities: There is no limit on government-related
Fixed-income securities that mortgage-backed securities or on
represent pools of mortgages, with privately issued mortgage-backed
investors receiving principal and securities that are fully
interest payments as the underlying collateralized by government securities.
mortgage loans are paid back. Many
are issued and guaranteed against
default by the U.S. government or Mortgage-backed securities issued by
its agencies or instrumentalities, private companies, if the securities
such as the Federal Home Loan are not collateralized by securities
Mortgage Corporation, Fannie Mae and issued by the U.S. government, its
the Government National Mortgage agencies or instrumentalities, must be
Association. Others are issued by rated at the time of purchase in one of
private financial institutions, with the four highest categories by a
some fully collateralized by nationally recognized statistical
certificates issued or guaranteed by ratings organization (NRSRO) such as
the U.S. government or its agencies S&P or Moody's. They must also
or instrumentalities. represent interests in whole-loan
mortgages, multi-family mortgages,
commercial mortgages and other mortgage
collateral supported by a first
mortgage lien on real estate. The
privately issued securities we invest
in are either CMOs or REMICs.
---------------------------------- -----------------------------------------
Collateralized mortgage obligations See mortgage-backed securities above.
(CMOs): Privately issued
mortgage-backed bonds whose
underlying value is the mortgages
that are grouped into different
pools according to their maturity.

---------------------------------- -----------------------------------------
Real estate mortgage investment See mortgage-backed securities above.
conduits (REMICs): Privately issued
mortgage-backed bonds whose
underlying value is a fixed pool of
mortgages secured by an interest in
real property. Like CMOs, REMICs
offer different pools.
---------------------------------- -----------------------------------------
Asset-backed securities: Bonds or We invest only in asset-backed
notes backed by accounts receivables securities rated in one of the four
including home equity, automobile or highest categories by an NRSRO.
credit loans.
---------------------------------- -----------------------------------------
Corporate debt: Debt obligations We focus on corporate debt with
issued by a corporation, including investment grade ratings, that is bonds
corporate notes, bonds and other rated BBB or better by S&P or Baa or
debt securities. better by Moody's. We may invest in
debt that is unrated, if we believe the
quality of the securities is comparable
to the ratings above.
---------------------------------- -----------------------------------------
Certificates of deposit and We may invest in certificates of
obligations of both U.S. and foreign deposit from banks that have assets of
banks: Debt instruments issued by a at least one billion dollars.
bank that pay interest.
---------------------------------- -----------------------------------------
Corporate commercial paper: We may invest in commercial paper that
Short-term debt obligations with is rated P-1 or P-2 by Moody's and/or
maturities ranging from 2 to 270 A-1 or A-2 by S&P.
days, issued by companies.
---------------------------------- -----------------------------------------
Repurchase agreements: An agreement Typically, we use repurchase agreements
between a buyer, such as the Series, as a short-term investment for the
and a seller of securities in which Series' cash position. In order to
the seller agrees to buy the enter into these repurchase agreements,
securities back within a specified the Series must have collateral of 102%
time at the same price the buyer of the repurchase price. The Series
paid for them, plus an amount equal will only enter into repurchase
to an agreed upon interest rate. agreements in which the collateral is
Repurchase agreements are often U.S. government securities.
viewed as equivalent to cash.
---------------------------------- -----------------------------------------
Interest rate swap and index swap We may use interest rate swaps to
agreements: In an interest rate adjust the Series' sensitivity to
swap, a series receives payments interest rates, or to hedge against
from another party based on a changes in interest rates.
floating interest rate in return for
making payments based on a fixed
interest rate. An interest rate swap Index swaps may be used to gain
can also work in reverse, with a exposure to markets that the Series
series receiving payments based on a invests in or as a substitute for
fixed interest rate and making futures options or forward contracts if
payments based on a floating such contracts are not directly
interest rate. In an index swap, a available to the Series on favorable
series receives gains or incurs terms.
losses based on the total return of
an index, in exchange for making
fixed or floating interest rate Interest rate swaps and index swaps
payments to another party. will be considered illiquid securities
(see below).
---------------------------------- -----------------------------------------
Restricted and illiquid securities: We may invest up to 10% of net assets
Restricted securities are privately in illiquid securities. For this
placed securities whose resale is Series, the 10% limit includes
restricted under securities law. restricted securities such as privately
placed securities that are eligible for
resale only among certain institutional
Illiquid securities are securities buyers without registration, which are
that do not have a ready market, and commonly known as Rule 144A Securities,
cannot be easily sold within seven and repurchase agreements with
days at approximately the price that maturities of over seven days.
a series has valued them.

---------------------------------- -----------------------------------------
High-yield debt instruments: Debt The Series may invest up to 10% of net
obligations issued by a corporation assets in high-yield debt instruments.
and rated lower than investment The Series will invest only in
grade by an NRSRO such as S&P or high-yield investments that are rated
Moody's. High-yield debt instruments in investment grade category single-B
are issued by corporations that have or higher by NRSROs.
poor credit quality and may have
difficulty repaying principal and
interest.

The Series may also enter into options and purchase depositary receipts. Please
see the Statement of Additional Information (SAI) for additional descriptions of
these securities as well as those listed in the table above.

The risks of investing in the Series

Investing in any mutual fund involves risk, including the risk that you may
receive little or no return on your investment, and the risk that you may lose
part or all of the money you invest. Before you invest in the Series, you should
carefully evaluate the risks. An investment in the Series typically provides the
best results when held for a number of years. Following are the chief risks you
assume when investing in the Delaware VIP Capital Reserves Series. Please see
the SAI for further discussion of these risks and other risks not discussed
here.

Risks How we strive to manage them

Delaware VIP Capital Reserves Series

Market risk: The risk that all or a We maintain a long-term investment
majority of the securities in a approach and focus on fixed-income
certain market-like the stock or bond securities that we believe can
market-will decline in value because continue to make interest and
of factors such as economic principal payments over an extended
conditions, future expectations or time frame regardless of interim
investor confidence. market fluctuations. We do not try to
predict overall bond market movements
and generally do not trade for
short-term purposes.

---------------------------------- -----------------------------------------
Industry and security risk: The risk We diversify the Series' portfolio. We
that the value of securities in a also follow a rigorous selection
particular industry or the value of process before choosing securities for
an individual stock or bond will the portfolio.
decline because of changing
expectations for the performance of
that industry or for the individual
company issuing the stock or bond.
---------------------------------- -----------------------------------------
Interest rate risk: The risk that We do not try to increase return by
securities, particularly bonds with predicting and aggressively
longer maturities, will decrease in capitalizing on interest rate moves.
value if interest rates rise.

We will not invest in interest rate
Swaps may be particularly sensitive swaps with maturities of more than two
to interest rate changes. Depending years. Each business day we calculate
on the actual movements of interest the amount the Series must pay for
rates and how well the portfolio swaps it holds and will segregate cash
manager anticipates them, a series or other liquid securities to cover
could experience a higher or lower that amount.
return than anticipated.

---------------------------------- -----------------------------------------
Credit risk: The risk that an issuer The Series may hold securities rated
(or an insurer of the issuer) will be in investment grade category single-B
unable to make timely payments of or higher by NRSROs. These securities,
interest and principal. however, are carefully evaluated for
creditworthiness before purchase.

Investing in high-yield debt
instruments entails the risk of If the rating of a debt security held
principal loss, which may be greater by the Series falls below investment
than the risk involved in investment grade category single-B, the Series
grade debt. High-yield debt is will dispose of the security as soon
sometimes issued by companies the as practicable, unless to do so would
earnings of which at the time the be detrimental in light of market
debt is issued are less than the conditions.
projected payments on the debt.

Debt securities rated in investment
grade category single-B or higher by
NRSROs may have speculative
characteristics. Changes in economic
conditions or other circumstances are
more likely to affect an issuer's
ability to make principal and
interest payments.
---------------------------------- -----------------------------------------

Prepayment risk: The risk that We take into consideration the
homeowners will prepay mortgages likelihood of prepayment when we
during periods of low interest rates, select mortgages. We may look for
forcing an investor to reinvest their mortgage securities that have
money at interest rates that might be characteristics that make them less
lower than those on the prepaid likely to be prepaid, such as low
mortgage. outstanding loan balance or
below-market interest rates.
---------------------------------- -----------------------------------------
Liquidity risk: The possibility that We limit exposure to illiquid
securities cannot be readily sold securities. Swap agreements will be
within seven days at approximately treated as illiquid securities, but
the price that a series values them. most swap dealers will be willing to
repurchase interest rate swaps.

Disclosure of portfolio holdings information
A description of the Series' policies and procedures with respect to the
disclosure of the Series' portfolio securities is available in the Series' SAI.

Portfolio managers
Stephen R. Cianci and Paul Grillo have primary responsibility for making
day-to-day investment decisions for the Delaware VIP Capital Reserves Series.
They became co-managers of the Series in April 2000.

Stephen R. Cianci, Senior Vice President/Senior Portfolio Manager, holds a BS
and an MBA in finance from Widener University. He joined Delaware Investments'
Fixed Income Department in 1992 as an investment grade quantitative research
analyst. In addition to his quantitative research responsibilities, Mr. Cianci
also served as a mortgage-backed and asset-backed securities analyst. Mr. Cianci
is an Adjunct Professor of finance at Widener University and a CFA
charterholder. He has been managing the fixed-income portion of the Series since
April 2000.

Paul Grillo, Senior Vice President/Senior Portfolio Manager, holds a BA in
Business Management from North Carolina State University and an MBA in finance
from Pace University. Prior to joining Delaware Investments in 1993, Mr. Grillo
served as mortgage strategist and trader at the Dreyfus Corporation. He also
served as mortgage strategist and portfolio manager for the Chemical Investment
Group and as financial analyst at Chemical Bank. Mr. Grillo is a CFA
charterholder. He has been managing the fixed-income portion of the Series since
April 2000.

Who's who?

The following describes the various organizations involved with managing,
administering, and servicing the Series.

Investment manager
Delaware Management Company, 2005 Market Street, Philadelphia, PA 19103-7094

Portfolio managers
Portfolio managers are employed by the investment manager to make investment
decisions for individual portfolios on a day-to-day basis. See "Portfolio
Managers" for information about the portfolio managers of the Series.

Distributor
Delaware Distributors, L.P., 2005 Market Street, Philadelphia, PA 19103-7094

Shares of the Series are only sold to separate accounts of insurance companies
used in connection with variable annuity or variable life products.

Financial intermediary wholesaler
Lincoln Financial Distributors, Inc. ("LFD"), 2001 Market Street, Philadelphia,
PA 19103-7055

Custodian
JPMorgan Chase Bank, 4 Chase Metrotech Center, Brooklyn, NY 11245

Important Information about the Series

------------------------------------- ----------------------------
Standard Class*
------------------------------------- ----------------------------
Commission (%) -
------------------------------------- ----------------------------
Fee to Dealer 0.25%
------------------------------------- ----------------------------

We determine the Series' net asset value per share at the close of regular
trading on the New York Stock Exchange each business day that the New York Stock
Exchange is open. We calculate this value by adding the market value of all the
securities and assets in the Series' portfolio, deducting all liabilities, and
dividing the resulting number by the number of shares outstanding. The result is
the net asset value (NAV) per share. We price securities and other assets for
which market quotations are available at their market value. We price
fixed-income securities on the basis of valuations provided to us by an
independent pricing service that uses methods approved by the Board of Trustees.
Any fixed-income securities that have a maturity of less than 60 days, we price
at amortized cost. For all other securities, we use methods approved by the
Board of Trustees that are designed to price securities at their fair market
value (see "Fair valuation", below).

Dividends, distributions and taxes
Dividends, if any, are declared daily and paid monthly. Short-term capital gains
distributions, if any, may be paid with the dividend; otherwise, any
distributions from net realized securities profits normally will be distributed
following the close of the fiscal year.

We automatically reinvest all dividends and any capital gains.

The Series will not be subject to federal income tax to the extent its earnings
are distributed. The Series intends to distribute substantially all of its net
investment income and net capital gains.

Certain management considerations

Manager of managers structure

At a shareholder meeting held on March 23, 2005 (or as adjourned), the Series'
shareholders approved a "manager of managers" structure that would permit
Delaware Management Company, the Series' investment adviser, to appoint and
replace sub-advisers, enter into sub-advisory agreements, and amend and
terminate sub-advisory agreements with respect to the Series, subject to Board
approval but without shareholder approval (the "manager of managers structure").
While Delaware Management Company does not currently expect to use the manager
of managers structure with respect to the Series, including any Series that
currently has a sub-adviser, Delaware Management Company may, in the future,
recommend to the Series' Board the establishment of the manager of managers
structure by recommending the hiring of one or more sub-advisers to manage all
or a portion of the Series' portfolio if it believes that doing so would be
likely to enhance the Series' performance by introducing a different investment
style or focus.

Financial highlights

Delaware VIP Capital Reserves Series Standard Class
Year Ended 12/31
2005 2004 2003 2002 2001(1) 2000

Net asset value, beginning of period $10.020 $9.970 $9.750 $9.530 $9.360

Income (loss) from investment
operations:
Net investment income 0.356 0.329 0.419 0.533 0.590
Net realized and unrealized gain on
investments 0.004 0.125 0.253 0.239 0.170
------- ------ ----- ------ -----
Total from investment operations 0.360 0.454 0.672 0.772 0.760
------- ------ ----- ------ -----
Less dividends and distributions
from:
Net investment income (0.440) (0.404) (0.452) (0.552) (0.590)
------- ------ ----- ------ -----
Total dividends and distributions (0.440) (0.404) (0.452) (0.552) (0.590)
------- ------ ----- ------ -----
Net asset value, end of period $9.940 $10.020 $9.970 $9.750 $9.530
======= ====== ====== ====== ======
Total return(2) 3.66% 4.63% 7.09% 8.27% 8.46%

Ratios and supplemental data:
Net assets, end of period
(000 omitted) $25,955 $34,077 $42,698 $30,996 $27,813
Ratio of expenses to average net
assets 0.62% 0.63% 0.62% 0.58% 0.63%
Ratio of net investment income to
average net assets 3.57% 3.36% 4.21% 5.46% 6.34%
Portfolio turnover 252% 438% 427% 290% 177%

(1) As required, effective January 1, 2001, the Series adopted the provisions
of the AICPA Audit and Accounting Guide for Investment Companies that
requires amortization of all premiums and discounts on debt securities and
the recording of paydown gains and losses on mortgage- and asset-backed
securities as an adjustment to interest income. The effect of these changes
for the year ended December 31, 2001 was a decrease in net investment
income per share of $0.019, an increase in net realized and unrealized gain
(loss) per share of $0.019, and a decrease in the ratio of net investment
income to average net assets of 0.20%. Per share data and ratios for
periods prior to January 1, 2001 have not been restated to reflect these
changes in accounting.

(2) Total investment return is based on the change in net asset value of a
share during the period and assumes reinvestment of dividends and
distributions at net asset value.

Delaware VIP Capital Reserves Series

Investment Company Act File No. 811-5162

Delaware Series Symbol
CUSIP
Delaware VIP Capital Reserves Series
(Standard Class) 246493563

DELAWARE VIP TRUST
Delaware VIP Capital Reserves Series

Service Class

2005 Market Street, Philadelphia, PA 19103-7094

Prospectus

April [ ], 2006

Table of contents
Overview page
Delaware VIP Capital Reserves Series

How we manage the Series page
Our investment strategies
The securities we typically invest in
The risks of investing in the Series
Disclosure of portfolio holdings information

Who manages the Series page
Investment manager
Portfolio managers
Who's who?

Financial highlights page

Overview: Delaware VIP Capital Reserves Series

An investment in the Series is not a deposit of any bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency.

Who should invest in the Series

Who should not invest in the Series

o Investors with short-term financial goals.
o Investors who are unwilling to own an investment whose value may fluctuate,
sometimes significantly, over the short term.

How has the Series performed?

This bar chart and table can help you evaluate the risks of investing in the
Delaware VIP Capital Reserves Series Service Class. We show returns for the past
five calendar years, as well as average annual returns for one year and since
inception. The Series' past performance does not necessarily indicate how it
will perform in the future. The returns reflect expense caps in effect during
the periods. The returns would be lower without the expense caps. Please see
footnotes 2 and 3 on page [___] for additional information about the expense
caps. Moreover, the performance presented does not reflect any separate account
fees, which would reduce the returns.

[GRAPHIC OMITTED: BAR CHART SHOWING YEAR BY YEAR TOTAL RETURN (Delaware VIP
Capital Reserves Series Service Class)]

Total return (Delaware VIP Capital Reserves Series Service Class)

-------------- ------------ ------------ ----------- ------------
2001 2002 2003 2004 2005
-------------- ------------ ------------ ----------- ------------
8.23% 6.84% 4.21% 3.23% [ ]%
-------------- ------------ ------------ ----------- ------------

During the period illustrated in this bar chart, the Class' highest quarterly
return was [ ]% for the quarter ended [date] and its lowest quarterly return was
[ ]% for the quarter ended [date].

Average annual returns for periods ending 12/31/05

------------------ ----------------------- ---------------- ---------------------------------
Delaware VIP Merrill Lynch Lehman Brothers Intermediate
Capital Reserves Series 1- to 3-Year Government/
Service Class Treasury Index* Credit Index
------------------ ----------------------- ---------------- ---------------------------------
1 year [ ]% [ ]% [ ]%
------------------ ----------------------- ---------------- ---------------------------------
5 years [ ]% [ ]% [ ]%
------------------ ----------------------- ---------------- ---------------------------------
Lifetime
(Inception 5/1/00) [ ]% [ ]% [ ]%**
------------------ ----------------------- ---------------- ---------------------------------

** The Lehman Brothers Intermediate Government/Credit Index reports returns on
a monthly basis as of the last day of the month. This figure reflects the
return from May 31, 2000 through December 31, 2005.

What are the Series' fees and expenses? (1)

----------------------------------------- ----------------------------------------------- -----------
Sales charges are fees paid directly Maximum sales charge (load) imposed on none
from your investments when you buy or purchases as a percentage of offering price
sell shares of the Service Class. ----------------------------------------------- -----------
Maximum contingent deferred sales charge (load) none
as a percentage of original purchase price or
redemption price, whichever is lower
----------------------------------------------- -----------
Maximum sales charge (load) imposed on
reinvested dividends none
----------------------------------------------- -----------
Redemption fees none
----------------------------------------------- -----------
Exchange fees none
----------------------------------------------- -----------

----------------------------------------- ----------------------------------------------- -----------
Annual Series operating expenses are Management fees 0.50%
deducted from the Series' assets. ----------------------------------------------- -----------
Distribution and service (12b-1) fees (2) 0.30%
----------------------------------------------- -----------
Other expenses [ ]%
----------------------------------------------- -----------
Total operating expenses [ ]%
----------------------------------------------- -----------
Fee waivers and payments(2,3) [ ]%
----------------------------------------------- -----------
Net expenses [ ]%
----------------------------------------- ----------------------------------------------- -----------
This example is intended to help you 1 year $[ ]
compare the cost of investing in the ----------------------------------------------- -----------
Series to the cost of investing in 3 years $[ ]
other mutual funds with similar ----------------------------------------------- -----------
investment objectives. We show the 5 years $[ ]
cumulative amount of Series expenses ----------------------------------------------- -----------
on a hypothetical investment of 10 years $[ ]
$10,000 with an annual 5% return
over the time shown.(4) This is an
example only, and does not
represent future expenses, which may
be greater or less than those shown
here.
----------------------------------------- ----------------------------------------------- -----------

How we manage the Series

Our investment strategies

The securities we typically invest in

Fixed-income securities offer the potential for greater income payments than
stocks, and also may provide capital appreciation.

Securities How we use them

Delaware VIP Capital Reserves
Series

Direct U.S. Treasury obligations We may invest without limit in
include Treasury bills, notes and U.S. Treasury securities, though
bonds of varying maturities. U.S. they are typically not our
Treasury securities are backed by the largest holding because they
"full faith and credit" of the United generally do not offer as high a
States. level of current income as other
fixed-income securities.
-------------------------------------- ---------------------------------------
Mortgage-backed securities: There is no limit on
Fixed-income securities that represent government-related
pools of mortgages, with investors mortgage-backed securities or on
receiving principal and interest privately issued mortgage-backed
payments as the underlying mortgage securities that are fully
loans are paid back. Many are issued collateralized by government
and guaranteed against default by the securities.
U.S. government or its agencies or
instrumentalities, such as the Federal
Home Loan Mortgage Corporation, Fannie Mortgage-backed securities issued
Mae and the Government National by private companies, if the
Mortgage Association. Others are securities are not collateralized
issued by private financial by securities issued by the U.S.
institutions, with some fully government, its agencies or
collateralized by certificates issued instrumentalities, must be rated
or guaranteed by the U.S. government at the time of purchase in one of
or its agencies or instrumentalities. the four highest categories by a
nationally recognized statistical
ratings organization (NRSRO) such
as S&P or Moody's. They must also
represent interests in whole-loan
mortgages, multi-family
mortgages, commercial mortgages
and other mortgage collateral
supported by a first mortgage
lien on real estate. The
privately issued securities we
invest in are either CMOs or
REMICs.

-------------------------------------- ---------------------------------------
Collateralized mortgage obligations See mortgage-backed securities
(CMOs): Privately issued above.
mortgage-backed bonds whose underlying
value is the mortgages that are
grouped into different pools according
to their maturity.
-------------------------------------- ---------------------------------------
Real estate mortgage investment See mortgage-backed securities
conduits (REMICs): Privately issued above.
mortgage-backed bonds whose underlying
value is a fixed pool of mortgages
secured by an interest in real
property. Like CMOs, REMICs offer
different pools.
-------------------------------------- ---------------------------------------
Asset-backed securities: Bonds or We invest only in asset-backed
notes backed by accounts receivables securities rated in one of the
including home equity, automobile or four highest categories by an
credit loans. NRSRO.
-------------------------------------- ---------------------------------------
Corporate debt: Debt obligations We focus on corporate debt with
issued by a corporation, including investment grade ratings, that is
corporate notes, bonds and other debt bonds rated BBB or better by S&P
securities. or Baa or better by Moody's. We
may invest in debt that is
unrated, if we believe the
quality of the securities is
comparable to the ratings above.
-------------------------------------- ---------------------------------------
Certificates of deposit and We may invest in certificates of
obligations of both U.S. and foreign deposit from banks that have
banks: Debt instruments issued by a assets of at least one billion
bank that pay interest. dollars.
-------------------------------------- ---------------------------------------
Corporate commercial paper: Short-term We may invest in commercial paper
debt obligations with maturities that is rated P-1 or P-2 by
ranging from 2 to 270 days, issued by Moody's and/or A-1 or A-2 by S&P.
companies.
-------------------------------------- ---------------------------------------

Repurchase agreements: An agreement Typically, we use repurchase
between a buyer, such as the Series, agreements as a short-term
and a seller of securities in which investment for the Series' cash
the seller agrees to buy the position. In order to enter into
securities back within a specified these repurchase agreements, the
time at the same price the buyer paid Series must have collateral of
for them, plus an amount equal to an 102% of the repurchase price. The
agreed upon interest rate. Repurchase Series will only enter into
agreements are often viewed as repurchase agreements in which
equivalent to cash. the collateral is U.S. government
securities.
-------------------------------------- ---------------------------------------
Interest rate swap and index swap We may use interest rate swaps to
agreements: In an interest rate swap, adjust the Series' sensitivity to
a series receives payments from interest rates, or to hedge
another party based on a floating against changes in interest rates.
interest rate in return for making
payments based on a fixed interest
rate. An interest rate swap can also Index swaps may be used to gain
work in reverse, with a series exposure to markets that the
receiving payments based on a fixed Series invests in or as a
interest rate and making payments substitute for futures options or
based on a floating interest rate. In forward contracts if such
an index swap, a series receives gains contracts are not directly
or incurs losses based on the total available to the Series on
return of an index, in exchange for favorable terms.
making fixed or floating interest rate
payments to another party.
Interest rate swaps and index
swaps will be considered illiquid
securities (see below).
-------------------------------------- ---------------------------------------
Restricted and illiquid securities: We may invest up to 10% of net
Restricted securities are privately assets in illiquid securities.
placed securities whose resale is For this Series, the 10% limit
restricted under securities law. includes restricted securities
such as privately placed
securities that are eligible for
Illiquid securities are securities resale only among certain
that do not have a ready market, and institutional buyers without
cannot be easily sold within seven registration, which are commonly
days at approximately the price that a known as Rule 144A Securities,
series has valued them. and repurchase agreements with
maturities of over seven days.
-------------------------------------- ---------------------------------------
High-yield debt instruments: Debt The Series may invest up to 10%
obligations issued by a corporation of net assets in high-yield debt
and rated lower than investment grade instruments. The Series will
by an NRSRO such as S&P or Moody's. invest only in high-yield
High-yield debt instruments are issued investments that are rated in
by corporations that have poor credit investment grade category
quality and may have difficulty single-B or higher by NRSROs.
repaying principal and interest.

The risks of investing in the Series

Risks How we strive to manage them

Delaware VIP Capital Reserves
Series

Market risk: The risk that all or a We maintain a long-term investment
majority of the securities in a approach and focus on fixed-income
certain market-like the stock or bond securities that we believe can
market-will decline in value because continue to make interest and
of factors such as economic principal payments over an
conditions, future expectations or extended time frame regardless of
investor confidence. interim market fluctuations. We do
not try to predict overall bond
market movements and generally do
not trade for short-term purposes.

-------------------------------------- ---------------------------------------
Industry and security risk: The risk We diversify the Series'
that the value of securities in a portfolio. We also follow a
particular industry or the value of rigorous selection process before
an individual stock or bond will choosing securities for the
decline because of changing portfolio.
expectations for the performance of
that industry or for the individual
company issuing the stock or bond.
-------------------------------------- ----------------------------------------
Interest rate risk: The risk that We do not try to increase return
securities, particularly bonds with by predicting and aggressively
longer maturities, will decrease in capitalizing on interest rate
value if interest rates rise. moves.
-------------------------------------- ---------------------------------------
Swaps may be particularly sensitive We will not invest in interest
to interest rate changes. Depending rate swaps with maturities of more
on the actual movements of interest than two years. Each business day
rates and how well the portfolio we calculate the amount the Series
manager anticipates them, a series must pay for swaps it holds and
could experience a higher or lower will segregate cash or other
return than anticipated. liquid securities to cover that
amount.

Credit risk: The risk that an issuer The Series may hold securities
(or an insurer of the issuer) will be rated in investment grade category
unable to make timely payments of single-B or higher by NRSROs.
interest and principal. These securities, however, are
carefully evaluated for
creditworthiness before purchase.
Investing in high-yield debt
instruments entails the risk of
principal loss, which may be greater If the rating of a debt security
than the risk involved in investment held by the Series falls below
grade debt. High-yield debt is investment grade category
sometimes issued by companies the single-B, the Series will dispose
earnings of which at the time the of the security as soon as
debt is issued are less than the practicable, unless to do so would
projected payments on the debt. be detrimental in light of market
conditions.

-------------------------------------- ---------------------------------------
Prepayment risk: The risk that We take into consideration the
homeowners will prepay mortgages likelihood of prepayment when we
during periods of low interest rates, select mortgages. We may look for
forcing an investor to reinvest their mortgage securities that have
money at interest rates that might be characteristics that make them
lower than those on the prepaid less likely to be prepaid, such as
mortgage. low outstanding loan balance or
below-market interest rates.
-------------------------------------- ---------------------------------------
Liquidity risk: The possibility that We limit exposure to illiquid
securities cannot be readily sold securities. Swap agreements will
within seven days at approximately be treated as illiquid securities,
the price that a series values them. but most swap dealers will be
willing to repurchase interest
rate swaps.

Disclosure of portfolio holdings information
A description of the Series' policies and procedures with respect to the
disclosure of the Series' portfolio securities is available in the Series' SAI.

Who's who?

The following describes the various organizations involved with managing,
administering, and servicing the Series.

Investment manager
Delaware Management Company, 2005 Market Street, Philadelphia, PA 19103-7094

Distributor
Delaware Distributors, L.P., 2005 Market Street, Philadelphia, PA 19103-7094

Shares of the Series are only sold to separate accounts of insurance companies
used in connection with variable annuity or variable life products.

Financial intermediary wholesaler
Lincoln Financial Distributors, Inc. ("LFD"), 2001 Market Street, Philadelphia,
PA 19103-7055

Custodian
JPMorgan Chase Bank, 4 Chase Metrotech Center, Brooklyn, NY 11245

Important Information about the Series

------------------------------------- ----------------------------
Service Class*
------------------------------------- ----------------------------
Commission (%) -
------------------------------------- ----------------------------
12b-1 Fee to Dealer 0.30%
------------------------------------- ----------------------------

We determine the Series' net asset value per share at the close of regular
trading on the New York Stock Exchange each business day that the New York Stock
Exchange is open. We calculate this value by adding the market value of all the
securities and assets in the Series' portfolio, deducting all liabilities, and
dividing the resulting number by the number of shares outstanding. The result is
the net asset value (NAV) per share. We price securities and other assets for
which market quotations are available at their market value. We price
fixed-income securities on the basis of valuations provided to us by an
independent pricing service that uses methods approved by the Board of Trustees.
Any fixed-income securities that have a maturity of less than 60 days, we price
at amortized cost. For all other securities, we use methods approved by the
Board of Trustees that are designed to price securities at their fair market
value (see "Fair valuation", below).

We automatically reinvest all dividends and any capital gains.

The Series will not be subject to federal income tax to the extent its earnings
are distributed. The Series intends to distribute substantially all of its net
investment income and net capital gains.

Certain management considerations

Manager of managers structure

Financial highlights

The financial highlights table is intended to help you understand the financial
performance of the Service Class of the Series. The total returns in the table
represent the rate that an investor would have earned or lost on an investment
in the Series' Service Class (assuming reinvestment of all dividends and
distributions). All "per share" information reflects financial results for a
single Series share. This information has been audited by [ ] LLP, whose report,
along with the Series' financial statements, is included in the Series' annual
report, which is available upon request by calling 800 523-1918.

Delaware VIP Capital Reserves Series Service Class
Year Ended 5/1/00(2)
12/31 to
12/31/00
2005 2004 2003 2002 2001(1)

Net asset value, beginning of period $10.000 $9.970 $9.760 $9.530 $9.210

Income (loss) from investment
operations:
Net investment income 0.333 0.308 0.406 0.519 0.389
Net realized and unrealized gain (
loss) on investments (0.017) 0.105 0.243 0.249 0.320
------ ------- ------ ------ ------ ------
Total from investment operations 0.316 0.413 0.649 0.768 0.709
------ ------- ------ ------ ------ ------
Less dividends and distributions
from:
Net investment income (0.416) (0.383) (0.439) (0.538) (0.389)
------ ------- ------ ------ ------ ------
Total dividends and distributions (0.416) (0.383) (0.439) (0.538) (0.389)
------ ------- ------ ------ ------ ------
Net asset value, end of period $9.900 $10.000 $9.970 $9.760 $9.530
------ ======= ======= ====== ====== ======
Total return(3) 3.23% 4.21% 6.84% 8.23% 7.88%

Ratios and supplemental data:
Net assets, end of period
(000 omitted) $7 $6 $6 $6 $5
Ratio of expenses to average net
assets 0.87% 0.85% 0.77% 0.73% 0.73%
Ratio of expenses to average net
assets prior to expense limitation
and expenses paid indirectly 0.92% 0.88% 0.77% 0.73% 0.73%
Ratio of net investment income to
average net assets 3.32% 3.14% 4.06% 5.31% 6.25%
Ratio of net investment income to
average net assets prior to expense
limitation and expenses paid 3.27%
indirectly 3.11% 4.06% 5.31% 6.25%
Portfolio turnover 252% 438% 427% 290% 177%

(1) As required, effective January 1, 2001, the Series adopted the provisions
of the AICPA Audit and Accounting Guide for Investment Companies that
requires amortization of all premiums and discounts on debt securities and
the recording of paydown gains and losses on mortgage- and asset-backed
securities as an adjustment to interest income. The effect of these changes
for the year ended December 31, 2001 was a decrease in net investment
income per share of $0.019, an increase in net realized and unrealized gain
(loss) per share of $0.019, and a decrease in the ratio of net investment
income to average net assets of 0.20%. Per share data and ratios for
periods prior to January 1, 2001 have not been restated to reflect these
changes in accounting.

(2) Date of commencement of operations; ratios have been annualized and total
return has not been annualized.

(3) Total investment return is based on the change in net asset value of a
share during the period and assumes reinvestment of dividends and
distributions at net asset value. Total investment return reflects a waiver
and payment of fees by the distributor, as applicable. Performance would
have been lower had the expense limitation not been in effect.

Delaware VIP Capital Reserves Services

Investment Company Act File No. 811-5162

Delaware Series Symbol
CUSIP
Delaware VIP Capital Reserves Series
(Service Class) 246493571

DELAWARE VIP TRUST
Delaware VIP Diversified Income Series

Standard Class

2005 Market Street, Philadelphia, PA 19103-7094

Prospectus

April [ ], 2006

This Prospectus offers the Delaware VIP Diversified Income Series. The Series is
in effect a separate fund issuing its own shares. The shares of the Series are
sold only to separate accounts of life insurance companies (life companies). The
separate accounts are used in conjunction with variable annuity contracts and
variable life insurance policies (variable contracts). The separate accounts
invest in shares of the Series in accordance with allocation instructions
received from contract owners. The investment objective and principal policies
of the Series are described in this Prospectus.

Table of contents

Overview page
Delaware VIP Diversified Income Series

How we manage the Series page
Our investment strategies
The securities we typically invest in
The risks of investing in the Series
Disclosure of portfolio holdings information

Who manages the Series page
Investment manager
Portfolio managers
Who's who?

Financial highlights page

Overview: Delaware VIP Diversified Income Series

What is the Series' goal?
Delaware VIP Diversified Income Series seeks maximum long-term total return
consistent with reasonable risk. Although the Series will strive to achieve its
goal, there is no assurance that it will.

What are the Series' main investment strategies? We invest primarily in bonds
allocated among three sectors of the fixed-income market. These sectors include:

o the High-Yield Sector, consisting of high-yielding, higher risk,
lower-rated, or unrated fixed-income securities that we believe to be
similarly rated, issued by U.S. companies. (These involve higher risks and
are commonly known as junk bonds.)

o the Investment Grade Sector, consisting of investment grade debt
obligations of U.S. companies and those issued or guaranteed by the U.S.
government, its agencies or instrumentalities, or by U.S. companies.

o the International Sector, consisting of obligations of foreign governments,
their agencies and instrumentalities, and other fixed-income securities of
issuers in foreign countries and denominated in foreign currencies in both
developed and emerging markets. (An issuer is considered to be from the
country where it is located, where the majority of its assets are located,
or where it generates the majority of its operating income.)

We determine the amount of the Series' assets that will be allocated to each of
the three sectors based on our analysis of economic and market conditions, and
our assessment of the returns and potential for appreciation from each sector.
We will periodically reallocate the Series' assets.

What are the main risks of investing in the Series? Investing in any mutual fund
involves risk, including the risk that you may lose part or all of the money you
invest. Over time, the value of your investment in the Series will increase and
decrease according to changes in the value of the securities in the Series'
portfolio. This Series will be affected primarily by declines in bond prices,
which can be caused by an adverse change in interest rates, adverse economic
conditions or poor performance from specific industries or bond issuers. The
Series is also subject to the special risks associated with high-yield bond
investing and with foreign investing. In particular, high-yield bonds are rated
below investment grade and are subject to a higher risk that issuers will be
unable to make interest or principal payments, particularly under adverse
economic conditions. Foreign investing, including investments in emerging
markets, involves risks related to currency valuations, political instability,
economic instability or lax accounting and regulatory standards. The Series may
have a portfolio turnover rate in excess of 100%, which can result in increased
transaction costs for investors and may affect the Series' performance.

For a more complete discussion of risk, please turn to "The risks of investing
in the Series."

An investment in the Series is not a deposit of any bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency.

Who should invest in the Series

o Investors with long-term financial goals.
o Investors looking for an investment that offers professional allocation
among key types of fixed-income securities.
o Investors looking for a fixed-income investment that offers potential for
high current income and total return.

Who should not invest in the Series

o Investors with short-term financial goals.

o Investors who are unwilling to own an investment whose value may fluctuate,
sometimes significantly, over the short term.

How has the Series performed?

This bar chart and table can help you evaluate the risks of investing in the
Delaware VIP Diversified Income Series Standard Class. We show returns for the
past two calendar years, as well as the average annual return since inception.
The Series' past performance does not necessarily indicate how it will perform
in the future. The performance presented does not reflect any separate account
fees, which would reduce the returns. The returns reflect expense caps in effect
during the periods. The returns would be lower without the expense caps. Please
see footnotes 2 and 3 on page [ ] for additional information about the expense
caps. Moreover, the performance presented does not reflect any separate account
fees, which would reduce the returns.

[GRAPHIC OMITTED: BAR CHART SHOWING YEAR BY YEAR TOTAL RETURN (Delaware VIP
Diversified Income Series Standard Class)]

Year-by-year total return (Delaware VIP Diversified Income Series Standard
Class)

-------------- ------------
2004 2005
-------------- ------------
8.47% [ ]%
-------------- ------------

During the period illustrated in this bar chart, the Class' highest quarterly
return was [ ]% for the quarter ended [date] and its lowest quarterly return was
[ ]% for the quarter ended [date].

Average annual returns for periods ending 12/31/05

--------------------- ---------------------------- -----------------------
Delaware VIP
Diversified Income Series Lehman Brothers
Standard Class Aggregate Bond Index
--------------------- ---------------------------- -----------------------
1 year [ ]% [ ]%
--------------------- ---------------------------- -----------------------
Lifetime
(Inception 5/9/03) [ ]% [ ]%
--------------------- ---------------------------- -----------------------

The Series' returns are compared to the performance of the Lehman Brothers
Aggregate Bond Index. The Lehman Brothers Aggregate Bond Index measures the
performance of about 6,500 U.S. corporate and government bonds. You should
remember that unlike the Series, the index is unmanaged and doesn't reflect the
actual costs of operating a mutual fund, such as the costs of buying, selling
and holding securities.

* The Lehman Brothers Aggregate Bond Index reports returns on a monthly basis
as of the last day of the month. This figure reflects the return from May
31, 2003 through December 31, 2005.

What are the Series' fees and expenses?
These tables and example do not include any fees or sales charges imposed by
your variable contract. If they were included, your cost would be higher.

----------------------------------------- --------------------------------------------- ----------
You do not pay sales charges directly Maximum sales charge (load) imposed on
from your investments when you buy or purchases as a percentage of offering price none
sell shares of the Standard Class. --------------------------------------------- ----------
Maximum contingent deferred sales charge
(load) as a percentage of original purchase
price or redemption price,
whichever is lower none
--------------------------------------------- ----------
Maximum sales charge (load) imposed on
reinvested dividends none
--------------------------------------------- ----------
Redemption fees none
--------------------------------------------- ----------
Exchange fees none
--------------------------------------------- ----------

----------------------------------------- --------------------------------------------- ----------
Annual Series operating expenses are
deducted from the Series' assets. Management fees 0.65%
--------------------------------------------- ----------
Distribution and service (12b-1) fees none
--------------------------------------------- ----------
Other expenses(1) [ ]%
--------------------------------------------- ----------
Total operating expenses [ ]%
--------------------------------------------- ----------
Fee waivers and payments(2) [ ]%
--------------------------------------------- ----------
Net expenses [ ]%

----------------------------------------- --------------------------------------------- ----------
This example is intended to help you
compare the cost of investing in the
Series to the cost of investing in
other mutual funds with similar
investment objectives. We show the
cumulative amount of Series expenses on
a hypothetical investment of $10,000
with an annual 5% return over the time 1 year $[ ]
shown.(3) This is an example only, and --------------------------------------------- ----------
does not represent future expenses, 3 years $[ ]
which may be greater or less than --------------------------------------------- ----------
those shown here. 5 years $[ ]
--------------------------------------------- ----------
10 years $[ ]

----------------------------------------- --------------------------------------------- ----------

(1) Other expenses are based on estimated amounts for the current fiscal year.

(2) The investment manger has contracted to waive fees and pay expenses through
[date] in order to prevent total operating expenses (excluding any 12b-1
fees, taxes, interest, brokerage fees, extraordinary expenses and certain
insurance costs) from exceeding 0.80% of average daily net assets.

How we manage the Series

Our investment strategies
Delaware VIP Diversified Income Series is a type of fixed-income fund that
invests in three distinct sectors of the fixed-income market as it pursues its
investment objective of seeking maximum long-term total return consistent with
reasonable risk. Certain economic and market events generally may have a greater
impact on certain types of bonds. By spreading the portfolio assets among three
key types of bonds, we strive to reduce the affect that such events might have
on the portfolio. The foundation of our strategy is the belief that when one or
more bond sectors are not performing well, the others may continue to provide
high income and appreciation potential, helping to support the Series'
performance.

Following are the three key sectors we focus on, as well as our general
investment approach in each sector:

o In the Investment Grade Sector, we select U.S. government and high-quality
corporate bonds primarily on the basis of their income potential. In
periods of slower U.S. economic growth, these bonds might also provide a
stabilizing influence on the portfolio, which could enhance total return.

o In the High-Yield Sector, we purchase U.S. high-yield corporate bonds to
increase the portfolio's income potential. These bonds are of lower quality
and involve the risk that the issuing companies may not be able to pay
interest or repay principal. However, we carefully select the high-yield
bonds for the portfolio after evaluating both the company's fundamental
strength and the bond's liquidity.

o In the International Sector, we select foreign bonds to add diversification
to the portfolio. Because foreign markets are often affected by different
economic cycles than the U.S., foreign bonds may experience performance
cycles that are different as well. In selecting foreign bonds for the
portfolio, we strive to manage the risk associated with foreign investing
through a thorough analysis of the bond's issuer and the inflation trends
in the country where the bond is issued.

In determining how much of the portfolio to allocate to each sector, we review
economic and market conditions and interest rate trends as well as the potential
risks and rewards associated with each sector. Under normal circumstances, as
little as 5% or as much as 50% of the Series' assets may be invested in each of
the High-Yield Sector and International Sector. Under normal circumstances,
there is no minimum or maximum limit on the amount of the Series' assets that
may be invested in the Investment Grade Sector. The Series' investments in
emerging markets will be limited to no more than 15% of the Series' total
assets.

The securities we typically invest in
Fixed-income securities offer the potential for greater income payments than
stocks, and also may provide capital appreciation.

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Securities How we use them
Delaware VIP Diversified Income Series
-------------------------------------------------------------------- ----------------------------------------------------------
High-yield corporate bonds: Debt obligations issued by a The Series may invest up to 50% of net assets in
corporation and rated lower than investment grade by a nationally high-yield corporate bonds. Emphasis is typically on
recognized statistical ratings organization (NRSRO) such as S&P or those rated BB or Ba by an NRSRO.
Moody's. High-yield bonds are issued by corporations that have
poor credit quality and may have difficulty repaying principal and We carefully evaluate an individual company's financial
interest. situation, its management, the prospects for its
industry and the technical factors related to its bond
offering. Our goal is to identify those companies that
we believe will be able to repay their debt obligations
in spite of poor ratings. The Series may invest in
unrated bonds if we believe their credit quality is
comparable to the rated bonds we are permitted to invest
in. Unrated bonds may be more speculative in nature than
rated bonds.

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U.S. government securities: Direct U.S. obligations including The Series may invest without limit in direct U.S.
bills, notes, bonds as well as other debt securities issued by the government obligations.
U.S. Treasury or securities of U.S. government agencies or
instrumentalities which are backed by the full faith and credit of
the United States.

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Collateralized Mortgage Obligations (CMOs) and Real Estate The Series may invest in CMOs and REMICs. Certain CMOs
Mortgage Investment Conduits (REMICs): CMOs are privately issued and REMICs may have variable or floating interest rates
mortgage-backed bonds whose underlying value is the mortgages that and others may be stripped. Stripped mortgage securities
are collected into different pools according to their maturity. are generally considered illiquid and to such extent,
They are issued by U.S. government agencies and private issuers. together with any other illiquid investments, will not
REMICs are privately issued mortgage-backed bonds whose underlying exceed the Series' limit on illiquid securities. In
value is a fixed pool of mortgages secured by an interest in real addition, subject to certain quality and collateral
property. Like CMOs, REMICs offer different pools. limitations, the Fund may invest up to 20% of its total
assets in CMOs and REMICs issued by private entities
which are not collateralized by securities issued or
guaranteed by the U.S. government, its agencies or
instrumentalities, so called non-agency mortgage backed
securities.

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Asset-backed securities: Bonds or notes backed by accounts We invest only in asset-backed securities rated in one
receivables including home equity, automobile or credit loans. of the four highest categories by an NRSRO.

-------------------------------------------------------------------- ----------------------------------------------------------
Investment grade corporate bonds: Debt obligations issued by a The Series may invest without limit in investment grade
corporation rated in one of the four highest categories by an corporate bonds.
NRSRO (or, if unrated, that we believe are of equal quality). Debt
securities within the top three categories by an NRSRO comprise
what are known as high-grade bonds and are regarded as having a
strong ability to pay principal and interest. Securities in the
fourth category by an NRSRO are known as medium-grade bonds and
are regarded as having an adequate capacity to pay principal and
interest but with greater vulnerability to adverse economic
conditions and speculative characteristics.

-------------------------------------------------------------------- ----------------------------------------------------------
Foreign government securities and foreign corporate bonds: Foreign We may invest in foreign government securities and
government securities issued by foreign governments or primarily focus on better quality bonds with
supranational entities. A supranational entity is an entity investment-grade credit ratings. The Series may also
established or financially supported by the national governments invest in securities issued by supranational entities,
of one or more countries. The International Bank for which are typically of higher quality.
Reconstruction and Development (more commonly known as the World
Bank) is one example of a supranational entity. We may invest in both rated and unrated foreign
securities. We may invest both in investment grade
Foreign corporate bonds are debt obligations issued by a foreign securities and non-investment grade (i.e., those rated
corporation. BB or lower by S&P or Fitch, Ba or lower by Moody's, or
similarly rated by another NRSRO.)

However, we will limit investment in foreign securities
of issuers located in emerging or developing countries
that are rated below investment grade to no more than
15% of the Series' net assets.

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Zero coupon bonds and payment-in-kind bonds: Zero coupon We may invest in zero coupon bonds and payment in kind
securities are debt obligations which do not entitle the holder to bonds, though we do not expect this to be a significant
any periodic payments of interest prior to maturity or a specified component of our strategy. The market prices of these
date when the securities begin paying current interest. Therefore, bonds are generally more volatile than the market prices
they are issued and traded at a price lower than their face of securities that pay interest periodically and are
amounts or par value. Payment-in-kind bonds pay interest or likely to react to changes in interest rates to a
dividends in the form of additional bonds or preferred stock. greater degree than interest-paying bonds having similar
maturities and credit quality. They may have certain
tax consequences which, under certain conditions, could
be adverse to the Series.

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Options and futures: Options represent a right to buy or sell a At times when we anticipate adverse conditions, we may
security or group of securities at an agreed upon price at a want to protect gains on securities without actually
future date. The purchaser of an option may or may not choose to selling them. We might use options or futures to
go through with the transaction. neutralize the effect of any price declines, without
selling the bond or bonds, or as a hedge against changes
Futures contracts are agreements for the purchase or sale of in interest rates.
securities at a specified price, on a specified date. Unlike an
option, a futures contract must be executed unless it is sold Use of these strategies can increase the operating costs
before the settlement date. of the Series and can lead to loss of principal.

Options and futures are generally considered to be derivative
securities.

-------------------------------------------------------------------- ----------------------------------------------------------
Brady Bonds: These are debt securities issued under the framework We may invest in Brady Bonds. We believe that the
of the Brady Plan, an initiative for debtor nations to restructure economic reforms undertaken by countries in connection
their outstanding external indebtedness (generally, commercial with the issuance of Brady Bonds makes the debt of
bank debt). Brady Bonds tend to be of lower quality and more countries that have issued Brady Bonds or those that
speculative than securities of developed country issuers. have announced plans to issue them a viable opportunity
for investment.

-------------------------------------------------------------------- ----------------------------------------------------------
Foreign currency transactions: A forward contract involves an We may invest in securities issued in any currency and
obligation to purchase or sell a specific currency at a future may hold foreign currency.
date at a price set at the time of the contract. Forward
contracts are used to "lock-in" the price of a security that will Although the Series values its assets daily in terms of
be purchased or sold, in terms of U.S. dollars or other U.S. dollars, we do not convert our holdings of foreign
currencies. currencies into U.S. dollars on a daily basis. We may,
however, from time to time, purchase or sell foreign
currencies and/or engage in forward foreign currency
transactions in order to expedite settlement of
portfolio transactions and to minimize currency value
fluctuations. We may conduct foreign currency
transactions on a cash basis at the spot rate prevailing
in the foreign currency exchange market or through a
forward foreign currency contract or forward contract.
The Series may use forward contracts for defensive
hedging purposes to attempt to protect the value of the
Series' current security or currency holdings. It may
also use forward contracts if it has agreed to sell a
security and wants to "lock-in" the price of that
security, in terms of U.S. dollars. Investors should be
aware of the costs of currency conversion. The Series
will not use forward contracts for speculative purposes.

These transactions may increase the Series' expenses.

-------------------------------------------------------------------- ----------------------------------------------------------
American Depositary Receipts (ADRs), European Depositary Receipts The Series may invest in sponsored and unsponsored
(EDRs), and Global Depositary Receipts (GDRs): ADRs are receipts ADRs. Such ADRs that the Fund may invest in will be
issued by a U.S. depositary (usually a U.S. bank) and EDRs and those that are actively traded in the United States.
GDRs are receipts issued by a depositary outside of the U.S.
(usually a non-U.S. bank or trust company or a foreign branch of a In conjunction with its investments in foreign
U.S. bank). Depositary receipts represent an ownership interest securities, the Series may also invest in sponsored and
in an underlying security that is held by the depositary. unsponsored EDRs and GDRs.
Generally, the underlying security represented by an ADR is issued
by a foreign issuer and the underlying security represented by an
EDR or GDR may be issued by a foreign or U.S. issuer. Sponsored
depositary receipts are issued jointly by the issuer of the
underlying security and the depositary, and unsponsored depositary
receipts are issued by the depositary without the participation of
the issuer of the underlying security. Generally, the holder of
the depositary receipt is entitled to all payments of interest,
dividends or capital gains that are made on the underlying
security.

-------------------------------------------------------------------- ----------------------------------------------------------
Short-Term Debt Investments: These instruments include (1) time The Series may invest in these instruments either as a
deposits, certificates of deposit and bankers acceptances issued means to achieve its investment objective or, more
by a U.S. commercial bank; (2) commercial paper of the highest commonly, as temporary defensive investments or pending
quality rating; (3) short-term debt obligations with the highest investment in the Series' principal investment
quality rating; (4) U.S. government securities; and (5) repurchase securities. When investing all or a significant portion
agreements collateralized by those instruments. of its assets in these instruments, the Series may not
be able to achieve its investment objective.

-------------------------------------------------------------------- ----------------------------------------------------------
Time Deposits: Time deposits are non-negotiable deposits Time deposits maturing in more than seven days will not
maintained in a banking institution for a specified period of time be purchased by the Series, and time deposits maturing
at a stated interest rate. from two business days through seven calendar days will
not exceed 15% of the total assets of the Series.

-------------------------------------------------------------------- ----------------------------------------------------------
Repurchase agreements: An agreement between a buyer, such as the Typically, we use repurchase agreements as a short-term
Series, and a seller of securities in which the seller agrees to investment for the Series' cash position. In order to
buy the securities back within a specified time at the same price enter into these repurchase agreements, the Series must
the buyer paid for them, plus an amount equal to an agreed upon have collateral of 102% of the repurchase price. The
interest rate. Repurchase agreements are often viewed as Series will only enter into repurchase agreements in
equivalent to cash. which the collateral is U.S. government securities.

-------------------------------------------------------------------- ----------------------------------------------------------
Restricted securities: Privately placed securities whose resale is We may invest in privately placed securities, including
restricted under securities law. those that are eligible for resale only among certain
institutional buyers without registration which are
commonly known as Rule 144A Securities. Restricted
securities that are determined to be illiquid may not
exceed the Series' 10% limit on illiquid securities,
which is described below.

-------------------------------------------------------------------- ----------------------------------------------------------

Interest rate swap, index swap and credit default swap agreements: We may use interest rate swaps to adjust the Series'
In an interest rate swap, a Series receives payments from another sensitivity to interest rates or to hedge against
party based on a variable or floating interest rate, in return for changes in interest rates. Index swaps may be used to
making payments based on a fixed interest rate. An interest rate gain exposure to markets that the Series invests in,
swap can also work in reverse with a Series receiving payments such as the corporate bond market. We may also use index
based on a fixed interest rate and making payments based on a swaps as a substitute for futures or options contracts
variable or floating interest rate. In an index swap, a Series if such contracts are not directly available to the
receives gains or incurs losses based on the total return of a Series on favorable terms. We may enter into credit
specified index, in exchange for making interest payments to default swaps in order to hedge against a credit event,
another party. An index swap can also work in reverse with a fund to enhance total return or to gain exposure to certain
receiving interest payments from another party in exchange for securities or markets.
movements in the total return of a specified index. In a credit
default swap, a Series may transfer the financial risk of a credit
event occurring (a bond default, bankruptcy, restructuring, etc.)
on a particular security or basket of securities to another party
by paying that party a periodic premium; likewise, a Series may
assume the financial risk of a credit event occurring on a
particular security or basket of securities in exchange for
receiving premium payments from another party. Interest rate
swaps, index swaps and credit default swaps may be considered to
be illiquid.

-------------------------------------------------------------------- ----------------------------------------------------------
Illiquid securities: Securities that do not have a ready market, We may invest up to 15% of net assets in illiquid
and cannot be easily sold within seven days at approximately the securities, including repurchase agreements with
price that a series has valued them. maturities of over seven days.

-------------------------------------------------------------------- ----------------------------------------------------------

The Series may also invest in other securities including real estate investment
trusts. Please see the Statement of Additional Information (SAI) for additional
descriptions of these securities as well as those listed in the table.

Temporary defensive positions For temporary defensive purposes, the Series may
hold a substantial portion of its assets in cash or cash equivalents. To the
extent it holds these securities, the Series may be unable to achieve its
investment objective.

Portfolio turnover We anticipate that the Series' annual portfolio turnover may
be greater than 100%, and may be considerably in excess of 100%. A turnover rate
of 100% would occur if, for example, the Series bought and sold all of the
securities in its portfolio once in the course of a year or frequently traded a
single security. High turnover can result in increased transaction costs for
investors and may affect the Series' performance.

The risks of investing in the Series
Investing in any mutual fund involves risk, including the risk that you may
receive little or no return on your investment, and the risk that you may lose
part or all of the money you invest. Before you invest in the Series, you should
carefully evaluate the risks. An investment in the Series typically provides the
best results when held for a number of years. Following are the chief risks you
assume when investing in the Delaware VIP Diversified Income Series. Please see
the SAI for further discussion of these risks and other risks not discussed
here.

-------------------------------------------------------------- -----------------------------------------------------------
Risks How we strive to manage them
Delaware VIP Diversified Income Series
-------------------------------------------------------------- -----------------------------------------------------------
Market risk: The risk that all or a majority of the We maintain a long-term investment approach and focus on
securities in a certain market--like the stock or bond bonds that we believe will continue to pay interest
market--will decline in value because of factors such as regardless of interim market fluctuations. We do not try
economic conditions, future expectations or investor to predict overall bond market or interest rate movements
confidence. and generally do not trade for short-term purposes.

Index swaps are subject to the same market risks as the In evaluating the use of an index swap, we carefully
investment market or sector that the index represents. consider how market changes could affect the swap and how
Depending on the actual movements of the index and how well that compares to us investing directly in the market the
the portfolio managers forecast those movements, a series swap is intended to represent.
could experience a higher or lower return than anticipated.

-------------------------------------------------------------- -----------------------------------------------------------
Industry and security risk: The risk that the value of We diversify the Series' assets across three distinct
securities in a particular industry or the value of an sectors of the bond market and among a wide variety of
individual stock or bond will decline because of changing individual issuers.
expectations for the performance of that industry or for the
individual company issuing the stock or bond.

-------------------------------------------------------------- -----------------------------------------------------------
Interest rate risk: The risk that securities will decrease The Series is subject to interest rate risk. We cannot
in value if interest rates rise. The risk is greater for eliminate that risk, but we do strive to manage it by
bonds with longer maturities than for those with shorter monitoring economic conditions.
maturities.
We will not invest in swaps with maturities of more than
Swaps may be particularly sensitive to interest rate two years. Each business day we will calculate the
changes. Depending on the actual movements of interest amount the Series must pay for any swaps it holds and
rates and how well the portfolio managers anticipate them, a will segregate cash or other liquid securities to cover
series could experience a higher or lower return than that amount.
anticipated.

-------------------------------------------------------------- -----------------------------------------------------------
Credit risk: The possibility that a bond's issuer (or an Our careful, credit-oriented bond selection and our
entity that insures the bond) will not be able to make commitment to hold a diversified selection of high-yield
timely payments of interest and principal. bonds are designed to manage this risk.

Investing in so-called "junk" or "high-yield" bonds entails Our holdings of high quality investment grade bonds are
the risk of principal loss, which may be greater than the less subject to credit risk and may help to balance any
risk involved in investment grade bonds. High-yield bonds credit problems experienced by individual high-yield bond
are sometimes issued by companies whose earnings at the time issuers or foreign issuers.
the bond is issued are less than the projected debt payments
on the bonds. When selecting dealers with whom we would make interest
rate or index swap agreements, we focus on those with
Some analysts believe a protracted economic downturn would high quality ratings and do careful credit analysis
severely disrupt the market for high-yield bonds, adversely before investing.
affect the value of outstanding bonds and adversely affect
the ability of high-yield issuers to repay principal and
interest. It is likely that protracted periods of economic
uncertainty would cause increased volatility in the market
prices of high-yield bonds, an increase in the number of
high-yield bond defaults and corresponding volatility in a
series' net asset value.

If there were a national credit crisis or an issuer were to
become insolvent, principal values could be adversely
affected.

-------------------------------------------------------------- -----------------------------------------------------------
Futures and options risk: The possibility that a series may We will use options and futures for defensive purposes,
experience a significant loss if it employs an option or such as to protect gains in the portfolio without
futures strategy related to a security or a market index and actually selling the security or to neutralize the impact
that security or index moves in the opposite direction from of interest rate changes. We will not use futures and
what the portfolio managers anticipated. Futures and options for speculative reasons or in an effort to
options also involve additional expenses, which could reduce enhance return.
any benefit or increase any loss to a series using the
strategy.

-------------------------------------------------------------- -----------------------------------------------------------
Foreign risk: The risk that foreign securities may be The Series will attempt to reduce foreign investing risks
adversely affected by political instability (including through portfolio diversification, credit analysis and
governmental seizures or nationalization of assets), changes attention to trends in the world economies, industries
in currency exchange rates, foreign economic conditions or and financial markets.
inadequate regulatory and accounting standards. Foreign
markets may also be less efficient, less liquid, have We carefully evaluate the political and economic
greater price volatility, less regulation and higher situations in the countries where we invest and take
transaction costs than U.S. markets. these risks into account before we select securities for
the portfolio. However, there is no way to eliminate
foreign risks when investing internationally.

-------------------------------------------------------------- -----------------------------------------------------------
Foreign government securities risk: Involves the ability of The Series attempts to reduce the risks associated with
a foreign government or government related issuer to make investing in foreign governments by limiting the portion
timely and ultimate payments on its external debt of portfolio assets that may be invested in such
obligations. This ability to make payments will be strongly securities.
influenced by the issuer's balance of payments, including
export performance, its access to international credits and
investments, fluctuations in interest rates and the extent
of its foreign reserves.

-------------------------------------------------------------- -----------------------------------------------------------
Currency risk: The risk that the value of an investment may We may try to hedge currency risk by purchasing foreign
be negatively affected by changes in foreign currency currency exchange contracts. By agreeing to purchase or
exchange rates. Adverse changes in exchange rates may sell foreign securities at a pre-set price on a future
reduce or eliminate any gains produced by investments that date, the Series strives to protect the value of the
are denominated in foreign currencies and may increase any stock it owns from future changes in currency rates. We
losses. will use forward currency exchange contracts only for
defensive measures, not to enhance portfolio returns.
In 1999 eleven European countries joined in European However, there is no assurance that a strategy such as
Economic and Monetary Union (EMU), which established a this will be successful.
common currency for the participating countries. This
currency is known as the "euro". It has replaced legacy
currencies such as the French franc and the deutschemark,
which were converted to euros at fixed exchange rates. The
main initial consequence for investors is that this has
created a much bigger and more liquid bond and equity
market. This has eliminated currency risk within the euro
zone, but the risk that the euro will fluctuate versus third
currencies such as the U.S. dollar has not been eliminated
or reduced. Within the euro zone, our view is that the
longer term risks are economic and political - a single
currency means a single monetary policy, which may not suit
an individual country at a particular time. There are no
explicit legal provisions for a country to exit EMU; such an
exit pre-supposes a strong political demand for it, of which
there is no sign at this point in time.

-------------------------------------------------------------- -----------------------------------------------------------

Emerging markets risk: The possibility that the risks The Series may purchase securities of issuers in any
associated with international investing will be greater in foreign country, developed and emerging. The Series
emerging markets than in more developed foreign markets cannot eliminate these risks but will attempt to manage
because, among other things, emerging markets may have less these risks through portfolio diversification, credit
stable political and economic environments. In addition, in analysis, and attention to trends in the economy,
many emerging markets, there is substantially less publicly industries and financial markets and other relevant
available information about issuers and the information factors.
available tends to be of a lesser quality. Economic markets
and structures tend to be less mature and diverse and the
securities markets which are subject to less government
regulation or supervision may also be smaller, less liquid
and subject to greater price volatility.

-------------------------------------------------------------- -----------------------------------------------------------
Liquidity risk: The possibility that securities cannot be A less liquid secondary market may have an adverse effect
readily sold within seven days at approximately the price on our ability to dispose of particular issues, when
that a series values them. necessary, to meet the Series' liquidity needs or in
response to a specific event, such as the declining
The high-yield secondary market is particularly susceptible creditworthiness of the issuer. In striving to manage
to liquidity problems when the institutions, such as mutual this risk, we evaluate the size of a bond issuance as a
funds and certain financial institutions that dominate it, way to anticipate its likely liquidity level.
temporarily stop buying bonds for regulatory, financial or
other reasons. We may invest only 10% of net assets in illiquid
securities, excluding Rule 144A securities described
above.

-------------------------------------------------------------- -----------------------------------------------------------

Derivatives Risk is the possibility that the Series may We will use derivatives for defensive purposes, such as
experience a significant loss if it employs a derivatives to protect gains or hedge against potential losses in the
strategy (including a strategy involving credit default portfolio without actually selling a security, to
swaps) related to a security or a securities index and that neutralize the impact of interest rate changes, to affect
security or index moves in the opposite direction from what diversification or to earn additional income. We will not
the portfolio manager had anticipated. Another risk of use derivatives for reasons inconsistent with our
derivative transactions is the creditworthiness of the investment objectives.
counterparty because the transaction depends on the
willingness and ability of the counterparty to fulfill its
contractual obligations. Derivatives also involve additional
expenses, which could reduce any benefit or increase any
loss to a series from using the strategy.

-------------------------------------------------------------- -----------------------------------------------------------
Valuation risk: When a less liquid secondary market as We will strive to manage this risk by carefully
described above can make it more difficult for a series to evaluating individual bonds and by limiting the amount of
obtain precise valuations of the high-yield securities in the portfolio that can be allocated to privately placed
its portfolio. During periods of reduced liquidity, high-yield securities.
judgment plays a greater role in valuing high-yield
securities.

-------------------------------------------------------------- -----------------------------------------------------------
Legislative and regulatory risk: The United States Congress We monitor the status of regulatory and legislative
has from time to time taken or considered legislative proposals to evaluate any possible effects they might
actions that could adversely affect the high-yield bond have on the Series' portfolio.
market. For example, Congressional legislation has, with
some exceptions, generally prohibited federally insured
savings and loan institutions from investing in high-yield
securities. Regulatory actions have also affected the
high-yield market. Similar actions in the future could
reduce liquidity for high-yield issues, reduce the number of
new high-yield securities being issued and could make it
more difficult for a fund to attain its investment objective.
-------------------------------------------------------------- -----------------------------------------------------------

Disclosure of portfolio holdings information
A description of the Series' policies and procedures with respect to the
disclosure of the Series' portfolio securities is available in the Series' SAI.

Investment manager
The Series is managed by Delaware Management Company. Delaware Management
Company makes investment decisions for the Series, manages the Series' business
affairs and provides daily administrative services. For its services to the
Series, the Manager was paid [ ]% of average daily net assets for the last
fiscal year.

Prior to September 1, 2004, the Series was sub-advised by Delaware International
Advisers Ltd. ("DIAL") who managed the international sector of the portfolio and
furnished investment recommendations, asset allocation advice, research and
other investment services regarding foreign securities. For its services to the
Series, DIAL was paid a portion of the management fee based on the portion of
the foreign assets in the portfolio.

Portfolio managers
Timothy L. Rabe, Paul Grillo and Philip R. Perkins have primary responsibility
for making day-to-day investment decisions for the Series. When making decisions
for the Series, Messrs. Rabe, Grillo and Perkins regularly consult with Ryan K.
Brist and Stephen R. Cianci.

Timothy L. Rabe
Senior Vice President/Senior Portfolio Manager Mr. Rabe received a bachelor's
degree in finance from the University of Illinois. Prior to joining Delaware
Investments in 2000, Mr. Rabe was a high-yield portfolio manager for Conseco
Capital Management. Before that, Mr. Rabe worked as a tax analyst for The
Northern Trust Company. Mr. Rabe has 9 years of investment company experience
and is a CFA charterholder.

Paul Grillo
Senior Vice President/Senior Portfolio Manager Mr. Grillo holds a BA in Business
Management from North Carolina State University and an MBA in Finance from Pace
University. Prior to joining Delaware Investments in 1993, Mr. Grillo served as
mortgage strategist and trader at the Dreyfus Corporation. He also served as
mortgage strategist and portfolio manager for the Chemical Investment Group and
as financial analyst at Chemical Bank. Mr. Grillo is a CFA charterholder.

Philip R. Perkins
Senior Vice President/Senior Portfolio Manager
Mr. Perkins holds a B.A. from the University of Notre Dame. He joined Delaware
Investments in June 2003 from Deutsche Bank A.G., where he served as a Managing
Director in Global Markets. He was Chief Operating Officer for the Bank's
Emerging Markets Division, based in London. From 1998 to 2001, he was based in
Moscow and responsible for Local Markets Trading. Prior to that, Mr. Perkins was
Chief Executive Officer of Dinner Key Advisors Inc., a Registered Broker dealer
founded to trade derivative mortgage backed bonds with institutional clients. He
began his career at Salomon Brothers, where he was a Mortgage/CMO trader from
1985 to 1990.

Ryan K. Brist
Executive Vice President/Managing Director - Fixed Income
Mr. Brist earned his bachelor's degree from Indiana University. Prior to joining
Delaware Investments in August 2000, he served as a Senior Trader and Corporate
Specialist for Conseco Capital Management's fixed-income group. He previously
worked in oil/gas investment banking as an Analyst for Dean Witter Reynolds in
New York. He is a Chartered Financial Analyst.

Stephen R. Cianci
Senior Vice President/Senior Portfolio Manager
Mr. Cianci holds a BS and an MBA in Finance from Widener University. He joined
Delaware Investments' Fixed Income Department in 1992 as an investment grade
quantitative research analyst. In addition to his quantitative research
responsibilities, Mr. Cianci also served as a mortgage-backed and asset-backed
securities analyst. Mr. Cianci is an Adjunct Professor of Finance at Widener
University and a CFA charterholder.

Who's who?

The following describes the various organizations involved with managing,
administering, and servicing the Series.

Board of Trustees
A mutual fund is governed by a Board of Trustees which has oversight
responsibility for the management of the fund's business affairs. Trustees
establish procedures and oversee and review the performance of the investment
manager, the distributor and others that perform services for the series.
Generally, at least 40% of the Board of Trustees must be independent of the
fund's investment manager and distributor. However, the Series relies on certain
exemptive rules created by the Securities and Exchange Commission that require
the Board of Trustees overseeing the Series to be comprised of a majority of
such independent trustees. These independent fund Trustees, in particular, are
advocates for shareholder interests.

Investment manager
Delaware Management Company, 2005 Market Street, Philadelphia, PA 19103-7094

Distributor
Delaware Distributors, L.P., 2005 Market Street, Philadelphia, PA 19103-7094

Shares of the Series are only sold to separate accounts of insurance companies
used in connection with variable annuity or variable life products.

Financial intermediary wholesaler
Lincoln Financial Distributors, Inc. ("LFD"), 2001 Market Street, Philadelphia,
PA 19103-7055

Custodian
JPMorgan Chase Bank, 4 Chase Metrotech Center, Brooklyn, NY 11245

Important Information about the Series

-------------------------------- ----------------------
STANDARD CLASS*
-------------------------------- ----------------------
Commission (%) -
-------------------------------- ----------------------
Fee to Dealer 0.25%
-------------------------------- ----------------------

Dividends, distributions and taxes
Dividends and capital gain distributions, if any, are distributed annually.

We automatically reinvest all dividends and any capital gains.

The Series will not be subject to federal income tax to the extent its earnings
are distributed. The Series intends to distribute substantially all of its net
investment income and net capital gains.

Certain management considerations

Financial highlights

The financial highlights table is intended to help you understand the financial
performance of the Standard Class of the Series. The total returns in the table
represent the rate that an investor would have earned or lost on an investment
in the Series' Standard Class (assuming reinvestment of all dividends and
distributions). All "per share" information reflects financial results for a
single Series share. This information has been audited by [ ], whose report,
along with the Series' financial statements, is included in the Series' annual
report, which is available upon request by calling 800 523-1918.

