UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number:	811-05162
Exact name of registrant as specified in charter:	Delaware VIP® Trust
Address of principal executive offices:	2005 Market Street
	Philadelphia, PA 19103
Name and address of agent for service:	David F. Connor, Esq.
	2005 Market Street
	Philadelphia, PA 19103
Registrant’s telephone number, including area code:	(800) 523-1918
Date of fiscal year end:	December 31
Date of reporting period:	June 30, 2019

Item 1. Reports to Stockholders

         Delaware VIP^® Trust

         Delaware VIP Diversified Income Series

         June 30, 2019

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

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

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

Table of contents

	Disclosure of Series expenses	1
	Security type / sector allocation	2
	Schedule of investments	3
	Statement of assets and liabilities	24
	Statement of operations	26
	Statements of changes in net assets	26
	Financial highlights.	27
	Notes to financial statements	29
	Other Series information	41
	Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. The Series is governed by US laws and regulations. Unless otherwise noted, views expressed herein are current as of June 30, 2019, and subject to change for events occurring after such date. The Series is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested. Advisory services provided by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment advisor. The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited. Macquarie Investment Management (MIM), a member of Macquarie Group, refers to the companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide. This material may be used in conjunction with the offering of shares in Delaware VIP Diversified Income Series only if preceded or accompanied by the Series’ current prospectus or the summary prospectus. © 2019 Macquarie Management Holdings, Inc. All third-party marks cited are the property of their respective owners.

Delaware VIP^® Trust — Delaware VIP Diversified Income Series

Disclosure of Series expenses

For the six-month period from January 1, 2019 to June 30, 2019 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from Jan. 1, 2019 to June 30, 2019.

Actual expenses

The first section of the table shown, “Actual Series return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical example for comparison purposes

The second section of the table shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on the Series’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Series’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Series and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Series, you do not incur any transaction costs, such as sales charges (loads), redemption fees or exchange fees, but shareholders of other funds may incur such costs. Also, the fees related to the variable annuity investment or the deferred sales charge that could apply have not been included. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The Series’ expenses shown in the table reflect fee waivers in effect and assume reinvestment of all dividends and distributions.

Expense analysis of an investment of $1,000

	Beginning Account Value 1/1/19	Ending Account Value 6/30/19	Annualized Expense Ratio	Expenses Paid During Period 1/1/19 to 6/30/19*
Actual Series return†
Standard Class	$1,000.00	$   1,076.50	0.64%	$3.30
Service Class	1,000.00	1,074.90	0.94%	4.84
Hypothetical 5% return (5% return before expenses)
Standard Class	$1,000.00	$1,021.62	0.64%	$3.21
Service Class	1,000.00	1,020.13	0.94%	4.71

* “Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^† Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

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

Diversified Income Series-1

Delaware VIP^® Trust — Delaware VIP Diversified Income Series

Security type / sector allocation

As of June 30, 2019 (Unaudited)

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

Security type / sector	Percentage of net assets
Agency Asset-Backed Securities		0.01	%
Agency Collateralized Mortgage Obligations		2.79	%
Agency Commercial Mortgage-Backed Securities		1.06	%
Agency Mortgage-Backed Securities		15.57	%
Collateralized Debt Obligations		2.40	%
Convertible Bonds		0.14	%
Corporate Bonds		38.29	%
Banking		6.99	%
Basic Industry		2.67	%
Brokerage		0.50	%
Capital Goods		1.70	%
Communications		4.98	%
Consumer Cyclical		1.89	%
Consumer Non-Cyclical		3.24	%
Electric		4.25	%
Energy		5.36	%
Finance Companies		1.02	%
Healthcare		0.34	%
Insurance		1.47	%
Media		0.27	%
Natural Gas		0.33	%
Real Estate Investment Trusts		0.52	%
Services		0.23	%
Technology		1.72	%
Transportation		0.62	%
Utilities		0.19	%
Loan Agreements		3.87	%
Municipal Bonds		0.11	%
Non-Agency Asset-Backed Securities		2.82	%
Non-Agency Collateralized Mortgage Obligations		1.81	%
Non-Agency Commercial Mortgage-Backed Securities		7.63	%
Sovereign Bonds		1.57	%
Supranational Bank		0.07	%

Security type / sector	Percentage of net assets
US Treasury Obligations		17.12	%
Common Stock		0.00	%
Convertible Preferred Stock		0.12	%
Preferred Stock		0.09	%
Short-Term Investments		5.33	%
Total Value of Securities		100.80	%
Liabilities Net of Receivables and Other Assets		(0.80	%)
Total Net Assets		100.00	%

Diversified Income Series-2

Delaware VIP^® Trust — Delaware VIP Diversified Income Series

Schedule of investments

June 30, 2019 (Unaudited)

	Principal amount°		Value (US $)
Agency Asset-Backed Securities – 0.01%
Fannie Mae Grantor Trust Series 2003-T4 2A5 4.678% 9/26/33 •		155,400	$	172,032
Fannie Mae REMIC Trust Series 2002-W11 AV1 2.744% (LIBOR01M + 0.34%, Floor 0.17%) 11/25/32 •		662		649
Total Agency Asset-Backed Securities (cost $155,382)				172,681
Agency Collateralized Mortgage Obligations – 2.79%
Fannie Mae Connecticut Avenue Securities Series 2017-C04 2M2 5.254% (LIBOR01M + 2.85%) 11/25/29 •		990,000		1,020,051
Series 2018-C02 2M2 4.604% (LIBOR01M + 2.20%, Floor 2.20%) 8/25/30 •		1,530,000		1,536,169
Series 2018-C03 1M2 4.554% (LIBOR01M + 2.15%, Floor 2.15%) 10/25/30 •		1,750,000		1,761,713
Series 2018-C05 1M2 4.754% (LIBOR01M + 2.35%, Floor 2.35%) 1/25/31 •		1,295,000		1,306,506
Fannie Mae Grantor Trust Series 1999-T2 A1 7.50% 1/19/39 •		284		309
Series 2002-T4 A3 7.50% 12/25/41		5,351		6,201
Series 2004-T1 1A2 6.50% 1/25/44		3,837		4,380
Fannie Mae Interest Strip Series 418 C12 3.00% 8/25/33 S		4,928,885		549,982
Series 419 C3 3.00% 11/25/43 S		1,079,795		146,311
Fannie Mae REMIC Trust Series 2002-W6 2A1 7.00% 6/25/42 •		12,315		13,660
Series 2004-W11 1A2 6.50% 5/25/44		20,142		23,059
Fannie Mae REMICs Series 2008-15 SB 4.196% (6.60% minus LIBOR01M, Cap 6.60%) 8/25/36 S•		216,420		38,603
Series 2010-116 Z 4.00% 10/25/40		27,613		28,957
Series 2012-60 KI 3.00% 9/25/26 S		40,518		1,656
Series 2012-98 MI 3.00% 8/25/31 S		2,167,324		161,489
Series 2012-99 AI 3.50% 5/25/39 S		1,131,195		64,018
Series 2012-115 MI 3.50% 3/25/42 S		474,614		47,107
Series 2012-120 CI 3.50% 12/25/31 S		211,032		17,445
Series 2012-121 ID 3.00% 11/25/27 S		87,531		6,623
Series 2012-125 MI 3.50% 11/25/42 S		45,121		7,778
Series 2012-128 IC 3.00% 11/25/32 S		4,258,510		524,070
Series 2012-137 WI 3.50% 12/25/32 S		691,719		83,392
Series 2012-146 IO 3.50% 1/25/43 S		3,801,071		667,784
Series 2012-149 IC 3.50% 1/25/28 S		2,473,258		205,060

	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
Fannie Mae REMICs Series 2013-1 YI 3.00% 2/25/33 S		3,500,495	$	414,610
Series 2013-7 EI 3.00% 10/25/40 S		1,292,317		129,199
Series 2013-20 IH 3.00% 3/25/33 S		76,055		9,054
Series 2013-23 IL 3.00% 3/25/33 S		63,549		6,900
Series 2013-26 ID 3.00% 4/25/33 S		1,748,834		208,182
Series 2013-28 YB 3.00% 4/25/43		52,000		52,331
Series 2013-31 MI 3.00% 4/25/33 S		565,709		67,229
Series 2013-35 IB 3.00% 4/25/33 S		2,420,670		303,177
Series 2013-35 IG 3.00% 4/25/28 S		1,643,548		133,769
Series 2013-38 AI 3.00% 4/25/33 S		1,694,308		196,085
Series 2013-41 HI 3.00% 2/25/33 S		2,668,770		261,675
Series 2013-44 Z 3.00% 5/25/43		72,630		74,285
Series 2013-45 PI 3.00% 5/25/33 S		1,138,435		134,762
Series 2013-69 IJ 3.00% 7/25/33 S		1,231,052		142,954
Series 2013-103 SK 3.516% (5.92% minus LIBOR01M, Cap 5.92%) 10/25/43 S•		3,640,015		764,375
Series 2014-64 IT 3.50% 6/25/41 S		303,005		18,264
Series 2014-77 AI 3.00% 10/25/40 S		44,915		3,772
Series 2015-43 PZ 3.50% 6/25/45		1,130,326		1,157,107
Series 2015-44 AI 3.50% 1/25/34 S		52,692		4,636
Series 2015-45 AI 3.00% 1/25/33 S		54,577		3,476
Series 2015-56 MI 3.50% 10/25/41 S		982,325		93,302
Series 2015-89 AZ 3.50% 12/25/45		363,826		375,726
Series 2016-6 AI 3.50% 4/25/34 S		2,019,243		212,817
Series 2016-23 AI 3.50% 2/25/41 S		895,891		65,666
Series 2016-30 CI 3.00% 5/25/36 S		1,599,600		183,646
Series 2016-33 DI 3.50% 6/25/36 S		4,117,793		547,876
Series 2016-36 SB 3.596% (6.00% minus LIBOR01M, Cap 6.00%) 3/25/43 S•		1,383,904		168,460
Series 2016-40 IO 3.50% 7/25/36 S		547,871		61,575
Series 2016-50 IB 3.00% 2/25/46 S		262,514		34,527
Series 2016-60 LI 3.00% 9/25/46 S		2,718,436		316,822
Series 2016-62 SA 3.596% (6.00% minus LIBOR01M, Cap 6.00%) 9/25/46 S•		3,916,138		866,934
Series 2016-64 CI 3.50% 7/25/43 S		1,998,987		185,297
Series 2016-71 PI 3.00% 10/25/46 S		1,486,867		171,185
Series 2016-95 IO 3.00% 12/25/46 S		71,428		9,489
Series 2016-99 DI 3.50% 1/25/46 S		1,222,586		153,748
Series 2016-105 SA 3.596% (6.00% minus LIBOR01M, Cap 6.00%) 1/25/47 S•		2,669,383		502,878
Series 2017-4 AI 3.50% 5/25/41 S		2,052,729		116,499
Series 2017-4 BI 3.50% 5/25/41 S		1,242,676		95,723
Series 2017-6 NI 3.50% 3/25/46 S		246,718		26,518
Series 2017-11 EI 3.00% 3/25/42 S		3,753,968		317,752
Series 2017-12 JI 3.50% 5/25/40 S		1,016,236		93,290
Series 2017-16 WI 3.00% 1/25/45 S		966,772		98,248

Diversified Income Series-3

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
Fannie Mae REMICs Series 2017-24 AI 3.00% 8/25/46 S		1,564,151	$	165,330
Series 2017-25 BL 3.00% 4/25/47		389,000		409,249
Series 2017-40 GZ 3.50% 5/25/47		871,560		930,137
Series 2017-77 HZ 3.50% 10/25/47		1,245,918		1,308,936
Series 2017-94 CZ 3.50% 11/25/47		781,204		824,347
Series 2017-99 IE 3.00% 12/25/47 S		2,028,628		247,368
Freddie Mac REMICs Series 4050 EI 4.00% 2/15/39 S		1,840,968		99,907
Series 4109 AI 3.00% 7/15/31 S		4,127,404		307,050
Series 4122 LI 3.00% 10/15/27 S		35,261		2,828
Series 4135 AI 3.50% 11/15/42 S		3,445,298		584,811
Series 4146 IA 3.50% 12/15/32 S		1,905,906		270,546
Series 4150 UI 3.50% 8/15/32 S		4,387,671		350,461
Series 4153 IB 2.50% 1/15/28 S		950,592		62,225
Series 4156 AI 3.00% 10/15/31 S		995,535		76,955
Series 4161 IM 3.50% 2/15/43 S		766,829		150,379
Series 4181 DI 2.50% 3/15/33 S		1,167,197		110,576
Series 4185 LI 3.00% 3/15/33 S		1,408,463		168,281
Series 4186 IB 3.00% 3/15/33 S		1,980,492		241,868
Series 4191 CI 3.00% 4/15/33 S		521,459		61,840
Series 4342 CI 3.00% 11/15/33 S		691,109		64,116
Series 4433 DI 3.00% 8/15/32 S		40,973		2,518
Series 4449 PI 4.00% 11/15/43 S		60,639		8,549
Series 4504 IO 3.50% 5/15/42 S		935,495		68,812
Series 4527 CI 3.50% 2/15/44 S		2,877,551		378,929
Series 4543 HI 3.00% 4/15/44 S		1,129,816		136,558
Series 4574 AI 3.00% 4/15/31 S		2,252,180		227,872
Series 4618 SA 3.606% (6.00% minus LIBOR01M, Cap 6.00%) 9/15/46 S•		1,514,402		346,457
Series 4625 BI 3.50% 6/15/46 S		3,984,374		636,854
Series 4627 PI 3.50% 5/15/44 S		3,621,368		393,408
Series 4644 GI 3.50% 5/15/40 S		1,520,309		113,931
Series 4648 SA 3.606% (6.00% minus LIBOR01M, Cap 6.00%) 1/15/47 S•		3,040,229		602,613
Series 4655 WI 3.50% 8/15/43 S		1,620,277		134,678
Series 4656 HI 3.50% 5/15/42 S		60,305		3,329
Series 4660 GI 3.00% 8/15/43 S		1,205,490		122,606
Series 4663 AI 3.00% 3/15/42 S		2,464,152		233,477
Series 4665 NI 3.50% 7/15/41 S		6,212,686		386,011
Series 4667 CI 3.50% 7/15/40 S		128,314		6,518
Series 4667 LI 3.50% 10/15/43 S		799,304		66,767
Series 4669 QI 3.50% 6/15/41 S		467,475		41,260
Series 4673 WI 3.50% 9/15/43 S		1,786,290		138,115
Series 4674 GI 3.50% 10/15/40 S		113,241		5,918
Series 4676 KZ 2.50% 7/15/45		855,037		806,973
Series 4690 WI 3.50% 12/15/43 S		2,298,238		200,498
Series 4703 CI 3.50% 7/15/42 S		3,452,842		278,200
Freddie Mac Strips Series 304 C38 3.50% 12/15/27 S		1,380,459		111,516
Series 319 S2 3.606% (6.00% minus LIBOR01M, Cap 6.00%) 11/15/43 S•		1,391,396		286,863

	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
Freddie Mac Structured Agency Credit Risk Debt Notes Series 2015-DNA3 M2 5.254% (LIBOR01M + 2.85%) 4/25/28 •		592,075	$	603,197
Series 2015-HQA1 M2 5.054% (LIBOR01M + 2.65%) 3/25/28 •		266,668		268,890
Series 2016-DNA3 M2 4.404% (LIBOR01M + 2.00%) 12/25/28 •		312,328		313,683
Series 2016-DNA4 M2 3.704% (LIBOR01M + 1.30%, Floor 1.30%) 3/25/29 •		449,636		450,854
Series 2016-HQA2 M2 4.654% (LIBOR01M + 2.25%) 11/25/28 •		402,036		405,959
Series 2017-DNA1 M2 5.654% (LIBOR01M + 3.25%, Floor 3.25%) 7/25/29 •		2,250,000		2,378,157
Series 2017-DNA3 M2 4.904% (LIBOR01M + 2.50%) 3/25/30 •		6,530,000		6,676,474
Series 2017-HQA3 M2 4.754% (LIBOR01M + 2.35%) 4/25/30 •		4,685,000		4,758,710
Series 2018-HQA1 M2 4.704% (LIBOR01M + 2.30%) 9/25/30 •		2,000,000		2,007,209
Freddie Mac Structured Pass Through Certificates Series T-54 2A 6.50% 2/25/43 ¨		9,323		11,064
Series T-58 2A 6.50% 9/25/43 ¨		3,246		3,771
GNMA Series 2011-157 SG 4.217% (6.60% minus LIBOR01M, Cap 6.60%) 12/20/41 S•		2,056,058		452,197
Series 2012-61 PI 3.00% 4/20/39 S		103,334		3,828
Series 2013-113 LY 3.00% 5/20/43		378,000		382,614
Series 2015-44 AI 3.00% 8/20/41 S		132,526		11,447
Series 2015-74 CI 3.00% 10/16/39 S		2,065,861		172,018
Series 2015-111 IH 3.50% 8/20/45 S		3,197,409		262,757
Series 2015-142 AI 4.00% 2/20/44 S		570,468		43,097
Series 2016-32 MS 3.667% (6.05% minus LIBOR01M, Cap 6.05%) 3/20/46 S•		143,034		28,130
Series 2016-75 JI 3.00% 9/20/43 S		8,839,292		663,524
Series 2016-89 QS 3.667% (6.05% minus LIBOR01M, Cap 6.05%) 7/20/46 S•		2,299,343		468,827
Series 2016-108 SK 3.667% (6.05% minus LIBOR01M, Cap 6.05%) 8/20/46 S•		3,434,595		774,991
Series 2016-108 YL 3.00% 8/20/46		3,164,000		3,095,175
Series 2016-118 ES 3.717% (6.10% minus LIBOR01M, Cap 6.10%) 9/20/46 S•		2,622,106		541,728

Diversified Income Series-4

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
GNMA Series 2016-120 IA 3.00% 2/20/46 S		187,889	$	18,685
Series 2016-126 NS 3.717% (6.10% minus LIBOR01M, Cap 6.10%) 9/20/46 S•		2,526,246		521,354
Series 2016-134 MZ 3.00% 10/20/46		1,581,441		1,525,741
Series 2016-156 PB 2.00% 11/20/46		794,000		703,823
Series 2016-163 XI 3.00% 10/20/46 S		3,004,833		251,229
Series 2016-171 IO 3.00% 7/20/44 S		4,977,493		311,407
Series 2017-4 WI 4.00% 2/20/44 S		1,456,175		207,340
Series 2017-18 QI 4.00% 3/16/41 S		2,312,752		257,719
Series 2017-18 QS 3.706% (6.10% minus LIBOR01M, Cap 6.10%) 2/16/47 S•		2,893,284		531,241
Series 2017-34 DY 3.50% 3/20/47		2,067,000		2,205,608
Series 2017-56 JZ 3.00% 4/20/47		753,353		745,861
Series 2017-101 AI 4.00% 7/20/47 S		1,824,583		248,227
Series 2017-101 TI 4.00% 3/20/44 S		2,642,767		232,992
Series 2017-107 QZ 3.00% 8/20/45		568,742		559,262
Series 2017-121 IL 3.00% 2/20/42 S		151,708		9,993
Series 2017-130 YJ 2.50% 8/20/47		665,000		656,432
Series 2017-134 ES 3.817% (6.20% minus LIBOR01M, Cap 6.20%) 9/20/47 S•		1,934,117		320,539
Series 2017-134 KI 4.00% 5/20/44 S		2,303,782		254,369
Series 2017-141 JS 3.817% (6.20% minus LIBOR01M, Cap 6.20%) 9/20/47 S•		2,985,525		519,615
Series 2017-144 EI 3.00% 12/20/44 S		3,865,019		283,449
Series 2018-1 ST 3.817% (6.20% minus LIBOR01M, Cap 6.20%) 1/20/48 S•		6,118,901		1,207,534
Series 2018-11 AI 3.00% 1/20/46 S		2,344,130		192,393
Series 2018-13 PZ 3.00% 1/20/48		552,981		544,379
Series 2018-14 ZE 3.50% 1/20/48		299,466		303,555
Series 2018-24 HZ 3.00% 2/20/48		283,086		275,576
Series 2018-34 TY 3.50% 3/20/48		476,000		489,864
Series 2018-37 SA 3.817% (6.20% minus LIBOR01M, Cap 6.20%) 3/20/48 S•		2,055,662		438,559
Series 2018-46 AS 3.817% (6.20% minus LIBOR01M, Cap 6.20%) 3/20/48 S•		7,406,611		1,530,692
Total Agency Collateralized Mortgage Obligations (cost $72,143,217)				69,308,322
Agency Commercial Mortgage-Backed Securities – 1.06%
Freddie Mac Multifamily Structured Pass Through Certificates Series X3FX A2FX 3.00% 6/25/27 ¨		2,545,000		2,604,525

	Principal amount°		Value (US $)
Agency Commercial Mortgage-Backed Securities (continued)
FREMF Mortgage Trust Series 2010-K8 B 144A 5.445% 9/25/43 #•		2,040,000	$	2,088,065
Series 2011-K14 B 144A 5.354% 2/25/47 #•		820,000		858,290
Series 2011-K15 B 144A 5.116% 8/25/44 #•		195,000		204,333
Series 2012-K18 B 144A 4.401% 1/25/45 #•		2,000,000		2,086,345
Series 2012-K22 B 144A 3.812% 8/25/45 #•		1,730,000		1,791,118
Series 2013-K25 C 144A 3.744% 11/25/45 #•		1,500,000		1,532,089
Series 2013-K28 B 144A 3.609% 6/25/46 #•		2,400,000		2,483,893
Series 2013-K712 B 144A 3.454% 5/25/45 #•		990,000		990,344
Series 2013-K713 B 144A 3.263% 4/25/46 #•		605,000		606,953
Series 2013-K713 C 144A 3.263% 4/25/46 #•		2,275,000		2,277,655
Series 2014-K717 B 144A 3.753% 11/25/47 #•		3,205,000		3,284,147
Series 2014-K717 C 144A 3.753% 11/25/47 #•		1,055,000		1,072,501
Series 2015-K48 B 144A 3.762% 8/25/48 #•		2,170,000		2,212,183
Series 2016-K53 B 144A 4.156% 3/25/49 #•		530,000		554,357
Series 2016-K722 B 144A 3.971% 7/25/49 #•		580,000		596,141
Series 2017-K71 B 144A 3.882% 11/25/50 #•		1,175,000		1,211,375
Total Agency Commercial Mortgage-Backed Securities (cost $26,012,103)				26,454,314
Agency Mortgage-Backed Securities – 15.57%
Fannie Mae ARM
4.585% (LIBOR12M + 1.83%, Cap 10.16%, Floor 1.83%) 8/1/35 •		10,645		11,185
Fannie Mae S.F. 30 yr 3.00% 10/1/46		15,370,138		15,589,952
3.00% 4/1/47		1,951,530		1,975,168
3.00% 7/1/49		2,367,000		2,387,628
3.50% 2/1/48		5,840,168		6,033,641
3.50% 3/1/48		12,232,320		12,588,597
3.50% 7/1/48		23,498,145		24,178,952
3.50% 6/1/49		55,967,934		57,279,207