-------------------------------------------- -------------------------------------------
Delaware VIP Diversified Income Series Standard Class
-------------------------------------------- -------------------------------------------
5/16/03(1)
Year ended Year ended to
12/31/05 12/31/04 12/31/03
-------------------------------------------- -------------- ------------- --------------

Net asset value, beginning of period $8.940 $8.500

Income from investment operations:
Net investment income(2) 0.348 0.240
Net realized and unrealized gain on
investments and foreign currencies 0.395 0.200
------- -------
Total from investment operations 0.743 0.440
------- -------

Less dividends and distributions from:
Net investment income (0.233) ---
------- -------
Total dividends and distributions (0.233) ---
------- -------

Net asset value, end of period $9.450 $8.940
======= =======

Total return(3) 8.47% 5.18%

Ratios and supplemental data:
Net assets, end of period (000 omitted) $14,770 $2,104
Ratio of expenses to average net assets 0.80% 0.80%
Ratio of expenses to average net assets
prior to expense limitation and expenses
paid indirectly 0.98% 1.59%
Ratio of net investment income to average
net assets 3.82% 4.43%
Ratio of net investment income to average
net assets prior to expense limitation
and expenses paid indirectly 3.64% 3.64%
Portfolio turnover 493% 521%
-------------------------------------------- -------------- ------------- --------------

(1) Commencement of operations; ratios and portfolio turnover have been
annualized and total return has not been annualized.

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

(3) Total investment return is based on the change in net asset value of a
share during the period and assumes reinvestment of dividends and
distributions at net asset value. Total investment return reflects a waiver
and payment of fees by the manager. Performance would have been lower had
the expense limitation not been in effect.

Delaware VIP Diversified Income Series

Additional information about the Series' investments will be available in the
Series' annual and semi-annual reports to shareholders. In the Series' annual
report you will find a discussion of the market conditions and investment
strategies that significantly affected the Series' performance during the last
fiscal period. You can find more detailed information about the Series in the
current Statement of Additional Information (SAI), which we have filed
electronically with the Securities and Exchange Commission (SEC) and which is
legally a part of this Prospectus. You may obtain a free copy of the Statement
of Additional Information by writing to us at 2005 Market Street, Philadelphia,
PA 19103-7094, or call toll-free 800 523-1918.

Investment Company Act File No. 811-5162

Delaware Series Symbol
CUSIP
Delaware VIP Diversified Income Series
(Standard Class) 246493548

DELAWARE VIP TRUST
Delaware VIP Diversified Income Series

Service Class

2005 Market Street, Philadelphia, PA 19103-7094

Prospectus

April [ ], 2006

Table of contents

Overview page
Delaware VIP Diversified Income Series

How we manage the Series page
Our investment strategies
The securities we typically invest in
The risks of investing in the Series
Disclosure of portfolio holdings information

Who manages the Series page
Investment manager
Portfolio managers
Who's who?

Financial highlights page

Overview: Delaware VIP Diversified Income Series

What are the Series' main investment strategies? We invest primarily in bonds
allocated among three sectors of the fixed-income market. These sectors include:

An investment in the Series is not a deposit of any bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency.

Who should invest in the Series

Who should not invest in the Series

o Investors with short-term financial goals.
o Investors who are unwilling to own an investment whose value may fluctuate,
sometimes significantly, over the short term.

How has the Series performed?

This bar chart and table can help you evaluate the risks of investing in the
Delaware VIP Diversified Income Series Service Class. We show returns for the
past two calendar years, as well as the average annual return since inception.
The Series' past performance does not necessarily indicate how it will perform
in the future. The returns reflect expense caps in effect during the periods.
The returns would be lower without the expense caps. Please see footnotes 2 and
3 on page [ ] for additional information about the expense caps. Moreover, the
performance presented does not reflect any separate account fees, which would
reduce the returns.

[GRAPHIC OMITTED: BAR CHART SHOWING YEAR BY YEAR TOTAL RETURN (Delaware VIP
Diversified Income Series Service Class)]

Year-by-year total return (Delaware VIP Diversified Income Series Service Class)

-------------- ------------
2004 2005
-------------- ------------
7.85% [ ]%
-------------- ------------

During the period illustrated in this bar chart, the Class' highest quarterly
return was [ ]% for the quarter ended [date] and its lowest quarterly return was
[ ]% for the quarter ended [date].

Average annual returns for periods ending 12/31/05

----------------------- ---------------------------- -------------------------
Delaware VIP
Diversified Income Series Lehman Brothers
Service Class Aggregate Bond Index
----------------------- ---------------------------- -------------------------
1 year [ ]% [ ]%
----------------------- ---------------------------- -------------------------
Lifetime
(Inception 5/16/03) [ ]% [ ]%
----------------------- ---------------------------- -------------------------

* The Lehman Brothers Aggregate Bond Index reports returns on a monthly basis
as of the last day of the month. This figure reflects the return from May
31, 2003 through December 31, 2005.

What are the Series' fees and expenses?
These tables and example do not include any fees or sales charges imposed by
your variable contract. If they were included, your cost would be higher.

----------------------------------------- --------------------------------------------- ----------
Sales charges are fees paid directly Maximum sales charge (load) imposed on
from your investments when you buy or purchases as a percentage of offering price none
sell shares of the Service Class. --------------------------------------------- ----------
Maximum contingent deferred sales charge
(load) as a percentage of original
purchase price or redemption price,
whichever is lower none
--------------------------------------------- ----------
Maximum sales charge (load) imposed on
reinvested dividends none
--------------------------------------------- ----------
Redemption fees none
--------------------------------------------- ----------
Exchange fees none

----------------------------------------- --------------------------------------------- ----------
Annual Series operating expenses are
deducted from the Series' assets. Management fees 0.65%
--------------------------------------------- ----------
Distribution and service (12b-1) fees(1) 0.30%
--------------------------------------------- ----------
Other expenses(2) [ ]%
--------------------------------------------- ----------
Total operating expenses [ ]%
--------------------------------------------- ----------
Fee waivers and payments (1,3) [ ]%
--------------------------------------------- ----------
Net expenses [ ]%

----------------------------------------- --------------------------------------------- ----------
This example is intended to help you
compare the cost of investing in the
Series to the cost of investing in other
mutual funds with similar investment
objectives. We show the cumulative
amount of Series expenses on a
hypothetical investment of $10,000 with 1 year $[ ]
an annual 5% return over the time --------------------------------------------- ----------
shown.(4) This is an example only, and 3 years $[ ]
does not represent future expenses, --------------------------------------------- ----------
which may be greater or less than 5 years $[ ]
those shown here. --------------------------------------------- ----------
10 years $[ ]

----------------------------------------- --------------------------------------------- ----------

(1) Service Class shares are subject to a 12b-1 fee of 0.30% of average daily
net assets. The Series' distributor has contracted to limit the 12b-1 fees
through [date] to no more than 0.25% of average daily net assets.

(2) Other expenses are based on estimated amounts for the current fiscal year.

(3) The investment manger has contracted to waive fees and pay expenses through
[date] in order to prevent total operating expenses (excluding any 12b-1
fees, taxes, interest, brokerage fees, extraordinary expenses and certain
insurance costs) from exceeding 0.80% of average daily net assets.

How we manage the Series

Following are the three key sectors we focus on, as well as our general
investment approach in each sector:

o In the High Yield Sector, we purchase U.S. high-yield corporate bonds to
increase the portfolio's income potential. These bonds are of lower quality
and involve the risk that the issuing companies may not be able to pay
interest or repay principal. However, we carefully select the high-yield
bonds for the portfolio after evaluating both the company's fundamental
strength and the bond's liquidity.

The securities we typically invest in
Fixed-income securities offer the potential for greater income payments than
stocks, and also may provide capital appreciation.

--------------------------------------------------------- ----------------------------------------------------------------
Securities How we use them
Delaware VIP Diversified Income Series
--------------------------------------------------------- ----------------------------------------------------------------
High-yield corporate bonds: Debt obligations issued by The Series may invest up to 50% of net assets in high-yield
a corporation and rated lower than investment grade by corporate bonds. Emphasis is typically on those rated BB or Ba
a nationally recognized statistical ratings by an NRSRO.
organization (NRSRO) such as S&P or Moody's. High-yield
bonds are issued by corporations that have poor credit We carefully evaluate an individual company's financial
quality and may have difficulty repaying principal and situation, its management, the prospects for its industry and
interest. the technical factors related to its bond offering. Our goal
is to identify those companies that we believe will be able to
repay their debt obligations in spite of poor ratings. The
Series may invest in unrated bonds if we believe their credit
quality is comparable to the rated bonds we are permitted to
invest in. Unrated bonds may be more speculative in nature
than rated bonds.

--------------------------------------------------------- ----------------------------------------------------------------
U.S. government securities: Direct U.S. obligations The Series may invest without limit in direct U.S. government
including bills, notes, bonds as well as other debt obligations.
securities issued by the U.S. Treasury or securities of
U.S. government agencies or instrumentalities which are
backed by the full faith and credit of the United
States.

--------------------------------------------------------- ----------------------------------------------------------------
Mortgage-backed securities: Fixed-income securities We may invest in without limit in government-related
that represent pools of mortgages, with investors mortgage-backed securities or fully collateralized privately
receiving principal and interest payments as the issued mortgage-backed securities.
underlying mortgage loans are paid back. Many are
issued and guaranteed against default by the U.S.
government or its agencies or instrumentalities, such
as the Federal Home Loan Mortgage Corporation, Fannie
Mae and the Government National Mortgage Association.
Others are issued by private financial institutions,
with some fully collateralized by certificates issued
or guaranteed by the U.S. government or its agencies or
instrumentalities.

--------------------------------------------------------- ----------------------------------------------------------------
Collateralized Mortgage Obligations (CMOs) and Real The Series may invest in CMOs and REMICs. Certain CMOs and
Estate Mortgage Investment Conduits (REMICs): CMOs are REMICs may have variable or floating interest rates and others
privately issued mortgage-backed bonds whose underlying may be stripped. Stripped mortgage securities are generally
value is the mortgages that are collected into considered illiquid and to such extent, together with any
different pools according to their maturity. They are other illiquid investments, will not exceed the Series' limit
issued by U.S. government agencies and private issuers. on illiquid securities. In addition, subject to certain
REMICs are privately issued mortgage-backed bonds whose quality and collateral limitations, the Fund may invest up to
underlying value is a fixed pool of mortgages secured 20% of its total assets in CMOs and REMICs issued by private
by an interest in real property. Like CMOs, REMICs entities which are not collateralized by securities issued or
offer different pools. guaranteed by the U.S. government, its agencies or
instrumentalities, so called non-agency mortgage backed
securities.

--------------------------------------------------------- ----------------------------------------------------------------
Asset-backed securities: Bonds or notes backed by We invest only in asset-backed securities rated in one of the
accounts receivables including home equity, automobile four highest categories by an NRSRO.
or credit loans.

--------------------------------------------------------- ----------------------------------------------------------------
Investment grade corporate bonds: Debt obligations The Series may invest without limit in investment grade
issued by a corporation rated in one of the four corporate bonds.
highest categories by an NRSRO (or, if unrated, that we
believe are of equal quality). Debt securities within
the top three categories by an NRSRO comprise what are
known as high-grade bonds and are regarded as having a
strong ability to pay principal and interest.
Securities in the fourth category by an NRSRO are known
as medium-grade bonds and are regarded as having an
adequate capacity to pay principal and interest but
with greater vulnerability to adverse economic
conditions and speculative characteristics.

--------------------------------------------------------- ----------------------------------------------------------------
Foreign government securities and foreign corporate We may invest in foreign government securities and primarily
bonds: Foreign government securities issued by foreign focus on better quality bonds with investment-grade credit
governments or supranational entities. A supranational ratings. The Series may also invest in securities issued by
entity is an entity established or financially supranational entities, which are typically of higher quality.
supported by the national governments of one or more
countries. The International Bank for Reconstruction We may invest in both rated and unrated foreign securities. We
and Development (more commonly known as the World Bank) may invest both in investment grade securities and
is one example of a supranational entity. non-investment grade (i.e., those rated BB or lower by S&P or
Fitch, Ba or lower by Moody's, or similarly rated by another
Foreign corporate bonds are debt obligations issued by NRSRO.)
a foreign corporation.
However, we will limit investment in foreign securities of
issuers located in emerging or developing countries that are
rated below investment grade to no more than 15% of the
Series' net assets.

--------------------------------------------------------- ----------------------------------------------------------------
Zero coupon bonds and payment-in-kind bonds: Zero We may invest in zero coupon bonds and payment in kind bonds,
coupon securities are debt obligations which do not though we do not expect this to be a significant component of
entitle the holder to any periodic payments of interest our strategy. The market prices of these bonds are generally
prior to maturity or a specified date when the more volatile than the market prices of securities that pay
securities begin paying current interest. Therefore, interest periodically and are likely to react to changes in
they are issued and traded at a price lower than their interest rates to a greater degree than interest-paying bonds
face amounts or par value. Payment-in-kind bonds pay having similar maturities and credit quality. They may have
interest or dividends in the form of additional bonds certain tax consequences which, under certain conditions,
or preferred stock. could be adverse to the Series.

--------------------------------------------------------- ----------------------------------------------------------------
Options and futures: Options represent a right to buy At times when we anticipate adverse conditions, we may want to
or sell a security or group of securities at an agreed protect gains on securities without actually selling them. We
upon price at a future date. The purchaser of an option might use options or futures to neutralize the effect of any
may or may not choose to go through with the price declines, without selling the bond or bonds, or as a
transaction. hedge against changes in interest rates.

Futures contracts are agreements for the purchase or Use of these strategies can increase the operating costs of
sale of securities at a specified price, on a specified the Series and can lead to loss of principal.
date. Unlike an option, a futures contract must be
executed unless it is sold before the settlement date.

Options and futures are generally considered to be
derivative securities.

--------------------------------------------------------- ----------------------------------------------------------------
Brady Bonds: These are debt securities issued under the We may invest in Brady Bonds. We believe that the economic
framework of the Brady Plan, an initiative for debtor reforms undertaken by countries in connection with the
nations to restructure their outstanding external issuance of Brady Bonds makes the debt of countries that have
indebtedness (generally, commercial bank debt). Brady issued Brady Bonds or those that have announced plans to issue
Bonds tend to be of lower quality and more speculative them a viable opportunity for investment.
than securities of developed country issuers.

--------------------------------------------------------- ----------------------------------------------------------------
Foreign currency transactions: A forward contract We may invest in securities issued in any currency and may
involves an obligation to purchase or sell a specific hold foreign currency.
currency at a future date at a price set at the time of
the contract. Forward contracts are used to "lock-in" Although the Series values its assets daily in terms of U.S.
the price of a security that will be purchased or sold, dollars, we do not convert our holdings of foreign currencies
in terms of U.S. dollars or other currencies. into U.S. dollars on a daily basis. We may, however, from time
to time, purchase or sell foreign currencies and/or engage in
forward foreign currency transactions in order to expedite
settlement of portfolio transactions and to minimize currency
value fluctuations. We may conduct foreign currency
transactions on a cash basis at the spot rate prevailing in
the foreign currency exchange market or through a forward
foreign currency contract or forward contract. The Series may
use forward contracts for defensive hedging purposes to
attempt to protect the value of the Series' current security
or currency holdings. It may also use forward contracts if it
has agreed to sell a security and wants to "lock-in" the price
of that security, in terms of U.S. dollars. Investors should
be aware of the costs of currency conversion. The Series will
not use forward contracts for speculative purposes.

These transactions may increase the Series' expenses.

--------------------------------------------------------- ----------------------------------------------------------------
American Depositary Receipts (ADRs), European The Series may invest in sponsored and unsponsored ADRs. Such
Depositary Receipts (EDRs), and Global Depositary ADRs that the Fund may invest in will be those that are
Receipts (GDRs): ADRs are receipts issued by a U.S. actively traded in the United States.
depositary (usually a U.S. bank) and EDRs and GDRs are
receipts issued by a depositary outside of the U.S. In conjunction with its investments in foreign securities, the
(usually a non-U.S. bank or trust company or a foreign Series may also invest in sponsored and unsponsored EDRs and
branch of a U.S. bank). Depositary receipts represent GDRs.
an ownership interest in an underlying security that is
held by the depositary. Generally, the underlying
security represented by an ADR is issued by a foreign
issuer and the underlying security represented by an
EDR or GDR may be issued by a foreign or U.S. issuer.
Sponsored depositary receipts are issued jointly by the
issuer of the underlying security and the depositary,
and unsponsored depositary receipts are issued by the
depositary without the participation of the issuer of
the underlying security. Generally, the holder of the
depositary receipt is entitled to all payments of
interest, dividends or capital gains that are made on
the underlying security.

--------------------------------------------------------- ----------------------------------------------------------------
Short-Term Debt Investments: These instruments include The Series may invest in these instruments either as a means
(1) time deposits, certificates of deposit and bankers to achieve its investment objective or, more commonly, as
acceptances issued by a U.S. commercial bank; (2) temporary defensive investments or pending investment in the
commercial paper of the highest quality rating; (3) Series' principal investment securities. When investing all
short-term debt obligations with the highest quality or a significant portion of its assets in these instruments,
rating; (4) U.S. government securities; and (5) the Series may not be able to achieve its investment objective.
repurchase agreements collateralized by those
instruments.

--------------------------------------------------------- ----------------------------------------------------------------
Time Deposits: Time deposits are non-negotiable Time deposits maturing in more than seven days will not be
deposits maintained in a banking institution for a purchased by the Series, and time deposits maturing from two
specified period of time at a stated interest rate. business days through seven calendar days will not exceed 15%
of the total assets of the Series.

--------------------------------------------------------- ----------------------------------------------------------------
Repurchase agreements: An agreement between a buyer, Typically, we use repurchase agreements as a short-term
such as the Series, and a seller of securities in which investment for the Series' cash position. In order to enter
the seller agrees to buy the securities back within a into these repurchase agreements, the Series must have
specified time at the same price the buyer paid for collateral of 102% of the repurchase price. The Series will
them, plus an amount equal to an agreed upon interest only enter into repurchase agreements in which the collateral
rate. Repurchase agreements are often viewed as is U.S. government securities.
equivalent to cash.

--------------------------------------------------------- ----------------------------------------------------------------
Restricted securities: Privately placed securities We may invest in privately placed securities, including those
whose resale is restricted under securities law. that are eligible for resale only among certain institutional
buyers without registration which are commonly known as Rule
144A Securities. Restricted securities that are determined to
be illiquid may not exceed the Series' 10% limit on illiquid
securities, which is described below.

--------------------------------------------------------- ----------------------------------------------------------------
Interest rate swap, index swap and credit default swap We may use interest rate swaps to adjust the Series'
agreements: In an interest rate swap, a Series receives sensitivity to interest rates or to hedge against changes in
payments from another party based on a variable or interest rates. Index swaps may be used to gain exposure to
floating interest rate, in return for making payments markets that the Series invests in, such as the corporate bond
based on a fixed interest rate. An interest rate swap market. We may also use index swaps as a substitute for
can also work in reverse with a Series receiving futures or options contracts if such contracts are not
payments based on a fixed interest rate and making directly available to the Series on favorable terms. We may
payments based on a variable or floating interest rate. enter into credit default swaps in order to hedge against a
In an index swap, a Series receives gains or incurs credit event, to enhance total return or to gain exposure to
losses based on the total return of a specified index, certain securities or markets.
in exchange for making interest payments to another
party. An index swap can also work in reverse with a
fund receiving interest payments from another party in
exchange for movements in the total return of a
specified index. In a credit default swap, a Series may
transfer the financial risk of a credit event occurring
(a bond default, bankruptcy, restructuring, etc.) on a
particular security or basket of securities to another
party by paying that party a periodic premium;
likewise, a Series may assume the financial risk of a
credit event occurring on a particular security or
basket of securities in exchange for receiving premium
payments from another party. Interest rate swaps, index
swaps and credit default swaps may be considered to be
illiquid.

--------------------------------------------------------- ----------------------------------------------------------------
Illiquid securities: Securities that do not have a We may invest up to 15% of net assets in illiquid securities,
ready market, and cannot be easily sold within seven including repurchase agreements with maturities of over seven
days at approximately the price that a series has days.
valued them.

--------------------------------------------------------- ----------------------------------------------------------------

The risks of investing in the Series
Investing in any mutual fund involves risk, including the risk that you may
receive little or no return on your investment, and the risk that you may lose
part or all of the money you invest. Before you invest in the Series, you should
carefully evaluate the risks. An investment in the Series typically provides the
best results when held for a number of years. Following are the chief risks you
assume when investing in the Delaware VIP Diversified Income Series. Please see
the SAI for further discussion of these risks and other risks not discussed
here.

------------------------------------------------------------ -------------------------------------------------------------
Risks How we strive to manage them
Delaware VIP Diversified Income Series
------------------------------------------------------------ -------------------------------------------------------------
Market risk: The risk that all or a majority of the We maintain a long-term investment approach and focus on
securities in a certain market--like the stock or bond bonds that we believe will continue to pay interest
market--will decline in value because of factors such as regardless of interim market fluctuations. We do not try to
economic conditions, future expectations or investor predict overall bond market or interest rate movements and
confidence. generally do not trade for short-term purposes.

Index swaps are subject to the same market risks as the In evaluating the use of an index swap, we carefully
investment market or sector that the index represents. consider how market changes could affect the swap and how
Depending on the actual movements of the index and how that compares to us investing directly in the market the
well the portfolio managers forecast those movements, a swap is intended to represent.
series could experience a higher or lower return than
anticipated.

------------------------------------------------------------ -------------------------------------------------------------
Industry and security risk: The risk that the value of We diversify the Series' assets across three distinct
securities in a particular industry or the value of an sectors of the bond market and among a wide variety of
individual stock or bond will decline because of changing individual issuers.
expectations for the performance of that industry or for
the individual company issuing the stock or bond.

------------------------------------------------------------ -------------------------------------------------------------
Interest rate risk: The risk that securities will decrease The Series is subject to interest rate risk. We cannot
in value if interest rates rise. The risk is greater for eliminate that risk, but we do strive to manage it by
bonds with longer maturities than for those with shorter monitoring economic conditions.
maturities.
We will not invest in swaps with maturities of more than
Swaps may be particularly sensitive to interest rate two years. Each business day we will calculate the amount
changes. Depending on the actual movements of interest the Series must pay for any swaps it holds and will
rates and how well the portfolio managers anticipate them, segregate cash or other liquid securities to cover that
a series could experience a higher or lower return than amount.
anticipated.

------------------------------------------------------------ -------------------------------------------------------------
Credit risk: The possibility that a bond's issuer (or an Our careful, credit-oriented bond selection and our
entity that insures the bond) will not be able to make commitment to hold a diversified selection of high-yield
timely payments of interest and principal. bonds are designed to manage this risk.

Investing in so-called "junk" or "high-yield" bonds Our holdings of high quality investment grade bonds are
entails the risk of principal loss, which may be greater less subject to credit risk and may help to balance any
than the risk involved in investment grade bonds. credit problems experienced by individual high-yield bond
High-yield bonds are sometimes issued by companies whose issuers or foreign issuers.
earnings at the time the bond is issued are less than the
projected debt payments on the bonds. When selecting dealers with whom we would make interest
rate or index swap agreements, we focus on those with high
Some analysts believe a protracted economic downturn would quality ratings and do careful credit analysis before
severely disrupt the market for high-yield bonds, investing.
adversely affect the value of outstanding bonds and
adversely affect the ability of high-yield issuers to
repay principal and interest. It is likely that protracted
periods of economic uncertainty would cause increased
volatility in the market prices of high-yield bonds, an
increase in the number of high-yield bond defaults and
corresponding volatility in a series' net asset value.

If there were a national credit crisis or an issuer were
to become insolvent, principal values could be adversely
affected.

------------------------------------------------------------ -------------------------------------------------------------
Futures and options risk: The possibility that a series We will use options and futures for defensive purposes,
may experience a significant loss if it employs an option such as to protect gains in the portfolio without actually
or futures strategy related to a security or a market selling the security or to neutralize the impact of
index and that security or index moves in the opposite interest rate changes. We will not use futures and options
direction from what the portfolio managers anticipated. for speculative reasons or in an effort to enhance return.
Futures and options also involve additional expenses,
which could reduce any benefit or increase any loss to a
series using the strategy.

------------------------------------------------------------ -------------------------------------------------------------
Foreign risk: The risk that foreign securities may be The Series will attempt to reduce foreign investing risks
adversely affected by political instability (including through portfolio diversification, credit analysis and
governmental seizures or nationalization of assets), attention to trends in the world economies, industries and
changes in currency exchange rates, foreign economic financial markets.
conditions or inadequate regulatory and accounting
standards. Foreign markets may also be less efficient, We carefully evaluate the political and economic situations
less liquid, have greater price volatility, less in the countries where we invest and take these risks into
regulation and higher transaction costs than U.S. markets. account before we select securities for the portfolio.
However, there is no way to eliminate foreign risks when
investing internationally.

------------------------------------------------------------ -------------------------------------------------------------
Foreign government securities risk: The ability of a The Series attempts to reduce the risks associated with
foreign government or government related issuer to make investing in foreign governments by limiting the portion of
timely and ultimate payments on its external debt portfolio assets that may be invested in such securities.
obligations. This ability to make payments will be
strongly influenced by the issuer's balance of payments,
including export performance, its access to international
credits and investments, fluctuations in interest rates
and the extent of its foreign reserves.

------------------------------------------------------------ -------------------------------------------------------------
Currency risk: The risk that the value of an investment We may try to hedge currency risk by purchasing foreign
may be negatively affected by changes in foreign currency currency exchange contracts. By agreeing to purchase or
exchange rates. Adverse changes in exchange rates may sell foreign securities at a pre-set price on a future
reduce or eliminate any gains produced by investments that date, the Series strives to protect the value of the stock
are denominated in foreign currencies and may increase any it owns from future changes in currency rates. We will use
losses. forward currency exchange contracts only for defensive
measures, not to enhance portfolio returns. However, there
In 1999 eleven European countries joined in European is no assurance that a strategy such as this will be
Economic and Monetary Union (EMU), which established a successful.
common currency for the participating countries. This
currency is known as the "euro". It has replaced legacy
currencies such as the French franc and the deutschemark,
which were converted to euros at fixed exchange rates.
The main initial consequence for investors is that this
has created a much bigger and more liquid bond and equity
market. This has eliminated currency risk within the euro
zone, but the risk that the euro will fluctuate versus
third currencies such as the U.S. dollar has not been
eliminated or reduced. Within the euro zone, our view is
that the longer term risks are economic and political - a
single currency means a single monetary policy, which may
not suit an individual country at a particular time.
There are no explicit legal provisions for a country to
exit EMU; such an exit pre-supposes a strong political
demand for it, of which there is no sign at this point in
time.

------------------------------------------------------------ -------------------------------------------------------------
Emerging markets risk: The possibility that the risks The Series may purchase securities of issuers in any
associated with international investing will be greater in foreign country, developed and emerging. The Series cannot
emerging markets than in more developed foreign markets eliminate these risks but will attempt to manage these
because, among other things, emerging markets may have risks through portfolio diversification, credit analysis,
less stable political and economic environments. In and attention to trends in the economy, industries and
addition, in many emerging markets, there is substantially financial markets and other relevant factors.
less publicly available information about issuers and the
information available tends to be of a lesser quality.
Economic markets and structures tend to be less mature and
diverse and the securities markets which are subject to
less government regulation or supervision may also be
smaller, less liquid and subject to greater price
volatility.

------------------------------------------------------------ -------------------------------------------------------------
Liquidity risk: The possibility that securities cannot be A less liquid secondary market may have an adverse effect
readily sold within seven days at approximately the price on our ability to dispose of particular issues, when
that a series values them. necessary, to meet the Series' liquidity needs or in
response to a specific event, such as the declining
The high-yield secondary market is particularly creditworthiness of the issuer. In striving to manage this
susceptible to liquidity problems when the institutions, risk, we evaluate the size of a bond issuance as a way to
such as mutual funds and certain financial institutions anticipate its likely liquidity level.
that dominate it, temporarily stop buying bonds for
regulatory, financial or other reasons. We may invest only 10% of net assets in illiquid
securities, excluding Rule 144A securities described above.

------------------------------------------------------------ -------------------------------------------------------------
Derivatives Risk is the possibility that the Series may We will use derivatives for defensive purposes, such as to
experience a significant loss if it employs a derivatives protect gains or hedge against potential losses in the
strategy (including a strategy involving credit default portfolio without actually selling a security, to
swaps) related to a security or a securities index and neutralize the impact of interest rate changes, to affect
that security or index moves in the opposite direction diversification or to earn additional income. We will not
from what the portfolio manager had anticipated. Another use derivatives for reasons inconsistent with our
risk of derivative transactions is the creditworthiness of investment objectives.
the counterparty because the transaction depends on the
willingness and ability of the counterparty to fulfill its
contractual obligations. Derivatives also involve
additional expenses, which could reduce any benefit or
increase any loss to a series from using the strategy.

------------------------------------------------------------ -------------------------------------------------------------
Valuation risk: When a less liquid secondary market as We will strive to manage this risk by carefully evaluating
described above can make it more difficult for a series to individual bonds and by limiting the amount of the
obtain precise valuations of the high-yield securities in portfolio that can be allocated to privately placed
its portfolio. During periods of reduced liquidity, high-yield securities.
judgment plays a greater role in valuing high-yield
securities.

------------------------------------------------------------ -------------------------------------------------------------
Legislative and regulatory risk: The United States We monitor the status of regulatory and legislative
Congress has from time to time taken or considered proposals to evaluate any possible effects they might have
legislative actions that could adversely affect the on the Series' portfolio.
high-yield bond market. For example, Congressional
legislation has, with some exceptions, generally
prohibited federally insured savings and loan institutions
from investing in high-yield securities. Regulatory
actions have also affected the high-yield market. Similar
actions in the future could reduce liquidity for
high-yield issues, reduce the number of new high-yield
securities being issued and could make it more difficult
for a fund to attain its investment objective.
------------------------------------------------------------ -------------------------------------------------------------

Disclosure of portfolio holdings information
A description of the Series' policies and procedures with respect to the
disclosure of the Series' portfolio securities is available in the Series' SAI.

Investment manager
Effective September 1, 2004, the Series is managed by Delaware Management
Company. Delaware Management Company makes investment decisions for the Series,
manages the Series' business affairs and provides daily administrative services.
For its services to the Series, the Manager was paid [ ]% of average daily net
assets for the last fiscal year.

Timothy L. Rabe
Senior Vice President/Senior Portfolio Manager
Mr. Rabe received a bachelor's degree in finance from the University of
Illinois. Prior to joining Delaware Investments in 2000, Mr. Rabe was a
high-yield portfolio manager for Conseco Capital Management. Before that, Mr.
Rabe worked as a tax analyst for The Northern Trust Company. Mr. Rabe has 9
years of investment company experience and is a CFA charterholder.

Paul Grillo
Senior Vice President/Senior Portfolio Manager
Mr. Grillo holds a BA in Business Management from North Carolina State
University and an MBA in Finance from Pace University. Prior to joining Delaware
Investments in 1993, Mr. Grillo served as mortgage strategist and trader at the
Dreyfus Corporation. He also served as mortgage strategist and portfolio manager
for the Chemical Investment Group and as financial analyst at Chemical Bank. Mr.
Grillo is a CFA charterholder.

Who's who?

The following describes the various organizations involved with managing,
administering, and servicing the Series.

Board of Trustees
A mutual fund is governed by a board of trustees which has oversight
responsibility for the management of the fund's business affairs. Trustees
establish procedures and oversee and review the performance of the investment
manager, the distributor and others that perform services for the series.
Generally, at least 40% of the board of trustees must be independent of the
fund's investment manager and distributor. However, the Series relies on certain
exemptive rules created by the Securities and Exchange Commission (SEC) that
require the Board of Trustees overseeing the Series to be comprised of a
majority of such independent trustees. These independent fund Trustees, in
particular, are advocates for shareholder interests.

Investment manager
Delaware Management Company, 2005 Market Street, Philadelphia, PA 19103-7094

Distributor
Delaware Distributors, L.P., 2005 Market Street, Philadelphia, PA 19103-7094

Shares of the Series are only sold to separate accounts of insurance companies
used in connection with variable annuity or variable life products.

Financial intermediary wholesaler
Lincoln Financial Distributors, Inc. ("LFD"), 2001 Market Street, Philadelphia,
PA 19103-7055

Custodian
JPMorgan Chase Bank, 4 Chase Metrotech Center, Brooklyn, NY 11245

Important Information about the Series

Dividends, distributions and taxes
Dividends and capital gain distributions, if any, are distributed annually.

We automatically reinvest all dividends and any capital gains.

The Series will not be subject to federal income tax to the extent its earnings
are distributed. The Series intends to distribute substantially all of its net
investment income and net capital gains.

Certain management considerations

Financial highlights

-------------------------------------------- ----------------------------------------
Delaware VIP Diversified Income Series Service Class
-------------------------------------------- ----------------------------------------
Year ended 12/31 5/16/03(1)
to
12/31/03
-------------------------------------------- ------------------------- -------------
2005 2004
-------------------------------------------- ---------- -------------- -------------

Net asset value, beginning of period $8.930 $8.500

Income from investment operations:
Net investment income(2) 0.326 0.216
Net realized and unrealized gain on
investments and foreign currencies 0.373 0.214
------- -------
Total from investment operations 0.699 0.430
------- -------

Less dividends and distributions from:
Net investment income (0.219) ---
------- -------
Total dividends and distributions (0.219) ---
------- -------

Net asset value, end of period $9.410 $8.930
======= =======

Total return(3) 7.85% 5.06%

Ratios and supplemental data:
Net assets, end of period (000 omitted) $47,417 $---
Ratio of expenses to average net assets 1.05% 1.05%
Ratio of expenses to average net assets
prior to expense limitation and
expenses paid indirectly 1.28% 1.89%
Ratio of net investment income to
average net assets 3.57% 4.18%
Ratio of net investment income to average
net assets prior to expense limitation
and expenses paid indirectly 3.34% 3.34%
Portfolio turnover 493% 521%
-------------------------------------------- ---------- -------------- -------------

(1) Commencement of operations; ratios and portfolio turnover have been
annualized and total return has not been annualized.

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

(3) Total investment return is based on the change in net asset value of a
share during the period and assumes reinvestment of dividends and
distributions at net asset value. Total investment return reflects a waiver
and payment of fees by the manager and distributor. Performance would have
been lower had the expense limitation not been in effect.

Delaware VIP Diversified Income Series

Additional information about the Series' investments will be available in the
Series' annual and semiannual reports to shareholders. In the Series' annual
report you will find a discussion of the market conditions and investment
strategies that significantly affected the Series' performance during the last
fiscal period. You can find more detailed information about the Series in the
current Statement of Additional Information (SAI), which we have filed
electronically with the Securities and Exchange Commission (SEC) and which is
legally a part of this Prospectus. You may obtain a free copy of the SAI by
writing to us at 2005 Market Street, Philadelphia, PA 19103-7094, or call
toll-free 800 523-1918.

Investment Company Act File No. 811-5162

Delaware Series Symbol
CUSIP
Delaware VIP Diversified Income Series
(Service Class) 246493555

DELAWARE VIP TRUST
Delaware VIP Global Bond Series

Standard Class

2005 Market Street, Philadelphia, PA 19103-7094

Prospectus

April [ ], 2006

This Prospectus offers the Delaware VIP Global Bond Series. The Series is in
effect a separate fund issuing its own shares. The shares of the Series are sold
only to separate accounts of life insurance companies (life companies). The
separate accounts are used in conjunction with variable annuity contracts and
variable life insurance policies (variable contracts). The separate accounts
invest in shares of the Series in accordance with allocation instructions
received from contract owners. The investment objective and principal policies
of the Series are described in this Prospectus.

Table of contents
Overview page
Delaware VIP Global Bond Series

How we manage the Series page
Our investment strategies
The securities we typically invest in
The risks of investing in the Series
Disclosure of portfolio holdings information

Who manages the Series page
Investment manager
Portfolio manager
Who's who?

Financial highlights page

Overview: Delaware VIP Global Bond Series

What is the Series' goal?
Delaware VIP Global Bond Series seeks current income consistent with
preservation of principal. Although the Series will strive to achieve its goal,
there is no assurance that it will.

What are the Series' main investment strategies? The Series invests primarily in
fixed-income securities that may also provide the potential for capital
appreciation. The Series is a global fund. Under normal circumstances, the
Series will invest at least 80% of its net assets in debt obligations (the "80%
policy).

In selecting investments for the Series:

o We strive to identify fixed-income securities that provide high income
potential.

o We consider the value of anticipated future interest and principal
payments, taking into consideration what we anticipate the inflation rate
in that country will be in order to compare the value of different
fixed-income securities, even those issued in different countries. We then
estimate what we think the value of those anticipated future payments would
be worth if they were being paid today. We believe this gives us an
estimate of a bond's true value.

o We generally prefer to purchase securities in countries where the currency
is undervalued or fair-valued compared to other countries because these
securities may offer greater return potential. We attempt to determine
whether a particular currency is overvalued or undervalued by comparing the
amount of goods and services that a dollar will buy in the United States to
the amount of foreign currency required to buy the same amount of goods and
services in another country. When the dollar buys less, the foreign
currency may be overvalued, and when the dollar buys more, the foreign
currency may be undervalued.

What are the main risks of investing in the Series? Investing in any mutual fund
involves risk, including the risk that you may lose part or all of the money you
invest. Over time, the value of your investment in the Series will increase and
decrease according to changes in the value of the securities held in the Series'
portfolio. These fluctuations can be even more pronounced for funds like
Delaware VIP Global Bond Series, which generally invests throughout the world.
The Series' investments normally decrease when there are declines in bond
prices, which can be caused by a drop in the bond market, an adverse change in
interest rates or an adverse situation affecting the issuer of the bond. Because
the Series invests in international securities in both established and
developing countries, it will be affected by international investment risks
related to currency valuations, political instability, economic instability, or
lax accounting and regulatory standards. The Series may invest in high-yield,
high risk foreign fixed-income securities, which are subject to substantial
risks, particularly during periods of economic downturns or rising interest
rates.

The Series is considered "non-diversified" under federal laws and rules that
regulate mutual funds. This means that the Series may allocate more of its net
assets to investments in single securities than a "diversified" fund. Thus,
adverse effects on an investment held by the Series may affect a larger portion
of overall assets and subject the Series to greater risks.

For a more complete discussion of risk, please turn to "The risks of investing
in the Series."

The Series' 80% policy described above may be changed without shareholder
approval. However, shareholders would be given at least 60 days notice prior to
any such change.

An investment in the Series is not a deposit of any bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency.

Who should invest in the Series

o Investors with long-term financial goals.
o Investors looking for a portfolio that includes both U.S. and foreign
fixed-income securities.
o Investors seeking a measure of capital appreciation.

Who should not invest in the Series
o Investors with short-term financial goals.
o Investors who are unwilling to accept risks of investing in foreign
fixed-income securities.

How has the Series performed?

This bar chart and table can help you evaluate the risks of investing in the
Delaware VIP Global Bond Series Standard Class. We show returns for the past
nine calendar years, as well as average annual returns for one and five years
and since inception. The Series' past performance does not necessarily indicate
how it will perform in the future. The returns reflect applicable voluntary
expense and contractual caps. The returns would be lower without the voluntary
and contractual caps. Moreover, the performance presented does not reflect any
separate account fees, which would reduce the returns.

[GRAPHIC OMITTED: BAR CHART SHOWING YEAR BY YEAR TOTAL RETURN (Delaware VIP
Global Bond Series Standard Class)]

Year-by-year total return (Delaware VIP Global Bond Series Standard Class)

------ ------ ------- ------ ------- ------- ------- ------- --------
1997 1998 1999 2000 2001 2002 2003 2004 2005
------ ------ ------- ------ ------- ------- ------- ------- --------
0.88% 7.82% -3.60% 0.86% -0.48% 25.09% 20.36% 13.00% [ ]%
------ ------ ------- ------ ------- ------- ------- ------- --------

During the periods illustrated in this bar chart, the Class' highest quarterly
return was [ ]% for the quarter ended [date] and its lowest quarterly return was
[ ]% for the quarter ended [date].

Average annual returns for periods ending 12/31/05

------------------ ---------------------------- --------------------------------
Delaware VIP Citigroup
Global Bond Series World Government
Standard Class Bond Index
------------------ ---------------------------- --------------------------------
1 year [ ]% [ ]%
------------------ ---------------------------- --------------------------------
5 years [ ]% [ ]%
------------------ ---------------------------- --------------------------------
Lifetime
(Inception 5/2/96) [ ]% [ ]%*
------------------ ---------------------------- --------------------------------

The Series' returns are compared to the performance of the Citigroup World
Government Bond Index. The Citigroup World Government Bond Index is a
market-capitalization weighted benchmark that tracks the performance of the 18
government bond markets of Australia, Austria, Belgium, Canada, Denmark,
Finland, France, Germany, Greece, Ireland, Italy, Japan, the Netherlands,
Poland, Portugal, Spain, Sweden, Switzerland, the United Kingdom, and the United
States. You should remember that unlike the Series, the index is unmanaged and
doesn't reflect the actual costs of operating a mutual fund, such as the costs
of buying, selling and holding securities.

* The Citigroup World Government Bond Index reports returns on a monthly
basis as of the last day of the month. This figure reflects the return from
May 31, 1996 through December 31, 2005.

What are the Series' fees and expenses? (1)

----------------------------------------- ----------------------------------------------- -----------
Annual Series operating expenses are Management fees 0.75%
deducted from the Series' assets. ----------------------------------------------- -----------
Distribution and service (12b-1) fees none
----------------------------------------------- -----------
Other expenses [ ]%
----------------------------------------------- -----------
Total operating expenses [ ]%
----------------------------------------------- -----------
Fee waivers and payments(2) [ ]%
----------------------------------------------- -----------
Net expenses [ ]%
----------------------------------------- ----------------------------------------------- -----------
This example is intended to help you 1 year $[ ]
compare the cost of investing in the ----------------------------------------------- -----------
Series to the cost of investing in 3 years $[ ]
other mutual funds with similar ----------------------------------------------- -----------
investment objectives. We show the 5 years $[ ]
cumulative amount of Series expenses ----------------------------------------------- -----------
on a hypothetical investment of 10 years $[ ]
$10,000 with an annual 5% return
over the time shown.(3) This is an
example only, and does not
represent future expenses, which may
be greater or less than those shown
here.
----------------------------------------- ----------------------------------------------- -----------

How we manage the Series

Our investment strategies
Delaware VIP Global Bond Series seeks current income consistent with the
preservation of principal. We invest primarily in debt obligations that may also
provide the potential for capital appreciation.

We may invest in:

o foreign and U.S. government securities;

o debt obligations of foreign and U.S. companies;

o debt securities of supranational entities;

o securities of issuers in emerging markets countries, including Brady Bonds,
which tend to be of lower quality and more speculative than securities of
developed country issuers; and

o zero-coupon bonds.

While the Series may purchase securities of issuers in any foreign country,
developed or emerging, we currently anticipate investing in Australia, Austria,
Belgium, Canada, Finland, France, Germany, Italy, Japan, the Netherlands,
Poland, Portugal, the United Kingdom and the United States. This is a
representative list; we may also invest in other countries. More than 25% of the
Series' total assets may be invested in the securities of issuers located in the
same country.

Generally, the value of fixed-income securities rises when interest rates
decline and declines when interest rates rise. The value of your investment in
the Series will be affected by changes in interest rates. We generally keep the
average weighted maturity of the portfolio in the five-to-ten year range.
However, if we anticipate a declining interest rate environment, we may extend
the average weighted maturity past ten years, or, if we anticipate a rising rate
environment, we may shorten the average weighted maturity to less than five
years.

The securities we typically invest in
Fixed-income securities offer the potential for greater income payments than
stocks, and also may provide capital appreciation.

---------------------------------------- ----------------------------------
Securities How we use them
Delaware VIP Global Bond Series
---------------------------------------- ----------------------------------
Corporate bonds: Debt obligations The Series may invest in
issued by U.S. or foreign corporations. corporate bonds, generally those
rated A or better by S&P or
Moody's or if unrated,
determined to be of comparable
quality. The Series may also
invest in high-yield, high risk
emerging markets corporate bonds.
---------------------------------------- ----------------------------------
Foreign government securities: Debt The Series will generally invest
obligations issued by a government in securities issued by foreign
other than the United States or by an governments, their agencies,
agency, instrumentality or political instrumentalities or political
subdivision of such governments. subdivisions that are rated AAA
or AA by S&P or Aaa or Aa by
Moody's or, if unrated,
considered to be of comparable
quality. We may invest a
portion of the Series' assets in
foreign governmental securities
issued by emerging countries,
which may be lower rated,
including securities rated below
investment grade.
---------------------------------------- ----------------------------------
U.S. government securities: Securities The Series may invest a
issued or guaranteed by the U.S. significant portion of its
government or issued by an agency or assets in U.S. government
instrumentality of the U.S. government. securities. It will invest only
in U.S. government obligations,
including bills, notes and bonds
that are issued or guaranteed as
to the payment of principal and
interest by the U.S. government
and securities of U.S.
government agencies or
instrumentalities that are
backed by the full faith and
credit of the United States.
---------------------------------------- ----------------------------------
Investment company securities: In some The Series may hold closed-end
countries, investments by U.S. mutual investment company securities.
funds are generally made by purchasing The Series may hold investment
shares of investment companies that in company securities if we believe
turn invest in the securities of such the country offers good
countries. investment opportunities. These
investments involve an indirect
payment of a portion of the
expenses of the other investment
companies, including their
advisory fees.
---------------------------------------- ----------------------------------
Foreign currency transactions: A The Series may invest in
forward foreign currency exchange securities issued in any
contract involves an obligation to currency and hold foreign
purchase or sell a specific currency currency. Securities of issuers
on a fixed future date at a price that within a given country may be
is set at the time of the contract. denominated in the currency of
The future date may be any number of another country or in
days from the date of the contract as multinational currency units
agreed by the parties involved. such as the euro.

Although the Series values its
assets daily in U.S. dollars, it
does not intend to convert its
holdings of foreign currencies
into U.S. dollars on a daily
basis. The Series will,
however, from time to time,
purchase or sell foreign
currencies and/or engage in
forward foreign currency
exchange transactions. The
Series may conduct its foreign
currency transactions on a cash
basis at the rate prevailing in
the foreign currency exchange
market or through a forward
foreign currency exchange
contract or forward contract.

The Series may use forward
contracts for defensive hedging
purposes to attempt to protect
the value of the Series' current
security or currency holdings.
It may also use forward
contracts if it has agreed to
sell a security and wants to
"lock-in" the price of that
security, in terms of U.S.
dollars. Investors should be
aware of the costs of currency
conversion. The Series will not
use forward contracts for
speculative purposes.
---------------------------------------- ----------------------------------
Supranational entities: Debt The Series may invest may invest
securities of supranational entities a significant portion of its
may be denominated in any currency. assets in debt securities of
These securities are typically of supranational entities.
high-grade quality. A supranational
entity is an entity established or
financially supported by the national
governments of one or more countries
to promote reconstruction or
development. The International Bank
for Reconstruction and Development
(more commonly known as the World
Bank) would be one example of a
supranational entity.
---------------------------------------- ----------------------------------
Zero coupon bonds: Zero coupon bonds The Series may invest in zero
are debt obligations that do not coupon bonds.
entitle the holder to any periodic
payments of interest before maturity
or a specified date when the
securities begin paying current
interest. Therefore, they are issued
and traded at a discount from their
face amounts or par value. The market
prices of zero coupon bonds are
generally more volatile than the
market prices of securities that pay
interest periodically and are likely
to respond to changes in interest
rates to a greater degree than do
non-zero coupon securities having
similar maturities and credit quality.
---------------------------------------- ----------------------------------
Brady Bonds: These are debt The Series may invest in Brady
securities issued under the framework Bonds. We believe that the
of the Brady Plan, an initiative for economic reforms undertaken by
debtor nations to restructure their countries in connection with the
outstanding external indebtedness issuance of Brady Bonds can make
(generally, commercial bank debt). the debt of countries that have
Brady Bonds tend to be of lower issued or have announced plans
quality and more speculative than to issue these bonds a viable
securities of developed country opportunity for investment.
issuers.
---------------------------------------- ----------------------------------
High-yield, high risk fixed-income The Series may invest a portion
securities: Securities that are rated of its assets in these
lower than BBB by S&P or Baa by securities.
Moody's, or if unrated, of comparable
quality. These securities may be
issued by companies or governments of
emerging or developing countries,
which may be less creditworthy. The
risk that these companies or
governments may not be able to make
interest or principal payments is
substantial.
---------------------------------------- ----------------------------------
Repurchase agreements: An agreement Typically, we use repurchase
between a buyer, such as the Series, agreements as a short-term
and a seller of securities in which investment for the Series' cash
the seller agrees to buy the position. In order to enter
securities back within a specified into these repurchase
time at the same price the buyer paid agreements, the Series must have
for them, plus an amount equal to an collateral of 102% of the
agreed upon interest rate. Repurchase repurchase price. The Series may
agreements are often viewed as enter into repurchase agreements
equivalent to cash. in which the collateral is any
security in which it may invest,
but normally uses U.S.
government securities as
collateral.
---------------------------------------- ----------------------------------
Restricted securities: Privately We may invest in privately
placed securities whose resale is placed securities, including
restricted under securities law. those that are eligible for
resale only among certain
institutional buyers without
registration which are commonly
known as Rule 144A Securities.
Restricted securities that are
determined to be illiquid may
not exceed the Series' 10% limit
on illiquid securities, which is
described below.
---------------------------------------- ----------------------------------
Illiquid securities: Securities that We may invest up to 10% of net
do not have a ready market, and cannot assets in illiquid securities,
be easily sold within seven days at including repurchase agreements
approximately the price that a series with maturities of over seven
has valued them. days.
---------------------------------------- ----------------------------------
Credit default swap agreements: In a We may enter into credit default
credit default swap, a Series may swaps in order to hedge against
transfer the financial risk of a a credit event, to enhance total
credit event occurring (a bond return or to gain exposure to
default, bankruptcy, restructuring, certain securities or markets.
etc.) on a particular security or
basket of securities to another party
by paying that party a periodic
premium; likewise, a Series may assume
the financial risk of a credit event
occurring on a particular security or
basket of securities in exchange for
receiving premium payments from
another party. Credit default swaps
may be considered to be illiquid.
---------------------------------------- ----------------------------------

The Series may also invest in other securities including futures contracts and
options and interest rate swaps. Please see the Statement of Additional
Information (SAI) for additional descriptions of these securities as well as
those listed in the table above.

Lending securities The Series may loan up to 25% of its assets to qualified
broker/dealers or institutional investors for their use relating to short-sales
or other securities transactions. These transactions, if any, may generate
additional income for the Series.

Portfolio turnover We anticipate that the Series' annual portfolio turnover may
be greater than 100%. A turnover rate of 100% would occur if, for example, the
Series bought and sold all of the securities in its portfolio once in the course
of a year or frequently traded a single security. High turnover can result in
increased transaction costs for investors and may affect the Series'
performance.

The risks of investing in the Series
Investing in any mutual fund involves risk, including the risk that you may
receive little or no return on your investment, and the risk that you may lose
part or all of the money you invest. Before you invest in the Series, you should
carefully evaluate the risks. An investment in the Series typically provides the
best results when held for a number of years. Following are the chief risks you
assume when investing in the Delaware VIP Global Bond Series. Please see the SAI
for further discussion of these risks and other risks not discussed here.

---------------------------------------- ----------------------------------
Risks How we strive to manage them
Delaware VIP Global Bond Series
---------------------------------------- ----------------------------------
Market risk: The risk that all or a We maintain a long-term
majority of the securities in a investment approach and focus on
certain market--like the stock or bond stocks we believe can appreciate
market--will decline in value because over an extended time frame
of factors such as economic regardless of interim market
conditions, future expectations or fluctuations. In deciding what
investor confidence. portion of the Series' portfolio
should be invested in any
individual country, we evaluate
a variety of factors, including
opportunities and risks relative
to other countries. As part of
the Series' principal investment
strategy, the Series may invest
in securities that generally
have relatively less market risk.
---------------------------------------- ----------------------------------
Industry and security risk: The risk We typically hold a number of
that the value of securities in a different securities in a
particular industry or the value of an variety of sectors in order to
individual stock or bond will decline minimize the impact that a
because of changing expectations for poorly performing security would
the performance of that industry or have on the Series. This risk
for the individual company issuing the is more significant for the
stock or bond. Series, which is a
non-diversified fund.
---------------------------------------- ----------------------------------
Interest rate risk: The risk that Interest rate risk is a
securities, particularly bonds with significant risk for the
longer maturities, will decrease in Series. In an attempt to manage
value if interest rates rise. interest rate risk, we adjust
the Series' average weighted
maturity based on our view of
interest rates. The Series'
average weighted maturity will
generally be in the five-to-ten
year range. When we anticipate
that interest rates will
decline, we may extend the
average maturity beyond ten
years and when we anticipate
that interest rates will rise,
we may shorten the average
maturity to less than five years.
---------------------------------------- ----------------------------------
Currency risk: The risk that the value The Series may try to hedge its
of an investment may be negatively currency risk by purchasing
affected by changes in foreign foreign currency exchange
currency exchange rates. Adverse contracts. If the Series agrees
changes in exchange rates may reduce to purchase or sell foreign
or eliminate any gains produced by securities at a pre-set price on
investments that are denominated in a future date, the Series
foreign currencies and may increase attempts to protect the value of
any losses. a security it owns from future
changes in currency rates. If
In 1999 eleven European countries the Series has agreed to
joined in European Economic and purchase or sell a security, it
Monetary Union (EMU), which may also use foreign currency
established a common currency for the exchange contracts to "lock-in"
participating countries. This the security's price in terms of
currency is known as the "euro". It U.S. dollars or another
has replaced legacy currencies such as applicable currency. The Series
the French franc and the deutschemark, may use forward currency
which were converted to euros at fixed exchange contracts only for
exchange rates. The main initial defensive or protective
consequence for investors is that this measures, not to enhance
has created a much bigger and more portfolio returns. However,
liquid bond and equity market. This there is no assurance that such
has eliminated currency risk within a strategy will be successful.
the euro zone, but the risk that the
euro will fluctuate versus third
currencies such as the U.S. dollar has
not been eliminated or reduced.
Within the euro zone, our view is that
the longer term risks are economic and
political - a single currency means a
single monetary policy, which may not
suit an individual country at a
particular time. There are no
explicit legal provisions for a
country to exit EMU; such an exit
pre-supposes a strong political demand
for it, of which there is no sign at
this point in time.
---------------------------------------- ----------------------------------
Political risk: The risk that We evaluate the political
countries or the entire region where situations in the countries
we invest may experience political where we invest and take into
instability. This may cause greater account any potential risks
fluctuation in the value and liquidity before we select securities for
of our investments due to changes in the portfolio. However, there
currency exchange rates, governmental is no way to eliminate political
seizures or nationalization of assets. risk when investing
internationally.
---------------------------------------- ----------------------------------
Emerging markets risk: The possibility Striving to manage this risk,
that the risks associated with the portfolio managers carefully
international investing will be screen securities within
greater in emerging markets than in emerging markets and attempt to
more developed foreign markets consider material risks
because, among other things, emerging associated with an individual
markets may have less stable political company or bond issuer. We
and economic environments. cannot eliminate emerging market
risk and consequently encourage
shareholders to invest in the
Series only if they have a
long-term time horizon, over
which the potential of
individual securities is more
likely to be realized.
---------------------------------------- ----------------------------------
Inefficient market risk: The risk that The Series will attempt to
foreign markets may be less liquid, reduce these risks by investing
have greater price volatility, less in a number of different
regulation and higher transaction countries, and noting trends in
costs than U.S. markets. the economy, industries and
financial markets.

The Series will also perform
credit analysis in an attempt to
reduce these risks.
---------------------------------------- ----------------------------------
Information risk: The risk that We conduct fundamental research
foreign companies may be subject to on the companies we invest in
different accounting, auditing and rather than relying solely on
financial reporting standards than information available through
U.S. companies. There may be less financial reporting. We believe
information available about foreign this will help us to better
issuers than domestic issuers. uncover any potential weaknesses
Furthermore, regulatory oversight of in individual companies.
foreign issuers may be less stringent
or less consistently applied than in
the United States.
---------------------------------------- ----------------------------------
Non-diversified funds risk: The risk The Series is a non-diversified
that non-diversified investment fund as defined by the
companies have the flexibility to Investment Company Act of 1940.
invest as much as 50% of their assets Nevertheless, we typically hold
in as few as two issuers with no securities from a variety of
single issuer accounting for more than different issuers, representing
25% of the portfolio. The remaining a number of different
50% of the portfolio must be countries. We also perform
diversified so that no more than 5% of extensive analysis on all
a fund's assets is invested in the securities, particularly those
securities of a single issuer. that represent a larger
Because a non-diversified fund may percentage of portfolio assets.
invest its assets in fewer issuers,
the value of series shares may
increase or decrease more rapidly than
if the series were fully diversified.
---------------------------------------- ----------------------------------
Foreign government and supranational The Series will attempt to limit
securities risk: Relates to the this risk by performing credit
ability of a foreign government or analysis on the issuer of each
government related issuer to make security purchased.
timely payments on its external debt
obligations. The Series attempts to reduce
the risks associated with
investing in foreign governments
by focusing on bonds rated
within the two highest rating
categories.
---------------------------------------- ----------------------------------
Credit risk of high-yield, high risk The Series may invest a portion
fixed-income securities: The risk that of its assets in these
securities rated lower than BBB by S&P securities. We intend to limit
and Baa by Moody's are considered to our investment in any single
be of poor standing and predominantly lower rated bond, which can help
speculative as to the issuer's ability to reduce the effect of an
to repay interest and principal. individual default on the
Series. We also intend to limit
These bonds are often issued by less our overall holdings of bonds in
creditworthy companies or by highly this category. Such limitations
leveraged (indebted) firms, which are may not protect the Series from
generally less able than more widespread bond defaults brought
financially stable firms to make about by a sustained economic
scheduled payments of interest and downturn or from price declines
principal. The risks posed by bonds that might result from changes
issued under such circumstances are in the quality ratings of
substantial. individual bonds.

If there were a national credit
crisis or an issuer were to become
insolvent, principal values could be
adversely affected.
---------------------------------------- ----------------------------------
Transaction costs risk: Costs of We strive to monitor transaction
buying, selling and holding foreign costs and to choose an efficient
securities, including brokerage, tax trading strategy for the Series.
and custody costs, may be higher than
those involved in domestic
transactions.

---------------------------------------- ----------------------------------
Derivatives Risk is the possibility We will use derivatives for
that the Series may experience a defensive purposes, such as to
significant loss if it employs a protect gains or hedge against
derivatives strategy (including a potential losses in the portfolio
strategy involving credit default without actually selling a
swaps) related to a security or a security, to neutralize the
securities index and that security or impact of interest rate changes,
index moves in the opposite direction to affect diversification or to
from what the portfolio manager had earn additional income. We will
anticipated. Another risk of not use derivatives for reasons
derivative transactions is the inconsistent with our investment
creditworthiness of the counterparty objectives.
because the transaction depends on the
willingness and ability of the
counterparty to fulfill its
contractual obligations. Derivatives
also involve additional expenses,
which could reduce any benefit or
increase any loss to a series from
using the strategy.
---------------------------------------- ----------------------------------

Disclosure of portfolio holdings information
A description of the Series' policies and procedures with respect to the
disclosure of the Series' portfolio securities is available in the Series' SAI.

Investment manager
The Series is managed by Delaware Management Company, a series of Delaware
Management Business Trust, which is an indirect, wholly owned subsidiary of
Delaware Management Holdings, Inc. Delaware Management Company makes investment
decisions for the Series, manages the Series' business affairs and provides
daily administrative services. For these services, the manager is paid an annual
fee as follows:

-------------------- -------------------------------------
0.75% on first $500 million
As a percentage of 0.70% on next $500 million
average daily net 0.65% on next $1,500 million
assets 0.60% on assets in excess of $2,500
million
-------------------- -------------------------------------

Prior to September 24, 2004, Delaware International Advisers Ltd. was the
investment advisor for the Series. The aggregate advisory fee paid by the Series
for the last fiscal year was 0.75%.

Portfolio manager
Phillip R. Perkins has primary responsibility for making the day-to-day
investment decisions for the Series. Mr. Perkins assumed responsibility for the
Series on September 24, 2004.

Philip R. Perkins, Senior Vice President/Senior Portfolio Manager, holds a B.A.
from the University of Notre Dame. He joined Delaware Investments in June 2003
from Deutsche Bank A.G., where he served as a Managing Director in Global
Markets. He was Chief Operating Officer for the Bank's Emerging Markets
Division, based in London. From 1998 to 2001, he was based in Moscow and
responsible for the Bank's Local Markets Trading. Prior to that, Mr. Perkins was
Chief Executive Officer of Dinner Key Advisors Inc., a registered broker dealer
founded to trade derivative mortgage-backed bonds with institutional clients. He
began his career at Salomon Brothers, where he was a Mortgage/CMO trader from
1985 to 1990.

The SAI for the Series provides additional information about the portfolio
manager's compensation, other accounts managed by the portfolio manager and the
portfolio manager's ownership of securities in the Series.

Who's who?

The following describes the various organizations involved with managing,
administering, and servicing the Series.

Board of Trustees
A mutual fund is governed by a board of trustees which has oversight
responsibility for the management of the fund's business affairs. Trustees
establish procedures and oversee and review the performance of the investment
manager, the distributor and others that perform services for the series.
Generally, at least 40% of the Board of trustees must be independent of the
fund's investment manager and distributor. However, the Series relies on certain
exemptive rules created by the Securities and Exchange Commission that require
the Board of Trustees overseeing the Series to be comprised of a majority of
such independent trustees. These independent fund Trustees, in particular, are
advocates for shareholder interests.

Investment manager
Delaware Management Company, 2005 Market Street, Philadelphia, PA 19103-7094

Portfolio managers
Portfolio managers are employed by the investment manager to make investment
decisions for individual portfolios on a day-to-day basis. See "Portfolio
managers "for information about the portfolio managers of the Series.

Distributor
Delaware Distributors, L.P., 2005 Market Street, Philadelphia, PA 19103-7094

Shares of the Series are only sold to separate accounts of insurance companies
used in connection with variable annuity or variable life products.

Financial intermediary wholesaler
Lincoln Financial Distributors, Inc. ("LFD"), 2001 Market Street, Philadelphia,
PA 19103-7055

Custodian
JPMorgan Chase Bank, 4 Chase Metrotech Center, Brooklyn, NY 11245

Important Information about the Series

Dividends, distributions and taxes
Dividends and capital gain distributions, if any, are distributed annually.

We automatically reinvest all dividends and any capital gains.

The Series will not be subject to federal income tax to the extent its earnings
are distributed. The Series intends to distribute substantially all of its net
investment income and net capital gains.

Certain management considerations

Investments by fund of funds

The Series accepts investments from the Lincoln Profile Funds, a fund of funds.
From time to time, the Series may experience large investments or redemptions
due to allocations or rebalancings by the Lincoln Profile Funds. While it is
impossible to predict the overall impact of these transactions over time, there
could be adverse effects on portfolio management. For example, the Series may be
required to sell securities or invest cash at times when it would not otherwise
do so. These transactions could also increase transaction costs or portfolio
turnover.

Manager of managers structure

Financial highlights

The financial highlights table is intended to help you understand the financial
performance of the Standard Class of the Series. The total returns in the table
represent the rate that an investor would have earned or lost on an investment
in the Series' Standard Class (assuming reinvestment of all dividends and
distributions). All "per share" information reflects financial results for a
single Series share. This information has been audited by [ ], whose report,
along with the Series' financial statements, is included in the Series' annual
report, which is available upon request by calling 800 523-1918.

Delaware VIP Global Bond Series Standard Class
Year Ended 12/31
2005 2004 2003 2002 2001(1) 2000

Net asset value, beginning of period $13.940 $11.770 $9.470 $9.730 $9.730

Income (loss) from investment
operations:
Net investment income(2) 0.316 0.356 0.404 0.411 0.534
Net realized and unrealized gain
(loss) on investments and foreign
currencies 1.262 2.005 1.957 (0.464) (0.453)
------ ------ ------ ------- -------
Total from investment operations 1.578 2.361 2.361 (0.053) 0.081
------ ------ ------ ------- -------
Less dividends and distributions
from:
Net investment income (1.692) (0.191) (0.061) (0.207) (0.081)

Net realized gain on investments (0.266) ---- ---- ---- ----
------ ------ ------ ------- -------
Total dividends and distributions (1.958) (0.191) (0.061) (0.207) (0.081)
------ ------ ------ ------- -------
Net asset value, end of period $13.560 $13.940 $11.770 $9.470 $9.730
====== ====== ====== ======= =======
Total return(3) 13.00% 20.36% 25.09% (0.48%) 0.86%

Ratios and supplemental data:
Net assets, end of period (000
omitted) $86,372 $105,463 $91,945 $17,012 $16,463
Ratio of expenses to average net
assets 0.93% 0.87% 0.81% 0.85% 0.85%
Ratio of expenses to average net
assets prior to expense limitation
and expenses paid indirectly 0.93% 0.91% 0.81% 1.11% 0.95%
Ratio of net investment income to
average net assets 2.52% 2.81% 3.76% 4.34% 5.75%
Ratio of net investment income to
average net assets prior to expense
limitation and expenses paid
indirectly 2.52% 2.77% 3.76% 4.08% 5.65%
Portfolio turnover 117% 111% 49% 51% 39%

(1) As required, effective January 1, 2001, the Series adopted the provisions
of the AICPA Audit and Accounting Guide for Investment Companies that
requires amortization of all premiums and discounts on debt securities. The
effect of this change for the year ended December 31, 2001 was a decrease
in net investment income per share of $0.057, an increase in net realized
and unrealized gain (loss) per share of $0.057 and a decrease in the ratio
of net investment income to average net assets of 0.61%. Per share data and
ratios for periods prior to January 1, 2001 have not been restated to
reflect this change in accounting.

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

Delaware VIP Global Bond Series

Investment Company Act File No. 811-5162

Delaware Series Symbol
CUSIP
Delaware VIP Global Bond Series
(Standard Class) 246493852

DELAWARE VIP TRUST
Delaware VIP Global Bond Series

Service Class

2005 Market Street, Philadelphia, PA 19103-7094

Prospectus

April [ ], 2006

Table of contents

Overview page
Delaware VIP Global Bond Series

How we manage the Series page
Our investment strategies
The securities we typically invest in
The risks of investing in the Series
Disclosure of portfolio holdings information

Who manages the Series page
Investment manager
Portfolio manager
Who's who?

Financial highlights page

Overview: Delaware VIP Global Bond Series

In selecting investments for the Series:

o We strive to identify fixed-income securities that provide high income
potential.

What are the main risks of investing in the Series? Investing in any mutual fund
involves risk, including the risk that you may lose part or all of the money you
invest. Over time, the value of your investment in the Series will increase and
decrease according to changes in the value of the securities held in the Series'
portfolio. These fluctuations can be even more pronounced for funds like
Delaware VIP Global Bond Series, which generally invests throughout the world.
The Series' investments normally decrease when there are declines in bond
prices, which can be caused by a drop in the bond market, an adverse change in
interest rates or an adverse situation affecting the issuer of the bond. Because
the Series primarily invests in debt obligations in both established and
developing countries, it will be affected by international investment risks
related to currency valuations, political instability, economic instability, or
lax accounting and regulatory standards. The Series may invest in high-yield,
high risk foreign fixed-income securities, which are subject to substantial
risks, particularly during periods of economic downturns or rising interest
rates.

For a more complete discussion of risk, please turn to "The risks of investing
in the Series."

The Series' 80% policy described above may be changed without shareholder
approval. However, shareholders would be given at least 60 days notice prior to
any such change.

An investment in the Series is not a deposit of any bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency.

Who should invest in the Series

o Investors with long-term financial goals.
o Investors looking for a portfolio that includes both U.S. and foreign
fixed-income securities.
o Investors seeking a measure of capital appreciation.

Who should not invest in the Series

o Investors with short-term financial goals.
o Investors who are unwilling to accept risks of investing in foreign
fixed-income securities.

How has the Series performed?

This bar chart and table can help you evaluate the risks of investing in the
Delaware VIP Global Bond Series Service Class. We show returns for the past five
calendar years, as well as average annual returns for one year and since
inception. The Series' past performance does not necessarily indicate how it
will perform in the future. The returns reflect expense caps in effect during
the periods. The returns would be lower without the expense caps. Please see
footnotes 2 and 3 on page [ ] for additional information about the expense caps.
Moreover, the performance presented does not reflect any separate account fees,
which would reduce the returns.

[GRAPHIC OMITTED: BAR CHART SHOWING YEAR BY YEAR TOTAL RETURN (Delaware VIP
Global Bond Series Service Class)]

Year-by-year total return (Delaware VIP Global Bond Series Service Class)

-------------- ------------ ------------ ----------- ------------
2001 2002 2003 2004 2005
-------------- ------------ ------------ ----------- ------------
-0.70% 25.04% 20.04% 12.69% [ ]%
-------------- ------------ ------------ ----------- ------------

During the period illustrated in this bar chart, the Class' highest quarterly
return was [ ]% for the quarter ended [date] and its lowest quarterly return was
[ ]% for the quarter ended [date].

Average annual returns for periods ending 12/31/05

---------------------- ----------------------- ------------------------------
Delaware VIP Citigroup World Government
Global Bond Series
Service Class Bond Index
---------------------- ----------------------- ------------------------------
1 year [ ]% [ ]%
---------------------- ----------------------- ------------------------------
5 years [ ]% [ ]%
---------------------- ----------------------- ------------------------------
Lifetime
(Inception 5/1/00) [ ]% [ ]%*
---------------------- ----------------------- ------------------------------

* The Citigroup World Government Bond Index reports returns on a monthly
basis as of the last day of the month. This figure reflects the return from
May 31, 2000 through December 31, 2005.

What are the Series' fees and expenses? (1)

----------------------------------------- --------------------------------------------- ---------
Sales charges are fees paid directly Maximum sales charge (load) imposed on
from your investments when you buy or purchases as a percentage of offering price none
sell shares of the Service Class. --------------------------------------------- ---------
Maximum contingent deferred sales charge
(load) as a percentage of original purchase
price or redemption price, whichever is
lower none
--------------------------------------------- ---------
Maximum sales charge (load) imposed on
reinvested dividends none
--------------------------------------------- ---------
Redemption fees none
--------------------------------------------- ---------
Exchange fees none
--------------------------------------------- ---------

----------------------------------------- --------------------------------------------- ---------
Annual Series operating expenses Management fees 0.75%
are deducted from the Series' assets.
--------------------------------------------- ---------
Distribution and service (12b-1) fees(2) 0.30%
--------------------------------------------- ---------
Other expenses [ ]%
--------------------------------------------- ---------
Total operating expenses [ ]%
--------------------------------------------- ---------
Fee waivers and payments(2,3) [ ]%
--------------------------------------------- ---------
Net expenses [ ]%

----------------------------------------- --------------------------------------------- ---------
This example is intended to help you
compare the cost of investing in the
Series to the cost of investing in
other mutual funds with similar
investment objectives. We show the
cumulative amount of Series expenses
on a hypothetical investment of $10,000 1 year $[ ]
with an annual 5% return over the time --------------------------------------------- ---------
shown.(4) This is an example only, and 3 years $[ ]
does not represent future expenses, --------------------------------------------- ---------
which may be greater or less than 5 years $[ ]
those shown here. --------------------------------------------- ---------
10 years $[ ]
----------------------------------------- --------------------------------------------- ---------

How we manage the Series

We may invest in:

o foreign and U.S. government securities;
o debt obligations of foreign and U.S. companies;
o debt securities of supranational entities;
o securities of issuers in emerging markets countries, including Brady Bonds,
which tend to be of lower quality and more speculative than securities of
developed country issuers; and o zero-coupon bonds.

While the Series may purchase securities of issuers in any foreign country,
developed or emerging, we currently anticipate investing in Australia, Austria,
Belgium, Canada, Finland, France, Germany, Italy, Japan, the Netherlands,
Poland, the United Kingdom and the United States. This is a representative list;
we may also invest in other countries. More than 25% of the Series' total assets
may be invested in the securities of issuers located in the same country.

The securities we typically invest in
Fixed-income securities offer the potential for greater income payments than
stocks, and also may provide capital appreciation.

------------------------------------------------------------ ---------------------------------------------------------
Securities How we use them
Delaware VIP Global Bond Series
------------------------------------------------------------ ---------------------------------------------------------
Corporate bonds: Debt obligations issued by U.S. or The Series may invest in corporate bonds, generally
foreign corporations. those rated A or better by S&P or Moody's or if
unrated, determined to be of comparable quality. The
Series may also invest in high-yield, high risk
emerging markets corporate bonds.
------------------------------------------------------------ ---------------------------------------------------------
Foreign government securities: Debt obligations issued by The Series will generally invest in securities issued
a government other than the United States or by an agency, by foreign governments, their agencies,
instrumentality or political subdivision of such instrumentalities or political subdivisions that are
governments. rated AAA or AA by S&P or Aaa or Aa by Moody's or, if
unrated, considered to be of comparable quality. We may
invest a portion of the Series' assets in foreign
governmental securities issued by emerging countries,
which may be lower rated, including securities rated
below investment grade.
------------------------------------------------------------ ---------------------------------------------------------
U.S. government securities: Securities issued or The Series may invest a significant portion of its
guaranteed by the U.S. government or issued by an agency assets in U.S. government securities. It will invest
or instrumentality of the U.S. government. only in U.S. government obligations, including bills,
notes and bonds that are issued or guaranteed as to the
payment of principal and interest by the U.S.
government and securities of U.S. government agencies
or instrumentalities that are backed by the full faith
and credit of the United States.
------------------------------------------------------------ ---------------------------------------------------------
Investment company securities: In some countries, The Series may hold closed-end investment company
investments by U.S. mutual funds are generally made by securities. The Series may hold investment company
purchasing shares of investment companies that in turn securities if we believe the country offers good
invest in the securities of such countries. investment opportunities. These investments involve an
indirect payment of a portion of the expenses of the
other investment companies, including their advisory
fees.
------------------------------------------------------------ ---------------------------------------------------------
Foreign currency transactions: A forward foreign currency The Series may invest in securities issued in any
exchange contract involves an obligation to purchase or currency and hold foreign currency. Securities of
sell a specific currency on a fixed future date at a price issuers within a given country may be denominated in
that is set at the time of the contract. The future date the currency of another country or in multinational
may be any number of days from the date of the contract as currency units such as the euro.
agreed by the parties involved.
Although the Series values its assets daily in U.S.
dollars, it does not intend to convert its holdings of
foreign currencies into U.S. dollars on a daily basis.
The Series will, however, from time to time, purchase
or sell foreign currencies and/or engage in forward
foreign currency exchange transactions. The Series may
conduct its foreign currency transactions on a cash
basis at the rate prevailing in the foreign currency
exchange market or through a forward foreign currency
exchange contract or forward contract.

The Series may use forward contracts for defensive
hedging purposes to attempt to protect the value of the
Series' current security or currency holdings. It may
also use forward contracts if it has agreed to sell a
security and wants to "lock-in" the price of that
security, in terms of U.S. dollars. Investors should be
aware of the costs of currency conversion. The Series
will not use forward contracts for speculative purposes.
------------------------------------------------------------ ---------------------------------------------------------
Supranational entities: Debt securities of supranational The Series may invest may invest a significant portion
entities may be denominated in any currency. These of its assets in debt securities of supranational
securities are typically of high-grade quality. A entities.
supranational entity is an entity established or
financially supported by the national governments of one
or more countries to promote reconstruction or
development. The International Bank for Reconstruction and
Development (more commonly known as the World Bank) would
be one example of a supranational entity.
------------------------------------------------------------ ---------------------------------------------------------
Zero coupon bonds: Zero coupon bonds are debt obligations The Series may invest in zero coupon bonds.
that do not entitle the holder to any periodic payments of
interest before maturity or a specified date when the
securities begin paying current interest. Therefore, they
are issued and traded at a discount from their face
amounts or par value. The market prices of zero coupon
bonds are generally more volatile than the market prices
of securities that pay interest periodically and are
likely to respond to changes in interest rates to a
greater degree than do non-zero coupon securities having
similar maturities and credit quality.
------------------------------------------------------------ ---------------------------------------------------------
Brady Bonds: These are debt securities issued under the The Series may invest in Brady Bonds. We believe that
framework of the Brady Plan, an initiative for debtor the economic reforms undertaken by countries in
nations to restructure their outstanding external connection with the issuance of Brady Bonds can make
indebtedness (generally, commercial bank debt). Brady the debt of countries that have issued or have
Bonds tend to be of lower quality and more speculative announced plans to issue these bonds a viable
than securities of developed country issuers. opportunity for investment.
------------------------------------------------------------ ---------------------------------------------------------
High-yield, high risk fixed-income securities: Securities The Series may invest a portion of its assets in these
that are rated lower than BBB by S&P or Baa by Moody's, or securities.
if unrated, of comparable quality. These securities may be
issued by companies or governments of emerging or
developing countries, which may be less creditworthy. The
risk that these companies or governments may not be able
to make interest or principal payments is substantial.
------------------------------------------------------------ ---------------------------------------------------------
Repurchase agreements: An agreement between a buyer, such Typically, we use repurchase agreements as a short-term
as the Series, and a seller of securities in which the investment for the Series' cash position. In order to
seller agrees to buy the securities back within a enter into these repurchase agreements, the Series must
specified time at the same price the buyer paid for them, have collateral of 102% of the repurchase price. The
plus an amount equal to an agreed upon interest rate. Series may enter into repurchase agreements in which
Repurchase agreements are often viewed as equivalent to the collateral is any security in which it may invest,
cash. but normally uses U.S. government securities as
collateral.
------------------------------------------------------------ ---------------------------------------------------------
Restricted securities: Privately placed securities whose We may invest in privately placed securities, including
resale is restricted under securities law. those that are eligible for resale only among certain
institutional buyers without registration which are
commonly known as Rule 144A Securities. Restricted
securities that are determined to be illiquid may not
exceed the Series' 10% limit on illiquid securities,
which is described below.
------------------------------------------------------------ ---------------------------------------------------------
Illiquid securities: Securities that do not have a ready We may invest up to 10% of net assets in illiquid
market, and cannot be easily sold within seven days at securities, including repurchase agreements with
approximately the price that a series has valued them. maturities of over seven days.
------------------------------------------------------------ ---------------------------------------------------------
Credit default swap agreements: In a credit default swap, We may enter into credit default swaps in order to
a Series may transfer the financial risk of a credit event hedge against a credit event, to enhance total return
occurring (a bond default, bankruptcy, restructuring, or to gain exposure to certain securities or markets.
etc.) on a particular security or basket of securities to
another party by paying that party a periodic premium;
likewise, a Series may assume the financial risk of a
credit event occurring on a particular security or basket
of securities in exchange for receiving premium payments
from another party. Credit default swaps may be considered
to be illiquid.
------------------------------------------------------------ ---------------------------------------------------------

The risks of investing in the Series
Investing in any mutual fund involves risk, including the risk that you may
receive little or no return on your investment, and the risk that you may lose
part or all of the money you invest. Before you invest in the Series, you should
carefully evaluate the risks. An investment in the Series typically provides the
best results when held for a number of years. Following are the chief risks you
assume when investing in the Delaware VIP Global Bond Series. Please see the SAI
for further discussion of these risks and other risks not discussed here.

------------------------------------------------------------ ---------------------------------------------------------
Risks How we strive to manage them
Delaware VIP Global Bond Series
------------------------------------------------------------ ---------------------------------------------------------
Market risk: The risk that all or a majority of the We maintain a long-term investment approach and focus
securities in a certain market--like the stock or bond on stocks we believe can appreciate over an extended
market--will decline in value because of factors such as time frame regardless of interim market fluctuations.
economic conditions, future expectations or investor In deciding what portion of the Series' portfolio
confidence. should be invested in any individual country, we
evaluate a variety of factors, including opportunities
and risks relative to other countries. As part of the
Series' principal investment strategy, the Series may
invest in securities that generally have relatively
less market risk.
------------------------------------------------------------ ---------------------------------------------------------
Industry and security risk: The risk that the value of We typically hold a number of different securities in a
securities in a particular industry or the value of an variety of sectors in order to minimize the impact that
individual stock or bond will decline because of changing a poorly performing security would have on the Series.
expectations for the performance of that industry or for This risk is more significant for the Series, which is
the individual company issuing the stock or bond. a non-diversified fund.
------------------------------------------------------------ ---------------------------------------------------------
Interest rate risk: The risk that securities, particularly Interest rate risk is a significant risk for the
bonds with longer maturities, will decrease in value if Series. In an attempt to manage interest rate risk, we
interest rates rise. adjust the Series' average weighted maturity based on
our view of interest rates. The Series' average
weighted maturity will generally be in the five-to-ten
year range. When we anticipate that interest rates will
decline, we may extend the average maturity beyond ten
years and when we anticipate that interest rates will
rise, we may shorten the average maturity to less than
five years.
------------------------------------------------------------ ---------------------------------------------------------
Currency risk: The risk that the value of an investment The Series may try to hedge its currency risk by
may be negatively affected by changes in foreign currency purchasing foreign currency exchange contracts. If the
exchange rates. Adverse changes in exchange rates may Series agrees to purchase or sell foreign securities at
reduce or eliminate any gains produced by investments that a pre-set price on a future date, the Series attempts
are denominated in foreign currencies and may increase any to protect the value of a security it owns from future
losses. changes in currency rates. If the Series has agreed to
purchase or sell a security, it may also use foreign
In 1999 eleven European countries joined in European currency exchange contracts to "lock-in" the
Economic and Monetary Union (EMU), which established a security's price in terms of U.S. dollars or another
common currency for the participating countries. This applicable currency. The Series may use forward
currency is known as the "euro". It has replaced legacy currency exchange contracts only for defensive or
currencies such as the French franc and the deutschemark, protective measures, not to enhance portfolio returns.
which were converted to euros at fixed exchange rates. However, there is no assurance that such a strategy
The main initial consequence for investors is that this will be successful.
has created a much bigger and more liquid bond and equity
market. This has eliminated currency risk within the euro
zone, but the risk that the euro will fluctuate versus
third currencies such as the U.S. dollar has not been
eliminated or reduced. Within the euro zone, our view is
that the longer term risks are economic and political - a
single currency means a single monetary policy, which may
not suit an individual country at a particular time.
There are no explicit legal provisions for a country to
exit EMU; such an exit pre-supposes a strong political
demand for it, of which there is no sign at this point in
time.
------------------------------------------------------------ ---------------------------------------------------------
Political risk: The risk that countries or the entire We evaluate the political situations in the countries
region where we invest may experience political where we invest and take into account any potential
instability. This may cause greater fluctuation in the risks before we select securities for the portfolio.
value and liquidity of our investments due to changes in However, there is no way to eliminate political risk
currency exchange rates, governmental seizures or when investing internationally.
nationalization of assets.
------------------------------------------------------------ ---------------------------------------------------------
Emerging markets risk: The possibility that the risks Striving to manage this risk, the portfolio managers
associated with international investing will be greater in carefully screen securities within emerging markets and
emerging markets than in more developed foreign markets attempt to consider material risks associated with an
because, among other things, emerging markets may have individual company or bond issuer. We cannot eliminate
less stable political and economic environments. emerging market risk and consequently encourage
shareholders to invest in the Series only if they have
a long-term time horizon, over which the potential of
individual securities is more likely to be realized.
------------------------------------------------------------ ---------------------------------------------------------
Inefficient market risk: The risk that foreign markets may The Series will attempt to reduce these risks by
be less liquid, have greater price volatility, less investing in a number of different countries, and
regulation and higher transaction costs than U.S. markets. noting trends in the economy, industries and financial
markets.

The Series will also perform credit analysis in an
attempt to reduce these risks.
------------------------------------------------------------ ---------------------------------------------------------
Information risk: The risk that foreign companies may be We conduct fundamental research on the companies we
subject to different accounting, auditing and financial invest in rather than relying solely on information
reporting standards than U.S. companies. There may be less available through financial reporting. We believe this
information available about foreign issuers than domestic will help us to better uncover any potential weaknesses
issuers. Furthermore, regulatory oversight of foreign in individual companies.
issuers may be less stringent or less consistently applied
than in the United States.
------------------------------------------------------------ ---------------------------------------------------------
Non-diversified funds risk: The risk that non-diversified The Series is a non-diversified fund as defined by the
investment companies have the flexibility to invest as Investment Company Act of 1940. Nevertheless, we
much as 50% of their assets in as few as two issuers with typically hold securities from a variety of different
no single issuer accounting for more than 25% of the issuers, representing a number of different countries.
portfolio. The remaining 50% of the portfolio must be We also perform extensive analysis on all securities,
diversified so that no more than 5% of a fund's assets is particularly those that represent a larger percentage
invested in the securities of a single issuer. Because a of portfolio assets.
non-diversified fund may invest its assets in fewer
issuers, the value of series shares may increase or
decrease more rapidly than if the series were fully
diversified.
------------------------------------------------------------ ---------------------------------------------------------
Foreign government and supranational securities risk: The Series will attempt to limit this risk by
Relates to the ability of a foreign government or performing credit analysis on the issuer of each
government related issuer to make timely payments on its security purchased.
external debt obligations.
The Series attempts to reduce the risks associated with
investing in foreign governments by focusing on bonds
rated within the two highest rating categories.
------------------------------------------------------------ ---------------------------------------------------------
Credit risk of high-yield, high risk fixed-income: The The Series may invest a portion of its assets in these
risk that securities rated lower than BBB by S&P and Baa securities. We intend to limit our investment in any
by Moody's are considered to be of poor standing and single lower rated bond, which can help to reduce the
predominantly speculative as to the issuer's ability to effect of an individual default on the Series. We also
repay interest and principal. intend to limit our overall holdings of bonds in this
category. Such limitations may not protect the Series
These bonds are often issued by less creditworthy from widespread bond defaults brought about by a
companies or by highly leveraged (indebted) firms, which sustained economic downturn or from price declines that
are generally less able than more financially stable firms might result from changes in the quality ratings of
to make scheduled payments of interest and principal. The individual bonds.
risks posed by bonds issued under such circumstances are
substantial.

If there were a national credit crisis or an issuer were
to become insolvent, principal values could be adversely
affected.
------------------------------------------------------------ ---------------------------------------------------------
Transaction costs risk: The risk that the costs of buying, We strive to monitor transaction costs and to choose an
selling and holding foreign securities, including efficient trading strategy for the Series.
brokerage, tax and custody costs, may be higher than those
involved in domestic transactions.
------------------------------------------------------------ ---------------------------------------------------------

Derivatives Risk is the possibility that the Series may We will use derivatives for defensive purposes, such as
experience a significant loss if it employs a derivatives to protect gains or hedge against potential losses in
strategy (including a strategy involving credit default the portfolio without actually selling a security, to
swaps) related to a security or a securities index and neutralize the impact of interest rate changes, to
that security or index moves in the opposite direction affect diversification or to earn additional income. We
from what the portfolio manager had anticipated. Another will not use derivatives for reasons inconsistent with
risk of derivative transactions is the creditworthiness of our investment objectives.
the counterparty because the transaction depends on the
willingness and ability of the counterparty to fulfill its
contractual obligations. Derivatives also involve
additional expenses, which could reduce any benefit or
increase any loss to a series from using the strategy.
------------------------------------------------------------ ---------------------------------------------------------

Disclosure of portfolio holdings information
A description of the Series' policies and procedures with respect to the
disclosure of the Series' portfolio securities is available in the Series' SAI.

-------------------------- --------------------------------------
As a percentage of 0.75% on first $500 million
average daily net 0.70% on next $500 million
assets 0.65% on next $1,500 million
0.60% on assets in excess of $2,500
million
-------------------------- --------------------------------------

Prior to September 24, 2004, Delaware International Advisers Ltd. was the
investment advisor for the Series. The aggregate advisory fee paid by the Series
for the last fiscal year was 0.75%.

Portfolio manager
Phillip R. Perkins has primary responsibility for making the day-to-day
investment decisions for the Series. Mr. Perkins assumed responsibility for the
Series on September 24, 2004.

Who's who?

The following describes the various organizations involved with managing,
administering, and servicing the Series.

Investment manager
Delaware Management Company, 2005 Market Street, Philadelphia, PA 19103-7094

Distributor
Delaware Distributors, L.P., 2005 Market Street, Philadelphia, PA 19103-7094

Shares of the Series are only sold to separate accounts of insurance companies
used in connection with variable annuity or variable life products.

Financial intermediary wholesaler
Lincoln Financial Distributors, Inc. ("LFD"), 2001 Market Street, Philadelphia,
PA 19103-7055

Custodian
JPMorgan Chase Bank, 4 Chase Metrotech Center, Brooklyn, NY 11245

Important Information about the Series

Dividends, distributions and taxes
Dividends and capital gain distributions, if any, are distributed annually.

We automatically reinvest all dividends and any capital gains.

The Series will not be subject to federal income tax to the extent its earnings
are distributed. The Series intends to distribute substantially all of its net
investment income and net capital gains.

Certain management considerations

Financial highlights

The financial highlights table is intended to help you understand the financial
performance of the Service Class of the Series. The total returns in the table
represent the rate that an investor would have earned or lost on an investment
in the Series' Service Class (assuming reinvestment of all dividends and
distributions). All "per share" information reflects financial results for a
single Series share. This information has been audited by [ ], whose
report, along with the Series' financial statements, is included in the Series'
annual report, which is available upon request by calling 800 523-1918.

-------------------------------------------- -----------------------------------------------------------------------
Delaware VIP Global Bond Series Service Class
-------------------------------------------- -----------------------------------------------------------------------
5/1/00(2)
Year Ended to
12/31 12/31/00
-------------------------------------------- ----------- ----------- ----------- ----------- ----------- -----------
2005 2004 2003 2002 2001(1)
-------------------------------------------- ----------- ----------- ----------- ----------- ----------- -----------

Net asset value, beginning of period $13.920 $11.770 $9.460 $9.730 $9.180

Income (loss) from investment operations:
Net investment income(3) 0.285 0.328 0.389 0.397 0.346
Net realized and unrealized gain (loss)
on investments and foreign currencies 1.255 1.998 1.968 (0.470) 0.204
------- ------- ------- ------- -------
Total from investment operations 1.540 2.326 2.357 (0.073) 0.550
------- ------- ------- ------- -------

Less dividends and distributions from:
Net investment income (1.664) (0.176) (0.047) (0.197) ---
Net realized gain on investments (0.266) --- --- --- ---
------- ------- ------- ------- -------
Total dividends and distributions (1.930) (0.176) (0.047) (0.197) ---
------- ------- ------- ------- -------

Net asset value, end of period $13.530 $13.920 $11.770 $9.460 $9.730
======= ======= ======= ======= =======

Total return(4) 12.69% 20.04% 25.04% (0.70%) 5.99%

Ratios and supplemental data:
Net assets, end of period (000 omitted) $9 $8 $7 $5 $5
Ratio of expenses to average net assets 1.18% 1.09% 0.96% 1.00% 1.00%
Ratio of expenses to average net assets
prior to expense limitation and
expenses paid indirectly 1.23% 1.16% 0.96% 1.26% 1.16%
Ratio of net investment income to
average net assets 2.27% 2.59% 3.61% 4.19% 5.65%
Ratio of net investment income to average
net assets prior to expense limitation 2.22% 2.52% 3.61% 3.93% 5.49%
and expenses paid indirectly
Portfolio turnover 117% 111% 49% 51% 39%
-------------------------------------------- ----------- ----------- ----------- ----------- ----------- -----------

(1) As required, effective January 1, 2001, the Series adopted the provisions
of the AICPA Audit and Accounting Guide for Investment Companies that
requires amortization of all premiums and discounts on debt securities. The
effect of this change for the year ended December 31, 2001 was a decrease
in net investment income per share of $0.057, an increase in net realized
and unrealized gain (loss) per share of $0.057 and a decrease in the ratio
of net investment income to average net assets of 0.61%. Per share data and
ratios for periods prior to January 1, 2001 have not been restated to
reflect this change in accounting.

(2) Date of commencement of operations; ratios and portfolio turnover have been
annualized and total return has not been annualized.

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

Delaware VIP Global Bond Series

Additional information about the Series' investments is available in the Series'
annual and semiannual reports to shareholders. In the Series' annual report you
will find a discussion of the market conditions and investment strategies that
significantly affected the Series' performance during the last fiscal period.
You can find more detailed information about the Series in the current Statement
of Additional Information (SAI), which we have filed electronically with the
Securities and Exchange Commission (SEC) and which is legally a part of this
Prospectus. You may obtain a free copy of the Statement of Additional
Information by writing to us at 2005 Market Street, Philadelphia, PA 19103-7094,
or call toll-free 800 523-1918.

Investment Company Act File No. 811-5162

Delaware Series Symbol
CUSIP
Delaware VIP Global Bond Series
(Service Class) 246493860

DELAWARE VIP TRUST
Delaware VIP High Yield Series

Standard Class

2005 Market Street, Philadelphia, PA 19103-7094

Prospectus

April [ ], 2006

This Prospectus offers the Delaware VIP High Yield Series. The Series is in
effect a separate fund issuing its own shares. The shares of the Series are sold
only to separate accounts of life insurance companies (life companies). The
separate accounts are used in conjunction with variable annuity contracts and
variable life insurance policies (variable contracts). The separate accounts
invest in shares of the Series in accordance with allocation instructions
received from contract owners. The investment objectives and principal policies
of the Series are described in this Prospectus.

Table of contents
Overview page
Delaware VIP High Yield Series

How we manage the Series page
Our investment strategies
The securities we typically invest in
The risks of investing in the Series
Disclosure of portfolio holdings information

Who manages the Series page
Investment manager
Portfolio manager
Who's who?

Financial highlights page

Overview: Delaware VIP High Yield Series

What are the Series' goals?
Delaware VIP High Yield Series seeks total return and, as a secondary objective,
high current income. Although the Series will strive to achieve its goals, there
is no assurance that it will.

What are the Series' main investment strategies? Under normal circumstances, the
Series will invest at least 80% of its net assets in fixed income securities
rated at the time of purchase BB or lower by S&P or similarly rated by another
nationally recognized statistical ratings organization (NRSRO) or, if unrated,
judged to be of comparable quality (the "80% policy"). These are commonly known
as high-yield bonds or junk bonds and involve greater risks than investment
grade bonds. The Series also will invest in unrated bonds we judge to be of
comparable quality. Unrated bonds may be more speculative in nature than rated
bonds. The Series also may invest in U.S. and foreign government securities and
corporate bonds of foreign issuers. In selecting bonds for the portfolio, we
evaluate the income provided by the bond and the bond's appreciation potential
as well as the issuer's ability to make income and principal payments.

We may invest up to 25% of total assets in foreign securities. Securities of
foreign issuers are also subject to certain risks such as political and economic
instability, currency fluctuations and less stringent regulatory standards.

What are the main risks of investing in the Series? Investing in any mutual fund
involves risk, including the risk that you may lose part or all of the money you
invest. Over time, the value of your investment in the Series will increase and
decrease according to changes in the value of the securities in the Series'
portfolio. This Series will be affected primarily by declines in bond prices,
which can be caused by adverse changes in interest rates, adverse economic
conditions or poor performance from specific industries or bond issuers.
High-yield bonds are rated below investment grade and are subject to greater
risk that the issuer will be unable to make payments on interest and principal.
Bonds of foreign issuers are also subject to certain risks such as political and
economic instability, currency fluctuations and less stringent regulatory
standards. For a more complete discussion of risk, please turn to "The risks of
investing in the Series."

The Series' 80% policy described above may be changed without shareholder
approval. However, shareholders would be given at least 60 days notice prior to
any such change.

An investment in the Series is not a deposit of any bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency.

Who should invest in the Series

o Investors with long-term financial goals.
o Investors looking for a fixed-income investment that offers a combination
of total return with high current income.
o Investors who want a total return-oriented income investment as a
diversification tool for long-term, equity-oriented portfolios.

Who should not invest in the Series
o Investors with short-term financial goals.
o Investors who are unwilling to own an investment whose value may fluctuate,
sometimes significantly, over the short term.

How has the Series performed?

This bar chart and table can help you evaluate the risks of investing in the
Delaware VIP High Yield Series Standard Class. We show returns for the past ten
calendar years, as well as average annual returns for one, five and ten years.
The Series' past performance does not necessarily indicate how it will perform
in the future. The returns reflect applicable voluntary expense and contractual
caps. The returns would be lower without the voluntary and contractual caps.
Moreover, the performance presented does not reflect any separate account fees,
which would reduce the returns.

[GRAPHIC OMITTED: BAR CHART SHOWING YEAR BY YEAR TOTAL RETURN (Delaware VIP High
Yield Series Standard Class)]

Year-by-year total return (Delaware VIP High Yield Series Standard Class)

------- ------- ------- ------- -------- ------- ------ ------- ------- ----------
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
------- ------- ------- ------- -------- ------- ------ ------- ------- ----------
12.79% 13.63% -1.83% -2.64% -16.26% -4.10% 1.84% 28.74% 14.25% [ ]%
------- ------- ------- ------- -------- ------- ------ ------- ------- ----------

During the periods illustrated in this bar chart, the Class' highest quarterly
return was [ ]% for the quarter ended [date] and its lowest quarterly return was
[ ]% for the quarter ended [date].

Average annual returns for periods ending 12/31/05

----------- ----------------------------- -----------------------
Delaware VIP Bear Stearns
High Yield Series Standard High-Yield
Class Index
----------- ----------------------------- -----------------------
1 year [ ]% [ ]%
----------- ----------------------------- -----------------------
5 years [ ]% [ ]%
----------- ----------------------------- -----------------------
10 years [ ]% [ ]%
----------- ----------------------------- -----------------------

The Series' returns are compared to the performance of the Bear Stearns
High-Yield Index. The Bear Stearns High-Yield Index includes all fixed income,
non-convertible, U.S. dollar denominated securities from the following countries
only: Australia, Canada, United Kingdom, and United States; and meeting the
following inclusion criteria at the beginning of the calculation month: issues
rated BB+ or lower by Standard and Poor's Rating Group and rated Ba1 or lower by
Moody's Investors Service; issues with an outstanding par value of not less than
$100 million; issues with more than one year to their maturity date; issues
registered under SEC 144A code will be included. The index also includes
deferred coupon bonds including PIKs, Zero Coupon and Step-Up bonds. Issues in
default are taken out of the index at the end of the month in which the default
occurs. You should remember that unlike the Series, the index is unmanaged and
does not reflect the costs of operating a mutual fund, such as the costs of
buying, selling and holding securities.

What are the Series' fees and expenses? (1)

----------------------------------------- ----------------------------------------------- -----------
Annual Series operating expenses are Management fees 0.65%
deducted from the Series' assets. ----------------------------------------------- -----------
Distribution and service (12b-1) fees none
----------------------------------------------- -----------
Other expenses [ ]%
----------------------------------------------- -----------
Total operating expenses [ ]%
----------------------------------------------- -----------
Fee waivers and payments(2) [ ]%
----------------------------------------------- -----------
Net expenses [ ]%
----------------------------------------- ----------------------------------------------- -----------
This example is intended to help you 1 year $[ ]
compare the cost of investing in the ----------------------------------------------- -----------
Series to the cost of investing in 3 years $[ ]
other mutual funds with similar ----------------------------------------------- -----------
investment objectives. We show the 5 years $[ ]
cumulative amount of Series expenses ----------------------------------------------- -----------
on a hypothetical investment of 10 years $[ ]
$10,000 with an annual 5% return
over the time shown.(3) This is an
example only, and does not
represent future expenses, which may
be greater or less than those shown
here.
----------------------------------------- ----------------------------------------------- -----------

How we manage the Series

Our investment strategies
Delaware VIP High Yield Series invests primarily in fixed-income securities that
we believe will have a liberal and consistent yield and will tend to reduce the
risk of market fluctuations. We expect to invest the majority of the Series' net
assets in fixed income securities rated at the time of purchase BB or lower by
S&P or similarly rated by another NRSRO or, if unrated, judged to be of
comparable quality. The Series may also invest in unrated bonds that we consider
to have comparable credit characteristics. Unrated bonds may be more speculative
in nature than rated bonds.

Before selecting high-yield corporate bonds, we carefully evaluate each
individual bond including its income potential and the size of the bond
issuance. The size of the issuance helps us evaluate how easily we may be able
to buy and sell the bond.

We also do a thorough credit analysis of the issuer to determine whether that
company has the financial ability to meet the bond's payments.

We maintain a well-diversified portfolio of high-yield bonds that represents
many different sectors and industries. Through diversification we can help to
reduce the impact that any individual bond might have on the portfolio should
the issuer have difficulty making payments.

Delaware VIP High Yield Series strives to provide total return, with income as a
secondary objective. Before purchasing a bond, we evaluate both the income level
and its potential for price appreciation. The Series also may invest in bonds of
foreign issuers in pursuit of its objective.

The Series' investment objectives are non-fundamental. This means that the Board
of Trustees may change the objectives without obtaining shareholder approval. If
the objectives were changed, we would notify shareholders before the change in
the objectives became effective.

The securities we typically invest in
Fixed-income securities offer the potential for greater income payments than
stocks, and also may provide capital appreciation.

--------------------------------------- -----------------------------------
Securities How we use them
Delaware VIP High Yield Series
--------------------------------------- -----------------------------------
High-yield corporate bonds: Debt The Series may invest without
obligations issued by a corporation limit in high-yield corporate
and rated lower than investment grade bonds. Typically, we invest in
by an NRSRO such as S&P or Moody's bonds rated BB or lower by S&P
or, if unrated, that we believe are or, if unrated, are of equivalent
of comparable quality. These quality. We will not invest more
securities are considered to be of than 15% of total assets in bonds
poor standing and predominately which, at the time of purchase,
speculative. are rated CCC or, if unrated, are
of equivalent quality. Also, we
will not invest in bonds which,
at the time of purchase, are
rated below CCC or, if unrated,
are of equivalent quality.
--------------------------------------- -----------------------------------
U.S. government securities: Direct The Series may invest without
U.S. obligations including bills, limit in U.S. government
notes, bonds and other debt securities. However, they will
securities issued by the U.S. typically be a small percentage
Treasury or securities of U.S. of the portfolio because they
government agencies or generally do not offer as high a
instrumentalities which are backed by level of current income as
the full faith and credit of the high-yield corporate bonds.
United States.
--------------------------------------- -----------------------------------
Foreign government or corporate The Series may invest up to 15%
securities: Securities issued by of its total assets in securities
foreign governments or supranational of issuers domiciled in foreign
entities or foreign corporations. countries including both
established countries and those
A supranational entity is an entity with emerging markets. When
established or financially supported investing in these foreign
by the national governments of one or securities, the Series may not
more countries. The International invest more than two-thirds of
Bank for Reconstruction and that 15% amount (that is, 10% of
Development (more commonly known as total assets) in any combination
the World Bank) is one example of a of non-dollar denominated
Supranational entity. securities and emerging market
securities.
--------------------------------------- -----------------------------------
Zero coupon bonds and payment-in-kind We may invest in zero coupon
bonds: Zero coupon securities are bonds and payment-in-kind bonds,
debt obligations which do not entitle though we do not expect this to
the holder to any periodic payments be a significant component of our
of interest prior to maturity or a strategy. The market prices of
specified date when the securities these bonds are generally more
begin paying current interest. volatile than the market prices
Therefore, they are issued and traded of securities that pay interest
at a price lower than their face periodically and are likely to
amounts or par value. Payment-in-kind react to changes in interest
bonds pay interest or dividends in rates to a greater degree than
the form of additional bonds or interest-paying bonds having
preferred stock. similar maturities and credit
quality. They may have certain
tax consequences which, under
certain conditions, could be
adverse to the Series.
--------------------------------------- -----------------------------------
Repurchase agreements: An agreement Typically, we use repurchase
between a buyer, such as the Series, agreements as a short-term
and a seller of securities in which investment for the Series' cash
the seller agrees to buy the position. In order to enter into
securities back within a specified these repurchase agreements, the
time at the same price the buyer paid Series must have collateral of
for them, plus an amount equal to an 102% of the repurchase price. The
agreed upon interest rate. Repurchase Series will only enter into
agreements are often viewed as repurchase agreements in which
equivalent to cash. the collateral is U.S. government
securities.
--------------------------------------- -----------------------------------
Restricted securities: Privately We may invest in privately placed
placed securities whose resale is securities, including those that
restricted under securities law. are eligible for resale only
among certain institutional
buyers without registration which
are commonly known as Rule 144A
Securities.

Restricted securities that are
determined to be illiquid may not
exceed the Series' 15% limit on
illiquid securities, which is
described below.
--------------------------------------- ----------------------------------
Securities How we use them
Delaware VIP High Yield Series
--------------------------------------- ----------------------------------
Illiquid securities: Securities that We may invest up to 15% of net
do not have a ready market, and assets in illiquid securities.
cannot be easily sold within seven
days at approximately the price that
a series has valued them.
--------------------------------------- ----------------------------------
Loan participations: An interest in a Each Fund may loan up to 25% of
loan or other direct indebtedness, its assets to qualified
such as an assignment, that entitles broker/dealers or institutional
the acquiring of such interest to investors for their use relating
payments of interest, principal to short sales and other
and/or other amounts due under the security transactions. The Fund
structure of the loan or other direct may invest in loans, including
indebtedness. In addition to being assignments and participation
structured as secured or unsecured interests.
loans, such investments could be
structured as novations or
assignments or represent trade or
other claims owed by a company to a
supplier.
--------------------------------------- ----------------------------------
Credit default swap agreements: In a We may enter into credit default
credit default swap, a Series may swaps in order to hedge against
transfer the financial risk of a a credit event, to enhance total
credit event occurring (a bond return or to gain exposure to
default, bankruptcy, restructuring, certain securities or markets.
etc.) on a particular security or
basket of securities to another party
by paying that party a periodic
premium; likewise, a Series may
assume the financial risk of a credit
event occurring on a particular
security or basket of securities in
exchange for receiving premium
payments from another party. Credit
default swaps may be considered to be
illiquid.
--------------------------------------- ----------------------------------

The Series may also invest in other income-producing securities including common
stocks and preferred stocks, some of which may have convertible features or
attached warrants. The Series may also enter into options. Please see the
Statement of Additional Information (SAI) for additional descriptions of these
securities as well as those listed in the table above.

The risks of investing in the Series
Investing in any mutual fund involves risk, including the risk that you may
receive little or no return on your investment, and the risk that you may lose
part or all of the money you invest. Before you invest in the Series, you should
carefully evaluate the risks. An investment in the Delaware VIP High Yield
Series typically provides the best results when held for a number of years.
Following are the chief risks you assume when investing in the Series. Please
see the SAI for further discussion of these risks and other risks not discussed
here.

--------------------------------------- -----------------------------------
Risks How we strive to manage them
Delaware VIP High Yield Series
--------------------------------------- -----------------------------------
Market risk: The risk that all or a We maintain a long-term
majority of the securities in a investment approach and focus on
certain market--like the stock or bond bonds that we believe will
market--will decline in value because continue to pay interest
of factors such as economic regardless of interim market
conditions, future expectations or fluctuations. We do not try to
investor confidence. predict overall bond market or
interest rate movements and
generally do not trade for
short-term purposes.
--------------------------------------- -----------------------------------
Industry and security risk: The risk We limit the amount of the
that the value of securities in a Series' assets invested in any
particular industry or the value of one industry and in any
an individual stock or bond will individual security. We also
decline because of changing follow a rigorous selection
expectations for the performance of process before choosing
that industry or for the individual securities for the portfolio.
company issuing the stock or bond.
--------------------------------------- -----------------------------------
Interest rate risk: The risk that The Series is subject to interest
securities will decrease in value if rate risk. We cannot eliminate
interest rates rise. The risk is that risk, but we do strive to
greater for bonds with longer manage it by monitoring economic
maturities than for those with conditions.
shorter maturities.
--------------------------------------- -----------------------------------
Credit risk: The risk that there is Our careful, credit-oriented bond
the possibility that a bond's issuer selection and our commitment to
will be unable to make timely hold a diversified selection of
payments of interest and principal. high-yield bonds are designed to
manage this risk.
Investing in so-called "junk" or
"high-yield" bonds entails the risk We will not purchase more than
of principal loss, which may be 15% of total assets in bonds
greater than the risk involved in which, at the time of purchase,
investment grade bonds. High-yield are rated CCC by S&P or Caa by
bonds are sometimes issued by Moody's or, if unrated, are of
companies whose earnings at the time equivalent quality. If a bond
of issuance are less than the held by the Series drops below
projected debt service on the junk this level or goes into default,
bonds. the Series will begin to sell the
security in an orderly manner,
If there were a national credit striving to minimize any adverse
crisis or an issuer were to become affect on the Series.
insolvent, principal values could be
adversely affected.
--------------------------------------- -----------------------------------
Recession risk: Although the market In striving to manage this risk,
for high-yield bonds existed through we allocate assets across a wide
periods of economic downturns, the range of industry sectors. We
high-yield market grew rapidly during may emphasize industries that
the long economic expansion which have been less susceptible to
took place in the United States economic cycles in the past,
during the 1980s. During that particularly if we believe that
economic expansion, the use of the economy may be entering into
high-yield debt securities to finance a period of slower growth.
highly leveraged corporate
acquisitions and restructurings
increased dramatically. As a result,
the high-yield market grew
substantially. Some analysts believe
a protracted economic downturn would
severely disrupt the market for
high-yield bonds, adversely affect
the value of outstanding bonds and
adversely affect the ability of
high-yield issuers to repay principal
and interest.

It is likely that protracted periods
of economic uncertainty would cause
increased volatility in the market
prices of high-yield bonds, an
increase in the number of high-yield
bond defaults and corresponding
volatility in a series' net asset
value. In the past, uncertainty and
volatility in the high-yield market
have resulted in volatility in the
Series' net asset value.
--------------------------------------- -----------------------------------
Foreign risk: The risk that foreign We may invest up to 15% of total
securities may be adversely affected assets in securities of issuers
by political instability, changes in domiciled in foreign countries.
currency exchange rates, foreign When investing in these foreign
economic conditions or lax regulatory securities, the Series may not
and accounting standards. These risks invest more than two-thirds of
are significantly higher for emerging that 15% amount (that is, 10% of
markets securities. Non-dollar total assets) in any combination
denominated securities also carry the of non-dollar denominated
risk of adverse changes in foreign securities and emerging markets
currency exchange rates. securities. We carefully evaluate
the reward and risk associated
Several European countries began with each foreign security that
participating in the European we consider.
Economic and Monetary Union, which
has established a common currency for
participating countries. This
currency is commonly known as the
"euro." The long-term consequences
of the euro conversion for foreign
exchange rates, interest rates and
the value of European securities in
which the Series may invest are
unclear. The consequences may
adversely affect the value and/or
increase the volatility of securities
held by the Series.
--------------------------------------- -----------------------------------
Liquidity risk: The possibility that A less liquid secondary market
securities cannot be readily sold may have an adverse effect on the
within seven days at approximately Series' ability to dispose of
the price that a series values them. particular issues, when
necessary, to meet the Series'
There is generally no established liquidity needs or in response to
retail secondary market for a specific economic event, such
high-yield securities. As a result, as the deterioration in the
the secondary market for high-yield creditworthiness of the issuer.
securities is more limited and less In striving to manage this risk,
liquid than other secondary we evaluate the size of a bond
securities markets. The high-yield issuance as a way to anticipate
secondary market is particularly its likely liquidity level.
susceptible to liquidity problems
when the institutions, such as mutual We may invest only 15% of net
funds and certain financial assets in illiquid securities.
institutions, which dominate it
temporarily stop buying bonds for
regulatory, financial or other
reasons.

Adverse publicity and investor
perceptions may also disrupt the
secondary market for high-yield
securities.
--------------------------------------- -----------------------------------
Derivatives Risk is the possibility We will use derivatives for
that the Series may experience a defensive purposes, such as to
significant loss if it employs a protect gains or hedge against
derivatives strategy (including a potential losses in the portfolio
strategy involving credit default without actually selling a
swaps) related to a security or a security, to neutralize the
securities index and that security or impact of interest rate changes,
index moves in the opposite direction to affect diversification or to
from what the portfolio manager had earn additional income. We will
anticipated. Another risk of not use derivatives for reasons
derivative transactions is the inconsistent with our investment
creditworthiness of the counterparty objectives.
because the transaction depends on
the willingness and ability of the
counterparty to fulfill its
contractual obligations. Derivatives
also involve additional expenses,
which could reduce any benefit or
increase any loss to a series from
using the strategy.
--------------------------------------- -----------------------------------
Valuation risk: The risk that a less The Series' privately placed
liquid secondary market as described high-yield securities are
above can make it more difficult for particularly susceptible to the
a series to obtain precise valuations liquidity and valuation risks. We
of the high-yield securities in its will strive to manage this risk
portfolio. During periods of reduced by carefully evaluating
liquidity, judgment plays a greater individual bonds and by limiting
role in valuing high-yield the amount of the portfolio that
securities. can be allocated to privately
placed high-yield securities.
--------------------------------------- -----------------------------------
Redemption risk: If investors Volatility in the high-yield
redeem more shares of a series than market could increase redemption
are purchased for an extended period risk. We strive to maintain a
of time, a series may be required to cash balance sufficient to meet
sell securities without regard to the any redemptions. We may also
investment merits of such actions. borrow money, if necessary, to
This could decrease a series' asset meet redemptions.
base, potentially resulting in a
higher expense ratio.
--------------------------------------- -----------------------------------
Legislative and regulatory risk: The We monitor the status of
United States Congress has from time regulatory and legislative
to time taken or considered proposals to evaluate any
legislative actions that could possible effects they might have
adversely affect the high-yield bond on the Series' portfolio.
market. For example, Congressional
legislation has, with some
exceptions, generally prohibited
federally insured savings and loan
institutions from investing in
high-yield securities. Regulatory
actions have also affected the
high-yield market. Similar actions in
the future could reduce liquidity for
high-yield issues, reduce the number
of new high-yield securities being
issued and could make it more
difficult for a series to attain its
investment objective.
--------------------------------------- -----------------------------------
Risks How we strive to manage them
Delaware VIP High Yield Series
--------------------------------------- -----------------------------------
Loans and other direct indebtedness These risks may not be completely
involve the risk that the Fund will eliminated, but we will attempt
not receive payment of principal, to reduce these risks through
interest and other amounts due in portfolio diversification, credit
connection with these investments and analysis and attention to trends
will depend primarily on the in the economy, industries and
financial condition of the borrower. financial markets. As these
Loans that are fully secured offer a securities may be illiquid, they
Fund more protection than an would be subject to the Fund's
unsecured loan in the event of restrictions on illiquid
non-payment of scheduled interest or securities.
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 a Fund may involve
revolving credit facilities or other
standby financing commitments which
obligate a Fund to pay additional
cash on a certain date or on demand.
These commitments may require a Fund
to increase its investment in a
company at a time when that Fund
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 a Fund is
committed to advance additional
funds, it will at all times hold and
maintain in a segregated account cash
or other high-grade debt obligations
in an amount sufficient to meet such
commitments.

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

Disclosure of portfolio holdings information
A description of the Series' policies and procedures with respect to the
disclosure of the Series' portfolio securities is available in the Series' SAI.

Portfolio manager
Timothy L. Rabe has primary responsibility for making day-to-day investment
decisions for Delaware VIP High Yield Series. Mr. Rabe assumed primary
responsibility for the Series in July 2002.

Who's who?

The following describes the various organizations involved with managing,
administering, and servicing the Series.

Investment manager
Delaware Management Company, 2005 Market Street, Philadelphia, PA 19103-7094

Portfolio manager

Portfolio managers are employed by the investment manager to make investment
decisions for individual portfolios on a day-to-day basis. See "Portfolio
manager" for information about the portfolio manager of the Series.

Distributor
Delaware Distributors, L.P., 2005 Market Street, Philadelphia, PA 19103-7094

Shares of the Series are only sold to separate accounts of insurance companies
used in connection with variable annuity or variable life products.

Financial intermediary wholesaler
Lincoln Financial Distributors, Inc. ("LFD"), 2001 Market Street, Philadelphia,
PA 19103-7055

Custodian
JPMorgan Chase Bank, 4 Chase Metrotech Center, Brooklyn, NY 11245

Important Information about the Series

Salesperson and life company compensation

Your variable contract salesperson who sells your variable contract which
invests in shares of the Series may be eligible to receive the following amounts
as compensation for your investment in the Series. These amounts are paid by the
distributor to the life companies with whom your variable contract salesperson
is associated.

Purchase and redemption of shares
Shares are sold only to separate accounts of life companies at net asset value
(See "Valuation of shares"). Redemptions will be effected by the separate
accounts at the net asset value next determined after receipt of the order to
meet obligations under the variable contracts. Contract owners do not deal
directly with the Series with respect to the acquisition or redemption of Series
shares.

Dividends, distributions and taxes
Dividends and capital gain distributions, if any, are distributed annually.

We automatically reinvest all dividends and any capital gains.

The Series will not be subject to federal income tax to the extent its earnings
are distributed. The Series intends to distribute substantially all of its net
investment income and net capital gains.

Certain management considerations

Financial highlights

Standard Class

Delaware VIP High Yield Series Year Ended 12/31
2005 2004 2003 2002 2001(1) 2000

Net asset value, beginning of period $5.690 $4.790 $5.220 $6.000 $7.420

Income (loss) from investment
operations:
Net investment income(2) 0.437 0.489 0.517 0.586 0.722
Net realized and unrealized gain
(loss) on investments and foreign
currencies 0.332 0.804 (0.413) (0.821) (1.896)
------ ------ ------- ------ ------
Total from investment operations 0.769 1.293 (0.104) (0.235) (1.174)
------ ------ ------- ------ ------
Less dividends and distributions
from:
Net investment income (0.349) (0.393) (0.534) (0.545) (0.246)
------ ------ ------- ------ ------
Total dividends and distributions (0.349) (0.393) (0.534) (0.545) (0.246)
------ ------ ------- ------ ------
Net asset value, end of period $6.110 $5.690 $4.790 $5.220 $6.000
====== ====== ====== ====== ======
Total return(3) 14.25% 28.74% 1.84% (4.10%) (16.26%)

Ratios and supplemental data:
Net assets, end of period (000
omitted) $65,418 $71,061 $48,089 $51,459 $59,441
Ratio of expenses to average net
assets 0.75% 0.77% 0.78% 0.79% 0.77%
Ratio of net investment income to
average net assets 7.66% 9.33% 10.96% 10.82% 10.80%
Portfolio turnover 429% 716% 587% 557% 226%

(1) As required, effective January 1, 2001, the Series adopted the provisions
of the AICPA Audit and Accounting Guide for Investment Companies that
require amortization of all premiums and discounts on debt securities. The
effect of this change for the year ended December 31, 2001 was an increase
in net investment income per share of $0.007, a decrease in net realized
and unrealized gain (loss) per share of $0.007, and an increase in the
ratio of net investment income to average net assets of 0.13%. Per share
data and ratios for periods prior to January 1, 2001 have not been restated
to reflect this change in accounting.

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

(3) Total investment return is based on the change in net asset value of a
share during the period and assumes reinvestment of dividends and
distributions at net asset value.

Delaware VIP High Yield Series

Investment Company Act File No. 811-5162

Delaware Series Symbol
CUSIP
Delaware VIP High Yield Series
(Standard Class) 246493811

DELAWARE VIP TRUST
Delaware VIP High Yield Series

Service Class

2005 Market Street, Philadelphia, PA 19103-7094

Prospectus

April [ ], 2006

Table of contents
Overview page
Delaware VIP High Yield Series

How we manage the Series page
Our investment strategies
The securities we typically invest in
The risks of investing in the Series
Disclosure of portfolio holdings information

Who manages the Series page
Investment manager
Portfolio manager
Who's who?

Financial highlights page

Overview: Delaware VIP High Yield Series

What are the main risks of investing in the Series? Investing in any mutual fund
involves risk, including the risk that you may lose part or all of the money you
invest. Over time, the value of your investment in the Series will increase and
decrease according to changes in the value of the securities in the Series'
portfolio. This Series will be affected primarily by declines in bond prices,
which can be caused by adverse changes in interest rates, adverse economic
conditions or poor performance from specific industries or bond issuers.
High-yield bonds are rated below investment grade and are subject to greater
risk that the issuer will be unable to make payments on interest and principal.
Bonds of foreign issuers are also subject to certain risks such as political and
economic instability, currency fluctuations and less stringent regulatory
standards. For a more complete discussion of risk, please turn to "The risks of
investing in the Series."

The Series' 80% policy described above may be changed without shareholder
approval. However, shareholders would be given at least 60 days notice prior to
any such change.

An investment in the Series is not a deposit of any bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency.

Who should invest in the Series

How has the Series performed?

This bar chart and table can help you evaluate the risks of investing in the
Delaware VIP High Yield Series Service Class. We show the return for the past
five calendar years, as well as average annual returns for one year and since
inception. The Series' past performance does not necessarily indicate how it
will perform in the future. The returns reflect expense caps in effect during
the periods. The returns would be lower without the expense caps. Please see
footnotes 2 and 3 on page [ ] for additional information about the expense caps.
Moreover, the performance presented does not reflect any separate account fees,
which would reduce the returns.

[GRAPHIC OMITTED: BAR CHART SHOWING YEAR BY YEAR TOTAL RETURN (Delaware VIP High
Yield Series Service Class]

Year-by-year total return (Delaware VIP High Yield Series Service Class)

-------------- ------------ ------------ ----------- ------------
2001 2002 2003 2004 2005
-------------- ------------ ------------ ----------- ------------
-4.38% 1.65% 28.61% 14.02% [ ]%
-------------- ------------ ------------ ----------- ------------

During the period illustrated in this bar chart, the Class' highest quarterly
return was [ ]% for the quarter ended [date] and its lowest quarterly return was
[ ]% for the quarter ended [date].

Average annual returns for periods ending 12/31/05

------------------- ---------------------------- -----------------------------
Delaware VIP Bear Stearns
High Yield Series High-Yield
Service Class Index
------------------- ---------------------------- -----------------------------
1 year [ ]% [ ]%
------------------- ---------------------------- -----------------------------
5 years [ ]% [ ]%
------------------- ---------------------------- -----------------------------
Lifetime
(Inception 5/1/00) [ ]% [ ]%
------------------- ---------------------------- -----------------------------

* The Bear Stearns High-Yield Index reports returns on a monthly basis as of
the last day of the month. This figure reflects the return from May 31,
2000 through December 31, 2005.

What are the Series' fees and expenses? (1)

----------------------------------------- ----------------------------------------------- -----------
Annual Series operating expenses are Management fees 0.65%
deducted from the Series' assets. ----------------------------------------------- -----------
Distribution and service (12b-1) fees (2) 0.30%
----------------------------------------------- -----------
Other expenses [ ]%
----------------------------------------------- -----------
Total operating expenses [ ]%
----------------------------------------------- -----------
Fee waivers and payments(3) [ ]%
----------------------------------------------- -----------
Net expenses [ ]%
----------------------------------------- ----------------------------------------------- -----------
This example is intended to help you 1 year $[ ]
compare the cost of investing in the ----------------------------------------------- -----------
Series to the cost of investing in 3 years $[ ]
other mutual funds with similar ----------------------------------------------- -----------
investment objectives. We show the 5 years $[ ]
cumulative amount of Series expenses ----------------------------------------------- -----------
on a hypothetical investment of 10 years $[ ]
$10,000 with an annual 5% return
over the time shown.(4) This is an
example only, and does not
represent future expenses, which may
be greater or less than those shown
here.
----------------------------------------- ----------------------------------------------- -----------

2) Service Class shares are subject to a 12b-1 fee of 0.30% of average daily
net assets. The Series' distributor has contracted to limit the 12b-1 fees
through [date] to no more than 0.25% of average daily net assets.

How we manage the Series

Our investment strategies
Delaware VIP High Yield Series invests primarily in fixed-income securities that
we believe will have a liberal and consistent yield and will tend to reduce the
risk of market fluctuations. We expect to invest the majority of the Series' net
assets in fixed income securities rated at the time of purchase BB or lower by
S&P or similarly rated by another NRSRO or if unrated, judged to be of
comparable quality. The Series may also invest in unrated bonds that we consider
to have comparable credit characteristics. Unrated bonds may be more speculative
in nature than rated bonds.

We also do a thorough credit analysis of the issuer to determine whether that
company has the financial ability to meet the bond's payments.

The securities we typically invest in
Fixed-income securities offer the potential for greater income payments than
stocks, and also may provide capital appreciation.

--------------------------------------- -----------------------------------
Securities How we use them
Delaware VIP High Yield Series
--------------------------------------- -----------------------------------
High-yield corporate bonds: Debt The Series may invest without
obligations issued by a corporation limit in high-yield corporate
and rated lower than investment grade bonds. Typically, we invest in
by an NRSRO such as S&P or Moody's bonds rated BB or lower by S&P
or, if unrated, that we believe are or, if unrated, are of equivalent
of comparable quality. These quality. We will not invest more
securities are considered to be of than 15% of total assets in bonds
poor standing and predominately which, at the time of purchase,
speculative. are rated CCC or, if unrated, are
of equivalent quality. Also, we
will not invest in bonds which,
at the time of purchase, are
rated below CCC or, if unrated,
are of equivalent quality.
-------------------------------------- -----------------------------------
U.S. government securities: Direct The Series may invest without
U.S. obligations including bills, limit in U.S. government
notes, bonds and other debt securities. However, they will
securities issued by the U.S. typically be a small percentage
Treasury or securities of U.S. of the portfolio because they
government agencies or generally do not offer as high a
instrumentalities which are backed by level of current income as
the full faith and credit of the high-yield corporate bonds.
United States.
--------------------------------------- -----------------------------------
Foreign government or corporate The Series may invest up to 15%
securities: Securities issued by of its total assets in securities
foreign governments or supranational of issuers domiciled in foreign
entities or foreign corporations. countries including both
established countries and those
A supranational entity is an entity with emerging markets. When
established or financially supported investing in these foreign
by the national governments of one or securities, the Series may not
more countries. The International invest more than two-thirds of
Bank for Reconstruction and that 15% amount (that is, 10% of
Development (more commonly known as total assets) in any combination
the World Bank) is one example of a of non-dollar denominated
Supranational entity. securities and emerging market
securities.
--------------------------------------- -----------------------------------
Zero coupon bonds and payment-in-kind We may invest in zero coupon
bonds: Zero coupon securities are bonds and payment-in-kind bonds,
debt obligations which do not entitle though we do not expect this to
the holder to any periodic payments be a significant component of our
of interest prior to maturity or a strategy. The market prices of
specified date when the securities these bonds are generally more
begin paying current interest. volatile than the market prices
Therefore, they are issued and traded of securities that pay interest
at a price lower than their face periodically and are likely to
amounts or par value. Payment-in-kind react to changes in interest
bonds pay interest or dividends in rates to a greater degree than
the form of additional bonds or interest-paying bonds having
preferred stock. similar maturities and credit
quality. They may have certain
tax consequences which, under
certain conditions, could be
adverse to the Series.
--------------------------------------- -----------------------------------
Repurchase agreements: An agreement Typically, we use repurchase
between a buyer, such as the Series, agreements as a short-term
and a seller of securities in which investment for the Series' cash
the seller agrees to buy the position. In order to enter into
securities back within a specified these repurchase agreements, the
time at the same price the buyer paid Series must have collateral of
for them, plus an amount equal to an 102% of the repurchase price. The
agreed upon interest rate. Repurchase Series will only enter into
agreements are often viewed as repurchase agreements in which
equivalent to cash. the collateral is U.S. government
securities.
-------------------------------------- -----------------------------------
Restricted securities: Privately We may invest in privately placed
placed securities whose resale is securities, including those that
restricted under securities law. are eligible for resale only
among certain institutional
buyers without registration which
are commonly known as Rule 144A
Securities.

Restricted securities that are
determined to be illiquid may not
exceed the Series' 15% limit on
illiquid securities, which is
described below.
--------------------------------------- -----------------------------------
Illiquid securities: Securities that We may invest up to 15% of net
do not have a ready market, and assets in illiquid securities.
cannot be easily sold within seven
days at approximately the price that
a series has valued them.
--------------------------------------- -----------------------------------

Loan participations: An interest in a Each Fund may loan up to 25% of
loan or other direct indebtedness, its assets to qualified
such as an assignment, that entitles broker/dealers or institutional
the acquiring of such interest to investors for their use relating
payments of interest, principal to short sales and other security
and/or other amounts due under the transactions. The Fund may invest
structure of the loan or other direct in loans, including assignments
indebtedness. In addition to being and participation interests.
structured as secured or unsecured
loans, such investments could be
structured as novations or
assignments or represent trade or
other claims owed by a company to a
supplier.
--------------------------------------- -----------------------------------
Credit default swap agreements: In a We may enter into credit default
credit default swap, a Series may swaps in order to hedge against a
transfer the financial risk of a credit event, to enhance total
credit event occurring (a bond return or to gain exposure to
default, bankruptcy, restructuring, certain securities or markets.
etc.) on a particular security or
basket of securities to another party
by paying that party a periodic
premium; likewise, a Series may
assume the financial risk of a credit
event occurring on a particular
security or basket of securities in
exchange for receiving premium
payments from another party. Credit
default swaps may be considered to be
illiquid.
--------------------------------------- -----------------------------------

The risks of investing in the Series
Investing in any mutual fund involves risk, including the risk that you may
receive little or no return on your investment, and the risk that you may lose
part or all of the money you invest. Before you invest in the Series, you should
carefully evaluate the risks. An investment in the Delaware VIP High Yield
Series typically provides the best results when held for a number of years.
Following are the chief risks you assume when investing in the Series. Please
see the SAI for further discussion of these risks and other risks not discussed
here.

---------------------------------------- ---------------------------------
Risks How we strive to manage them
Delaware VIP High Yield Series
---------------------------------------- ---------------------------------
Market risk: The risk that all or a We maintain a long-term
majority of the securities in a investment approach and focus
certain market--like the stock or bond on bonds that we believe will
market--will decline in value because continue to pay interest
of factors such as economic regardless of interim market
conditions, future expectations or fluctuations. We do not try to
investor confidence. predict overall bond market or
interest rate movements and
generally do not trade for
short-term purposes.
---------------------------------------- ---------------------------------
Industry and security risk: The risk We limit the amount of the
that the value of securities in a Series' assets invested in any
particular industry or the value of an one industry and in any
individual stock or bond will decline individual security. We also
because of changing expectations for follow a rigorous selection
the performance of that industry or process before choosing
for the individual company issuing the securities for the portfolio.
stock or bond.
--------------------------------------- ---------------------------------
Interest rate risk: The risk that The Series is subject to
securities will decrease in value if interest rate risk. We cannot
interest rates rise. The risk is eliminate that risk, but we do
greater for bonds with longer strive to manage it by
maturities than for those with shorter monitoring economic conditions.
maturities.
---------------------------------------- ---------------------------------
Credit risk: The risk that there is Our careful, credit-oriented
the possibility that a bond's issuer bond selection and our
will be unable to make timely payments commitment to hold a
of interest and principal. diversified selection of
high-yield bonds are designed
Investing in so-called "junk" or to manage this risk.
"high-yield" bonds entails the risk of
principal loss, which may be greater We will not purchase more than
than the risk involved in investment 15% of total assets in bonds
grade bonds. High-yield bonds are which, at the time of purchase,
sometimes issued by companies whose are rated CCC by S&P or Caa by
earnings at the time of issuance are Moody's or, if unrated, are of
less than the projected debt service equivalent quality. If a bond
on the junk bonds. held by the Series drops below
this level or goes into
If there were a national credit crisis default, the Series will begin
or an issuer were to become insolvent, to sell the security in an
principal values could be adversely orderly manner, striving to
affected. minimize any adverse affect on
the Series.
---------------------------------------- ----------------------------------
Risks How we strive to manage them
Delaware VIP High Yield Series
---------------------------------------- ----------------------------------
Recession risk: Although the market In striving to manage this risk,
for high-yield bonds existed through we allocate assets across a wide
periods of economic downturns, the range of industry sectors. We
high-yield market grew rapidly during may emphasize industries that
the long economic expansion which took have been less susceptible to
place in the United States during the economic cycles in the past,
1980s. During that economic expansion, particularly if we believe that
the use of high-yield debt securities the economy may be entering into
to finance highly leveraged corporate a period of slower growth.
acquisitions and restructurings
increased dramatically. As a result,
the high-yield market grew
substantially. Some analysts believe a
protracted economic downturn would
severely disrupt the market for
high-yield bonds, adversely affect the
value of outstanding bonds and
adversely affect the ability of
high-yield issuers to repay principal
and interest.

It is likely that protracted periods
of economic uncertainty would cause
increased volatility in the market
prices of high-yield bonds, an
increase in the number of high-yield
bond defaults and corresponding
volatility in a series' net asset
value. In the past, uncertainty and
volatility in the high-yield market
have resulted in volatility in the
Series' net asset value.
---------------------------------------- ----------------------------------
Foreign risk: The risk that foreign We may invest up to 15% of total
securities may be adversely affected assets in securities of issuers
by political instability, changes in domiciled in foreign countries.
currency exchange rates, foreign When investing in these foreign
economic conditions or lax regulatory securities, the Series may not
and accounting standards. These risks invest more than two-thirds of
are significantly higher for emerging that 15% amount (that is, 10% of
markets securities. Non-dollar total assets) in any combination
denominated securities also carry the of non-dollar denominated
risk of adverse changes in foreign securities and emerging markets
currency exchange rates. securities. We carefully
evaluate the reward and risk
Several European countries began associated with each foreign
participating in the European Economic security that we consider.
and Monetary Union, which has
established a common currency for
participating countries. This
currency is commonly known as the
"euro." The long-term consequences of
the euro conversion for foreign
exchange rates, interest rates and the
value of European securities in which
the Series may invest are unclear.
The consequences may adversely affect
the value and/or increase the
volatility of securities held by the
Series.
---------------------------------------- ----------------------------------
Risks How we strive to manage them
Delaware VIP High Yield Series
---------------------------------------- ----------------------------------
Liquidity risk: The possibility that A less liquid secondary market
securities cannot be readily sold may have an adverse effect on
within seven days at approximately the the Series' ability to dispose
price that a series values them. of particular issues, when
necessary, to meet the Series'
There is generally no established liquidity needs or in response
retail secondary market for high-yield to a specific economic event,
securities. As a result, the secondary such as the deterioration in the
market for high-yield securities is creditworthiness of the issuer.
more limited and less liquid than In striving to manage this risk,
other secondary securities markets. we evaluate the size of a bond
The high-yield secondary market is issuance as a way to anticipate
particularly susceptible to liquidity its likely liquidity level.
problems when the institutions, such
as mutual funds and certain financial We may invest only 15% of net
institutions, which dominate it assets in illiquid securities.
temporarily stop buying bonds for
regulatory, financial or other reasons.

Adverse publicity and investor
perceptions may also disrupt the
secondary market for high-yield
securities.
---------------------------------------- ----------------------------------

Derivatives Risk is the possibility We will use derivatives for
that the Series may experience a defensive purposes, such as to
significant loss if it employs a protect gains or hedge against
derivatives strategy (including a potential losses in the
strategy involving credit default portfolio without actually
swaps) related to a security or a selling a security, to
securities index and that security or neutralize the impact of
index moves in the opposite direction interest rate changes, to affect
from what the portfolio manager had diversification or to earn
anticipated. Another risk of additional income. We will not
derivative transactions is the use derivatives for reasons
creditworthiness of the counterparty inconsistent with our investment
because the transaction depends on the objectives.
willingness and ability of the
counterparty to fulfill its
contractual obligations. Derivatives
also involve additional expenses,
which could reduce any benefit or
increase any loss to a series from
using the strategy.
---------------------------------------- ----------------------------------
Valuation risk: When a less liquid The Series' privately placed
secondary market as described above high-yield securities are
can make it more difficult for a particularly susceptible to the
series to obtain precise valuations of liquidity and valuation risks.
the high-yield securities in its We will strive to manage this
portfolio. During periods of reduced risk by carefully evaluating
liquidity, judgment plays a greater individual bonds and by limiting
role in valuing high-yield securities. the amount of the portfolio that
can be allocated to privately
placed high-yield securities.
---------------------------------------- ----------------------------------
Redemption risk: If investors redeem Volatility in the high-yield
more shares of a series than are market could increase redemption
purchased for an extended period of risk. We strive to maintain a
time, a series may be required to sell cash balance sufficient to meet
securities without regard to the any redemptions. We may also
investment merits of such actions. borrow money, if necessary, to
This could decrease a series' asset meet redemptions.
base, potentially resulting in a
higher expense ratio.
---------------------------------------- ----------------------------------
Legislative and regulatory risk: The We monitor the status of
United States Congress has from time regulatory and legislative
to time taken or considered proposals to evaluate any
legislative actions that could possible effects they might have
adversely affect the high-yield bond on the Series' portfolio.
market. For example, Congressional
legislation has, with some exceptions,
generally prohibited federally insured
savings and loan institutions from
investing in high-yield securities.
Regulatory actions have also affected
the high-yield market. Similar actions
in the future could reduce liquidity
for high-yield issues, reduce the
number of new high-yield securities
being issued and could make it more
difficult for a series to attain its
investment objective.
---------------------------------------- ----------------------------------
Loans and other direct indebtedness These risks may not be
involve the risk that the Fund will completely eliminated, but we
not receive payment of principal, will attempt to reduce these
interest and other amounts due in risks through portfolio
connection with these investments and diversification, credit analysis
will depend primarily on the financial and attention to trends in the
condition of the borrower. Loans that economy, industries and
are fully secured offer a Fund more financial markets. As these
protection than an unsecured loan in securities may be illiquid, they
the event of non-payment of scheduled would be subject to the Fund's
interest or principal, although there restrictions on illiquid
is no assurance that the liquidation securities.
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
a Fund may involve revolving credit
facilities or other standby financing
commitments which obligate a Fund to
pay additional cash on a certain date
or on demand. These commitments may
require a Fund to increase its
investment in a company at a time when
that Fund 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 a Fund is
committed to advance additional funds,
it will at all times hold and maintain
in a segregated account cash or other
high-grade debt obligations in an
amount sufficient to meet such
commitments.

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

Disclosure of portfolio holdings information
A description of the Series' policies and procedures with respect to the
disclosure of the Series' portfolio securities is available in the Series' SAI.

Who's who?

The following describes the various organizations involved with managing,
administering, and servicing the Series.

Investment manager
Delaware Management Company, 2005 Market Street, Philadelphia, PA 19103-7094

Portfolio manager
Portfolio managers are employed by the investment manager to make investment
decisions for individual portfolios on a day-to-day basis. See "Portfolio
manager" for information about the portfolio manager of the Series.

Distributor
Delaware Distributors, L.P., 2005 Market Street, Philadelphia, PA 19103-7094

Shares of the Series are only sold to separate accounts of insurance companies
used in connection with variable annuity or variable life products.

Financial intermediary wholesaler
Lincoln Financial Distributors, Inc. ("LFD"), 2001 Market Street, Philadelphia,
PA 19103-7055

Custodian
JPMorgan Chase Bank, 4 Chase Metrotech Center, Brooklyn, NY 11245

Important Information about the Series

Fair valuation

When a Series uses fair value pricing, it may take into account any factors it
deems appropriate. A Series may determine fair value based upon developments
related to a specific security, current valuations of foreign stock indices (as
reflected in U.S. futures markets) and/or U.S. sector or broader stock market
indices. The prices of securities used by the Series to calculate its NAV may
differ from quoted or published prices for the same securities. Fair value
pricing may involve subjective judgments and it is possible that the fair value
determined for a security is materially different than the value that could be
realized upon the sale of that security.

Dividends, distributions and taxes
Dividends and capital gain distributions, if any, are distributed annually.

We automatically reinvest all dividends and any capital gains.

The Series will not be subject to federal income tax to the extent its earnings
are distributed. The Series intends to distribute substantially all of its net
investment income and net capital gains.

Certain management considerations

Financial highlights

The financial highlights table is intended to help you understand the financial
performance of the Service Class of the Series. The total returns in the table
represent the rate that an investor would have earned or lost on an investment
in the Series' Service Class (assuming reinvestment of all dividends and
distributions). All "per share" information reflects financial results for a
single Series share. This information has been audited by [ ] LLP, whose report,
along with the Series' financial statements, is included in the Series' annual
report, which is available upon request by calling 800 523-1918.