Diversified Income Series-5

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr 4.00% 4/1/49		103,429,644	$	106,941,277
4.50% 11/1/39		731,335		789,331
4.50% 6/1/40		810,335		869,394
4.50% 7/1/40		821,256		893,135
4.50% 8/1/41		1,948,332		2,111,942
4.50% 12/1/48		1,036,736		1,088,787
5.00% 6/1/44		2,049,797		2,254,096
5.00% 7/1/47		1,294,235		1,404,107
5.50% 5/1/44		21,010,899		23,336,079
5.50% 8/1/48		1,962,700		2,136,777
6.00% 6/1/41		4,431,485		5,022,371
6.00% 7/1/41		22,773,626		25,824,695
6.00% 1/1/42		3,813,941		4,322,946
Fannie Mae S.F. 30 yr TBA 3.50% 7/1/49		9,973,000		10,192,718
Freddie Mac S.F. 30 yr 3.00% 12/1/48		33,214,743		33,522,514
3.50% 11/1/48		6,987,873		7,251,817
4.50% 4/1/39		114,652		123,213
4.50% 7/1/42		1,025,367		1,101,672
4.50% 7/1/45		6,388,109		6,863,551
5.00% 12/1/44		2,979,498		3,236,835
5.50% 6/1/41		3,887,287		4,318,628
5.50% 9/1/41		7,176,922		7,972,182
6.00% 7/1/40		10,920,177		12,382,414
GNMA II S.F. 30 yr 5.50% 5/20/37		231,585		246,850
6.00% 2/20/39		262,777		284,564
6.00% 10/20/39		1,101,605		1,222,535
6.00% 2/20/40		1,133,506		1,242,075
6.00% 4/20/46		340,745		388,088
Total Agency Mortgage-Backed Securities (cost $382,597,590)				387,388,923
Collateralized Debt Obligations – 2.40%
Apex Credit CLO Series 2017-1A A1 144A 4.051% (LIBOR03M + 1.47%, Floor 1.47%) 4/24/29 #•		3,405,000		3,403,461
Series 2018-1A A2 144A 3.61% (LIBOR03M + 1.03%) 4/25/31 #•		6,200,000		6,131,496
Atlas Senior Loan Fund X Series 2018-10A A 144A 3.687% (LIBOR03M + 1.09%) 1/15/31 #•		3,400,000		3,357,558

	Principal amount°		Value (US $)
Collateralized Debt Obligations (continued)
Black Diamond CLO Series 2015-1A A2R 144A 3.646% (LIBOR03M + 1.05%, Floor 1.05%) 10/3/29 #•		2,000,000	$	1,993,694
Series 2017-1A A1A 144A 3.871% (LIBOR03M + 1.29%) 4/24/29 #•		2,000,000		1,996,214
CFIP CLO Series 2017-1A A 144A 3.821% (LIBOR03M + 1.22%) 1/18/30 #•		6,300,000		6,301,562
ECP CLO Series 2015-7A A1R 144A 3.732% (LIBOR03M + 1.14%) 4/22/30 #•		8,200,000		8,112,375
Galaxy XXI CLO Series 2015-21A AR 144A 3.612% (LIBOR03M + 1.02%) 4/20/31 #•		3,000,000		2,964,993
KKR Financial CLO Series 2013-1A A1R 144A 3.887% (LIBOR03M + 1.29%) 4/15/29 #•		3,000,000		2,996,031
Mariner CLO 5 Series 2018-5A A 144A 3.69% (LIBOR03M + 1.11%, Floor 1.11%) 4/25/31 #•		4,600,000		4,567,119
Midocean Credit CLO IX Series 2018-9A A1 144A 3.742% (LIBOR03M + 1.15%, Floor 1.15%) 7/20/31 #•		3,000,000		2,968,506
Midocean Credit CLO VIII Series 2018-8A A1 144A 3.67% (LIBOR03M + 1.15%) 2/20/31 #•		3,000,000		2,970,573
Saranac CLO VII Series 2014-2A A1AR 144A 3.75% (LIBOR03M + 1.23%) 11/20/29 #•		3,000,000		2,980,053
Steele Creek CLO Series 2017-1A A 144A 3.847% (LIBOR03M + 1.25%) 1/15/30 #•		2,000,000		2,003,508
Venture CDO Series 2016-25A A1 144A 4.082% (LIBOR03M + 1.49%) 4/20/29 #•		980,000		979,706
Venture XXVIII CLO Series 2017-28A A2 144A 3.702% (LIBOR03M + 1.11%) 7/20/30 #•		4,000,000		3,982,400
Zais CLO 6 Series 2017-1A A1 144A 3.967% (LIBOR03M + 1.37%) 7/15/29 #•		2,000,000		2,001,694
Total Collateralized Debt Obligations (cost $60,049,721)				59,710,943

Diversified Income Series-6

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Convertible Bonds – 0.14%
GAIN Capital Holdings 5.00% exercise price $8.20, maturity date 8/15/22		1,319,000	$	1,134,868
Huron Consulting Group 1.25% exercise price $79.89, maturity date 10/1/19		1,734,000		1,725,944
Synchronoss Technologies 0.75% exercise price $53.17, maturity date 8/15/19		739,000		738,628
Total Convertible Bonds (cost $3,806,367)				3,599,440
Corporate Bonds – 38.29%
Banking – 6.99%
Akbank T.A.S. 144A 7.20% 3/16/27 #µ		1,915,000		1,703,768
Banco de Credito e Inversiones 144A 3.50% 10/12/27 #		1,585,000		1,601,856
Banco Mercantil del Norte 144A 6.75% #µy		700,000		700,000
Banco Santander 2.706% 6/27/24		5,200,000		5,211,440
3.306% 6/27/29		9,800,000		9,872,657
Banco Santander Mexico 144A 4.125% 11/9/22 #		1,915,000		1,969,577
Bank of America 3.458% 3/15/25 µ		8,005,000		8,309,417
6.50% µy		3,750,000		4,159,069
Bank of China 144A 5.00% 11/13/24 #		1,655,000		1,782,349
Bank of Georgia 144A 6.00% 7/26/23 #		1,305,000		1,318,507
BB&T 3.75% 12/6/23		1,775,000		1,873,795
3.875% 3/19/29		3,505,000		3,750,162
Branch Banking & Trust 2.85% 4/1/21		1,475,000		1,488,682
Citibank 3.40% 7/23/21		1,310,000		1,337,931
Compass Bank 2.875% 6/29/22		3,505,000		3,537,374
3.875% 4/10/25		2,280,000		2,362,418
Credit Suisse Group 144A 6.25% #µy		5,560,000		5,806,725
144A 7.25% #µy		2,585,000		2,781,085
144A 7.50% #µy		3,235,000		3,475,312
DBS Group Holdings 144A 4.52% 12/11/28 #µ		2,350,000		2,493,410
Fifth Third Bancorp 3.65% 1/25/24		820,000		862,184
3.95% 3/14/28		6,190,000		6,673,596
Goldman Sachs Group 6.00% 6/15/20		6,485,000		6,701,533
Huntington Bancshares 2.30% 1/14/22		1,595,000		1,594,160
JPMorgan Chase & Co. 3.702% 5/6/30 µ		2,425,000		2,557,906
4.023% 12/5/24 µ		7,040,000		7,479,801

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
KeyBank 2.30% 9/14/22		1,990,000	$	1,992,770
3.40% 5/20/26		3,545,000		3,638,445
6.95% 2/1/28		4,255,000		5,336,300
Morgan Stanley 3.78% (LIBOR03M + 1.22%) 5/8/24 •		3,605,000		3,657,590
4.431% 1/23/30 µ		595,000		659,237
5.00% 11/24/25		2,725,000		3,017,322
5.50% 1/26/20		1,060,000		1,078,338
PNC Bank 2.70% 11/1/22		1,080,000		1,090,815
4.05% 7/26/28		3,920,000		4,278,118
PNC Financial Services Group 3.45% 4/23/29		4,005,000		4,218,053
Popular 6.125% 9/14/23		680,000		723,350
Royal Bank of Scotland Group 8.625% µy		4,640,000		5,012,360
Santander UK 144A 5.00% 11/7/23 #		5,380,000		5,685,399
State Street 3.10% 5/15/23		1,360,000		1,396,773
SunTrust Banks 2.45% 8/1/22		1,830,000		1,835,533
2.70% 1/27/22		2,525,000		2,543,622
3.00% 2/2/23		1,595,000		1,627,511
3.30% 5/15/26		1,245,000		1,268,316
4.00% 5/1/25		250,000		267,759
SVB Financial Group 3.50% 1/29/25		1,350,000		1,377,562
Turkiye Garanti Bankasi 144A 6.25% 4/20/21 #		1,350,000		1,370,474
UBS Group Funding Switzerland 144A 4.125% 9/24/25 #		2,265,000		2,417,858
6.875% µy		5,110,000		5,328,320
7.125% µy		785,000		826,213
US Bancorp 3.10% 4/27/26		195,000		199,306
3.375% 2/5/24		4,815,000		5,026,382
3.60% 9/11/24		2,640,000		2,772,806
3.95% 11/17/25		4,590,000		4,987,489
US Bank 3.40% 7/24/23		1,505,000		1,572,037
USB Capital IX 3.617% (LIBOR03M + 1.02%) y•		7,185,000		5,884,659
Woori Bank 144A 4.75% 4/30/24 #		1,250,000		1,336,777
				173,832,208
Basic Industry – 2.67%
BHP Billiton Finance USA 144A 6.25% 10/19/75 #µ		6,170,000		6,433,891
Bioceanico Sovereign Certificate 144A 2.88% 6/5/34 #		1,445,000		978,987
BMC East 144A 5.50% 10/1/24 #		645,000		656,287
Boise Cascade 144A 5.625% 9/1/24 #		835,000		855,875
Braskem Finance 6.45% 2/3/24		2,030,000		2,248,753

Diversified Income Series-7

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
CSN Resources 144A 7.625% 4/17/26 #		2,490,000	$	2,647,704
Cydsa 144A 6.25% 10/4/27 #		1,330,000		1,334,668
Equate Petrochemical 144A 3.00% 3/3/22 #		1,370,000		1,370,310
Freeport-McMoRan 5.45% 3/15/43		455,000		418,600
Georgia-Pacific 8.00% 1/15/24		5,305,000		6,555,437
Gold Fields Orogen Holdings BVI 144A 6.125% 5/15/29 #		1,755,000		1,930,500
Hudbay Minerals 144A 7.625% 1/15/25 #		395,000		409,813
Israel Chemicals 144A 6.375% 5/31/38 #		1,525,000		1,719,346
Joseph T Ryerson & Son 144A 11.00% 5/15/22 #		440,000		465,437
Klabin Austria 144A 7.00% 4/3/49 #		1,755,000		1,858,194
Mexichem 144A 5.50% 1/15/48 #		1,380,000		1,373,100
NOVA Chemicals 144A 5.00% 5/1/25 #		602,000		631,348
Novelis 144A 6.25% 8/15/24 #		460,000		483,442
Novolipetsk Steel Via Steel Funding DAC 144A 4.00% 9/21/24 #		1,865,000		1,869,331
OCP 144A 4.50% 10/22/25 #		1,765,000		1,813,061
Petkim Petrokimya Holding 144A 5.875% 1/26/23 #		1,765,000		1,709,508
Phosagro OAO Via Phosagro Bond
Funding DAC 144A 3.95% 11/3/21 #		1,720,000		1,737,940
RPM International 4.55% 3/1/29		3,595,000		3,799,298
SASOL Financing USA 5.875% 3/27/24		7,235,000		7,841,861
6.50% 9/27/28		595,000		668,107
Sociedad Quimica y Minera de Chile 144A 4.25% 5/7/29 #		1,265,000		1,336,789
Standard Industries 144A 5.00% 2/15/27 #		1,355,000		1,375,325
Starfruit Finco 144A 8.00% 10/1/26 #		435,000		449,138
Steel Dynamics 5.50% 10/1/24		595,000		618,056
Suzano Austria 144A 5.00% 1/15/30 #		1,810,000		1,838,598
Syngenta Finance 144A 3.933% 4/23/21 #		1,615,000		1,644,435
144A 4.441% 4/24/23 #		960,000		998,248
144A 5.182% 4/24/28 #		3,225,000		3,356,381
Tronox Finance 144A 5.75% 10/1/25 #		390,000		379,763
Vedanta Resources 144A 7.125% 5/31/23 #		1,345,000		1,328,524
Westlake Chemical 4.375% 11/15/47		1,465,000		1,381,384
				66,517,439
Brokerage – 0.50%
Intercontinental Exchange 3.45% 9/21/23		590,000		614,642
3.75% 9/21/28		495,000		533,881

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Brokerage (continued)
Jefferies Group 4.15% 1/23/30		2,135,000	$	2,047,478
6.45% 6/8/27		893,000		1,011,643
6.50% 1/20/43		750,000		814,981
Lazard Group 3.625% 3/1/27		475,000		480,356
3.75% 2/13/25		1,495,000		1,554,056
4.375% 3/11/29		1,735,000		1,835,618
4.50% 9/19/28		1,775,000		1,891,105
Nuveen Finance 144A 4.125% 11/1/24 #		1,615,000		1,740,192
				12,523,952
Capital Goods – 1.70%
Ardagh Packaging Finance 144A 6.00% 2/15/25 #		445,000		461,687
Bombardier 144A 6.00% 10/15/22 #		685,000		691,364
BWAY Holding 144A 5.50% 4/15/24 #		1,210,000		1,215,294
EnPro Industries 5.75% 10/15/26		240,000		246,000
General Electric 2.10% 12/11/19		795,000		791,705
5.55% 5/4/20		1,295,000		1,325,022
6.00% 8/7/19		2,675,000		2,683,836
Grupo Cementos de Chihuahua 144A 5.25% 6/23/24 #		1,905,000		1,945,005
Ingersoll-Rand Luxembourg Finance 3.80% 3/21/29		4,480,000		4,702,394
Northrop Grumman 2.55% 10/15/22		3,740,000		3,761,714
3.25% 8/1/23		3,015,000		3,119,127
nVent Finance 4.55% 4/15/28		4,055,000		4,121,703
TransDigm 144A 6.25% 3/15/26 #		435,000		456,206
United Technologies 3.65% 8/16/23		2,630,000		2,755,125
4.125% 11/16/28		2,040,000		2,241,928
Waste Management 2.95% 6/15/24		2,435,000		2,505,347
4.00% 7/15/39		3,990,000		4,292,655
4.15% 7/15/49		4,425,000		4,866,054
				42,182,166
Communications – 4.98%
AT&T 3.875% 1/15/26		1,210,000		1,266,515
4.35% 3/1/29		3,970,000		4,262,600
4.85% 7/15/45		2,175,000		2,324,889
C&W Senior Financing 144A 7.50% 10/15/26 #		1,445,000		1,510,025
Charter Communications Operating 4.464% 7/23/22		5,555,000		5,837,369
5.05% 3/30/29		5,770,000		6,362,037
5.125% 7/1/49		2,260,000		2,298,973
Comcast 3.70% 4/15/24		7,050,000		7,484,039

Diversified Income Series-8

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Communications (continued)
Comunicaciones Celulares 144A 6.875% 2/6/24 #		1,265,000	$	1,311,647
Crown Castle International 3.80% 2/15/28		5,075,000		5,272,699
4.30% 2/15/29		2,155,000		2,318,900
5.25% 1/15/23		2,190,000		2,385,315
Digicel Group One 144A 8.25% 12/30/22 #		579,000		324,240
Digicel Group Two 144A 8.25% 9/30/22 #		546,000		122,850
144A PIK 9.125% 4/1/24 #✤		2,294,774		493,376
Discovery Communications 4.125% 5/15/29		9,775,000		10,135,991
5.20% 9/20/47		4,780,000		5,048,110
Equinix 5.375% 5/15/27		850,000		913,299
Fox 144A 4.709% 1/25/29 #		2,640,000		2,947,538
144A 5.576% 1/25/49 #		2,770,000		3,381,326
GTP Acquisition Partners I 144A 2.35% 6/15/20 #		1,095,000		1,091,603
Level 3 Financing 5.375% 5/1/25		1,614,000		1,670,490
Millicom International Cellular 144A 6.25% 3/25/29 #		1,550,000		1,667,196
Sprint 7.125% 6/15/24		550,000		584,540
7.875% 9/15/23		1,995,000		2,174,550
Sprint Communications 7.00% 8/15/20		140,000		145,425
Sprint Spectrum 144A 4.738% 3/20/25 #		1,930,000		2,007,200
Telefonica Emisiones 5.52% 3/1/49		12,200,000		14,133,474
Time Warner Cable 7.30% 7/1/38		5,775,000		7,012,983
Time Warner Entertainment 8.375% 3/15/23		2,495,000		2,957,304
T-Mobile USA 6.375% 1/15/26 =		1,845,000		0
6.50% 3/1/25 =		130,000		0
6.50% 1/15/26		1,110,000		1,202,752
Turk Telekomunikasyon 144A 6.875% 2/28/25 #		1,720,000		1,736,092
Verizon Communications 144A 4.016% 12/3/29 #		1,900,000		2,059,659
4.50% 8/10/33		9,940,000		11,199,922
Viacom 4.375% 3/15/43		5,120,000		5,013,828
VTR Finance 144A 6.875% 1/15/24 #		1,881,000		1,953,889
Zayo Group 144A 5.75% 1/15/27 #		1,065,000		1,086,300
6.375% 5/15/25		230,000		235,451
				123,934,396

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Consumer Cyclical – 1.89%
AMC Entertainment Holdings 6.125% 5/15/27		1,055,000	$	944,225
Atento Luxco 1 144A 6.125% 8/10/22 #		870,000		878,591
Boyd Gaming 6.375% 4/1/26		715,000		759,065
Dollar Tree 3.70% 5/15/23		4,725,000		4,904,315
Ford Motor Credit 5.729% (LIBOR03M + 3.14%) 1/7/22 •		3,125,000		3,223,539
General Motors 6.75% 4/1/46		670,000		758,576
General Motors Financial 4.35% 4/9/25		3,265,000		3,370,460
5.25% 3/1/26		6,790,000		7,289,201
JD.com 3.125% 4/29/21		2,985,000		2,996,593
Live Nation Entertainment 144A 5.625% 3/15/26 #		1,020,000		1,072,275
Lowe’s 3.65% 4/5/29		1,920,000		2,007,540
4.05% 5/3/47		1,720,000		1,707,485
4.55% 4/5/49		5,790,000		6,249,202
MGM Resorts International 5.75% 6/15/25		700,000		764,736
Penn National Gaming 144A 5.625% 1/15/27 #		1,299,000		1,286,010
Resorts World Las Vegas 144A 4.625% 4/16/29 #		1,800,000		1,860,022
Royal Caribbean Cruises 3.70% 3/15/28		3,875,000		3,905,270
SBA Tower Trust 144A 2.898% 10/15/19 #		1,300,000		1,299,981
Scientific Games International 144A 8.25% 3/15/26 #		880,000		926,191
10.00% 12/1/22		821,000		864,103
				47,067,380
Consumer Non-Cyclical – 3.24%
Anheuser-Busch 3.65% 2/1/26		7,275,000		7,657,904
Anheuser-Busch InBev Worldwide 4.75% 1/23/29		5,315,000		6,025,467
Bristol-Myers Squibb 144A 2.90% 7/26/24 #		3,090,000		3,159,879
144A 4.125% 6/15/39 #		5,865,000		6,364,660
144A 4.25% 10/26/49 #		5,750,000		6,338,350
Cigna 144A 3.487% (LIBOR03M + 0.89%) 7/15/23 #•		1,770,000		1,769,702
144A 4.125% 11/15/25 #		6,575,000		6,988,313
Cott Holdings 144A 5.50% 4/1/25 #		645,000		659,513
CVS Health 4.10% 3/25/25		7,475,000		7,884,884
5.05% 3/25/48		415,000		442,059
JBS Investments 144A 7.25% 4/3/24 #		1,160,000		1,206,885
JBS Investments II 144A 7.00% 1/15/26 #		2,220,000		2,409,810

Diversified Income Series-9

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
JBS USA 144A 5.75% 6/15/25 #		1,015,000	$	1,059,406
Kernel Holding 144A 8.75% 1/31/22 #		1,990,000		2,105,032
Marfrig Holdings Europe 144A 8.00% 6/8/23 #		2,155,000		2,249,281
Mars 144A 3.875% 4/1/39 #		755,000		800,154
144A 3.95% 4/1/49 #		7,020,000		7,555,008
MHP 144A 7.75% 5/10/24 #		1,430,000		1,525,295
New York and Presbyterian Hospital 4.063% 8/1/56		1,630,000		1,779,778
Pilgrim’s Pride 144A 5.75% 3/15/25 #		805,000		819,088
Post Holdings 144A 5.75% 3/1/27 #		720,000		747,000
Rede D’or Finance 144A 4.95% 1/17/28 #		1,395,000		1,389,769
Takeda Pharmaceutical 144A 4.40% 11/26/23 #		3,985,000		4,270,740
Teva Pharmaceutical Finance Netherlands III 6.75% 3/1/28		1,785,000		1,653,356
Zimmer Biomet Holdings 4.625% 11/30/19		3,645,000		3,674,660
				80,535,993
Electric – 4.25%
AES Andres 144A 7.95% 5/11/26 #		1,535,000		1,667,409
AES Gener 144A 7.125% 3/26/79 #µ		1,490,000		1,591,707
American Transmission Systems 144A 5.25% 1/15/22 #		3,930,000		4,189,551
Atlantic City Electric 4.00% 10/15/28		645,000		708,795
Ausgrid Finance Pty 144A 3.85% 5/1/23 #		2,026,000		2,102,401
Avangrid 3.15% 12/1/24		1,090,000		1,111,660
Berkshire Hathaway Energy 3.75% 11/15/23		3,280,000		3,462,730
CenterPoint Energy 3.85% 2/1/24		1,645,000		1,725,689
4.25% 11/1/28		2,365,000		2,556,837
6.125% µy		2,240,000		2,322,398
Cleveland Electric Illuminating 5.50% 8/15/24		365,000		414,058
ComEd Financing III 6.35% 3/15/33		2,055,000		2,094,940
Emera 6.75% 6/15/76 µ		3,915,000		4,202,674
Enel 144A 8.75% 9/24/73 #µ		1,488,000		1,722,360
Engie Energia Chile 144A 4.50% 1/29/25 #		470,000		495,575
Entergy Arkansas 4.20% 4/1/49		1,930,000		2,128,877
Entergy Louisiana 4.05% 9/1/23		540,000		574,666
4.95% 1/15/45		545,000		576,342
Entergy Mississippi 3.85% 6/1/49		3,060,000		3,203,264
Evergy 4.85% 6/1/21		1,195,000		1,237,760