Delaware VIP High Yield Series Service Class
5/1/00(2)
Year Ended to
12/31 12/31/00
2005 2004 2003 2002 2001(1)

Net asset value, beginning of period $5.680 $4.780 $5.220 $6.000 $6.690

Income (loss) from investment
operations:
Net investment income(3) 0.423 0.477 0.510 0.578 0.474
Net realized and unrealized gain
(loss) on investments 0.334 0.809 (0.424) (0.818) (1.164)
Total from investment operations 0.757 1.286 0.086 (0.240) (0.690)

Less dividends and distributions
from:
Net investment income (0.337) (0.386) (0.526) (0.540) ----
Total dividends and distributions 0.337) (0.386) (0.526) (0.540) ----

Net asset value, end of period $6.100 $5.680 $4.780 $5.220 $6.000

Total return(4) 14.02% 28.61% 1.65% (4.38%) (10.31%)

Ratios and supplemental data:
Net assets, end of period (000
omitted) $103,983 $68,295 $13,529 $5,715 $850
Ratio of expenses to average net
assets 1.00% 0.99% 0.93% 0.94% 0.93%
Ratio of expenses to average net
assets prior to expense limitation
and expenses paid indirectly 1.05% 1.02% 0.93% 0.94% 0.93%
Ratio of net investment income to
average net assets 7.41% 9.11% 10.81% 10.67% 11.00%
Ratio of net investment income to
average net assets prior to expense
limitation and expenses paid
indirectly 7.36% 9.08% 10.81% 10.67% 11.00%
Portfolio turnover 429% 716% 587% 557% 226%

(1) As required, effective January 1, 2001, the Series adopted the provisions
of the AICPA Audit and Accounting Guide for Investment Companies that
requires amortization of all premiums and discounts on debt securities. The
effect of this change for the year ended December 31, 2001 was an increase
in net investment income per share of $0.007, a decrease in net realized
and unrealized gain (loss) per share of $0.007, and an increase in the
ratio of net investment income to average net assets of 0.13%. Per share
data and ratios for periods prior to January 1, 2001 have not been restated
to reflect this change in accounting.

(2) Date of commencement of operations; ratios have been annualized and total
return has not been annualized.

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

(4) Total investment return is based on the change in net asset value of a
share during the period and assumes reinvestment of dividends and
distributions at net asset value. Total investment return reflects a waiver
and payment of fees by the distributor, as applicable. Performance would
have been lower had the expense limitation not been in effect.

Delaware VIP High Yield Series

Investment Company Act File No. 811-5162

Delaware Series Symbol
CUSIP
Delaware VIP High Yield Series
(Service Class) 246493829

DELAWARE VIP TRUST
Delaware VIP Select Growth Series

Standard Class

2005 Market Street, Philadelphia, PA 19103-7094

Prospectus

April [ ], 2006

This Prospectus offers the Delaware VIP Select Growth Series. The Series is in
effect a separate fund issuing its own shares. The shares of the Series are sold
only to separate accounts of life insurance companies (life companies). The
separate accounts are used in conjunction with variable annuity contracts and
variable life insurance policies (variable contracts). The separate accounts
invest in shares of the Series in accordance with allocation instructions
received from contract owners. The investment objective and principal policies
of the Series are described in this Prospectus.

Table of contents

Overview page
Delaware VIP Select Growth Series

How we manage the Series page
Our investment strategies
The securities we typically invest in
The risks of investing in the Series
Disclosure of portfolio holdings information

Who manages the Series page
Investment manager
Portfolio managers
Who's who?

Financial highlights page

Overview: Delaware VIP Select Growth Series

What is the Series' goal?
Delaware VIP Select Growth Series seeks long-term capital appreciation. Although
the Series will strive to achieve its goal, there is no assurance that it will.

What are the Series' main investment strategies? We invest primarily in common
stocks of companies that we believe have long-term capital appreciation
potential and are expected to grow faster than the U.S. economy. We consider
companies of any size or market capitalization. Using a bottom up approach, we
seek to select securities we believe have large-end market potential or
dominance of a profitable niche market, dominant business models and strong free
cash flow generation that are attractively priced compared to the intrinsic
value of the securities. We also consider a company's operational efficiencies,
management's plans for capital allocation and the company's shareholder
orientation.

An investment in the Series is not a deposit of any bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency.

Who should invest in the Series

o Investors with long-term financial goals.
o Investors seeking an investment primarily in common stocks.
o Investors seeking exposure to capital appreciation opportunities across a
broad range of industry sectors and company sizes.

Who should not invest in the Series

o Investors with short-term financial goals.
o Investors whose primary goal is current income.
o Investors who are unwilling to accept share prices that may fluctuate,
sometimes significantly, over the short term.

How has the Series performed?

This bar chart and table can help you evaluate the risks of investing in the
Delaware VIP Select Growth Series Standard Class. We show the returns for the
past six calendar years, as well as average annual returns for one year, five
years and since inception. The Series' past performance does not necessarily
indicate how it will perform in the future. The returns reflect applicable
voluntary and contractual expense caps. The returns would be lower without the
voluntary and contractual caps. Moreover, the performance presented does not
reflect any separate account fees, which would reduce the returns.

[GRAPHIC OMITTED: BAR CHART SHOWING YEAR BY YEAR TOTAL RETURN (Delaware VIP
Select Growth Series Standard Class)]

Year-by-year total return (Delaware VIP Select Growth Series Standard Class)

-------------- ------------ ------------ ----------- ------------
2000 2001 2002 2003 2005
-------------- ------------ ------------ ----------- ------------
-22.46% -23.78% -32.53% 39.46% [ ]%
-------------- ------------ ------------ ----------- ------------

During the periods illustrated in this bar chart, the Class' highest quarterly
return was [ ]% for the quarter ended [date] and its lowest quarterly return was
[ ]% for the quarter ended [date].

Average annual returns for periods ending 12/31/05

----------------------- ----------------------------- -----------------------
Delaware VIP Russell 3000
Select Growth Series
Standard Class Growth(R)Index
----------------------- ----------------------------- -----------------------
1 year [ ]% [ ] %
----------------------- ----------------------------- -----------------------
5 years [ ]% [ ] %
----------------------- ----------------------------- -----------------------
Lifetime
(Inception 5/3/99) [ ]% [ ] %
----------------------- ----------------------------- -----------------------

The Series' returns are compared to the performance of the Russell 3000
Growth(R)Index. The Russell 3000 Growth(R)Index measures the performance of
those Russell 3000 Growth(R)Index companies with higher price-to-book ratios and
higher forecasted growth values. You should remember that unlike the Series, the
index is unmanaged and does not reflect the costs of operating a mutual fund,
such as the costs of buying, selling and holding securities.

* The Russell 3000 Growth(R)Index reports returns on a monthly basis as of
the last day of the month as of the last day of the month. This figure
reflects the return from May 31, 1999 through December 31, 2005.

What are the Series' fees and expenses? (1)

----------------------------------------- --------------------------------------------- ----------
You do not pay sales charges directly Maximum sales charge (load) imposed on none
from your investments when you buy or purchases as a percentage of offering price
sell shares of the Standard Class. --------------------------------------------- ----------
Maximum contingent deferred sales charge
(load) as a percentage of original purchase
price or redemption price,
whichever is lower none
--------------------------------------------- ----------
Maximum sales charge (load) imposed on
reinvested dividends none
--------------------------------------------- ----------
Redemption fees none
--------------------------------------------- ----------
Exchange fees none

----------------------------------------- --------------------------------------------- ----------
Annual Series operating expenses are
deducted from the Series' assets. Management fees 0.75%
--------------------------------------------- ----------
Distribution and service (12b-1) fees none
--------------------------------------------- ----------
Other expenses [ ]%
--------------------------------------------- ----------
Total operating expenses [ ]%
--------------------------------------------- ----------
Fee waivers and payments(2) [ ]%
--------------------------------------------- ----------
Net expenses [ ]%

----------------------------------------- --------------------------------------------- ----------
This example is intended to help you
compare the cost of investing in the
Series to the cost of investing in other
mutual funds with similar investment
objectives. We show the cumulative
amount of Series expenses on a
hypothetical investment of $10,000 with 1 year $[ ]
an annual 5% return over the time --------------------------------------------- ----------
shown.(3) This is an example only, and 3 years $[ ]
does not represent future expenses, --------------------------------------------- ----------
which may be greater or less 5 years $[ ]
than those shown here. --------------------------------------------- ----------
10 years $[ ]

----------------------------------------- --------------------------------------------- ----------

How we manage the Series

Our investment strategies

Delaware VIP Select Growth Series strives to identify companies that offer the
potential for long-term price appreciation because they are likely to experience
sustainable free cash flow growth. Using a bottom up approach, we look for
companies that:

-have large-end market potential or dominance of a profitable niche market,
dominant business models and strong free cash flow generation;
-demonstrate operational and scale efficiencies;
-have demonstrated expertise for capital allocation; and
-have clear shareholder oriented governance and compensation policies.

We research individual companies and analyze economic and market conditions,
seeking to identify the securities or market sectors that we think are the best
investments for the Series. Specifically, we look for structural changes in the
economy, industry or product cycle changes, or changes in management, targeting
those companies that can best capitalize on such changes.

All of these factors give us insight into the outlook for a company, helping us
to identify companies poised for sustainable free cash flow growth. We believe
that sustainable free cash flow growth, if it occurs, may result in price
appreciation for the company's stock.

We maintain a diversified portfolio, typically holding a mix of different
stocks, representing a wide array of industries and a mix of small companies,
medium-size companies and large companies.

Delaware VIP Select Growth Series uses the same investment strategy as Delaware
Select Growth Fund, a separate fund in the Delaware Investments family, although
performance may differ depending on such factors as the size of the funds and
the timing of investments and redemptions.

The securities we typically invest in
Stocks offer investors the potential for capital appreciation, and may pay
dividends as well.

---------------------------------------------------------------- --------------------------------------------------------------
Repurchase agreements: An agreement between a buyer, such as Typically, we use repurchase agreements as a short-term
the Series, and a seller of securities in which the seller investment for the Series' cash position. In order to enter
agrees to buy the securities back within a specified time at into these repurchase agreements, the Series must have
the same price the buyer paid for them, plus an amount equal collateral of 102% of the repurchase price. The Series will
to an agreed upon interest rate. Repurchase agreements are only enter into repurchase agreements in which the
often viewed as equivalent to cash. collateral is comprised of U.S. government securities.

---------------------------------------------------------------- --------------------------------------------------------------
Restricted securities: Privately placed securities whose We may invest in privately placed securities, including
resale is restricted under securities law. those that are eligible for resale only among certain
institutional buyers without registration which are commonly
known as Rule 144A Securities. Restricted securities that
are determined to be illiquid may not exceed the Series' 15%
limit on illiquid securities, which is described below.

---------------------------------------------------------------- --------------------------------------------------------------
Illiquid securities: Securities that do not have a ready We may invest up to 15% of the Series' net assets in
market, and cannot be easily sold within seven days at illiquid securities.
approximately the price that a fund has valued them.

---------------------------------------------------------------- --------------------------------------------------------------

The Series may also invest in other securities including futures, options, debt
securities of government or corporate issuers and investment company securities.
The Series may invest up to 10% of net assets in foreign securities including,
but not limited to American Depositary Receipts and Global Depositary Receipts;
however, the manager has no present intention to do so. Please see the SAI for
additional descriptions of these securities as well as those listed in the table
above.

Lending securities The Series may lend up to 25% of its assets to qualified
broker/dealers and institutional investors for their use in securities
transactions. These transactions, if any, may generate additional income for the
Series.

Borrowing from banks The Series may borrow money as a temporary measure for
extraordinary purposes or to facilitate redemptions; to the extent that it does
so, the Series may not meet its investment objective. The Series will not
purchase new securities if borrowing exceeds 5% of net assets.

Temporary defensive positions For temporary defensive purposes, the Series may
hold all of its assets in high quality fixed-income securities, cash or cash
equivalents. To the extent it holds these securities, it may be unable to
achieve its investment objective.

Portfolio turnover It is possible that the Series' annual portfolio turnover
could be greater than 100%. A turnover rate of 100% would occur if a Series sold
and replaced securities valued at 100% of its net assets within one year, if for
example, the Series bought and sold all of the securities in its portfolio once
in the course of a year or frequently traded a single security. High turnover
can result in increased transaction costs and tax liability for investors and
may affect the Series' performance.

The risks of investing in the Series
Investing in any mutual fund involves risk, including the risk that you may
receive little or no return on your investment, and the risk that you may lose
part or all of the money you invest. Before you invest in the Series, you should
carefully evaluate the risks. An investment in the Series typically provides the
best results when held for a number of years. Following are the chief risks you
assume when investing in the Delaware VIP Select Growth Series. Please see the
SAI for further discussion of these risks and other risks not discussed here.

------------------------------------------------------------- -----------------------------------------------------------
Risks How we strive to manage them
Delaware VIP Select Growth Series
------------------------------------------------------------- -----------------------------------------------------------
Market risk: The risk that all or a majority of the We maintain a long-term investment approach and focus on
securities in a certain market -- like the stock or bond stocks we believe can appreciate over an extended time
market -- will decline in value because of factors such as frame regardless of interim market fluctuations. We do
economic conditions, future expectations or investor not try to predict overall stock market movements and
confidence. though we may hold securities for any amount of time, we
typically do not trade for short-term purposes.

------------------------------------------------------------- -----------------------------------------------------------
Industry and security risk: The risk that the value of We limit the amount of the Series' assets invested in any
securities in a particular industry or the value of an one industry and in any individual security. We also
individual stock or bond will decline because of changing follow a rigorous selection process before choosing
expectations for the performance of that industry or for securities and continuously monitor them while they
the individual company issuing the stock. remain in the portfolio.

------------------------------------------------------------- -----------------------------------------------------------
Company size risk: The risk that prices of small and The Series seeks opportunities among companies of all
medium-size companies may be more volatile than larger sizes. Because its portfolio does not concentrate
companies because of limited financial resources or specifically on small or medium-size companies, this risk
dependence on narrow product lines. may be balanced by our holdings of large companies.

------------------------------------------------------------- -----------------------------------------------------------
Interest rate risk: The risk that securities will decrease We analyze each company's financial situation and its
in value if interest rates rise. The risk is generally cash flow to determine the company's ability to finance
associated with bonds; however, because small and future expansion and operations. The potential affect
medium-size companies often borrow money to finance their that rising interest rates might have on a stock is taken
operations, they may be adversely affected by rising into consideration before the stock is purchased.
interest rates.

------------------------------------------------------------- -----------------------------------------------------------
Liquidity risk: The possibility that securities cannot be We limit exposure to illiquid securities.
readily sold within seven days at approximately the price
that a series values them.
------------------------------------------------------------- -----------------------------------------------------------

Disclosure of portfolio holdings information
A description of the Series' policies and procedures with respect to the
disclosure of the Series' portfolio securities is available in the Series' SAI.

Investment manager

The Series is managed by Delaware Management Company, a series of Delaware
Management Business Trust, which is an indirect wholly owned subsidiary of
Delaware Management Holdings, Inc. Delaware Management Company makes investment
decisions for the Series, manages the Series' business affairs and provides
daily administrative services. For its services to the Series, the manager was
paid [ ] % average daily net assets for the last fiscal year.

Portfolio managers
Jeffrey S. Van Harte, Christopher J. Bonavico, Kenneth F. Broad, Patrick G.
Fortier and Daniel J. Prislin have primary responsibility for making day-to-day
investment decisions for the Fund. Messrs. Van Harte, Bonavico, Broad, Fortier
and Prislin assumed responsibility for the Fund in May 2005.

Jeffrey S. Van Harte, Chief Investment Officer - Focus Growth, was most recently
a principal and executive vice president at Transamerica Investment Management,
LLC. Mr. Van Harte was the lead manager of the Transamerica Large Cap Growth
strategy and managed portfolios in that discipline for over 20 years. Before
becoming a portfolio manager, Mr. Van Harte was a securities analyst and trader
for Transamerica Investment Services, which he joined in 1980. Mr. Van Harte,
who also managed institutional separate accounts and sub-advised funds, received
his bachelor's degree in finance from California State University at Fullerton
and is a CFA charterholder.

Christopher J. Bonavico, Vice President/Senior Portfolio Manager, was most
recently a principal and portfolio manager at Transamerica Investment
Management, LLC. Mr. Bonavico also managed sub-advised funds and institutional
separate accounts. Before joining Transamerica in 1993, he was a research
analyst for Salomon Brothers. Mr. Bonavico received his bachelor's degree in
economics from the University of Delaware and is a CFA charterholder.

Kenneth F. Broad, Vice President/Senior Portfolio Manager, was most recently a
principal and portfolio manager at Transamerica Investment Management, LLC,
where he also managed sub-advised funds and institutional separate accounts.
Prior to joining Transamerica in 2000, Mr. Broad was a portfolio manager with
The Franklin Templeton Group and was a consultant in the Business Valuation and
Merger & Acquisition Group at KPMG Peat Marwick. Mr. Broad received his M.B.A.
from the University of California at Los Angeles and bachelor's degree in
economics from Colgate University, and is a CFA charterholder.

Patrick G. Fortier, Vice President/Portfolio Manager, joined Delaware
Investments as a portfolio manager on the Focus Growth team. He spent five years
as a portfolio manager at Transamerica Investment Management, LLC. Before
joining Transamerica in 2000, he worked for OLDE Equity Research, Detroit, as a
sell-side equity analyst, focusing on commodity research, particularly in the
oil/energy area. Mr. Fortier received his bachelor's degree in finance from the
University of Kentucky and is a CFA charterholder and a member of the Security
Analysts of San Francisco.

Daniel J. Prislin, Vice President/Senior Portfolio Manager, was most recently a
principal and portfolio manager at Transamerica Investment Management, LLC,
where he also managed sub-advised funds and institutional separate accounts.
Prior to joining Transamerica in 1998, he was an assistant portfolio manager
with The Franklin Templeton Group. Mr. Prislin received his M.B.A. and
bachelor's degree in business administration from the University of California,
Berkeley and is a CFA charterholder.

Who's who?
The following describes the various organizations involved with managing,
administering, and servicing the Series.

Investment manager
Delaware Management Company, 2005 Market Street, Philadelphia, PA 19103-7094

Distributor
Delaware Distributors, L.P., One Commerce Square, Philadelphia, PA 19103-7094

Shares of the Series are only sold to separate accounts of insurance companies
used in connection with variable annuity or variable life products.

Financial intermediary wholesaler
Lincoln Financial Distributors, Inc. ("LFD"), 2001 Market Street, Philadelphia,
PA 19103-7055

Custodian
JPMorgan Chase Bank, 4 Chase Metrotech Center, Brooklyn, NY 11245

Important Information about the Series

Dividends, distributions and taxes
Dividends and capital gain distributions, if any, are distributed annually.

We automatically reinvest all dividends and any capital gains.

The Series will not be subject to federal income tax to the extent its earnings
are distributed. The Series intends to distribute substantially all of its net
investment income and net capital gains.

Certain management considerations

Financial highlights

-------------------------------------------- -------------------------------------------------------------------------
Delaware VIP Select Growth Series Standard Class
-------------------------------------------- -------------------------------------------------------------------------
Year Ended
12/31
-------------------------------------------- ---------- ------------ ----------- ------------ ------------ -----------
2005 2004 2003 2002 2001 2000
-------------------------------------------- ---------- ------------ ----------- ------------ ------------ -----------

Net asset value, beginning of period $7.810 $5.600 $8.300 $10.890 $14.300

Income (loss) from investment operations:
Net investment income (loss)(1) (0.011) (0.016) (0.024) (0.019) (0.040)
Net realized and unrealized gain (loss)
on investments 0.661 2.226 (2.676) (2.571) (3.078)
------- ------- ------- ------- -------
Total from investment operations 0.650 2.210 (2.700) (2.590) (3.118)
------- ------- ------- ------- -------

Less dividends and distributions from:
Net investment income ----- ----- ----- ----- (0.007)
Net realized gain on investments ---- ---- ---- ---- (0.285)
------- ------- ------- ------- -------
Total dividends and distributions ---- ---- ---- ---- (0.292)
------- ------- ------- ------- -------

Net asset value, end of period $8.460 $7.810 $5.600 $8.300 $10.890
======= ======= ======= ======= =======

Total return(2)
8.32% 39.46% (32.53%) (23.78%) (22.46%)
Ratios and supplemental data:
Net assets, end of period (000 omitted) $20,493 $23,089 $27,056 $55,104 $80,443
Ratio of expenses to average net assets 0.83% 0.83% 0.86% 0.85% 0.82%
Ratio of expenses to average net assets
prior to expense limitation and
expenses paid indirectly 0.83% 0.83% 0.86% 0.88% 0.89%
Ratio of net investment income (loss) to
average net assets (0.14%) (0.24%) (0.35%) (0.22%) (0.30%)
Ratio of net investment income (loss) to
average net assets prior to expense
limitation and expenses paid indirectly (0.14%) (0.24%) (0.35%) (0.25%) (0.37%)
Portfolio turnover 86% 72% 106% 135% 158%
-------------------------------------------- ---------- ------------ ----------- ------------ ------------ -----------

(1) The average shares outstanding method has been applied for per share
information.

(2) Total investment return is based on the change in net asset value of a
share during the period and assumes reinvestment of dividends and
distributions at net asset value. Total investment return reflects a waiver
and payment of fees by the manager, as applicable. Performance would have
been lower had the expense limitation not been in effect.

Delaware VIP Select Growth Series

Additional information about the Series' investments is available in the Series'
annual and semiannual reports to shareholders. In the Series' annual report you
will find a discussion of the market conditions and investment strategies that
significantly affected the Series' performance during the last fiscal period.
You can find more detailed information about the Series in the current Statement
of Additional Information (SAI), which we have filed electronically with the
Securities and Exchange Commission (SEC) and which is legally a part of this
Prospectus. You may obtain a free copy of the SAI by writing to us at One
Commerce Square, Philadelphia, PA 19103-7094, or call toll-free 800 523-1918.

Investment Company Act File No. 811-5162

Delaware Series Symbol
CUSIP
Delaware VIP Select Growth Series
(Standard Class) 246493696

DELAWARE VIP TRUST
Delaware VIP Select Growth Series

Service Class

2005 Market Street, Philadelphia, PA 19103-7094

Prospectus

April [ ], 2005

Table of contents

Overview page
Delaware VIP Select Growth Series

How we manage the Series page
Our investment strategies
The securities we typically invest in
The risks of investing in the Series
Disclosure of portfolio holdings information

Who manages the Series page
Investment manager
Portfolio managers
Who's who?

Financial highlights page

Overview: Delaware VIP Select Growth Series

What is the Series' goal?
Delaware VIP Select Growth Series seeks long-term capital appreciation. Although
the Series will strive to achieve its goal, there is no assurance that it will.

An investment in the Series is not a deposit of any bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency.

Who should invest in the Series

Who should not invest in the Series

How has the Series performed?

This bar chart and table can help you evaluate the risks of investing in the
Delaware VIP Select Growth Series Service Class. We show returns for the past
five calendar years, as well as average annual returns for one year and since
inception. The Series' past performance does not necessarily indicate how it
will perform in the future. The returns reflect expense caps in effect during
the periods. The returns would be lower without the expense caps. Please see
footnotes 2 and 3 on page [ ] for additional information about the expense caps.
Moreover, the performance presented does not reflect any separate account fees,
which would reduce the returns.

[GRAPHIC OMITTED: BAR CHART SHOWING YEAR BY YEAR TOTAL RETURN (Delaware VIP
Select Growth Series Service Class)]

Year-by-year total return (Delaware VIP Select Growth Series Service Class)

-------------- ------------ ------------ ----------- ------------
2001 2002 2003 2004 2005
-------------- ------------ ------------ ----------- ------------
-23.90% -32.61% 39.07% 8.12% [ ]%
-------------- ------------ ------------ ----------- ------------

During the period illustrated in this bar chart, the Class' highest quarterly
return was [ ]% for the quarter ended [date] and its lowest quarterly return was
[ ]% for the quarter ended [date].

Average annual returns for periods ending 12/31/05

-------------------- -------------------------- --------------------------
Delaware VIP Russell 3000
Select Growth Series
Service Class Growth(R)Index
-------------------- -------------------------- --------------------------
1 year [ ]% [ ]%
-------------------- -------------------------- --------------------------
Lifetime
(Inception 5/1/00) [ ]% [ ]%
-------------------- -------------------------- --------------------------

The Series' returns are compared to the performance of the Russell 3000
Growth(R)Index. The Russell 3000 Growth(R) Index measures the performance of
those Russell 3000 Index companies with higher price-to-book ratios and higher
forecasted growth values. You should remember that unlike the Series, the index
is unmanaged and does not reflect the costs of operating a mutual fund, such as
the costs of buying, selling and holding securities.

* The Russell 3000 Growth Index reports returns on a monthly basis as of the
last day of the month. This figure reflects the return from May 31, 2000
through December 31, 2005.

What are the Series' fees and expenses? (1)

----------------------------------------- --------------------------------------------- ----------
Sales charges are fees paid directly Maximum sales charge (load) imposed on
from your investments when you buy or purchases as a percentage of offering price none
sell shares of the Service Class. --------------------------------------------- ----------
Maximum contingent deferred sales charge
(load) as a percentage of original purchase
price or redemption price,
whichever is lower none
--------------------------------------------- ----------
Maximum sales charge (load) imposed on
reinvested dividends none
--------------------------------------------- ----------
Redemption fees none
--------------------------------------------- ----------
Exchange fees none

----------------------------------------- --------------------------------------------- ----------
Annual Series operating expenses are
deducted from the Series' assets. Management fees 0.75%
--------------------------------------------- ----------
Distribution and service (12b-1) fees (2) 0.30%
--------------------------------------------- ----------
Other expenses [ ]%
--------------------------------------------- ----------
Total operating expenses [ ]%
--------------------------------------------- ----------
Fee waivers and payments(2,3) [ ]%
--------------------------------------------- ----------
Net expenses [ ]%

----------------------------------------- --------------------------------------------- ----------
This example is intended to help you
compare the cost of investing in the
Series to the cost of investing in other
mutual funds with similar investment
objectives. We show the cumulative
amount of Series expenses on a
hypothetical investment of $10,000 with 1 year $[ ]
an annual 5% return over the time --------------------------------------------- ----------
shown.(4) This is an example only, and 3 years $[ ]
does not represent future expenses, --------------------------------------------- ----------
which may be greater or less 5 years $[ ]
than those shown here. --------------------------------------------- ----------
10 years $[ ]

----------------------------------------- --------------------------------------------- ----------

How we manage the Series

Our investment strategies

We maintain a diversified portfolio, typically holding a mix of different
stocks, representing a wide array of industries and a mix of small companies,
medium-size companies and large companies.

The securities we typically invest in
Stocks offer investors the potential for capital appreciation, and may pay
dividends as well.

-------------------------------------------------------------------- ---------------------------------------------------------
Securities How we use them
Delaware VIP Select Growth Series
-------------------------------------------------------------------- ---------------------------------------------------------
Common stocks: Securities that represent shares of ownership in a We invest at least 65% of the Series' total assets in
corporation. Stockholders participate in the corporation's profits equity securities (including common stocks and
and losses, proportionate to the number of shares they own. convertible securities). Generally, however, we invest
90% to 100% of net assets in common stock. We may
invest in companies of any size.

-------------------------------------------------------------------- ---------------------------------------------------------
Repurchase agreements: An agreement between a buyer, such as the Typically, we use repurchase agreements as a short-term
Series, and a seller of securities in which the seller agrees to investment for the Series' cash position. In order to
buy the securities back within a specified time at the same price enter into these repurchase agreements, the Series must
the buyer paid for them, plus an amount equal to an agreed upon have collateral of 102% of the repurchase price. The
interest rate. Repurchase agreements are often viewed as Series will only enter into repurchase agreements in
equivalent to cash. which the collateral is comprised of U.S. government
securities.

-------------------------------------------------------------------- ---------------------------------------------------------
Restricted securities: Privately placed securities whose resale is We may invest in privately placed securities, including
restricted under securities law. those that are eligible for resale only among certain
institutional buyers without registration which are
commonly known as Rule 144A Securities. Restricted
securities that are determined to be illiquid may not
exceed the Series' 15% limit on illiquid securities,
which is described below.

-------------------------------------------------------------------- ---------------------------------------------------------
Illiquid securities: Securities that do not have a ready market, We may invest up to 15% of the Series' net assets in
and cannot be easily sold within seven days at approximately the illiquid securities.
price that a fund has valued them.
-------------------------------------------------------------------- ---------------------------------------------------------

The risks of investing in the Series

Investing in any mutual fund involves risk, including the risk that you may receive little or no return on your
investment, and the risk that you may lose part or all of the money you invest. Before you invest in the Series,
you should carefully evaluate the risks. An investment in the Series typically provides the best results when
held for a number of years. Following are the chief risks you assume when investing in the Delaware VIP Select
Growth Series. Please see the SAI Information for further discussion of these risks and other risks not discussed
here.

------------------------------------------------------------ ---------------------------------------------------------
Industry and security risk: The risk that the value of We limit the amount of the Series' assets invested in
securities in a particular industry or the value of an any one industry and in any individual security. We
individual stock or bond will decline because of changing also follow a rigorous selection process before
expectations for the performance of that industry or for choosing securities and continuously monitor them while
the individual company issuing the stock. they remain in the portfolio.

------------------------------------------------------------ ---------------------------------------------------------
Company size risk: The risk that prices of small and The Series seeks opportunities among companies of all
medium-size companies may be more volatile than larger sizes. Because its portfolio does not concentrate
companies because of limited financial resources or specifically on small or medium-size companies, this
dependence on narrow product lines. risk may be balanced by our holdings of large companies.

------------------------------------------------------------ ---------------------------------------------------------
Interest rate risk: The risk that securities will decrease We analyze each company's financial situation and its
in value if interest rates rise. The risk is generally cash flow to determine the company's ability to finance
associated with bonds; however, because small and future expansion and operations. The potential affect
medium-size companies often borrow money to finance their that rising interest rates might have on a stock is
operations, they may be adversely affected by rising taken into consideration before the stock is purchased.
interest rates.

------------------------------------------------------------ ---------------------------------------------------------
Liquidity risk: The possibility that securities cannot be We limit exposure to illiquid securities.
readily sold within seven days at approximately the price
that a series values them.

------------------------------------------------------------ ---------------------------------------------------------

Disclosure of portfolio holdings information
A description of the Series' policies and procedures with respect to the
disclosure of the Series' portfolio securities is available in the Series' SAI.

Portfolio managers

Jeffrey S. Van Harte, Christopher J. Bonavico, Kenneth F. Broad, Patrick G.
Fortier and Daniel J. Prislin have primary responsibility for making day-to-day
investment decisions for the Fund. Messrs. Van Harte, Bonavico, Broad, Fortier
and Prislin assumed responsibility for the Fund in May 2005.

Who's who?
The following describes the various organizations involved with managing,
administering, and servicing the Series.

Investment manager
Delaware Management Company, 2005 Market Street, Philadelphia, PA 19103-7094

Distributor
Delaware Distributors, L.P., 2005 Market Street, Philadelphia, PA 19103-7094

Shares of the Series are only sold to separate accounts of insurance companies
used in connection with variable annuity or variable life products.

Financial intermediary wholesaler
Lincoln Financial Distributors, Inc. ("LFD"), 2001 Market Street, Philadelphia,
PA 19103-7055

Custodian
JPMorgan Chase Bank, 4 Chase Metrotech Center, Brooklyn, NY 11245

Important Information about the Series

Dividends, distributions and taxes
Dividends and capital gain distributions, if any, are distributed annually.

We automatically reinvest all dividends and any capital gains.

The Series will not be subject to federal income tax to the extent its earnings
are distributed. The Series intends to distribute substantially all of its net
investment income and net capital gains.

Certain management considerations

Manager of managers structure

Financial highlights

The financial highlights table is intended to help you understand the financial
performance of the Service Class of the Series. The total returns in the table
represent the rate that an investor would have earned or lost on an investment
in the Series' Service Class (assuming reinvestment of all dividends and
distributions). All "per share" information reflects financial results for a
single Series share. This information has been audited by [ ] LLP, whose report,
along with the Series' financial statements, is included in the Series' annual
report, which is available upon request by calling 800 523-1918.

-------------------------------------------- ------------------------------------------------------- ------------
Delaware VIP Select Growth Series Service Class
-------------------------------------------- ------------------------------------------------------- ------------
Year Ended
12/31 5/1/00(1)
to
12/31/00
-------------------------------------------- -------- ---------- ------------ ---------- ----------- ------------
2005 2004 2003 2002 2001
-------------------------------------------- -------- ---------- ------------ ---------- ----------- ------------

Net asset value, beginning of period $7.760 $5.580 $8.280 $10.880 $13.160

Income (loss) from investment operations:
Net investment loss(2) (0.030) (0.030) (0.034) (0.032) (0.043)
Net realized and unrealized gain (loss)
on investments 0.660 2.210 (2.666) (2.568) (2.237)
------- ------- ------- ------- -------
Total from investment operations 0.630 2.180 (2.700) (2.600) (2.280)
------- ------- ------- ------- -------

Net asset value, end of period $8.390 $7.760 $5.580 $8.280 $10.880
======= ======= ======= ======= =======

Total return(3) 8.12% 39.07% (32.61%) (23.90%) (17.33%)

Ratios and supplemental data:
Net assets, end of period (000 omitted) $5,148 $5,670 $7,018 $14,498 $16,916
Ratio of expenses to average net assets 1.08% 1.05% 1.01% 1.00% 0.99%
Ratio of expenses to average net assets
prior to expense limitation and
expenses paid indirectly 1.13% 1.08% 1.01% 1.03% 1.06%
Ratio of net investment loss to average
net assets (0.39%) (0.46%) (0.50%) (0.37%) (0.48%)
Ratio of net investment loss to average
net assets prior to expense limitation
and expenses paid indirectly (0.44%) (0.49%) (0.50%) (0.40%) (0.55%)
Portfolio turnover 86% 72% 106% 135% 158%
-------------------------------------------- -------- ---------- ------------ ---------- ----------- ------------

(1) Date of commencement of operations; ratios have been annualized and total
return has not been annualized.

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

(3) Total investment return is based on the change in net asset value of a
share during the period and assumes reinvestment of dividends and
distributions at net asset value. Total investment return reflects a waiver
and payment of fees by the manager and distributor, as applicable.
Performance would have been lower had the expense limitation not been in
effect.

Delaware VIP Select Growth Series

Investment Company Act File No. 811-5162

Delaware Series Symbol
CUSIP
Delaware VIP Select Growth Series
(Service Class) 246493712

DELAWARE VIP TRUST
Delaware VIP U.S. Growth Series

Standard Class

2005 Market Street, Philadelphia, PA 19103-7094

Prospectus

April [ ], 2006

This Prospectus offers the Delaware VIP U.S. Growth Series. The Series is in
effect a separate fund issuing its own shares. The shares of the Series are sold
only to separate accounts of life insurance companies (life companies). The
separate accounts are used in conjunction with variable annuity contracts and
variable life insurance policies (variable contracts). The separate accounts
invest in shares of the Series in accordance with allocation instructions
received from contract owners. The investment objective and principal policies
of the Series are described in this Prospectus.

Table of contents
Overview page
Delaware VIP U.S. Growth Series

How we manage the Series page
Our investment strategies
The securities we typically invest in
The risks of investing in the Series
Disclosure of portfolio holdings information

Who manages the Series page
Investment manager
Portfolio managers
Who's who?

Financial highlights page

Overview: Delaware VIP U.S. Growth Series

What is the Series' goal?
Delaware VIP U.S. Growth Series seeks long-term capital appreciation. Although
the Series will strive to achieve its investment goal, there is no assurance
that it will.

What are the Series' main investment strategies?
The Series invests primarily in common stocks. The Series invests primarily in
companies that we believe have long-term capital appreciation potential and are
expected to grow faster than the U.S. economy. Using a bottom up approach, the
Series seeks to select securities it believes have large-end market potential,
dominant business models and strong free cash flow generation that are
attractively priced compared to the intrinsic value of the securities. The
Series also considers a company's operational efficiencies, management's plans
for capital allocation and the company's shareholder orientation. All of these
factors give us insight into the outlook for a company, helping us to identify
companies poised for a sustainable free cash flow growth. We believe that
sustainable free cash growth, if it occurs, may result in price appreciation for
the company's stock. Whether companies provide dividend income and the amount of
income they provide will not be a primary factor in the Series' selection
decisions. The Series may sell a security if it no longer believes that security
is likely to contribute to meeting the investment objective of the Series or if
there are other opportunities that appear more attractive.

Under normal circumstances, the Series will invest at least 80% of its net
assets in U.S. investments. This policy is not a fundamental investment policy
and may be changed without shareholder approval. However, shareholders will be
given notice at least 60 days prior to any such change. The Series may also
invest up to 20% of the Series' assets in debt securities and bonds. In
addition, the Series may invest in convertible bonds, preferred stocks and
convertible preferred stocks, provided that these investments, when aggregated
with the Series' debt securities and bonds, do not exceed 35% of the Fund's
assets.

The Series' 80% policy described above may be changed without shareholder
approval. However, shareholders would be given at least 60 days notice prior to
any such change.

An investment in the Series is not a deposit of any bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency.

Who should invest in the Series

o Investors with long-term financial goals.
o Investors looking for capital growth potential.
o Investors looking for a fund that can be a complement to income-producing
or value-oriented investments.

Who should not invest in the Series

o Investors with short-term financial goals.
o Investors who are unwilling to accept share prices that may fluctuate,
sometimes significantly, over the short term.
o Investors whose primary goal is to receive current income.

How has the Series performed?

This bar chart and table can help you evaluate the risks of investing in the
Delaware VIP U.S. Growth Series Standard Class. We show the return for the past
six calendar years, as well as average annual returns for one year, five years
and since inception. The Series' past performance does not necessarily indicate
how it will perform in the future. The returns reflect applicable voluntary and
contractual expense caps. The returns would be lower without the voluntary and
contractual caps. Moreover, the performance presented does not reflect any
separate account fees, which would reduce the returns.

[GRAPHIC OMITTED: BAR CHART SHOWING TOTAL RETURN (Delaware VIP U.S. Growth
Series Standard Class)]

Year-by-year total return (Delaware VIP U.S. Growth Series Standard Class)

-------------- ------------ ------------ ----------- ------------ ------------
2000 2001 2002 2003 2004 2005
-------------- ------------ ------------ ----------- ------------ ------------
-4.16% -24.47% -29.24% 23.75% 3.30% [ ]%
-------------- ------------ ------------ ----------- ------------ ------------

During the periods illustrated in this bar chart, the Standard Class' highest
quarterly return was [ ]% for the quarter ended [date] and its lowest quarterly
return was [ ]% for the quarter ended [date].

Average annual returns for periods ending 12/31/05

--------------------- ----------------------------- ---------------
Delaware VIP Russell 1000
U.S. Growth Series Standard Growth(R)Index
Class
--------------------- ----------------------------- ---------------
1 year [ ]% [ ]%
--------------------- ----------------------------- ---------------
5years [ ]% [ ]%
--------------------- ----------------------------- ---------------
Lifetime [ ]% [ ]%
(Inception 11/15/99)
--------------------- ----------------------------- ---------------

The Series' returns are compared to the performance of the Russell 1000
Growth(R)Index. The Russell 1000 Growth(R) Index is an unmanaged index which
measures the performance of Russell 1000 Index companies with higher
price-to-book ratios and higher forecasted growth values. You should remember
that unlike the Series, the index is unmanaged and doesn't reflect the actual
costs of operating a mutual fund, such as the costs of buying, selling and
holding securities. The performance of the index is calculated beginning the
first month-end after the Series' inception if the Series' inception was not a
month-end.

* The Russell 1000 Growth(R)Index reports returns on a monthly basis as of
the last day of the month. This figure reflects the return from November
30, 1999 through December 31, 2005.

What are the Series' fees and expenses? (1)

----------------------------------------- ------------------------------------------------ -----------
You do not pay sales charges directly Maximum sales charge (load) imposed on none
from your investments when you buy or purchases as a percentage of offering price
sell shares of the Standard Class. ------------------------------------------------ -----------
Maximum contingent deferred sales charge (load) none
as a percentage of original purchase price or
redemption price, whichever is lower
------------------------------------------------ -----------
Maximum sales charge (load) imposed on
reinvested dividends none
------------------------------------------------ -----------
Redemption fees none
------------------------------------------------ -----------
Exchange fees none
------------------------------------------------ -----------

----------------------------------------- ------------------------------------------------ -----------
Annual Series operating expenses are Management fees 0.65%
deducted from the Series' assets. ------------------------------------------------ -----------
Distribution and service (12b-1) fees none
------------------------------------------------ -----------
Other expenses [ ]%
------------------------------------------------ -----------
Total operating expenses [ ]%
------------------------------------------------ -----------
Fee waivers and payments(2) [ ]%
------------------------------------------------ -----------
Net expenses [ ]%
----------------------------------------- ------------------------------------------------ -----------
This example is intended to help you 1 year $[ ]
compare the cost of investing in the ------------------------------------------------ -----------
Series to the cost of investing in 3 years $[ ]
other mutual funds with similar ------------------------------------------------ -----------
investment objectives. We show the 5 years $[ ]
cumulative amount of Series expenses ------------------------------------------------ -----------
on a hypothetical investment of 10 years $[ ]
$10,000 with an annual 5% return
over the time shown.(3) This is an
example only, and does not
represent future expenses, which may
be greater or less than those shown
here.
----------------------------------------- ------------------------------------------------ -----------

How we manage the Series

Our investment strategies
The Series researches individual companies and analyzes economic and market
conditions, seeking to identify the securities or market sectors that are
believed to be the best investments for the Series. Following are descriptions
of how the portfolio management team pursues the Series' investment goals.

Delaware VIP U.S. Growth Series seeks long-term capital appreciation. The Series
invests primarily in common stocks and, though we have the flexibility to invest
in companies of all sizes, the Series generally focuses on medium and large-size
companies. The Series' goal is to own companies that are expected to grow faster
than the U.S. economy. Using a bottom up approach, the Series looks for
companies that:

o have large end market potential, dominant business models and strong free
cash flow generation;
o demonstrate operational efficiencies;
o have planned well for capital allocation; and
o have governance policies that tend to be favorable to shareholders.

There are a number of catalysts that might increase a company's potential for
free cash flow growth. The Series' disciplined, research-intensive selection
process is designed to identify earnings catalysts such as:

o management changes;
o new products;
o structural changes in the economy; or
o corporate restructurings and turnaround situations.

The Series maintains a diversified portfolio representing a number of different
industries. Such an approach helps to minimize the impact that any one security
or industry could have on the portfolio if it were to experience a period of
slow or declining earnings growth.

Because our objective is capital appreciation, the amount of dividend income
that a stock provides is only an incidental consideration for us.

Under normal circumstances, the Series will invest at least 80% of its net
assets in U.S. investments. This policy is not a fundamental investment policy
and can be changed without shareholder approval. However, shareholders will be
given notice at least 60 days prior to any such change.

The securities we typically invest in
Stocks offer investors the potential for capital appreciation.

--------------------------------------- -----------------------------------
Securities How we use them
Delaware VIP U.S. Growth Series
--------------------------------------- -----------------------------------
Common stocks: Securities that Generally, we invest 85% to
represent shares of ownership in a 100% of the Series' net assets
corporation. Stockholders participate in common stock of companies
in the corporation's profits and that we think have appreciation
losses, proportionate to the number potential. We may invest in
of shares they own. companies of all sizes, but
typically focus on medium- and
large-sized companies.
--------------------------------------- -----------------------------------
Foreign securities and American The Series may invest up to 20%
Depositary Receipts: Securities of of its assets in securities of
foreign entities issued directly or, foreign issuers. Such foreign
in the case of American Depositary securities may be traded on a
Receipts (ADRs), through a U.S. bank. foreign exchange, or they may be
ADRs represent a bank's holding of a in the form of ADRs. Direct
stated number of shares of a foreign ownership of foreign securities
corporation. An ADR entitles the will typically not be a
holder to all dividends and capital significant part of our
gains earned by the underlying strategy. We may, however own
foreign shares. ADRs are bought and ADRs when we think they offer
sold in the same way as U.S. greater appreciation potential
securities. than domestic stocks.
--------------------------------------- -----------------------------------
Repurchase agreements: An agreement Typically, we use repurchase
between a buyer, such as the Series, agreements as a short-term
and a seller of securities in which investment for the Series' cash
the seller agrees to buy the position. In order to enter into
securities back within a specified these repurchase agreements, the
time at the same price the buyer paid Series must have collateral of
for them, plus an amount equal to an 102% of the repurchase price.
agreed upon interest rate. Repurchase The Series would only enter into
agreements are often viewed as repurchase agreements in which
equivalent to cash. the collateral is U.S. government
securities.
--------------------------------------- -----------------------------------
Restricted securities: Privately We may invest in privately placed
placed securities whose resale is securities, including those that
restricted under securities law. are eligible for resale only
among certain institutional
buyers without registration which
are commonly known as Rule 144A
Securities. Restricted securities
that are determined to be
illiquid may not exceed the
Series' 10% limit on illiquid
securities, which is described
below.
--------------------------------------- -----------------------------------
Illiquid securities: Securities that We may invest up to 15% of net
do not have a ready market, and assets in illiquid securities.
cannot be easily sold within seven
days at approximately the price that
a series has valued them.
--------------------------------------- -----------------------------------
Fixed-income securities: Securities We may invest up to 20% of the
that may include debt securities, Series' assets in debt securities
bonds, convertible bonds, as well as, and bonds. The Series may invest
non-investment grade fixed-income without limit in convertible
securities. bonds, preferred stocks and
convertible preferred stock which
we consider equity securities.
We may also invest up to 10% of
this portion in non-investment
grade bonds if we believe that
doing so would help us to meet
the Series' objective.
--------------------------------------- -----------------------------------
Options and futures: Options We might use options or futures
represent a right to buy or sell a to neutralize the effect of any
security or group of securities at an anticipated price declines,
agreed upon price at a future date. without selling the security. We
The purchaser of an option may or may might also use options or futures
not choose to go through with the to gain exposure to a particular
transaction. market segment without purchasing
individual securities in that
Writing a covered call option on a segment particularly if we had
security obligates the owner of the excess cash that we wanted to
security to sell it at an agreed upon invest quickly.
price on an agreed upon date (usually
no more than nine months in the When writing call options, we
future.) The owner of the security will only write covered call
receives a premium payment from the options on securities we actually
purchaser of the call, but if the own.
security appreciates to a price
greater than the agreed upon selling Use of these strategies can
price, a series would lose out on increase the operating costs of
those gains. the Series and can lead to loss
of principal.
Futures contracts are agreements for
the purchase or sale of securities at
a specified price, on a specified
date. Unlike an option, a futures
contract must be executed unless it
is sold before the settlement date.

Options and futures are generally
considered to be derivative
securities.
--------------------------------------- -----------------------------------

The Series may also invest in other securities including U.S. government
securities. Please see the Statement of Additional Information (SAI) for
additional descriptions of these securities as well as those listed in the table
above.

Lending securities The Series may lend up to 25% of its assets to qualified
dealers and institutional investors for their use in security transactions.
These transactions, if any, may generate additional income for the Series.

When-issued securities, delayed delivery and firm commitment agreements The
Series may purchase securities on a delayed delivery or when-issued basis; that
is, paying for securities before delivery or taking delivery at a later date.
The Series may also enter into firm commitment agreements (the payment
obligation and interest rate are fixed at the time of the transaction but the
settlement is delayed). The transactions may involve either corporate, municipal
or government securities. The Series assumes the risk of any decline in value of
the security beginning on the date of the agreement or purchase. The Series will
designate cash or securities in amounts sufficient to cover its obligations, and
will value the designated assets daily.

Borrowing from banks The Series may borrow money as a temporary measure for
extraordinary purposes or to facilitate redemptions. To the extent that it does
so, the Series may be unable to meet its investment objective. The Series will
not borrow money in excess of one-third of the value of its net assets. Whenever
these borrowings, including reverse repurchase agreements, exceed 5% of the
value of the Series' total assets, the Series will not purchase any securities.

Temporary defensive positions For temporary defensive purposes, Delaware VIP
U.S. Growth Series may hold all or a substantial portion of its assets in cash
or cash equivalents. To the extent it holds these securities, the Series may be
unable to achieve its investment objective.

Portfolio turnover It is possible that the Series' portfolio turnover rate will
exceed 100%. A portfolio turnover rate of 100% would occur, for example, if all
the securities in the portfolio were replaced once during a period of one year.
A high rate of portfolio turnover in any year may increase brokerage commissions
paid and could result in high amounts of realized investment gain subject to the
payment of taxes by shareholders. The turnover rate may also be affected by cash
requirements from redemptions and repurchases of shares.

The risks of investing in the Series
Investing in any mutual fund involves risk, including the risk that you may
receive little or no return on your investment, and the risk that you may lose
part or all of the money you invest. Before you invest in the Series, you should
carefully evaluate the risks. An investment in the Series typically provides the
best results when held for a number of years. Following are the chief risks you
assume when investing in the Delaware VIP U.S. Growth Series. Please see the SAI
for further discussion of these risks and other risks not discussed here.

--------------------------------------- -----------------------------------
Risks How we strive to manage them
Delaware VIP U.S. Growth Series
--------------------------------------- -----------------------------------
Market risk: The risk that all or a We maintain a long-term
majority of the securities in a investment approach and focus on
certain market -- like the stock or stocks we believe can appreciate
bond market -- will decline in value over an extended time frame
because of factors such as economic regardless of interim market
conditions, future expectations or fluctuations. We do not try to
investor confidence. predict overall stock market
movements and generally do not
trade for short-term purposes.
-------------------------------------- -----------------------------------
Industry and security risk: The risk We limit the amount of the
that the value of securities in a Series' assets invested in any
particular industry or the value of one industry and in any
an individual stock or bond will individual security.
decline because of changing
expectations for the performance of
that industry or for the individual
company issuing the stock or bond.
--------------------------------------- -----------------------------------
Foreign risk: The risk that foreign We are permitted to invest up to
securities may be adversely affected 20% of the Series' portfolio in
by political instability (including foreign securities. When we do
governmental seizures or purchase foreign securities, they
nationalization of assets), changes are generally ADRs which are
in currency exchange rates, foreign denominated in U.S. dollars and
economic conditions or lax regulatory traded on U.S. stock exchanges.
and accounting standards. Foreign
markets may also be less efficient,
less liquid, have greater price
volatility, less regulation and
higher transaction costs than U.S.
markets.

Several European countries began
participating in the European
Economic and Monetary Union, which
has established a common currency for
participating countries. This
currency is commonly known as the
"euro." The long-term consequences
of the euro conversion for foreign
exchange rates, interest rates and
the value of European securities in
which the Series may invest are
unclear. The consequences may
adversely affect the value and/or
increase the volatility of securities
held by the Series.
--------------------------------------- -----------------------------------
Liquidity risk: The possibility that We limit exposure to illiquid
securities cannot be readily sold securities to 15% of net assets.
within seven days at approximately
the price that the Series values them.
--------------------------------------- -----------------------------------
Credit risk: The possibility that a Fixed-income securities are not
bond's issuer (or an entity that typically a significant component
insures the bond) will be unable to of our strategy. However, when we
make timely payments of interest and do invest in fixed-income
principal. securities, we will not hold more
than 10% of net assets in
high-yield, non-investment grade
bonds. This limitation, combined
with our careful, credit-oriented
bond selection and our commitment
to hold a diversified selection
of high-yield bonds are designed
to manage this risk.
--------------------------------------- -----------------------------------
Risks How we strive to manage them
Delaware VIP U.S. Growth Series
--------------------------------------- -----------------------------------
Futures and options risk: The We will not use futures and
possibility that a series may options for speculative reasons.
experience a loss if it employs an We may use options and futures to
options or futures strategy related protect gains in the portfolio
to a security or a market index and without actually selling a
that security or index moves in the security. We may also use options
opposite direction from what the and futures to quickly invest
manager anticipated. Futures and excess cash so that the portfolio
options also involve additional is generally fully invested.
expenses, which could reduce any
benefit or increase any loss that a
series gains from using the strategy.
--------------------------------------- -----------------------------------
Portfolio turnover rates reflect the It is possible that the Series'
amount of securities that are portfolio turnover rate will
replaced from the beginning of the exceed 100%.
year to the end of the year by the
Series. The higher the amount of
portfolio activity, the higher the
brokerage costs and other transaction
costs of the Series are likely to
be. The amount of portfolio activity
will also affect the amount of taxes
payable by the Series' shareholders
that are subject to federal income
tax, as well as the character
(ordinary income vs. capital gains)
of such tax obligations.
--------------------------------------- -----------------------------------

Disclosure of portfolio holdings information
A description of the Series' policies and procedures with respect to the
disclosure of the Series' portfolio securities is available in the Series' SAI.

Investment manager
The Series is managed by Delaware Management Company, a series of Delaware
Management Business Trust, which is an indirect wholly owned subsidiary of
Delaware Management Holdings, Inc. Delaware Management Company makes investment
decisions for the Series, manages the Series' business affairs and provides
daily administrative services. For its services to the Series, the manager was
paid 0.65% of average daily net assets for the last fiscal year.

Portfolio managers
Jeffrey S. Van Harte, have primary responsibility for making day-to-day
investment decisions for the Series. In making investment decisions for the
Series, Mr. Van Harte regularly consults with Christopher J. Bonavico,
Christopher M. Ericksen and Daniel J. Prislin.

Jeffrey S. Van Harte, Chief Investment Officer - Focus Growth, was most recently
a principal and executive vice president at Transamerica Investment Management,
LLC. Mr. Van Harte was the lead manager of Transamerica Large Growth strategy,
and has managed portfolios in that discipline for over 20 years. Before becoming
a portfolio manager, Mr. Van Harte was a securities analyst and trader for
Transamerica Investment Services, which he joined in 1980. Mr. Van Harte, who
also managed institutional separate accounts and sub-advised funds, received his
bachelor's degree in finance from California State University at Fullerton and
is a CFA charterholder.

Christopher M. Ericksen joined Delaware Investments in April 2005 as a portfolio
manager on the Focus Growth team, which is responsible for large-cap growth,
all-cap growth and one smid-cap product. He was most recently a portfolio
manager at Transamerica Investment Management, LLC, where he also managed
institutional separate accounts. Before joining Transamerica in 2004, he was
vice president at Goldman Sachs; during his ten years there he worked in
investment banking as well as investment management. Ericksen received his
bachelor's degree from Carnegie Mellon University, with majors in industrial
management, economics, and political science. He is a CFA charterholder.

Who's who?

The following describes the various organizations involved with managing,
administering, and servicing the Series.

Board of Trustees
A mutual fund is governed by a board of trustees which has oversight
responsibility for the management of the fund's business affairs. Trustees
establish procedures and oversee and review the performance of the investment
manager, the distributor and others that perform services for the series.
Generally, at least 40% of the board of trustees must be independent of the
fund's investment manager and distributor. However, the Series relies on certain
exemptive rules created by the Securities and Exchange Commission that require
the Board of Trustees overseeing the Series to be comprised of a majority of
such independent Trustees. These independent fund Trustees, in particular, are
advocates for shareholder interests.

Investment manager
Delaware Management Company, 2005 Market Street, Philadelphia, PA 19103-7094

Distributor
Delaware Distributors, L.P., 2005 Market Street, Philadelphia, PA 19103-7094

Shares of the Series are only sold to separate accounts of insurance companies
used in connection with variable annuity or variable life products.

Financial intermediary wholesaler
Lincoln Financial Distributors, Inc. ("LFD"), 2001 Market Street, Philadelphia,
PA 19103-7055

Custodian
JPMorgan Chase Bank, 4 Chase Metrotech Center, Brooklyn, NY 11245

Important Information about the Series

Fair valuation

Dividends, distributions and taxes
Dividends and capital gain distributions, if any, are distributed annually.

We automatically reinvest all dividends and any capital gains.

The Series will not be subject to federal income tax to the extent its earnings
are distributed. The Series intends to distribute substantially all of its net
investment income and net capital gains.

Certain management considerations

Financial highlights

The financial highlights table is intended to help you understand the financial
performance of the Standard Class of the Series. The total returns in the table
represent the rate that an investor would have earned or lost on an investment
in the Series' Standard Class (assuming reinvestment of all dividends and
distributions). All "per share" information reflects financial results for a
single Series share. This information has been audited by [ ], whose report,
along with the Series' financial statements, is included in the Series' annual
report, which is available upon request by calling 800 523-1918.

Delaware VIP U.S. Growth Series Standard Class
Year Ended 12/31
2005 2004 2003 2002 2001 2000

Net asset value, beginning of period $6.620 $5.370 $7.600 $10.140 $10.590

Income (loss) from investment
operations:
Net investment income(1) 0.049 0.010 0.010 0.022 0.076
Net realized and unrealized gain
(loss) on investments 0.169 1.251 (2.215) (2.503) (0.515)
----- ------ ------ ------- ------- -------
Total from investment operations 0.218 1.261 (2.205) (2.481) (0.439)
----- ------ ------ ------- ------- -------
Less dividends and distributions
from:
Net investment income (0.008) (0.011) (0.025) (0.059) (0.011)
----- ------ ------ ------- ------- -------

Total dividends and distributions (0.008) (0.011) (0.025) (0.059) (0.011)
----- ------ ------ ------- ------- -------

Net asset value, end of period $6.830 $6.620 $5.370 $7.600 $10.140
===== ====== ====== ======= ======= =======

Total return(2) 3.30% 23.75% (29.24%) (24.47%) (4.16%)

Ratios and supplemental data:
Net assets, end of period (000
omitted) $10,438 $11,862 $9,595 $16,856 $27,231
Ratio of expenses to average net
assets 0.76% 0.75% 0.75% 0.75% 0.74%
Ratio of expenses to average net
assets prior to expense limitation
and expenses paid indirectly 0.76% 0.75% 0.75% 0.86% 0.74%
Ratio of net investment income to
average net assets 0.77% 0.17% 0.15% 0.27% 0.57%
Ratio of net investment income to
average net assets prior to expense
limitation and expenses paid indirectly 0.77% 0.17% 0.15% 0.16% 0.57%
Portfolio turnover 167% 102% 101% 78% 91%

(1) The average shares outstanding method has been applied for per share
information.

Delaware VIP U.S. Growth Series

Investment Company Act File No. 811-5162

Delaware Series Symbol
CUSIP
Delaware VIP U.S. Growth Series
(Standard Class) 246493589

DELAWARE VIP TRUST
Delaware VIP U.S. Growth Series

Service Class

2005 Market Street, Philadelphia, PA 19103-7094

Prospectus

April[ ], 2005

Table of contents
Overview page
Delaware VIP U.S. Growth Series

How we manage the Series page
Our investment strategies
The securities we typically invest in
The risks of investing in the Series
Disclosure of portfolio holdings information

Who manages the Series page
Investment manager
Portfolio managers
Who's who?

Financial highlights page

Overview: Delaware VIP U.S. Growth Series

What is the Series' goal?

Delaware VIP U.S. Growth Series seeks long-term capital appreciation. Although
the Series will strive to achieve its investment goal, there is no assurance
that it will.

The Series' 80% policy described above may be changed without shareholder
approval. However, shareholders would be given at least 60 days notice prior to
any such change.

An investment in the Series is not a deposit of any bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency.

Who should invest in the Series

Who should not invest in the Series

How has the Series performed?

This bar chart and table can help you evaluate the risks of investing in the
Delaware VIP U.S. Growth Series Service Class. We show the return for the past
five calendar years, as well as average annual returns for one year, five years
and since inception. The Series' past performance does not necessarily indicate
how it will perform in the future. The returns reflect expense caps in effect
during the periods. The returns would be lower without the expense caps. Please
see footnotes 2 and 3 on page [ ] for additional information about the expense
caps. Moreover, the performance presented does not reflect any separate account
fees, which would reduce the returns.

[GRAPHIC OMITTED: BAR CHART SHOWING TOTAL RETURN (Delaware VIP U.S. Growth
Series Service Class)]

Year-by-year total return (Delaware VIP U.S. Growth Series Service Class)

-------------- ------------ ------------ ----------- ------------
2001 2002 2003 2004 2005
-------------- ------------ ------------ ----------- ------------
-24.61% -29.26% 23.37% 3.03% [ ]%
-------------- ------------ ------------ ----------- ------------

During the period illustrated in this bar chart, the Class' highest quarterly
return was [ ]% for the quarter ended [date] and its lowest quarterly return was
[ ]% for the quarter ended [date].

Average annual returns for periods ending 12/31/05

------------------- ------------------ ----------------
Delaware VIP Russell 1000
U.S. Growth Series Growth(R)Index
Service Class
------------------- ------------------ ----------------
1 year [ ]% [ ]%
------------------- ------------------ ----------------
5 years [ ]% [ ]%
------------------- ------------------ ----------------
Lifetime
(Inception 5/1/00) [ ]% [ ]%*
------------------- ------------------ ----------------

The Series' returns are compared to the performance of the Russell 1000
Growth(R)Index. The Russell 1000 Growth(R) Index is an unmanaged index which
measures the performance of Russell 1000 Index companies with higher
price-to-book ratios and higher forecasted growth values. You should remember
that unlike the Series, each index is unmanaged and doesn't reflect the actual
costs of operating a mutual fund, such as the costs of buying, selling and
holding securities.

* The Russell 1000 Growth(R)Index reports returns on a monthly basis as of
the last day of the month. This figure reflects the return from May 31,
2000 through December 31, 2005.

What are the Series' fees and expenses? (1)

----------------------------------------- ----------------------------------------------- -----------
Annual Series operating expenses are Management fees 0.65%
deducted from the Series' assets. ----------------------------------------------- -----------
Distribution and service (12b-1) fees (2) 0.30%
----------------------------------------------- -----------
Other expenses [ ]%
----------------------------------------------- -----------
Total operating expenses [ ]%
----------------------------------------------- -----------
Fee waivers and payments(2,3) [ ]%
----------------------------------------------- -----------
Net expenses [ ]%
----------------------------------------- ----------------------------------------------- -----------
This example is intended to help you 1 year $[ ]
compare the cost of investing in the ----------------------------------------------- -----------
Series to the cost of investing in 3 years $[ ]
other mutual funds with similar ----------------------------------------------- -----------
investment objectives. We show the 5 years $[ ]
cumulative amount of Series expenses ----------------------------------------------- -----------
on a hypothetical investment of 10 years $[ ]
$10,000 with an annual 5% return
over the time shown.(4) This is an
example only, and does not
represent future expenses, which may
be greater or less than those shown
here.
----------------------------------------- ----------------------------------------------- -----------

How we manage the Series

-have large end market potential, dominant business models and strong free cash
flow generation;
-demonstrate operational efficiencies;
-have planned well for capital allocation; and
-have governance policies that tend to be favorable to shareholders.

-management changes;
-new products;
-structural changes in the economy; or
-corporate restructurings and turnaround situations.

Because our objective is capital appreciation, the amount of dividend income
that a stock provides is only an incidental consideration for us.

The securities we typically invest in
Stocks offer investors the potential for capital appreciation.

-------------------------------------- ----------------------------------
Securities How we use them
Delaware VIP U.S. Growth Series
-------------------------------------- ----------------------------------
Common stocks: Securities that Generally, we invest 85% to 100%
represent shares of ownership in a of the Series' net assets in
corporation. Stockholders common stock of companies that
participate in the corporation's we think have appreciation
profits and losses, proportionate to potential. We may invest in
the number of shares they own. companies of all sizes, but
typically focus on medium- and
large-sized companies.
-------------------------------------- ----------------------------------
Foreign securities and American The Series may invest up to 20%
Depositary Receipts: Securities of of its assets in securities of
foreign entities issued directly or, foreign issuers. Such foreign
in the case of American Depositary securities may be traded on a
Receipts (ADRs), through a U.S. foreign exchange, or they may be
bank. ADRs represent a bank's in the form of ADRs. Direct
holding of a stated number of shares ownership of foreign securities
of a foreign corporation. An ADR will typically not be a
entitles the holder to all dividends significant part of our
and capital gains earned by the strategy. We may, however own
underlying foreign shares. ADRs are ADRs when we think they offer
bought and sold in the same way as greater appreciation potential
U.S. securities. than domestic stocks.
-------------------------------------- ----------------------------------
Repurchase agreements: An agreement Typically, we use repurchase
between a buyer, such as the Series, agreements as a short-term
and a seller of securities in which investment for the Series' cash
the seller agrees to buy the position. In order to enter into
securities back within a specified these repurchase agreements, the
time at the same price the buyer Series must have collateral of
paid for them, plus an amount equal 102% of the repurchase price.
to an agreed upon interest rate. The Series would only enter into
Repurchase agreements are often repurchase agreements in which
viewed as equivalent to cash. the collateral is U.S.
government securities.
-------------------------------------- ----------------------------------
Restricted securities: Privately We may invest in privately
placed securities whose resale is placed securities, including
restricted under securities law. those that are eligible for
resale only among certain
institutional buyers without
registration which are commonly
known as Rule 144A Securities.
Restricted securities that are
determined to be illiquid may
not exceed the Series' 10% limit
on illiquid securities, which is
described below.
-------------------------------------- ----------------------------------
Illiquid securities: Securities that We may invest up to 15% of net
do not have a ready market, and assets in illiquid securities.
cannot be easily sold within seven
days at approximately the price that
a series has valued them.
-------------------------------------- ----------------------------------
Fixed-income securities: Securities We may invest up to 20% of the
that may include debt securities, Series' assets in debt
bonds, convertible bonds, as well securities and bonds. The
as, non-investment grade Series may invest without limit
fixed-income securities. in convertible bonds, preferred
stocks and convertible preferred
stock which we consider equity
securities. We may also invest
up to 10% of this portion in
non-investment grade bonds if we
believe that doing so would help
us to meet the Series' objective.
-------------------------------------- ----------------------------------
Securities How we use them
Delaware VIP U.S. Growth Series
-------------------------------------- ----------------------------------
Options and futures: Options We might use options or futures
represent a right to buy or sell a to neutralize the effect of any
security or group of securities at anticipated price declines,
an agreed upon price at a future without selling the security. We
date. The purchaser of an option may might also use options or
or may not choose to go through with futures to gain exposure to a
the transaction. particular market segment
without purchasing individual
Writing a covered call option on a securities in that segment
security obligates the owner of the particularly if we had excess
security to sell it at an agreed cash that we wanted to invest
upon price on an agreed upon date quickly.
(usually no more than nine months in
the future.) The owner of the When writing call options we
security receives a premium payment will only write covered call
from the purchaser of the call, but options on securities we
if the security appreciates to a actually own.
price greater than the agreed upon
selling price, a series would lose Use of these strategies can
out on those gains. increase the operating costs of
the Series and can lead to loss
Futures contracts are agreements for of principal.
the purchase or sale of securities
at a specified price, on a specified
date. Unlike an option, a futures
contract must be executed unless it
is sold before the settlement date.

Options and futures are generally
considered to be derivative
securities.
-------------------------------------- ----------------------------------

Temporary defensive positions For temporary defensive purposes, the Series may
hold all or a substantial portion of its assets in cash or cash equivalents. To
the extent it holds these securities, the Series may be unable to achieve its
investment objective.

The risks of investing in the Series
Investing in any mutual fund involves risk, including the risk that you may
receive little or no return on your investment, and the risk that you may lose
part or all of the money you invest. Before you invest in the Series, you should
carefully evaluate the risks. An investment in the Series typically provides the
best results when held for a number of years. Following are the chief risks you
assume when investing in the Delaware VIP U.S. Growth Series. Please see the SAI
for further discussion of these risks and other risks not discussed here.

-------------------------------------- ----------------------------------
Risks How we strive to manage them
Delaware VIP U.S. Growth Series
-------------------------------------- ----------------------------------
Market risk: The risk that all or a We maintain a long-term
majority of the securities in a investment approach and focus on
certain market-like the stock or stocks we believe can appreciate
bond market-will decline in value over an extended time frame
because of factors such as economic regardless of interim market
conditions, future expectations or fluctuations. We do not try to
investor confidence. predict overall stock market
movements and generally do not
trade for short-term purposes.
-------------------------------------- ----------------------------------
Industry and security risk: The risk We limit the amount of the
that the value of securities in a Series' assets invested in any
particular industry or the value of one industry and in any
an individual stock or bond will individual security.
decline because of changing
expectations for the performance of
that industry or for the individual
company issuing the stock or bond.
-------------------------------------- ----------------------------------
Foreign risk: The risk that foreign We are permitted to invest up to
securities may be adversely affected 20% of the Series' portfolio in
by political instability (including foreign securities. When we do
governmental seizures or purchase foreign securities,
nationalization of assets), changes they are generally ADRs which
in currency exchange rates, foreign are denominated in U.S. dollars
economic conditions or lax and traded on U.S. stock
regulatory and accounting standards. exchanges.
Foreign markets may also be less
efficient, less liquid, have greater
price volatility, less regulation
and higher transaction costs than
U.S. markets.

Several European countries began
participating in the European
Economic and Monetary Union, which
has established a common currency
for participating countries. This
currency is commonly known as the
"euro." The long-term consequences
of the euro conversion for foreign
exchange rates, interest rates and
the value of European securities in
which the Series may invest are
unclear. The consequences may
adversely affect the value and/or
increase the volatility of
securities held by the Series.
-------------------------------------- ----------------------------------
Liquidity risk: The possibility that We limit exposure to illiquid
securities cannot be readily sold securities to 15% of net assets.
within seven days at approximately
the price that the Series values
them.
-------------------------------------- ----------------------------------
Credit risk: The possibility that a Fixed-income securities are not
bond's issuer (or an entity that typically a significant
insures the bond) will be unable to component of our strategy.
make timely payments of interest and However, when we do invest in
principal. fixed-income securities, we will
not hold more than 10% of net
assets in high-yield,
non-investment grade bonds. This
limitation, combined with our
careful, credit-oriented bond
selection and our commitment to
hold a diversified selection of
high-yield bonds are designed to
manage this risk.
-------------------------------------- ----------------------------------
Futures and options risk: The We will not use futures and
possibility that a series may options for speculative reasons.
experience a loss if it employs an We may use options and futures
options or futures strategy related to protect gains in the
to a security or a market index and portfolio without actually
that security or index moves in the selling a security. We may also
opposite direction from what the use options and futures to
manager anticipated. Futures and quickly invest excess cash so
options also involve additional that the portfolio is generally
expenses, which could reduce any fully invested.
benefit or increase any loss that a
series gains from using the strategy.
-------------------------------------- ----------------------------------
Portfolio turnover rates reflect the It is possible that the Series'
amount of securities that are portfolio turnover rate will
replaced from the beginning of the exceed 100%.
year to the end of the year by the
Series. The higher the amount of
portfolio activity, the higher the
brokerage costs and other
transaction costs of the Series are
likely to be. The amount of
portfolio activity will also affect
the amount of taxes payable by the
Series' shareholders that are
subject to federal income tax, as
well as the character (ordinary
income vs. capital gains) of such
tax obligations.
-------------------------------------- ----------------------------------

Disclosure of portfolio holdings information
A description of the Series' policies and procedures with respect to the
disclosure of the Series' portfolio securities is available in the Series' SAI.

Jeffrey S. Van Harte, Chief Investment Officer - Focus Growth, was most recently
a principal and executive vice president at Transamerica Investment Management,
LLC. Mr. Van Harte was the lead manager of Transamerica Large Growth strategy,
and has managed portfolios in that discipline for over 20 years. Before becoming
a portfolio manager, Mr. Van Harte was a securities analyst and trader for
Transamerica Investment Services, which he joined in 1980. Mr. Van Harte, who
also managed institutional separate accounts and sub-advised funds, received his
bachelor's degree in finance from California State University at Fullerton and
is a CFA charterholder.

Christopher M. Ericksen joined Delaware Investments in April 2005 as a portfolio
manager on the Focus Growth team, which is responsible for large-cap growth,
all-cap growth and one mid-cap product. He was most recently a portfolio manager
at Transamerica Investment Management, LLC, where he also managed institutional
separate accounts. Before joining Transamerica in 2004, he was vice president at
Goldman Sachs; during his ten years there he worked in investment banking as
well as investment management. Ericksen received his bachelor's degree from
Carnegie Mellon University, with majors in industrial management, economics, and
political science. He is a CFA charterholder.

Who's who?

The following describes the various organizations involved with managing,
administering, and servicing the Series.

Investment manager
Delaware Management Company, 2005 Market Street, Philadelphia, PA 19103-7094

Distributor
Delaware Distributors, L.P., 2005 Market Street, Philadelphia, PA 19103-7094

Shares of the Series are only sold to separate accounts of insurance companies
used in connection with variable annuity or variable life products.

Financial intermediary wholesaler
Lincoln Financial Distributors, Inc. ("LFD"), 2001 Market Street, Philadelphia,
PA 19103-7055

Custodian
JPMorgan Chase Bank, 4 Chase Metrotech Center, Brooklyn, NY 11245

Important Information about the Series

Dividends, distributions and taxes
Dividends and capital gain distributions, if any, are distributed annually.

We automatically reinvest all dividends and any capital gains.

The Series will not be subject to federal income tax to the extent its earnings
are distributed. The Series intends to distribute substantially all of its net
investment income and net capital gains.

Certain management considerations

Manager of managers structure

Financial highlights

Delaware VIP U.S. Growth Series Service Class
Year Ended 5/1/00(1)
12/31 to
12/31/00
2005 2004 2003 2002 2001

Net asset value, beginning of period $6.610 $5.360 $7.590 $10.130 $10.910

Income (loss) from investment
operations:
Net investment income (loss)(2) 0.033 (0.005) 0.001 0.011 0.004
Net realized and unrealized gain
(loss) on investments 0.167 1.257 (2.218) (2.503) (0.784)
------ ------- ------- ------- ------- -------
Total from investment operations 0.200 1.252 (2.217) (2.492) (0.780)
------ ------- ------- ------- ------- -------
Less dividends and distributions
from:
Net investment income ---- (0.002) (0.013) (0.048) ----
------ ------- ------- ------- ------- -------
Total dividends and distributions ---- (0.002) (0.013) (0.048) ----
------ ------- ------- ------- ------- -------
Net asset value, end of period $6.810 $6.610 $5.360 $7.590 $10.130
====== ======= ======= ======= ======= =======

Total return(3) 3.03% 23.37% (29.26%) (24.61%) (7.15%)

Ratios and supplemental data:
Net assets, end of period (000
omitted) $37,653 $9,718 $666 $40 $5
Ratio of expenses to average net
assets 1.01% 0.97% 0.90% 0.90% 0.89%
Ratio of expenses to average net
assets prior to expense limitation
and expenses paid indirectly 1.06% 1.00% 0.90% 1.01% 0.89%
Ratio of net investment income
(loss) to average net assets 0.52% (0.05%) 0% 0.12% 0.05%
Ratio of net investment income
(loss) to average net assets prior
to expense limitation and expenses
paid indirectly 0.47% (0.08%) 0% 0.01% 0.05%
Portfolio turnover 167% 102% 101% 78% 91%

(1) Date of commencement of operations; ratios have been annualized and total
return has not been annualized.

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

(3) Total investment return is based on the change in net asset value of a
share during the period and assumes reinvestment of dividends and
distributions at net asset value. Total investment return reflects a waiver
and payment of fees by the manager and distributor, as applicable.
Performance would have been lower had the expense limitation not been in
effect.

Delaware VIP U.S. Growth Series

Additional information about the Series' investments is available in the Series'
annual and semiannual reports to shareholders. In the Series' annual report you
will find a discussion of the market conditions and investment strategies that
significantly affected the Series' performance during the last fiscal period.
You can find more detailed information about the Series in the current Statement
of Additional Information (SAI), which we have filed electronically with the
Securities and Exchange Commission (SEC) and which is legally a part of this
Prospectus. You may obtain a free copy of the Statement of Additional
Information by writing to us at 2005 Market Street, Philadelphia, PA 19103-7094,
or call toll-free 800 523-1918.

Investment Company Act File No. 811-5162

Delaware Series Symbol
CUSIP
Delaware VIP U.S. Growth Series
(Service Class) 246493597

STATEMENT OF ADDITIONAL INFORMATION
April [ ], 2006

DELAWARE VIP TRUST

2005 Market Street
Philadelphia, PA 19103-7094

Delaware VIP Trust ("VIP Trust" or the "Trust") is a diversified, open-end
management investment company that is intended to meet a wide range of
investment objectives through its separate Portfolios ("Series"). Each Series is
a separate fund issuing its own shares. Each Series offers Standard Class shares
and Service Class shares.

The shares of the Trust are sold only to separate accounts of life
insurance companies ("life companies"). The separate accounts are used in
conjunction with variable annuity contracts and variable life insurance policies
("variable contracts"). The separate accounts invest in shares of the various
Series in accordance with allocation instructions received from contract owners.

This Statement of Additional Information ("Part B" of the Registration
Statement) supplements the information contained in the current Prospectuses of
the Trust, dated April [ ], 2006, as they may be amended from time to time. It
should be read in conjunction with the prospectuses for the variable contracts
and the Trust. Part B is not itself a prospectus but is, in its entirety,
incorporated by reference into the Trust's Prospectuses. The Trust's
Prospectuses may be obtained by writing or calling your investment dealer or by
contacting the Series' national distributor, Delaware Distributors, L.P. (the
"Distributor"), 2005 Market Street, Philadelphia, PA 19103-7094. The Trust's
financial statements and the notes relating thereto, the financial highlights,
and the report of the Independent Registered Public Accounting Firm all are [
]from the Annual Reports into this Part B. The Annual Reports will accompany any
request for Part B. The Annual Reports can be obtained, without charge, by
calling 800 523-1918.

TABLE OF CONTENTS Page Page
Investment Objectives and Policies 2 Investment Management Agreements and 43
Investment Restrictions 2 Sub-Advisory Agreements
Accounting and Tax Issues 32 Officers and Trustees 49
Trading Practices and Brokerage 36 General Information 59
Offering Price 39 Financial Statements 63
Dividends and Realized Securities 40 Appendix A--Description of Ratings 64
Profits Distributions
Taxes 43 Appendix B--Portfolio Managers 65

INVESTMENT OBJECTIVES AND POLICIES

The investment objectives of the Series are below. There can be no
assurance that the objectives of any Series will be realized.

Delaware VIP Balanced Series (formerly Delaware Balanced Series) seeks a
balance of capital appreciation, income and preservation of capital.

Delaware VIP Capital Reserves Series seeks a high, stable level of current
income while minimizing fluctuations in principal and provide maximum
liquidity.

Delaware VIP Cash Reserve Series seeks the highest level of income
consistent with preservation of capital and liquidity through investments
in short-term money market instruments.

Delaware VIP Diversified Income Series seeks high current income and total
return.

Delaware VIP Emerging Markets Series seeks to achieve long-term capital
appreciation.

Delaware VIP Global Bond Series seeks current income consistent with
preservation of principal.

Delaware VIP Growth Opportunities Series (formerly DelCap Series) seeks
long-term capital appreciation.

Delaware VIP High Yield Series (formerly Delchester Series) seeks total
return and, as a secondary objective, high current income.

Delaware VIP International Value Equity Series (formerly International
Equity Series) seeks long-term growth without undue risk to principal.

Delaware VIP REIT Series seeks to achieve maximum long-term total return.
Capital appreciation is a secondary objective.

Delaware VIP Select Growth Series (formerly Aggressive Growth Series) seeks
long-term capital appreciation.

Delaware VIP Small Cap Value Series seeks capital appreciation.

Delaware VIP Trend Series seeks long-term capital appreciation.

Delaware VIP U.S. Growth Series seeks long-term capital appreciation.

Delaware VIP Value Series (formerly Value Series) seeks long-term capital
appreciation.

INVESTMENT RESTRICTIONS

Fundamental Investment Restrictions -- The Trust has adopted the following
restrictions for each Series, which cannot be changed without approval by the
holders of a "majority" of the respective Series' outstanding shares, which is a
vote by the holders of the lesser of (a) 67% or more of the voting securities
present in person or by proxy at a meeting, if the holders of more than 50% of
the outstanding voting securities are present or represented by proxy; or (b)
more than 50% of the outstanding voting securities. The percentage limitations
contained in the restrictions and policies set forth herein apply at the time a
Series purchases securities.

Each Series may not:

1. With respect to each Series, except the Delaware VIP REIT Series, make
investments that will result in the concentration (as that term may be defined
in the Investment Company Act of 1940 ("1940 Act"), any rule or order
thereunder, or U.S. Securities and Exchange Commission ("SEC") staff
interpretation thereof) of its investments in the securities of issuers
primarily engaged in the same industry, provided that this restriction does not
limit the Series from investing in obligations issued or guaranteed by the U.S.
government, its agencies or instrumentalities, or in tax-exempt securities or
certificates of deposit. The Delaware VIP REIT Series will concentrate its
investments in the real estate industry. The Delaware VIP REIT Series otherwise
may not make investments that will result in the concentration (as that term may
be defined in the 1940 Act, any rule or order thereunder, or SEC staff
interpretation thereof) of its investments in the securities of issuers
primarily engaged in the same industry, provided that this restriction does not
limit the Series from investing in obligations issued or guaranteed by the U.S.
government, its agencies or instrumentalities, or in tax-exempt securities or
certificates of deposit. In addition, Delaware VIP Cash Reserve Series may
concentrate its investments in bankers' acceptances of banks with over one
billion dollars in assets or bank holding companies whose securities are rated
A-2 or better by Standard & Poor's ("S&P") or P-2 or better by Moody's Investors
Service, Inc. ("Moody's").

2. Borrow money or issue senior securities, except as the 1940 Act, any
rule or order thereunder, or SEC staff interpretation thereof, may permit.

3. Underwrite the securities of other issuers, except that the Series may
engage in transactions involving the acquisition, disposition or resale of its
portfolio securities, under circumstances where it may be considered to be an
underwriter under the Securities Act of 1933 (the "1933 Act").

4. Purchase or sell real estate, unless acquired as a result of ownership
of securities or other instruments, and provided that this restriction does not
prevent the Series from investing in issuers which invest, deal or otherwise
engage in transactions in real estate or interests therein, or investing in
securities that are secured by real estate or interests therein.

5. Purchase or sell physical commodities, unless acquired as a result of
ownership of securities or other instruments, and provided that this restriction
does not prevent the Series from engaging in transactions involving futures
contracts and options thereon or investing in securities that are secured by
physical commodities.

6. Make loans, provided that this restriction does not prevent the Series
from purchasing debt obligations, entering into repurchase agreements, loaning
its assets to broker/dealers or institutional investors and investing in loans,
including assignments and participation interests.

Non-fundamental Investment Restrictions - - In addition to the fundamental
policies and investment restrictions described above, and the various general
investment policies described in the Prospectuses, each Series will be subject
to the following investment restrictions, which are considered non-fundamental
and may be changed by the Board of Trustees without shareholder approval. The
percentage limitations contained in the restrictions and policies set forth
herein apply at the time a Series' purchases securities.

1. The Series are permitted to invest in other investment companies,
including open-end, closed-end or unregistered investment companies, either
within the percentage limits set forth in the 1940 Act, any rule or order
thereunder, or SEC staff interpretation thereof, or without regard to percentage
limits in connection with a merger, reorganization, consolidation or other
similar transaction. However, none of the Series may operate as a "fund of
funds" which invests primarily in the shares of other investment companies as
permitted by Section 12(d)(1)(F) or (G) of the 1940 Act, if the shares of such
Series are invested in by a fund that operates as a "fund of funds."

2. A Series may not invest more than 15% (in the case of Delaware VIP High
Yield, Delaware VIP REIT, Delaware VIP Select Growth and Delaware VIP U.S.
Growth Series) or 10% (in the case of Delaware VIP Balanced Series, Delaware VIP
Capital Reserves Series, Delaware VIP Cash Reserve Series, Delaware VIP
Diversified Income Series, Delaware VIP Emerging Markets Series, Delaware VIP
Global Bond Series, Delaware VIP Value Series, Delaware VIP Growth Opportunities
Series, Delaware VIP International Value Equity Series, Delaware VIP REIT Series
and Delaware VIP Small Cap Value Series) of respective net assets in securities
which it cannot sell or dispose of in the ordinary course of business within
seven days at approximately the value at which the Series has valued the
investment. In order to assure that each Series has sufficient liquidity, no
Series may invest more than 10% of its net assets in illiquid assets (except
Delaware VIP High Yield, Delaware VIP REIT, Delaware VIP Select Growth and
Delaware VIP U.S. Growth Series, which may invest up to 15% of their net assets
in illiquid securities).

Delaware VIP Balanced, Delaware VIP Capital Reserves, Delaware VIP Cash Reserve,
Delaware VIP Global Bond, Delaware VIP Value, Delaware VIP Growth Opportunities,
Delaware VIP International Value Equity, Delaware VIP Small Cap Value and
Delaware VIP Trend Series may not:

1. Invest more than 5% of the value of its assets in securities of any one
issuer (other than obligations issued or guaranteed by the U.S. government, its
agencies or instrumentalities). This restriction shall apply to only 75% of the
assets of Delaware VIP Growth Opportunities, Delaware VIP International Value
Equity, Delaware VIP Small Cap Value and Delaware VIP Trend Series, and to only
50% of the assets of Delaware VIP Global Bond Series.

2. Purchase more than 10% of the voting securities of any company, or
invest in any company for the purpose of exercising control or management.

3. Purchase or retain securities of a company which has an officer or
Trustee who is an officer or Trustee of the Trust, or an officer or
Director/Trustee of its investment manager if such persons, each owning
beneficially more than 1/2 of 1% of the shares of the company, own in the
aggregate more than 5% thereof.

4. Purchase any security issued by any other investment company (except in
connection with a merger, consolidation or offer of exchange) if after such
purchase it would: (a) own more than 3% of the voting stock of such company, (b)
own securities of such company having a value in excess of 5% of a Series'
assets or (c) own securities of investment companies having an aggregate value
in excess of 10% of a Series' assets. Any such purchase shall be at the
customary brokerage commission. The limitations set forth in this restriction do
not apply to purchases by Delaware VIP International Value Equity Series of
securities issued by closed-end investment companies, all of which must be at
the customary brokerage commission.

5. Make any investment in real estate unless necessary for office space or
the protection of investments already made. (This restriction does not preclude
a Series' purchase of securities secured by real estate or interests therein, or
securities issued by companies which invest in real estate or interests therein,
including real estate investment trusts.)

6. Purchase securities on margin, make short sales of securities or
maintain a net short position (except that a Series may obtain such short-term
credit as may be necessary for the clearance of purchases and sales of portfolio
securities). This restriction shall not prohibit a Series from satisfying margin
requirements with respect to futures transactions.

7. Invest in interests in oil, gas or other mineral exploration or
development programs, commodities or commodities contracts. This restriction
shall not prohibit Delaware VIP Balanced, Delaware VIP Capital Reserves,
Delaware VIP Growth Opportunities, Delaware VIP International Value Equity,
Delaware VIP Small Cap Value and Delaware VIP Trend Series from entering into
futures contracts or options thereon, to the extent that not more than 5% of its
assets are required as futures contract margin deposits and premiums on options
and only to the extent that obligations under such contracts and transactions
represent not more than 20% (25% in the case of Delaware VIP Growth
Opportunities Series) of the Series' assets.

8. Borrow money in excess of one-third of the value of its net assets and
then only as a temporary measure for extraordinary purposes or to facilitate
redemptions. The Series have no intention of increasing their net income through
borrowing. Any borrowing will be done from a bank and to the extent that such
borrowing exceeds 5% of the value of a Series' assets, asset coverage of at
least 300% is required. In the event that such asset coverage shall at any time
fall below 300%, the Series shall, within three days thereafter (not including
Sunday and holidays) or such longer period as the SEC may prescribe by rules and
regulations, reduce the amount of its borrowings to an extent that the asset
coverage of such borrowings shall be at least 300%. A Series will not pledge
more than 15% of its net assets. A Series shall not issue senior securities as
defined in the 1940 Act, except for notes to banks.

9. Make loans, except to the extent that purchases of debt obligations
(including repurchase agreements) in accordance with each Series' investment
objective and policies are considered loans, and except that each Series may
loan up to 25% of its assets to qualified broker/dealers or institutional
investors for their use relating to short sales or other security transactions.

10. Invest more than 5% of the value of its total assets in securities of
companies less than three years old. Such three-year period shall include the
operation of any predecessor company or companies. This investment restriction
shall not apply to the Delaware VIP Growth Opportunities, Delaware VIP Small Cap
Value and Delaware VIP Trend Series.

11. Invest more than 25% of its total assets in any particular industry,
except that a Series may invest more than 25% of the value of its total assets
in obligations issued or guaranteed by the U.S. government, its agencies or
instrumentalities, certificates of deposit and bankers' acceptances of banks
with over one billion dollars in assets or bank holding companies whose
securities are rated A-2 or better by S&P or P-2 or better by Moody's.

12. Act as an underwriter of securities of other issuers, except that a
Series may acquire restricted or not readily-marketable securities under
circumstances where, if such securities are sold, a Series might be deemed to be
an underwriter for the purposes of the 1933 Act.

13. Invest in warrants valued at lower of cost or market exceeding 5% of a
Series' net assets. Included within that amount, but not to exceed 2% of a
Series' net assets, may be warrants not listed on the New York Stock Exchange or
American Stock Exchange. This restriction shall not apply to Delaware VIP
International Value Equity Series.

14. The Delaware VIP Cash Reserve Series will not invest more than 25% of
its assets in foreign banks which are subject to the same regulation as U.S.
banks or to foreign branches of U.S. banks where such a bank is liable for the
obligations of the branch.

While such Series are permitted under certain circumstances to borrow
money, they do not normally do so. No investment securities will be purchased
while a Series has an outstanding borrowing. The Trust has undertaken, for so
long as required by California Regulatory Authority and so long as insurance
policy premiums or proceeds of contracts sold in California are used to purchase
Trust shares, to ensure that each Series will not borrow money in excess of 25%
of the value of its net assets.

In addition, the Delaware VIP Global Bond Series will not invest more than
10% of its net assets in repurchase agreements maturing in more than seven days
and other illiquid assets. Securities of foreign issuers which are not listed on
a recognized domestic or foreign exchange or for which a bona fide market does
not exist at the time of purchase or subsequent valuation are included in the
category of illiquid assets.

Delaware VIP Diversified Income Series and Delaware VIP Emerging Markets and may
not:

1. Invest 25% or more of its total assets in any one industry provided that
there is no limitation with respect to investments in obligations issued or
guaranteed as to principal or interest by the U.S. government, its agencies or
instrumentalities.

2. Make loans other than by the purchase of all or a portion of a publicly
or privately distributed issue of bonds, debentures or other debt securities of
the types commonly offered publicly or privately and purchased by financial
institutions (including repurchase agreements), whether or not the purchase was
made upon the original issuance of the securities, and except that each Series
may loan its assets to qualified broker/dealers or institutional investors.

3. Engage in underwriting of securities of other issuers, except that
portfolio securities, including securities purchased in private placements, may
be acquired under circumstances where, if sold, the Series might be deemed to be
an underwriter under the 1933 Act. No limit is placed on the proportion of the
Series' assets which may be invested in such securities.

4. Borrow money or issue senior securities, except to the extent permitted
by the 1940 Act or any rule or order thereunder or interpretation thereof.
Subject to the foregoing, each Series may engage in short sales, purchase
securities on margin, and write put and call options.

5. Purchase or sell physical commodities or physical commodity contracts,
including physical commodity option or futures contracts in a contract market or
other futures market.

6. Purchase or sell real estate; provided that the Series may invest in
securities secured by real estate or interests therein or issued by companies
which invest in real estate or interests therein.

In addition, Delaware VIP Diversified Income Series will not, with respect
to 75% of its total assets, purchase the securities of any issuer (other than
those of other investment companies or of the U.S. government or its agencies or
instrumentalities), if immediately thereafter the Series would (a) have more
than 5% of the value of its total assets in the securities of such issuer or (b)
own more than 10% of the outstanding voting securities of such issuer.

Delaware VIP High Yield Series may not:

1. Invest in any company for the purpose of exercising control or
management.

2. Purchase or retain securities of a company which has an officer or
Trustee who is an officer or Trustee of the Trust, or an officer or
Director/Trustee of its investment manager if such persons, each owning
beneficially more than 1/2 of 1% of the shares of the company, own in the
aggregate more than 5% thereof.

3. Purchase any security issued by any other investment company (except in
connection with a merger, consolidation or offer of exchange) if after such
purchase it would: (a) own more than 3% of the voting stock of such company, (b)
own securities of such company having a value in excess of 5% of the Series'
assets or (c) own securities of investment companies having an aggregate value
in excess of 10% of the Series' assets. Any such purchase shall be at the
customary brokerage commission.

4. Make any investment in real estate unless necessary for office space or
the protection of investments already made. (This restriction does not preclude
the Series' purchase of securities secured by real estate or interests therein,
or securities issued by companies which invest in real estate or interests
therein, including real estate investment trusts.)

5. Purchase securities on margin, make short sales of securities or
maintain a net short position (except that the Series may obtain such short-term
credit as may be necessary for the clearance of purchases and sales of portfolio
securities). This restriction shall not prohibit the Series from satisfying
margin requirements with respect to futures transactions.

6. Invest in interests in oil, gas or other mineral exploration or
development programs.

7. Borrow money in excess of one-third of the value of its net assets and
then only as a temporary measure for extraordinary purposes or to facilitate
redemptions. The Series has no intention of increasing its net income through
borrowing. Any borrowing will be done from a bank and to the extent that such
borrowing exceeds 5% of the value of the Series' assets, asset coverage of at
least 300% is required. In the event that such asset coverage shall at any time
fall below 300%, the Series shall, within three days thereafter (not including
Sunday and holidays) or such longer period as the SEC may prescribe by rules and
regulations, reduce the amount of its borrowings to an extent that the asset
coverage of such borrowings shall be at least 300%. The Series will not pledge
more than 15% of its net assets. The Series shall not issue senior securities as
defined in the 1940 Act, except for notes to banks.

8. Make loans, except to the extent that purchases of debt obligations
(including repurchase agreements) in accordance with the Series' investment
objective and policies are considered loans and except that the Series may loan
up to 25% of its assets to qualified broker/dealers or institutional investors
for its use relating to short sales or other security transactions.

9. Invest more than 25% of its total assets in any particular industry,
except that the Series may invest more than 25% of the value of its total assets
in obligations issued or guaranteed by the U.S. government, its agencies or
instrumentalities, certificates of deposit and bankers' acceptances of banks
with over one billion dollars in assets or bank holding companies whose
securities are rated A-2 or better by S&P or P-2 or better by Moody's.

10. Act as an underwriter of securities of other issuers, except that the
Series may acquire restricted or not readily-marketable securities under
circumstances where, if such securities are sold, the Series might be deemed to
be an underwriter for the purposes of 1933 Act.

Delaware VIP REIT Series may not:

1. The Series will concentrate its investments in the real estate industry.
The Series may not invest more than 20% of its total assets in any other single
industry, provided that there is no limitation with respect to investments in
obligations issued or guaranteed as to principal or interest by the U.S.
government, its agencies or instrumentalities.

2. Make loans other than by the purchase of all or a portion of a publicly
or privately distributed issue of bonds, debentures or other debt securities of
the types commonly offered publicly or privately and purchased by financial
institutions (including repurchase agreements and loan participations), whether
or not the purchase was made upon the original issuance of the securities, and
except that the Series may loan its assets to qualified broker/dealers or
institutional investors.

4. Borrow money or issue senior securities, except to the extent permitted
by the 1940 Act or any rule or order thereunder or interpretation thereof.
Subject to the foregoing, the Series may engage in short sales, purchase
securities on margin, and write put and call options.

5. Purchase or sell physical commodities or physical commodity contracts,
including physical commodity option or futures contracts in a contract market or
other futures market.

6. Purchase or sell real estate; provided, that the Series may invest in
securities secured by real estate or interests therein or issued by companies
which invest in real estate or interests therein; and provided further, that the
Series may own real estate directly as a result of a default on securities the
Series owns.

7. Invest for the purpose of acquiring control of any company.

8. To the extent that the Series invests in securities of other investment
companies, it will only do so in accordance with the provisions of the 1940 Act
in effect at the time of the investment.

9. Invest in interests in oil, gas and other mineral leases or other
mineral exploration or development programs.

10. Purchase securities on margin except short-term credits that may be
necessary for the clearance of purchases and sales of securities. This
restriction does not apply to the purchase of futures or options contracts.

Equity Securities
Equity securities represent ownership interests in a company and consist of
common stocks, preferred stocks, warrants to acquire common stock and securities
convertible into common stock. Investments in equity securities in general are
subject to market risks that may cause their prices to fluctuate over time. The
value of convertible equity securities is also affected by prevailing interest
rates, the credit quality of the issuer and any call provisions. Fluctuations in
the value of equity securities in which a Series invests will cause the net
asset value of the Series to fluctuate.

Money Market Instruments
Delaware VIP Capital Reserves Series may, from time to time, invest all or
part of its available assets in money market instruments maturing in one year or
less. Delaware VIP Cash Reserve Series will invest all of its available assets
in instruments which have a remaining maturity of 13 months or less at the time
of acquisition and which will otherwise meet the maturity, quality and
diversification conditions with which taxable money market funds must comply.
The types of instruments which these Series may purchase are described below:

1. U.S. Government Securities--Securities issued or guaranteed by the U.S.
government, including Treasury Bills, Notes and bonds.

2. U.S. Government Agency Securities--Obligations issued or guaranteed by
agencies or instrumentalities of the U.S. government whether supported by the
full faith and credit of the U.S. Treasury or the credit of a particular agency
or instrumentality.

3. Bank Obligations--Certificates of deposit, bankers' acceptances and
other short-term obligations of U.S. commercial banks and their overseas
branches and foreign banks of comparable quality, provided each such bank
combined with its branches has total assets of at least one billion dollars, and
certificates and issues of domestic savings and loan associations of one billion
dollars in assets whose deposits are insured by the Federal Deposit Insurance
Corporation. Any obligations of foreign banks shall be denominated in U.S.
dollars. Obligations of foreign banks and obligations of overseas branches of
U.S. banks are subject to somewhat different regulations and risks than those of
U.S. domestic banks. In particular, a foreign country could impose exchange
controls which might delay the release of proceeds from that country. Such
deposits are not covered by the Federal Deposit Insurance Corporation. Because
of conflicting laws and regulations, an issuing bank could maintain that
liability for an investment is solely that of the overseas branch which could
expose the Series to a greater risk of loss. The Series will only buy short-term
instruments in nations where these risks are minimal. The Series will consider
these factors along with other appropriate factors in making an investment
decision to acquire such obligations and will only acquire those which, in the
opinion of management, are of an investment quality comparable to other debt
securities bought by the Series. Either Series may invest more than 25% of its
assets in foreign banks except that this limitation shall not apply to U.S.
branches of foreign banks which are subject to the same regulations as U.S.
banks or to foreign branches of U.S. banks where such a bank is liable for the
obligations of the branch. This policy may be changed by the Board of Trustees
without shareholder approval.

Delaware VIP Cash Reserve Series is subject to certain maturity, quality
and diversification conditions applicable to taxable money market funds. Thus,
if a bank obligation or, as relevant, its issuer is considered to be rated at
the time of the proposed purchase, it or, as relevant, its issuer must be so
rated in one of the two highest rating categories by at least two
nationally-recognized statistical rating organizations or, if such security or,
as relevant, its issuer is not so rated, the purchase of the security must be
approved or ratified by the Board of Trustees in accordance with the maturity,
quality and diversification conditions with which taxable money market funds
must comply.

4. Commercial Paper--Short-term promissory notes issued by corporations
which at the time of purchase are rated A-2 or better by S&P or P-2 or better by
Moody's or which have received comparable ratings from a nationally-recognized
statistical rating organization approved by the Board of Trustees or, if not
rated, issued or guaranteed by a corporation with outstanding debt rated AA or
better by S&P or Aa or better by Moody's. Delaware VIP Cash Reserve Series
invests in commercial paper in accordance with the restrictions set forth in the
Prospectuses.

5. Short-term Corporate Debt--In addition to the other debt securities
described in the Prospectuses, corporate notes, bonds and debentures which at
the time of purchase are rated AA or better by S&P or Aa or better by Moody's or
which have received comparable ratings from a nationally-recognized statistical
rating organization approved by the Board of Trustees, provided such securities
have one year or less remaining to maturity. Such securities generally have
greater liquidity and are subject to considerably less market fluctuation than
longer issues. Delaware VIP Cash Reserve Series invests in corporate notes,
bonds and debentures in accordance with the restrictions set forth in the
Prospectuses.

The ratings of S&P, Moody's and other rating services represent their
opinions as to the quality of the money market instruments which they rate. It
should be emphasized, however, that ratings are general and are not absolute
standards of quality. These ratings are the initial criteria for selection of
portfolio investments, but the Series will further evaluate these securities.
See Appendix A--Description of Ratings.

Additional Information on the Delaware VIP Cash Reserve Series

Delaware VIP Cash Reserve Series intends to achieve its objective by
investing its assets in a diversified portfolio of money market instruments. See
Money Market Instruments above and Appendix A--Description of Ratings.

The Series maintains its net asset value at $10 per share by valuing its
securities on an amortized cost basis. See Offering Price. The Series maintains
a dollar weighted average portfolio maturity of not more than 90 days and does
not purchase any issue having a remaining maturity of more than 13 months. In
addition, the Series limits its investments, including repurchase agreements, to
those instruments which the Board of Trustees determines present minimal credit
risks and are of high quality. The Series may sell portfolio securities prior to
maturity in order to realize gains or losses or to shorten the average maturity
if it deems such actions appropriate to maintain a stable net asset value. While
the Series will make every effort to maintain a fixed net asset value of $10 per
share, there can be no assurance that this objective will be achieved.

Although the Series intends to hold its investments until maturity when
they will be redeemable at their full principal value plus accrued interest, it
may attempt, from time to time, to increase its yield by trading to take
advantage of market variations. Also, revised evaluations of the issuer or
redemptions may cause sales of portfolio investments prior to maturity or at
times when such sales might otherwise not be desirable. The Series' right to
borrow to facilitate redemptions may reduce, but does not guarantee, a reduction
in the need for such sales. The Series will not purchase new securities while
any borrowings are outstanding. See Dividends and Realized Securities Profits
Distributions and Taxes for the effect of any capital gains distributions.

A shareholder's rate of return will vary with the general interest rate
levels applicable to the money market instruments in which the Series invests.
In the event of an increase in current interest rates, a national credit crisis
or if one or more of the issuers became insolvent prior to the maturity of the
instruments, principal values could be adversely affected. Investments in
obligations of foreign banks and of overseas branches of U.S. banks may be
subject to less stringent regulations and different risks than those of U.S.
domestic banks. The rate of return and the net asset value will be affected by
such other factors as sales of portfolio securities prior to maturity and the
Series' operating expenses.

Some of the securities in the Series' portfolio may have periodic interest
rate adjustments based upon an index such as the 91-day Treasury Bill rate. This
periodic interest rate adjustment tends to lessen the volatility of the
security's price. With respect to securities with an interest rate adjustment
period of one year or less, the Series will, when determining average weighted
maturity, treat such a security's maturity as the amount of time remaining until
the next interest rate adjustment.

Instruments such as GNMA, FNMA and FHLMC securities and similar securities
backed by amortizing loans generally have shorter effective maturities than
their stated maturities. This is due to changes in amortization caused by
demographic and economic forces such as interest rate movements. These effective
maturities are calculated based upon historical payment patterns. For purposes
of determining the Series' average weighted maturity, the maturities of such
securities will be calculated based upon the issuing agency's payment factors
using industry-accepted valuation models.

Asset-Backed Securities
Delaware VIP Balanced, Delaware VIP Capital Reserves, Delaware VIP Cash
Reserve and Delaware VIP Diversified Income Series may invest in securities
which are backed by assets such as receivables on home equity and credit loans,
receivables regarding automobile, mobile home and recreational vehicle loans,
wholesale dealer floor plans and leases (i.e., receivables on loans to car
dealers for cars used in their showrooms) or other loans or financial
receivables currently available or which may be developed in the future. For
Delaware VIP Balanced and Delaware VIP Capital Reserves Series, all such
securities must be rated in one of the four highest rating categories by a
reputable rating agency (e.g., BBB or better by S&P or Baa or better by
Moody's). It is Delaware VIP Cash Reserve Series' current policy to limit
asset-backed investments to those rated in the highest rating category by a
reputable rating agency (e.g., AAA by S&P or Aaa by Moody's) and represented by
interests in credit card receivables, wholesale dealer floor plans, home equity
loans and automobile loans.

Asset-backed securities are often backed by a pool of assets representing
the obligations of a number of different parties. The credit quality of most
asset-backed securities depends primarily on the credit quality of the assets
underlying such securities, how well the entities issuing the securities are
insulated from the credit risk of the originator or affiliated entities, and the
amount of credit support provided to the securities. Such receivables are
securitized in either a pass-through or a pay-through structure. Pass-through
securities provide investors with an income stream consisting of both principal
and interest payments in respect of the receivables in the underlying pool.
Pay-through asset-backed securities are debt obligations issued usually by a
special purpose entity, which are collateralized by the various receivables and
in which the payments on the underlying receivables provide the funds to pay the
debt service on the debt obligations issued. To lessen the effect of failures by
obligors on underlying assets to make payments, such securities may contain
elements of credit support. Such credit support falls into two categories: (i)
liquidity protection, and (ii) protection against losses resulting from ultimate
default by an obligor on the underlying assets. Liquidity protection refers to
the provision of advances, generally by the entity administering the pool of
assets, to ensure that the receipt of payments due on the underlying pool is
timely. Protection against losses resulting from ultimate default enhances the
likelihood of payments of the obligations on at least some of the assets in the
pool. Such protection may be provided through guarantees, insurance policies or
letters of credit obtained by the issuer or sponsor from 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 a security.

The rate of principal payment on asset-backed securities generally depends
on the rate of principal payments received on the underlying assets. Such rate
of payments may be affected by economic and various other factors such as
changes in interest rates or the concentration of collateral in a particular
geographic area. Therefore, the yield may be difficult to predict and actual
yield to maturity may be more or less than the anticipated yield to maturity.
Due to the shorter maturity of the collateral backing such securities, there
tends to be less of a risk of substantial prepayment than with mortgage-backed
securities, but the risk of such a prepayment does exist. Such asset-backed
securities do, however, involve certain risks not associated with
mortgage-backed securities, including the risk that security interests cannot be
adequately, or in many cases ever, established, and other risks which may be
peculiar to particular classes of collateral. For example, with respect to
credit card receivables, a number of state and federal consumer credit laws give
debtors the right to set off certain amounts owed on the credit cards, thereby
reducing the outstanding balance. In the case of automobile receivables, there
is a risk that the holders may not have either a proper or first security
interest in all of the obligations backing such receivables due to the large
number of vehicles involved in a typical issuance and technical requirements
under state laws. Therefore, recoveries on repossessed collateral may not always
be available to support payments on the securities.

Examples of credit support arising out of the structure of the transaction
include "senior-subordinated securities" (multiple class securities with one or
more classes subordinate to other classes as to the payment of principal thereof
and interest thereon, with the result that defaults on the underlying assets are
borne first by the holders of the subordinated class), creation of "reserve
funds" (where cash or investments, sometimes funded from a portion of the
payments on the underlying assets, are held in reserve against future losses)
and "over collateralization" (where the scheduled payments on, or the principal
amount of, the underlying assets exceeds that required to make payments of the
securities and pay any servicing or other fees). The degree of credit support
provided for each issue is generally based on historical information respecting
the level of credit risk associated with the underlying assets. Delinquencies or
losses in excess of those anticipated could adversely affect the return on an
investment in such issue.

Mortgage-Backed Securities
Delaware VIP Balanced, Delaware VIP Capital Reserves, Delaware VIP
Diversified Income and Delaware VIP REIT Series may invest in mortgage-backed
securities issued or guaranteed by the U.S. government, its agencies or
instrumentalities or government sponsored corporations or those issued by
certain private, non-government corporations, such as financial institutions.
Two principal types of mortgage-backed securities are collateralized mortgage
obligations (CMOs) and real estate mortgage investment conduits (REMICs).

CMOs are debt securities issued by U.S. government agencies or by financial
institutions and other mortgage lenders and collateralized by a pool of
mortgages held under an indenture. CMOs are issued in a number of classes or
series with different maturities. The classes or series are retired in sequence
as the underlying mortgages are repaid. Prepayment may shorten the stated
maturity of the obligation and can result in a loss of premium, if any has been
paid. Certain of these securities may have variable or floating interest rates
and others may be stripped (securities which provide only the principal or
interest feature of the underlying security).

REMICs, which were authorized under the Tax Reform Act of 1986, are private
entities formed for the purpose of holding a fixed pool of mortgages secured by
an interest in real property. REMICs are similar to CMOs in that they issue
multiple classes of securities.

CMOs and REMICs issued by private entities are not government securities
and are not directly guaranteed by any government agency. They are secured by
the underlying collateral of the private issuer. The Series may invest in such
private-backed securities, but the Delaware VIP REIT Series will do so (i) only
if the securities are 100% collateralized at the time of issuance by securities
issued or guaranteed by the U.S. government, its agencies or instrumentalities
and (ii) currently, only if they are rated at the time of purchase in the two
highest grades by a nationally-recognized statistical rating agency.

Delaware VIP Balanced, Delaware VIP Capital Reserves and Delaware VIP
Diversified Income Series each may invest up to 20% of its total assets in CMOs
and REMICs issued by private entities which are not collateralized by securities
issued or guaranteed by the U.S. government, its agencies or instrumentalities,
so-called non-agency mortgage-backed securities. Investments in these securities
may be made only if the securities (i) are rated at the time of purchase in the
four top rating categories by a nationally-recognized statistical rating
organization (e.g., BBB or better by S&P or Baa or better by Moody's) and (ii)
represent interests in whole-loan mortgages, multi-family mortgages, commercial
mortgages and other mortgage collateral supported by a first mortgage lien on
real estate. Non-agency mortgage-backed securities are subject to the interest
rate and prepayment risks, described above, to which other CMOs and REMICs
issued by private issuers are subject. Non-agency mortgage-backed securities may
also be subject to a greater risk of loss of interest and principal because they
are not collateralized by securities issued or guaranteed by the U.S.
government. In addition, timely information concerning the loans underlying
these securities may not be as readily available and the market for these
securities may be less liquid than other CMOs and REMICs.

REITs
Delaware VIP REIT Series primarily invests in, and the Delaware VIP
Balanced and Delaware VIP Diversified Income Series may invest in, real estate
investment trusts ("REITs"). REITs are pooled investment vehicles which invest
primarily in income-producing real estate or real estate related loans or
interests. REITs are generally classified as equity REITs, mortgage REITs or a
combination of equity and mortgage REITs. Equity REITs invest the majority of
their assets directly in real property and derive income primarily from the
collection of rents. Equity REITs can also realize capital gains by selling
properties that have appreciated in value. Mortgage REITs invest the majority of
their assets in real estate mortgages and derive income from the collection of
interest payments. Like investment companies, REITs are not taxed on income
distributed to shareholders provided they comply with several requirements in
the Internal Revenue Code of 1986, as amended (the "Code"). REITs are subject to
substantial cash flow dependency, defaults by borrowers, self-liquidation, and
the risk of failing to qualify for tax-free pass-through of income under the
Code, and/or to maintain exemptions from the 1940 Act.

The Series' investments in REITs present certain further risks that are
unique and in addition to the risks associated with investing in the real estate
industry in general. Equity REITs may be affected by changes in the value of the
underlying property owned by the REITs, while mortgage REITs may be affected by
the quality of any credit extended. REITs are dependent on management skills,
are not diversified, and are subject to the risks of financing projects. REITs
whose underlying assets include long-term health care properties, such as
nursing, retirement and assisted living homes, may be impacted by federal
regulations concerning the health care industry.

REITs (especially mortgage REITs) are also subject to interest rate risks
-- when interest rates decline, the value of a REIT's investment in fixed rate
obligations can be expected to rise. Conversely, when interest rates rise, the
value of a REIT's investment in fixed rate obligations can be expected to
decline. In contrast, as interest rates on adjustable rate mortgage loans are
reset periodically, yields on a REIT's investments in such loans will gradually
align themselves to reflect changes in market interest rates, causing the value
of such investments to fluctuate less dramatically in response to interest rate
fluctuations than would investments in fixed rate obligations.

REITs may have limited financial resources, may trade less frequently and
in a limited volume, and may be subject to more abrupt or erratic price
movements than other securities.

Convertible, Debt and Non-Traditional Equity Securities
In addition to Delaware VIP Balanced, Delaware VIP Diversified Income,
Delaware VIP Emerging Markets, Delaware VIP REIT, Delaware VIP Select Growth and
Delaware VIP U.S. Growth Series also may invest in convertible and debt
securities of issuers in any industry. A convertible security is a security
which may be converted at a stated price within a specified period of time into
a certain quantity of the common stock of the same or a different issuer.
Convertible securities rank ahead of common stock in a corporation's capital
structure and therefore entail less risk than the corporation's common stock.
However, convertible securities typically rank behind non-convertible securities
of the same issuer. Convertible and debt securities provide a fixed-income
stream and the opportunity, through its conversion feature, to participate in
the capital appreciation resulting from a market price advance in the
convertible security's underlying common stock. A convertible security's price
depends on both its "investment value" (its value with the conversion
privilege), and its "conversion value" (its market value if it were exchanged
for the underlying security according to its conversion privilege). When a
convertible security's investment value is greater than its conversion value,
its price will primarily reflect its investment value. In this scenario, price
will probably be most affected by interest rate changes, increasing when
interest rates fall and decreasing when interest rates rise, similar to a
fixed-income security. Additionally, the credit standing of the issuer and other
factors also may have an effect on the convertible security's value. Conversely,
when the conversion value approaches or exceeds the investment value, the price
of the convertible security will rise above its investment value. The higher the
convertible security's price relative to its investment value, the more direct
the relationship between the changes in its price and changes in the price of
the underlying equity security.

A convertible security's price will typically provide a premium over the
conversion value. This represents the additional price investors are willing to
pay for a security that offers income, ranks ahead of common stock in a
company's capital structure and also has the possibility of capital appreciation
due to the conversion privilege. Because a convertible security has fixed
interest or dividend payments, when the underlying stock declines, the
convertible security's price is increasingly determined by its yield. For this
reason, the convertible security may not decline as much as the underlying
common stock. The extent of the price decline will also depend on the amount of
the premium over its conversion value.

Common stock acquired upon conversion of a convertible security will
generally be held for so long as the investment manager anticipates such stock
will provide the Series with opportunities which are consistent with the Series'
investment objectives and policies.

The Series may invest in convertible debentures without regard to rating
categories. Investing in convertible debentures that are rated below investment
grade or unrated but of comparable quality entails certain risks, including the
risk of loss of principal, which may be greater than the risks involved in
investing in investment grade convertible debentures. Under rating agency
guidelines, lower rated securities and comparable unrated securities will likely
have some quality and protective characteristics that are outweighed by large
uncertainties or major risk exposures to adverse conditions.

The Series may have difficulty disposing of such lower rated convertible
debentures because the trading market for such securities may be thinner than
the market for higher rated convertible debentures. To the extent a secondary
trading market for these securities does exist, it generally is not as liquid as
the secondary trading market for higher rated securities. The lack of a liquid
secondary market, as well as adverse publicity with respect to these securities,
may have an adverse impact on market price and the Series' ability to dispose of
particular issues in response to a specific economic event such as a
deterioration in the creditworthiness of the issuer. The lack of a liquid
secondary market for certain securities also may make it more difficult for the
Series to obtain accurate market quotations for purposes of pricing the Series'
portfolio and calculating its net asset value. The market behavior of
convertible securities in lower rating categories is often more volatile than
that of higher quality securities. Lower quality convertible securities are
judged by Moody's and S&P to have speculative elements or characteristics; their
future cannot be considered as well assured, and their earnings and asset
protection may be moderate or poor in comparison to investment grade securities.

In addition, such lower quality securities face major ongoing uncertainties
or exposure to adverse business, financial or economic conditions, which could
lead to inadequate capacity to meet timely payments. The market values of
securities rated below investment grade tend to be more sensitive to company
specific developments and changes in economic conditions than higher rated
securities. Issuers of these securities are often highly leveraged so that their
ability to service their debt obligations during an economic downturn or during
sustained periods of rising interest rates may be impaired. In addition, such
issuers may not have more traditional methods of financing available to them,
and therefore may be unable to repay debt at maturity by refinancing.

These Series may invest in convertible preferred stocks that offer enhanced
yield features, such as Preferred Equity Redemption Cumulative Stock ("PERCS"),
which provide an investor with the opportunity to earn higher dividend income
than is available on a company's common stock. A PERCS is a preferred stock
which generally features a mandatory conversion date, as well as a capital
appreciation limit which is usually expressed in terms of a stated price. Upon
the conversion date, most PERCS convert into common stock of the issuer (PERCS
are generally not convertible into cash at maturity). Under a typical
arrangement, if after a predetermined number of years the issuer's common stock
is trading at a price below that set by the capital appreciation limit, each
PERCS would convert to one share of common stock. If, however, the issuer's
common stock is trading at a price above that set by the capital appreciation
limit, the holder of the PERCS would receive less than one full share of common
stock. The amount of that fractional share of common stock received by the PERCS
holder is determined by dividing the price set by the capital appreciation limit
of the PERCS by the market price of the issuer's common stock. PERCS can be
called at any time prior to maturity, and hence do not provide call protection.
However, if called early, the issuer may pay a call premium over the market
price to the investor. This call premium declines at a preset rate daily, up to
the maturity date of the PERCS.

These Series also may invest in other enhanced convertible securities.
These include but are not limited to ACES (Automatically Convertible Equity
Securities), PEPS (Participating Equity Preferred Stock), PRIDES (Preferred
Redeemable Increased Dividend Equity Securities), SAILS (Stock Appreciation
Income Linked Securities), TECONS (Term Convertible Notes), QICS (Quarterly
Income Cumulative Securities) and DECS (Dividend Enhanced Convertible
Securities). ACES, PEPS, PRIDES, SAILS, TECONS, QICS and DECS all have the
following features: they are company-issued convertible preferred stock; unlike
PERCS, they do not have capital appreciation limits; they seek to provide the
investor with high current income, with some prospect of future capital
appreciation; they are typically issued with three to four-year maturities; they
typically have some built-in call protection for the first two to three years;
investors have the right to convert them into shares of common stock at a preset
conversion ratio or hold them until maturity; and upon maturity, they
automatically convert to either cash or a specified number of shares of common
stock. An investment in such securities may involve additional risks. Unlike
conventional convertible securities, enhanced convertible securities do not
usually have a fixed maturity (par) value. Rather, such securities generally
provide only for a mandatory conversion into cash or common stock. As a result,
a Series risks loss of principal if the cash received, or the price of the
underlying common stock at the time of conversion, is less than the price paid
for the enhanced convertible security. Such securities may be more or less
liquid than conventional convertible securities or non-convertible debt
securities.

Private Placements
Private placement securities are securities which have not been registered
with the SEC and which are usually only sold to large, institutional investors.
For various reasons, an issuer may prefer or be required as a practical matter
to obtain private financing. Adverse conditions in the public securities markets
may preclude a public offering of an issuer's securities. An issuer often is
willing to provide more attractive features in securities issued privately
because it has avoided the expense and delay involved in a public offering.
Private placements of debt securities have frequently resulted in higher yields
and restrictive covenants that provide greater protection for the purchaser,
such as longer call or refunding protection than would typically be available
with publicly offered securities of the same type. Securities acquired through
private placements may also have special features not usually characteristic of
similar securities offered to the public, such as contingent interest or
warrants for the purchase of the issuer's stock.

Zero Coupon Bonds and Pay-In-Kind Bonds
Delaware VIP Diversified Income, Delaware VIP Global Bond and Delaware VIP
REIT Series may invest in zero coupon bonds. The market prices of zero coupon
securities are generally more volatile than the market prices of securities that
pay interest periodically and are likely to respond to changes in interest rates
to a greater degree than do non-zero coupon securities having similar maturities
and credit quality. Current federal income tax law requires that a holder of a
taxable zero coupon security report as income each year the portion of the
original issue discount of such security that accrues that year, even though the
holder receives no cash payments of interest during the year. The Series have
qualified as regulated investment companies under the Code. Accordingly, during
periods when the Series receive no interest payments on their zero coupon
securities, they will be required, in order to maintain their desired tax
treatment, to distribute cash approximating the income attributable to such
securities. Such distribution may require the sale of portfolio securities to
meet the distribution requirements and such sales may be subject to the risk
factor discussed above.

Interest Rate and Index Swaps
Delaware VIP Balanced, Delaware VIP Capital Reserves and Delaware VIP
Diversified Income Series may invest in interest rate and index swaps to the
extent consistent with their respective investment objectives and strategies.
Delaware VIP Global Bond Series may invest in interest rate swaps to the extent
consistent with its respective investment objectives and strategies. A Series
will only invest in swaps in which all the reference rates are related to or
derived from instruments or markets in which the Series is otherwise eligible to
invest, subject to the investment limitations on the instruments to which the
purchased reference rate relates.

Swaps are agreements to exchange payment streams over a period of time with
another party, called a counterparty. Each payment stream is based on a
specified rate, which could be a fixed or variable interest rate, the rate of
return on an index, or some other reference rate. The payment streams are
calculated with reference to a hypothetical principal amount, called the
notional principal or the notional amount. For example, in an interest rate swap
one party may agree to pay a fixed interest rate to a counterparty and to
receive in return variable interest rate payments from the counterparty. The
amount that each party pays is calculated by multiplying the fixed and variable
rates, respectively, by the notional amount. The payment streams may thus be
thought of as interest payments on the notional amount. The notional amount does
not actually change hands at any point in the swap transaction; it is used only
to calculate the value of the payment streams.

When two counterparties each wish to swap interest rate payments, they
typically each enter into a separate interest rate swap contract with a
broker/dealer intermediary, who is the counterparty in both transactions, rather
than entering into a swap contract with each other directly. The broker/dealer
intermediary enters into numerous transactions of this sort, and attempts to
mange its portfolio of swaps so as to match and offset its payment receipts and
obligations.

The typical minimum notional amount is $5 million. Variable interest rates
are usually set by reference to the London Inter-Bank Offered Rate (LIBOR). The
typical maximum term of an interest rate swap agreement ranges from one to
twelve years. Index swaps tend to be shorter term, often for one year. The
investment manager presently intends to purchase swaps with maturities of six to
twelve months, and in no event greater than two years.

Delaware VIP Balanced, Delaware VIP Capital Reserves and Delaware VIP
Diversified Income Series also may engage in index swaps, called total return
swaps. In an index swap, a Series may enter into a contract with a counterparty
in which the counterparty will make payments to the Series based on the positive
returns of an index, such as a corporate bond index, in return for the Trust
paying to the counterparty a fixed or variable interest rate, as well as paying
to the counterparty any negative returns on the index. In a sense, the Series is
purchasing exposure to an index in the amount of the notional principal in
return for making interest rate payments on the notional principal. As with
interest rate swaps, the notional principal does not actually change hands at
any point in the transaction. The counterparty, typically an investment bank,
manages its obligations to make total return payments by maintaining an
inventory of the fixed income securities that are included in the index.

Swap transactions provide several benefits to the Series. Interest rate
swaps may be used as a duration management tool. Duration is a measure of a
bond's interest-rate sensitivity, expressed in terms of years because it is
related to the length of time remaining on the life of a bond. In general, the
longer a bond's duration, the more sensitive the bond's price will be to changes
in interest rates. The average duration of a fund is the weighted average of the
durations of the fund's fixed income securities.

If a Series wishes to shorten the duration of certain of its assets, longer
term assets could be sold and shorter term assets acquired, but these
transactions have potential tax and return differential consequences. By using
an interest rate swap, the Series could agree to make semi-annual fixed rate
payments and receive semi-annual floating rate LIBOR payments adjusted every six
months. The duration of the floating rate payments received by the Series will
now be six months. In effect, a Series has reduced the duration of the notional
amount invested from a longer term to six months over the life of the swap
agreement.

The Series may also use swaps to gain exposure to specific markets. For
example, suppose bond dealers have particularly low inventories of corporate
bonds, making it difficult for a fixed income fund to increase its exposure to
the corporate bond segment of the market. It is generally not possible to
purchase exchange-traded options on a corporate bond index. A Series could
replicate exposure to the corporate bond market, however, by engaging in an
index swap in which the Series gains exposure to a corporate bond index in
return for paying a LIBOR-based floating interest rate.

Other uses of swaps could help permit the Series to preserve a return or
spread on a particular investment or portion of its portfolio or to protect
against an increase in the price of securities the Series anticipates purchasing
at a later date. Interest rate swaps may also be considered as a substitute for
interest rate futures in many cases where the hedging horizon is longer than the
maturity of the typical futures contract, and may be considered to provide more
liquidity than similar forward contracts, particularly long-term forward
contracts.

The primary risk of swap transactions is the creditworthiness of the
counterparty, since the integrity of the transaction depends on the willingness
and ability of the counterparty to maintain the agreed upon payment stream. This
risk is often referred to as counterparty risk. If there is a default by a
counterparty in a swap transaction, the Series' potential loss is the net amount
of payments the Series is contractually entitled to receive for one payment
period (if any - the Series could be in a net payment position), not the entire
notional amount, which does not change hands in a swap transaction. Swaps do not
involve the delivery of securities or other underlying assets or principal as
collateral for the transaction. The Series will have contractual remedies
pursuant to the swap agreement but, as with any contractual remedy, there is no
guarantee that the Series would be successful in pursuing them -- the
counterparty may be judgement proof due to insolvency, for example. The Series
thus assume the risk that they will be delayed or prevented from obtaining
payments owed to them. The standard industry swap agreements do, however, permit
the Series to terminate a swap agreement (and thus avoid making additional
payments) in the event that a counterparty fails to make a timely payment to the
Series.

In response to this counterparty risk, several securities firms have
established separately capitalized subsidiaries that have a higher credit
rating, permitting them to enter into swap transactions as a dealer. The Series
will not be permitted to enter into any swap transaction unless, at the time of
entering into such transaction, the unsecured long-term debt of the actual
counterparty, combined with any credit enhancements, is rated at least A by S&P
or Moody's or is determined to be of equivalent credit quality by the Series'
investment manager. In addition, the investment manager will closely monitor the
ongoing creditworthiness of swap counterparties in order to minimize the risk of
swaps.

In addition to counterparty risk, the use of swaps also involves risks
similar to those associated with ordinary portfolio security transactions. If
the portfolio manager is incorrect in his or her forecast of market values or
interest rates, the investment performance of a Series which has entered into a
swap transaction could be less favorable than it would have been if this
investment technique were not used. It is important to note, however, that there
is no upper limit on the amount the Series might theoretically be required to
pay in a swap transaction.

In order to ensure that a Series will only engage in swap transactions to
the extent consistent with its investment objectives and strategies, the Series
will only engage in a swap transaction if all of the reference rates used in the
swap are related to or derived from securities, instruments or markets that are
otherwise eligible investments for the Series. Similarly, the extent to which
the Series may invest in a swap, as measured by the notional amount, will be
subject to the same limitations as the eligible investments to which the
purchased reference rate relates.

A Series will, consistent with industry practice, segregate and
mark-to-market daily cash or other liquid assets having an aggregate market
value at least equal to the net amount of the excess, if any, of the Series'
payment obligations over its entitled payments with respect to each swap
contract. To the extent that the Series is obligated by a swap to pay a fixed or
variable interest rate, the Series may segregate securities that are expected to
generate income sufficient to meet the Series' net payment obligations. For
example, if a Series holds interest rate swaps and is required to make payments
based on variable interest rates, it will have to make increased payments if
interest rates rise, which will not be necessarily be offset by the fixed-rate
payments it is entitled to receive under the swap agreement.

There is not a well-developed secondary market for interest rate or index
swaps. Most interest rate swaps are nonetheless relatively liquid because they
can be sold back to the counterparty/dealer relatively quickly at a determinable
price. Most index swaps, on the other hand, are considered to be illiquid
because the counterparty/dealer typically will not unwind an index swap prior to
its termination (and, not surprisingly, index swaps tend to have much shorter
terms). A Series will therefore treat all swaps as subject to its limitation on
illiquid investments. For purposes of calculating these percentage limitations,
a Series will refer to the notional amount of the swap.

Swaps will be priced using fair value pricing. The income provided by a
swap should be qualifying income for purposes of Subchapter M of the Code. Swaps
should not otherwise result in any significant diversification or valuation
issues under Subchapter M of the Code.

Credit Default Swaps
The Delaware VIP Balanced Series, Delaware VIP Diversified Income Series,
Delaware VIP Global Bond Series and the Delaware VIP High Yield Series may enter
into credit default swap ("CDS") contracts to the extent consistent with its
investment objectives and strategies. A CDS contract is a risk-transfer
instrument (in the form of a derivative security) through which one party (the
"purchaser of protection") transfers to another party (the "seller of
protection") the financial risk of a Credit Event (as defined below), 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
premium. In the most general sense, the benefit for the purchaser of protection
is that if a Credit Event should occur, it has an agreement that the seller of
protection will make him whole in return for the transfer to the seller of
protection of the reference security or securities. The benefit for the seller
of protection is the premium income it receives. A Series might use CDS
contracts to limit or to reduce the risk exposure of the Series to defaults of
the issuer or issuers of the Series' portfolio holdings (i.e., to reduce risk
when the Series owns or has exposure to such securities). A Series also might
use CDS contracts to create or vary exposure to securities or markets.

CDS transactions may involve general market, illiquidity, counterparty and
credit risks. CDS prices may also be subject to rapid movements in response to
news and events affecting the underlying securities. The aggregate notional
amount (typically, the principal amount of the reference security or securities)
of the Series' investments in the CDS contracts will be limited to 10% of the
Series' total net assets (except the limit shall be 15% for Delaware VIP High
Yield Series and the liquidity provisions will not apply to 144A securities for
the Delaware VIP Balanced Series and Delaware VIP Diversified Income Series). As
the purchaser or seller of protection, a Series may be required to segregate
cash or other liquid assets to cover its obligations under certain CDS
contracts.

As the seller of protection in a CDS contract, a Series would be required
to pay the par (or other agreed-upon) value of a reference security (or basket
of securities) to the counterparty in the event of a default, bankruptcy,
failure to pay, obligation acceleration, modified restructuring or agreed upon
event (each of these events is a "Credit Event"). If a Credit Event occurs, a
Series generally would receive the security or securities to which the Credit
Event relates in return for the payment to the purchaser of the par value.
Provided that no Credit Event occurs, a Series would receive from the
counterparty a periodic stream of payments over the term of the contract in
return for this credit protection. In addition, if no Credit Event occurs during
the term of the CDS contact, a Series would have no delivery requirement or
payment obligation to the purchaser of protection. As the seller of protection,
a Series would have credit exposure to the reference security (or basket of
securities). A Series will not sell protection in a CDS contract if it cannot
otherwise hold the security (or basket of securities).

As the purchaser of protection in a CDS contract, a Series would pay a
premium to the seller of protection. In return, a Series would be protected by
the seller of protection from a Credit Event on the reference security (or
basket of securities). A risk in this type of transaction is that the seller of
protection may fail to satisfy its payment obligations to a Series if a Credit
Event should occur. This risk is known as counterparty risk and is described in
further detail below.

If the purchaser of protection does not own the reference security (or
basket of securities), the purchaser of protection may be required to purchase
the reference security (or basket of securities) in the case of a Credit Event
on the reference security (or basket of securities). If the purchaser of
protection cannot obtain the security (or basket of securities), it may be
obligated to deliver a security (or basket of securities) that is deemed to be
equivalent to the reference security (or basket of securities) or the negotiated
monetary value of the obligation.

Each CDS contract is individually negotiated. The term of a CDS contract,
assuming no Credit Event occurs, is typically between two and five years. CDS
contracts may be unwound through negotiation with the counterparty.
Additionally, a CDS contract may be assigned to a third party. In either case,
the unwinding or assignment involves the payment or receipt of a separate
payment by a Series to terminate the CDS contract.

Counterparty risk. A significant risk in CDS transactions is the
creditworthiness of the counterparty because the integrity of the transaction
depends on the willingness and ability of the counterparty to meet its
contractual obligations. If there is a default by a counterparty who is a
purchaser of protection, a Series' potential loss is the agreed upon periodic
stream of payments from the purchaser of protection. If there is a default by a
counterparty that is a seller of protection, a Series' potential loss is the
failure to receive the par value or other agreed upon value from the seller of
protection if a Credit Event should occur. CDS contracts do not involve the
delivery of collateral to support each party's obligations; therefore, a Series
will only have contractual remedies against the counterparty pursuant to the CDS
agreement. As with any contractual remedy, there is no guarantee that a Series
would be successful in pursuing such remedies. For example, the counterparty may
be judgment proof due to insolvency. A Series thus assumes the risk that it will
be delayed or prevented from obtaining payments owed to it.

When-Issued, "When, As and If Issued" and Delayed Delivery Securities and
Forward Commitments

Consistent with their respective objectives, the Series may purchase
securities on a when-issued or delayed delivery basis or may purchase or sell
securities on a forward commitment basis. The Series may also purchase
securities on a "when, as and if issued" basis under which the issuance of the
security depends upon the occurrence of a subsequent event, such as approval of
a merger, corporate reorganization or debt restructuring. When such transactions
are negotiated, the price is fixed at the time of commitment, but delivery and
payment can take place a month or more after the date of the commitment. A
Series will designate cash or securities in amounts sufficient to cover its
obligations, and will value the designated assets daily.

Although the Series will only purchase securities on a when-issued, "when,
as and if issued," delayed delivery or forward commitment basis with the
intention of acquiring the securities, the Series may sell the securities before
the settlement date if it is deemed advisable. The securities so purchased or
sold are subject to market fluctuation and no interest accrues to the purchaser
during this period. At the time a Series makes the commitment to purchase or
sell securities on a when-issued, "when, as and if issued," delayed delivery or
forward commitment basis, it will record the transaction and thereafter reflect
the value, each day, of the security purchased or, if a sale, the proceeds to be
received, in determining its net asset value. At the time of delivery of the
securities, their value may be more or less than the purchase or sale price.

Liquidity and Rule 144A Securities
In order to assure that each Series has sufficient liquidity, no Series may
invest more than 10% of its net assets in illiquid assets (except Delaware VIP
High Yield, Delaware VIP REIT, Delaware VIP Select Growth and Delaware VIP U.S.
Growth Series, which may invest up to 15% of their net assets in illiquid
securities). For Delaware VIP Balanced, Delaware VIP Capital Reserves, Delaware
VIP Cash Reserve, Delaware VIP Value and Delaware VIP Growth Opportunities
Series, this policy shall extend to all restricted securities, including
securities eligible for resale without registration pursuant to Rule 144A of the
1933 Act ("Rule 144A Securities") (described below), and repurchase agreements
maturing in more than seven days. With respect to Delaware VIP Diversified
Income, Delaware VIP Emerging Markets, Delaware VIP Global Bond, Delaware VIP
High Yield, Delaware VIP International Value Equity, Delaware VIP REIT, Delaware
VIP Select Growth, Delaware VIP Small Cap Value, Delaware VIP Trend and Delaware
VIP U.S. Growth Series, and subject to the following paragraphs, this policy
shall not limit the acquisition of Rule 144A Securities. Rule 144A permits many
privately placed and legally restricted securities to be freely traded among
certain institutional buyers such as the Series. Investing in Rule 144A
Securities could have the effect of increasing the level of illiquidity of a
Series to the extent that qualified institutional buyers become uninterested,
for a time, in purchasing these securities.

While maintaining oversight, the Board of Trustees has delegated to the
Series' investment managers the day-to-day functions of determining whether or
not individual Rule 144A Securities are liquid for purposes of the 10%
limitation on investments in illiquid assets (15% in the case of Delaware VIP
High Yield, Delaware VIP REIT, Delaware VIP Select Growth and Delaware VIP U.S.
Growth Series). The Board has instructed the investment managers to consider the
following factors in determining the liquidity of a Rule 144A Security: (i) the
frequency of trades and trading volume for the security; (ii) whether at least
three dealers are willing to purchase or sell the security and the number of
potential purchasers; (iii) whether at least two dealers are making a market in
the security; (iv) the nature of the security and the nature of the marketplace
trades (e.g., the time needed to dispose of the security, the method of
soliciting offers, the mechanics of transfer, and whether the security is listed
on an electronic network for trading the security).

If the respective investment manager determines that a Rule 144A Security
which was previously determined to be liquid is no longer liquid and, as a
result, the applicable Series' holdings of illiquid securities exceed the
Series' 10% limit on investment in such securities (15% in the case of Delaware
VIP High Yield, Delaware VIP REIT, Delaware VIP Select Growth and Delaware VIP
U.S. Growth Series), the respective investment manager will determine what
action shall be taken to ensure that the Series continues to adhere to such
limitation.

Repurchase Agreements
Each Series may, from time to time, enter into repurchase agreement
transactions which are at least 102% collateralized by U.S. government
securities, except that the Delaware VIP Emerging Markets, Delaware VIP Global
Bond and Delaware VIP International Value Equity Series may accept as collateral
any securities in which such Series may invest. Repurchase agreements are
instruments under which securities are purchased from a bank or securities
dealer with an agreement by the seller to repurchase the securities. Under a
repurchase agreement, the purchaser acquires ownership of the security but the
seller agrees, at the time of sale, to repurchase it at a mutually agreed-upon
time and price. The Series will take custody of the collateral under repurchase
agreements. Repurchase agreements may be construed to be collateralized loans by
the purchaser to the seller secured by the securities transferred. The resale
price is in excess of the purchase price and reflects an agreed-upon market rate
unrelated to the coupon rate or maturity of the purchase security. Such
transactions afford an opportunity for the Series to invest temporarily
available cash. The Series' risk is limited to the seller's ability to buy the
security back at the agreed-upon sum at the agreed-upon time, since the
repurchase agreement is secured by the underlying obligation. Should such an
issuer default, the investment managers believe that, barring extraordinary
circumstances, a Series will be entitled to sell the underlying securities or
otherwise receive adequate protection for its interest in such securities,
although there could be a delay in recovery. Each Series considers the
creditworthiness of the bank or dealer from whom it purchases repurchase
agreements. The Series will monitor such transactions to assure that the value
of the underlying securities subject to repurchase agreements is at least equal
to the repurchase price. The underlying securities will be limited to those
described above.

The funds in the Delaware Investments family have obtained an exemption
from the joint-transaction prohibitions of Section 17(d) of the 1940 Act
("Order") to allow the funds in the Delaware Investments family to jointly
invest cash balances. Each Series of the Trust (other than Delaware VIP Emerging
Markets, Delaware VIP Global Bond and Delaware VIP International Value Equity
Series) may invest cash balances in a joint repurchase agreement in accordance
with the terms of the Order and subject generally to the conditions described
above.

Portfolio Loan Transactions
Each Series, except for Delaware VIP Cash Reserve Series, may loan up to
25% of its assets to qualified broker/dealers or institutional investors for
their use relating to short sales or other security transactions.

It is the understanding of the Series' respective investment managers that
the staff of the SEC permits portfolio lending by registered investment
companies if certain conditions are met. These conditions are as follows: (1)
each transaction must have 100% collateral in the form of cash, short-term U.S.
government securities, or irrevocable letters of credit payable by banks
acceptable to the Trust from the borrower; (2) this collateral must be valued
daily and should the market value of the loaned securities increase, the
borrower must furnish additional collateral to the Series; (3) the Series must
be able to terminate the loan after notice, at any time; (4) the Series must
receive reasonable interest on any loan, and any dividends, interest or other
distributions on the lent securities, and any increase in the market value of
such securities; (5) the Series may pay reasonable custodian fees in connection
with the loan; (6) the voting rights on the lent securities may pass to the
borrower; however, if the Trustees of the Trust know that a material event will
occur affecting an investment loan, they must either terminate the loan in order
to vote the proxy or enter into an alternative arrangement with the borrower to
enable the Trustees to vote the proxy.

The major risk to which a Series would be exposed on a loan transaction is
the risk that the borrower would go bankrupt at a time when the value of the
security goes up. Therefore, a Series will only enter into loan arrangements
after a review of all pertinent facts by the Series' respective investment
managers, under the supervision of the Board of Trustees, including the
creditworthiness of the borrowing broker, dealer or institution, and then only
if the consideration to be received from such loans would justify the risk.
Creditworthiness will be monitored on an ongoing basis by the Series' respective
investment managers.