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Electric (continued)
Exelon 3.497% 6/1/22		2,700,000	$	2,767,775
3.95% 6/15/25		1,045,000		1,116,092
FirstEnergy Transmission 144A 4.55% 4/1/49 #		1,005,000		1,099,456
Interstate Power & Light 4.10% 9/26/28		6,570,000		7,128,241
Israel Electric 144A 5.00% 11/12/24 #		1,110,000		1,204,017
Kallpa Generacion 144A 4.125% 8/16/27 #		2,485,000		2,571,975
Kansas City Power & Light 3.65% 8/15/25		3,445,000		3,640,956
LG&E & KU Energy 4.375% 10/1/21		3,765,000		3,902,273
Louisville Gas & Electric 4.25% 4/1/49		305,000		342,685
National Rural Utilities Cooperative Finance 4.75% 4/30/43 µ		2,830,000		2,781,508
5.25% 4/20/46 µ		990,000		1,010,597
Nevada Power 2.75% 4/15/20		2,355,000		2,363,649
New York State Electric & Gas 144A 3.25% 12/1/26 #		2,495,000		2,551,850
NextEra Energy Capital Holdings 2.90% 4/1/22		5,230,000		5,321,014
3.15% 4/1/24		3,425,000		3,517,102
5.65% 5/1/79 µ		595,000		613,800
NV Energy 6.25% 11/15/20		1,860,000		1,955,958
PacifiCorp 3.50% 6/15/29		2,445,000		2,618,683
Pennsylvania Electric 5.20% 4/1/20		220,000		223,875
Perusahaan Listrik Negara 144A 4.125% 5/15/27 #		475,000		485,686
144A 5.25% 5/15/47 #		1,455,000		1,539,001
Southern California Edison 4.20% 3/1/29		2,560,000		2,726,824
4.875% 3/1/49		3,965,000		4,460,860
Southwestern Electric Power 4.10% 9/15/28		8,245,000		8,888,932
State Grid Overseas Investment 2016 144A 2.25% 5/4/20 #		1,605,000		1,602,470
Trans-Allegheny Interstate Line 144A 3.85% 6/1/25 #		1,190,000		1,258,317
				105,783,289
Energy – 5.36%
Abu Dhabi Crude Oil Pipeline 144A 4.60% 11/2/47 #		1,490,000		1,639,802
ADES International Holding 144A 8.625% 4/24/24 #		1,730,000		1,721,039
AmeriGas Partners 5.875% 8/20/26		955,000		1,017,075
Cheniere Energy Partners 5.25% 10/1/25		1,265,000		1,312,437
Chesapeake Energy 8.00% 1/15/25		600,000		556,500

Diversified Income Series-10

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
Crestwood Midstream Partners 5.75% 4/1/25		1,050,000	$	1,068,375
Diamond Offshore Drilling 7.875% 8/15/25		740,000		706,700
Energy Transfer Operating 5.25% 4/15/29		3,485,000		3,900,518
6.25% 4/15/49		975,000		1,155,680
6.625% µy		3,355,000		3,142,025
Energy Transfer Partners 5.00% 10/1/22		5,205,000		5,533,798
Ensco Rowan 7.75% 2/1/26		474,000		355,500
Enterprise Products Operating 3.125% 7/31/29		3,410,000		3,434,805
4.20% 1/31/50		6,930,000		7,149,084
Gazprom OAO Via Gaz Capital 144A 4.95% 3/23/27 #		1,240,000		1,312,085
Genesis Energy 6.75% 8/1/22		615,000		622,687
Geopark 144A 6.50% 9/21/24 #		1,640,000		1,695,350
Gran Tierra Energy 144A 7.75% 5/23/27 #		1,420,000		1,399,410
KazMunayGas National 144A 6.375% 10/24/48 #		1,865,000		2,227,743
KazTransGas 144A 4.375% 9/26/27 #		1,465,000		1,495,268
Kunlun Energy 144A 2.875% 5/13/20 #		850,000		853,511
Marathon Oil 4.40% 7/15/27		6,125,000		6,509,218
MPLX 4.80% 2/15/29		2,960,000		3,261,276
4.875% 12/1/24		4,195,000		4,567,277
5.50% 2/15/49		6,320,000		7,161,011
Murphy Oil 6.875% 8/15/24		1,695,000		1,788,225
Murphy Oil USA 5.625% 5/1/27		775,000		809,875
Noble Energy 3.90% 11/15/24		2,320,000		2,420,978
4.95% 8/15/47		885,000		939,506
5.05% 11/15/44		665,000		707,717
NuStar Logistics 5.625% 4/28/27		420,000		424,725
Oasis Petroleum 144A 6.25% 5/1/26 #		1,240,000		1,205,900
ONEOK 7.50% 9/1/23		3,525,000		4,128,527
Pertamina Persero 144A 4.875% 5/3/22 #		320,000		337,761
Petrobras Global Finance 6.25% 3/17/24		7,375,000		8,094,431
6.90% 3/19/49		25,000		26,675
7.25% 3/17/44		1,035,000		1,160,245
7.375% 1/17/27		1,250,000		1,438,125
Petroleos Mexicanos 4.625% 9/21/23		16,975,000		16,635,638
6.50% 3/13/27		865,000		855,226
6.75% 9/21/47		409,000		365,237
Precision Drilling 144A 7.125% 1/15/26 #		420,000		408,450

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
QEP Resources 5.625% 3/1/26		295,000	$	278,775
Sabine Pass Liquefaction 5.625% 3/1/25		3,420,000		3,831,052
5.75% 5/15/24		5,548,000		6,171,527
Saudi Arabian Oil 144A 4.25% 4/16/39 #		1,280,000		1,297,117
144A 4.375% 4/16/49 #		1,030,000		1,044,947
Schlumberger Holdings 144A 4.30% 5/1/29 #		4,825,000		5,171,131
Southwestern Energy 7.75% 10/1/27		430,000		413,875
Summit Midstream Holdings 5.75% 4/15/25		450,000		396,000
Targa Resources Partners 5.375% 2/1/27		855,000		889,200
Tecpetrol 144A 4.875% 12/12/22 #		1,680,000		1,638,000
Transocean 144A 9.00% 7/15/23 #		170,000		181,688
Transocean Proteus 144A 6.25% 12/1/24 #		592,500		613,978
Transportadora de Gas del Sur 144A 6.75% 5/2/25 #		1,305,000		1,265,863
Tullow Oil 144A 7.00% 3/1/25 #		2,375,000		2,419,531
Whiting Petroleum 6.625% 1/15/26		312,000		302,445
YPF 144A 8.50% 6/27/29 #		1,245,000		1,227,819
144A 48.75% (BADLARPP + 4.00%) 7/7/20 #•		1,575,000		618,188
				133,306,551
Finance Companies – 1.02%
AerCap Ireland Capital 3.65% 7/21/27		5,065,000		5,040,641
Aviation Capital Group 144A 4.375% 1/30/24 #		2,790,000		2,938,908
144A 4.875% 10/1/25 #		2,480,000		2,677,636
Avolon Holdings Funding 144A 3.95% 7/1/24 #		4,710,000		4,831,659
144A 4.375% 5/1/26 #		2,185,000		2,251,533
BOC Aviation 144A 2.375% 9/15/21 #		2,120,000		2,097,106
International Lease Finance 8.625% 1/15/22		3,390,000		3,869,956
Temasek Financial I 144A 2.375% 1/23/23 #		1,615,000		1,625,994
				25,333,433
Healthcare – 0.34%
Bausch Health 144A 5.50% 11/1/25 #		885,000		925,931
Charles River Laboratories International 144A 5.50% 4/1/26 #		795,000		838,566
Encompass Health 5.75% 11/1/24		1,067,000		1,090,527
5.75% 9/15/25		610,000		636,687
HCA 5.875% 2/15/26		1,225,000		1,356,687
7.58% 9/15/25		80,000		92,800

Diversified Income Series-11

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Healthcare (continued)
Tenet Healthcare 5.125% 5/1/25		1,370,000	$	1,380,275
Universal Health Services 144A 5.00% 6/1/26 #		485,000		503,188
WellCare Health Plans 144A 5.375% 8/15/26 #		1,645,000		1,747,813
				8,572,474
Insurance – 1.47%
Acrisure 144A 7.00% 11/15/25 #		851,000		772,283
AssuredPartners 144A 7.00% 8/15/25 #		979,000		977,776
AXA Equitable Holdings 5.00% 4/20/48		3,365,000		3,473,722
HUB International 144A 7.00% 5/1/26 #		215,000		218,494
Marsh & McLennan 4.375% 3/15/29		5,070,000		5,607,067
MetLife 3.60% 4/10/24		2,525,000		2,680,225
6.40% 12/15/36		110,000		125,948
144A 9.25% 4/8/38 #		2,655,000		3,721,235
NFP 144A 6.875% 7/15/25 #		860,000		854,367
Pine Street Trust I 144A 4.572% 2/15/29 #		295,000		309,111
Prudential Financial 4.35% 2/25/50		4,485,000		5,041,728
4.50% 11/15/20		795,000		819,384
5.375% 5/15/45 µ		1,730,000		1,823,455
USI 144A 6.875% 5/1/25 #		3,663,000		3,635,528
Voya Financial 4.70% 1/23/48 µ		2,160,000		1,972,599
Willis North America 4.50% 9/15/28		975,000		1,049,736
XLIT 5.054% (LIBOR03M + 2.458%) y•		1,325,000		1,274,014
5.50% 3/31/45		1,980,000		2,335,653
				36,692,325
Media – 0.27%
Altice France 144A 6.25% 5/15/24 #		628,000		649,195
Altice Luxembourg 144A 7.75% 5/15/22 #		200,000		203,750
CSC Holdings 144A 7.75% 7/15/25 #		1,080,000		1,171,152
Gray Television 144A 5.875% 7/15/26 #		885,000		920,400
Sirius XM Radio 144A 5.375% 4/15/25 #		756,000		782,460
Unitymedia 144A 6.125% 1/15/25 #		480,000		501,720
UPCB Finance IV 144A 5.375% 1/15/25 #		1,198,000		1,234,311
Virgin Media Secured Finance 144A 5.25% 1/15/26 #		1,340,000		1,378,136
				6,841,124
Natural Gas – 0.33%
Brooklyn Union Gas 144A 3.865% 3/4/29 #		5,845,000		6,286,664
NiSource 5.65% µy		2,080,000		2,029,487
				8,316,151

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Real Estate Investment Trusts – 0.52%
American Tower Trust #1 144A 3.07% 3/15/23 #		3,070,000	$	3,121,692
Corporate Office Properties 3.60% 5/15/23		1,750,000		1,762,824
5.25% 2/15/24		1,755,000		1,881,105
CubeSmart 3.125% 9/1/26		1,825,000		1,805,543
ESH Hospitality 144A 5.25% 5/1/25 #		1,205,000		1,238,137
Growthpoint Properties International 144A 5.872% 5/2/23 #		1,520,000		1,604,740
Hospitality Properties Trust 4.50% 3/15/25		1,218,000		1,218,173
MGM Growth Properties Operating
Partnership 144A 5.75% 2/1/27 #		265,000		285,869
				12,918,083
Services – 0.23%
Advanced Disposal Services 144A 5.625% 11/15/24 #		590,000		620,237
Ashtead Capital 144A 5.25% 8/1/26 #		885,000		927,037
Avis Budget Car Rental 144A 6.375% 4/1/24 #		160,000		168,400
Covanta Holding 5.875% 7/1/25		600,000		626,250
Iron Mountain US Holdings 144A 5.375% 6/1/26 #		995,000		1,003,706
KAR Auction Services 144A 5.125% 6/1/25 #		468,000		478,530
Prime Security Services Borrower 144A 5.75% 4/15/26 #		185,000		191,475
144A 9.25% 5/15/23 #		380,000		399,789
United Rentals North America 5.50% 5/15/27		1,250,000		1,318,750
				5,734,174
Technology – 1.72%
Baidu 3.875% 9/29/23		1,415,000		1,468,340
Broadcom 144A 3.125% 4/15/21 #		6,425,000		6,468,739
3.50% 1/15/28		6,145,000		5,836,653
CDK Global 5.00% 10/15/24		1,870,000		1,963,500
CommScope Technologies 144A 5.00% 3/15/27 #		374,000		327,250
First Data 144A 5.75% 1/15/24 #		605,000		623,150
Fiserv 3.80% 10/1/23		875,000		921,789
Infor US 6.50% 5/15/22		170,000		173,629
International Business Machines 3.00% 5/15/24		2,565,000		2,636,206
3.30% 5/15/26		3,690,000		3,823,730
4.25% 5/15/49		855,000		919,621
Microchip Technology 3.922% 6/1/21		2,730,000		2,779,527
4.333% 6/1/23		880,000		916,906

Diversified Income Series-12

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Technology (continued)
NXP
144A 4.125% 6/1/21 #		4,875,000	$	4,999,800
144A 4.30% 6/18/29 #		1,270,000		1,310,932
144A 4.875% 3/1/24 #		5,755,000		6,174,942
Tencent Holdings 144A 3.975% 4/11/29 #		1,305,000		1,364,548
				42,709,262
Transportation – 0.62%
Adani Abbot Point Terminal 144A 4.45% 12/15/22 #		2,907,000		2,828,931
Adani Ports & Special Economic Zone 144A 4.375% 7/3/29 #		1,050,000		1,066,275
Aeropuertos Argentina 2000 144A 6.875% 2/1/27 #		1,448,281		1,421,126
DAE Funding 144A 5.75% 11/15/23 #		1,488,000		1,566,120
FedEx 4.05% 2/15/48		3,460,000		3,322,688
International Airport Finance 144A 12.00% 3/15/33 #		1,545,000		1,722,675
Latam Finance 144A 7.00% 3/1/26 #		1,475,000		1,543,587
United Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26 ¨		657,622		692,114
United Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26 ¨		1,142,055		1,188,651
United Airlines 2019-1 Class AA Pass Through Trust 4.15% 8/25/31 ¨		140,000		150,135
				15,502,302
Utilities – 0.19%
Aegea Finance 144A 5.75% 10/10/24 #		1,315,000		1,363,011
Calpine
5.75% 1/15/25		235,000		234,119
144A 5.875% 1/15/24 #		300,000		307,500
Infraestructura Energetica Nova 144A 4.875% 1/14/48 #		1,480,000		1,317,200
Vistra Operations 144A 5.50% 9/1/26 #		1,395,000		1,476,956
				4,698,786
Total Corporate Bonds (cost $918,738,857)				953,001,488
Loan Agreements – 3.87%
Acrisure Tranche B 1st Lien 6.772% (LIBOR03M + 4.25%) 11/22/23 •		1,121,332		1,117,828
Allied Universal Holdco 1st Lien 0.00% 6/27/26 •X		951,298		948,919
Allied Universal Holdco Tranche DD 1st Lien 0.00% 6/27/26 •X		85,702		85,488
Altice France Tranche B11 1st Lien 5.152% (LIBOR01M + 2.75%) 7/31/25 •		874,042		834,710

	Principal amount°		Value (US $)
Loan Agreements (continued)
Altice France Tranche B13 1st Lien 6.394% (LIBOR01M + 4.00%) 8/14/26 •		353,225	$	346,655
AMC Entertainment Holdings Tranche B1 1st Lien 5.23% (LIBOR06M + 3.00%) 4/22/26 •		1,327,673		1,326,946
American Airlines Tranche B 1st Lien 4.394% (LIBOR01M + 2.00%) 12/14/23 •		1,477,788		1,457,122
Applied Systems 2nd Lien 9.33% (LIBOR03M + 7.00%) 9/19/25 •		2,085,000		2,115,233
Aramark Services Tranche B3 1st Lien 4.08% (LIBOR03M + 1.75%) 3/11/25 •		979,296		977,761
AssuredPartners Tranche B 1st Lien 5.902% (LIBOR01M + 3.50%) 10/22/24 •		312,222		309,686
Avis Budget Car Rental Tranche B 1st Lien 4.41% (LIBOR01M + 2.00%) 2/13/25 =•		747,831		747,046
Ball Metalpack Finco Tranche B 2nd Lien 11.272% (LIBOR03M + 8.75%) 7/31/26 =•		213,000		206,078
Bausch Health Americas Tranche B 1st Lien 5.412% (LIBOR01M + 3.00%) 6/1/25 •		779,136		779,623
Berry Global Tranche U 1st Lien 0.00% 5/15/26 •X		1,559,000		1,550,851
Blue Ribbon 1st Lien 6.44% (LIBOR01M + 4.00%) 11/13/21 •		863,350		775,936
Boxer Parent Tranche B 1st Lien 6.58% (LIBOR03M + 4.25%) 10/2/25 •		1,025,693		975,049
Builders FirstSource 1st Lien 5.33% (LIBOR03M + 3.00%) 2/29/24 •		136,724		136,457
BWAY Holding Tranche B 1st Lien 5.854% (LIBOR03M + 3.25%) 4/3/24 •		924,735		894,970
Calpine Tranche B9 1st Lien 5.08% (LIBOR03M + 2.75%) 4/1/26 •		600,000		599,625
Change Healthcare Holdings Tranche B 1st Lien 5.152% (LIBOR01M + 2.75%) 3/1/24 •		680,084		675,692
Charter Communications Operating Tranche B 1st Lien 4.33% (LIBOR03M + 2.00%) 4/30/25 •		1,170,140		1,169,978
Chemours Tranche B2 1st Lien 4.16% (LIBOR01M + 1.75%) 4/3/25 •		2,251,543		2,191,501
CityCenter Holdings Tranche B 1st Lien 4.652% (LIBOR01M + 2.25%) 4/18/24 •		1,375,485		1,372,537

Diversified Income Series-13

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Loan Agreements (continued)
Core & Main Tranche B 1st Lien 5.52% (LIBOR03M + 3.00%) 8/1/24 •		1,491,078	$	1,489,524
Cornerstone Building Brands Tranche B 1st Lien 6.354% (LIBOR03M + 3.75%) 4/12/25 •		707,548		689,860
CSC Holdings 1st Lien 4.644% (LIBOR01M + 2.25%) 7/17/25 •		793,800		782,761
CSC Holdings Tranche B 1st Lien 4.894% (LIBOR01M + 2.50%) 1/25/26 •		792,000		784,175
Curium Bidco Tranche B 1st Lien 0.00% 6/27/26 •X		382,000		382,239
Datto 1st Lien 6.58% (LIBOR03M + 4.25%) 4/2/26 =•		825,000		833,250
DaVita Tranche B 1st Lien 5.135% (LIBOR00M + 2.75%) 6/24/21 •		335,427		335,636
Deerfield Dakota Holding Tranche B 1st Lien 5.652% (LIBOR01M + 3.25%) 2/13/25 •		343,650		334,343
Delek US Holdings Tranche B 1st Lien 4.58% (LIBOR03M + 2.25%) 3/30/25 •		898,631		889,645
Drive Chassis Holdco 2nd Lien 10.834% (LIBOR03M + 8.25%) 4/10/26 •		345,000		332,925
DTZ US Borrower Tranche B 1st Lien 5.652% (LIBOR01M + 3.25%) 8/21/25 •		719,563		718,390
Edgewater Generation Tranche B 1st Lien 6.152% (LIBOR01M + 3.75%) 12/13/25 •		532,325		532,059
ESH Hospitality Tranche B 1st Lien 4.402% (LIBOR01M + 2.00%) 8/30/23 •		2,041,187		2,037,572
ExamWorks Group Tranche B1 1st Lien 5.652% (LIBOR01M + 3.25%) 7/27/23 •		1,991,405		1,993,894
Flying Fortress Holdings Tranche B 1st Lien 4.08% (LIBOR03M + 1.75%) 10/30/22 •		902,500		902,984
Gardner Denver Tranche B1 1st Lien 5.152% (LIBOR01M + 2.75%) 7/30/24 •		848,735		850,857
Gates Global Tranche B2 1st Lien 5.152% (LIBOR01M + 2.75%) 3/31/24 •		1,109,347		1,104,956
Gentiva Health Services 1st Lien 6.188% (LIBOR01M + 3.75%) 7/2/25 =•		2,463,915		2,468,473
GIP III Stetson I Tranche B 1st Lien 6.633% (LIBOR01M + 4.25%) 7/18/25 •		515,331		515,589

	Principal amount°		Value (US $)
Loan Agreements (continued)
Gray Television Tranche B2 1st Lien 4.681% (LIBOR01M + 2.25%) 2/7/24 •		1,592,396	$	1,587,704
Grizzly Finco Tranche B 1st Lien 5.85% (LIBOR03M + 3.25%) 10/1/25 •		302,713		302,767
GVC Holdings Tranche B2 1st Lien 4.689% (LIBOR01M + 2.25%) 3/16/24 •		1,432,863		1,429,878
HCA Tranche B10 1st Lien 4.33% (LIBOR03M + 2.00%) 3/13/25 •		3,043,046		3,049,175
Heartland Dental 1st Lien 6.152% (LIBOR01M + 3.75%) 4/30/25 •		417,844		397,649
Hexion Tranche B-EXIT 1st Lien 0.00% 6/27/26 •X		191,000		191,119
Hilton Worldwide Finance Tranche B 1st Lien 4.154% (LIBOR01M + 1.75%) 6/21/26 •		188,754		189,108
Hoya Midco Tranche B 1st Lien 5.902% (LIBOR01M + 3.50%) 6/30/24 •		272,357		269,634
HUB International Tranche B 1st Lien 5.586% (LIBOR03M + 3.00%) 4/25/25 •		1,980,000		1,933,904
INEOS US Finance Tranche B 1st Lien 4.402% (LIBOR01M + 2.00%) 3/31/24 •		729,087		721,036
IQVIA Tranche B3 1st Lien 4.152% (LIBOR01M + 1.75%) 6/11/25 •		1,470,150		1,464,768
Iron Mountain Tranche B 1st Lien 4.152% (LIBOR01M + 1.75%) 1/2/26 •		1,954,211		1,901,692
Jazz Acquisition Tranche B 1st Lien 6.50% (LIBOR03M + 4.25%) 6/19/26 •		675,000		671,625
JBS USA LUX Tranche B 1st Lien 4.902% (LIBOR01M + 2.50%) 5/1/26 •		389,025		388,836
Kronos Tranche B 1st Lien 5.579% (LIBOR03M + 3.00%) 11/1/23 •		865,972		864,949
LUX HOLDCO III 1st Lien 0.00% 3/28/25 •X		604,351		600,573
MGM Growth Properties Operating Partnership Tranche B 1st Lien 4.402% (LIBOR01M + 2.00%) 3/25/25 •		1,486,947		1,480,441
Microchip Technology 1st Lien 4.41% (LIBOR01M + 2.00%) 5/29/25 •		1,365,368		1,360,923
NFP Tranche B 1st Lien 5.402% (LIBOR01M + 3.00%) 1/8/24 •		1,221,036		1,188,548