Foreign Securities
To the extent that each Series is authorized and intends to invest in
foreign securities, investors should recognize that investing in securities of
foreign issuers involves certain considerations, including those described in
the Prospectuses, which are not typically associated with investing in United
States issuers. Since the stocks of foreign companies are frequently denominated
in foreign currencies, and since the Series may temporarily hold uninvested
reserves in bank deposits in foreign currencies, the Series will be affected
favorably or unfavorably by changes in currency rates and in exchange control
regulations, and may incur costs in connection with conversions between various
currencies. The investment policies of certain of the Series permit them to
enter into forward foreign currency exchange contracts and various related
currency transactions in order to hedge the Series' holdings and commitments
against changes in the level of future currency rates. Such contracts involve an
obligation to purchase or sell a specific currency at a future date at a price
set at the time of the contract.

Dividends paid by foreign issuers may be subject to withholding and other
foreign taxes, which may decrease the net return on such investments as compared
to dividends paid to the Series by U.S. corporations. Special rules govern the
federal income tax treatment of certain transactions denominated in terms of a
currency other than the U.S. dollar or determined by reference to the value of
one or more currencies other than the U.S. dollar. The types of transactions
covered by the special rules generally include the following: (i) the
acquisition of, or becoming the obligor under, a bond or other debt instrument
(including, to the extent provided in Treasury Regulations, preferred stock);
(ii) the accruing of certain trade receivables and payables; and (iii) the
entering into or acquisition of any forward contract, futures contract, option
and similar financial instruments other than any "regulated futures contract" or
"non-equity option" marked to market. The disposition of a currency other than
the U.S. dollar by a U.S. taxpayer is also treated as a transaction subject to
the special currency rules. However, foreign currency-related regulated futures
contracts and non-equity options generally are not subject to the special
currency rules if they are, or would be, treated as sold for their fair market
value at year-end under the marking to market rules applicable to other futures
contracts, unless an election is made to have such currency rules apply. With
respect to transactions covered by the special rules, foreign currency gain or
loss is calculated separately from any gain or loss on the underlying
transaction and is normally taxable as ordinary gain or loss. A taxpayer may
elect to treat as capital gain or loss foreign currency gain or loss arising
from certain identified forward contracts, futures contracts and options that
are capital assets in the hands of the taxpayer and which are not part of a
straddle. Certain transactions subject to the special currency rules that are
part of a "section 988 hedging transaction" (as defined in the Code, and the
Treasury Regulations) will be integrated and treated as a single transaction or
otherwise treated consistently for purposes of the Code. The income tax effects
of integrating and treating a transaction as a single transaction are generally
to create a synthetic debt instrument that is subject to the original discount
provisions. It is anticipated that some of the non-U.S. dollar denominated
investments and foreign currency contracts a Series may make or enter into will
be subject to the special currency rules described above.

Supranational Entities. A supranational entity is an entity established or
financially supported by the national governments of one or more countries to
promote reconstruction or development. Examples of supranational entities
include, among others, the World Bank, the European Economic Community, the
European Bank for Reconstruction and Development, the European Investment Bank,
the Inter-American Development Bank, the Export-Import Banks, the Nordic
Investment Bank and the Asian Development Bank.

Emerging Markets. Compared to the United States and other developed
countries, emerging countries may have relatively unstable governments,
economies based on only a few industries, and securities markets that trade a
small number of securities. Prices on these exchanges tend to be volatile and,
in the past, securities in these countries have offered greater potential for
gain (as well as loss) than securities of companies located in developed
countries. Further, investments by foreign investors (such as the Series) are
subject to a variety of restrictions in many emerging countries. These
restrictions may take the form of prior governmental approval, limits on the
amount or type of securities held by foreigners, and limits on the types of
companies in which foreigners may invest. Additional restrictions may be imposed
at any time by these or other countries in which a Series invests. In addition,
the repatriation of both investment income and capital from several foreign
countries is restricted and controlled under certain regulations, including, in
some cases, the need for certain governmental consents. Although these
restrictions may in the future make it undesirable to invest in emerging
countries, Mondrian Investment Partners Limited, the investment manager to some
of the Series, does not believe that any current repatriation restrictions would
affect its decision to invest in such countries. Countries such as those in
which the Series may invest have historically experienced, and may continue to
experience, high rates of inflation, high interest rates, exchange rate
fluctuations or currency depreciation, large amounts of external debt, balance
of payments and trade difficulties, and extreme poverty and unemployment.
Additional factors which may influence the ability or willingness to service
debt include, but are not limited to, a country's cash flow situation, the
availability of sufficient foreign exchange on the date a payment is due, the
relative size of its debt service burden to the economy as a whole, its
government's policy towards the International Monetary Fund, the World Bank and
other international agencies and the political constraints to which a government
debtor may be subject.

With respect to investment in debt issues of foreign governments, including
Brady Bonds, the ability of a foreign government or government-related issuer to
make timely and ultimate payments on its external debt obligations will also be
strongly influenced by the issuer's balance of payments, including export
performance, its access to international credits and investments, fluctuations
in interest rates and the extent of its foreign reserves. A country whose
exports are concentrated in a few commodities or whose economy depends on
certain strategic imports could be vulnerable to fluctuations in international
prices of these commodities or imports. To the extent that a country has
inadequate exports or receives payment for its exports in currencies other than
dollars, its ability to make debt payments denominated in dollars could be
adversely affected.

The issuers of the emerging market country government and
government-related high yield securities in which a Series may invest have in
the past experienced substantial difficulties in servicing their external debt
obligations, which have led to defaults on certain obligations and the
restructuring of certain indebtedness. Restructuring arrangements have included,
among other things, reducing and rescheduling interest and principal payments by
negotiating new or amended credit agreements or converting outstanding principal
and unpaid interest to Brady Bonds, and obtaining new credit to finance interest
payments. Holders of certain foreign government and government-related high
yield securities may be requested to participate in the restructuring of such
obligations and to extend further loans to their issuers. There can be no
assurance that the Brady Bonds and other foreign government and
government-related high yield securities in which a Series may invest will not
be subject to similar defaults or restructuring arrangements which may adversely
affect the value of such investments. Furthermore, certain participants in the
secondary market for such debt may be directly involved in negotiating the terms
of these arrangements and may therefore have access to information not available
to other market participants.

Depositary Receipts. Each Series (other than Delaware VIP Cash Reserve
Series) may make foreign investments through the purchase and sale of sponsored
or unsponsored American, European, Global and similar types of Depositary
Receipts ("Depositary Receipts"). Depositary Receipts are receipts often issued
by a U.S. or foreign bank or trust company which evidence ownership of
underlying securities issued by a foreign corporation. "Sponsored" Depositary
Receipts are issued jointly by the issuer of the underlying security and a
depository, whereas "unsponsored" Depositary Receipts are issued without
participation of the issuer of the deposited security. Holders of unsponsored
Depositary Receipts generally bear all the costs of such facilities and the
depository of an unsponsored facility frequently is under no obligation to
distribute shareholder communications received from the issuer of the deposited
security or to pass through voting rights to the holders of such receipts in
respect of the deposited securities. Therefore, there may not be a correlation
between information concerning the issuer of the security and the market value
of an unsponsored Depositary Receipt.

Foreign Currency Transactions
In connection with a Series' investment in foreign securities, a Series may
purchase or sell currencies and/or engage in forward foreign currency
transactions in order to expedite settlement of portfolio transactions and to
minimize currency value fluctuations.

Forward foreign currency contracts are traded in the interbank market
conducted directly between currency traders (usually large commercial banks) and
their customers. A forward contract generally has no deposit requirement, and no
commissions are charged at any stage for trades. A Series will account for
forward contracts by marking to market each day at daily exchange rates.

When a Series enters into a forward contract to sell, for a fixed amount of
U.S. dollars or other appropriate currency, the amount of foreign currency
approximating the value of some or all of that Series' assets denominated in
such foreign currency, the Series' custodian bank or subcustodian will place
cash or liquid high grade debt securities in a separate account of the Series in
an amount not less than the value of such Series' total assets committed to the
consummation of such forward contracts. If the additional cash or securities
placed in the separate account declines, additional cash or securities will be
placed in the account on a daily basis so that the value of the account will
equal the amount of the Series' commitments with respect to such contracts.

Futures Contracts and Options on Futures Contracts
Futures Contracts--Each of Delaware VIP Balanced, Delaware VIP Capital
Reserves, Delaware VIP Diversified Income, Delaware VIP Emerging Markets,
Delaware VIP Global Bond, Delaware VIP Growth Opportunities, Delaware VIP
International Value Equity, Delaware VIP REIT, Delaware VIP Select Growth,
Delaware VIP Small Cap Value, Delaware VIP Trend and Delaware VIP U.S. Growth
Series may enter into futures contracts relating to securities, securities
indices (stocks and stock indices, in the case of Delaware VIP Balanced and
Delaware VIP Growth Opportunities Series) or interest rates (except in the case
of Delaware VIP Growth Opportunities Series). In addition, Delaware VIP
Diversified Income, Delaware VIP Emerging Markets, Delaware VIP Global Bond,
Delaware VIP Growth Opportunities, Delaware VIP International Value Equity and
Delaware VIP Trend Series may enter into foreign currency futures contracts.
(Unless otherwise specified, interest rate futures contracts, securities and
securities index futures contracts and foreign currency futures contracts are
collectively referred to as "futures contracts.") Such investment strategies
will be used as a hedge and not for speculation.

Purchases or sales of stock or bond index futures contracts are used for
hedging purposes to attempt to protect a Series' current or intended investments
from broad fluctuations in stock or bond prices. For example, a Series may sell
stock or bond index futures contracts in anticipation of or during a market
decline to attempt to offset the decrease in market value of the Series'
securities portfolio that might otherwise result. If such decline occurs, the
loss in value of portfolio securities may be offset, in whole or part, by gains
on the futures position. When a Series is not fully invested in the securities
market and anticipates a significant market advance, it may purchase stock or
bond index futures contracts in order to gain rapid market exposure that may, in
part or entirely, offset increases in the cost of securities that the Series
intends to purchase. As such purchases are made, the corresponding positions in
stock or bond index futures contracts will be closed out.

Interest rate futures contracts are purchased or sold for hedging purposes
to attempt to protect against the effects of interest rate changes on a Series'
current or intended investments in fixed-income securities. For example, if a
Series owned long-term bonds and interest rates were expected to increase, that
Series might sell interest rate futures contracts. Such a sale would have much
the same effect as selling some of the long-term bonds in that Series'
portfolio. However, since the futures market is more liquid than the cash
market, the use of interest rate futures contracts as a hedging technique allows
a Series to hedge its interest rate risk without having to sell its portfolio
securities. If interest rates did increase, the value of the debt securities in
the portfolio would decline, but the value of that Series' interest rate futures
contracts would be expected to increase at approximately the same rate, thereby
keeping the net asset value of that Series from declining as much as it
otherwise would have. On the other hand, if interest rates were expected to
decline, interest rate futures contracts could be purchased to hedge in
anticipation of subsequent purchases of long-term bonds at higher prices.
Because the fluctuations in the value of the interest rate futures contracts
should be similar to those of long-term bonds, a Series could protect itself
against the effects of the anticipated rise in the value of long-term bonds
without actually buying them until the necessary cash became available or the
market had stabilized. At that time, the interest rate futures contracts could
be liquidated and that Series' cash reserve could then be used to buy long-term
bonds on the cash market.

Delaware VIP Diversified Income, Delaware VIP Emerging Markets, Delaware
VIP Global Bond and Delaware VIP International Value Equity Series may each
purchase and sell foreign currency futures contracts for hedging purposes to
attempt to protect current or intended investments from fluctuations in currency
exchange rates. Such fluctuations could reduce the dollar value of portfolio
securities denominated in foreign currencies, or increase the cost of
foreign-denominated securities to be acquired, even if the value of such
securities in the currencies in which they are denominated remains constant.
Each of Delaware VIP Diversified Income, Delaware VIP Emerging Markets, Delaware
VIP Global Bond and Delaware VIP International Value Equity Series may sell
futures contracts on a foreign currency, for example, when a Series holds
securities denominated in such currency and it anticipates a decline in the
value of such currency relative to the dollar. In the event such decline occurs,
the resulting adverse effect on the value of foreign-denominated securities may
be offset, in whole or in part, by gains on the futures contracts. However, if
the value of the foreign currency increases relative to the dollar, the Series'
loss on the foreign currency futures contract may or may not be offset by an
increase in the value of the securities because a decline in the price of the
security stated in terms of the foreign currency may be greater than the
increase in value as a result of the change in exchange rates.

Conversely, each of Delaware VIP Diversified Income, Delaware VIP Emerging
Markets, Delaware VIP Global Bond and Delaware VIP International Value Equity
Series could protect against a rise in the dollar cost of foreign-denominated
securities to be acquired by purchasing futures contracts on the relevant
currency, which could offset, in whole or in part, the increased cost of such
securities resulting from a rise in the dollar value of the underlying
currencies. When a Series purchases futures contracts under such circumstances,
however, and the price of securities to be acquired instead declines as a result
of appreciation of the dollar, the Series will sustain losses on its futures
position which could reduce or eliminate the benefits of the reduced cost of
portfolio securities to be acquired.

The Series may also engage in currency "cross hedging" when, in the opinion
of the Series' investment manager, the historical relationship among foreign
currencies suggests that a Series may achieve protection against fluctuations in
currency exchange rates similar to that described above at a reduced cost
through the use of a futures contract relating to a currency other than the U.S.
dollar or the currency in which the foreign security is denominated. Such "cross
hedging" is subject to the same risks as those described above with respect to
an unanticipated increase or decline in the value of the subject currency
relative to the dollar.

Options on Futures Contracts--Each of Delaware VIP Balanced, Delaware VIP
Capital Reserves, Delaware VIP Diversified Income, Delaware VIP Emerging
Markets, Delaware VIP Global Bond, Delaware VIP Growth Opportunities, Delaware
VIP International Value Equity, Delaware VIP REIT, Delaware VIP Small Cap Value,
Delaware VIP Select Growth, Delaware VIP Trend, and Delaware VIP U.S. Growth
Series may purchase and write options on the types of futures contracts in which
each Series may invest.

The writing of a call option on a futures contract constitutes a partial
hedge against declining prices of the securities in the Series' portfolio. If
the futures price at expiration of the option is below the exercise price, a
Series will retain the full amount of the option premium, which provides a
partial hedge against any decline that may have occurred in the Series'
portfolio holdings. The writing of a put option on a futures contract
constitutes a partial hedge against increasing prices of the securities or other
instruments required to be delivered under the terms of the futures contract. If
the futures price at expiration of the put option is higher than the exercise
price, a Series will retain the full amount of the option premium, which
provides a partial hedge against any increase in the price of securities which
the Series intends to purchase. If a put or call option a Series has written is
exercised, the Series will incur a loss which will be reduced by the amount of
the premium it receives. Depending on the degree of correlation between changes
in the value of its portfolio securities and changes in the value of its options
on futures positions, a Series' losses from exercised options on futures may to
some extent be reduced or increased by changes in the value of portfolio
securities.

The Series may purchase options on futures contracts for hedging purposes
instead of purchasing or selling the underlying futures contracts. For example,
where a decrease in the value of portfolio securities is anticipated as a result
of a projected marketwide decline or changes in interest or exchange rates, a
Series could, in lieu of selling futures contracts, purchase put options
thereon. In the event that such decrease occurs, it may be offset, in whole or
in part, by a profit on the option. If the market decline does not occur, the
Series will suffer a loss equal to the price of the put. Where it is projected
that the value of securities to be acquired by a Series will increase prior to
acquisition, due to a market advance or changes in interest or exchange rates, a
Series could purchase call options on futures contracts, rather than purchasing
the underlying futures contracts. If the market advances, the increased cost of
securities to be purchased may be offset by a profit on the call. However, if
the market declines, the Series will suffer a loss equal to the price of the
call, but the securities which the Series intends to purchase may be less
expensive.

Options on Foreign Currencies
Delaware VIP Diversified Income, Delaware VIP Emerging Markets, Delaware
VIP Global Bond, Delaware VIP International Value Equity, Delaware VIP REIT and
Delaware VIP U.S. Growth Series may purchase and write options on foreign
currencies for hedging purposes in a manner similar to that in which futures
contracts on foreign currencies, or forward contracts, will be utilized. For
example, a decline in the dollar value of a foreign currency in which portfolio
securities are denominated will reduce the dollar value of such securities, even
if their value in the foreign currency remains constant. In order to protect
against such diminutions in the value of portfolio securities, the Series may
purchase put options on the foreign currency. If the value of the currency does
decline, the Series will have the right to sell such currency for a fixed amount
in dollars and will thereby offset, in whole or in part, the adverse effect on
its portfolio which otherwise would have resulted.

Conversely, where a rise in the dollar value of a currency in which
securities to be acquired are denominated is projected, thereby increasing the
cost of such securities, the Series may purchase call options thereon. The
purchase of such options could offset, at least partially, the effects of the
adverse movement in exchange rates. As in the case of other types of options,
however, the benefit to the Series deriving from purchases of foreign currency
options will be reduced by the amount of the premium and related transaction
costs. In addition, where currency exchange rates do not move in the direction
or to the extent anticipated, the Series could sustain losses on transactions in
foreign currency options which would require it to forego a portion or all of
the benefits of advantageous changes in such rates.

The Series may write options on foreign currencies for the same types of
hedging purposes. For example, where the Series anticipate a decline in the
dollar value of foreign currency denominated securities due to adverse
fluctuations in exchange rates, they could, instead of purchasing a put option,
write a call option on the relevant currency. If the expected decline occurs,
the option will most likely not be exercised, and the diminution in the value of
portfolio securities will be offset by the amount of the premium received.

Similarly, instead of purchasing a call option to hedge against the
anticipated increase in the dollar cost of securities to be acquired, the Series
could write a put option on the relevant currency which, if rates move in the
manner projected, will expire unexercised and allow the Series to hedge such
increased costs up to the value of the premium. As in the case of other types of
options, however, the writing of a foreign currency option will constitute only
a partial hedge up to the amount of the premium, and only if rates move in the
expected direction. If this does not occur, the option may be exercised and the
Series would be required to purchase or sell the underlying currency at a loss
which may not be offset by the amount of the premium. Through the writing of
options on foreign currencies, the Series also may be required to forego all or
a portion of the benefit which might otherwise have been obtained from favorable
movements in exchange rates.

Each Series intends to write covered call options on foreign currencies. A
call option written on a foreign currency by a Series is "covered" if the Series
owns the underlying foreign currency covered by the call or has an absolute and
immediate right to acquire that foreign currency without additional cash
consideration (or for additional cash consideration held in a segregated account
by the Series' custodian bank) upon conversion or exchange of other foreign
currency held in its portfolio. A call option is also covered if the Series has
a call on the same foreign currency and in the same principle amount as the call
written where the exercise price of the call held is (a) equal to less than the
exercise price of the call written, or (b) greater than the exercise price of
the call written if the difference is maintained by the Series in cash, U.S.
government securities or other high-grade liquid debt securities in a segregated
account with its custodian bank.

With respect to writing put options, at the time the put is written, a
Series will establish a segregated account with its custodian bank consisting of
cash, U.S. government securities or other high-grade liquid debt securities in
an amount equal in value to the amount the Series will be required to pay upon
exercise of the put. The account will be maintained until the put is exercised,
has expired, or the Series has purchased a closing put of the same series as the
one previously written.

Options
Each Series, except for Delaware VIP Cash Reserve Series, may write call
options and purchase put options on a covered basis only. Delaware VIP Emerging
Markets, Delaware VIP Global Bond, Delaware VIP International Value Equity,
Delaware VIP REIT, Delaware VIP Select Growth and Delaware VIP U.S. Growth
Series also may purchase call options. These Series also may enter into closing
transactions with respect to such options transactions. No Series will engage in
option transactions for speculative purposes.

To the extent authorized to engage in option transactions, the Series may
invest in options that are Exchange listed. Delaware VIP Balanced, Delaware VIP
Emerging Markets, Delaware VIP Global Bond, Delaware VIP International Value
Equity, Delaware VIP REIT, Delaware VIP Select Growth and Delaware VIP U.S.
Growth Series also may invest in options that are traded over-the-counter. The
other Series reserve the right to invest in over-the-counter options upon
written notice to their shareholders. Certain over-the-counter options may be
illiquid. The Series will enter into an option position only if there appears to
be a liquid market for such options. However, there can be no assurance that a
liquid secondary market will be maintained. Thus, it may not be possible to
close option positions, which may have an adverse impact on a Series' ability to
effectively hedge its securities. Delaware VIP Balanced, Delaware VIP Emerging
Markets, Delaware VIP Global Bond, Delaware VIP International Value Equity,
Delaware VIP REIT, Delaware VIP Select Growth and Delaware VIP U.S. Growth
Series will only enter into such options to the extent consistent with their
respective limitations on investments in illiquid securities.

A. Covered Call Writing--A Series may write covered call options from time
to time on such portion of its portfolio, without limit, as the respective
investment manager determines is appropriate in seeking to obtain the Series'
investment objective. A call option gives the purchaser of such option the right
to buy, and the writer, in this case the Series, has the obligation to sell the
underlying security at the exercise price during the option period. The
advantage to a Series of writing covered calls is that the Series receives a
premium which is additional income. However, if the security rises in value, the
Series may not fully participate in the market appreciation.

During the option period, a covered call option writer may be assigned an
exercise notice by the broker/dealer through whom such call option was sold
requiring the writer to deliver the underlying security against payment of the
exercise price. This obligation is terminated upon the expiration of the option
period or at such earlier time in which the writer effects a closing purchase
transaction. A closing purchase transaction cannot be effected with respect to
an option once the option writer has received an exercise notice for such
option.

With respect to such options, the Series may enter into closing purchase
transactions. A closing purchase transaction is one in which the Series, when
obligated as a writer of an option, terminates its obligation by purchasing an
option of the same series as the option previously written.

Closing purchase transactions will ordinarily be effected to realize a
profit on an outstanding call option, to prevent an underlying security from
being called, to permit the sale of the underlying security or to enable the
Series to write another call option on the underlying security with either a
different exercise price or expiration date or both. The Series may realize a
net gain or loss from a closing purchase transaction depending upon whether the
net amount of the original premium received on the call option is more or less
than the cost of effecting the closing purchase transaction. Any loss incurred
in a closing purchase transaction may be partially or entirely offset by the
premium received from a sale of a different call option on the same underlying
security. Such a loss may also be wholly or partially offset by unrealized
appreciation in the market value of the underlying security. Conversely, a gain
resulting from a closing purchase transaction could be offset in whole or in
part by a decline in the market value of the underlying security.

If a call option expires unexercised, the Series will realize a short-term
capital gain in the amount of the premium on the option less the commission
paid. Such a gain, however, may be offset by depreciation in the market value of
the underlying security during the option period. If a call option is exercised,
the Series will realize a gain or loss from the sale of the underlying security
equal to the difference between the cost of the underlying security and the
proceeds of the sale of the security plus the amount of the premium on the
option less the commission paid.

The market value of a call option generally reflects the market price of an
underlying security. Other principal factors affecting market value include
supply and demand, interest rates, the price volatility of the underlying
security, and the time remaining until the expiration date.

A Series will write call options only on a covered basis, which means that
the Series will own the underlying security subject to a call option at all
times during the option period. Unless a closing purchase transaction is
effected, the Series would be required to continue to hold a security which it
might otherwise wish to sell or deliver a security it would want to hold.
Options written by the Series will normally have expiration dates between one
and nine months from the date written. The exercise price of a call option may
be below, equal to or above the current market value of the underlying security
at the time the option is written.

B. Purchasing Put Options--A Series may invest up to 2% of its total assets
in the purchase of put options. The Series will, at all times during which it
holds a put option, own the security covered by such option.

A put option purchased by the Series gives it the right to sell one of its
securities for an agreed price up to an agreed date. The Series intend to
purchase put options in order to protect against a decline in market value of
the underlying security below the exercise price less the premium paid for the
option ("protective puts"). The ability to purchase put options allows a Series
to protect unrealized gain in an appreciated security in its portfolio without
actually selling the security. If the security does not drop in value, the
Series will lose the value of the premium paid. A Series may sell a put option
which it has previously purchased prior to the sale of the securities underlying
such option. Such sales will result in a net gain or loss depending on whether
the amount received on the sale is more or less than the premium and other
transaction costs paid on the put option which is sold.

The Series may sell a put option purchased on individual portfolio
securities. Additionally, the Series may enter into closing sale transactions. A
closing sale transaction is one in which a Series, when it is the holder of an
outstanding option, liquidates its position by selling an option of the same
series as the option previously purchased.

C. Purchasing Call Options--Delaware VIP Balanced, Delaware VIP Capital
Reserves, Delaware VIP Emerging Markets, Delaware VIP Global Bond, Delaware VIP
International Value Equity, Delaware VIP REIT, Delaware VIP Select Growth and
Delaware VIP U.S. Growth Series may purchase call options to the extent that
premiums paid by the Series do not aggregate more than 2% of the Series' total
assets. When a Series purchases a call option, in return for a premium paid by
the Series to the writer of the option, the Series obtains the right to buy the
security underlying the option at a specified exercise price at any time during
the term of the option. The writer of the call option, who receives the premium
upon writing the option, has the obligation, upon exercise of the option, to
deliver the underlying security against payment of the exercise price. The
advantage of purchasing call options is that the Series may alter portfolio
characteristics and modify portfolio maturities without incurring the cost
associated with portfolio transactions.

A Series may, following the purchase of a call option, liquidate its
position by effecting a closing sale transaction. This is accomplished by
selling an option of the same series as the option previously purchased. A
Series will realize a profit from a closing sale transaction if the price
received on the transaction is more than the premium paid to purchase the
original call option; a Series will realize a loss from a closing sale
transaction if the price received on the transaction is less than the premium
paid to purchase the original call option.

Although a Series will generally purchase only those call options for which
there appears to be an active secondary market, there is no assurance that a
liquid secondary market on an Exchange will exist for any particular option, or
at any particular time, and for some options no secondary market on an Exchange
may exist. In such event, it may not be possible to effect closing transactions
in particular options, with the result that a Series would have to exercise its
options in order to realize any profit and would incur brokerage commissions
upon the exercise of such options and upon the subsequent disposition of the
underlying securities acquired through the exercise of such options. Further,
unless the price of the underlying security changes sufficiently, a call option
purchased by a Series may expire without any value to the Series.

D. Options on Stock Indices -- Delaware VIP Balanced, Delaware VIP Emerging
Markets, Delaware VIP Global Bond, Delaware VIP Growth Opportunities, Delaware
VIP International Value Equity, Delaware VIP REIT, Delaware VIP Select Growth,
Delaware VIP Small Cap Value, Delaware VIP Trend, and Delaware VIP U.S. Growth
Series also may write call options and purchase put options on certain stock
indices and enter into closing transactions in connection therewith. Delaware
VIP Balanced Series may also sell a put option purchased on stock indices.
Delaware VIP Emerging Markets, Delaware VIP Global Bond, Delaware VIP
International Value Equity, Delaware VIP REIT, Delaware VIP Select Growth and
Delaware VIP U.S. Growth Series also may purchase call options on stock indices
and enter into closing transactions in connection therewith. A stock index
assigns relative values to the common stocks included in the index with the
index fluctuating with changes in the market values of the underlying common
stock.

Options on stock indices are similar to options on stocks but have
different delivery requirements. Stock options provide the right to take or make
delivery of the underlying stock at a specified price. A stock index option
gives the holder the right to receive a cash "exercise settlement amount" equal
to (i) the amount by which the fixed exercise price of the option exceeds (in
the case of a put) or is less than (in the case of a call) the closing value of
the underlying index on the date of exercise, multiplied by (ii) a fixed "index
multiplier." Receipt of this cash amount will depend upon the closing level of
the stock index upon which the option is based being greater than (in the case
of a call) or less than (in the case of a put) the exercise price of the option.
The amount of cash received will be equal to such difference between the closing
price of the index and exercise price of the option expressed in dollars times a
specified multiple. The writer of the option is obligated, in return for the
premium received, to make delivery of this amount. Gain or loss to the Series on
transactions in stock index options will depend on price movements in the stock
market generally (or in a particular industry or segment of the market) rather
than price movements of individual securities.

As with stock options, Delaware VIP Emerging Markets, Delaware VIP Global
Bond, Delaware VIP Growth Opportunities, Delaware VIP International Value
Equity, Delaware VIP REIT, Delaware VIP Select Growth, Delaware VIP Small Cap
Value, Delaware VIP Trend, and Delaware VIP U.S. Growth Series may offset
positions in stock index options prior to expiration by entering into a closing
transaction on an Exchange or may let the option expire unexercised.

A stock index fluctuates with changes in the market values of the stock so
included. Some stock index options are based on a broad market index such as the
Standard & Poor's 500 or the New York Stock Exchange Composite Index, or a
narrower market index such as the Standard & Poor's 100. Indices are also based
on an industry or market segment such as the AMEX Oil and Gas Index or the
Computer and Business Equipment Index. Options on stock indices are currently
traded on the following Exchanges among others: Chicago Board Options Exchange,
New York Stock Exchange and American Stock Exchange.

A Series' ability to hedge effectively all or a portion of its securities
through transactions in options on stock indices depends on the degree to which
price movements in the underlying index correlate with price movements in the
Series' portfolio securities. Since a Series' portfolio will not duplicate the
components of an index, the correlation will not be exact. Consequently, a
Series bears the risk that the prices of the securities being hedged will not
move in the same amount as the hedging instrument. It is also possible that
there may be a negative correlation between the index or other securities
underlying the hedging instrument and the hedged securities which would result
in a loss on both such securities and the hedging instrument.

Positions in stock index options may be closed out only on an Exchange
which provides a secondary market. There can be no assurance that a liquid
secondary market will exist for any particular stock index option. Thus, it may
not be possible to close such an option. The inability to close options
positions could have an adverse impact on a Series' ability to effectively hedge
its securities. A Series will enter into an option position only if there
appears to be a liquid secondary market for such options.

A Series will not engage in transactions in options on stock indices for
speculative purposes but only to protect appreciation attained, to offset
capital losses and to take advantage of the liquidity available in the option
markets.

E. Writing Covered Puts--Delaware VIP Balanced, Delaware VIP Capital
Reserves, Delaware VIP REIT, Select Growth and Delaware VIP U.S. Growth Series
may purchase or sell (write) put options on securities as a means of achieving
additional return or of hedging the value of the Series' portfolio. A put option
is a contract that gives the holder of the option the right to sell to the
writer (seller), in return for a premium, the underlying security at a specified
price during the term of the option. The writer of the put, who receives the
premium, has the obligation to buy the underlying security upon exercise, at the
exercise price during the option period. The Series will write only "covered"
options. In the case of a put option written (sold) by the Series, the Series
will maintain in a segregated account cash or U.S. government securities in an
amount not less than the exercise price of the option at all times during the
option period.

F. Closing Transactions-- If a Series has written an option, it may
terminate its obligation by effecting a closing purchase transaction. This is
accomplished by purchasing an option of the same series as the option previously
written. There can be no assurance that either a closing purchase or sale
transaction can be effected when a Series so desires. An option position may be
closed out only on an exchange which provides a secondary market for an option
of the same series. Although the Series will generally purchase or write only
those options for which there appears to be an active secondary market, there is
no assurance that a liquid secondary market on an exchange will exist for any
particular option.

A Series will realize a profit from a closing transaction if the price of
the transaction is less than the premium received from writing the option or is
more than the premium paid to purchase the option; a Series will realize a loss
from a closing transaction if the price of the transaction is more than the
premium received from writing the option or is less than the premium paid to
purchase the option. Because increases in the market price of a call option
generally will reflect increases in the market price of the underlying security,
any loss resulting from the repurchase of a call option is likely to be offset
in whole or in part by appreciation of the underlying security owned by the
Series. If a Series purchases a put option, the loss to the Series is limited to
the premium paid for, and transaction costs in connection with, the put plus the
initial excess, if any, of the market price of the underlying security over the
exercise price. However, if the market price of the security underlying the put
rises, the profit a Series realizes on the sale of the security will be reduced
by the premium paid for the put option less any amount (net of transaction
costs) for which the put may be sold.

Investment Company Securities
Any investments that a Series makes in either closed-end or open-end
investment companies would be limited by the 1940 Act, and would involve an
indirect payment of a portion of the expenses, including advisory fees, of such
other investment companies. Under the 1940 Act's current limitations, a Series
may not (1) own more than 3% of the voting stock of another investment company;
(2) invest more than 5% of its total assets in the shares of any one investment
company; nor (3) invest more than 10% of its total assets in shares of other
investment companies. If a Series elects to limit its investment in other
investment companies to closed-end investment companies, the 3% limitation
described above is increased to 10%. These percentage limitations also apply to
investments in unregistered investment companies.

Securities of Companies in the Financial Services Industry
Certain provisions of the federal securities laws permit investment
portfolios to invest in companies engaged in securities-related activities only
if certain conditions are met. Purchases of securities of a company that derived
15% or less of gross revenues during its most recent fiscal year from
securities-related activities (i.e., broker, dealer, underwriting, or investment
advisory activities) are subject only to the same percentage limitations as
would apply to any other securities the Series may purchase.

In applying the gross revenue test, an issuer's gross revenues from its own
securities-related activities should be combined with its ratable share of the
securities-related activities of enterprises of which it owns a 20% or greater
voting or equity interest. All of the above percentage limitations, including
the issuer's gross revenue test, are applicable at the time of purchase. With
respect to warrants, rights, and convertible securities, a determination of
compliance with the above limitations must be made as though such warrant,
right, or conversion privilege had been exercised.

The following transactions would not be deemed to be an acquisition of
securities of a securities-related business: (i) receipt of stock dividends on
securities acquired in compliance with the conditions described above; (ii)
receipt of securities arising from a stock-for-stock split on securities
acquired in compliance with the conditions described above; (iii) exercise of
options, warrants, or rights acquired in compliance with the federal securities
laws; (iv) conversion of convertible securities acquired in compliance with the
conditions described above; (v) the acquisition of demand features or guarantees
(puts) under certain circumstances.

Lower-Rated Debt Securities
Delaware VIP Diversified Income, Delaware VIP Emerging Markets, Delaware
VIP High Yield and Delaware VIP U.S. Growth Series may purchase high yield, high
risk securities, commonly known as "junk bonds." These securities are rated
lower than BBB by S&P or Baa by Moody's and are often considered to be
speculative and involve significantly higher risk of default on the payment of
principal and interest or are more likely to experience significant price
fluctuation due to changes in the issuer's creditworthiness. Market prices of
these securities may fluctuate more than higher-rated debt securities and may
decline significantly in periods of general economic difficulty which may follow
periods of rising interest rates. Although the market for high yield corporate
debt securities has been in existence for many years and has weathered previous
economic downturns, the market in recent years has experienced a dramatic
increase in the large-scale use of such securities to fund highly leveraged
corporate acquisitions and restructurings. Accordingly, past experience may not
provide an accurate indication of future performance of the high yield bond
market, especially during periods of economic recession. See Appendix A -
Description of Ratings.

The market for lower-rated securities may be less active than that for
higher-rated securities, which can adversely affect the prices at which these
securities can be sold. If market quotations are not available, these securities
will be valued in accordance with procedures established by the Board of
Trustees, including the use of outside pricing services. Judgment plays a
greater role in valuing high yield corporate debt securities than is the case
for securities for which more external sources for quotations and last-sale
information are available. Adverse publicity and changing investor perceptions
may affect the ability of outside pricing services used by the Series to value
its portfolio securities and the Series' ability to dispose of these lower-rated
debt securities.

Since the risk of default is higher for lower-quality securities, the
investment manager's, and/or sub-advisor's, research and credit analysis is an
integral part of managing any securities of this type held by the Series. In
considering investments for the Series, the investment manager, and/or
sub-advisor, will attempt to identify those issuers of high-yielding securities
whose financial condition is adequate to meet future obligations, has improved,
or is expected to improve in the future. The investment manager's, and/or
sub-advisor's, analysis focuses on relative values based on such factors as
interest or dividend coverage, asset coverage, earnings prospects, and the
experience and managerial strength of the issuer. There can be no assurance that
such analysis will prove accurate.

A Series may choose, at its expense or in conjunction with others, to
pursue litigation or otherwise exercise its rights as security holder to seek to
protect the interests of security holders if it determines this to be in the
best interest of shareholders.

Mortgage Dollar Rolls
Delaware VIP U.S. Growth Series may enter into mortgage "dollar rolls" in
which the Series sells mortgage-backed securities for delivery in the current
month and simultaneously contracts to repurchase substantially similar (same
type, coupon and maturity) securities on a specified future date. Dollar roll
transactions consist of the sale by the Series of mortgage-backed securities,
together with a commitment to purchase similar, but not necessarily identical,
securities at a future date. Any difference between the sale price and the
purchase price is netted against the interest income foregone on the securities
to arrive at an implied borrowing (reverse repurchase) rate. Alternatively, the
sale and purchase transactions which constitute the dollar roll can be executed
at the same price, with the Series being paid a fee as consideration for
entering into the commitment to purchase. Dollar rolls may be renewed prior to
cash settlement and initially may involve only a firm commitment agreement by
the Trust to buy a security. If the broker/dealer to whom the Series sells the
security becomes insolvent, the Series' right to purchase or repurchase the
security may be restricted; the value of the security may change adversely over
the term of the dollar roll; the security that the Series is required to
repurchase may be worth less than the security that the Series originally held,
and the return earned by the Series with the proceeds of a dollar roll may not
exceed transaction costs. The Series will place U.S. government or other liquid,
high quality assets in a segregated account in an amount sufficient to cover its
repurchase obligation.

Combined Transactions
Delaware VIP U.S. Growth Series may enter into multiple transactions,
including multiple options transactions, multiple futures transactions, multiple
currency transactions (including forward currency contracts) and multiple
interest rate transactions and any combination of futures, options, currency and
interest rate transactions ("component" transactions), instead of a single
transaction, as part of a single or combined strategy when, in the opinion of
the investment manager, it is in the best interests of the Series to do so. A
combined transaction will usually contain elements of risk that are present in
each of its component transactions. Although combined transactions are normally
entered into based on the investment manager's judgment that the combined
strategies will reduce risk or otherwise more effectively achieve the desired
portfolio management goal, it is possible that the combination will instead
increase such risks or hinder achievement of the portfolio management objective.

Swaps, Caps, Floors and Collars
Delaware VIP U.S. Growth Series may enter into interest rate, currency and
index swaps and the purchase or sale of related caps, floors and collars. The
Series expects to enter into these transactions primarily to preserve a return
or spread on a particular investment or portion of its portfolio, to protect
against currency fluctuations, as a duration management technique or to protect
against any increase in the price of securities the Series anticipates
purchasing at a later date. The Series intends to use these transactions as
hedges and not speculative investments and will not sell interest rate caps or
floors where it does not own securities or other instruments providing the
income stream the Series may be obligated to pay. Interest rate swaps involve
the exchange by the Series with another party of their respective commitments to
pay or receive interest, e.g., an exchange of floating rate payments for fixed
rate payments with respect to a nominal amount of principal. A currency swap is
an agreement to exchange cash flows on a notional amount of two or more
currencies based on the relative value differential among them and an index swap
is an agreement to swap cash flows on a notional amount based on changes in the
values of the reference indices. The purchase of a cap entitles the purchaser to
receive payments on a notional principal amount from the party selling such cap
to the extent that a specified index exceeds a predetermined interest rate or
amount. The purchase of a floor entitles the purchaser to receive payments on a
notional principal amount from the party selling such floor to the extent that a
specified index falls below a predetermined interest rate or amount. A collar is
a combination of a cap and a floor that preserves a certain return within a
predetermined range of interest rates or values.

Delaware VIP U.S. Growth Series will usually enter into swaps on a net
basis, i.e., the two payment streams are netted out in a cash settlement on the
payment date or dates specified in the instrument, with the Series receiving or
paying, as the case may be, only the net amount of the two payments. Inasmuch as
these swaps, caps, floors and collars are entered into for good faith hedging
purposes, the investment manager and the Series believe such obligations do not
constitute senior securities under the 1940 Act and, accordingly, will not treat
them as being subject to its borrowing restrictions. The Series will not enter
into any swap, cap, floor or collar transaction unless, at the time of entering
into such transaction, the unsecured long-term debt of the counterparty,
combined with any credit enhancements, is rated at least A by S&P or Moody's or
is determined to be of equivalent credit quality by the investment manager. If
there is a default by the counterparty, the Series may have contractual remedies
pursuant to the agreements related to the transaction. The swap market has grown
substantially in recent years with a large number of banks and investment
banking firms acting both as principals and as agent utilizing standardized swap
documentation. As a result, the swap market has become relatively liquid. Caps,
floors and collars are more recent innovations for which standardized
documentation has not yet been fully developed and, accordingly, they are less
liquid than swaps.

Eurodollar Instruments
Delaware VIP U.S. Growth Series may make investments in Eurodollar
instruments. Eurodollar instruments are U.S. dollar-denominated futures
contracts or options thereon which are linked to the London Interbank Offered
Rate ("LIBOR"), although foreign currency-denominated instruments are available
from time to time. Eurodollar futures contracts enable purchasers to obtain a
fixed rate for the lending of funds and sellers to obtain a fixed rate for
borrowings. The Series might use Eurodollar futures contracts and options
thereon to hedge against changes in LIBOR, to which many interest rate swaps and
fixed-income instruments are linked.

Reverse Repurchase Agreements
Delaware VIP U.S. Growth Series is authorized to enter into reverse
repurchase agreements. A reverse repurchase agreement is the sale of a security
by the Series and its agreement to repurchase the security at a specified time
and price. The Series will maintain in a segregated account with the Custodian
cash, cash equivalents or U.S. government securities in an amount sufficient to
cover its obligations under reverse repurchase agreements with broker/dealers
(but no collateral is required on reverse repurchase agreements with banks).
Under the 1940 Act, reverse repurchase agreements may be considered borrowings
by the Series; accordingly, the Series will limit its investments in reverse
repurchase agreements, together with any other borrowings, to no more than
one-third of its total assets. The use of reverse repurchase agreements by the
Series creates leverage which increases the Series' investment risk. If the
income and gains on securities purchased with the proceeds of reverse repurchase
agreements exceed the costs of the agreements, the Series' earnings or net asset
value will increase faster than otherwise would be the case; conversely, if the
income and gains fail to exceed the costs, earnings or net asset value would
decline faster than otherwise would be the case.

"Roll" Transactions
Delaware VIP U.S. Growth Series may engage in "roll" transactions. A "roll"
transaction is the sale of securities together with a commitment (for which the
Series may receive a fee) to purchase similar, but not identical, securities at
a future date. Under the 1940 Act, these transactions may be considered
borrowings by the Series; accordingly, the Series will limit its use of these
transactions, together with any other borrowings, to no more than one-fourth of
its total assets. The Series will segregate liquid assets such as cash, U.S.
government securities or other high grade debt obligations in an amount
sufficient to meet its payment obligations in these transactions. Although these
transactions will not be entered into for leveraging purposes, to the extent the
Series' aggregate commitments under these transactions exceed its holdings of
cash and securities that do not fluctuate in value (such as short-term money
market instruments), the Series temporarily will be in a leveraged position
(i.e., it will have an amount greater than its net assets subject to market
risk). Should the market value of the Series' portfolio securities decline while
the Series is in a leveraged position, greater depreciation of its net assets
would likely occur than were it not in such a position. As the Series' aggregate
commitments under these transactions increase, the opportunity for leverage
similarly increases.

Variable and Floating Rate Notes
Variable rate master demand notes, in which Delaware VIP U.S. Growth Series
may invest, are unsecured demand notes that permit the indebtedness thereunder
to vary and provide for periodic adjustments in the interest rate according to
the terms of the instrument. The Series will not invest over 5% of its assets in
variable rate master demand notes. Because master demand notes are direct
lending arrangements between the Series and the issuer, they are not normally
traded. Even though no secondary market in the notes exists, the Series may
demand payment of principal and accrued interest at any time. Although the notes
are not typically rated by credit rating agencies, issuers of variable amount
master demand notes (which are normally manufacturing, retail, financial, and
other business concerns) must satisfy the same criteria as set forth above for
commercial paper. In determining average weighted portfolio maturity, a variable
amount master demand note will be deemed to have a maturity equal to the period
of time remaining until the principal amount can be recovered from the issuer
through demand.

A variable rate note is one whose terms provide for the adjustment of its
interest rate on set dates and which, upon such adjustment, can reasonably be
expected to have a market value that approximates its par value. A floating rate
note is one whose terms provide for the adjustment of its interest rate whenever
a specified interest rate changes and which, at any time, can reasonably be
expected to have a market value that approximates its par value. Such notes are
frequently not rated by credit rating agencies; however, unrated variable and
floating rate notes purchased by the Series will be determined by the Series'
investment manager under guidelines established by the Series' Board of Trustees
to be of comparable quality at the time of purchase to rated instruments
eligible for purchase under the Series' investment policies. In making such
determinations, the investment manager will consider the earning power, cash
flow and other liquidity ratios of the issuers of such notes (such issuers
include financial, merchandising, bank holding and other companies) and will
continuously monitor their financial condition. Although there may be no active
secondary market with respect to a particular variable or floating rate note
purchased by the Series, the Series may re-sell the note at any time to a third
party. The absence of such an active secondary market, however, could make it
difficult for the Series to dispose of the variable or floating rate note
involved in the event the issuer of the note defaulted on its payment
obligations, and the Series could, for this or other reasons, suffer a loss to
the extent of the default. Variable or floating rate notes may be secured by
bank letters of credit.

Variable and floating rate notes for which no readily available market
exists will be purchased in an amount which, together with securities with legal
or contractual restrictions on resale or for which no readily available market
exists (including repurchase agreements providing for settlement more than seven
days after notice), exceed 10% of the Series' total assets only if such notes
are subject to a demand feature that will permit the Series to demand payment of
the principal within seven days after demand by the Series. If not rated, such
instruments must be found by the Series' investment manager under guidelines
established by the Trust's Board of Trustees, to be of comparable quality to
instruments that are rated high quality. A rating may be relied upon only if it
is provided by a nationally recognized statistical rating organization that is
not affiliated with the issuer or guarantor of the instruments. See Appendix A
for a description of the rating symbols of S&P and Moody's. The Series may also
invest in Canadian Commercial Paper, which is commercial paper issued by a
Canadian corporation or a Canadian counterpart of a U.S. corporation, and in
Europaper, which is U.S. dollar denominated commercial paper of a foreign
issuer.

Concentration
In applying a Series' fundamental policy concerning concentration, it is a
matter of non-fundamental policy that: (i) utility companies will be divided
according to their services, for example, gas, gas transmission, electric and
telephone will each be considered a separate industry; (ii) financial service
companies will be classified according to the end users of their services, for
example, automobile finance, bank finance and diversified finance will each be
considered a separate industry; and (iii) asset backed securities will be
classified according to the underlying assets securing such securities.

ACCOUNTING AND TAX ISSUES

When a Series writes a call, or purchases a put option, an amount equal to
the premium received or paid by it is included in the Series' assets and
liabilities as an asset and as an equivalent liability.

In writing a call, the amount of the liability is subsequently "marked to
market" to reflect the current market value of the option written. The current
market value of a written option is the last sale price on the principal
Exchange on which such option is traded or, in the absence of a sale, the mean
between the last bid and asked prices. If an option which a Series has written
expires on its stipulated expiration date, a Series recognizes a short-term
capital gain. If a Series enters into a closing purchase transaction with
respect to an option which a Series has written, a Series realizes a short-term
capital gain (or loss if the cost of the closing transaction exceeds the premium
received when the option was sold) without regard to any unrealized gain or loss
on the underlying security, and the liability related to such option is
extinguished. If a call option which a Series has written is exercised, a Series
realizes a capital gain or loss from the sale of the underlying security and the
proceeds from such sale are increased by the premium originally received.

The premium paid by a Series for the purchase of a put option is recorded
in the Series' assets and liabilities as an investment and subsequently adjusted
daily to the current market value of the option. For example, if the current
market value of the option exceeds the premium paid, the excess would be
unrealized appreciation and, conversely, if the premium exceeds the current
market value, such excess would be unrealized depreciation. The current market
value of a purchased option is the last sale price on the principal Exchange on
which such option is traded or, in the absence of a sale, the mean between the
last bid and asked prices. If an option which a Series has purchased expires on
the stipulated expiration date, a Series realizes a short-term or long-term
capital loss for federal income tax purposes in the amount of the cost of the
option. If a Series exercises a put option, it realizes a capital gain or loss
(long-term or short-term, depending on the holding period of the underlying
security) from the sale of the underlying security and the proceeds from such
sale will be decreased by the premium originally paid.

Options on Certain Stock Indices--Accounting for options on certain stock
indices will be in accordance with generally accepted accounting principles. The
amount of any realized gain or loss on closing out such a position will result
in a realized gain or loss for tax purposes. Such options held by the Delaware
VIP Emerging Markets, Delaware VIP Global Bond, Delaware VIP Growth
Opportunities, Delaware VIP International Value Equity, Delaware VIP REIT,
Delaware VIP Select Growth, Delaware VIP Small Cap Value, Delaware VIP Trend,
and Delaware VIP U.S. Growth Series at the end of each fiscal year will be
required to be "marked to market" for federal income tax purposes. Sixty percent
of any net gain or loss recognized on such deemed sales or on any actual sales
will be treated as long-term capital gain or loss, and the remainder will be
treated as short-term capital gain or loss.

Tax Requirements--Each Series has qualified, or intends to qualify, as a
regulated investment company under Subchapter M of the Code. As a regulated
investment company, a Series generally pays no federal income tax on the income
and gains it distributes. The Trustees reserve the right not to maintain the
qualification of a Series as a regulated investment company if it determines
such course of action to be beneficial to shareholders. In such case, the Series
will be subject to federal, and possibly state, corporate taxes on its taxable
income and gains, and distributions to you would be taxed as ordinary income
dividends to the extent of the Fund's earnings and profits.

In order to qualify as a regulated investment company for federal income
tax purposes, a Series must meet certain specific requirements, including:

(i) The Series must maintain a diversified portfolio of securities, wherein
no security (other than U.S. government securities and securities of other
regulated investment companies) can exceed 25% of the Series' total assets, and,
with respect to 50% of the Series' total assets, no investment (other than cash
and cash items, U.S. government securities and securities of other regulated
investment companies) can exceed 5% of the Series' total assets or 10% of the
outstanding voting securities of the issuer;

(ii) The Series must derive at least 90% of its gross income from
dividends, interest, payments with respect to securities loans, and gains from
the sale or disposition of stock, securities or foreign currencies, or other
income derived with respect to its business of investing in such stock,
securities, or currencies; and

(iii) The Series must distribute to its shareholders at least 90% of its
net investment income and net tax-exempt income for each of its fiscal years.

In order to comply with the diversification requirements related to
variable contracts issued by insurance companies, each Series also intends to
diversify its investments so that (i) no more than 55% of a Series' assets is
represented by any one investment; (ii) no more than 70% of a Series' assets is
represented by any two investments; (iii) no more than 80% of a Series' assets
is represented by any three investments; and (iv) no more than 90% of a Series'
assets is represented by any four investments.

The Code requires each Series to distribute at least 98% of its taxable
ordinary income earned during the calendar year, 98% of its net capital gain
earned during the 12 month period ending October 31, and 100% of any
undistributed amounts in the prior year, by December 31 of each year in order to
avoid federal excise tax. However, the Federal excise tax will not apply to a
Series in a given calendar year, if all of its shareholders at all times during
the calendar year are segregated asset accounts of life insurance companies
where the shares are held in connection with variable products. If for any year
a Series did not meet this exception, then the Series intends to, as a matter of
policy, declare and pay sufficient dividends in December or January (which are
treated as received in December) but does not guarantee and can give no
assurances that its distributions will be sufficient to eliminate all such
taxes.

When a Series holds an option or contract which substantially diminishes
the risk of loss with respect to another position of the Series (as might occur
in some hedging transactions), this combination of positions could be treated as
a "straddle" for tax purposes, possibly resulting in deferral of losses,
adjustments in the holding periods and conversion of short-term capital losses
into long-term capital losses.

Under rules relating to "Constructive Sale Transactions," a Series must
recognize gain (but not loss) on any constructive sale of an appreciated
financial position in stock, a partnership interest or certain debt instruments.
The Series generally will be treated as making a constructive sale when it: 1)
enters into a short sale on the same or substantially identical property; 2)
enters into an offsetting notional principal contract; or 3) enters into a
futures or forward contract to deliver the same or substantially identical
property. Other transactions (including certain financial instruments called
collars) will be treated as constructive sales as provided in Treasury
regulations. There are also certain exceptions that apply for transactions that
are closed before the end of the 30th day after the close of the taxable year.

Investment in Foreign Currencies and Foreign Securities--A Series is
authorized to invest a limited amount in foreign securities. Such investments,
if made, will have the following additional tax consequences to a Series:

Under the Code, gains or losses attributable to fluctuations in foreign
currency exchange rates which occur between the time the Series accrues income
(including dividends), or accrues expenses which are denominated in a foreign
currency, and the time the Series actually collects such income or pays such
expenses generally are treated as ordinary income or loss. Similarly, on the
disposition of debt securities denominated in a foreign currency and on the
disposition of certain options, futures, or forward contracts, gain or loss
attributable to fluctuations in the value of foreign currency between the date
of acquisition of the security or contract and the date of its disposition are
also treated as ordinary gain or loss. These gains or losses, referred to under
the Code as "Section 988" gains or losses, may increase or decrease the amount
of the Series' net investment company taxable income, which, in turn, will
affect the amount of income to be distributed by the Series.

If the Series' Section 988 losses exceed the Series' other net investment
company taxable income during a taxable year, the Series generally will not be
able to make ordinary dividend distributions for that year, or distributions
made before the losses were realized will be recharacterized as return of
capital distributions for federal income tax purposes, rather than as an
ordinary dividend or capital gain distribution. If a distribution is treated as
a return of capital, your tax basis in your Series shares will be reduced by a
like amount (to the extent of such basis), and any excess of the distribution
over your tax basis in your Series shares will be treated as capital gain to
you.

The Series may be subject to foreign withholding taxes on income from
certain foreign securities. This, in turn, could reduce the Series' income
dividends paid by the Series.

Most foreign exchange gains realized on the sale of debt securities are
treated as ordinary income by the Series. Similarly, foreign exchange losses
realized on the sale of debt securities generally are treated as ordinary
losses. These gains when distributed will be treated as ordinary income, and any
losses will reduce a Series' ordinary income otherwise available for
distribution. This treatment could increase or decrease a Series' ordinary
income distributions, and may cause some or all of a Series' previously
distributed income to be classified as a return of capital. A return of capital
generally is not taxable, but reduces the tax basis of your shares in the
Series. Any return of capital in excess of your basis, however, is taxable as a
capital gain.

Investment in Passive Foreign Investment Company Securities--The Series may
invest in shares of foreign corporations which may be classified under the Code
as passive foreign investment companies ("PFICs"). In general, a foreign
corporation is classified as a PFIC if at least one-half of its assets
constitute investment-type assets or 75% or more of its gross income is
investment-type income. If a Series receives an "excess distribution" with
respect to PFIC stock, the Series itself may be subject to U.S. federal income
tax on a portion of the distribution, whether or not the corresponding income is
distributed by the Series. In general, under the PFIC rules, an excess
distribution is treated as having been realized ratably over the period during
which the Series held the PFIC shares. The Series itself will be subject to tax
on the portion, if any, of an excess distribution that is so allocated to prior
Series taxable years, and an interest factor will be added to the tax, as if the
tax had been payable in such prior taxable years. In this case, you would not be
permitted to claim a credit on your own tax return for the tax paid by the
Series. Certain distributions from a PFIC as well as gain from the sale of PFIC
shares are treated as excess distributions. Excess distributions are
characterized as ordinary income even though, absent application of the PFIC
rules, certain distributions might have been classified as capital gain. This
may have the effect of increasing Series distributions that are treated as
ordinary dividends rather than long-term capital gain dividends.

The Series may be eligible to elect alternative tax treatment with respect
to PFIC shares. Under an election that currently is available in some
circumstances, the Series generally would be required to include in its gross
income its share of the earnings of a PFIC on a current basis, regardless of
whether distributions are received from the PFIC during such period. If this
election were made, the special rules, discussed above, relating to the taxation
of excess distributions, would not apply. In addition, under another election
that involves marking-to-market the Series' PFIC shares at the end of each
taxable year (and on certain other dates as prescribed in the Code), unrealized
gains would be treated as though they were realized. The Series would also be
allowed an ordinary deduction for the excess, if any, of the adjusted basis of
its investment in the PFIC stock over its fair market value at the end of the
taxable year. This deduction would be limited to the amount of any net
mark-to-market gains previously included with respect to that particular PFIC
security. If the Series were to make this second PFIC election, tax at the
Series level under the PFIC rules generally would be eliminated.

The application of the PFIC rules may affect, among other things, the
amount of tax payable by the Series (if any), the amounts distributable by the
Series, the time at which these distributions must be made, and whether these
distributions will be classified as ordinary income or capital gain
distributions.

You should be aware that it is not always possible at the time shares of a
foreign corporation are acquired to ascertain that the foreign corporation is a
PFIC, and that there is always a possibility that a foreign corporation will
become a PFIC after the Series acquires shares in that corporation. While the
Series generally will seek to avoid investing in PFIC shares to avoid the tax
consequences detailed above, there are no guarantees that it will do so and it
reserves the right to make such investments as a matter of its fundamental
investment policy.

Disclosure of Portfolio Holdings Information
The Series have adopted a policy generally prohibiting providing portfolio
holdings to any person until after thirty calendar days have passed. This
information is available publicly to any and all VIP Series investors free of
charge by calling 800-523-1918.

Other entities, including institutional investors and intermediaries that
distribute the Fund's shares, are generally treated similarly and are not
provided with the Fund's portfolio holdings in advance of when they are
generally available to the public. Third-party service providers and affiliated
persons of the Fund are provided with the Fund's portfolio holdings only to the
extent necessary to perform services under agreements relating to the Funds.

Third-party rating agencies and consultants who have signed agreements
("Non-Disclosure Agreements") with the Fund or the Manager may receive portfolio
holdings information more quickly than the thirty-day lag. The Non-Disclosure
Agreements require that the receiving entity hold the information in the
strictest confidence and prohibit the receiving entity hold from disclosing the
information or trading on the information (either in Fund shares or in shares of
the Fund's portfolio securities). In addition, the receiving party must agree to
provide copies of any research or reports generated using the portfolio holdings
information in order to allow for monitoring of use of the information. Neither
the Fund, the Manager, nor, any affiliate receive any compensation or
consideration with respect to these agreements.

Non-Disclosure Agreements must be approved by a member of the Manager's Legal
Department and Compliance Department and any deviation in the use of the
portfolio holdings information by the receiving party must be approved in
writing by the Fund's Chief Compliance Officer prior to such use.

The Power of Compounding
As part of your variable contract, any earnings from your investment
selection are automatically reinvested to purchase additional shares of a
Series. This gives your investment yet another opportunity to grow and is called
the Power of Compounding. Each Series may included illustrations showing the
Power of Compounding in advertisements and other types of literature.

TRADING PRACTICES AND BROKERAGE

The respective investment manager for each Series selects banks, brokers or
dealers to execute transactions on behalf of the Series for the purchase or sale
of portfolio securities on the basis of its judgment of their professional
capability to provide the service. The primary consideration is to have banks,
brokers or dealers execute transactions at best execution. Best execution refers
to many factors, including the price paid or received for a security, the
commission charged, the promptness and reliability of execution, the
confidentiality and placement accorded the order and other factors affecting the
overall benefit obtained by the account on the transaction. Each Series pays
reasonably competitive brokerage commission rates based upon the professional
knowledge of the investment manager's trading department as to rates paid and
charged for similar transactions throughout the securities industry. In some
instances, a Series may pay a minimal share transaction cost when the
transaction presents no difficulty. Some trades are made on a net basis where a
Series either buys the securities directly from the dealer or sells them to the
dealer. In these instances, there is no direct commission charged, but there is
a spread (the difference between the buy and sell price) which is in the
equivalent of a commission.

For those Series that paid brokerage commissions, the aggregate dollar
amounts of such brokerage commissions paid by the Series during the fiscal years
ended December 31, 2005, 2004 and 2003 are shown below:

----------------------------------------- ------------ ------------ ------------
2005 2004 2003
----------------------------------------- ------------ ------------ ------------
Delaware VIP Balanced Series $[ ] $84,892 $86,735
----------------------------------------- ------------ ------------ ------------
Delaware VIP Diversified Income Series(1) $[ ] $2,147 $111
----------------------------------------- ------------ ------------ ------------
Delaware VIP Emerging Markets Series $[ ] $120,549 $57,238
----------------------------------------- ------------ ------------ ------------
Delaware VIP Growth Opportunities Series $[ ] $237,960 $268,570
----------------------------------------- ------------ ------------ ------------
Delaware VIP International Value Equity
Series $[ ] $96,021 $96,009
----------------------------------------- ------------ ------------ ------------
Delaware VIP Value Series $[ ] $972,607 $573,661
----------------------------------------- ------------ ------------ ------------
Delaware VIP REIT Series $[ ] $778,653 $550,954
----------------------------------------- ------------ ------------ ------------
Delaware VIP Select Growth Series $[ ] $75,810 $97,888
----------------------------------------- ------------ ------------ ------------
Delaware VIP Small Cap Value Series $[ ] $908,248 $782,416
----------------------------------------- ------------ ------------ ------------
Delaware VIP Trend Series $[ ] $1,053,207 $1,008,820
----------------------------------------- ------------ ------------ ------------
Delaware VIP U.S. Growth Series $[ ] $139,488 $39,430
----------------------------------------- ------------ ------------ ------------

(1) Commenced operations on May 9, 2003.

Delaware VIP Emerging Markets Series had an increase in commission due to
the increase in assets under management for the year 2004.

Delaware VIP Value Series had a change in management of the Series in March
2004. Because of this change, the Series had an increase in portfolio turnover,
which contributed to the increase in paid brokerage commissions.

The respective investment manager may allocate out of all commission
business generated by all of the funds and accounts under management by the
respective investment manager, brokerage business to brokers or dealers who
provide brokerage and research services. These services include advice, either
directly or through publications or writings, as to the value of securities, the
advisability of investing in, purchasing or selling securities, and the
availability of securities or purchasers or sellers of securities; furnishing of
analyses and reports concerning issuers; securities or industries; providing
information on economic factors and trends; assisting in determining portfolio
strategy; providing computer software and hardware used in security analyses;
and providing portfolio performance evaluation and technical market analyses.
Such services are used by the respective investment manager in connection with
its investment decision-making process with respect to one or more funds and
accounts managed by it, and may not be used, or used exclusively, with respect
to the fund or account generating the brokerage.

During the fiscal year ended December 31, 2005, portfolio transactions of
the following Series in the amounts listed below, resulting in brokerage
commissions in the amounts listed below were directed to brokers for brokerage
and research services provided:

----------------------------------------- ---------------------------
Portfolio Brokerage
Transactions Commissions
Amounts Amounts

----------------------------------------- ------------ -------------
Delaware VIP Balanced Series $[ ] $[ ]
----------------------------------------- ------------ -------------
Delaware VIP Diversified Income Series $[ ] $[ ]
----------------------------------------- ------------ -------------
Delaware VIP Emerging Markets $[ ] $[ ]
----------------------------------------- ------------ -------------
Delaware VIP Growth Opportunities Series $[ ] $[ ]
----------------------------------------- ------------ -------------
Delaware VIP International Value Equity
Series $[ ] $[ ]
----------------------------------------- ------------ -------------
Delaware VIP Value Series $[ ] $[ ]
----------------------------------------- ------------ -------------
Delaware VIP REIT Series $[ ] $[ ]
----------------------------------------- ------------ -------------
Delaware VIP Select Growth $[ ] $[ ]
----------------------------------------- ------------ -------------
Delaware VIP Small Cap Value Series $[ ] $[ ]
----------------------------------------- ------------ -------------
Delaware VIP Trend Series $[ ] $[ ]
----------------------------------------- ------------ -------------
Delaware VIP U.S. Growth Series $[ ] $[ ]
----------------------------------------- ------------ -------------

As provided in the Securities Exchange Act of 1934, as amended, and the
Investment Management Agreements, higher commissions are permitted to be paid to
broker/dealers who provide brokerage and research services than to
broker/dealers who do not provide such services, if such higher commissions are
deemed reasonable in relation to the value of the brokerage and research
services provided. Although transactions are directed to broker/dealers who
provide such brokerage and research services, the Trust believes that the
commissions paid to such broker/dealers are not, in general, higher than
commissions that would be paid to broker/dealers not providing such services and
that such commissions are reasonable in relation to the value of the brokerage
and research services provided. In some instances, services may be provided to
the respective investment manager which constitute in some part brokerage and
research services used by the respective investment manager in connection with
its investment decision-making process and constitute in some part services used
by the respective investment manager in connection with administrative or other
functions not related to its investment decision-making process. In such cases,
the respective investment manager will make a good faith allocation of brokerage
and research services and will pay out of its own resources for services used by
the respective investment manager in connection with administrative or other
functions not related to its investment decision-making process. In addition, so
long as no fund is disadvantaged, portfolio transactions which generate
commissions or their equivalent are allocated to broker/dealers who provide
daily portfolio pricing services to the Trust and to other funds in the Delaware
Investments family. Subject to best execution, commissions allocated to brokers
providing such pricing services may or may not be generated by the funds
receiving the pricing service.

The respective investment manager may place a combined order for two or
more accounts or funds engaged in the purchase or sale of the same security if,
in its judgment, joint execution is in the best interest of each participant and
will result in best execution. Transactions involving commingled orders are
allocated in a manner deemed equitable to each account or fund. When a combined
order is executed in a series of transactions at different prices, each account
participating in the order that receives an allocation may be allocated an
average price obtained from the executing broker. It is believed that the
ability of the accounts to participate in volume transactions will generally be
beneficial to the accounts and funds. Although it is recognized that, in some
cases, the joint execution of orders could adversely affect the price or volume
of the security that a particular account or fund may obtain, it is the opinion
of the respective investment manager and the Trust's Board of Trustees that the
advantages of combined orders outweigh the possible disadvantages of separate
transactions.

In 2005, the Series that invest in domestic equity securities (the VIP
Balanced Series, VIP Growth Opportunities Series, VIP REIT Series, VIP Select
Growth Series, VIP Small Cap Value Series, VIP Trend Series, VIP U.S. Growth
Series and VIP Value Series) were given the authority to begin participation in
a commission recapture program. Under the program and subject to seeking best
execution (as described in the first paragraph in the section "Trading Practices
and Brokerage"), the Series may direct certain security trades to brokers who
have agreed to rebate a portion of the related brokerage commission to the
Series in cash. Any such commission rebates will be included in realized gain on
securities in the appropriate financial statements of the Series. The Manager
and its affiliates have previously and may in the future act as an investment
advisor to mutual funds or separate accounts affiliated with the administrator
of the commission recapture program described above. In addition, affiliates of
the administrator act as consultants in helping institutional clients choose
investment advisors and may also participate in other types of businesses and
provide other services in the investment management industry.

Consistent with NASD Regulation, Inc (the "NASDRsm") rules, and subject to
seeking best execution, the Trust may place orders with broker/dealers that have
agreed to defray certain expenses of the funds in the Delaware Investments
family, such as custodian fees.

Portfolio Turnover
The rate of portfolio turnover will not be a limiting factor when portfolio
changes are deemed appropriate for each Series. Given the respective Series'
investment objectives, the Trust anticipates that, ordinarily, the annual
portfolio turnover rates are not expected to exceed 100% for the Delaware VIP
Emerging Markets, Delaware VIP Value, Delaware VIP International Value Equity,
Delaware VIP REIT and Delaware VIP Small Cap Value Series, and may exceed 100%
for the Delaware VIP Balanced, Delaware VIP Capital Reserves, Delaware VIP
Diversified Income, Delaware VIP Global Bond, Delaware VIP Growth Opportunities,
Delaware VIP High Yield, Delaware VIP Select Growth, Delaware VIP Technology and
Information, Delaware VIP Trend and Delaware VIP U.S. Growth Series. It is
possible that in any particular year market conditions or other factors might
result in portfolio activity at a greater rate than anticipated. The portfolio
turnover rate of each Series is calculated by dividing the lesser of purchases
or sales of portfolio securities for the particular fiscal year by the monthly
average of the value of the portfolio securities owned by the Series during the
particular fiscal year, exclusive of securities whose maturities at the time of
acquisition are one year or less.

Delaware VIP Capital Reserves Series' portfolio turnover has decreased
dramatically in 2004 due to lower market volatility and lower new-issue volume
relative to the previous year. Delaware VIP High-Yield Series' portfolio
turnover decreased dramatically in 2004 because the market had stabilized after
a rally in 2003, accompanied by a decrease in the number of new issues in 2004
relative to 2003.

Delaware VIP High Yield Series' portfolio turnover decreased in 2004 as the
market stabilized after a furious rally in 2003. The 2003 rally brought with it
record new issuance and therefore caused an increase in turnover, which slowed
in 2003.

The degree of portfolio activity may affect brokerage costs incurred by
each Series. A turnover rate of 100% would occur, for example, if all the
investments in a Series' portfolio at the beginning of the year were replaced by
the end of the year. In investing to achieve their respective objective, a
Series may hold securities for any period of time. Portfolio turnover will also
be increased if a Series writes a large number of call options which are
subsequently exercised. The turnover rate also may be affected by cash
requirements from redemptions and repurchases of Series' shares.

The portfolio turnover rates for the Series noted below for the past two
fiscal years were as follows:

----------------------------------------- ---------------------------------------------
Year Ended Year Ended
Series December 31, 2005 December 31, 2004
----------------------------------------- ---------------------------------------------
Delaware VIP Balanced Series [ ]% 247%
----------------------------------------- ---------------------------------------------
Delaware VIP Capital Reserves Series [ ]% 252%
----------------------------------------- ---------------------------------------------
Delaware VIP Diversified Income Series [ ]% 493%
----------------------------------------- ---------------------------------------------
Delaware VIP Emerging Markets Series [ ]% 34%
----------------------------------------- ---------------------------------------------
Delaware VIP Global Bond Series [ ]% 117%
----------------------------------------- ---------------------------------------------
Delaware VIP Growth Opportunities Series [ ]% 94%
----------------------------------------- ---------------------------------------------
Delaware VIP High Yield Series [ ]% 429%
----------------------------------------- ---------------------------------------------
Delaware VIP International Value Equity
Series [ ]% 10%
----------------------------------------- ---------------------------------------------
Delaware VIP Value Series [ ]% 124%
----------------------------------------- ---------------------------------------------
Delaware VIP REIT Series [ ]% 38%
----------------------------------------- ---------------------------------------------
Delaware VIP Select Growth Series [ ]% 86%
----------------------------------------- ---------------------------------------------
Delaware VIP Small Cap Value Series [ ]% 37%
----------------------------------------- ---------------------------------------------
Delaware VIP Trend Series [ ]% 48%
----------------------------------------- ---------------------------------------------
Delaware VIP U.S. Growth Series [ ]% 167%
----------------------------------------- ---------------------------------------------

OFFERING PRICE

The offering price of shares is the net asset value per share next to be
determined after an order is received. The purchase of shares becomes effective
at the close of business on the day on which the investment is received from the
life company and after any dividend is declared. Dividends, if any, begin to
accrue on the next business day. There is no front-end or contingent deferred
sales charge.

The purchase will be affected at the net asset value next computed after
the receipt of Federal Funds provided they are received by the close of regular
trading on the New York Stock Exchange (ordinarily, 4 p.m., Eastern time) on
days when such exchange is open. The New York Stock Exchange is scheduled to be
open Monday through Friday throughout the year except for New Year's Day, Martin
Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Independence
Day, Labor Day, Thanksgiving and Christmas. When the New York Stock Exchange is
closed, the Trust will generally be closed, pricing calculations will not be
made and purchase and redemption orders will not be processed. In the event of
changes in the New York Stock Exchange's time of closing, the Trust reserves the
right to price at a different time, to price more often than once daily or to
make the offering price effective at a different time.

An example showing how to calculate the net asset value per share is
included in the Series' financial statements, which are incorporated by
reference into this Part B.

The net asset value per share is computed by adding the value of all
securities and other assets in a Series' portfolio, deducting any liabilities of
that Series and dividing by the number of that Series' shares outstanding.
Expenses and fees are accrued daily. Each Series' net asset value per share is
computed by adding the value of all the securities and other assets in the
Series' portfolio, deducting any liabilities of the Series, and dividing by the
number of Trust shares outstanding. Expenses and fees are accrued daily. In
determining a Series' total net assets, portfolio securities primarily listed or
traded on a national or foreign securities exchange, except for bonds, are
valued at the last sale price on that exchange. Exchange traded options are
valued at the last reported sale price or, if no sales are reported, at the mean
between bid and asked prices. Non-exchange traded options are valued at fair
value using a mathematical model. Futures contracts are valued at their daily
quoted settlement price. Securities not traded on a particular day,
over-the-counter securities, and government and agency securities are valued at
the mean value between bid and asked prices. Money market instruments having a
maturity of less than 60 days are valued at amortized cost. Debt securities
(other than short-term obligations) are valued on the basis of valuations
provided by a pricing service when such prices are believed to reflect the fair
value of such securities. Foreign securities, currencies and other assets
denominated in foreign currencies are translated into U.S. dollars at the
exchange rate of these currencies against the U.S. dollar, as provided by an
independent pricing service. Use of a pricing service has been approved by the
Board of Trustees. Prices provided by a pricing service take into account
appropriate factors such as institutional trading in similar groups of
securities, yield, quality, coupon rate, maturity, type of issue, trading
characteristics and other market data. For all other securities, we use methods
approved by the Board of Trustees that are designed to price securities at their
fair market value.

In case of a suspension of the determination of the net asset value because
the New York Stock Exchange is closed for other than weekends or holidays, or
trading thereon is restricted or an emergency exists as a result of which
disposal by a Series of securities owned by it is not reasonably practical, or
it is not reasonably practical for a Series fairly to value its assets, or in
the event that the Securities and Exchange Commission has provided for such
suspension for the protection of shareholders, the Trust may postpone payment or
suspend the right of redemption or repurchase. In such case, the shareholder may
withdraw a request for redemption or leave it standing as a request for
redemption at the net asset value next determined after the suspension has been
terminated.

Money Market Series
The Board of Trustees has adopted certain procedures to monitor and
stabilize the price per share of Delaware VIP Cash Reserve Series. Calculations
are made each day to compare part of the Series' value with the market value of
instruments of similar character. At regular intervals all issues in the
portfolio are valued at market value. Securities maturing in more than 60 days
are valued more frequently by obtaining market quotations from market makers.
The portfolio will also be valued by market makers at such other times as is
felt appropriate. In the event that a deviation of more than 1/2 of 1% exists
between the Series' $10 per share offering and redemption prices and the net
asset value calculated by reference to market quotations, or if there is any
other deviation which the Board of Trustees believes would result in a material
dilution to shareholders or purchasers, the Board of Trustees will promptly
consider what action, if any, should be initiated, such as changing the price to
more or less than $10 per share.

DIVIDENDS AND REALIZED SECURITIES PROFITS DISTRIBUTIONS

Dividends for the Delaware VIP Capital Reserves Series are declared daily
and paid monthly. Short-term capital gains distributions, if any, may be paid
with the dividend; otherwise, any distributions from net realized securities
profits normally will be distributed following the close of the fiscal year. The
Trust's fiscal year ends on December 31.

For the Delaware VIP Balanced and Delaware VIP Value Series, the Trust will
make payments from the Series' net investment income annually. Distributions
from the respective Series' net realized securities profits, if any, normally
will be made following the close of the fiscal year.

For the Delaware VIP Diversified Income, Delaware VIP Emerging Markets,
Delaware VIP Global Bond, Delaware VIP Growth Opportunities, Delaware VIP High
Yield, Delaware VIP International Value Equity, Delaware VIP REIT, Delaware VIP
Select Growth, Delaware VIP Small Cap Value, Delaware VIP Trend and Delaware VIP
U.S. Growth Series, the Trust will make payments from the Series' net income and
net realized securities profits, if any, once a year.

All dividends and distributions are automatically reinvested in additional
Series shares.

Delaware VIP Cash Reserve Series
The Trust declares a dividend of this Series' net investment income on a
daily basis, to shareholders of record at the time of the previous calculation
of the Series' net asset value, each day that the Trust is open for business.
Payment of dividends will be made monthly. The amount of net investment income
will be determined at the time the offering price and net asset value are
determined (see Offering Price), and shall include investment income accrued,
less the estimated expenses of the Series incurred since the last determination
of net asset value. Gross investment income consists principally of interest
accrued and, where applicable, net pro-rata amortization of premiums and
discounts since the last determination. The dividend declared at the time the
offering price and net asset value are determined, as noted above, will be
deducted immediately before the net asset value calculation is made. See
Offering Price. Net investment income earned on days when the Trust is not open
will be declared as a dividend on the next business day. An investor begins
earning dividends when payments for shares purchased are converted into Federal
Funds and are available for investment.

To the extent necessary to maintain a $1 per share net asset value, the
Board of Trustees will consider temporarily reducing or suspending payment of
daily dividends, or making a distribution of realized securities profits or
other distributions at the time the net asset value per share has changed.

Distribution and Service
Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of the Manager,
serves as the Funds' financial intermediary distributor pursuant to a Second
Amended and Restated Financial Intermediary Distribution Agreement with the
Distributor dated August 21, 2003. LFD is primarily responsible for promoting
the sale of Fund shares through broker/dealers, financial advisors and other
financial intermediaries (collectively, "Financial Intermediaries"). The address
of LFD is 2001 Market Street, Philadelphia, PA 19103-7055.

The rate of compensation, which is calculated and paid monthly, to LFD for
the sales of shares of the retail funds of Delaware Investments Family of Funds
(excluding the shares of Delaware VIP Trust series, money market funds and house
accounts and shares redeemed within 30 days of purchase) is a non-recurring fee
equal to the amount shown below:

------------------------------------------------ ---------------------------
Basis Points on Sales
------------------------------------------------ ---------------------------
Retail Mutual Funds (Class A, B and C Shares) 0.50%
------------------------------------------------ ---------------------------
Merrill Lynch Connect Program 0.25%
------------------------------------------------ ---------------------------
Registered Investment Advisors and
H.D. Vest Institutional Classes 0.45%
------------------------------------------------ ---------------------------
Citigroup Global Capital Markets, Inc.
(formerly Salomon Smith Barney) and
Delaware International Value Equity
Fund Class I Shares 0%
------------------------------------------------ ---------------------------

In addition to the non-recurring fee set forth above, the Distributor pays
LFD a fee at the annual rate set forth below of the average daily net assets of
Fund shares of the Delaware Investments retail funds outstanding and
beneficially owned by shareholders through Financial Intermediaries, including
those Fund shares sold before the date of this Agreement.

-------------------------------------------- ---------------------------
Basis Points on Sales
-------------------------------------------- ---------------------------
Retail Mutual Funds (including shares of
money market funds and house accounts and
shares redeemed within 30 days of purchase) 0.04%
-------------------------------------------- ---------------------------
Merrill Lynch Connect Program 0%
-------------------------------------------- ---------------------------
Registered Investment Advisors and
H.D. Vest Institutional Classes 0.04%
-------------------------------------------- ---------------------------
Citigroup Global Capital Markets, Inc.
(formerly Salomon Smith Barney) and
Delaware International Value Equity Fund
Class I Shares 0.04%
-------------------------------------------- ---------------------------

The fees associated with LFD's services to the Funds are borne exclusively
by the Distributor and not by the Funds.

Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA)
On May 28, 2003, President Bush signed into law the Jobs and Growth Tax
Relief Reconciliation Act of 2003 (JGTRRA) .The new law reduces the tax rate on
dividends and capital gains to 15% (5% for taxpayers with income in the lower
brackets; 0% for those taxpayers in 2008).

Reduction of Tax Rate on Dividends
Qualifying dividends received by the funds after December 31, 2002, will be
taxed at a rate of 15% (5% for taxpayers with income in the lower brackets; 0%
for these taxpayers in 2008). Prior law will apply for tax years beginning after
December 31, 2008. Dividends paid on foreign corporation stocks that are readily
tradable on U.S. securities markets are eligible for the lower rates.

The amount of ordinary dividends qualifying for the lower tax rates that
may be paid by a RIC for any tax year may not exceed the amount of the aggregate
qualifying dividends received by the RIC, unless that aggregate is at least 95%
of the RIC gross income (as specially computed), in which case the entire
dividend qualifies. Obviously, money market and bond mutual fund distributions
will generally not qualify.

The lower tax rates are not available for dividends to the extent that the
taxpayer is obligated to make related payments with respect to positions in
substantially similar or related property (e.g., payments in lieu of dividends
under a short sale). The capital gain rates also do not apply to (1) dividends
received from an organization that was exempt from tax under Section 501 or was
a tax-exempt farmers' cooperative in either the tax year of the distribution or
the preceding tax year; (2) dividends received from a mutual savings bank that
received a deduction under Section 591; or (3) deductible dividends paid on
employer securities (i.e., under Section 404(k)).

Owners whose shares are lent in short sales would not qualify for the lower
rate. The lower tax rates would not apply under the law as enacted to "payments
in lieu of dividends," which are received by someone whose stock is loaned to a
short-seller. Brokerages have commonly lent stock out of margin accounts to
short sellers, but may need to accommodate investors who do not want to receive
unfavorable dividend treatment because their stock was lent out. Depending on
the details of regulations that may be issued later this year, brokerages may
decide to limit any such loans after 2003 to securities that are held in
accounts owned by tax-indifferent parties, such as pension funds. The
legislative history indicates that the Service is to be liberal in waiving
penalties for failure to report substitute payments properly for payors who are
making good-faith efforts to comply, but cannot reasonably do so given the time
needed to update their systems.

Reduction of Tax Rate on Capital Gains
Under JGTRRA, the top individual rate on adjusted net capital gain, which
was generally 20% (10% for taxpayers in the 10% and 15% brackets), is reduced to
15% (5% for taxpayers with income in the lower brackets). These lower rates
apply to both the regular tax and the alternative minimum tax. The lower rates
apply to assets held more than one year. For taxpayers with income in the lower
brackets, the 5% rate is reduced to 0% for 2008.

The tax rate on short-term capital gains is unchanged, and they will
continue to be taxed at the ordinary income rate. The capital gains changes
apply to sales and exchanges (and installment payments received) on or after May
6, 2003, but not with respect to tax years beginning after December 31, 2008.

The special tax rates for gains on assets held for more than five years (8%
for taxpayers with income in the 10% and 15% brackets; 18% for other taxpayers
with respect to assets purchased after 2000) have been repealed.

Back-up withholding Changes
Prior to the passage of JGTRRA the backup withholding rate for shareholders
that did not provide taxpayer identification numbers was 30%. This rate has been
reduced to 28%, retroactive to January 1, 2003.

TAXES

Each Series of the Trust is treated as a single tax entity, and any capital
gains and losses for each series are calculated separately. It is the Series'
policy to pay out substantially all net investment income and net realized gains
to relieve the Trust of federal income tax liability on that portion of its
income paid to shareholders under the Code.

The Series does not have a fixed policy with regard to distributions of
realized securities profits when such realized securities profits may be offset
by capital losses carried forward. Presently, however, the Series intends to
offset realized securities profits to the extent of the capital losses carried
forward.

A Series may invest in complex securities that may be subject to numerous
special and complex tax rules. These rules could affect whether gain or loss
recognized by the Series is treated as ordinary or capital, or as interest or
dividend income. These rules could also accelerate the recognition of income to
the Series (possibly causing the Series to sell securities to raise the cash for
necessary distributions) and/or defer the Series' ability to recognize a loss,
and, in limited cases, subject the Series to U.S. federal income tax on income
from certain foreign securities. These rules could therefore affect the amount,
timing or character of the income distributed by the Series.

INVESTMENT MANAGEMENT AGREEMENTS AND SUB-ADVISORY AGREEMENTS

Delaware Management Company ("Delaware Management"), located at 2005 Market
Street, Philadelphia, PA 19103-7094, furnishes investment management services to
Delaware VIP Balanced, Delaware VIP Capital Reserves, Delaware VIP Cash Reserve,
Delaware VIP Diversified Income, Delaware VIP Global Bond, Delaware VIP Value,
Delaware VIP Growth Opportunities, Delaware VIP High Yield, Delaware VIP REIT,
Delaware VIP Select Growth, Delaware VIP Small Cap Value, Delaware VIP Trend,
and Delaware VIP U.S. Growth Series.

Mondrian Investment Partners Limited ("Mondrian"), located at Third Floor,
80 Cheapside, London, England EC2V 6EE, acting as sub-advisor, furnishes
investment management services to Delaware VIP International Value Equity and
Delaware VIP Emerging Markets Series under the terms of a sub-advisory agreement
with Delaware Management Company. Such services are provided subject to the
supervision and direction of the Trust's Board of Trustees.

The Investment Management Agreements for each Series are dated December 15,
1999 and were approved by the initial shareholder on that date. The Agreements
remained in effect for an initial period of two years and are subject to
consideration for renewal annually thereafter. The Agreements may be renewed
only if such renewal and continuance are specifically approved at least annually
by the Board of Trustees or by vote of a majority of the outstanding voting
securities of the Series, and only if the terms and the renewal thereof have
been approved by the vote of a majority of the Trustees of the Trust who are not
parties thereto or interested persons of any such party, cast in person at a
meeting called for the purpose of voting on such approval. The Agreements are
terminable without penalty on 60 days' notice by the Trustees of the Trust or by
the respective investment manager. The Agreements will terminate automatically
in the event of their assignments.

Under the Investment Management Agreement, Delaware Management or Mondrian
is entitled to receive an annual fee equal to the following percentage rates of
the average daily net assets of a Series:

------------------------------------------------ -------------------------------------------
Series Management Fee Rate

------------------------------------------------ -------------------------------------------
Delaware VIP Capital Reserves Series 0.50% on the first $500 million
0.475% on the next $500 million
0.45% on the next $1.5 billion
0.425% on assets in excess of $2.5 billion
------------------------------------------------ -------------------------------------------
Delaware VIP Cash Reserve Series 0.45% on the first $500 million
0.40% on the next $500 million
0.35% on the next $1.5 billion
0.30% on assets in excess of $2.5 billion
------------------------------------------------ -------------------------------------------
Delaware VIP Global Bond Series 0.75% on the first $500 million
Delaware VIP Growth Opportunities Series 0.70% on the next $500 million
Delaware VIP REIT Series 0.65% on the next $1.5 billion
Delaware VIP Select Growth Series 0.60% on assets in excess of $2.5 billion
Delaware VIP Small Cap Value Series
Delaware VIP Trend Series
------------------------------------------------ -------------------------------------------
Delaware VIP Balanced Series 0.65% on the first $500 million
Delaware VIP Diversified Income 0.60% on the next $500 million
Delaware VIP High Yield Series 0.55% on the next $1.5 billion
Delaware VIP Value Series 0.50% on assets in excess of $2.5 billion
Delaware VIP U.S. Growth Series
----------------------------------------------- -------------------------------------------
Delaware VIP Emerging Markets Series 1.25% on the first $500 million
1.20% on the next $500 million
1.15% on the next $1.5 billion
1.10% on assets in excess of $2.5 billion
------------------------------------------------ -------------------------------------------
Delaware VIP International Value Equity Series 0.85% on the first $500 million
0.80% on the next $500 million
0.75% on the next $1.5 billion
0.70% on assets in excess of $2.5 billion
------------------------------------------------ -------------------------------------------

The investment manager administers the affairs of and is ultimately
responsible for the investment management of each of the Series to which it
provides investment management services. In addition, Delaware Management pays
the salaries of all Trustees, officers and employees who are affiliated with
both it and the Trust.

On December 31, 2005, the total net assets of the Trust were $[ ], broken down
as follows:

--------------------------------------------------- -----------------------
Delaware VIP Balanced Series $[ ]
--------------------------------------------------- -----------------------
Delaware VIP Capital Reserves Series $[ ]
--------------------------------------------------- -----------------------
Delaware VIP Cash Reserve Series $[ ]
--------------------------------------------------- -----------------------
Delaware VIP Diversified Income Series $[ ]
--------------------------------------------------- -----------------------
Delaware VIP Emerging Markets Series $[ ]
--------------------------------------------------- -----------------------
Delaware VIP Global Bond Series $[ ]
--------------------------------------------------- -----------------------
Delaware VIP Growth Opportunities Series $[ ]
--------------------------------------------------- -----------------------
Delaware VIP High Yield Series $[ ]
--------------------------------------------------- -----------------------
Delaware VIP International Value Equity Series $[ ]
--------------------------------------------------- -----------------------
Delaware VIP Value Series $[ ]
--------------------------------------------------- -----------------------
Delaware VIP REIT Series $[ ]
--------------------------------------------------- -----------------------
Delaware VIP Select Growth Series $[ ]
--------------------------------------------------- -----------------------
Delaware VIP Small Cap Value Series $[ ]
--------------------------------------------------- -----------------------
Delaware VIP Trend Series $[ ]
--------------------------------------------------- -----------------------
Delaware VIP U.S Growth Series $[ ]
--------------------------------------------------- -----------------------

Following are the investment management fees incurred for the last three fiscal
years:

----------------------------------------- -------------------- -------------------- --------------------
Series December 31, 2005 December 31, 2004 December 31, 2003
----------------------------------------- -------------------- -------------------- --------------------
Delaware VIP Balanced Series $ [ ] earned $315,088 earned $335,066 earned
$ [ ] paid $315,088 paid $335,066 paid
$ [ ] waived $-0- waived $-0- waived
----------------------------------------- -------------------- -------------------- --------------------
Delaware VIP Capital Reserves Series $ [ ] earned $148,178 earned $192,857 earned
$ [ ] paid $148,178 paid $192,857 paid
$ [ ] waived $-0- waived $-0- waived
----------------------------------------- -------------------- -------------------- --------------------
Delaware VIP Cash Reserve Series $ [ ] earned $162,526 earned $204,356 earned
$ [ ] paid $162,526 paid $204,356 paid
$ [ ] waived $-0- waived $-0- waived
----------------------------------------- -------------------- -------------------- --------------------
Delaware VIP Diversified Income Series $ [ ] earned $109,652 earned $8,177 earned
$ [ ] paid $78,810 paid $-0- paid
$ [ ] waived $30,842 waived $8,177 waived
----------------------------------------- -------------------- -------------------- --------------------
Delaware VIP Emerging Markets Series $ [ ] earned $256,735 earned $146,975 earned
$ [ ] paid $229,482 paid $136,556 paid
$ [ ] waived $27,253 waived $10,419 waived
----------------------------------------- -------------------- -------------------- --------------------
Delaware VIP Global Bond Series $ [ ] earned $669,346 earned $840,196 earned
$ [ ] paid $669,346 paid $799,715 paid
$ [ ] waived $-0- waived $40,481 waived
----------------------------------------- -------------------- -------------------- --------------------
Delaware VIP Growth Opportunities Series $ [ ] earned $546,196 earned $566,090 earned
$ [ ] paid $546,196 paid $566,090 paid
$ [ ] waived $-0- waived $-0- waived
----------------------------------------- -------------------- -------------------- --------------------
Delaware VIP High Yield Series $ [ ] earned $1,049,652 earned $646,550 earned
$ [ ] paid $1,049,652 paid $646,550 paid
$ [ ] waived $-0- waived $-0- waived
----------------------------------------- -------------------- -------------------- --------------------
Delaware VIP International Value Equity $ [ ] earned $1,324,306 earned $1,231,864 earned
Series $ [ ] paid $1,323,963 paid $1,216,445 paid
$ [ ] waived $343 waived $15,419 waived
----------------------------------------- -------------------- -------------------- --------------------
Delaware VIP Value Series $ [ ] earned $2,074,107 earned $1,763,575 earned
$ [ ] paid $1,914,181 paid $1,628,851 paid
$ [ ] waived $159,926 waived $134,724 waived
----------------------------------------- -------------------- -------------------- --------------------
Delaware VIP REIT Series $ [ ] earned $4,158,192 earned $2,328,229 earned
$ [ ] paid $4,158,192 paid $2,328,229 paid
$ [ ] waived $-0- waived $-0- waived
----------------------------------------- -------------------- -------------------- --------------------
Delaware VIP Select Growth Series $ [ ] earned $194,310 earned $220,835 earned
$ [ ] paid $194,310 paid $220,835 paid
$ [ ] waived $-0- waived $-0- waived
----------------------------------------- -------------------- -------------------- --------------------
Delaware VIP Small Cap Value Series $ [ ] earned $4,427,012 earned $2,747,128 earned
$ [ ] paid $4,427,012 paid $2,747,128 paid
$ [ ] waived $-0- waived $-0- waived
----------------------------------------- -------------------- -------------------- --------------------
Delaware VIP Trend Series $ [ ] earned $4,411,240 earned $3,628,041 earned
$ [ ] paid $4,411,240 paid $3,628,041 paid
$ [ ] waived $-0- waived $-0- waived
----------------------------------------- -------------------- -------------------- --------------------
Delaware VIP U.S. Growth Series $ [ ] earned $225,016 earned $83,078 earned
$ [ ] paid $225,016 paid $83,078 paid
$ [ ] waived $-0- waived $-0- waived
----------------------------------------- -------------------- -------------------- --------------------

Except for those expenses borne by the respective investment manager under
the Investment Management Agreements and the Distributor under the Distribution
Agreement, each Series is responsible for all of its own expenses. Among others,
these include the Series' proportionate share of rent and certain other
administrative expenses; the investment management fees; transfer and dividend
disbursing agent fees and costs; custodian expenses; federal securities
registration fees; proxy costs; and the costs of preparing prospectuses and
reports sent to shareholders.

Beginning May 1, 1998 (May 1, 1999 for Delaware VIP Select Growth Series,
October 15, 1999 for Delaware VIP U.S. Growth Series and May 19, 2003 for
Delaware VIP Diversified Income Series) through [date], Delaware Management
contracted to waive its fee and pay the expenses of a Series to the extent
necessary to ensure that a Series' annual operating expenses, exclusive of 12b-1
Plan fees, taxes, interest, brokerage commissions and extraordinary expenses, do
not exceed the following percentages of average daily net assets:

------------------------------------------------- --------------
Delaware VIP Balanced Series 0.80%
------------------------------------------------- --------------
Delaware VIP Capital Reserves Series 0.80%
------------------------------------------------- --------------
Delaware VIP Cash Reserve Series 0.80%
------------------------------------------------- --------------
Delaware VIP Diversified Income Series 0.80%
------------------------------------------------- --------------
Delaware VIP Growth Opportunities Series 0.90%
------------------------------------------------- --------------
Delaware VIP High Yield Series 0.80%
------------------------------------------------- --------------
Delaware VIP Value Series 0.80%
------------------------------------------------- --------------
Delaware VIP REIT Series 0.95%
------------------------------------------------- --------------
Delaware VIP Select Growth Series 0.90%
------------------------------------------------- --------------
Delaware VIP Small Cap Value Series 0.95%
------------------------------------------------- --------------
Delaware VIP Trend Series 0.95%
------------------------------------------------- --------------
Delaware VIP U.S. Growth Series 0.80%
------------------------------------------------- --------------

Beginning May 1, 1998 through [date], the investment manager contracted to
waive its fee and pay the expenses of a Series to the extent necessary to ensure
that a Series' annual operating expenses, exclusive of 12b-1 Plan fees, taxes,
interest, brokerage commissions and extraordinary expenses, do not exceed the
following percentages of average daily net assets:

------------------------------------------------- --------------
Delaware VIP Emerging Markets Series 1.50%
------------------------------------------------- --------------
Delaware VIP Global Bond Series 1.00%
------------------------------------------------- --------------
Delaware VIP International Value Equity Series 1.00%
------------------------------------------------- --------------

The Fund has formally delegated to Delaware Management Company and Mondrian
Investment Partners Limited (each an "Adviser") the ability to make all proxy
voting decisions in relation to portfolio securities held by the Fund. If and
when proxies need to be voted on behalf of the Fund, the Adviser will vote such
proxies pursuant to its Proxy Voting Policies and Procedures (the "Procedures").
The Adviser has established a Proxy Voting Committee (the "Committee") which is
responsible for overseeing the Adviser's proxy voting process for the Fund. One
of the main responsibilities of the Committee is to review and approve the
Procedures to ensure that the Procedures are designed to allow the Adviser to
vote proxies in a manner consistent with the goal of voting in the best
interests of the Fund.

In order to facilitate the actual process of voting proxies, the Adviser
has contracted with Institutional Shareholder Services ("ISS") to analyze proxy
statements on behalf of the Fund and other Adviser clients and vote proxies
generally in accordance with the Procedures. The Committee is responsible for
overseeing ISS's proxy voting activities. If a proxy has been voted for the
Fund, ISS will create a record of the vote. Beginning no later than August 31,
2004, information (if any) regarding how the Fund voted proxies relating to
portfolio securities during the most recent 12-month period ended June 30 is
available without charge (i) through the Fund's website at
http://www.delawareinvestments.com; and (ii) on the Commission's website at
http://www.sec.gov.

The Procedures contain a general guideline that recommendations of company
management on an issue (particularly routine issues) should be given a fair
amount of weight in determining how proxy issues should be voted. However, the
Adviser will normally vote against management's position when it runs counter to
its specific Proxy Voting Guidelines (the "Guidelines"), and the Adviser will
also vote against management's recommendation when it believes that such
position is not in the best interests of the Fund.

As stated above, the Procedures also list specific Guidelines on how to
vote proxies on behalf of the Fund. Some examples of the Guidelines are as
follows: (i) generally vote for shareholder proposals asking that a majority or
more of directors be independent; (ii) generally vote against proposals to
require a supermajority shareholder vote; (iii) votes on mergers and
acquisitions should be considered on a case-by-case basis, determining whether
the transaction enhances shareholder value; (iv) generally vote against
proposals to create a new class of common stock with superior voting rights; (v)
generally vote re-incorporation proposals on a case-by-case basis; (vi) votes
with respect to management compensation plans are determined on a case-by-case
basis; and (vii) generally vote for reports on the level of greenhouse gas
emissions from the company's operations and products.

Because the Fund has delegated proxy voting to the Adviser, the Fund is not
expected to encounter any conflict of interest issues regarding proxy voting and
therefore does not have procedures regarding this matter. However, the Adviser
does have a section in its Procedures that addresses the possibility of
conflicts of interest. Most proxies which the Adviser receives on behalf of the
Fund are voted by ISS in accordance with the Procedures. Because almost all Fund
proxies are voted by ISS pursuant to the pre-determined Procedures, it normally
will not be necessary for the Adviser to make an actual determination of how to
vote a particular proxy, thereby largely eliminating conflicts of interest for
the Adviser during the proxy voting process. In the very limited instances where
the Adviser is considering voting a proxy contrary to ISS's recommendation, the
Committee will first assess the issue to see if there is any possible conflict
of interest involving the Adviser or affiliated persons of the Adviser. If a
member of the Committee has actual knowledge of a conflict of interest, the
Committee will normally use another independent third party to do additional
research on the particular proxy issue in order to make a recommendation to the
Committee on how to vote the proxy in the best interests of the Fund. The
Committee will then review the proxy voting materials and recommendation
provided by ISS and the independent third party to determine how to vote the
issue in a manner which the Committee believes is consistent with the Procedures
and in the best interests of the Fund.

Distribution and Service
Delaware Distributors, L.P. (the "Distributor"), located at 2005 Market
Street, Philadelphia, PA 19103-7094, serves as the Trust's national distributor
pursuant to a Distribution Agreement.

The Distributor is an affiliate of Delaware Management Company and bears
all of the costs of promotion and distribution. The Distributor is an indirect,
wholly owned subsidiary of Delaware Management Holdings, Inc.

Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of the
Distributor and Delaware Management serves as the Trust's financial intermediary
distributor pursuant to a Financial Intermediary Distribution Agreement with the
Distributor dated January 1, 2001. LFD is primarily responsible for promoting
the sale of Series shares through insurance company sponsors, brokers, dealers
and other financial intermediaries. The address of LFD is 350 Church Street,
Hartford, CT 06103. For its services, LFD receives promotional allowances from
insurance companies that sponsor annuity products that include the Series as
investment options.

Plan under Rule 12b-1 - Pursuant to Rule 12b-1 under the 1940 Act, the
Trust has adopted a plan for Service Class shares of each Series (the "Plan").
The Plan permits the Trust to pay for certain distribution, promotional and
related expenses involved in the marketing of only the Service Class of shares
to which the Plan applies. The Plan is designed to benefit the Trust and its
shareholders and, ultimately the Trust's beneficial contract owners.

The Plan permits the Trust, pursuant to its Distribution Agreement, to pay
out of the assets of Service Class shares monthly fees to the Distributor for
its services and expenses in distributing and promoting sales of shares of such
classes. These expenses include, among other things, preparing and distributing
advertisements, sales literature, and prospectuses and reports used for sales
purposes, compensating sales and marketing personnel and paying distribution and
maintenance fees to insurance company sponsors, brokers, dealers and others. In
addition, the Trust may make payments from the 12b-1 Plan fees of Service Class
shares directly to others, such as insurance company sponsors, who aid in the
distribution of Service Class shares or provide services in respect of the
Service Class, pursuant to service agreements with the Trust.

The maximum aggregate fee payable by the Trust under the Plan, and the
Trust's Distribution Agreement, is on an annual basis, up to 0.30% of average
daily net assets of Service Class shares (up to 0.25% of which are service fees
to be paid to the Distributor, insurance company sponsors, dealers and others
for providing personal service and/or maintaining shareholder accounts).
Delaware Distributors, L.P. has contractually agreed to limit the fee to an
annual rate of 0.25% of Service Class' average daily net assets through [date].

While payments pursuant to the Plan currently may not exceed 0.25% annually
(and may never exceed 0.30% annually) with respect to Service Class shares, the
Plan does not limit fees to amounts actually expended by the Distributor. It is
therefore possible that the Distributor may realize a profit in any particular
year. However, the Distributor currently expects that its distribution expenses
will likely equal or exceed payments to it under the Plan. The Distributor may,
however, incur such additional expenses and make additional payments to dealers
from its own resources to promote the distribution of shares of the Class. The
monthly fees paid to the Distributor under the Plan are subject to the review
and approval of Trust's unaffiliated trustees, who may reduce the fees or
terminate the Plan at any time.

All of the distribution expenses incurred by the Distributor and others,
such as insurance company sponsors or broker/dealers, in excess of the amount
paid on behalf of Service Class shares would be borne by such persons without
any reimbursement from such Class.

From time to time, the Distributor may pay additional amounts from its own
resources to dealers for aid in distribution or for aid in providing
administrative services to shareholders.

The Plan and the Distribution Agreement, as amended, have been approved by
the Board of Trustees of the Trust, including a majority of the Trustees who are
not "interested persons" (as defined in the 1940 Act) of the Trust and who have
no direct or indirect financial interest in the Plan by vote cast in person at a
meeting duly called for the purpose of voting on the Plan and the Distribution
Agreement. Continuation of the Plan and the Distribution Agreement, as amended,
must be approved annually by the Board of Trustees in the same manner as
specified above.

Each year, the Trustees must determine whether continuation of the Plan is
in the best interest of shareholders of Service Class shares, and that there is
a reasonable likelihood of the Plan providing a benefit to that Class. The Plan
and the Distribution Agreement, as amended, may be terminated with respect to
the Service Class at any time without penalty by a majority of those Trustees
who are not "interested persons" or by a majority vote of the Service Class'
outstanding voting securities. Any amendment materially increasing the
percentage payable under the Plans must likewise be approved by a majority vote
of the Service Class' outstanding voting securities, as well as by a majority
vote of those Trustees who are not "interested persons." Also, any other
material amendment to the Plan must be approved by a majority vote of the
Trustees including a majority of the noninterested Trustees of the Trust having
no interest in the Plans. In addition, in order for the Plan to remain
effective, the selection and nomination of Trustees who are not "interested
persons" of the Trust must be made by the Trustees who themselves are not
"interested persons" and who have no direct or indirect financial interest in
the Plan. Persons authorized to make payments under the Plan must provide
written reports at least quarterly to the Board of Trustees for their review.

Delaware Service Company, Inc. (the "Transfer Agent"), another affiliate of
Delaware Management, is the Trust's shareholder servicing, dividend disbursing
and transfer agent for each Series pursuant to a Shareholders Services
Agreement. The Transfer Agent also provides accounting services to the Series
pursuant to the terms of a separate Fund Accounting Agreement. The Transfer
Agent is also an indirect, wholly owned subsidiary of Delaware Management
Holdings, Inc.

The amount and purpose of 12b-1 plan payments from each Class were as
follows for their last fiscal year:

------------------------------- --------------------------------------------
Delaware VIP Trust Service Class Shares
------------------------------- ---------- ---------- ---------- -----------
VIP VIP VIP VIP
Balanced Capital Cash Emerging
Series Reserves Reserves Markets
Series Series Series

------------------------------- --------------------------------------------
Advertising [To be updated in 485(b) filing]
------------------------------- ---------- ---------- ---------- -----------
Annual/Semiannual Reports
------------------------------- ---------- ---------- ---------- -----------
Broker Trails
------------------------------- ---------- ---------- ---------- -----------
Broker Sales Charges
------------------------------- ---------- ---------- ---------- -----------
Dealer Service Expenses
------------------------------- ---------- ---------- ---------- -----------
Interest on Broker Sales
Charges
------------------------------- ---------- ---------- ---------- -----------
Commissions to Wholesalers
------------------------------- ---------- ---------- ---------- -----------
Promotional-Broker Meetings
------------------------------- ---------- ---------- ---------- -----------
Promotional-Other
------------------------------- ---------- ---------- ---------- -----------
Prospectus Printing
------------------------------- ---------- ---------- ---------- -----------
Telephone
------------------------------- ---------- ---------- ---------- -----------
Wholesaler Expenses
------------------------------- ---------- ---------- ---------- -----------
Other
------------------------------- ---------- ---------- ---------- -----------
Total
------------------------------- ---------- ---------- ---------- -----------

------------------------------- -----------------------------------------------------
Delaware VIP Trust Service Class Shares
------------------------------- ---------- ------------- ------------- -------------
VIP VIP VIP High VIP
Global Growth Yield Series International
Bond Opportunities Value
Series Series Equity
Series
------------------------------- -----------------------------------------------------
Advertising [To be updated in 485(b) filing]
------------------------------- ---------- ------------- ------------- -------------
Annual/Semiannual Reports
------------------------------- ---------- ------------- ------------- -------------
Broker Trails
------------------------------- ---------- ------------- ------------- -------------
Broker Sales Charges
------------------------------- ---------- ------------- ------------- -------------
Dealer Service Expenses
------------------------------- ---------- ------------- ------------- -------------
Interest on Broker Sales
Charges
------------------------------- ---------- ------------- ------------- -------------
Commissions to Wholesalers
------------------------------- ---------- ------------- ------------- -------------
Promotional-Broker Meetings
------------------------------- ---------- ------------- ------------- -------------
Promotional-Other
------------------------------- ---------- ------------- ------------- -------------
Prospectus Printing
------------------------------- ---------- ------------- ------------- -------------
Telephone
------------------------------- ---------- ------------- ------------- -------------
Wholesaler Expenses
------------------------------- ---------- ------------- ------------- -------------
Other
------------------------------- ---------- ------------- ------------- -------------
Total
------------------------------- ---------- ------------- ------------- -------------

------------------------------- ---------- ------------- ------------- -------------
Delaware VIP Trust Service Class Shares
------------------------------- ---------- ------------- ------------- -------------
VIP Value VIP VIP REIT VIP
Series Diversified Series Select
Income Growth
Series Series
------------------------------- -----------------------------------------------------
Advertising [To be updated in 485(b) filing]
------------------------------- ---------- ------------- ------------- -------------
Annual/Semiannual Reports
------------------------------- ---------- ------------- ------------- -------------
Broker Trails
------------------------------- ---------- ------------- ------------- -------------
Broker Sales Charges
------------------------------- ---------- ------------- ------------- -------------
Dealer Service Expenses
------------------------------- ---------- ------------- ------------- -------------
Interest on Broker Sales
Charges
------------------------------- ---------- ------------- ------------- -------------
Commissions to Wholesalers
------------------------------- ---------- ------------- ------------- -------------
Promotional-Broker Meetings
------------------------------- ---------- ------------- ------------- -------------
Promotional-Other
------------------------------- ---------- ------------- ------------- -------------
Prospectus Printing
------------------------------- ---------- ------------- ------------- -------------
Telephone
------------------------------- ---------- ------------- ------------- -------------
Wholesaler Expenses
------------------------------- ---------- ------------- ------------- -------------
Other
------------------------------- ---------- ------------- ------------- -------------
Total
------------------------------- ---------- ------------- ------------- -------------

------------------------------- ---------- ------------- -------------
Delaware VIP Trust Service Class Shares
------------------------------- ---------- ------------- -------------
VIP Small VIP VIP U.S.
Cap Value Trend Growth
Series Series Series

------------------------------- ---------------------------------------
Advertising [To be updated in 485(b) filing]
------------------------------- ---------- ------------- -------------
Annual/Semiannual Reports
------------------------------- ---------- ------------- -------------
Broker Trails
------------------------------- ---------- ------------- -------------
Broker Sales Charges
------------------------------- ---------- ------------- -------------
Dealer Service Expenses
------------------------------- ---------- ------------- -------------
Interest on Broker Sales
Charges
------------------------------- ---------- ------------- -------------
Commissions to Wholesalers
------------------------------- ---------- ------------- -------------
Promotional-Broker Meetings
------------------------------- ---------- ------------- -------------
Promotional-Other
------------------------------- ---------- ------------- -------------
Prospectus Printing
------------------------------- ---------- ------------- -------------
Telephone
------------------------------- ---------- ------------- -------------
Wholesaler Expenses
------------------------------- ---------- ------------- -------------
Other
------------------------------- ---------- ------------- -------------
Total
------------------------------- ---------- ------------- -------------

Portfolio Managers
Information about portfolio manager compensation, other accounts managed by
the portfolio manager and the portfolio managers' ownership of securities in the
Series is contained in Appendix B.

OFFICERS AND TRUSTEES

The business and affairs of the Trust are managed under the direction of
its Board of Trustees.

Certain officers and Trustees of the Trust hold identical positions in each
of the other funds in the Delaware Investments family.

DMH Corp., Delaware Investments U.S., Inc., Delaware General Management,
Inc. Delaware Management Company, Inc., Delaware Service Company, Inc., Delaware
Distributors, Inc., Delaware Management Trust Company, Delaware Management
Business Trust, Delaware Investment Advisers (a series of Delaware Management
Business Trust), Delaware Management Company (a series of Delaware Management
Business Trust), Delaware Capital Management (a series of Delaware Management
Business Trust), Delaware Lincoln Cash Management (a series of Delaware
Management Business Trust), Delaware Distributors, L.P., Retirement Financial
Services, Inc. and LNC Administrative Services Corporation are direct or
indirect, wholly owned subsidiaries of Delaware Management Holdings, Inc.
("DMH"). DMH is an indirect, wholly owned subsidiary, and is subject to the
ultimate control, of Lincoln National Corporation. Lincoln National Corporation,
with headquarters in Philadelphia, Pennsylvania, is a diversified organization
with operations in many aspects of the financial services industry, including
insurance and investment management. Delaware Investments is the marketing name
for DMH and its subsidiaries.

Trustees and principal officers of Delaware VIP Trust are noted below along
with their ages and their business experience for the past five years.

------------ -------------- ------------ ----------------------- ----------- -------------
Number of Other
Portfolios Directorships
in Fund Held
Complex by
Name, Overseen Trustee/
Address Position(s) Principal by Trustee/ Director
and Held with Length of Occupation(s) During Director or
Birthdate Fund(s) Time Served Past 5 Years or Officer Officer
--------------------------------------------------------------------------------------------
Interested Trustees
--------------------------------------------------------------------------------------------
Jude T. Chairman, 5 Years - Since August 2000, 87 None
Driscoll(2) President, Executive Mr. Driscoll has
2005 Chief Officer served in various
Market Executive executive capacities
Street Officer 1 Year - at different times
Philadelphia, and Trustee at Delaware
PA 19103 Trustee Investments(1)

March 10,
1963
--------------------------------------------------------------------------------------------
Independent Trustees
--------------------------------------------------------------------------------------------
Thomas L. Trustee Since Private Investor - 87 None
Bennett March 23, (March 2004 - Present)
2005 2005
Market Investment Manager -
Street Morgan Stanley & Co.
Philadelphia, (January 1984 - March
PA 19103 2004)

October 4,
1947
--------------------------------------------------------------------------------------------
John A. Fry Trustee 4 Years President - 87 Director-
2005 Franklin & Marshall
Market College Community
Street (June 2002 - Present) Health
Philadelphia, Systems
PA 19103 Executive Vice
President -
May 28, University of
1960 Pennsylvania
(April 1995 - June
2002)

--------------------------------------------------------------------------------------------
Anthony D. Trustee 12 Years Founder/Managing 87 None
Knerr Director - Anthony
2005 Knerr & Associates
Market (Strategic Consulting)
Street (1990 - Present)
Philadelphia,
PA 19103

December
7, 1938

--------------------------------------------------------------------------------------------
Lucinda S. Trustee Since Chief Financial 87 None
Landreth March 23, Officer -
2005 2005 Assurant, Inc.
Market (Insurance)
Street (2002 - 2004)
Philadelphia,
PA 19103 Chief Investment
Officer - Fortis,
June 24, Inc. (Mutual Fund
1947 Insurance)
(1997-2001)
--------------------------------------------------------------------------------------------

Independent Trustees (continued)

--------------------------------------------------------------------------------------------
Ann R. Trustee 16 Years 87 Director
Leven Retired since 1999 and
2005 Audit
Market Treasurer/Chief Committee
Street Fiscal Officer - Chairperson
Philadelphia, National Gallery of -
PA 19103 Art Andy
(1994 - 1999) Warhol
November Foundation
1, 1940
Director
and
Audit
Committee
Member
-
Systemax
Inc.

--------------------------------------------------------------------------------------------
Thomas F. Trustee 11 Years President/Chief 87 Director
Madison Executive Officer - -
2005 MLM Partners, Inc. Banner
Market (Small Business Health
Street Investing &
Philadelphia, Consulting) Director
PA 19103 (January 1993 - -
Present) Center
February Point
25, 1936 Energy

Director
and
Audit
Committee
Member
-
Digital
River
Inc.

Director
and
Audit
Committee
Member
-
Rimage
Corporation

Director
-
Valmont
Industries,
Inc.

--------------------------------------------------------------------------------------------
Janet L. Trustee 6 Years Vice President 87 None
Yeomans ((January
2005 2003-Present) and
Market Treasurer (January
Street 2006-Present) -
Philadelphia, 3M Corporation
PA 19103
Ms. Yeomans has held
July 31, various management
1948 positions at 3M
Corporation since
1983.

--------------------------------------------------------------------------------------------
J. Richard Trustee Since Founder - 87 Director
Zecher March 23, Investor Analytics and
2005 2005 (Risk Management) Audit
Market (May 1999 - Present) Committee
Street Member
Philadelphia, -
PA 19103 Investor
Analytics
July 3,
1940 Director
and
Audit
Committee
Member
-
Oxigene,
Inc.

--------------------------------------------------------------------------------------------
Officers
--------------------------------------------------------------------------------------------
Michael P. Senior Vice Chief Mr. Bishof has served 87 None(3)
Bishof President Financial in various executive
2005 and Chief Officer capacities at
Market Financial since different times at
Street Officer February Delaware Investments
Philadelphia, 17, 2005
PA 19103

August 18,
1962

--------------------------------------------------------------------------------------------
David F. Vice Since Mr. Connor has served 87 None(3)
Connor President, October as Vice President and
2005 Deputy 25, 2005 Deputy General
Market General Counsel of Delaware
Street Counsel and Investments since
Philadelphia, Secretary 2000.
PA 19103

December
2, 1963

--------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------
David P. Senior Vice Since Mr. O'Connor has 87 None(3)
O'Connor President, October served in various
2005 General 25, 2005 executive and legal
Market Counsel and capacities at
Street Chief Legal different times at
Philadelphia, Officer Delaware Investments.
PA 19103

February
21, 1966

--------------------------------------------------------------------------------------------
John J. Senior Vice Treasurer Mr. O'Connor has 87 None(3)
O'Connor President since served in various
2005 and Treasurer February executive capacities
Market 17, 2005 at different times at
Street Delaware Investments
Philadelphia,
PA 19103

June 16,
1957

--------------------------------------------------------------------------------------------

(1) Delaware Investments is the marketing name for Delaware Management
Holdings, Inc. and its subsidiaries, including the Series' investment
advisor, principal underwriter and its transfer agent.

(2) Mr. Driscoll is considered to be an "Interested Trustee" because he is an
executive officer of the Series' manager and distributor.

(3) Mr. Bishof, Mr. Connor, Mr. David P. O'Connor and Mr.John J. O'Connor also
serve in similar capacities for the six portfolios of the Optimum Fund
Trust, which have the same investment advisor, principal underwriter and
transfer agent as the registrant. Mr.John J. O'Connor also serves in a
similar capacity for Lincoln Variable Insurance Products Trust, which has
the same investment adviser as the Trust.

------------------------------------------------------------------------------------------------------------------------------------

Following is additional information regarding investment professionals
affiliated with the Trust.

Name, Address and Birthdate Position(s) Held with Delaware Length of Time Served Principal Occupation(s) During Past 5
VIP Trust Years
--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Christopher S. Adams Vice President and Senior 8 Years Mr. Adams has served in various
2005 Market Street Equity Analyst capacities at different times at
Philadelphia, PA 19103 Delaware Investments

April 24, 1962

--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Robert Akester Senior Portfolio Manager 6 Years Mr. Akester has served in various
3rd Floor capacities at different times at
80 Cheapside Mondrian
London, England
EC2V 6EE

April 25, 1948

--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Damon J. Andres Vice President and Senior 9 Years Mr. Andres has served in various
2005 Market Street Portfolio Manager capacities at different times at
Philadelphia, PA 19103 Delaware Investments

October 24, 1969

--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Marshall T. Bassett Senior Vice President and 6 Years Mr. Bassett has served in various
2005 Market Street Senior Portfolio Manager capacities at different times at
Philadelphia, PA 19103 Delaware Investments

February 8, 1954

--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Christopher S. Beck Senior Vice President and 7 Years Mr. Beck has served in various
2005 Market Street Senior Portfolio Manager capacities at different times at
Philadelphia, PA 19103 Delaware Investments

December 5, 1957

--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Christopher J. Bonavico Vice President and Senior Less than 1 Year Vice President and Senior Portfolio
505 Montgomery Street Portfolio Manager Manager - Delaware Investment Advisers,
11th Floor a series of Delaware Management
San Francisco, CA 94111 Business Trust
(2005 - Present)

Mr. Bonavico has served in various
capacities at different times at
Transamerica Investment Management, LLC

--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Ryan K. Brist Executive Vice President, 5 Years Mr. Brist has served in various
2005 Market Street Managing Director and Chief capacities at different times at
Philadelphia, PA 19103-7094 Investment Officer, Fixed Delaware Investments
Income
March 22, 1971

--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Position(s) Held with Delaware Principal Occupation(s) During Past 5
Name, Address and Birthdate VIP Trust Length of Time Served Years
--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Kenneth F. Broad Vice President and Senior Less than 1 Year Vice President and Senior Portfolio
505 Montgomery Street Portfolio Manager Manager - Delaware Investment Advisers,
11th Floor a series of Delaware Management
San Francisco, CA 94111 Business Trust
(2005 - Present)
October 6, 1965
Mr. Broad has served in various
capacities at different times at
Transamerica Investment Management, LLC

--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Steven G. Catricks Vice President and Portfolio Less than 1 Year Mr. Catricks has served in various
2005 Market Street Manager capacities at different times at
Philadelphia, PA 19103 Delaware Investments

--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Stephen R. Cianci Senior Vice President and 10 Years Mr. Cianci has served in various
2005 Market Street Senior Portfolio Manager capacities at different times at
Philadelphia, PA 19103 Delaware Investments

May 12, 1969

--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Christopher M. Ericksen Vice President and Portfolio Less than 1 Year Vice President and Portfolio Manager -
505 Montgomery Street Manager Delaware Investment Advisers, a series
11th Floor of Delaware Management Business Trust
San Francisco, CA 94111 (2005 - Present)

March 10, 1972 Portfolio Manager - Transamerica
Investment Management, LLC
(2004 - 2005)

Mr. Ericksen has served in various
capacities at different times at
Goldman Sachs

--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Patrick G. Fortier Portfolio Manager Less than 1 Year Portfolio Manager - Delaware Investment
505 Montgomery Street Advisers, a series of Delaware
11th Floor Management Business Trust
San Francisco, CA 94111 (2005 - Present)

Mr. Fortier has served in various
capacities at different times at
Transamerica Investment Management, LLC

--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Clive A. Gillmore Deputy Managing Director and 14 Years Mr. Gillmore has served in various
3rd Floor Senior Portfolio Manager of capacities at different times at
80 Cheapside Mondrian Investment Partners Mondrian
London, England Limited
EC2V 6EE

January 14, 1960

--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Barry S. Gladstein Vice President and Portfolio Less than 1 Year Mr. Gladstein has served in various
2005 Market Street Manager capacities at different times at
Philadelphia, PA 19103 Delaware Investments

August 29, 1964

Paul Grillo Senior Vice President and 11 Years Mr. Grillo has served in various
2005 Market Street Senior Portfolio Manager capacities at different times at
Philadelphia, PA 19103 Delaware Investments

May 16, 1959

--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Name, Address and Birthdate Position(s) Held with Delaware Length of Time Served Principal Occupation(s) During Past 5
VIP Trust Years
--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Christopher M. Holland Vice President and Portfolio Less than 1 Year Mr. Holland has served in various
2005 Market Street Manage capacities at different times at
Philadelphia, PA 19103 Delaware Investments

January 23, 1975

--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Michael E. Hughes Assistant Vice 2 years Equity Analyst -
2005 Market Street President/Senior Equity Raymond James & Associates
Philadelphia, PA 19103 Analyst I (June 2000 - May 2002)

August 30, 1971 Investment Limited Partner -
J.C. Bradford & Co.
(May 1996 - May 2000)

--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Jordan L. Irving Vice President and Senior 1 year Vice President and Senior Portfolio
2005 Market Street Portfolio Manager Manager - Delaware Investment Advisers,
Philadelphia, PA 19103 a series of Delaware Management
Business Trust
December 25, 1973 (2004 - Present)

Vice President and Portfolio Manager -
U.S. Active Large Cap Value Team,
Merrill Lynch Investment Managers
(2001 - 2004)

Assistant Vice President and Associate
Portfolio Manager - U.S. Active Large
Cap Value Team, Merrill Lynch
Investment Managers
(2000 - 2001)

Senior Specialist - U.S. Active Large
Cap Value Team, Merrill Lynch
Investment Managers
(1998 - 2000)

--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Steven T. Lampe Vice President and Portfolio 8 Years Mr. Lampe has served in various
2005 Market Street Manager capacities at different times at
Philadelphia, PA 19103 Delaware Investments

September 13, 1968

--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Emma R.E. Lewis Senior Portfolio Manager 8 Years Ms. Lewis has served in various
80 Cheapside capacities at different times at
London, England Mondrian
EC2V 6EE

January 23, 1969

--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Name, Address and Birthdate Position(s) Held with Delaware Length of Time Served Principal Occupation(s) During Past 5
VIP Trust Years
--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Anthony A. Lombardi Vice President and Senior 1 year Vice President and Senior Portfolio
2005 Market Street Portfolio Manager Manager - Delaware Investment Advisers,
Philadelphia, PA 19103 a series of Delaware Management
Business Trust
October 6, 1965 (2004 - Present)

Director and Portfolio Manager - U.S.
Active Large Cap Value Team, Merrill
Lynch Investment Managers
(2003 - 2004)

Vice President and Portfolio Manager -
U.S. Active Large Cap Value Team,
Merrill Lynch Investment Managers
(2000 - 2003)

Vice President and Senior Research
Analyst - U.S. Active Large Cap Value
Team, Merrill Lynch Investment Managers
(1998 - 2000)

--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Kent P. Madden Equity Analyst Less than 1 year Equity Analyst -
2005 Market Street Gartmore Global Investments
Philadelphia, PA 19130 (November 2000 - December 2004)

May 22, 1972

--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Nigel G. May Director, Senior Portfolio 12 Years Mr. May has served in various
80 Cheapside Manager and Regional Research capacities at different times at
London, England Director Mondrian
EC2V 6EE

September 23, 1962

--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Francis X. Morris Senior Vice President and 6 Years Mr. Morris has served in various
2005 Market Street Senior Portfolio Manager capacities at different times at
Philadelphia, PA 19103 Delaware Investments

March 28, 1961

--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Michael S. Morris Vice President and Senior 4 Years Vice President and Senior Equity
2005 Market Street Equity Analyst Analyst of Delaware Investment
Philadelphia, PA 19103 Advisers, a series of Delaware
Management Business Trust
September 5, 1968 (1999 - Present)

Financial Analyst - Walnut Street
Associates
(1998 - 1999)

Senior Equity Analyst - Pilgrim Baxter
& Associates
(1997 - 1998)

Equity Analyst - State Teachers
Retirement Systems of Ohio
(1996 - 1997)

--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Name, Address and Birthdate Position(s) Held with Delaware Length of Time Served Principal Occupation(s) During Past 5
VIP Trust Years
--------------------------- -------------------------------- ------------------------------ ----------------------------------------
D. Tysen Nutt, Jr. Senior Vice President and 1 year Senior Vice President and Senior
2005 Market Street Senior Portfolio Manager Portfolio Manager - Delaware Investment
Philadelphia, PA 19103 Advisers, a series of Delaware
Management Business Trust
January 27, 1952 (2004 - Present)

Managing Director and Senior Portfolio
Manager - U.S. Active Large Cap Value
Team, Merrill Lynch Investment Managers
(1998- 2004)

--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Philip R. Perkins Senior Vice President and 2 years Senior Vice President and Senior
2005 Market Street Senior Portfolio Manager Portfolio Manager - Delaware Investment
Philadelphia, PA 19103 Advisers, a series of Delaware
Management Business Trust
May 20, 1961 (2003 - Present)

Chief Operating Officer and Managing
Director in Emerging Markets of
Deutsche Bank (1998 - 2003)

--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Daniel J. Prislin Vice President and Senior Less than 1 Year Vice President and Senior Portfolio
505 Montgomery Street Portfolio Manager Manager - Delaware Investment Advisers,
11th Floor a series of Delaware Management
Philadelphia, PA 19103-7094 Business Trust
(2005 - Present)

Mr. Prislin has served in various
capacities at different times at
Transamerica Investment Management, LLC

--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Timothy L. Rabe Senior Vice President and 4 Years Senior Vice President and Senior
2005 Market Street Senior Portfolio Manager Portfolio Manager of Delaware
Philadelphia, PA 19103 Investment Advisers, a series of
Delaware Management Business Trust
September 18, 1970 (2004 - Present)

Vice President and Portfolio Manager of
Delaware Investment Advisers, a series
of Delaware Management Business Trust
(2000 - 2004)

--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Matthew Todorow Vice President and Portfolio 1 year Vice President and Portfolio Manager -
2005 Market Street Manager Delaware Investment Advisers, a series
Philadelphia, PA 19103 of Delaware Management Business Trust
(2003 - Present)
November 22, 1968
Executive Director - Morgan Stanley
Investment Management
(2001- 2003)

Portfolio Manager - Morgan Stanley
Investment

--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Name, Address and Birthdate Position(s) Held with Delaware Length of Time Served Principal Occupation(s) During Past 5
VIP Trust Years
--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Rudy D. Torrijos III Vice President and Portfolio Less than 1 Year Vice President and Portfolio Manager -
2005 Market Street Manager Delaware Investment Advisers, a series
Philadelphia, PA 19103 of Delaware Management Business Trust
(2005 - Present)
May 8, 1970
Technology Analyst - Fiduciary Trust
Co., International
(2003 - 2005)

Fund Manager - Neuberger Berman Growth
Group
(2000 - 2003)

--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Jeffrey S. Van Harte Chief Investment Officer - Less than 1 year Chief Investment Officer/Focus Growth -
505 Montgomery Street Focus Growth Delaware Investment Advisers, a series
11th Floor of Delaware Management Business Trust
San Francisco, CA 94111 (2005 - Present)

July 24, 1958 Mr. Van Harte has served in various
capacities at different times at
Transamerica Investment Management, LLC

--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Robert A. Vogel, Jr. Vice President and Senior 1 year Vice President and Senior Portfolio
2005 Market Street Portfolio Manager Manager - Delaware Investment Advisers,
Philadelphia, PA 19103 a series of Delaware Management
Business Trust
February 22, 1969 (2004 - Present)

Director and Portfolio Manager - U.S.
Active Large Cap Value Team, Merrill
Lynch Investment Managers
(2003 - 2004)

Vice President and Portfolio Manager -
U.S. Active Large Cap Value Team,
Merrill Lynch Investment Managers
(1998 - 2003)

--------------------------- -------------------------------- ------------------------------ ----------------------------------------
Lori P. Wachs Vice President and Portfolio 11 Years Ms. Wachs has served in various
2005 Market Street Manager capacities at different times at
Philadelphia, PA 19103 Delaware Investments

November 8, 1968
--------------------------- -------------------------------- ------------------------------ ----------------------------------------

The following table shows each Trustee's ownership of shares of the Trust
and of all Delaware Investments funds as of December 31, 2005.

----------------------- ----------------------- -----------------------------------------
Aggregate Dollar Range of Equity
Dollar Range Securities in All Registered Investment
of Equity Securities in Companies Overseen by Trustee in Family
Name the Trust of Investment Companies
----------------------- ----------------------- -----------------------------------------
Jude T. Driscoll $[ ] $[ ]
----------------------- ----------------------- -----------------------------------------
Thomas L. Bennett(1) $[ ] $[ ]
----------------------- ----------------------- -----------------------------------------
John A. Fry $[ ] $[ ]
----------------------------------------------------------------------------------------
Anthony D. Knerr $[ ] $[ ]
----------------------- ----------------------- -----------------------------------------
Lucinda S. Landreth(1) $[ ] $[ ]
----------------------------------------------------------------------------------------
Ann R. Leven $[ ] $[ ]
----------------------- ----------------------- -----------------------------------------
Thomas F. Madison $[ ] $[ ]
----------------------- ----------------------- -----------------------------------------
Janet L. Yeomans $[ ] $[ ]
----------------------- ----------------------- -----------------------------------------
J. Richard Zecher(1) $[ ] $[ ]
----------------------- ----------------------- -----------------------------------------

(1) As of December 31, 2005, John A. Fry held assets in a 529 Plan account.
Under the terms of the Plan, a portion of the assets held in the Plan may
be invested in the Trust. Mr. Fry held no shares of the Trust outside of
the Plan as of December 31, 2005.

The following is a compensation table listing, for each Trustee entitled to
receive compensation, the aggregate compensation received from the Trust and the
total compensation received from all Delaware Investments funds for the fiscal
year ended December 31, 2004, and an estimate of annual benefits to be received
upon retirement under the Delaware Investments Retirement Plan for
Directors/Trustees as of December 31, 2004. Only the independent Trustees of the
Trust receive compensation from the Trust.

------------------- --------------------- ------------------------ ----------------------- -------------------------
Total Compensation from
Aggregate Pension or Retirement Estimated Annual the Investment
Compensation from Benefits Accrued as Benefits Upon Companies in Delaware
Name Delaware VIP Trust Part of Fund Expenses Retirement(1) Investments(2)
------------------- --------------------- ------------------------ ----------------------- -------------------------
Thomas L. Bennett $[ ] $[ ] $[ ] $[ ]
------------------- --------------------- ------------------------ ----------------------- -------------------------
John A. Fry(3) $[ ] $[ ] $[ ] $[ ]
------------------- --------------------- ------------------------ ----------------------- -------------------------
Anthony D. Knerr $[ ] $[ ] $[ ] $[ ]
------------------- --------------------- ------------------------ ----------------------- -------------------------
Lucinda S. Landreth $[ ] $[ ] $[ ] $[ ]
---------------------------------------- ------------------------ ----------------------- -------------------------
Ann R. Leven $[ ] $[ ] $[ ] $[ ]
------------------- --------------------- ------------------------ ----------------------- -------------------------
Thomas F. Madison $[ ] $[ ] $[ ] $[ ]
------------------- --------------------- ------------------------ ----------------------- -------------------------
Janet L. Yeomans $[ ] $[ ] $[ ] $[ ]
------------------- --------------------- ------------------------ ----------------------- -------------------------
J. Richard Zecher $[ ] $[ ] $[ ] $[ ]
------------------- --------------------- ------------------------ ----------------------- -------------------------

(1) Under the terms of the Delaware Investments Retirement Plan for Trustees,
each disinterested Trustee who, at the time of his or her retirement from
the Board, has attained the age of 70 and served on the Board for at least
five continuous years, is entitled to receive payments from each investment
company in the Delaware Investments family for which he or she serves as
Trustee for a period equal to the lesser of the number of years that such
person served as a Trustee or the remainder of such person's life. The
amount of such payments will be equal, on an annual basis, to the amount of
the annual retainer that is paid to trustees of each investment company at
the time of such person's retirement. If an eligible Trustee retired as of
December 31, 2005, he or she would be entitled to annual payments totaling
the amounts noted above, in the aggregate, from all of the investment
companies in the Delaware Investments family for which he or she serves as
a trustee or director, based on the number of investment companies in the
Delaware Investments family as of that date.

(2) Each independent Trustee currently receives a total annual retainer fee of
$70,000 for serving as a Trustee for all 24 investment companies in
Delaware Investments, plus $5,000 for each Board Meeting attended. The
following compensation is in the aggregate from all investment companies in
the complex. Members of the audit committee receive additional compensation
of $2,500 for each meeting. Members of the nominating committee receive
additional compensation of $1,700 for each meeting. In addition, the
chairpersons of the audit and nominating committees each receive an annual
retainer of $10,000 and $1,500, respectively. The Coordinating Trustee of
the Delaware Investments funds receives an additional retainer of $25,000.

(3) In addition to this compensation, for the 12-month period ended on December
31, 2005, Mr. Fry received $[ ] in professional fees from Voyageur Funds
for services provided to the Fund's Board. Mr. Babich and Mr. Durham
retired from the Board of Trustees on March 15, 2005.

The Board of Trustees has the following committees:

Audit Committee: This committee monitors accounting and financial reporting
policies and practices, and internal controls for the Delaware Investments
funds. It also oversees the quality and objectivity of the Delaware Investments
funds' financial statements and the independent audit thereof, and acts as a
liaison between the Delaware Investments funds' Independent Registered Public
Accounting Firm and the full Board of Trustees. Three independent trustees
comprise the committee. The Audit Committee held [ ] meetings during the Trust's
last fiscal year.

Nominating and Corporate Governance Committee: This committee recommends
Board members, fills vacancies and considers the qualifications of Board
members. The committee also monitors the performance of counsel for independent
trustees. Three independent trustees and one interested trustee serve on the
committee. The Nominating Committee held [ ] meetings during the Trust's last
fiscal year.

Independent Trustee Committee: This committee develops and recommends to
the Board a set of corporate governance principles and oversees the evaluation
of the Board, its committees and its activities. The Independent Trustee
Committee of the Fund currently consists of the following eight independent
Trustees/Directors: Thomas L. Bennett, John A. Fry, Anthony D. Knerr, Lucinda S.
Landreth, Ann R. Leven, Thomas F. Madison, Jan L. Yeomans and J. Richard Zecher.
The Independent Trustee Committee held [ ] meetings during the Trust's last
fiscal year.

As a group, the officers and Trustees owned less than 1% of the outstanding
shares of each class of each Series.

GENERAL INFORMATION

The Transfer Agent, an affiliate of the Manager, acts as shareholder servicing,
dividend disbursing and transfer agent for each Series and for the other mutual
funds in the Delaware Investments Family of Funds. The Transfer Agent is paid a
fee by each Series for providing these services consisting of an annual per
account charge for (i) each open and closed account on the their records and
each account held on a sub-accounting system maintained by firms that hold
accounts on an omnibus basis ("Shareholder Accounts"); and (ii) each account on
a retirement processing system ("Retirement Accounts"). These charges are as
follows:

Shareholder Accounts $21.25 Per Annum
Retirement Accounts $30.00 Per Annum

These charges are assessed monthly on a pro rata basis and determined by using
the number of Shareholder and Retirement Accounts maintained as of the last
calendar day of each month. Compensation is fixed each year and approved by the
Board of Trustees, including a majority of the disinterested trustees.

The Transfer Agent also provides accounting services to each Series. Those
services include performing all functions related to calculating each Series'
net asset value and providing all financial reporting services, regulatory
compliance testing and other related accounting services. For its services, the
Transfer Agent is paid a fee based on total assets of all funds in the Delaware
Investments Family of Funds for which it provides such accounting services. Such
fee is equal to 0.025% multiplied by the total amount of assets in the complex
for which the Transfer Agent furnishes accounting services, where such aggregate
complex assets are $10 billion or less, and 0.020% of assets if such aggregate
complex assets exceed $10 billion. The fees are charged to each Series and the
other mutual funds in the Delaware Investments Family of Funds, on an aggregate
pro rata basis. The asset-based fee payable to the Transfer Agent is subject to
a minimum fee calculation based on the type and number of classes per Fund.

The Trust, which was organized as a Maryland corporation in 1987 and
reorganized as a Delaware business trust on December 15, 1999, is an open-end
registered management investment company. Effective as of May 1, 2002 the name
of Delaware Group Premium Fund was changed to Delaware VIP Trust. Also effective
as of May 1, 2002, the name of each Series has also been changed to reflect
Delaware VIP. For example, "Balanced Series" has become "Delaware VIP Balanced
Series'. With the exception of Delaware VIP Emerging Markets, Delaware VIP
Global Bond and Delaware VIP REIT Series, each Series operates as a diversified
fund as defined by the 1940 Act. Delaware VIP Emerging Markets, Delaware VIP
Global Bond and Delaware VIP REIT Series operate as nondiversified funds as
defined by the 1940 Act.

The Board of Trustees is responsible for overseeing the performance of each
Series' investment advisor and determining whether to approve and/or renew each
Series' investment management agreements. When the Board considers whether to
renew an investment management agreement, it considers various factors that
include:

o The nature, extent and quality of the services provided by the investment
advisor

o The investment performance of the fund's assets managed by the investment
advisor

o The fair market value of the services provided by the investment advisor

o Comparative analysis of expense ratios of, and advisory fees paid by,
similar funds

o The extent to which the investment advisor has realized or will realize
economies of scale as the fund grows

o Other benefits accruing to the investment advisor or its affiliates from
its relationship with the fund

The investment advisor's management of the operating expenses of the fund,
such as transaction costs, including how portfolio transactions for the fund are
conducted and brokers are chosen

Delaware Management is the investment manager of each Series of the Trust
other than Delaware VIP International Value Equity and Delaware VIP Emerging
Markets Series. Mondrian is the sub-advisor of Delaware VIP International Value
Equity and Delaware VIP Emerging Markets Series. Delaware Management, also
manages the other funds in the Delaware Investments family. Although investment
decisions for each Series are made independently from those of the other funds
and accounts, investment decisions for such other funds and accounts may be made
at the same time as investment decisions for the Series.

The Trust, the Manager, the Distributor, the Financial Intermediary
Distributor and the Sub-Advisor, in compliance with SEC Rule 17j-1 under the
1940 Act, have adopted Codes of Ethics which govern personal securities
transactions. Under the Codes of Ethics, persons subject to the Codes are
permitted to engage in personal securities transactions, including securities
that may be purchased or held by the Series, subject to the requirements set
forth in Rule 17j-1 and certain other procedures set forth in the applicable
Code of Ethics. The Codes of Ethics for the Trust, the Manager, the Distributor,
the Financial Intermediary Distributor and the Sub-advisor are on public file
with, and are available from, the SEC.

The Distributor acts as national distributor for the Trust and for the
other mutual funds in the Delaware Investments family. The Distributor offers
Trust shares on a continuous basis.

The JPMorgan Chase Bank, located at Chase Metrotech Center, Brooklyn, New
York 11245, serves as the custodian of each Series' assets.