Diversified Income Series-14

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Loan Agreements (continued)
ON Semiconductor Tranche B3 1st Lien 4.152% (LIBOR01M + 1.75%) 3/31/23 •		1,389,434	$	1,373,320
Penn National Gaming Tranche B1 1st Lien 4.652% (LIBOR01M + 2.25%) 10/15/25 •		1,417,875		1,414,685
Perstorp Holding Tranche B 1st Lien 7.271% (LIBOR03M + 4.75%) 2/26/26 •		1,078,298		1,058,079
PQ Tranche B 1st Lien 5.083% (LIBOR03M + 2.50%) 2/8/25 •		2,653,615		2,645,529
Prestige Brands Tranche B5 1st Lien 4.402% (LIBOR01M + 2.00%) 1/26/24 •		1,105,108		1,100,549
Radiate Holdco Tranche B 1st Lien 5.402% (LIBOR01M + 3.00%) 2/1/24 •		938,658		918,973
Russell Investments US Institutional Holdco Tranche B 1st Lien 5.652% (LIBOR01M + 3.25%) 6/1/23 •		997,430		989,949
Sable International Finance Tranche B4 1st Lien 5.652% (LIBOR01M + 3.25%) 1/31/26 •		192,427		193,028
Scientific Games International Tranche B5 1st Lien 5.216% (LIBOR01M + 2.75%) 8/14/24 •		1,154,492		1,138,618
Sinclair Television Group Tranche B2 1st Lien 4.66% (LIBOR01M + 2.25%) 1/3/24 •		1,207,605		1,195,529
Sprint Communications Tranche B 1st Lien 4.938% (LIBOR01M + 2.50%) 2/3/24 •		1,560,064		1,539,263
5.438% (LIBOR01M + 3.00%) 2/3/24 =•		756,200		750,522
SS&C European Holdings Tranche B4 1st Lien 4.652% (LIBOR01M + 2.25%) 4/16/25 •		569,421		567,879
SS&C Technologies Tranche B3 1st Lien 4.652% (LIBOR01M + 2.25%) 4/16/25 •		830,314		828,065
Stars Group Holdings Tranche B 1st Lien 5.83% (LIBOR03M + 3.50%) 7/10/25 •		416,452		416,973
Tecta America 1st Lien 6.902% (LIBOR01M + 4.50%) 11/21/25 =•		860,675		849,917
Telenet Financing USD Tranche AN-DD 1st Lien 4.644% (LIBOR01M + 2.25%) 8/15/26 •		1,480,000		1,466,279

	Principal amount°		Value (US $)
Loan Agreements (continued)
TIBCO Software Tranche B 1st Lien 0.00% 6/12/26 •X		435,000	$	436,178
Titan Acquisition Tranche B 1st Lien 5.402% (LIBOR01M + 3.00%) 3/28/25 •		342,477		327,494
TMS International Tranche B2 1st Lien 5.264% (LIBOR03M + 2.75%) 8/14/24 =•		556,795		551,909
TransDigm Tranche F 1st Lien 4.83% (LIBOR03M + 2.50%) 6/9/23 •		1,785,714		1,755,998
Trident TPI Holdings 1st Lien 5.652% (LIBOR01M + 3.25%) 10/5/24 •		656,685		623,030
Ultimate Software Group 1st Lien 6.08% (LIBOR03M + 3.75%) 5/3/26 •		2,075,000		2,080,966
United Rentals North America Tranche B 1st Lien 4.152% (LIBOR01M + 1.75%) 10/31/25 •		124,063		124,207
Unitymedia Finance Tranche E 1st Lien 4.394% (LIBOR01M + 2.00%) 6/1/23 •		2,025,000		2,021,663
UPC Financing Partnership Tranche AR 1st Lien 4.894% (LIBOR01M + 2.50%) 1/15/26 •		170,430		170,394
USI Tranche B 1st Lien 5.33% (LIBOR03M + 3.00%) 5/16/24 •		2,891,921		2,824,525
USIC Holdings 1st Lien 5.402% (LIBOR01M + 3.25%) 12/9/23 •		405,299		402,133
Vistra Operations Tranche B3 1st Lien 4.397% (LIBOR01M + 2.00%) 12/1/25 •		2,003,096		2,002,888
VVC Holding Tranche B 1st Lien 7.045% (LIBOR03M + 4.50%) 2/11/26 •		957,600		957,301
Wand NewCo 3 Tranche B 1st Lien 5.919% (LIBOR01M + 3.50%) 2/5/26 •		600,000		600,937
Wynn Resorts Tranche B 1st Lien 4.69% (LIBOR01M + 2.25%) 10/30/24 •		1,266,825		1,257,984
Zayo Group Tranche B2 1st Lien 4.652% (LIBOR01M + 2.25%) 1/19/24 •		2,093,757		2,095,327
Total Loan Agreements (cost $96,954,143)				96,249,243
Municipal Bonds – 0.11%
South Carolina Public Service Authority Series D 4.77% 12/1/45		340,000		407,215
State of California Various Purposes (Taxable Build America Bonds) 7.55% 4/1/39		925,000		1,466,181

Diversified Income Series-15

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Texas Water Development Board (2016 State Water Implementation) (Water Implementation Revenue) Series B 5.00% 10/15/46		795,000	$	939,356
Total Municipal Bonds (cost $2,693,123)				2,812,752
Non-Agency Asset-Backed Securities – 2.82%
American Express Credit Account Master Trust Series 2018-3 A 2.714% (LIBOR01M + 0.32%) 10/15/25 •		1,745,000		1,744,374
Series 2018-5 A 2.734% (LIBOR01M + 0.34%) 12/15/25 •		960,000		959,423
Series 2018-7 A 2.754% (LIBOR01M + 0.36%) 2/17/26 •		500,000		499,615
Avis Budget Rental Car Funding AESOP
Series 2017-2A A 144A 2.97% 3/20/24 #		1,000,000		1,015,102
Barclays Dryrock Issuance Trust
Series 2017-1 A 2.724% (LIBOR01M + 0.33%, Floor 0.33%) 3/15/23 •		540,000		540,758
Chesapeake Funding II
Series 2017-3A A2 144A 2.734% (LIBOR01M + 0.34%) 8/15/29 #•		2,056,736		2,056,126
Citibank Credit Card Issuance Trust
Series 2017-A5 A5 3.024% (LIBOR01M + 0.62%, Floor 0.62%) 4/22/26 •		1,220,000		1,227,791
Series 2018-A2 A2 2.713% (LIBOR01M + 0.33%) 1/20/25 •		2,260,000		2,258,404
Citicorp Residential Mortgage Trust
Series 2006-3 A5 5.214% 11/25/36 •		1,800,000		1,857,709
CNH Equipment Trust
Series 2019-B A2 2.55% 9/15/22		5,445,000		5,474,157
Discover Card Execution Note Trust
Series 2017-A7 A7 2.754% (LIBOR01M + 0.36%) 4/15/25 •		1,525,000		1,525,901
Hardee’s Funding
Series 2018-1A A2I 144A 4.25% 6/20/48 #		1,811,313		1,848,064
Series 2018-1A A2II 144A 4.959% 6/20/48 #		1,240,625		1,312,730
HOA Funding
Series 2014-1A A2 144A 4.846% 8/20/44 #		4,434,500		4,437,959

	Principal amount°		Value (US $)
Non-Agency Asset-Backed Securities (continued)
Mercedes-Benz Master Owner Trust
Series 2018-BA A 144A 2.734% (LIBOR01M + 0.34%) 5/15/23 #•		1,000,000	$	1,000,372
Series 2019-AA A 144A 2.744% (LIBOR01M + 0.35%) 5/15/23 #•		5,675,000		5,677,235
Navistar Financial Dealer Note Master Owner Trust II
Series 2018-1 A 144A 3.034% (LIBOR01M + 0.63%, Floor 0.63%) 9/25/23 #•		950,000		951,873
Penarth Master Issuer
Series 2018-2A A1 144A 2.832% (LIBOR01M + 0.45%) 9/18/22 #•		3,865,000		3,862,600
PFS Financing
Series 2018-E A 144A 2.844% (LIBOR01M + 0.45%) 10/15/22 #•		5,500,000		5,500,314
Taco Bell Funding
Series 2016-1A A2II 144A 4.377% 5/25/46 #		1,715,000		1,742,646
Towd Point Mortgage Trust
Series 2015-5 A1B 144A 2.75% 5/25/55 #•		694,328		695,713
Series 2015-6 A1B 144A 2.75% 4/25/55 #•		821,443		826,151
Series 2016-1 A1B 144A 2.75% 2/25/55 #•		425,910		427,440
Series 2016-2 A1 144A 3.00% 8/25/55 #•		499,314		504,170
Series 2016-3 A1 144A 2.25% 4/25/56 #•		647,537		643,743
Series 2017-1 A1 144A 2.75% 10/25/56 #•		599,384		601,689
Series 2017-2 A1 144A 2.75% 4/25/57 #•		329,716		330,244
Series 2017-4 M1 144A 3.25% 6/25/57 #•		1,505,000		1,524,074
Series 2018-1 A1 144A 3.00% 1/25/58 #•		582,591		588,645
Toyota Auto Receivables Owner Trust
Series 2019-B A2A 2.59% 2/15/22		4,575,000		4,590,592
Trafigura Securitisation Finance
Series 2017-1A A1 144A 3.244% (LIBOR01M + 0.85%) 12/15/20 #•		1,800,000		1,799,996
Series 2018-1A A1 144A 3.124% (LIBOR01M + 0.73%) 3/15/22 #•		3,340,000		3,318,774
Vantage Data Centers Issuer
Series 2018-1A A2 144A 4.072% 2/16/43 #		888,000		912,371

Diversified Income Series-16

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Non-Agency Asset-Backed Securities (continued)
Verizon Owner Trust
Series 2017-1A A 144A 2.06% 9/20/21 #		1,145,427	$	1,143,854
Series 2019-B A1B 2.891% (LIBOR01M + 0.45%) 12/20/23 •		2,000,000		1,999,989
Volvo Financial Equipment Master Owner Trust
Series 2017-A A 144A 2.894% (LIBOR01M + 0.50%) 11/15/22 #•		3,500,000		3,510,124
Wendys Funding
Series 2018-1A A2I 144A 3.573% 3/15/48 #		1,157,375		1,164,018
Total Non-Agency Asset-Backed Securities (cost $69,621,349)				70,074,740
Non-Agency Collateralized Mortgage Obligations – 1.81%
Chase Home Lending Mortgage Trust
Series 2019-ATR1 A4 144A 4.00% 4/25/49 #•		856,385		882,305
Citicorp Mortgage Securities Trust
Series 2006-3 1A9 5.75% 6/25/36		59,230		60,657
Connecticut Avenue Securities Trust
Series 2018-R07 1M2 144A 4.804% (LIBOR01M + 2.40%) 4/25/31 #•		1,845,000		1,867,141
Series 2019-R01 2M2 144A 4.854% (LIBOR01M + 2.45%) 7/25/31 #•		1,200,000		1,214,428
Flagstar Mortgage Trust
Series 2018-1 A5 144A 3.50% 3/25/48 #•		1,282,668		1,301,457
Series 2018-5 A7 144A 4.00% 9/25/48 #•		843,951		854,994
Galton Funding Mortgage Trust
Series 2018-1 A43 144A 3.50% 11/25/57 #•		856,790		862,877
Holmes Master Issuer
Series 2018-2A A2 144A 3.017% (LIBOR03M + 0.42%) 10/15/54 #•		1,540,000		1,538,945
JPMorgan Mortgage Trust
Series 2014-2 B1 144A 3.405% 6/25/29 #•		625,346		635,420
Series 2014-2 B2 144A 3.405% 6/25/29 #•		233,746		236,214
Series 2014-IVR6 2A4 144A 2.50% 7/25/44 #•		1,050,000		1,040,446
Series 2015-4 B1 144A 3.624% 6/25/45 #•		1,042,971		1,070,496

	Principal amount°		Value (US $)
Non-Agency Collateralized Mortgage Obligations (continued)
JPMorgan Mortgage Trust
Series 2015-4 B2 144A 3.624% 6/25/45 #•		748,218	$	758,918
Series 2016-4 B1 144A 3.898% 10/25/46 #•		507,796		527,011
Series 2016-4 B2 144A 3.898% 10/25/46 #•		871,173		899,290
Series 2017-1 B2 144A 3.547% 1/25/47 #•		1,650,575		1,654,707
Series 2017-2 A3 144A 3.50% 5/25/47 #•		739,756		749,128
Series 2018-3 A5 144A 3.50% 9/25/48 #•		2,371,420		2,406,157
Series 2018-6 1A4 144A 3.50% 12/25/48 #•		927,577		938,222
Series 2018-7FRB A2 144A 3.18% (LIBOR01M + 0.75%) 4/25/46 #•		1,025,539		1,023,840
JPMorgan Trust
Series 2015-1 B2 144A 3.654% 12/25/44 #•		1,300,026		1,298,676
Series 2015-5 B2 144A 3.342% 5/25/45 #•		1,194,791		1,183,336
Series 2015-6 B1 144A 3.611% 10/25/45 #•		718,024		735,533
Series 2015-6 B2 144A 3.611% 10/25/45 #•		695,586		707,531
New Residential Mortgage Loan Trust
Series 2018-RPL1 A1 144A 3.50% 12/25/57 #•		879,668		899,049
Permanent Master Issuer
Series 2018-1A 1A1 144A 2.977% (LIBOR03M + 0.38%) 7/15/58 #•		1,000,000		1,000,308
Sequoia Mortgage Trust
Series 2014-2 A4 144A 3.50% 7/25/44 #•		543,953		551,769
Series 2015-1 B2 144A 3.876% 1/25/45 #•		802,850		824,074
Series 2015-2 B2 144A 3.741% 5/25/45 #•		4,935,069		5,035,193
Series 2017-4 A1 144A 3.50% 7/25/47 #•		775,031		783,921
Series 2017-5 B1 144A 3.876% 8/25/47 #•		3,564,356		3,678,900
Series 2018-5 A4 144A 3.50% 5/25/48 #•		1,303,235		1,324,540
Series 2018-8 A4 144A 4.00% 11/25/48 #•		2,151,693		2,190,608
Silverstone Master Issuer
Series 2018-1A 1A 144A 2.982% (LIBOR03M + 0.39%) 1/21/70 #•		3,200,000		3,188,598

Diversified Income Series-17

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Non-Agency Collateralized Mortgage Obligations (continued)
Washington Mutual Mortgage Pass Through Certificates Trust Series 2005-1 5A2 6.00% 3/25/35 ¨		9,834	$	1,070
Wells Fargo Mortgage-Backed Securities Trust
Series 2006-2 3A1 5.75% 3/25/36		110,745		109,709
Series 2006-3 A11 5.50% 3/25/36		181,994		184,924
Series 2006-AR5 2A1 5.188% 4/25/36 •		113,701		114,084
Series 2007-AR10 2A1 4.855% 1/25/38 •		636,599		620,063
Total Non-Agency Collateralized Mortgage Obligations (cost $44,238,451)				44,954,539
Non-Agency Commercial Mortgage-Backed Securities – 7.63%
BANK
Series 2017-BNK5 A5 3.39% 6/15/60		3,645,000		3,826,314
Series 2017-BNK5 B 3.896% 6/15/60 •		1,500,000		1,563,789
Series 2017-BNK7 A5 3.435% 9/15/60		2,645,000		2,785,206
Series 2017-BNK8 A4 3.488% 11/15/50		1,265,000		1,337,618
Series 2018-BN14 A4 4.231% 9/15/60 •		1,500,000		1,676,555
BBCMS Mortgage Trust
Series 2018-C2 A5 4.314% 12/15/51		4,740,000		5,314,378
BENCHMARK Mortgage Trust
Series 2018-B1 A5 3.666% 1/15/51 •		1,270,000		1,358,207
Series 2018-B3 A5 4.025% 4/10/51		1,075,000		1,181,375
Series 2018-B6 A4 4.261% 10/10/51		1,450,000		1,625,081
Series 2019-B9 A5 4.016% 3/15/52		7,410,000		8,165,361
Cantor Commercial Real Estate Lending
Series 2019-CF1 A5 3.786% 5/15/52		7,460,000		8,046,481
CCUBS Commercial Mortgage Trust
Series 2017-C1 A4 3.544% 11/15/50 •		1,000,000		1,057,194
CD Mortgage Trust
Series 2016-CD2 A3 3.248% 11/10/49		12,150,000		12,649,847
CFCRE Commercial Mortgage Trust
Series 2011-C2 C 144A 5.939% 12/15/47 #•		880,000		937,931
Series 2016-C7 A3 3.839% 12/10/54		5,695,000		6,111,983

	Principal amount°		Value (US $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
Citigroup Commercial Mortgage Trust
Series 2014-GC25 A4 3.635% 10/10/47		1,935,000	$	2,047,392
Series 2015-GC27 A5 3.137% 2/10/48		2,780,000		2,875,665
Series 2016-P3 A4 3.329% 4/15/49		3,100,000		3,235,165
Series 2017-C4 A4 3.471% 10/12/50		1,560,000		1,645,108
Series 2018-C5 A4 4.228% 6/10/51 •		2,100,000		2,343,448
COMM Mortgage Trust
Series 2013-CR6 AM 144A 3.147% 3/10/46 #		1,765,000		1,803,632
Series 2013-WWP A2 144A 3.424% 3/10/31 #		2,540,000		2,644,067
Series 2014-CR19 A5 3.796% 8/10/47		9,707,000		10,329,923
Series 2014-CR20 AM 3.938% 11/10/47		7,775,000		8,183,967
Series 2015-3BP A 144A 3.178% 2/10/35 #		3,960,000		4,112,217
Series 2015-CR23 A4 3.497% 5/10/48		1,910,000		2,010,868
DB-JPM Mortgage Trust
Series 2016-C1 A4 3.276% 5/10/49		1,790,000		1,864,272
Series 2016-C3 A5 2.89% 8/10/49		1,985,000		2,018,458
DB-UBS Mortgage Trust
Series 2011-LC1A C 144A 5.885% 11/10/46 #•		1,265,000		1,315,462
GRACE Mortgage Trust
Series 2014-GRCE B 144A 3.52% 6/10/28 #		6,015,000		6,115,312
GS Mortgage Securities Corp II
Series 2018-GS10 C 4.56% 7/10/51 •		1,100,000		1,172,225
GS Mortgage Securities Trust
Series 2010-C1 C 144A 5.635% 8/10/43 #•		1,010,000		1,032,235
Series 2015-GC32 A4 3.764% 7/10/48		1,240,000		1,324,516
Series 2017-GS5 A4 3.674% 3/10/50		2,980,000		3,184,178
Series 2017-GS5 XA 0.963% 3/10/50 •		32,931,180		1,770,907
Series 2017-GS6 A3 3.433% 5/10/50		4,410,000		4,636,633
Series 2018-GS9 A4 3.992% 3/10/51 •		1,370,000		1,496,499
Series 2018-GS9 C 4.509% 3/10/51 •		400,000		422,618
Series 2019-GC38 A4 3.968% 2/10/52		4,055,000		4,451,334
Series 2019-GC39 A4 3.567% 5/10/52		820,000		873,312

Diversified Income Series-18

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
JPM-BB Commercial Mortgage Securities Trust
Series 2015-C31 A3 3.801% 8/15/48		3,395,000	$	3,618,220
Series 2015-C33 A4 3.77% 12/15/48		4,710,000		5,023,648
JPM-DB Commercial Mortgage Securities Trust
Series 2016-C2 A4 3.144% 6/15/49		2,080,000		2,149,225
Series 2017-C7 A5 3.409% 10/15/50		3,425,000		3,599,977
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2005-CB11 E 5.749% 8/12/37 •		600,000		608,478
Series 2013-LC11 B 3.499% 4/15/46		2,445,000		2,486,804
Series 2015-JP1 A5 3.914% 1/15/49		1,590,000		1,709,765
Series 2016-JP2 A4 2.822% 8/15/49		4,995,000		5,058,881
Series 2016-JP2 AS 3.056% 8/15/49		3,095,000		3,109,599
Series 2016-WIKI A 144A 2.798% 10/5/31 #		1,610,000		1,625,001
Series 2016-WIKI B 144A 3.201% 10/5/31 #		1,490,000		1,507,584
LB-UBS Commercial Mortgage Trust
Series 2006-C6 AJ 5.452% 9/15/39 •		1,052,395		726,552
Morgan Stanley BAML Trust
Series 2014-C17 A5 3.741% 8/15/47		1,640,000		1,734,537
Series 2015-C26 A5 3.531% 10/15/48		1,970,000		2,077,746
Series 2016-C29 A4 3.325% 5/15/49		1,620,000		1,690,380
Morgan Stanley Capital I Trust
Series 2006-HQ10 B 5.448% 11/12/41 •		1,717,864		1,565,403
Series 2006-T21 B 144A 5.676% 10/12/52 #•		753,233		754,014
Series 2018-L1 A4 4.407% 10/15/51		1,655,000		1,868,295
UBS Commercial Mortgage Trust
Series 2012-C1 A3 3.40% 5/10/45		1,327,634		1,361,607
Series 2018-C9 A4 4.117% 3/15/51 •		2,365,000		2,601,028
UBS-Barclays Commercial Mortgage Trust
Series 2013-C5 B 144A 3.649% 3/10/46 #•		1,000,000		1,026,961
Wells Fargo Commercial Mortgage Trust
Series 2014-LC18 A5 3.405% 12/15/47		1,175,000		1,228,048
Series 2015-C30 XA 1.057% 9/15/58 •		15,806,750		707,472
Series 2015-NXS3 A4 3.617% 9/15/57		1,250,000		1,324,401
Series 2016-BNK1 A3 2.652% 8/15/49		2,575,000		2,581,572