The Transfer Agent, an affiliate of Delaware Management, acts as
shareholder servicing, dividend disbursing and transfer agent for the Trust and
for the other mutual funds in the Delaware Investments family. The Transfer
Agent is paid an annual fee equal to 0.01% of the average daily net assets of
each Series. Compensation is approved each year by the Board of Trustees,
including a majority of the disinterested Trustees. The Transfer Agent also
provides accounting services to the Series. Those services include performing
all functions related to calculating each Series' net asset value and providing
all financial reporting services, regulatory compliance testing and other
related accounting services. For its services, the Transfer Agent is paid a fee
based on total assets of all funds in the Delaware Investments family for which
it provides such accounting services. Such fee is equal to 0.025% multiplied by
the total amount of assets in the complex for which the Transfer Agent furnishes
accounting services, where such aggregate complex assets are $10 billion or
less, and 0.020% of assets if such aggregate complex assets exceed $10 billion.
The fees are charged to each fund, including the Series, on an aggregate
pro-rata basis. The asset-based fee payable to the Transfer Agent is subject to
a minimum fee calculated by determining the total number of investment
portfolios and associated classes.

Delaware Management and its affiliates own the name "Delaware Group." Under
certain circumstances, including the termination of the Trust's advisory
relationship with Delaware Management or its distribution relationship with the
Distributor, Delaware Management and its affiliates could cause the Trust to
delete the words "Delaware Group" from the Trust's name.

Each Series also reserves the right to refuse the purchase side of an
exchange request by any person or group if, in Delaware Management's or
Mondrian's judgment, the Series would be unable to invest effectively in
accordance with its investment objective and policies, or would otherwise
potentially be adversely affected. Purchase exchanges may be restricted or
refused if a Series receives or anticipates simultaneous orders affecting
significant portions of the Series' assets.

The initial public offering date for the Delaware VIP Value, Delaware VIP
High Yield, Delaware VIP Capital Reserves, Delaware VIP Cash Reserve and
Delaware VIP Balanced Series was July 28, 1988. The initial public offering date
for Delaware VIP Growth Opportunities Series was July 2, 1991. Delaware VIP
International Value Equity Series commenced operations on October 29, 1992.
Delaware VIP Small Cap Value and Delaware VIP Trend Series commenced operations
on December 27, 1993. The initial public offering date for Delaware VIP Global
Bond Series was May 1, 1996 and for Delaware VIP Emerging Markets Series was May
1, 1997. Delaware VIP REIT Series commenced operations on May 4, 1998. Delaware
VIP Select Growth Series commenced operations on May 3, 1999. Delaware VIP U.S.
Growth Series commenced operations on November 15, 1999.

The Delaware VIP Devon Series merged into Delaware VIP Value Series on
April 25, 2003. Delaware VIP Diversified Income Series commenced operations on
May 19, 2003.

Capitalization
Each Series offers two classes of shares, Standard Class and Service Class.
Additional classes of shares may be offered in the future.

The Trust has at present unlimited authorized number of shares of
beneficial interest with no par value allocated to each Class. Although all
shares have equal voting rights on matters affecting the entire Trust, each
Series would vote separately on any matter which affects only that Series, such
as certain material changes to investment advisory contracts or as otherwise
prescribed by the 1940 Act. Shares of each Series have a priority in that
Series' assets, and in gains on and income from the portfolio of that Series.
Each Class of each Series represents a proportionate interest in the assets of
that Series, and each has the same voting and other rights and preferences,
except the Standard Class of a Series may not vote on any matter affecting the
Plan under Rule 12b-1 that applies to the Service Class of that Series. Shares
have no preemptive rights, are fully transferable and, when issued, are fully
paid and nonassessable. All shares participate equally in dividends, and upon
liquidation would share equally.

Noncumulative Voting
Series shares have noncumulative voting rights which means that the holders
of more than 50% of the shares of the Trust voting for the election of Trustees
can elect all the Trustees if they choose to do so, and, in such event, the
holders of the remaining shares will not be able to elect any Trustees.

Record Holders
As of March 31, 2006, management believes the following accounts held 5% of
record or more of the outstanding shares of each Series of the Trust. Management
has no knowledge of beneficial ownership of the Trust's shares.

-------------------------------- --------------------------------------------- ----------------- -------------
Series Name and Address of Account Share Amount Percentage
-------------------------------- -----------------------------------------------------------------------------
Delaware VIP Balanced Series
(Standard Class) [To be updated in 485(b) filing]
-------------------------------- --------------------------------------------- ----------------- -------------
(Service Class)
-------------------------------- --------------------------------------------- ----------------- -------------
Delaware VIP Capital Reserves
Series
(Standard Class)
-------------------------------- --------------------------------------------- ----------------- -------------
(Service Class)
-------------------------------- --------------------------------------------- ----------------- -------------
Delaware VIP Cash Reserve
Series
(Standard Class)
-------------------------------- --------------------------------------------- ----------------- -------------
(Service Class)
------------------------------- --------------------------------------------- ----------------- --------------
Delaware VIP Diversified
Income Series
(Standard Class)
-------------------------------- --------------------------------------------- ----------------- -------------
(Service Class)
-------------------------------- --------------------------------------------- ----------------- -------------
Delaware VIP Emerging Markets
Series
(Standard Class)
-------------------------------- --------------------------------------------- ----------------- -------------
(Service Class)
-------------------------------- --------------------------------------------- ----------------- -------------
Delaware VIP Global Bond Series
(Standard Class)
-------------------------------- --------------------------------------------- ----------------- -------------
(Service Class)
-------------------------------- --------------------------------------------- ----------------- -------------
Delaware VIP Growth
Opportunities Series
(Standard Class)
-------------------------------- --------------------------------------------- ----------------- -------------
(Service Class)
-------------------------------- --------------------------------------------- ----------------- -------------
Delaware VIP High Yield Series
(Standard Class)
-------------------------------- --------------------------------------------- ----------------- -------------
(Service Class)
-------------------------------- --------------------------------------------- ----------------- -------------
Delaware VIP International
Value Equity Series
(Standard Class)
-------------------------------- --------------------------------------------- ----------------- -------------
(Service Class)
-------------------------------- --------------------------------------------- ----------------- -------------
Delaware VIP Value Series
(Standard Class)
-------------------------------- --------------------------------------------- ----------------- -------------
(Service Class)
-------------------------------- --------------------------------------------- ----------------- -------------
Delaware VIP REIT Series
(Standard Class)
-------------------------------- --------------------------------------------- ----------------- -------------
(Service Class)
-------------------------------- --------------------------------------------- ----------------- -------------
Delaware VIP Select Growth
Series
(Standard Class)
-------------------------------- --------------------------------------------- ----------------- -------------
(Service Class)
-------------------------------- --------------------------------------------- ----------------- -------------
Delaware VIP Small Cap Value
Series
(Standard Class)
-------------------------------- --------------------------------------------- ----------------- -------------
(Service Class)
-------------------------------- --------------------------------------------- ----------------- -------------
Delaware VIP Trend Series
(Standard Class)
-------------------------------- --------------------------------------------- ----------------- -------------
(Service Class)
-------------------------------- --------------------------------------------- ----------------- -------------
Delaware VIP U.S. Growth Series
(Standard Class)
-------------------------------- --------------------------------------------- ----------------- -------------

This Part B does not include all of the information contained in the
Registration Statement which is on file with the SEC. Shareholders may obtain a
copy of the Registration Statement by contacting the SEC in Washington, DC.

FINANCIAL STATEMENTS

[ ], [ ], serves as the Independent Registered Public Accounting Firm for the
Trust and, in its capacity as such, audits the annual financial statements of
the Series. Each Series' Statement of Net Assets, Statement of Assets and
Liabilities (as applicable), Statement of Operations, Statement of Changes in
Net Assets, Financial Highlights and Notes to Financial Statements, as well as
the report of [ ], for the fiscal year ended December 31, 2005 are included in
each Series' Annual Report to shareholders. The financial statements and
financial highlights, the notes relating thereto and the reports of [ ]listed
above are [ ] from the Annual Reports into this Part B.

APPENDIX A--DESCRIPTION OF RATINGS

Bonds
Excerpts from S&P's description of its bond ratings: AAA--highest grade
obligations; extremely strong capacity to pay principal and interest; AA--also
qualify as high grade obligations, and in the majority of instances differ from
AAA issues only in a small degree; very strong capacity to pay principal and
interest; A--strong ability to pay interest and repay principal; somewhat more
susceptible to the adverse effects of changing circumstances and economic
conditions although more susceptible to changes in circumstances; BBB--regarded
as having an adequate capacity to pay interest and repay principal; normally
exhibit adequate protection parameters, but adverse economic conditions or
changing circumstances more likely to lead to weakened capacity to pay principal
and interest than for higher-rated bonds. BB, B, CCC, CC, C--regarded, on
balance, as having significant speculative characteristics. BB indicates the
least degree of speculation and C the highest degree of speculation. While such
debt will likely have some quality and protective characteristics, these are
outweighed by large uncertainties or major risk exposures to adverse conditions;
D--in default.

Plus (+) or minus (-) may be added to ratings from AA to CCC to show
relative standing within the major rating categories.

Excerpts from Moody's description of its bond ratings: Aaa--judged to be
the best quality. They carry the smallest degree of investment risk; Aa--judged
to be of high quality by all standards; A--possess favorable attributes and are
considered "upper medium" grade obligations; Baa--considered as medium grade
obligations. Interest payments and principal security appear adequate for the
present but certain protective elements may be lacking or may be
characteristically unreliable over any great length of time; Ba--judged to have
speculative elements; their future cannot be considered as well assured. Often
the protection of interest and principal payments may be moderate and thereby
not well safeguarded during both good and bad times over the future. Uncertainty
of position characterizes bonds in this class; B--generally lack characteristics
of the desirable investment. Assurance of interest and principal payments or of
maintenance of other terms of the contract over any long period of time may be
small; Caa--are of poor standing. Such issues may be in default or there may be
present elements of danger with respect to principal or interest; Ca--represent
obligations which are speculative in a high degree. Such issues are often in
default or have other marked shortcomings; C--the lowest rated class of bonds,
and issues so rated can be regarded as having extremely poor prospects of ever
attaining any real investment standing.

For rating categories Aa to Caa, Moody's includes a 1, 2 or 3 following the
rating to designate a high, medium or low rating, respectively

Commercial Paper
Excerpts from S&P's description of its two highest commercial paper
ratings: A-1--degree of safety regarding timely payment is strong; a plus (+)
sign denotes extremely strong safety characteristics; A-2--capacity for timely
payment is satisfactory; the relative degree of safety is not as high as for
issuers designated A-1.

Excerpts from Moody's description of its two highest commercial paper
ratings: P-1--superior quality; P-2--strong quality.

Excerpts from Fitch, Inc.'s description of its highest ratings: F-1+
--Exceptionally strong quality; F-1 --Very strong quality; F-2 --Good credit
quality.

APPENDIX B-PORTFOLIO MANAGERS

I. Portfolio Managers - Delaware Management Company

A. Except as noted, the following chart lists certain information about
types of other accounts for which the portfolio manager is primarily
responsible as of December 31, 2005.

Total Assets in
No. of Accounts with Accounts with
No. of Performance-Based Fees Performance-
Accounts Total Assets Managed Based Fees

Damon J. Andres
Registered Investment Companies 7 $2.035 billion 0 $0
Other Pooled Investment 0 $0 0 $0
Vehicles
Other Accounts 6 $109.6 million 0 $0

Marshall T. Bassett
Registered Investment Companies 25 $4.4 billion 0 $0
Other Pooled Investment 1 3.5 0 $0
Vehicles(2)
Other Accounts(1) 18 $2.1 billion 1 $87.7 million

Christopher S. Beck
Registered Investment Companies 4 $1.9 billion 0 $0
Other Pooled Investment 1 $3.2 million 0 $0
Vehicles(2)
Other Accounts(3) 2 $299.8 million 0 $0

Christopher J. Bonavico
Registered Investment Companies 2 $119 million 0 $0
Other Pooled Investment 0 $0 0 $0
Vehicles
Other Accounts 4 $8 million 0 $0

Ryan K. Brist
Registered Investment Companies 6 $2.364 billion 0 $0
Other Pooled Investment 0 $0 0 $0
Vehicles
Other Accounts 32 $3.709 billion 1 $397.8 million

Kenneth F. Broad
Registered Investment Companies 0 $0 0 $0
Other Pooled Investment 0 $0 0 $0
Vehicles
Other Accounts 3 $5.5 million 0 $0

Steven G. Catricks
Registered Investment Companies 25 $4.4 billion 0 $0
Other Pooled Investment 1 3.5 0 $0
Vehicles(2)
Other Accounts(1) 18 $2.1 billion 1 $87.7 million

Stephen R. Cianci
Registered Investment Companies 8 $1.759 billion 0 $0
Other Pooled Investment 0 $0 0 $0
Vehicles
Other Accounts* 34 $1.098 billion 0 $0

Christopher M. Ericksen
Registered Investment Companies 2 $119.0 million 0 $0
Other Pooled Investment 0 $0 0 $0
Vehicles
Other Accounts 1 $2.5 million 0 $0

Patrick G. Fortier
Registered Investment Companies 0 $0 0 $0
Other Pooled Investment 0 $0 0 $0
Vehicles
Other Accounts 2 $3.0 million 0 $0

Barry S. Gladstein
Registered Investment Companies 25 $4.4 billion 0 $0
Other Pooled Investment 1 3.5 0 $0
Vehicles(2)
Other Accounts(1) 18 $2.1 billion 1 $87.7 million

Paul Grillo
Registered Investment Companies 8 $1.759 billion 0 $0
Other Pooled Investment 0 $0 0 $0
Vehicles
Other Accounts 34 $1.098 billion 0 $0

Christopher M. Holland
Registered Investment Companies 25 $4.4 billion 0 $0
Other Pooled Investment 1 3.5 0 $0
Vehicles(2)
Other Accounts(1) 18 $2.1 billion 1 $87.7 million

Michael E. Hughes
Registered Investment Companies 4 $1.9 billion 0 $0
Other Pooled Investment 1 $3.2 million 0 $0
Vehicles(2)
Other Accounts(3) 2 $299.8 million 0 $0

Jordan L. Irving
Registered Investment 5 $2.4 billion 0 $0
Companies(4)
Other Pooled Investment 0 $0 0 $0
Vehicles
Other Accounts(5) 6 $820 million 0 $0

Steven T. Lampe
Registered Investment Companies 25 $4.4 billion 0 $0
Other Pooled Investment 1 3.5 0 $0
Vehicles(2)
Other Accounts(1) 18 $2.1 billion 1 $87.7 million

Anthony A. Lombardi
Registered Investment 5 $2.4 billion 0 $0
Companies(4)
Other Pooled Investment 0 $0 0 $0
Vehicles
Other Accounts(5) 5 $820 million 0 $0

Kent Madden
Registered Investment Companies 4 $1.9 billion 0 $0
Other Pooled Investment 1 $3.2 million 0 $0
Vehicles(2)
Other Accounts(3) 2 $299.8 million 0 $0

D. Tysen Nutt, Jr.
Registered Investment 5 $2.4 billion 0 $0
Companies(4)
Other Pooled Investment 0 $0 0 $0
Vehicles
Other Accounts(5) 6 $820 million 0 $0

Philip R. Perkins
Registered Investment Companies 5 $789.5 million 0 $0
Other Pooled Investment 0 $0 0 $0
Vehicles
Other Accounts 0 $0 0 $0

Daniel J. Prislin
Registered Investment Companies 2 $119 million 0 $0
Other Pooled Investment 0 $0 0 $0
Vehicles
Other Accounts 3 $5.5 million 0 $0

Timothy L. Rabe
Registered Investment Companies 4 $654.6 million 0 $0
Other Pooled Investment 0 $0 0 $0
Vehicles
Other Accounts 3 $204.8 million 0 $0

Matthew Todorow
Registered Investment Companies 25 $4.4 billion 0 $0
Other Pooled Investment 1 3.5 0 $0
Vehicles(2)
Other Accounts(1) 18 $2.1 billion 1 $87.7 million

Rudy D. Torrijos III
Registered Investment Companies 25 $4.4 billion 0 $0
Other Pooled Investment 1 3.5 0 $0
Vehicles(2)
Other Accounts(1) 18 $2.1 billion 1 $87.7 million

Jeffrey S. Van Harte
Registered Investment Companies 2 $119 million 0 $0
Other Pooled Investment 0 $0 0 $0
Vehicles
Other Accounts 3 $5.5 million 0 $0

Robert A. Vogel, Jr.
Registered Investment 5 $2.4 billion 0 $0
Companies(4)
Other Pooled Investment 0 $0 0 $0
Vehicles
Other Accounts(5) 5 $820 million 0 $0

Lori P. Wachs
Registered Investment Companies 25 $4.4 billion 0 $0
Other Pooled Investment 1 3.5 0 $0
Vehicles(2)
Other Accounts(1) 18 $2.1 billion 1 $87.7 million

* These accounts include wrap accounts, representing a total of 1,785
underlying accounts.

(1) These accounts include wrap accounts, representing a total of 2,058
underlying accounts.

(2) 529 plans.

(3) These accounts include wrap accounts, representing a total of 392
underlying accounts.

(4) Totals include assets under management as of December 31, 2005 for the
Delaware VIP Balanced Series, the Delaware Balanced Fund and the Delaware
Large Cap Value Fund. The portfolio managers began managing Delaware VIP
Balanced Series and the Delaware Balanced Fund in February 2005. The
portfolio managers began managing the Delaware Large Cap Value Fund in
March 2005.

(5) These accounts include wrap accounts, representing a total of 1,907
underlying accounts.

Conflicts of Interest

Individual portfolio managers may perform investment management services
for other accounts similar to these provided to the Funds and the investment
action for each account and Fund may differ. For example, an account or Fund may
be selling a security, while another account or Fund may be purchasing or
holding the same security. As a result, transactions executed for one account
may adversely affect the value of securities held by another account.
Additionally, the management of multiple accounts and Funds may give rise to
potential conflicts of interest, as a portfolio manager must allocate time and
effort to multiple accounts and Funds. A portfolio manager may discover an
investment opportunity that may be suitable for more than one account or Fund.
The investment opportunity may be limited, however, so that all accounts for
which the investment would be suitable may not be able to participate. Delaware
has adopted procedures designed to allocate investments fairly across multiple
accounts.

Some of the accounts managed by the portfolio managers have
performance-based fees. This compensation structure presents a potential
conflict of interest. The portfolio manager has an incentive to manage this
account so as to enhance its performance, to the possible detriment of other
accounts for which the investment manager does not receive a performance-based
fee.

A portfolio manager's management of personal accounts also may present
certain conflicts of interest. While the investment manager's code of ethics is
designed to address these potential conflicts, there is no guarantee that it
will do so.

B. Compensation Structure

Each portfolio's manager's compensation consists of the following:

BASE SALARY - Each named portfolio manager receives a fixed base salary.
Salaries are determined by a comparison to industry data prepared by third
parties to ensure that portfolio manager salaries are in line with salaries
paid at peer investment advisory firms.

In addition, each Focus Growth team member is entitled to certain
payments in the nature of reimbursement payable in three installments.

BONUS
Growth Team - Each named portfolio manager is eligible to receive an annual
bonus. The amount available in the bonus pool is based on the management
team's assets under management minus any direct expenses (expenses
associated with product and investment management team). Certain portfolio
managers may receive a guaranteed quarterly payment of a portion of their
bonus. The distribution of the bonus pool to individual team members is
determined within the discretion of Delaware.

Focus Growth Team - Each named portfolio manager is eligible to receive an
annual cash bonus, which is based upon quantitative and qualitative
factors. Generally of the total potential cash compensation for a portfolio
manager, 50% or more is in the form of a bonus and is therefore at risk.
The total amount available for payment of bonuses is based on the revenues
associated with the products managed by the Focus Growth Team. The amount
of this "bonus pool" is determined by taking a pre-determined percentage of
such revenues (minus appropriate expenses associated with this product and
the investment management team).

Various members of the team have the ability to earn a percentage of
the bonus pool with the most senior contributors having the largest share.
The pool is allotted based on subjective factors (50%) and objective
factors (50%). The subjective portion of the pool is allocated to team
members within the discretion of senior management. There is a minimum
guaranteed fixed payout amount associated with this portion of the pool for
the years ending December 31, 2005 and December 31, 2006.

The allocation of the remaining 50% of the pool is based upon
objective factors. Performance is measured as a result of the team's
standing relative to a large cap growth composite of a nationally
recognized publicly available database, for five successive calendar years.
Performance rankings are in quartiles as follows: top decile, top quartile,
second quartile, third quartile and bottom quartile. An average is taken of
the five year relative performance data to determine the multiplier to be
applied in calculating the portion of the pool that will be paid out. To
the extent there was less than a complete payout of the "objective" portion
of the bonus pool over the previous five years, there is an opportunity to
recoup these amounts if the multiplier is in excess of 100%, in the
discretion of senior management.

Individual allocations of the bonus pool are based on individual
performance measurements, both objective and subjective, as determined by
senior management.

In addition, there is a potential one-time value creation payment that
may be allocated on or about December 31, 2009 to the extent the value
added by the team exceeds the relative value of their holdings in the
Delaware Investments U.S. Stock Option Plan. This amount, if any, would be
paid out to the team under a deferred compensation arrangement. The value
creation payment, if any, would be paid out to individual team members in
proportion to the shares granted to that team member under the Plan.

Other Equity Teams - The bonus pool is determined by the revenues
associated with the products a portfolio manager manages. Delaware keeps a
percentage of the revenues and the remaining percentage of revenues (minus
appropriate direct expenses associated with this product and the investment
management team) create the "bonus pool" for a product. Various members of
the team have the ability to earn a percentage of the bonus pool with the
most senior contributors having the largest share. The pool is allotted
based on subjective factors (50%) and objective factors (50%). The primary
objective factor is the performance of the funds managed relative to the
performance of the appropriate Lipper peer groups. Performance is measured
as the result of one's standing in the Lipper peer groups on a one-year and
three-year basis. Three-year performance is weighted more heavily and there
is no objective award for a fund that falls below the 50th percentile for a
given time period. There is a sliding scale for performance achievements
above the 50th percentile.

For the analysts identified as having responsibility for day-to-day
management of Delaware VIP Small Cap Value Series, 50% of their objective
bonus is determined as described immediately above. The remaining 50% is
determined for each relevant Russell index over a one-year period.

Fixed Income Teams - Each portfolio manager is eligible to receive an
annual cash bonus, which is based on quantitative and qualitative factors.
The amount of the pool for bonus payments is first determined by
mathematical equation based on assets, management fees and direct expenses,
including fund waiver expenses, for registered investment companies, pooled
vehicles, and managed separate accounts. Generally, 80% of the bonus is
quantitatively determined. For investment companies, each manager is
compensated according the Fund's Lipper peer group percentile ranking on a
one-year and three-year basis. For managed separate accounts the portfolio
managers are compensated according to the composite percentile ranking in
consultant databases. There is no objective award for a fund that falls
below the 50th percentile for a given time period. There is a sliding scale
for investment companies that are ranked above the 50th percentile. The
managed separate accounts are compared to Callan and other databases. The
remaining 20% portion of the bonus is discretionary as determined by
Delaware Investments and takes into account subjective factors.

DEFERRED COMPENSATION - Each named portfolio manager is eligible to
participate in the Lincoln National Corporation Executive Deferred
Compensation Plan, which is available to all employees whose income exceeds
a designated threshold. The Plan is a non-qualified unfunded deferred
compensation plan that permits participating employees to defer the receipt
of a portion of their cash compensation.

STOCK OPTION INCENTIVE PLAN/EQUITY COMPENSATION PLAN - Portfolio managers
may be awarded options to purchase common shares of Delaware Investments
U.S., Inc. pursuant to the terms the Delaware Investments U.S., Inc. Stock
Option Plan (non-statutory or "non-qualified" stock options). In addition,
certain managers may be awarded restricted stock units, or "performance
shares", in Lincoln National Corporation. Delaware Investments U.S., Inc.,
is an indirect, wholly-owned subsidiary of Delaware Management Holdings,
Inc. Delaware Management Holdings, Inc., is in turn a wholly-owned,
indirect subsidiary of Lincoln National Corporation.

The Delaware Investments U.S., Inc. Stock Option Plan was established in
2001 in order to provide certain Delaware investment personnel with a more
direct means of participating in the growth of the investment manager.
Under the terms of the plan, stock options typically vest in 25% increments
on a four-year schedule and expire ten years after issuance. Options are
awarded from time to time by the investment manager in its full discretion.
Option awards may be based in part on seniority. The fair market value of
the shares is normally determined as of each June 30 and December 31.
Shares issued upon the exercise of such options must be held for six months
and one day, after which time the shareholder may put them back to the
issuer or the shares may be called back from the shareholder.

There is a contractual minimum number of options available for
distribution to Focus Growth Team members for the years 2005-2009.

Portfolio managers who do not participate in the Delaware Investments
U.S., Inc. Stock Option Plan are eligible to participate in Lincoln's
Long-Term Incentive Plan, which is designed to provide a long-term
incentive to officers of Lincoln. Under the plan, a specified number of
performance shares are allocated to each unit and are awarded to
participants in the discretion of their managers in accordance with
recommended targets related to the number of employees in a unit that may
receive an award and the number of shares to be awarded. The performance
shares have a three year vesting schedule and, at the end of the three
years, the actual number of shares distributed to those who received awards
may be equal to, greater than or less than the amount of the award based on
Lincoln's achievement of certain performance goals relative to a
pre-determined peer group.

OTHER COMPENSATION - Portfolio managers may also participate in benefit
plans and programs available generally to all employees.

C. Ownership of Securities

As of December 31, 2005, none of the portfolio managers owned shares
of the VIP Series they manage.

II. Portfolio Managers - Mondrian Investment Partners Limited

The following information was provided by Mondrian, the sub-advisor to the
Series.

A. Other Accounts Managed.

Total Assets in
No. of Accounts with Accounts with
No. of Performance-Based Fees Performance-
Accounts Total Assets Managed Based Fees

Clive Gillmore
Registered Investment 12 $4,570,000,000 0 $0
Companies
Other Pooled Investment 0 $0 0 $0
Vehicles
Other Accounts 14 $1,504,000,000 0 $0

Robert Akester
Registered Investment 4 $1,229,000,000 0 $0
Companies
Other Pooled Investment 0 $0 0 $0
Vehicles
Other Accounts 5 $614,000,000 0 $0

Emma Lewis
Registered Investment 5 $2,038,000,000 0 $0
Companies
Other Pooled Investment 1 $40,000,000 0 $0
Vehicles
Other Accounts 4 $511,000,000 0 $0

Nigel May
Registered Investment 6 $2,597,000,000 0 $0
Companies
Other Pooled Investment 0 $0 0 $0
Vehicles
Other Accounts 18 $5,825,000,000 1 $331,000,000

Conflicts of Interest

Mondrian has no material conflicts of interest to report.

B. Compensation.

Mondrian has the following programs in place to retain key investment
staff:

1. Competitive Salary - All investment professionals are remunerated
with a competitive base salary.

2. Profit Sharing Bonus Pool - All Mondrian staff, including
portfolio managers and senior officers, qualify for participation
in an annual profit sharing pool determined by the company's
profitability (approximately 30% of profits).

3. Equity Ownership - Mondrian is majority management owned. A high
proportion of senior Mondrian staff (investment professionals and
other support functions) are shareholders in the business.

All portfolio managers are members of the Mondrian defined
contribution pension scheme where Mondrian pays a regular monthly
contribution and the member may pay additional voluntary contributions
if they wish. The Scheme is governed by Trustees who have
responsibility for the trust fund and payments of benefits to members.
In addition, the Scheme provides death benefits for death in service
and a spouse's or dependant's pension may also be payable.

Incentives (Bonus and Equity Programs) focus on the key areas of
research quality, long-term and short-term performance, teamwork,
client service and marketing. As an individual's ability to influence
these factors depends on that individual's position and seniority
within the firm, so the allocation of participation in these programs
will reflect this.

At Mondrian, the investment management of particular portfolios
is not "star manager" based but uses a team system. This means that
Mondrian's investment professionals are primarily assessed on their
contribution to the team's effort and results, though with an
important element of their assessment being focused on the quality of
their individual research contribution.

Compensation Committee

In determining the amount of bonuses and equity awarded,
Mondrian's Board of Directors consults with the company's Compensation
Committee, who will make recommendations based on a number of factors
including investment research, organization management, team work,
client servicing and marketing.

Defined Contribution Pension Scheme

C. Ownership of Securities.

[As of December 31, 2005, none of the portfolio managers owned
shares of the Series they manage.]

PART C

Other Information

Item 23. Exhibits. The following exhibits are incorporated by reference to
the Registrant's previously filed documents indicated below,
except as noted:

(a) Agreement and Declaration of Trust.

(1) Executed Amended and Restated Agreement and Declaration of Trust
(August 22, 2002) incorporated into this filing by reference to
Post-Effective Amendment No. 40 filed May 19, 2003.

(2) Executed Certificate of Trust (December 17, 1998) incorporated into
this filing by reference to Post-Effective Amendment No. 29 filed
December 14, 1999.

(i) Executed Amendment No. 1 to Certificate of Trust incorporated
into this filing by reference to Post-Effective Amendment No. 36
filed April 30, 2002.

(b) By-Laws. Amended and Restated By-Laws incorporated into this filing by
reference to Post-Effective Amendment No. 37 filed February 26, 2003.

(1) Agreement and Declaration of Trust. Articles III, V, and VI Amended
and Restated Agreement and Declaration of Trust (August 22, 2002)
incorporated into this filing by reference to Post-Effective Amendment
No. 37 filed February 26, 2003.

(2) By-Laws. Article II of Amended and Restated Article II of By-Laws
incorporated into this filing by reference to Post-Effective Amendment
No. 37 filed February 26, 2003.

(d) Investment Management Agreements.

(1) Executed Investment Management Agreement (December 15, 1999) between
Delaware Management Company (a series of Delaware Management Business
Trust) and the Registrant incorporated into this filing by reference
to Post-Effective Amendment No. 35 filed February 8, 2002.

(i) Executed Amendment No. 1 (August 21, 2000) to Exhibit A of the
Investment Management Agreement between Delaware Management
Company and the Registrant incorporated into this filing by
reference to Post-Effective Amendment No. 34 filed April 30,
2001.

(ii) Executed Amendment No. 2 (May 20, 2003) to Exhibit A of the
Investment Management Agreement between Delaware Management
Company and the Registrant incorporated into this filing by
reference to Post-Effective Amendment No. 41 filed April 29,
2004.

(2) Executed Sub-Advisory Agreement (September 24, 2004) between Delaware
Management Company (a series of Delaware Management Business Trust)
and Mondrian Investment Partners Limited on behalf of Delaware VIP
International Value Equity Series and Delaware VIP Emerging Markets
Series incorporated into this filing by reference to Post-Effective
Amendment No. 43 filed April 29, 2005.

(e) Underwriting Contracts.

(1) Distribution Agreements.

(i) Executed Distribution Agreement (April 19, 2001) between Delaware
Distributors, L.P. and the Registrant on behalf of each Series
incorporated into this filing by reference to Post-Effective
Amendment No. 35 filed February 8, 2002.

(ii) Executed Amendment No. 1 to Schedule I (May 20, 2003) to
Distribution Agreement between Delaware Distributors, L.P. and
the Registrant incorporated into this filing by reference to
Post-Effective Amendment No. 41 filed April 29, 2004.

(2) Executed Second Amended and Restated Financial Intermediary
Distribution Agreement (August 21, 2003) between Delaware
Distributors, L.P. and Lincoln Financial Distributors, Inc. on behalf
of the Registrant incorporated into this filing by reference to
Post-Effective Amendment No. 42 filed March 1, 2005.

(f) Bonus or Profit Sharing Contracts. Not applicable.

(g) Custodian Agreements.

(1) Global Custody Agreement (May 1, 1996) between JPMorgan Chase Bank
(formerly The Chase Manhattan Bank) and the Registrant incorporated
into this filing by reference to Post-Effective Amendment No. 18 filed
October 29, 1996.

(i) Executed Amendment (July 1, 2001) to Global Custody Agreement
between JPMorgan Chase Bank and the Registrant on behalf of each
Series incorporated into this filing by reference to
Post-Effective Amendment No. 37 filed February 26, 2003.

(ii) Letter (December 27, 1996) adding the High-Yield Opportunities
Series to Global Custody Agreement between JPMorgan Chase Bank
and the Registrant incorporated into this filing by reference to
Post-Effective Amendment No. 36 filed April 30, 2002.

(iii) Letter (May 1, 1997) adding Convertible Securities Series, Devon
Series, Emerging Markets Series, Social Awareness Series and
Strategic Income Series to the Global Custody Agreement between
JPMorgan Chase Bank and the Registrant incorporated into this
filing by reference to Post-Effective Amendment No. 24 filed on
April 27, 1998.

(iv) Letter (April 30, 1998) adding REIT Series to the Global Custody
Agreement between JPMorgan Chase Bank and the Registrant
incorporated into this filing by reference to Post-Effective
Amendment No. 25 filed on February 12, 1999.

(v) Letter (May 1, 1999) adding Aggressive Growth Series to the
Global Custody Agreement between JPMorgan Chase Bank and the
Registrant incorporated into this filing by reference to
Post-Effective Amendment No. 28 filed on October 15, 1999.

(vi) Letter (October 15, 1999) adding U.S. Growth Series to the Global
Custody Agreement between JPMorgan Chase Bank and the Registrant
incorporated into this filing by reference to Post-Effective
Amendment No. 34 filed April 30, 2001.

(vii) Letter (August 21, 2000) adding the Technology and Innovation
Series to the Global Custody Agreement between JPMorgan Chase
Bank and the Registrant incorporated into this filing by
reference to Post-Effective Amendment No. 34 filed April 30,
2001.

(viii) Letter (January 17, 2002) adding the Trend Series to the Global
Custody Agreement between JPMorgan Chase Bank and the Registrant
incorporated into this filing by reference to Post-Effective
Amendment No. 35 filed February 8, 2002.

(ix) Letter (May 5, 2003) adding the Diversified Income Series to the
Global Custody Agreement between JPMorgan Chase Bank and the
Registrant incorporated into this filing by reference to
Post-Effective Amendment No. 41 filed April 29, 2004.

(x) Executed Amendment I to Schedule A of the Global Custody
Agreement between JPMorgan and JPMorgan Chase Bank and the
Registrant incorporated into this filing by reference to
Post-Effective Amendment No. 42 filed March 1, 2005.

(2) Executed Securities Lending Agreement (December 22, 1998) between
JPMorgan Chase Bank (formerly The Chase Manhattan Bank) and the
Registrant incorporated into this filing by reference to Post-Effect
Amendment No. 36 filed April 30, 2002.

(i) Executed Amendment (October 1, 2002) to Securities Lending
Agreement between JPMorgan Chase Bank and the Registrant
incorporated into this filing by reference to Post-Effective
Amendment No. 37 filed February 26, 2003.

(ii) Executed Amendment No. 1 (July 17, 2003) to Schedule A of the
Securities Lending Agreement between JPMorgan Chase Bank and the
Registrant incorporated into this filing by reference to
Post-Effective Amendment No. 42 filed March 1, 2005.

(h) Other Material Contracts.

(1) Executed Shareholders Services Agreement (April 19, 2001) between
Delaware Service Company, Inc. and the Registrant incorporated into
this filing by reference to Post-Effective Amendment No. 35 filed
February 8, 2002.

(i) Executed Amendment (August 23, 2002) to Shareholder Services
Agreement incorporated into this filing by reference to
Post-Effective Amendment No. 42 filed March 1, 2005.

(ii) Executed Schedule A (May 20, 2003) to Shareholder Services
Agreement incorporated into this filing by reference to
Post-Effective Amendment No. 41 filed April 29, 2004.

(iii) Executed Schedule B (May 15, 2003) to Shareholder Services
Agreement incorporated into this filing by reference to
Post-Effective Amendment No. 41 filed April 29, 2004.

(2) Executed Delaware Group of Funds Fund Accounting Agreement (August 19,
1996) (Module) between Delaware Service Company, Inc. and the
Registrant incorporated into this filing by reference to
Post-Effective Amendment No. 18 filed October 29, 1996.

(i) Executed Amendment No. 30 (October 31, 2005) to Schedule A of
Delaware Investments Family of Funds Fund Accounting Agreement
attached as Exhibit (h)(2)(i).

(ii) Executed Schedule B (May 16, 2002) to the Delaware Group of
Funds Fund Accounting Agreement incorporated into this filing by
reference to Post-Effective Amendment No. 37 filed February 26,
2003.

(i) Opinion of Counsel. Opinion and Consent of Counsel (May 14, 2003)
incorporated into this filing by reference to Post-Effective Amendment No.
40 filed May 19, 2003.

(j) Other Opinions. Consent of Independent Registered Public Accounting Firm
(April 2006) to be filed by amendment.

(k) Omitted Financial Statements. Not applicable.

(l) Initial Capital Agreements. Not applicable.

(m) Plan under Rule 12b-1.

(1) Plan under Rule 12b-1 (April 19, 2001) incorporated into this filing
by reference to Post-Effective Amendment No. 34 filed April 30, 2001.

(n) Rule 18f-3 Plan.

(1) Plan under Rule 18f-3 (October 31, 2005) attached as Exhibit (n).

(o) Reserved. Not applicable.

(p) Codes of Ethics.

(1) Code of Ethics for Delaware Investments Family of Funds (December
2004) incorporated into this filing by reference to Post-Effective
Amendment No. 42 filed March 1, 2005.

(2) Code of Ethics for Delaware Management Business Trust and Delaware
Distributors, L.P. (December 2004) incorporated into this filing by
reference to Post-Effective Amendment No. 42 filed March 1, 2005.

(3) Code of Ethics for Lincoln Financial Distributors, Inc. (April 2005)
attached as Exhibit (p)(3).

(4) Code of Ethics for Mondrian Investment Partners Limited (September 1,
2005) attached as Exhibit (p)(4).

(q) Powers of Attorney. Powers of Attorney incorporated into this filing by
reference to Post-Effective Amendment No. 43 filed April 29, 2005.

Item 24. Indemnification. Article VI of the Amended and Restated By-Laws
incorporated into this filing by reference to Post-Effective
Amendment No. 37 filed February 26, 2003.

Item 26. Business and Other Connections of Investment Advisor.

Delaware Management Company (the "Manager"), a series of Delaware
Management Business Trust, serves as investment manager to the
Registrant and also serves as investment manager or sub-advisor
to certain of the other funds in the Delaware Investments Funds
(Delaware Group Adviser Funds, Delaware Group Cash Reserve,
Delaware Group Equity Funds I, Delaware Group Equity Funds II,
Delaware Group Equity Funds III, Delaware Group Equity Funds IV,
Delaware Group Equity Funds V, Delaware Group Foundation Funds,
Delaware Group Government Fund, Delaware Group Global &
International Funds, Delaware Group Income Funds, Delaware Group
Limited-Term Government Funds, Delaware Group State Tax-Free
Income Trust, Delaware Group Tax-Free Fund, Delaware Group
Tax-Free Money Fund, Delaware Pooled Trust, Voyageur Insured
Funds, Voyageur Intermediate Tax-Free Funds, Voyageur Investment
Trust, Voyageur Mutual Funds, Voyageur Mutual Funds II, Voyageur
Mutual Funds III, Voyageur Tax-Free Funds, Delaware Investments
Dividend and Income Fund, Inc., Delaware Investments Global
Dividend and Income Fund, Inc., Delaware Investments Arizona
Municipal Income Fund, Inc., Delaware Investments Colorado
Insured Municipal Income Fund, Inc., Delaware Investments Florida
Insured Municipal Income Fund, Delaware Investments Minnesota
Municipal Income Fund, Inc., Delaware Investments Minnesota
Municipal Income Fund II, Inc. and Delaware Investments Minnesota
Municipal Income Fund III, Inc.) as well as to certain
non-affiliated registered investment companies. In addition,
certain officers of the Manager also serve as trustees of other
Delaware Investments Funds, and certain officers are also
officers of these other funds. A company indirectly owned by the
Manager's parent company acts as principal underwriter to the
mutual funds in the Delaware Investments Funds (see Item 27
below) and another such company acts as the shareholder services,
dividend disbursing, accounting servicing and transfer agent for
all of the Delaware Investments Funds.

The following persons serving as directors or officers of the
Manager have held the following positions during the past two
years. Unless otherwise noted, the principal business address of
the directors and officers of the Manager is 2005 Market Street,
Philadelphia, PA 19103-7094.

Name and Principal Business Positions and Offices with Positions and Offices with
Address Manager Registrant Other Positions and Offices Held

Jude T. Driscoll President/Chief Executive Chairman/President/Chief Mr. Driscoll has served in various
Officer Executive Officer executive capacities within Delaware
Investments

President/Chief Executive Officer
and Director -
Lincoln National Investments
Companies, Inc.

Director - HYPPCO Finance Company
Ltd.

Ryan K. Brist Executive Vice Executive Vice Mr. Brist has served in various
President/Managing President/Managing executive capacities within Delaware
Director/Co-Head - Fixed Director/Chief Investment Investments
Income Officer - Fixed Income
Vice President - Lincoln National
Income Fund, Inc.

John C.E. Campbell Executive Vice President/ Senior Vice President/Deputy Mr. Campbell has served in various
Global Marketing & Client Chief Investment Officer - Fixed executive capacities within Delaware
Services Income Investments

President/Chief Executive Officer -
Optimum Fund Trust

Patrick P. Coyne Executive Vice President/ Executive Vice President/ Mr. Coyne has served in various
Managing Director/Chief Managing Director/Chief executive capacities within Delaware
Investment Officer - Fixed Investment Officer - Fixed Income Investments
Income
Managing Director - Fixed Income -
Lincoln National Investment
Companies, Inc.

Philip N. Russo(1) Executive Vice None Mr. Russo has served in various
President/Chief Financial executive capacities within Delaware
Officer Investments

See Yeng Quek Executive Vice Executive Vice Mr. Quek has served in various
President/Managing President/Managing executive capacities within Delaware
Director/Chief Investment Director/Chief Investment Investments
Officer - Fixed Income Officer - Fixed Income
Director/Trustee - HYPPCO Finance
Company Ltd.

Douglas L. Anderson Senior Vice None Mr. Anderson has served in various
President/Operations executive capacities within Delaware
Investments

Marshall T. Bassett Senior Vice President/Chief Senior Vice President/Chief Mr. Bassett has served in various
Investment Officer - Investment Officer - Emerging executive capacities within Delaware
Emerging Growth Growth Investments

Joseph Baxter Senior Vice President/Head Senior Vice President/Head of Mr. Baxter has served in various
of Municipal Bond Municipal Bond Investments executive capacities within Delaware
Investments Investments

Christopher S. Beck Senior Vice Senior Vice President/Senior Mr. Beck has served in various
President/Senior Portfolio Portfolio Manager executive capacities within Delaware
Manager Investments
Michael P. Bishof Senior Vice Chief Financial Officer Mr. Bishof has served in various
President/Investment executive capacities within Delaware
Accounting Investments

Chief Financial Officer - Lincoln
National Convertible Securities
Fund, Inc. and Lincoln National
Income Fund, Inc.

Michael P. Buckley Senior Vice Vice President/Portfolio Mr. Buckley has served in various
President/Director of Manager/Senior Municipal Bond executive capacities within Delaware
Municipal Research Analyst Investments

Stephen R. Cianci Senior Vice Senior Vice President/Senior Mr. Cianci has served in various
President/Senior Portfolio Portfolio Manager executive capacities within Delaware
Manager Investments

Robert F. Collins Senior Vice Vice President/Senior Portfolio Mr. Collins has served in various
President/Senior Portfolio Manager executive capacities within Delaware
Manager Investments

George E. Deming Senior Vice Senior Vice President/Senior Mr. Deming has served in various
President/Senior Portfolio Portfolio Manager executive capacities within Delaware
Manager Investments
Timothy G. Connors Senior Vice President/Chief Senior Vice President/Chief Mr. Connors has served in various
Investment Officer - Value Investment Officer - Value executive capacities within Delaware
Investing Investing Investments

Senior Vice President/Chief
Investment Officer - Value Investing
of Lincoln National Investment
Companies, Inc.

John B. Fields Senior Vice Senior Vice President/Senior Mr. Fields has served in various
President/Senior Portfolio Portfolio Manager executive capacities within Delaware
Manager Investments

Brian Funk Senior Vice Vice President/Senior High Yield Mr. Funk has served in various
President/Senior Research Analyst executive capacities within Delaware
Analyst Investments

Brent C. Garrels Senior Vice Vice President/High Yield Analyst Mr. Garrels has served in various
President/Senior Research executive capacities within Delaware
Analyst Investments

Paul Grillo Senior Vice Vice President/Senior Portfolio Mr. Grillo has served in various
President/Senior Portfolio Manager executive capacities within Delaware
Manager Investments

Jonathan Hatcher(2) Senior Vice Senior Vice President/Senior Mr. Hatcher has served in various
President/Senior Research Research Analyst executive capacities within Delaware
Analyst Investments

Carolyn McIntyre(3) Senior Vice President/Human None Ms. McIntyre has served in various
Resources executive capacities within Delaware
Investments

Senior Vice President/Human
Resources - Lincoln National
Investment Companies, Inc.

Francis X. Morris Senior Vice Director, Fundamental Mr. Morris has served in various
President/Director, Research/Senior Portfolio Manager executive capacities within Delaware
Fundamental Research/Senior Investments
Portfolio Manager

Brian L. Murray, Jr.(4) Senior Vice President/Chief Chief Compliance Officer Mr. Murray has served in various
Compliance Officer executive capacities within Delaware
Investments

Susan L. Natalini Senior Vice None Ms. Natalini has served in various
President/Global Marketing executive capacities within Delaware
& Client Services Investments

D. Tysen Nutt(5) Senior Vice President/Head Senior Vice President/Head of Mr. Nutt has served in various
of Large Cap Value Large Cap Value executive capacities within Delaware
Investments

David P. O'Connor Senior Vice President/ Senior Vice President/Associate Mr. O'Connor has served in various
General Counsel/Chief Legal General Counsel/Assistant executive capacities within Delaware
Officer Secretary Investments

Vice President/Associate General
Counsel/Assistant Secretary -
Lincoln National Investment
Companies, Inc.

John J. O'Connor Senior Vice Senior Vice President/Treasurer Mr. O'Connor has served in various
President/Investment executive capacities within Delaware
Accounting Investments

Philip R. Perkins(6) Senior Vice Senior Vice President/Senior Mr. Perkins has served in various
President/Senior Portfolio Portfolio Manager executive capacities within Delaware
Manager Investments

Timothy L. Rabe Senior Vice Senior Vice President/Senior Mr. Rabe has served in various
President/Senior Portfolio Portfolio Manager executive capacities within Delaware
Manager/Head of High Yield Investments
James L. Shields Senior Vice President/Chief None Mr. Shields has served in various
Information Officer executive capacities within Delaware
Investments

Jeffrey S. Van Harte(7) Senior Vice President/Chief Senior Vice President/Chief Mr. Van Harte has served in various
Investment Officer - Focus Investment Officer - Focus Growth executive capacities within Delaware
Growth Investments
Gary T. Abrams Vice President/Senior None Mr. Abrams has served in various
Equity Trader executive capacities within Delaware
Investments
Christopher S. Adams Vice President/Portfolio Vice President/Portfolio Mr. Adams has served in various
Manager/Senior Equity Manager/Senior Equity Analyst executive capacities within Delaware
Analyst Investments
Renee E. Anderson Vice President/Senior Vice President/Senior Equity Mr. Anderson has served in various
Equity Analyst II Analyst II executive capacities within Delaware
Investments

Damon J. Andres Vice President/Senior Fixed Vice President/Senior Fixed Mr. Andres has served in various
Income Portfolio Manager I Income Portfolio Manager executive capacities within Delaware
Investments

Vice President - Lincoln National
Convertible Securities Fund, Inc.

Richard E. Biester Vice President/Equity Trader None Mr. Biester has served in various
executive capacities within Delaware
Investments

Christopher J. Bonavico(8) Vice President/Senior Vice President/Senior Portfolio Mr. Bonavico has served in various
Portfolio Manager Manager executive capacities within Delaware
Investments

Vincent A. Brancaccio Vice President/Senior None Mr. Brancaccio has served in various
Equity Trader executive capacities within Delaware
Investments

Edward J. Brennan Vice President/Private Assistant Vice President/Fixed Mr. Brennan has served in various
Placement Analyst Income Structural Analyst II executive capacities within Delaware
Investments
Kenneth F. Broad(9) Vice President/Senior Vice President/Senior Portfolio Mr. Broad has served in various
Portfolio Manager Manager executive capacities within Delaware
Investments

Mary Ellen M. Carrozza Vice President/Client Vice President/Client Services Ms. Carrozza has served in various
Services executive capacities within Delaware
Investments
Stephen G. Catricks Vice President/Equity Vice President/Equity Analyst II Mr. Catricks has served in various
Analyst II executive capacities within Delaware
Investments

David F. Connor Vice President/Deputy Vice President/Deputy General Mr. Connor has served in various
General Counsel/Secretary Counsel/Assistant Secretary executive capacities within Delaware
Investments

Vice President/Deputy General
Counsel/Assistant Secretary -
Lincoln National Investment
Companies, Inc.

Secretary - Lincoln National
Convertible Securities Fund, Inc.
and Lincoln National Income Fund,
Inc.

Stephen J. Czepiel Vice President/Senior Fixed None Mr. Czepiel has served in various
Income Trader executive capacities within Delaware
Investments

Joseph F. DeMichele Vice President/High Grade None Mr. DeMichele has served in various
Trading executive capacities within Delaware
Investments

Christopher M. Ericksen(10) Vice President/Portfolio Vice President/Portfolio Manager Mr. Ericksen has served in various
Manager executive capacities within Delaware
Investments

Joel A. Ettinger Vice President/Taxation Vice President/Taxation Mr. Ettinger has served in various
executive capacities within Delaware
Investments

Vice President/Taxation - Lincoln
National Investment Companies, Inc.

Phoebe W. Figland Vice President/Investment Vice President/Investment Ms. Figland has served in various
Accounting Accounting executive capacities within Delaware
Investments

Joseph Fiorilla Vice President/Trading None Mr. Fiorilla has served in various
Operations executive capacities within Delaware
Investments

Charles E. Fish Vice President/Senior None Mr. Fish has served in various
Equity Trader executive capacities within Delaware
Investments

Clifford M. Fisher(11) Vice President/Senior Bond None Mr. Fisher has served in various
Trader executive capacities within Delaware
Investments

Patrick G. Fortier(12) Vice President/Senior Vice President/Senior Portfolio Mr. Fortier has served in various
Portfolio Manager Manager executive capacities within Delaware
Investments

Denise A. Franchetti Vice President/Portfolio Vice President/Portfolio Ms. Franchetti has served in various
Manager/Municipal Bond Manager/Municipal Bond Credit executive capacities within Delaware
Credit Analyst Analyst Investments

James A. Furgele Vice President/Investment Vice President/Investment Mr. Furgele has served in various
Accounting Accounting executive capacities within Delaware
Investments

Daniel V. Geatens Vice President/Investment Vice President/Investment Mr. Geatens has served in various
Accounting Accounting executive capacities within Delaware
Investments

Stuart M. George Vice President/Equity Trader None Mr. George has served in various
executive capacities within Delaware
Investments

Barry S. Gladstein Vice President/Portfolio Vice President/Equity Analyst Mr. Gladstein has served in various
Analyst executive capacities within Delaware
Investments

Brian T. Hannon Vice President/Senior Vice President/Senior Portfolio Mr. Hannon has served in various
Portfolio Manager Manager executive capacities within Delaware
Investments

Lisa L. Hansen(13) Vice President/Head Trader Vice President/Head Trader of Ms. Hansen has served in various
of Focus Growth Equity Focus Growth Equity Trading executive capacities within Delaware
Trading Investments

Gregory M. Heywood(14) Vice President/Senior Vice President/Senior Research Mr. Heywood has served in various
Research Analyst Analyst executive capacities within Delaware
Investments

Michael E. Hughes Vice President/Senior Vice President/Senior Equity Mr. Hughes has served in various
Equity Analyst I Analyst I executive capacities within Delaware
Investments

Jeffrey W. Hynoski Vice President/Portfolio Vice President/Portfolio Manager Mr. Hynoski has served in various
Manager executive capacities within Delaware
Investments

Jordan L. Irving(15) Vice President/Senior Vice President/Senior Portfolio Mr. Irving has served in various
Portfolio Manager Manager executive capacities within Delaware
Investments

Cynthia Isom Vice President/Senior Vice President/Portfolio Manager Ms. Isom has served in various
Portfolio Manager executive capacities within Delaware
Investments
Kenneth R. Jackson Vice President/Equity Vice President/Equity Analyst Mr. Jackson has served in various
Analyst executive capacities within Delaware
Investments

Andrew Kronschnabel Vice President/High Grade None Mr. Kronschnabel has served in
Trader various executive capacities within
Delaware Investments

Roseanne L. Kropp Vice President/Senior Fund Vice President/Senior Fund Ms. Kropp has served in various
Analyst II/High Yield Analyst II/High Yield executive capacities within Delaware
Investments

Nikhil G. Lalvani Vice President/Senior Vice President/Senior Equity Mr. Lalvani has served in various
Equity Analyst I Analyst I executive capacities within Delaware
Investments

Steven T. Lampe Vice President/Portfolio Vice President/Portfolio Manager Mr. Lampe has served in various
Manager executive capacities within Delaware
Investments
Alfio Leone IV Vice President/High Grade None Mr. Leone has served in various
Trader executive capacities within Delaware
Investments
Anthony A. Lombardi(16) Vice President/Senior Vice President/Senior Portfolio Mr. Lombardi has served in various
Portfolio Manager Manager executive capacities within Delaware
Investments

Charles (Tom) T. McClintic Vice President/High Yield None Mr. McClintic has served in various
Trader executive capacities within Delaware
Investments

Andrew M. McCullagh, Jr. Vice President/Senior Vice President/Senior Portfolio Mr. McCullagh has served in various
Portfolio Manager Manager executive capacities within Delaware
Investments

Michael S. Morris Vice President/Portfolio Vice President/Senior Equity Mr. Morris has served in various
Manager Analyst executive capacities within Delaware
Investments

Scott Moses Vice President/Fixed Income None Mr. Moses has served in various
Trader executive capacities within Delaware
Investments

John R. Murray Vice President/Senior None Mr. Murray has served in various
Equity Analyst executive capacities within Delaware
Investments

Philip O. Obazee Vice President/Derivatives Vice President/Derivatives Mr. Obazee has served in various
Manager Manager executive capacities within Delaware
Investments

Donald G. Padilla Vice President/Equity Vice President/Equity Analyst II Mr. Padilla has served in various
Analyst II executive capacities within Delaware
Investments

Daniel J. Prislin(17) Vice President/Senior Vice President/Senior Portfolio Mr. Prislin has served in various
Portfolio Manager Manager executive capacities within Delaware
Investments

Craig S. Remsen Vice President/Research None Mr. Remsen has served in various
Analyst executive capacities within Delaware
Investments

Joseph T. Rogina Vice President/Equity Trader None Mr. Rogina has served in various
executive capacities within Delaware
Investments

Richard Salus Vice President/Deputy None Mr. Salus has served in various
Controller executive capacities within Delaware
Investments

Vice President/Deputy Controller -
Lincoln National Investment
Companies, Inc.

Kevin C. Schildt Vice President/Senior Vice President/Senior Research Mr. Schildt has served in various
Municipal Credit Analyst Analyst executive capacities within Delaware
Investments

Richard D. Seidel Vice President/Assistant None Mr. Seidel has served in various
Controller/Manager - Payroll executive capacities within Delaware
Investments

Vice President/Assistant
Controller/Manager - Payroll -
Lincoln National Investment
Companies, Inc.

Thomas Socha Vice President/Senior Fixed Vice President/Senior Fixed Mr. Socha has served in various
Income Analyst Income Analyst executive capacities within Delaware
Investments

Brenda L. Sprigman Vice President/Business None Ms. Sprigman has served in various
Manager - Fixed Income executive capacities within Delaware
Investments

Matthew J. Stephens Vice President/Senior High Vice President/Senior High Grade Mr. Stephens has served in various
Grade Analyst Analyst executive capacities within Delaware
Investments

Michael T. Taggart Vice President/Facilities & None Mr. Taggart has served in various
Administrative Services executive capacities within Delaware
Investments

Matthew Todorow(18) Vice President/Portfolio Vice President/Portfolio Manager Mr. Todorow has served in various
Manager executive capacities within Delaware
Investments

Spencer M. Tullo Vice President/Fixed Income None Mr. Tullo has served in various
Trader executive capacities within Delaware
Investments

Robert A. Vogel, Jr.(19) Vice President/Senior Vice President/Senior Portfolio Mr. Vogel has served in various
Portfolio Manager Manager executive capacities within Delaware
Investments

Lori P. Wachs Vice President/Portfolio Vice President/Portfolio Manager Ms. Wachs has served in various
Manager executive capacities within Delaware
Investments

Laura A. Wagner Vice President/Investment Vice President/Investment Ms. Wagner has served in various
Accounting Accounting executive capacities within Delaware
Investments

James J. Wright Vice President/Senior Vice President/Senior Equity Mr. Wright has served in various
Equity Analyst Analyst executive capacities within Delaware
Investments

--------------------------------------------------------------------------------------------------------------------------------------

(1) Vice President of Finance, Prudential Investment Management, Inc.,
1998-2004.

(2) Senior Research Analyst, Strong Capital Management, 2000-2002.

(3) Head of Human Resources, Lincoln Life, 2001-2003.

(4) Associate General Counsel, Franklin Templeton Investments, 1998-2002.

(5) Managing Director/U.S. Active Large-Cap Value Team, Merrill Lynch,
1994-2004.

(6) Managing Director/Global Markets, Deutsche Bank, 1998-2003.

(7) Principal/Executive Vice President, Transamerica Investment Management,
LLC, 1980-2005.

(8) Principal/Portfolio Manager, Transamerica Investment Management, LLC,
1993-2005.

(9) Principal/Portfolio Manager, Transamerica Investment Management, LLC,
2000-2005.

(10) Portfolio Manager, Transamerica Investment Management, LLC, 2004-2005; Vice
President/Portfolio Manager, Goldman Sachs 1994-2004.

(11) Vice President/Municipal Bond, Advest, Inc., 1999-2002.

(12) Portfolio Manager, Transamerica Investment Management, LLC, 2000-2005.

(13) Principal/Portfolio Manager/Senior Trader, Transamerica Investment
Management, LLC, 1997-2005.

(14) Senior Research Analyst, Transamerica Investment Management, LLC,
2004-2005; Senior Analyst, Wells Capital Management, LLC 2003-2004; Senior
Analyst, Montgomery Asset Management 1996-2003.

(15) Vice President/U.S. Active Large-Cap Value Team, Merrill Lynch, 1998-2004.

(16) Director/U.S. Active Large-Cap Value Team, Merrill Lynch, 1998-2004.

(17) Principal/Portfolio Manager, Transamerica Investment Management, LLC,
1998-2005.

(18) Executive Director/Portfolio Manager, Morgan Stanley Investment Management,
1994-2003.

(19) Director/U.S. Active Large-Cap Value Team, Merrill Lynch, 1992-2004.

Information regarding the directors and officers of Mondrian Investment Partners
Limited (Mondrian) and the positions held with the Registrant during the past
two years is provided below. Unless otherwise noted, the principal business
address of each director and officer of Mondrian is Third Floor, 80 Cheapside,
London, England EC2V 6EE.

-------------------------------------- --------------------------------------------------------------------------------------------
Name and Principal Business Address Positions and Offices with Mondrian and its affiliates and other Positions and Offices Held
-------------------------------------- --------------------------------------------------------------------------------------------
David G. Tilles Managing Director, Chief Investment Officer and Director of Mondrian Investment Partners
Limited

Elizabeth A. Desmond Regional Research Director and Director of Mondrian Investment Partners Limited

John Emberson Chief Operating Officer, Finance Director and Director of Mondrian Investment Partners
Limited

Clive A. Gillmore Deputy Managing Director and Director of Mondrian Investment Partners Limited

John Kirk Investment Director and Director of Mondrian Investment Partners Limited

G. Roger H. Kitson Director (Non-executive) of Mondrian Investment Partners Limited

Nigel G. May Regional Research Director and Director of Mondrian Investment Partners Limited

Christopher A. Moth Chief Investment Officer - Global Fixed Income & Currencies and Director of Mondrian
Investment Partners Limited

Hamish O. Parker Investment Director and Director of Mondrian Investment Partners Limited

Robert Akester Senior Portfolio Manager of Mondrian Investment Partners Limited

Fiona A. Barwick Senior Portfolio Manager of Mondrian Investment Partners Limited

Joanna Bates Senior Portfolio Manager of Mondrian Investment Partners Limited

Ormala Krishnan Senior Portfolio Manager of Mondrian Investment Partners Limited

Emma R. E. Lewis Senior Portfolio Manager of Mondrian Investment Partners Limited

Andrew Miller Senior Portfolio Manager of Mondrian Investment Partners Limited

Hugh A. Serjeant Senior Portfolio Manager of Mondrian Investment Partners Limited

David Wakefield Senior Portfolio Manager of Mondrian Investment Partners Limited

James S. Beveridge Senior Trading Manager of Mondrian Investment Partners Limited

Len Johnson Senior Vice President/Client Services of Mondrian Investment Partners Limited

Nigel A. Bliss Portfolio Manager of Mondrian Investment Partners Limited

Ginny Chong Portfolio Manager of Mondrian Investment Partners Limited

Ian Cooke Interim Finance Manager of Mondrian Investment Partners Limited

Richard J. Ginty Portfolio Manager of Mondrian Investment Partners Limited

Frances Lake Portfolio Manager of Mondrian Investment Partners Limited

Russell Mackie Portfolio Manager of Mondrian Investment Partners Limited

Solomon Peters Portfolio Manager of Mondrian Investment Partners Limited

Dan Philps Portfolio Manager of Mondrian Investment Partners Limited

Andrew Porter Portfolio Manager of Mondrian Investment Partners Limited

Jonathan Spread Portfolio Manager of Mondrian Investment Partners Limited

Jason Andrews Manager, Investment Administration of Mondrian Investment Partners Limited

John L. Barrett Chief Compliance Officer of Mondrian Investment Partners Limited

Graham Evans Personnel/Premises Manager of Mondrian Investment Partners Limited

Paul J. Fournel IT Manager of Mondrian Investment Partners Limited

Jane Goss General Counsel and Company Secretary of Mondrian Investment Partners Limited

Brian Heywood Implementation Manager of Mondrian Investment Partners Limited

Jennifer E. Phimister Manager, Client Services of Mondrian Investment Partners Limited

Warren D. Shirvell Head of Operations of Mondrian Investment Partners Limited

Bilgin Soylu Senior Research Analyst of Mondrian Investment Partners Limited

Natalie Stone Trader of Mondrian Investment Partners Limited

Arthur van Hoogstraten IT Programme Manager of Mondrian Investment Partners Limited

Boris Veselinovich Senior Research Analyst of Mondrian Investment Partners Limited

Item 27. Principal Underwriters.

(a)(1) Delaware Distributors, L.P. serves as principal underwriter for all
the mutual funds in the Delaware Investments Family of Funds.

(b)(1) Information with respect to each officer and partner of the
principal underwriter and the Registrant is provided below. Unless
otherwise noted, the principal business address of each officer and
partner of Delaware Distributors, L.P. is 2005 Market Street,
Philadelphia, PA 19103-7094.

---------------------------------------- ---------------------------------------------- --------------------------------------------
Name and Principal Business Address Positions and Offices with Underwriter Positions and Offices with Registrant
---------------------------------------- ---------------------------------------------- --------------------------------------------
Delaware Distributors, Inc. General Partner None

Delaware Capital Management Limited Partner None

Delaware Investment Advisers Limited Partner None

Kevin J. Lucey President/Chief Executive Officer None

Philip N. Russo Executive Vice President None

Douglas L. Anderson Senior Vice President/Operations None

Michael P. Bishof Senior Vice President/Investment Accounting Senior Vice President/Chief Financial
Officer

Jeffrey M. Kellogg Senior Vice President/Senior Product None
Manager/Communications Manager

Deb Landsman-Yaros Senior Vice President/Head of Retail None
Investor Services

Thomas M. McConnell Senior Vice President/Senior 529 Plans None
Product Manager

Carolyn McIntyre Senior Vice President/Human Resources None

Brian L. Murray, Jr. Senior Vice President/Compliance Senior Vice President/Chief Compliance
Officer

David P. O'Connor Senior Vice President/Strategic Investment Senior Vice President/Strategic Investment
Relationships and Initiatives/General Counsel Relationships and Initiatives/General
Counsel/Chief Legal Officer

Daniel J. Perullo Senior Vice President/Eastern Director, None
Institutional Sales

Robert E. Powers Senior Vice President/Senior Domestic Sales None
Manager

Richard Salus Senior Vice President/Controller/ None
Treasurer/Financial Operations Principal

James L. Shields Senior Vice President/Chief Information None
Officer

Trevor M. Blum Vice President/Senior Consultant None
Relationship Manager

E. Zoe Bradley Vice President/Product Management Manager None

Mel Carrozza Vice President/Client Services None

Anthony G. Ciavarelli Vice President/Counsel/Assistant Secretary Vice President/Associate General
Counsel/Assistant Secretary

Elisa C. Colkitt Vice President/Broker Dealer Operations & None
Service Support

David F. Connor Vice President/Deputy General Vice President/Deputy General
Counsel/Assistant Secretary Counsel/Secretary

Joel A. Ettinger Vice President/Taxation Vice President/Taxation

Edward M. Grant Vice President/Senior Domestic Sales Manager None

Audrey Kohart Vice President/Financial Planning and None
Reporting

Josephine O'Brien Vice President/RFP Group Manager None

Robinder Pal Vice President/Senior Retail None
e-Business/Production Services Manager

Marlene D. Petter Vice President/Marketing Communications None

Christian Reimer Vice President/529 Plans Product Manager None

Richard D. Seidel Vice President/Assistant None
Controller/Assistant Treasurer

Michael T. Taggart Vice President/Facilities & Administrative None
Services

Molly Thompson Vice President/Associate Product Management None
Manager

Kathryn R. Williams Vice President/Senior Counsel/Assistant Vice President/Associate General
Secretary Counsel/Assistant Secretary

(a)(2) Lincoln Financial Distributors, Inc. (LFD) serves as financial
intermediary wholesaler for all the mutual funds in the Delaware
Investments Family of Funds.

(b)(2) Information with respect to each officer and partner of LFD and the
Registrant is provided below. Unless otherwise noted, the principal
business address of each officer and partner of LFD is 2001 Market
Street, Philadelphia, PA 19103-7055.

-------------------------------------------- ----------------------------------------- ------------------------------------------
Name and Principal Business Address Positions and Office with LFD Positions and Offices with Registrant
-------------------------------------------- ----------------------------------------- ------------------------------------------
Westley V. Thompson President and Chief Executive Officer None

David M. Kittredge Senior Vice President None

William C. Miller Senior Vice President None

Terrance Mullen Senior Vice President None

Donald Roberson Senior Vice President None

David L. Ahrendt(3) Vice President None

Duane L. Bernt(2) Vice President and Treasurer None

Nancy Briguglio Vice President None

Patrick J. Caulfield(1) Vice President and Chief Compliance None
Officer

Daniel P. Hickey(2) Vice President None

Karina Istvan Vice President None

Rochelle Krombolz Vice President None

William Lamoin Vice President None

Diane McCarthy Vice President, Chief Financial Officer None
and Chief Administrative Officer

Henry Orvin Vice President None

James Ryan Vice President None

Gregory Smith Vice President None

Marjorie Snelling Vice President None

Marilyn K. Ondecker(3) Secretary None
-------------------------------------------- ----------------------------------------- ------------------------------------------
(1) 350 Church Street, Hartford, CT 06103

(2) 1500 Market Street, Philadelphia, PA 19103

(3) 1300 Clinton Street, Fort Wayne, IN 46802

Item 28. Location of Accounts and Records. All accounts and records
required to be maintained by Section 31 (a) of the Investment
Company Act of 1940 and the rules under that section are
maintained in Philadelphia at 2005 Market Street, Philadelphia,
PA 19103-7094, in London at Third Floor, 80 Cheapside, London,
England EC2V 6EE, in New York at 630 Fifth Avenue, New York, NY
10111, or in Fort Wayne at 200 East Berry Street, Fort Wayne, IN
46802 or 1300 S. Clinton Street, Fort Wayne, IN 46802.

Item 29. Management Services. None.

Item 30. Undertakings. None.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940, the Registrant has duly caused this Registration Statement
to be signed on its behalf by the undersigned, thereunto duly authorized, in
this City of Philadelphia and Commonwealth of Pennsylvania on this 14th day of
February, 2006.

DELAWARE VIP TRUST

By: /s/ Jude T. Driscoll
Jude T. Driscoll
Chairman

Pursuant to the requirements of the Securities Act of 1933, this Registration
Statement has been signed below by the following persons in the capacities and
on the dates indicated:

Signature Title Date
----------------------------------- ----------------------------------- ------------------------------

/s/ Jude T. Driscoll Chairman/President/ February 14, 2006
Jude T. Driscoll Chief Executive Officer (Principal
(Principal Executive Officer)
and Trustee

/s/ Thomas L. Bennett * Trustee February 14, 2006
Thomas L. Bennett

/s/ John A. Fry * Trustee February 14, 2006
John A. Fry

/s/ Anthony D, Knerr * Trustee February 14, 2006
Anthony D. Knerr

/s/ Lucinda S. Landreth * Trustee February 14, 2006
Lucinda S. Landreth

/s/ Ann R. Leven * Trustee February 14, 2006
Ann R. Leven

/s/ Thomas F. Madison * Trustee February 14, 2006
Thomas F. Madison

/s/ Janet L. Yeomans * Trustee February 14, 2006
Janet L. Yeomans

/s/ J. Richard Zecher * Trustee February 14, 2006
J. Richard Zecher

/s/ Michael P. Bishof * Senior Vice President/ February 14, 2006
Michael P. Bishof Chief Financial Officer
(Principal Financial Officer)

* By: /s/ Jude T. Driscoll
Jude T. Driscoll
as Attorney-in-Fact for
each of the persons indicated

SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

Exhibits

Form N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

INDEX TO EXHIBITS

Exhibit No. Exhibit

EX-99(h)(2)(i) Executed Amendment No. 30 to Schedule A (October 1, 2005) of
Delaware Investments Family of Funds Fund Accounting
Agreement

EX-99.(p)(3) Code of Ethics for Lincoln Financial Distributors, Inc.
(April 2005)

EX-99.(p)(4) Code of Ethics for Mondrian Investment Partners Limited
(September 1, 2005)