	Principal amount°		Value (US $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
Wells Fargo Commercial Mortgage Trust
Series 2017-C38 A5 3.453% 7/15/50		2,240,000	$	2,353,753
Series 2017-RB1 XA 1.434% 3/15/50 •		20,452,367		1,625,419
WF-RBS Commercial Mortgage Trust
Series 2012-C10 A3 2.875% 12/15/45		3,605,000		3,664,836
Total Non-Agency Commercial Mortgage-Backed Securities (cost $185,642,477)				189,935,939
Sovereign Bonds – 1.57% D
Argentina – 0.05%
Argentine Republic Government International Bond 5.625% 1/26/22		1,555,000		1,313,991
				1,313,991
Bermuda – 0.07%
Bermuda Government International Bond 144A 3.717% 1/25/27 #		1,600,000		1,638,016
				1,638,016
Egypt – 0.40%
Egypt Government International Bond 144A 5.577% 2/21/23 #		820,000		834,999
144A 6.125% 1/31/22 #		5,915,000		6,111,053
144A 7.60% 3/1/29 #		1,245,000		1,316,310
144A 8.70% 3/1/49 #		1,490,000		1,606,831
				9,869,193
Ghana – 0.06%
Ghana Government International Bond 144A 7.875% 3/26/27 #		1,302,000		1,373,610
				1,373,610
Guatemala – 0.05%
Guatemala Government Bond 144A 4.90% 6/1/30 #		1,194,000		1,229,820
				1,229,820
Ivory Coast – 0.13%
Ivory Coast Government International Bond 144A 6.125% 6/15/33 #		3,400,000		3,174,750
				3,174,750
Jordan – 0.08%
Jordan Government International Bond 144A 5.75% 1/31/27 #		1,865,000		1,893,318
				1,893,318
Kenya – 0.07%
Kenya Government International Bond 144A 8.00% 5/22/32 #		1,585,000		1,677,948
				1,677,948

Diversified Income Series-19

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Sovereign Bonds D (continued)
Mexico – 0.07%
Mexico Government International Bond 4.35% 1/15/47		1,700,000	$	1,689,392
				1,689,392
Nigeria – 0.06%
Nigeria Government International Bond 144A 7.875% 2/16/32 #		1,445,000		1,514,515
				1,514,515
Qatar – 0.05%
Qatar Government International Bond 144A 4.00% 3/14/29 #		1,205,000		1,300,673
				1,300,673
Russia – 0.11%
Russian Foreign Bond - Eurobond
144A 4.25% 6/23/27 #		1,600,000		1,654,518
144A 5.25% 6/23/47 #		1,000,000		1,106,545
				2,761,063
Senegal – 0.05%
Senegal Government International Bond 144A 6.75% 3/13/48 #		1,447,000		1,362,750
				1,362,750
Sri Lanka – 0.04%
Sri Lanka Government International Bond 144A 7.55% 3/28/30 #		1,110,000		1,112,953
				1,112,953
Turkey – 0.06%
Turkey Government International Bond
5.75% 5/11/47		220,000		184,975
7.625% 4/26/29		1,300,000		1,334,173
				1,519,148
Ukraine – 0.10%
Ukraine Government International Bond
144A 7.75% 9/1/26 #		1,000,000		1,032,921
144A 9.75% 11/1/28 #		1,220,000		1,380,766
				2,413,687
Uruguay – 0.05%
Uruguay Government International Bond 4.375% 1/23/31		1,255,000		1,360,734
				1,360,734
Uzbekistan – 0.07%
Republic of Uzbekistan Bond 144A 5.375% 2/20/29 #		1,695,000		1,808,568
				1,808,568
Total Sovereign Bonds (cost $38,174,528)				39,014,129

	Principal amount°		Value (US $)
Supranational Bank – 0.07%
Banque Ouest Africaine de
Developpement 144A 5.00% 7/27/27 #		1,690,000	$	1,748,474
Total Supranational Bank (cost $1,657,451)				1,748,474
US Treasury Obligations – 17.12%
US Treasury Bonds
2.875% 5/15/49		8,550,000		9,159,354
3.00% 2/15/49		8,425,000		9,241,501
US Treasury Notes 2.00% 5/31/24		5,420,000		5,481,505
2.125% 3/31/24		194,470,000		197,645,326
2.25% 3/31/21		3,030,000		3,053,258
2.25% 4/15/22		2,550,000		2,585,361
2.375% 5/15/29		33,050,000		34,138,971
2.625% 2/15/29 ¥		156,325,000		164,779,369
Total US Treasury Obligations (cost $415,068,377)				426,084,645
	Number of shares
Common Stock – 0.00%
Adelphia Recovery Trust =†		1		0
Century Communications =†		2,500,000		0
Total Common Stock (cost $75,684)				0
Convertible Preferred Stock – 0.12%
A Schulman 6.00% exercise price $52.33 y		2,494		2,575,055
El Paso Energy Capital Trust I 4.75% exercise price $34.49, maturity date 3/31/28		9,734		515,902
Total Convertible Preferred Stock (cost $2,813,055)				3,090,957
Preferred Stock – 0.09%
Morgan Stanley 5.55% µ		2,085,000		2,108,415
USB Realty 144A 3.744% (LIBOR03M + 1.15%) #•		300,000		255,456
Total Preferred Stock (cost $2,363,244)				2,363,871

Diversified Income Series-20

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Number of shares		Value (US $)
Short-Term Investments – 5.33%
Money Market Mutual Funds – 3.37%
BlackRock FedFund - Institutional Shares (seven-day effective yield 2.29%)		16,780,834		16,778,083
Fidelity Investments Money Market Government Portfolio - Class I (seven-day effective yield 2.26%)		16,780,834		16,778,058
GS Financial Square Government Fund - Institutional Shares (seven-day effective yield 2.27%)		16,780,834		16,778,113
Morgan Stanley Government Portfolio - Institutional Share Class (seven-day effective yield 2.25%)		16,780,834		16,778,065

	Number of shares		Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
State Street Institutional US Government Money Market Fund - Investor Class (seven-day effective yield 2.23%)		16,780,834		16,777,994
				83,890,313
	Principal amount°
US Treasury Obligation – 1.96% ≠
US Treasury Bill 1.00% 8/31/19		48,775,000		48,672,095
				48,672,095
Total Short-Term Investments (cost $132,550,922)				132,562,408

Total Value of Securities – 100.80%
(cost $2,455,356,041) $ 2,508,527,808

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2019, the aggregate value of Rule 144A securities was $541,036,311, which represents 21.74% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”

¨ Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.

✤ PIK. 100% of the income received was in the form of both cash and par.

= The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”

≠ The rate shown is the effective yield at the time of purchase.

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

D Securities have been classified by country of origin.

µ Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2019. Rate will reset at a future date.

S Interest only security. An interest only security is the interest only portion of a fixed income security, which is separated and sold individually from the principal portion of the security.

y No contractual maturity date.

† Non-income producing security.

• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at June 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their description above.

X This loan will settle after June 30, 2019, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

¥ Fully or partially pledged as collateral for futures contracts.

Diversified Income Series-21

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

Unfunded Loan Commitments

The Series may invest in floating rate loans. In connection with these investments, the Series may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the Series to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Series earns a commitment fee, typically set as a percentage of the commitment amount. The following unfunded loan commitment was outstanding at June 30, 2019:

Borrower	Principal Amount	Cost	Value	Unrealized Appreciation (Depreciation)
Heartland Dental Tranche DD 1st Lien 3.75% (LIBOR1M+3.75%) 4/30/25	$9,760	$9,760	$9,288	$(472)

The following futures contracts and swap contracts were outstanding at June 30, 2019:1

Futures Contracts

Contracts to Buy (Sell)		Notional Amount		Notional Cost (Proceeds)			Expiration Date		Value/ Unrealized Appreciation		Value/ Unrealized Depreciation			Variation Margin Due from (Due to) Brokers
(310)	US Treasury 10 yr Notes		$(39,670,313)	$	(39,403,141	)		9/19/19	$	—	$	(267,172	)	$	(63,938	)
1,750	US Treasury 5 yr Notes		206,773,438		205,427,576			9/30/19		1,345,862		—			—
634	US Treasury Long Bond		98,646,437		95,319,027			9/19/19		3,327,410		—			(79,250	)
Total Futures Contracts				$	261,343,462				$	4,673,272	$	(267,172	)	$	(143,188	)

Swap Contracts

CDS Contracts²

Variation

Counterparty/

Margin

Reference Obligation/

Annual

Upfront

Due from

Termination Date/

Notional

Protection

Payments

Unrealized

(Due to)

Payment Frequency

Amount3

Payments

Value

Paid (Received)

Appreciation4

Brokers

Over-The-Counter/ Protection Sold/ Moody’s Ratings:

MSCS-CMBX.NA.BBB-.65 5/11/63 – Monthly

13,275,000

3.00

%

$

(1,332,707

)

$

(1,525,642

)

$

192,935

$

—

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

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

²A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the CDS agreement.

³Notional amount shown is stated in USD unless noted that the swap is denominated in another currency.

Diversified Income Series-22

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

⁴Unrealized appreciation (depreciation) does not include periodic interest payments (receipt) on swap contracts accrued daily in the amount of $(1,587).

⁵Markit’s CMBX.NA Index is a synthetic tradable index referencing a basket of 25 commercial mortgage-backed securities in North America. Credit-quality ratings are measured on a scale that generally ranges from AAA (highest) to BB (lowest). US Agency and US Agency mortgage-backed securities appear under US Government.

Summary of abbreviations:

ARM – Adjustable Rate Mortgage

BADLARPP – Argentina Term Deposit Rate

BAML – Bank of America Merrill Lynch

BB – Barclays Bank

CDO – Collateralized Debt Obligation

CDS – Credit Default Swap

CLO – Collateralized Loan Obligation

CMBX.NA – Commercial Mortgaged-Backed Securities Index North America

DB – Deutsche Bank

FREMF – Freddie Mac Multifamily

GNMA – Government National Mortgage Association

GS – Goldman Sachs

ICE – Intercontinental Exchange

JPM – JPMorgan

LB – Lehman Brothers

LIBOR – London Interbank Offered Rate

LIBOR00M – ICE LIBOR USD 0 Month

LIBOR01M – ICE LIBOR USD 1 Month

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

LIBOR12M – ICE LIBOR USD 12 Month

MSCS – Morgan Stanley Capital Services LLC

PIK – Payment-in-Kind

RBS – Royal Bank of Scotland

REMIC – Real Estate Mortgage Investment Conduit

S.F. – Single Family

TBA – To be announced

USD – US Dollar

WF – Wells Fargo

yr – Year

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

Diversified Income Series-23

Delaware VIP® Trust — Delaware VIP Diversified Income Series
Statement of assets and liabilities	June 30, 2019 (Unaudited)

Assets:
Investments, at value1	$	2,508,527,808
Cash collateral due from brokers		11,259,173
Foreign currencies, at value2		216,193
Dividends and interest receivables		18,876,467
Receivable for securities sold		10,046,242
Receivable for series shares sold		760,617
Unrealized appreciation on credit default swap contracts		192,935
Swap payments receivable		9,099
Total assets		2,549,888,534
Liabilities:
Cash due to custodian		23,638,374
Payable for securities purchased		33,453,739
Upfront payments received on credit default swap contracts		1,525,642
Management fees payable to affiliates		1,093,520
Other accrued expenses payable		627,366
Distribution fees payable to affiliates		528,739
Payable for series shares redeemed		179,123
Variation margin due to broker on futures contracts		143,188
Audit and tax fees payable		24,980
Dividend disbursing and transfer agent fees and expenses payable to affiliates		15,260
Trustees’ fees and expenses payable to affiliates		8,640
Accounting and administration expenses payable to affiliates		8,000
Legal fees payable to affiliates		3,605
Reports and statements to shareholders expenses payable to affiliates		2,154
Deferred liabilities		28,956
Total liabilities		61,281,286
Total Net Assets	$	2,488,607,248
Net Assets Consist of:
Paid-in capital	$	2,462,484,606
Total distributable earnings (loss)		26,122,642
Total Net Assets	$	2,488,607,248

Diversified Income Series-24

Delaware VIP^® Trust — Delaware VIP Diversified Income Series

Statement of assets and liabilities (continued)

Net Asset Value:
Standard Class:
Net assets	$	333,462,041
Shares of beneficial interest outstanding, unlimited authorization, no par		31,927,765
Net asset value per share	$	10.44
Service Class:
Net assets	$	2,155,145,207
Shares of beneficial interest outstanding, unlimited authorization, no par		207,677,572
Net asset value per share	$	10.38
1Investments, at cost	$	2,455,356,041
2Foreign currencies, at cost		224,228

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

Diversified Income Series-25

Delaware VIP^® Trust —

Delaware VIP Diversified Income Series

Statement of operations

Six months ended June 30, 2019 (Unaudited)

Investment Income:
Interest	$	45,342,598
Dividends		933,182
Foreign tax withheld		(6,438	)
		46,269,342
Expenses:
Management fees		6,922,037
Distribution expenses – Service Class		3,096,468
Reports and statements to shareholders expenses		249,844
Accounting and administration expenses		235,277
Dividend disbursing and transfer agent fees and expenses		101,927
Trustees’ fees and expenses		73,844
Legal fees		71,079
Custodian fees		68,137
Audit and tax fees		27,429
Investment interest expense		278
Registration fees		29
Other		103,945
		10,950,294
Expenses waived		(188,816	)
Less expenses paid indirectly		(40,906	)
Total operating expenses		10,720,572
Net Investment Income		35,548,770
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		21,443,943
Foreign currencies		(5,798,116	)
Foreign currency exchange contracts		(133,391	)
Futures contracts		21,058,675
Options purchased		(290,553	)
Swap contracts		640,460
Net realized gain		36,921,018
Net change in unrealized appreciation (depreciation) of:
Investments		111,003,281
Foreign currencies		37,004
Foreign currency exchange contracts		(235,266	)
Futures contracts		(9,703,292	)
Swap contracts		712,681
Net change in unrealized appreciation (depreciation)		101,814,408
Net Realized and Unrealized Gain		138,735,426
Net Increase in Net Assets Resulting from Operations	$	174,284,196

Delaware VIP Trust —

Delaware VIP Diversified Income Series

Statements of changes in net assets

	Six months ended 6/30/19 (Unaudited)			Year ended 12/31/18
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	35,548,770		$	77,467,662
Net realized gain (loss)		36,921,018			(68,248,680	)
Net change in unrealized appreciation (depreciation)		101,814,408			(68,200,134	)
Net increase (decrease) in net assets resulting from operations		174,284,196			(58,981,152	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class		(9,363,664	)		(10,363,469	)
Service Class		(55,710,819	)		(64,115,915	)
		(65,074,483	)		(74,479,384	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		16,056,569			26,765,650
Service Class		59,684,465			104,428,900
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		9,363,664			10,363,469
Service Class		55,710,819			64,115,915
		140,815,517			205,673,934
Cost of shares redeemed:
Standard Class		(29,388,049	)		(29,938,183	)
Service Class		(89,050,591	)		(203,694,779	)
		(118,438,640	)		(233,632,962	)
Increase (Decrease) in net assets derived from capital share transactions		22,376,877			(27,959,028	)
Net Increase (Decrease) in Net Assets		131,586,590			(161,419,564	)
Net Assets:
Beginning of period		2,357,020,658			2,518,440,222
End of period	$	2,488,607,248		$	2,357,020,658

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

Diversified Income Series-26

Delaware VIP^® Trust — Delaware VIP Diversified Income Series

Financial highlights

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

				Delaware VIP Diversified Income Series Standard Class
	Six months ended 6/30/191 (Unaudited)			12/31/18			12/31/17			Year ended 12/31/16			12/31/15			12/31/14
Net asset value, beginning of period	$	9.99		$	10.54		$	10.29		$	10.29		$	10.84		$	10.53
Income (loss) from investment operations:
Net investment income2		0.16			0.34			0.34			0.27			0.35			0.33
Net realized and unrealized gain (loss)		0.59			(0.56	)		0.19			0.09			(0.45	)		0.22
Total from investment operations		0.75			(0.22	)		0.53			0.36			(0.10	)		0.55
Less dividends and distributions from:
Net investment income		(0.30	)		(0.33	)		(0.28	)		(0.36	)		(0.33	)		(0.24	)
Net realized gain		—			—			—			—			(0.12	)		—
Total dividends and distributions		(0.30	)		(0.33	)		(0.28	)		(0.36	)		(0.45	)		(0.24	)
Net asset value, end of period	$	10.44		$	9.99		$	10.54		$	10.29		$	10.29		$	10.84
Total return3		7.65%			(2.12%)			5.22%			3.52%			(1.08%)			5.32%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	333,462		$	323,184		$	333,226		$	322,535		$	339,023		$	473,568
Ratio of expenses to average net assets		0.64%			0.65%			0.66%			0.67%			0.67%			0.67%
Ratio of expenses to average net assets prior to fees waived		0.66%			0.65%			0.66%			0.67%			0.67%			0.67%
Ratio of net investment income to average net assets		3.25%			3.38%			3.22%			2.63%			3.29%			3.09%
Ratio of net investment income to average net assets prior to fees waived		3.23%			3.38%			3.22%			2.63%			3.29%			3.09%
Portfolio turnover		85%			143%			145%			247%			250%			252%

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

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

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

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

Diversified Income Series-27

Delaware VIP^® Diversified Income Series

Financial highlights (continued)

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

				Delaware VIP Diversified Income Series Service Class
	Six months ended 6/30/191 (Unaudited)			12/31/18			12/31/17			Year ended 12/31/16			12/31/15			12/31/14
Net asset value, beginning of period	$	9.92		$	10.46		$	10.22		$	10.22		$	10.77		$	10.47
Income (loss) from investment operations:
Net investment income2		0.15			0.31			0.31			0.25			0.32			0.31
Net realized and unrealized gain (loss)		0.58			(0.55	)		0.18			0.08			(0.45	)		0.21
Total from investment operations		0.73			(0.24	)		0.49			0.33			(0.13	)		0.52
Less dividends and distributions from:
Net investment income		(0.27	)		(0.30	)		(0.25	)		(0.33	)		(0.30	)		(0.22	)
Net realized gain		—			—			—			—			(0.12	)		—
Total dividends and distributions		(0.27	)		(0.30	)		(0.25	)		(0.33	)		(0.42	)		(0.22	)
Net asset value, end of period	$	10.38		$	9.92		$	10.46		$	10.22		$	10.22		$	10.77
Total return3		7.49%			(2.29%)			4.89%			3.28%			(1.34%)			4.98%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,155,145		$	2,033,837		$	2,185,214		$	1,914,341		$	1,831,388		$	1,819,811
Ratio of expenses to average net assets		0.94%			0.93%			0.91%			0.92%			0.92%			0.92%
Ratio of expenses to average net assets prior to fees waived		0.96%			0.95%			0.96%			0.97%			0.97%			0.97%
Ratio of net investment income to average net assets		2.95%			3.10%			2.97%			2.38%			3.04%			2.84%
Ratio of net investment income to average net assets prior to fees waived		2.93%			3.08%			2.92%			2.33%			2.99%			2.79%
Portfolio turnover		85%			143%			145%			247%			250%			252%

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

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

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

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

Diversified Income Series-28

Delaware VIP^® Trust — Delaware VIP Diversified Income Series

Notes to financial statements

June 30, 2019 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust and offers 10 series: Delaware VIP Diversified Income Series, Delaware VIP Emerging Markets Series, Delaware VIP High Yield Series, Delaware VIP International Value Equity Series, Delaware VIP Limited-Term Diversified Income Series, Delaware VIP REIT Series, Delaware VIP Small Cap Value Series, Delaware VIP Smid Cap Core Series, Delaware VIP U.S. Growth Series, and Delaware VIP Value Series. These financial statements and the related notes pertain to Delaware VIP Diversified Income Series (Series). The Series is an open-end investment company. The Series is considered diversified under the Investment Company Act of 1940, as amended, and offers Standard Class and Service Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee and the Service Class shares carry a 12b-1 fee. The shares of the Series are sold only to separate accounts of life insurance companies.

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

1. Significant Accounting Policies

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

Security Valuation — Equity securities, except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Open-end investment companies are valued at their published net asset value (NAV). US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Other debt securities, credit default swap contracts and interest rate swap contracts are valued based upon valuations provided by an independent pricing service or broker/counterparty and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations, commercial mortgage securities, and US government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades, and values of the underlying reference instruments. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value. Investments in repurchase agreements are generally valued at par, which approximates fair value, each business day. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities are valued at fair value using methods approved by the Board.

Federal and Foreign Income Taxes — No provision for federal income taxes has been made as the Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Series evaluates tax positions taken or expected to be taken in the course of preparing the Series’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Series’ tax positions taken or expected to be taken on the Series’ federal income tax returns through the six months ended June 30, 2019 and for all open tax years (years ended Dec. 31, 2016–Dec. 31, 2018), and has concluded that no provision for federal income tax is required in the Series’ financial statements. In regard to foreign taxes only, the Series has open tax years in certain foreign countries in which it invests that may date back to the inception of the Series. If applicable, the Series recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the “Statement of operations.” During the six months ended June 30, 2019, the Series did not incur any interest or tax penalties.

Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Series on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Repurchase Agreements — The Series may purchase certain US government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve

Diversified Income Series-29

Delaware VIP^® Diversified Income Series

Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

book-entry system with the Series’ custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. At June 30, 2019, the Series held no investments in repurchase agreements.

To Be Announced Trades (TBA) — The Series may contract to purchase or sell securities for a fixed price at a transaction date beyond the customary settlement period (examples: when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Series’ ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Series to purchase or deliver securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Series on such purchases until the securities are delivered or the transaction is completed; however, the market value may change prior to delivery.

Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the Series’ prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Series generally bifurcates that portion of realized gains and losses on investments in debt securities which is due to changes in foreign exchange rates from that which is due to changes in market prices of debt securities. That portion of gains (losses), attributable to changes in foreign exchange rates, is included on the “Statement of operations” under “Net realized gain (loss) on foreign currencies.” The Series reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

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

Other — Expenses directly attributable to the Series are charged directly to the Series. Other expenses common to various funds within the Delaware Funds^® by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. Withholding taxes and reclaims on foreign interest have been recorded in accordance with the Series’ understanding of the applicable country’s tax rules and rates. The Series may pay foreign capital gains taxes on certain foreign securities held, which are reported as components of realized losses for financial reporting purposes, whereas such components are treated as ordinary loss for federal income tax purposes. The Series declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, following the close of the fiscal year. The Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2019, the Series earned $40,905 under this arrangement.

The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2019, the Series earned $1 under this arrangement.

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

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

Effective April 30, 2019, DMC has contractually agreed to waive that portion, if any, of its management fee and reimburse the Series to the extent necessary to ensure that annual operating expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations,

Diversified Income Series-30

Delaware VIP^® Diversified Income Series

Notes to financial statements (continued)

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

litigation, conducting shareholder meetings, and liquidations), do not exceed 0.60% of the Series’ average daily net assets from April 30, 2019 through June 30, 2019.* Prior to April 30, 2019, the waiver was 0.67% of the Series’ average daily net assets. These expense waivers and reimbursements may only be terminated by agreement of DMC and the Series. The waivers and reimbursements are accrued daily and received monthly.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Series. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each Fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2019, the Series was charged $47,075 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC’s fees are calculated daily and paid monthly at the annual rate of 0.0075% of the Series’ average daily net assets. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended June 30, 2019, the Series was charged $89,320 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Series. Sub-transfer agency fees are paid by the Series and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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

As provided in the investment management agreement, the Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to the Series. For the six months ended June 30, 2019, the Series was charged $36,995 for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

Trustees’ fees include expenses accrued by the Series for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.

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

* The aggregate contractual waiver period covering this report is from April 30, 2018 through April 30, 2020.

3. Investments

For the six months ended June 30, 2019, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than US government securities	$	1,273,684,840
Purchases of US government securities		690,858,578
Sales other than US government securities		1,004,796,356
Sales of US government securities		1,026,576,789

At June 30, 2019, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2019, the cost and unrealized appreciation (depreciation) of investments and derivatives for the Series were as follows:

Cost of Investments and Derivatives	Aggregate Unrealized Appreciation of Investments	Aggregate Unrealized Depreciation of Investments	Net Unrealized Appreciation of Investments
$2,453,830,399	$70,947,868	$(13,177,066)	$57,770,802

Diversified Income Series-31

Delaware VIP^® Diversified Income Series

Notes to financial statements (continued)

3. Investments (continued)

Under the Regulated Investment Company Modernization Act of 2010, net capital losses recognized for the tax years beginning after Dec. 22, 2010 may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. At Dec. 31, 2018, capital loss carryforwards available to offset future realized gains were as follows:

Loss carryforward character No Expiration
Short-term	Long-term		Total
$47,774,823	$	36,808,611	$	84,583,434

US GAAP defines fair value as the price that the Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Series’ investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized below.

Level 1 –	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, exchange-traded options contracts)
Level 2 –	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)
Level 3 –	Significant unobservable inputs, including the Series’ own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities, fair valued securities)

Level 3 investments are valued using significant unobservable inputs. The Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

Diversified Income Series-32

Delaware VIP^® Diversified Income Series

Notes to financial statements (continued)

3. Investments (continued)

The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of June 30, 2019:

	Level 1			Level 2		Level 3		Total
Securities
Assets:
Agency, Asset- & Mortgage-Backed Securities	$	—		$	788,289,458	$	—	$	788,289,458
Collateralized Debt Obligations		—			59,710,943		—		59,710,943
Corporate Debt		—			956,600,928		—		956,600,928
Foreign Debt		—			40,762,603		—		40,762,603
Municipal Bonds		—			2,812,752		—		2,812,752
Loan Agreements1		—			89,842,048		6,407,195		96,249,243
US Treasury Obligations		—			426,084,645		—		426,084,645
Common Stock		—			—		—		—
Convertible Preferred Stock1		515,902			2,575,055		—		3,090,957
Preferred Stock		—			2,363,871		—		2,363,871
Short-Term Investments		83,890,313			48,672,095		—		132,562,408
Total Value of Securities	$	84,406,215		$	2,417,714,398	$	6,407,195	$	2,508,527,808
Derivatives:2
Assets:
Futures Contracts		4,673,272			—		—		4,673,272
Swap Contracts		—			192,935		—		192,935
Liabilities:
Futures Contracts		(267,172	)		—		—		(267,172	)

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

	Level 1		Level 2		Level 3		Total
Loan Agreements		—		93.34%		6.66%		100.00%
Convertible Preferred Stock		16.69%		83.31%		—		100.00%

²Futures Contracts and Swap Contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

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

During the six months ended June 30, 2019, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Series. The Series’ policy is to recognize transfers between levels based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Series has a significant amount of Level 3 investments at the beginning, interim, or end of period in relation to the Series’ net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to the Series’ net assets at the beginning, interim, or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to the Series’ net assets at the end of the period.

Diversified Income Series-33

Delaware VIP^® Diversified Income Series

Notes to financial statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/19			Year ended 12/31/18
Shares sold:
Standard Class		1,565,885			2,642,484
Service Class		5,850,915			10,279,208
Shares issued upon reinvestment of dividends and distributions:
Standard Class		927,096			1,031,191
Service Class		5,548,886			6,418,010
		13,892,782			20,370,893
Shares redeemed:
Standard Class		(2,904,940	)		(2,963,149	)
Service Class		(8,806,437	)		(20,497,216	)
		(11,711,377	)		(23,460,365	)
Net increase (decrease)		2,181,405			(3,089,472	)

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $220,000,000 revolving line of credit to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement expires on Nov. 4, 2019.

The Series had no amounts outstanding as of June 30, 2019, or at any time during the period then ended.

6. Derivatives

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

Foreign Currency Exchange Contracts — The Series may enter into foreign currency exchange contracts and foreign cross currency exchange contracts as a way of managing foreign exchange rate risk. The Series may enter into these contracts to fix the US dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is delivered and paid for. The Series may also use these contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies. In addition, the Series may enter into these contracts to facilitate or expedite the settlement of portfolio transactions. The change in value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

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

During the six months June 30, 2019, the Series entered into foreign currency exchange contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies.

Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the

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6. Derivatives (continued)

contract and the price at which the agreement is made. The Series may use futures contracts in the normal course of pursuing its investment objective. The Series may invest in futures contracts to hedge its existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions. Upon entering into a futures contract, the Series deposits cash or pledges US government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Series as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Series records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Series because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. At June 30, 2019, the Series posted $2,737,000 in securities as collateral for open futures contracts. Security collateral is presented on the “Schedule of investments.”

During the six months ended June 30, 2019, the Series entered into futures contracts to hedge the Series’ existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions and to facilitate investments in portfolio securities.

Options Contracts — The Series may enter into options contracts in the normal course of pursuing its investment objective. The Series may buy or write options contracts for any number of reasons, including without limitation: to manage the Series’ exposure to changes in securities prices caused by interest rates or market conditions and foreign currencies; as an efficient means of adjusting the Series’ overall exposure to certain markets; to protect the value of portfolio securities; and as a cash management tool. The Series may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When the Series buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the option purchased. When the Series writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are treated by the Series on the expiration date as realized gains. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Series has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Series. The Series, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, the Series is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change. No option contracts were outstanding at June 30, 2019.

During the six months ended June 30, 2019, the Series entered into option contracts to manage the Series’ exposure to changes in securities prices caused by interest rates or market conditions and to manage the Series’ exposure to changes in foreign currencies.

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

Interest Rate Swaps. An interest rate swap contract is an exchange of interest rates between counterparties. In one instance, an interest rate swap involves payments received by the Series from another party based on a variable or floating interest rate, in return for making payments based on a fixed interest rate. An interest rate swap can also work in reverse with the Series receiving payments based on a fixed interest rate and making payments based on a variable or floating interest rate. Interest rate swaps may be used to adjust the Series’ sensitivity to interest rates or to hedge against changes in interest rates. Periodic payments on such contracts are accrued daily and recorded as unrealized appreciation (depreciation) on swap contracts. Upon periodic payment (receipt) or termination of the contract, such amounts are recorded as realized gains or losses on swap contracts. The Series’ maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the interest rate swap contract’s remaining life, to the extent that the amount is positive. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Series and the counterparty and by the posting of collateral by the counterparty to the Series to cover the Series’ exposure to the counterparty and (2) for cleared swaps, trading these instruments through a central counterparty.

During the six months ended June 30, 2019, the Series did not enter into interest rate swap contracts.

Credit Default Swaps. A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic

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6. Derivatives (continued)

amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Series in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the par (or other agreed-upon) value of the reference security (or basket of securities) to the counterparty. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.

During the six months ended June 30, 2019, the Series entered into CDS contracts as a seller of protection, as a hedge against credit events. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. Initial margin and variation margin is posted to central counterparties for central cleared CDS basket trades, as determined by the applicable central counterparty.

As disclosed in the footnotes to the “Schedule of investments,” at June 30, 2019, the notional value of the protection sold was $13,275,000, which reflects the maximum potential amount the Series would have been required to make as a seller of credit protection if a credit event had occurred. In addition to serving as the source of the current value of the securities, the quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative if the swap agreement has been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. At June 30, 2019, there were no recourse provisions with third parties to recover any amounts paid under the credit derivative agreement (including any purchased credit protection) nor was any collateral held by the Series and other third parties which the Series can obtain in the occurrence of a credit event. At June 30, 2019, the net unrealized appreciation of the protection sold was $192,935.

CDS contracts may involve greater risks than if the Series had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk, and credit risk. The Series’ maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Series and the counterparty and by the posting of collateral by the counterparty to the Series to cover the Series’ exposure to the counterparty, and (2) for cleared swaps, trading these instruments through a central counterparty.

During the six months ended June 30, 2019, the Series entered into CDS contracts to gain exposure to certain securities or markets.

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

At June 30, 2019, the Series posted $9,889,173 in cash as collateral for certain open centrally cleared swap contracts, which is included under “Cash collateral due from brokers” on the “Statement of assets and liabilities.” At June 30, 2019, for bilateral open derivatives contracts, the Series posted $1,370,000 in cash as collateral, which is included under “Cash collateral due from brokers” on the “Statement of assets and liabilities.”

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Notes to financial statements (continued)

6. Derivatives (continued)

Fair values of derivative instruments as of June 30, 2019 were as follows:

	Asset Derivatives Fair Value
Statement of Assets and Liabilities Location	Interest Rate Contracts		Credit Contracts		Total
Variation margin due to broker on futures contracts*	$	4,673,272	$	—	$	4,673,272
Unrealized depreciation on credit default swap contracts		—		192,935		192,935
Total	$	4,673,272	$	192,935	$	4,866,207

	Liability Derivatives Fair Value
Statement of Assets and Liabilities Location	Interest Rate Contracts
Variation margin due to broker on futures contracts*	$(267,172)

*Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2019. Only current day variation margin is reported on the “Statement of assets and liabilities.”

The effect of derivative instruments on the “Statement of operations” for the six months ended June 30, 2019 was as follows:

	Net Realized Gain (Loss) on:
	Foreign Currency Exchange Contracts			Futures Contracts			Options Purchased			Swap Contracts		Total
Currency contracts	$	(133,391	)	$	—		$	—		$	—	$	(133,391)
Equity contracts		—			(1,405,517	)		(290,553	)		—		(1,696,070	)
Interest rate contracts		—			22,464,192			—			—		22,464,192
Credit contracts		—			—			—			640,460		640,460
Total	$	(133,391	)	$	21,058,675		$	(290,553	)	$	640,460	$	21,275,191

	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign Currency Exchange Contracts			Futures Contracts			Swaps Contracts		Total
Currency contracts	$	(235,266	)	$	—		$	—	$	(235,266)
Equity contracts		—			(278,736	)		—		(278,736	)
Interest rate contracts		—			(9,424,556	)		—		(9,424,556	)
Credit contracts		—			—			712,681		712,681
Total	$	(235,266	)	$	(9,703,292	)	$	712,681	$	(9,225,877	)

Derivatives Generally. The table below summarizes the average balance of derivative holdings by the Series during the six months ended June 30, 2019:

	Long Derivatives Volume		Short Derivatives Volume
Foreign currency exchange contracts (average cost)		USD    35,557,691		USD    39,794,535
Futures contracts (average notional value)		380,602,921		11,532,035
Options contracts (average value)		72,186		—
CDS contracts (average notional value)*		—		16,907,767

* Long represents buying protection and short represents selling protection.

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7. Offsetting

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

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

At June 30, 2019, the Series had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Counterparty	Gross Value of Derivative Asset	Gross Value of Derivative Liability	Net Position
Morgan Stanley Capital Services LLC	$192,935	$—	$192,935

Counterparty	Net Position	Fair Value of Non-Cash Collateral Received	Cash Collateral Received	Fair Value of Non-Cash Collateral Pledged	Cash Collateral Pledged	Net Exposure(a)
Morgan Stanley Capital Services LLC	$192,935	$—	$—	$—	$—	$192,935

Master Securities Forward Transaction Agreements

Master Securities Forward Transaction Agreements (MFA) govern certain forward settling transactions, such as TBA securities, delayed-delivery or sale-buyback transactions by and between the Series and select counterparties. The MFA maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. As of June 30, 2019, the following table is a summary of the Series’ TBA securities by counterparty which are subject to offsetting under MFA:

Counterparty	TBA at Value	Cash Collateral Received	Cash Collateral Pledged	Net Exposure(a)
Goldman Sachs Bank USA	$10,192,718	$—	$—	$10,192,718

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

8. Securities Lending

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

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8. Securities Lending (continued)

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

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

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

During the six months ended June 30, 2019, the Series had no securities out on loan.

9. Credit and Market Risk

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

Some countries in which the Series may invest require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid, and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Series may be inhibited. In addition, a significant portion of the aggregate market value of securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Series.

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

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

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9. Credit and Market Risk (continued)

The Series invests in fixed income securities whose value is derived from an underlying pool of mortgages or consumer loans. The value of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates. Investors receive principal and interest payments as the underlying mortgages or consumer loans are paid back. Some of these securities are collateralized mortgage obligations (CMOs). CMOs are debt securities issued by US government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on the Series’ yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Series may fail to fully recoup its initial investment in these securities even if the securities are rated in the highest rating categories.

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

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

The Series may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Series’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series’ 15% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedule of investments.” Restricted securities are valued pursuant to the security valuation procedures described in Note 1.

10. Contractual Obligations

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

11. Recent Accounting Pronouncements

In March 2017, the FASB issued an Accounting Standards Update (ASU), ASU 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities which amends the amortization period for certain callable debt securities purchased at a premium, shortening such period to the earliest call date. The ASU 2017-08 does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2018. Management has determined that the impact of this guidance to the Series’ net assets at the end of the period is not material; therefore, the amount is not disclosed for the six months ended June 30, 2019.

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

12. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2019, that would require recognition or disclosure in the Series’ financial statements.

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Other Series information (Unaudited)

Board consideration of sub-advisory agreements for Delaware VIP^® Diversified Income Series at a meeting held February 27-28, 2019

At a meeting held on Feb. 27-28, 2019, the Board of Trustees (the “Board”) of Delaware VIP Diversified Income Series (the “Series”), including a majority of non-interested or independent Trustees (the “Independent Trustees”), approved new Sub-Advisory Agreements between Delaware Management Company (“DMC” or “Management”) and Macquarie Investment Management Europe Limited (“MIMEL”), Macquarie Investment Management Austria Kapitalanlage (“MIMAK”), and Macquarie Investment Management Global Limited (“MIMGL”), respectively. MIMEL, MIMAK, and MIMGL may also be referenced as “sub-advisors” below.

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

In considering such information and materials, the Independent Trustees received assistance and advice from and met separately with their independent counsel. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s decision to approve the Sub-Advisory Agreements. This discussion of the information and factors considered by the Board (as well as the discussion above) is not intended to be exhaustive, but rather summarizes certain factors considered by the Board. In view of the wide variety of factors considered, the Board did not, unless otherwise noted, find it practicable to quantify or otherwise assign relative weights to the following factors. In addition, individual Trustees may have assigned different weights to various factors.

Nature, extent, and quality of services. In considering the nature, extent, and quality of the services to be provided by the Sub-Advisors, the Board reviewed the services to be provided by each Sub-Advisor pursuant to each Sub-Advisory Agreement and as described at the meeting. The Board reviewed materials provided by the Sub-Advisors regarding the experience and qualifications of the personnel who will be responsible for providing services to the Series. The Board also considered relevant performance information provided with respect to each Sub-Advisor. In discussing the nature of the services proposed to be provided by the Sub-Advisors, it was observed that, unlike traditional sub-advisors who make all of the investment-related decisions with respect to a sub-advised portfolio, the relationship between DMC (the Series’ investment manager) and the Sub-Advisors as currently contemplated is primarily more of a collaborative effort between DMC and the Sub-Advisors and a cross pollination of investment ideas. The Board further noted the stated intention under the new Sub-Advisory Agreements that DMC would have the sole discretion to delegate portions of the implementation of the Series’ strategy to the Sub-Advisors who would be permitted to execute Series trades and exercise investment discretion pursuant to that delegation and subject to DMC oversight. However, DMC and the Series’ named portfolio managers will continue to retain principal responsibility for the Series’ strategy and investment process and be primarily responsible for the day-to-day management of the Series’ portfolio. Based upon these considerations, the Board was satisfied with the nature and quality of the overall services to be provided by the Sub-Advisors to the Series and its shareholders and was confident in the abilities of the Sub-Advisors to provide quality services to the Series and its shareholders.

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

Sub-advisory fees. The Board considered that DMC would pay the Sub-Advisors a sub-advisory fee based on the extent to which a Sub-Advisor provides services to the Series as described in the Sub-Advisory Agreements. In considering the appropriateness of the sub-advisory fees, the Board also reviewed and considered the fees in light of the nature, extent, and quality of the sub-advisory services to be provided by each Sub-Advisor, as more fully discussed above. The Board noted that the sub-advisory fees are paid by DMC to each Sub-Advisor and are not additional fees borne by the Series, and that the management fee paid by the Series to DMC would stay the same at current asset levels. The Board was provided with information showing an estimate of the sub-advisory fees to be paid to each Sub-Advisor based on a projection of Sub-Advisor allocations given certain historical investment trends, as well as information regarding the expected impact the sub-advisory arrangements would have on the profitability of DMC. The Board also noted that, given the collaborative nature of the services to be provided by the Sub-Advisors to the Series, there were no comparable accounts and corresponding fees to which the Sub-Advisors were able to compare this arrangement. The Board concluded that, in light of the quality and extent of the services to be provided and the business relationships between DMC and the Sub-Advisors, the proposed fee arrangement was understandable and reasonable.

Diversified Income Series-41

Delaware VIP^® Trust — Delaware VIP Diversified Income Series

Other Series information (Unaudited)

Board consideration of sub-advisory agreements for Delaware VIP^® Diversified Income Series at a meeting held February 27-28, 2019 (continued)

Profitability, economies of scale, and fall-out benefits. Information about each Sub-Advisor’s profitability from its relationship with the Series was not available because it had not begun to provide services to the Series. With regard to potential fall-out benefits derived or to be derived by the Sub-Advisors and their affiliates in connection with their relationship to the Series, the Board considered the potential benefit to DMC and the Sub-Advisors of marketing a global approach on the portfolio management of their fixed income investment strategies. The Trustees also noted that economies of scale are shared with the Series and its shareholders through investment management fee breakpoints in DMC’s fee schedule for the Series so that as the Series grows in size, its effective investment management fee rate declines.

Diversified Income Series-42

Delaware VIP^® Trust — Delaware VIP Diversified Income Series

The Series files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT (available for filings after March 31, 2019). The Series’ Forms N-Q or Forms N-PORT, as well as a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Series’ most recent Form N-Q or Form N-PORT are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-Q and Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how the Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

SA-VIPDIVINC 22325 (8/19) (912909) Diversified Income Series-43

         Delaware VIP^® Trust

         Delaware VIP Emerging Markets Series

         June 30, 2019

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

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

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

Table of contents

	Disclosure of Series expenses	1
	Security type / country and sector allocations	2
	Schedule of investments	3
	Statement of assets and liabilities	6
	Statement of operations	7
	Statements of changes in net assets	7
	Financial highlights	8
	Notes to financial statements	10
	Other Series information	17
	Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. The Series is governed by US laws and regulations. Unless otherwise noted, views expressed herein are current as of June 30, 2019, and subject to change for events occurring after such date. The Series is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested. Advisory services provided by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment advisor. The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited. Macquarie Investment Management (MIM), a member of Macquarie Group, refers to the companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide. This material may be used in conjunction with the offering of shares in Delaware VIP Emerging Markets Series only if preceded or accompanied by the Series’ current prospectus or the summary prospectus. © 2019 Macquarie Management Holdings, Inc. All third-party marks cited are the property of their respective owners.

Delaware VIP^® Trust — Delaware VIP Emerging Markets Series

Disclosure of Series expenses

For the six-month period from January 1, 2019 to June 30, 2019 (Unaudited)

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from Jan. 1, 2019 to June 30, 2019.

Actual expenses

The first section of the table shown, “Actual Series Return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical example for comparison purposes

The second section of the table shown, “Hypothetical 5% Return,” provides information about hypothetical account values and hypothetical expenses based on the Series’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Series’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Series and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Series, you do not incur any transaction costs, such as sales charges (loads), redemption fees or exchange fees, but shareholders of other funds may incur such costs. Also, the fees related to the variable annuity investment or the deferred sales charge that could apply have not been included. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The Series’ expenses shown in the table reflect fee waivers in effect and assume reinvestment of all dividends and distributions.

Expense analysis of an investment of $1,000

	Beginning Account Value 1/1/19	Ending Account Value 6/30/19	Annualized Expense Ratio	Expenses Paid During Period 1/1/19 to 6/30/19*
Actual Series return†
Standard Class	$1,000.00	$1,080.30	1.32%	$6.81
Service Class	1,000.00	1,078.40	1.62%	8.35
Hypothetical 5% return (5% return before expenses)
Standard Class	$1,000.00	$1,018.25	1.32%	$6.61
Service Class	1,000.00	1,016.76	1.62%	8.10

* “Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^† Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

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

Emerging Markets Series-1

Delaware VIP^® Trust — Delaware VIP Emerging Markets Series

Security type / country and sector allocations

As of June 30, 2019 (Unaudited)

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

Security type / country	Percentage of net assets
Common Stock by Country		91.76	%
Argentina		2.06	%
Bahrain		0.08	%
Brazil		12.80	%
Chile		0.49	%
China/Hong Kong		26.46	%
India		8.87	%
Indonesia		0.54	%
Japan		0.27	%
Malaysia		0.15	%
Mexico		3.87	%
Peru		0.86	%
Republic of Korea		17.16	%
Russia		7.17	%
South Africa		0.54	%
Taiwan		7.16	%
Thailand		0.24	%
Turkey		0.71	%
United Kingdom		0.46	%
United States		1.87	%
Exchange-Traded Fund		0.27	%
Convertible Preferred Stock		0.03	%
Preferred Stock by Country		5.92	%
Brazil		1.49	%
Republic of Korea		2.82	%
Russia		1.61	%
Participation Notes		0.00	%
Short-Term Investments		1.22	%
Total Value of Securities		99.20	%
Receivables and Other Assets Net of Liabilities		0.80	%
Total Net Assets		100.00	%

Common stock, convertible preferred stock, preferred stock, and participation notes by sector	Percentage of net assets
Communication Services		18.74	%
Consumer Discretionary		8.58	%
Consumer Staples		12.47	%
Energy		16.43	%
Financials		7.67	%
Healthcare		2.26	%
Industrials		1.32	%
Information Technology		24.72	%
Materials		3.46	%
Real Estate		1.55	%
Utilities		0.51	%
Total		97.71	%

Emerging Markets Series-2

Delaware VIP^® Trust — Delaware VIP Emerging Markets Series

Schedule of investments

June 30, 2019 (Unaudited)

	Number of shares		Value (US $)
Common Stock – 91.76% D
Argentina – 2.06%
Arcos Dorados Holdings Class A		449,841	$	3,274,842
Cablevision Holding GDR †		262,838		1,606,177
Cresud ADR †		343,105		3,595,740
Grupo Clarin GDR Class B 144A #†		77,680		142,962
IRSA Inversiones y Representaciones ADR †		430,000		4,205,400
IRSA Propiedades Comerciales ADR		11,922		249,051
				13,074,172
Bahrain – 0.08%
Aluminium Bahrain GDR 144A #†		91,200		511,641
				511,641
Brazil – 12.80%
AES Tiete Energia		330,193		1,024,988
Atacadao		532,600		3,054,168
B2W Cia Digital †		2,553,158		21,788,562
Banco Bradesco ADR		718,080		7,051,546
Banco Santander Brasil ADR		53,466		634,641
BRF ADR †		788,900		5,995,640
Cia Brasileira de Distribuicao ADR		300,000		7,344,000
Hypera		216,800		1,687,562
Itau Unibanco Holding ADR		1,049,325		9,884,641
Petroleo Brasileiro ADR		488,906		7,612,266
Rumo †		234,448		1,269,943
Telefonica Brasil ADR		392,181		5,106,197
TIM Participacoes ADR		264,100		3,953,577
Vale		161,197		2,174,928
Vale ADR		197,300		2,651,712
				81,234,371
Chile – 0.49%
Sociedad Quimica y Minera de Chile ADR		100,000		3,111,000
				3,111,000
China/Hong Kong – 26.46%
Alibaba Group Holding ADR †		102,900		17,436,405
Baidu ADR †		53,600		6,290,496
BeiGene †		182,800		1,758,866
BeiGene ADR †		11,002		1,363,698
China Mengniu Dairy †		1,448,000		5,614,078
China Mobile ADR		381,200		17,264,548
China Petroleum & Chemical ADR		42,234		2,880,359
CNOOC		1,998,000		3,408,116
Ctrip.com International ADR †		130,000		4,798,300
Genscript Biotech †		1,158,000		2,905,712
JD.com ADR †		294,000		8,905,260
Kunlun Energy		3,622,900		3,163,261
Kweichow Moutai Class A		120,613		17,322,873
PetroChina Class H		3,000,000		1,654,162
Ping An Insurance Group Co. of China Class H		324,000		3,896,060
SINA †		200,000		8,626,000
Sohu.com ADR †		491,279		6,877,906

	Number of shares		Value (US $)
Common Stock D (continued)
China/Hong Kong (continued)
Tencent Holdings		623,000	$	28,184,158
Tencent Music Entertainment Group ADR †		159		2,383
Tianjin Development Holdings		35,950		11,564
Tingyi Cayman Islands Holding		1,706,000		2,850,038
Tsingtao Brewery Class H		1,143,429		7,285,617
Uni-President China Holdings		2,800,000		3,118,921
Weibo ADR †		40,000		1,742,000
Wuliangye Yibin Class A		593,892		10,228,965
ZhongAn Online P&C Insurance Class H 144A #†		109,400		300,517
				167,890,263
India – 8.87%
Dr Reddy’s Laboratories ADR		110,000		4,121,700
Indiabulls Real Estate GDR †		44,628		73,636
Natco Pharma		200,000		1,550,372
RattanIndia Infrastructure GDR †		131,652		3,528
Reliance Industries		1,200,000		21,776,528
Reliance Industries GDR 144A #		756,027		27,331,401
Sify Technologies ADR		91,200		126,768
Tata Motors ADR †		110,000		1,284,800
				56,268,733
Indonesia – 0.54%
Astra International		6,500,000		3,428,315
				3,428,315
Japan – 0.27%
Renesas Electronics †		350,000		1,741,168
				1,741,168
Malaysia – 0.15%
UEM Sunrise		4,748,132		920,059
				920,059
Mexico – 3.87%
America Movil ADR Class L		213,289		3,105,488
Banco Santander Mexico Institucion de Banca Multiple Grupo Financiero Santander ADR		276,900		2,118,285
Becle		388,000		600,787
Cemex ADR		506,188		2,146,237
Coca-Cola Femsa ADR		70,700		4,393,298
Fomento Economico Mexicano ADR		47,307		4,576,952
Grupo Financiero Banorte Class O		475,400		2,761,190
Grupo Lala		606,200		743,468
Grupo Televisa ADR		488,700		4,124,628
				24,570,333
Peru – 0.86%
Cia de Minas Buenaventura ADR		325,440		5,425,085
				5,425,085

Emerging Markets Series-3

Delaware VIP^® Emerging Markets Series

Schedule of investments (continued)

	Number of shares		Value (US $)
Common Stock D (continued)
Republic of Korea – 17.16%
Hite Jinro		83,000	$	1,465,365
KB Financial Group ADR		72,000		2,842,560
LG Display ADR †		188,309		1,459,395
LG Electronics		62,908		4,328,459
LG Uplus		270,507		3,396,542
Lotte †		69,206		2,640,851
Lotte Chilsung Beverage		14,210		2,110,939
Lotte Confectionery		8,599		1,286,259
Samsung Electronics		907,636		36,959,248
Samsung Life Insurance		71,180		5,157,613
SK Hynix		324,000		19,488,405
SK Telecom		16,491		3,699,103
SK Telecom ADR		971,935		24,055,391
				108,890,130
Russia – 7.17%
ENEL RUSSIA PJSC GDR		15,101		13,677
Etalon Group GDR 144A #		354,800		791,204
Gazprom PJSC ADR		943,900		6,926,964
LUKOIL PJSC ADR (London International Exchange)		72,953		6,167,439
Mobile TeleSystems PJSC ADR		154,402		1,437,483
Rosneft Oil PJSC GDR		938,104		6,155,385
Sberbank of Russia PJSC		3,308,402		12,480,489
Surgutneftegas PJSC ADR		294,652		1,213,563
T Plus =†		25,634		0
VEON ADR		956,988		2,679,566
Yandex Class A †		200,000		7,600,000
				45,465,770
South Africa – 0.54%
Impala Platinum Holdings †		500,000		2,477,801
Sun International †		210,726		750,295
Tongaat Hulett		182,915		174,716
				3,402,812
Taiwan – 7.16%
Hon Hai Precision Industry		2,994,564		7,471,183
MediaTek		1,045,000		10,584,563
Taiwan Semiconductor Manufacturing		3,574,864		27,341,933
				45,397,679
Thailand – 0.24%
Bangkok Bank-Foreign		238,091		1,545,919
				1,545,919
Turkey – 0.71%
Turkcell Iletisim Hizmetleri		730,024		1,611,824
Turkiye Sise ve Cam Fabrikalari		3,243,612		2,905,110
				4,516,934

	Number of shares		Value (US $)
Common Stock D (continued)
United Kingdom – 0.46%
Griffin Mining †		1,642,873	$	1,920,818
Hikma Pharmaceuticals		44,202		967,356
				2,888,174
United States – 1.87%
Altaba †		157,300		10,911,901
Avon Products †		241,200		935,856
				11,847,757
Total Common Stock (cost $546,369,339)				582,130,315
Exchange-Traded Fund – 0.27%
iShares MSCI Turkey ETF		73,000		1,738,860
Total Exchange-Traded Fund (cost $2,706,358)				1,738,860
Convertible Preferred Stock – 0.03%
CJ =y†		KRW        4,205		199,911
Total Convertible Preferred Stock (cost $470,778)				199,911
Preferred Stock – 5.92% D
Brazil – 1.49%
Centrais Eletricas Brasileiras Class B 3.90%		233,700		2,184,880
Gerdau 2.08%		389,400		1,536,325
Petroleo Brasileiro ADR 3.47%		403,795		5,733,889
				9,455,094
Republic of Korea – 2.82%
CJ 2.74%		28,030		1,334,070
Samsung Electronics 2.80%		499,750		16,573,890
				17,907,960
Russia – 1.61%
Transneft PJSC 4.50%		3,887		10,169,865
				10,169,865
Total Preferred Stock (cost $23,548,608)				37,532,919
Participation Notes – 0.00%
Lehman Indian Oil CW 12 LEPO 144A =†		100,339		0
Lehman Oil & Natural Gas CW 12 LEPO =†		146,971		0
Total Participation Notes (cost $4,952,197)				0

Emerging Markets Series-4

Delaware VIP^® Emerging Markets Series

Schedule of investments (continued)

	Number of shares		Value (US $)
Short-Term Investments – 1.22%
Money Market Mutual Funds – 1.22%
BlackRock FedFund - Institutional Shares (seven-day effective yield 2.29%)		1,544,722	$	1,544,287
Fidelity Investments Money Market Government Portfolio - Class I (seven-day effective yield 2.26%)		1,544,722		1,544,283
GS Financial Square Government Fund - Institutional Shares (seven-day effective yield 2.27%)		1,544,722		1,544,292

	Number of shares		Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
Morgan Stanley Government Portfolio - Institutional Share Class (seven-day effective yield 2.25%)		1,544,722	$	1,544,285
State Street Institutional US Government Money Market Fund - Investor Class (seven-day effective yield 2.23%)		1,544,722		1,544,273
Total Short-Term Investments (cost $7,721,419)				7,721,420

Total Value of Securities – 99.20%
(cost $585,768,699) $ 629,323,425

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2019, the aggregate value of Rule 144A securities was $29,077,725, which represents 4.58% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”

= The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”

D Securities have been classified by country of origin. Aggregate classification by business sector has been presented on page 2 in “Security type / country and sector allocations.”

y Exercise price and conversion date to be announced.

† Non-income producing security.

The following foreign currency exchange contract was outstanding at June 30, 2019:¹

Foreign Currency Exchange Contract

Counterparty	Contracts to Receive (Deliver)		In Exchange For		Settlement Date	Unrealized Depreciation
BNYM	CNY	(1,578,233)	USD	229,440	7/1/19	$(471)

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

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

Summary of Abbreviations:

ADR – American Depositary Receipt

BNYM – Bank of New York Mellon

CNY – Chinese yuan

ETF – Exchange Traded Fund

GDR – Global Depositary Receipt

GS – Goldman Sachs

KRW – South Korean Won

LEPO – Low Exercise Price Option

PJSC – Public Joint Stock Company

USD – US Dollar

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

Emerging Markets Series-5

Delaware VIP^® Trust — Delaware VIP Emerging Markets Series Statement of assets and liabilities June 30, 2019 (Unaudited)

Assets:
Investments, at value1	$	629,323,425
Foreign currencies, at value2		3,274,983
Cash		731,995
Dividends and interest receivable		2,450,158
Receivable for series shares sold		400,643
Foreign tax reclaims receivable		15,987
Total assets		636,197,191
Liabilities:
Payable for series shares redeemed		346,433
Investment management fees payable		584,341
Custody fees payable		154,542
Other accrued expenses		106,337
Distribution fees payable to affiliates		81,359
Audit and tax fees payable		18,190
Dividend disbursing and transfer agent fees and expenses payable to affiliates		3,789
Accounting and administration expenses payable to affiliates		2,233
Trustees’ fees and expenses payable		2,074
Legal fees payable to affiliates		866
Reports and statements to shareholders expenses payable to affiliates		549
Unrealized loss on foreign currency exchange contracts		471
Capital gains tax payable		498,275
Total liabilities		1,799,459
Total Net Assets	$	634,397,732
Net Assets Consist of:
Paid-in capital	$	590,020,266
Total distributable earnings (loss)		44,377,466
Total Net Assets	$	634,397,732
Standard Class:
Net assets	$	294,209,378
Shares of beneficial interest outstanding, unlimited authorization, no par		13,763,412
Net asset value per share	$	21.38
Service Class:
Net assets	$	340,188,354
Shares of beneficial interest outstanding, unlimited authorization, no par		15,958,878
Net asset value per share	$	21.32
1 Investments, at cost	$	585,768,699
2 Foreign currencies, at cost		3,235,833

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

Emerging Markets Series-6

Delaware VIP^® Trust — Delaware VIP Emerging Markets Series Statement of operations Six months ended June 30, 2019 (Unaudited) Delaware VIP Trust — Delaware VIP Emerging Markets Series Statements of changes in net assets

Investment Income:
Dividends	$	7,395,701
Interest		1,035
Foreign tax withheld		(972,355	)
		6,424,381
Expenses:
Management fees		3,756,216
Distribution expenses - Service Class		506,224
Custodian fees		110,404
Accounting and administration expenses		74,273
Reports and statements to shareholders		42,869
Dividend disbursing and transfer agent fees and expenses		25,465
Audit and tax		21,643
Trustees’ fees and expenses		18,768
Legal fees		16,117
Registration fees		29
Other		15,479
		4,587,487
Less expenses waived		(85,274	)
Less expenses paid indirectly		(1	)
Total operating expenses		4,502,212
Net Investment Income		1,922,169
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		10,036,412
Foreign currencies		(84,533	)
Foreign currency exchange contracts		(34,996	)
Net realized gain		9,916,883
Net change in unrealized appreciation (depreciation) of:
Investments		32,714,755
Foreign currencies		(753,109	)
Foreign currency exchange contracts		(471	)
Net change in unrealized appreciation (depreciation)		31,961,175
Net Realized and Unrealized Gain		41,878,058
Net Increase in Net Assets Resulting from Operations	$	43,800,227

	Six months ended 6/30/19 (Unaudited)			Year ended 12/31/18
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,922,169		$	3,403,499
Net realized gain		9,916,883			13,927,474
Net change in unrealized appreciation (depreciation)		31,961,175			(120,672,692	)
Net increase (decrease) in net assets resulting from operations		43,800,227			(103,341,719	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class		(8,257,932	)		(9,054,720	)
Service Class		(8,689,861	)		(12,652,674	)
		(16,947,793	)		(21,707,394	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		54,308,911			51,044,803
Service Class		17,166,588			40,892,411
Net asset value of shares issued upon reinvestment of dividends and distributions: Standard Class		8,257,932			9,054,720
Service Class		8,689,861			12,652,674
		88,423,292			113,644,608
Cost of shares redeemed:
Standard Class		(14,939,904	)		(64,347,724	)
Service Class		(26,059,701	)		(41,351,896	)
		(40,999,605	)		(105,699,620	)
Increase in net assets derived from capital share transactions		47,423,687			7,944,988
Net Increase (Decrease) in Net Assets		74,276,121			(117,104,125	)
Net Assets:
Beginning of period		560,121,611			677,225,736
End of period	$	634,397,732		$	560,121,611

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

Emerging Markets Series-7

Delaware VIP^® Trust — Delaware VIP Emerging Markets Series

Financial highlights

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

	Delaware VIP Emerging Markets Series Standard Class
	Six months ended 6/30/191				Year ended
	(Unaudited)				12/31/18				12/31/17				12/31/16				12/31/15				12/31/14
Net asset value, beginning of period		$	20.36			$	25.06			$	17.94			$	16.27			$	19.54			$	21.47
Income (loss) from investment operations:
Net investment income2			0.09				0.16				0.53				0.09				0.13				0.13
Net realized and unrealized gain (loss)			1.57				(3.98	)			6.72				2.15				(2.86	)			(1.84	)
Total from investment operations			1.66				(3.82	)			7.25				2.24				(2.73	)			(1.71	)
Less dividends and distributions from:
Net investment income			(0.16	)			(0.80	)			(0.13	)			(0.19	)			(0.16	)			(0.14	)
Net realized gain			(0.48	)			(0.08	)			—				(0.38	)			(0.38	)			(0.08	)
Total dividends and distributions			(0.64	)			(0.88	)			(0.13	)			(0.57	)			(0.54	)			(0.22	)
Net asset value, end of period		$	21.38			$	20.36			$	25.06			$	17.94			$	16.27			$	19.54
Total return3			8.03%				(15.81	%)			40.55%				13.93%				(14.51	%)			(8.06	%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	294,210			$	236,592			$	291,019			$	196,918			$	172,098			$	172,200
Ratio of expenses to average net assets			1.32%				1.34%				1.36%				1.37%				1.37%				1.38%
Ratio of expenses to average net assets prior to fees waived			1.35%				1.34%				1.38%				1.40%				1.37%				1.38%
Ratio of net investment income to average net assets			0.80%				0.71%				2.40%				0.53%				0.70%				0.62%
Ratio of net investment income to average net assets prior to fees waived			0.77%				0.71%				2.38%				0.50%				0.70%				0.62%
Portfolio turnover			13%				11%				6%				8%				6%				5%

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

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

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

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

Emerging Markets Series-8

Delaware VIP^® Emerging Markets Series

Financial highlights (continued)

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

	Delaware VIP Emerging Markets Series Service Class
	Six months ended 6/30/191				Year ended
	(Unaudited)				12/31/18				12/31/17				12/31/16				12/31/15				12/31/14
Net asset value, beginning of period		$	20.28			$	24.97			$	17.88			$	16.21			$	19.48			$	21.40
Income (loss) from investment operations:
Net investment income2			0.05				0.10				0.48				0.05				0.08				0.08
Net realized and unrealized gain (loss)			1.56				(3.97	)			6.69				2.14				(2.86	)			(1.84	)
Total from investment operations			1.61				(3.87	)			7.17				2.19				(2.78	)			(1.76	)
Less dividends and distributions from:
Net investment income			(0.09	)			(0.74	)			(0.08	)			(0.14	)			(0.11	)			(0.08	)
Net realized gain			(0.48	)			(0.08	)			—				(0.38	)			(0.38	)			(0.08	)
Total dividends and distributions			(0.57	)			(0.82	)			(0.08	)			(0.52	)			(0.49	)			(0.16	)
Net asset value, end of period		$	21.32			$	20.28			$	24.97			$	17.88			$	16.21			$	19.48
Total return3			7.84%				(16.03	%)			40.22%				13.68%				(14.77	%)			(8.26	%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	340,188			$	323,530			$	386,207			$	310,258			$	310,063			$	362,469
Ratio of expenses to average net assets			1.62%				1.62%				1.61%				1.62%				1.62%				1.63%
Ratio of expenses to average net assets prior to fees waived			1.65%				1.64%				1.68%				1.70%				1.67%				1.68%
Ratio of net investment income to average net assets			0.50%				0.43%				2.15%				0.28%				0.45%				0.37%
Ratio of net investment income to average net assets prior to fees waived			0.47%				0.41%				2.08%				0.20%				0.40%				0.32%
Portfolio turnover			13%				11%				6%				8%				6%				5%

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

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

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

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

Emerging Markets Series-9

Delaware VIP^® Trust — Delaware VIP Emerging Markets Series

Notes to financial statements

June 30, 2019 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust and offers 10 series: Delaware VIP Diversified Income Series, Delaware VIP Emerging Markets Series, Delaware VIP High Yield Series, Delaware VIP International Value Equity Series, Delaware VIP Limited-Term Diversified Income Series, Delaware VIP REIT Series, Delaware VIP Small Cap Value Series, Delaware VIP Smid Cap Core Series, Delaware VIP U.S. Growth Series, and Delaware VIP Value Series. These financial statements and the related notes pertain to Delaware VIP Emerging Markets Series (Series). The Series is an open-end investment company. The Series is considered diversified under the Investment Company Act of 1940, as amended, and offers Standard Class and Service Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee and the Service Class shares carry a 12b-1 fee. The shares of the Series are sold only to separate accounts of life insurance companies.

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

1. Significant Accounting Policies

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

Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Open-end investment companies are valued at their published net asset value (NAV). Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Investments in repurchase agreements are generally valued at par, which approximates fair value, each business day. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The Series may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before the Series values its securities, generally as of 4:00 pm Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, the Series may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing). Restricted securities are valued at fair value using methods approved by the Board.

Federal and Foreign Income Taxes — No provision for federal income taxes has been made as the Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Series evaluates tax positions taken or expected to be taken in the course of preparing the Series’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Series’ tax positions taken or expected to be taken on the Series’ federal income tax returns through the six months ended June 30, 2019 and for all open tax years (years ended Dec. 31, 2016–Dec. 31, 2018), and has concluded that no provision for federal income tax is required in the Series’ financial statements. In regard to foreign taxes only, the Series has open tax years in certain foreign countries in which it invests that may date back to the inception of the Series. If applicable, the Series recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the “Statement of operations.” During the six months ended June 30, 2019, the Series did not incur any interest or tax penalties.

Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Series on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Repurchase Agreements — The Series may purchase certain US government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Series’ custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. At June 30, 2019, the Series had no open repurchase agreements.

Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the Series’ prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the

Emerging Markets Series-10

Delaware VIP^® Emerging Markets Series

Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Series generally does not bifurcate that portion of realized gains and losses on investments attributable to changes in foreign exchange rates from that which is due to changes in market prices. These realized gains and losses are included on the “Statement of operations” under “Net realized and unrealized gain (loss) on investments.” The Series reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

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

Other — Expenses directly attributable to the Series are charged directly to the Series. Other expenses common to various funds within the Delaware Funds^® by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Series is aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends have been recorded in accordance with the Series’ understanding of the applicable country’s tax rules and rates. The Series may pay foreign capital gains taxes on certain foreign securities held, which are reported as components of realized losses for financial reporting purposes, whereas such components are treated as ordinary loss for federal income tax purposes. The Series declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, following the close of the fiscal year. The Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2019, the Series received no earnings credits under this arrangement.

The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2019, the Series earned $1 under this arrangement.

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

In accordance with the terms of its investment management agreement, the Series pays Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rates of 1.25% on the first $500 million of average daily and paid monthly net assets of the Series, 1.20% on the next $500 million, 1.15% on the next $1.5 billion, and 1.10% on average daily net assets in excess of $2.5 billion.

Effective April 30, 2019, DMC has contractually agreed to waive that portion, if any, of its management fee and reimburse the Series to the extent necessary to ensure that annual operating expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), do not exceed 1.28% of the Series’ average daily net assets from April 30, 2019 through June 30, 2019.* Prior to April 30, 2019, the expenses were capped at 1.36% of the Series’ average daily net assets. These expense waivers and reimbursements may only be terminated by agreement of DMC and the Series. The waivers and reimbursements are accrued daily and received monthly.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Series. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2019, the Series was charged $13,443 for these services.

Emerging Markets Series-11

Delaware VIP^® Emerging Markets Series

Notes to financial statements (continued)

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

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC’s fees are calculated daily and paid monthly at the annual rate of 0.0075% of the Series’ average daily net assets. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended June 30, 2019, the Series was charged $22,702 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Series. Sub-transfer agency fees are paid directly by the Series and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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

As provided in the investment management agreement, the Series bears a portion of the cost of resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to the Series. For the six months ended June 30, 2019, the Series was charged $9,373 for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees. These amounts are included on the “Statement of operations” under “Legal fees.”

Trustees’ fees include expenses accrued by the Series for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.

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

* The aggregate contractual waiver period covering this report is from May 1, 2018 through April 30, 2020.

3. Investments

For the six months ended June 30, 2019, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	98,453,787
Sales		76,969,857

At June 30, 2019, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2019, the cost and unrealized appreciation (depreciation) of investments and derivatives for the Series were as follows:

Cost of Investments and derivatives		Aggregate Unrealized Appreciation of Investments and derivatives			Aggregate Unrealized Depreciation of Investments and derivatives				Net Unrealized Appreciation of Investments and derivatives
	$585,768,698		$	179,633,118		$	(136,078,863	)		$	43,554,255

US GAAP defines fair value as the price that the Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Series’ investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized below and on the next page.

Level 1 – Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, exchange-traded options contracts)

Emerging Markets Series-12

Delaware VIP^® Emerging Markets Series

Notes to financial statements (continued)

3. Investments (continued)

Level 2 –

Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)

Level 3 –

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

Level 3 investments are valued using significant unobservable inputs. The Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of June 30, 2019:

Securities	Level 1		Level 2			Level 3		Total
Assets:
Common Stock
Argentina	$	12,931,210	$	142,962		$	—	$	13,074,172
Bahrain		—		511,641			—		511,641
Brazil		81,234,371		—			—		81,234,371
Chile		3,111,000		—			—		3,111,000
China/Hong Kong		76,187,355		91,702,908			—		167,890,263
India		5,606,904		50,661,829			—		56,268,733
Indonesia		—		3,428,315			—		3,428,315
Japan		—		1,741,168			—		1,741,168
Malaysia		—		920,059			—		920,059
Mexico		24,570,333		—			—		24,570,333
Peru		5,425,085		—			—		5,425,085
Republic of Korea		32,056,449		76,833,681			—		108,890,130
Russia		11,717,049		33,748,721			—		45,465,770
South Africa		750,295		2,652,517			—		3,402,812
Taiwan		—		45,397,679			—		45,397,679
Thailand		—		1,545,919			—		1,545,919
Turkey		—		4,516,934			—		4,516,934
United Kingdom		—		2,888,174			—		2,888,174
United States		11,847,757		—			—		11,847,757
Convertible Preferred Stock		—		—			199,911		199,911
Exchange-Traded Fund		1,738,860		—			—		1,738,860
Preferred Stock1		9,455,094		28,077,825			—		37,532,919
Participation Notes		—		—			—		—
Short-Term Investments		7,721,420		—			—		7,721,420
Total Value of Securities	$	284,353,182	$	344,770,332		$	199,911	$	629,323,425
Derivatives:
Liabilities:
Foreign Currency Exchange Contracts		—		(471	)		—		(471	)

¹Security type is valued across multiple levels. The amounts attributed to Level 1 investments and Level 2 investments represent 25.19% and 74.81%, respectively, of the total market value of this security type. Level 1 investments represent exchange traded investments and Level 2 investments represent investments with observable inputs.

As a result of utilizing international fair value pricing at June 30, 2019, a portion of the common stock in the portfolio was categorized as Level 2.

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

Emerging Markets Series-13

Delaware VIP^® Emerging Markets Series

Notes to financial statements (continued)

3. Investments (continued)

During the six months ended June 30, 2019, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Series. This does not include transfers between Level 1 investments and Level 2 investments due to the Series utilizing international fair value pricing during the period. In accordance with the fair valuation procedures described in Note 1, international fair value pricing of securities occurs when market volatility exceeds an established rolling threshold. If the threshold is exceeded on a given date, then prices of international securities (those that traded on exchanges that close at a different time than the time that the Series’ NAV is determined) are established using a separate pricing feed from a third-party vendor designed to establish a price for each such security as of the time that the Series’ NAV is determined. Further, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded, causing a change in classification between levels. The Series’ policy is to recognize transfers between levels based on fair value at the beginning of the reporting period.

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

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/19			Year ended 12/31/18
Shares sold:
Standard Class		2,463,791			2,222,882
Service Class		796,960			1,778,979
Shares issued upon reinvestment of dividends and distributions:
Standard Class		373,662			373,545
Service Class		394,098			523,054
		4,028,511			4,898,460
Shares redeemed:
Standard Class		(692,495	)		(2,591,433	)
Service Class		(1,187,116	)		(1,815,773	)
		(1,879,611	)		(4,407,206	)
Net increase		2,148,900			491,254

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $220,000,000 revolving line of credit to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement expires on Nov. 4, 2019.

The Series had no amounts outstanding as of June 30, 2019, or at any time during the period then ended.

6. Derivatives

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

Foreign Currency Exchange Contracts

The Series may enter into foreign currency exchange contracts and foreign cross currency exchange contracts as a way of managing foreign exchange rate risk. The Series may enter into these contracts to fix the US dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is delivered and paid for. The Series may also use these contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies. In addition, the Series may enter into these contracts to facilitate or expedite the

Emerging Markets Series-14

Delaware VIP^® Emerging Markets Series

Notes to financial statements (continued)

6. Derivatives (continued)

settlement of portfolio transactions. The change in value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

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

During the six months ended June 30, 2019, the Series entered into foreign currency exchange contracts and foreign cross currency exchange contracts to facilitate or expedite the settlement of portfolio transactions.

At June 30, 2019, the Series experienced net realized and unrealized gains or losses attributable to foreign currency holdings, which are disclosed on the “Statement of assets and liabilities” and “Statement of operations.”

Derivatives Generally. The table below summarizes the average balance of derivative holdings by the Series during the six months ended June 30, 2019.

	Long Derivatives Volume			Short Derivatives Volume
Foreign currency exchange contracts (average cost)		$	89,353		$	75,394

7. Securities Lending

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

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

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

Emerging Markets Series-15

Delaware VIP^® Emerging Markets Series

Notes to financial statements (continued)

7. Securities Lending (continued)

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

During the six months ended June 30, 2019, the Series had no securities out on loan.

8. Credit and Market Risk

Some countries in which the Series may invest require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid, and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Series may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Series.

The Series may invest up to 10% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A, promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Series’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series’ 10% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedule of investments.” Restricted securities and private placements are valued pursuant to the security valuation procedures described in Note 1.

9. Contractual Obligations

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

10. Recent Accounting Pronouncements

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

11. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2019, that would require recognition or disclosure in the Series’ financial statements.

Emerging Markets Series-16

Delaware VIP^® Trust — Delaware VIP Emerging Markets Series

Other Series information (Unaudited)

The Series files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT (available for filings after March 31, 2019). The Series’ Forms N-Q or Forms N-PORT, as well as a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Series’ most recent Form N-Q or Form N-PORT are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-Q and Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how the Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

SA-VIPEM 22326 (8/19) (912909) Emerging Markets Series-17

         Delaware VIP^® Trust

         Delaware VIP Smid Cap Core Series

         June 30, 2019

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

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

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

Table of contents

	Disclosure of Series expenses	1
	Security type / sector allocation and top 10 equity holdings	2
	Schedule of investments	3
	Statement of assets and liabilities	5
	Statement of operations	6
	Statements of changes in net assets	6
	Financial highlights	7
	Notes to financial statements	9
	Other Series information	15
	Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. The Series is governed by US laws and regulations. Unless otherwise noted, views expressed herein are current as of June 30, 2019, and subject to change for events occurring after such date. The Series is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested. Advisory services provided by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment advisor. The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited. Macquarie Investment Management (MIM), a member of Macquarie Group, refers to the companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide. This material may be used in conjunction with the offering of shares in Delaware VIP Smid Cap Core Series only if preceded or accompanied by the Series’ current prospectus or the summary prospectus. © 2019 Macquarie Management Holdings, Inc. All third-party marks cited are the property of their respective owners.

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

Disclosure of Series expenses

For the six-month period from January 1, 2019 to June 30, 2019 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from Jan. 1, 2019 to June 30, 2019.

Actual expenses

The first section of the table shown, “Actual Series return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical example for comparison purposes

The second section of the table shown, “Hypothetical 5% Return,” provides information about hypothetical account values and hypothetical expenses based on the Series’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Series’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Series and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Series, you do not incur any transaction costs, such as sales charges (loads), redemption fees or exchange fees, but shareholders of other funds may incur such costs. Also, the fees related to the variable annuity investment or the deferred sales charge that could apply have not been included. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The Series’ expenses shown in the table assume reinvestment of all dividends and distributions.

Expense analysis of an investment of $1,000

	Beginning Account Value 1/1/19		Ending Account Value 6/30/19		Annualized Expense Ratio			Expenses Paid During Period 1/1/19 to 6/30/19*
Actual Series return†
Standard Class	$	1,000.00	$	1,210.40		0.81	%		$4.44
Service Class		1,000.00		1,208.70		1.11	%		6.08
Hypothetical 5% return (5% return before expenses)
Standard Class	$	1,000.00	$	1,020.78		0.81	%		$4.06
Service Class		1,000.00		1,019.29		1.11	%		5.56

^* “Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^† Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

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

Smid Cap Core Series-1

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

Security type / sector allocation and top 10 equity holdings

As of June 30, 2019 (Unaudited)

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

Security type / sector	Percentage of net assets
Common Stock	98.15%
Basic Materials	8.46%
Business Services	4.01%
Capital Goods	11.86%
Communications Services	1.08%
Consumer Discretionary	3.55%
Consumer Services	2.01%
Consumer Staples	1.74%
Credit Cyclicals	1.47%
Energy	2.48%
Financial Services	13.63%
Healthcare	14.86%
Media	1.10%
Real Estate Investment Trusts	8.98%
Technology	16.74%
Transportation	1.75%
Utilities	4.43%
Short-Term Investments	2.38%
Total Value of Securities	100.53%
Liabilities Net of Receivables and Other Assets	(0.53%)
Total Net Assets	100.00%

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

Top 10 equity holdings	Percentage of net assets
Spire	1.63%
NorthWestern	1.58%
Reliance Steel & Aluminum	1.45%
Paycom Software	1.36%
Exact Sciences	1.31%
DexCom	1.30%
Steven Madden	1.29%
Aramark	1.29%
Proofpoint	1.29%
WNS Holdings ADR	1.27%

Smid Cap Core Series-2

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

Schedule of investments

June 30, 2019 (Unaudited)

	Number of       shares		Value (US $)
Common Stock – 98.15%
Basic Materials – 8.46%
Balchem		47,213	$	4,719,884
Continental Building Products †		240,712		6,395,718
Eastman Chemical		65,020		5,060,507
Huntsman		288,395		5,894,794
Kaiser Aluminum		50,695		4,948,339
Minerals Technologies		93,622		5,009,713
Neenah		90,478		6,111,789
Reliance Steel & Aluminum		95,443		9,030,817
Worthington Industries		139,175		5,603,185
				52,774,746
Business Services – 4.01%
ABM Industries		113,005		4,520,200
Aramark		222,927		8,038,748
ASGN †		70,835		4,292,600
US Ecology		75,025		4,466,989
WageWorks †		72,545		3,684,561
				25,003,098
Capital Goods – 11.86%
Barnes Group		75,819		4,271,642
Belden		80,400		4,789,428
BWX Technologies		66,450		3,462,045
Columbus McKinnon		35,550		1,492,033
ESCO Technologies		65,328		5,397,399
Federal Signal		66,200		1,770,850
Gates Industrial †		137,750		1,571,727
Graco		77,934		3,910,728
Granite Construction		97,443		4,694,804
Jacobs Engineering Group		50,875		4,293,341
Kadant		74,450		6,760,805
Lincoln Electric Holdings		67,085		5,522,437
MasTec †		52,975		2,729,802
Oshkosh		61,925		5,170,118
Quanta Services		94,950		3,626,141
Spirit AeroSystems Holdings Class A		44,600		3,629,102
Tetra Tech		22,200		1,743,810
United Rentals †		34,550		4,582,367
Woodward		40,075		4,534,887
				73,953,466
Communications Services – 1.08%
InterXion Holding †		88,838		6,759,683
				6,759,683
Consumer Discretionary – 3.55%
American Eagle Outfitters		247,000		4,174,300
Five Below †		43,926		5,271,999
Malibu Boats Class A †		119,266		4,633,484
Steven Madden		237,629		8,067,505
				22,147,288
Consumer Services – 2.01%
Cheesecake Factory		72,578		3,173,110
Chuy’s Holdings †		63,634		1,458,491

	Number of       shares		Value (US $)
Common Stock (continued)
Consumer Services (continued)
Hawaiian Holdings		42,929	$	1,177,542
Jack in the Box		44,575		3,627,959
Wendy’s		157,244		3,078,838
				12,515,940
Consumer Staples – 1.74%
Casey’s General Stores		41,935		6,541,441
J&J Snack Foods		26,703		4,297,848
				10,839,289
Credit Cyclicals – 1.47%
BorgWarner		114,725		4,816,155
Tenneco Class A		110,339		1,223,660
Toll Brothers		86,000		3,149,320
				9,189,135
Energy – 2.48%
Carrizo Oil & Gas †		187,117		1,874,912
Diamondback Energy		48,639		5,300,192
Parsley Energy Class A †		221,077		4,202,674
Patterson-UTI Energy		177,528		2,043,347
SRC Energy †		147,853		733,351
US Silica Holdings		100,749		1,288,580
				15,443,056
Financial Services – 13.63%
CenterState Bank		168,125		3,871,919
East West Bancorp		115,416		5,398,006
Essent Group †		138,532		6,509,619
First Financial Bancorp		145,540		3,524,979
Great Western Bancorp		140,637		5,023,554
Independent Bank Group		79,975		4,395,426
MGIC Investment †		474,490		6,234,799
Primerica		34,439		4,130,958
Reinsurance Group of America		49,410		7,709,442
Selective Insurance Group		82,154		6,152,513
Sterling Bancorp		232,528		4,948,196
Stifel Financial		131,454		7,763,673
Umpqua Holdings		241,755		4,010,715
Valley National Bancorp		415,200		4,475,856
Webster Financial		75,439		3,603,721
Western Alliance Bancorp †		90,372		4,041,436
WSFS Financial		77,986		3,220,822
				85,015,634
Healthcare – 14.86%
Alkermes †		98,452		2,219,108
Array BioPharma †		109,894		5,091,389
Bio-Techne		32,825		6,843,684
Catalent †		137,795		7,469,867
DexCom †		54,059		8,100,201
Encompass Health		98,304		6,228,541
Exact Sciences †		69,068		8,152,787
ICON (Ireland) †		40,196		6,188,978
Ligand Pharmaceuticals Class B †		42,154		4,811,879

Smid Cap Core Series-3

Delaware VIP^® Smid Cap Core Series

Schedule of investments (continued)

	Number of shares		Value (US $)
Common Stock (continued)
Healthcare (continued)
Medicines †		109,351	$	3,988,031
Neurocrine Biosciences †		82,495		6,965,053
Repligen †		37,350		3,210,233
Supernus Pharmaceuticals †		83,432		2,760,765
Ultragenyx Pharmaceutical †		60,125		3,817,937
WellCare Health Plans †		23,512		6,702,566
West Pharmaceutical Services		53,576		6,705,036
Wright Medical Group †		113,875		3,395,753
				92,651,808
Media – 1.10%
Cinemark Holdings		84,374		3,045,901
Interpublic Group of Companies		167,953		3,794,058
				6,839,959
Real Estate Investment Trusts – 8.98%
Apartment Investment & Management Class A		115,515		5,789,612
Brixmor Property Group		279,727		5,001,519
Camden Property Trust		54,525		5,691,865
Cousins Properties		76,413		2,763,840
EastGroup Properties		40,250		4,668,195
EPR Properties		66,701		4,975,228
Equity Commonwealth		109,600		3,564,192
First Industrial Realty Trust		148,035		5,438,806
Kite Realty Group Trust		353,510		5,348,606
Mack-Cali Realty		150,263		3,499,625
Pebblebrook Hotel Trust		147,797		4,164,919
RPT Realty		418,418		5,067,042
				55,973,449
Technology – 16.74%
Blackbaud		30,855		2,576,393
Brooks Automation		137,500		5,328,125
ExlService Holdings †		78,741		5,207,142
GrubHub †		66,256		5,167,305
Guidewire Software †		67,329		6,825,814
II-VI †		98,143		3,588,108
j2 Global		67,591		6,008,164
LendingTree †		18,182		7,636,985
MACOM Technology Solutions Holdings †		73,616		1,113,810
MaxLinear †		205,336		4,813,076
NETGEAR †		69,417		1,755,556
Paycom Software †		37,452		8,491,117

	Number of shares		Value (US $)
Common Stock (continued)
Technology (continued)
Proofpoint †		66,804	$	8,033,181
PTC †		65,624		5,890,410
Semtech †		103,836		4,989,320
SS&C Technologies Holdings		110,976		6,393,327
SYNNEX		26,580		2,615,472
Tyler Technologies †		32,908		7,108,786
WNS Holdings ADR †		133,476		7,901,779
Yelp †		85,581		2,925,159
				104,369,029
Transportation – 1.75%
Genesee & Wyoming Class A †		56,285		5,628,500
Knight-Swift Transportation Holdings		161,975		5,319,259
				10,947,759
Utilities – 4.43%
NorthWestern		136,366		9,838,807
South Jersey Industries		227,089		7,659,712
Spire		120,751		10,133,424
				27,631,943
Total Common Stock (cost $529,813,765)				612,055,282
Short-Term Investments – 2.38%
Money Market Mutual Funds – 2.38%
BlackRock FedFund - Institutional Shares (seven-day effective yield 2.29%)		2,967,064		2,965,380
Fidelity Investments Money Market Government Portfolio - Class I (seven-day effective yield 2.26%)		2,967,064		2,965,367
GS Financial Square Government Fund - Institutional Shares (seven-day effective yield 2.27%)		2,967,064		2,965,393
Morgan Stanley Government Portfolio - Institutional Share Class (seven-day effective yield 2.25%)		2,967,064		2,965,377
State Street Institutional US Government Money Market Fund - Investor Class (seven-day effective yield 2.23%)		2,967,064		2,965,325
Total Short-Term Investments (cost $14,826,842)				14,826,842

Total Value of Securities – 100.53%
(cost $544,640,607) $ 626,882,124

†  Non-income producing security.

Summary of abbreviations:

ADR – American Depositary Receipt

GS – Goldman Sachs

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

Smid Cap Core Series-4

Delaware VIP^® Trust — Delaware VIP Smid Cap Core Series Statement of assets and liabilities June 30, 2019 (Unaudited)

Assets:
Investments, at value1	$	626,882,124
Dividends and interest receivable		684,530
Foreign tax reclaims receivable		140,946
Receivable for series shares sold		3,073
Total assets		627,710,673
Liabilities:
Cash overdraft		1,588
Payable for series shares redeemed		3,565,307
Investment management fees payable to affiliates		372,037
Other accrued expenses		156,441
Distribution fees payable to affiliates		54,193
Dividend disbursing and transfer agent fees and expenses payable to affiliates		3,766
Accounting and administration expenses payable to affiliates		2,222
Trustees’ fees and expenses payable to affiliates		2,050
Legal fees payable to affiliates		851
Reports and statements to shareholders expenses payable to affiliates		543
Total liabilities		4,158,998
Total Net Assets	$	623,551,675
Net Assets Consist of:
Paid-in capital	$	538,535,695
Total distributable earnings (loss)		85,015,980
Total Net Assets	$	623,551,675
Net Asset Value
Standard Class:
Net assets	$	397,422,801
Shares of beneficial interest outstanding, unlimited authorization, no par		18,434,321
Net asset value per share	$	21.56
Service Class:
Net assets	$	226,128,874
Shares of beneficial interest outstanding, unlimited authorization, no par		11,363,677
Net asset value per share	$	19.90

¹Investments, at cost $       544,640,607

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

Smid Cap Core Series-5

Delaware VIP^® Trust — Delaware VIP Smid Cap Core Series Statement of operations Six months ended June 30, 2019 (Unaudited) Delaware VIP Trust — Delaware VIP Smid Cap Core Series Statements of changes in net assets

Investment Income:
Dividends	$	3,464,012
Interest		64,432
		3,528,444
Expenses:
Management fees		2,240,424
Distribution expenses – Service Class		328,718
Accounting and administration expenses		73,378
Reports and statements to shareholders expenses		50,392
Dividend disbursing and transfer agent fees and expenses		25,390
Trustees’ fees and expenses		18,729
Audit and tax fees		17,320
Legal fees		16,180
Custodian fees		8,203
Registration fees		27
Other		9,458
	2,788,219
Less expenses paid indirectly		(614	)
Total operating expenses		2,787,605
Net Investment Income		740,839
Net Realized and Unrealized Gain:
Net realized gain on Investments		3,478,920
Net change in unrealized appreciation (depreciation) of:
Investments		108,005,056
Foreign currencies		4,292
Net change in unrealized appreciation (depreciation)		108,009,348
Net Realized and Unrealized Gain		111,488,268
Net Increase in Net Assets Resulting from Operations	$	112,229,107

	Six months ended 6/30/19 (Unaudited)			Year ended 12/31/18
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	740,839		$	2,639,871
Net realized gain		3,478,920			33,701,059
Net change in unrealized appreciation (depreciation)		108,009,348			(109,746,969	)
Net increase (decrease) in net assets resulting from operations		112,229,107			(73,406,039	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class		(23,348,937	)		(126,240,340	)
Service Class		(13,628,667	)		(76,399,191	)
		(36,977,604	)		(202,639,531	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		5,116,733			12,579,893
Service Class		3,389,153			11,843,249
Net asset value of shares based upon reinvestment of dividends and distributions:
Standard Class		23,348,937			126,240,340
Service Class		13,628,667			76,399,191
		45,483,490			227,062,673
Cost of shares redeemed:
Standard Class		(22,589,181	)		(33,970,144	)
Service Class		(15,510,886	)		(27,135,691	)
		(38,100,067	)		(61,105,835	)
Increase in net assets derived from capital share transactions		7,383,423			165,956,838
Net Increase (Decrease) in Net Assets		82,634,926			(110,088,732	)
Net Assets:
Beginning of period		540,916,749			651,005,481
End of period	$	623,551,675		$	540,916,749

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

Smid Cap Core Series-6

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

Financial highlights

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

	Delaware VIP Smid Cap Core Series Standard Class
	Six months ended 6/30/191				Year ended
	(Unaudited)				12/31/18				12/31/172				12/31/16				12/31/15				12/31/14
Net asset value, beginning of period		$	18.92			$	30.98			$	28.08			$	29.79			$	30.20			$	32.39
Income (loss) from investment operations:
Net investment income3			0.04				0.12				0.06				0.09				0.07				0.12
Net realized and unrealized gain (loss)			3.91				(2.59	)			4.89				2.15				2.21				0.62
Total from investment operations			3.95				(2.47	)			4.95				2.24				2.28				0.74
Less dividends and distributions from:
Net investment income			(0.12	)			(0.05	)			(0.09	)			(0.07	)			(0.12	)			(0.02	)
Net realized gain			(1.19	)			(9.54	)			(1.96	)			(3.88	)			(2.57	)			(2.91	)
Total dividends and distributions			(1.31	)			(9.59	)			(2.05	)			(3.95	)			(2.69	)			(2.93	)
Net asset value, end of period		$	21.56			$	18.92			$	30.98			$	28.08			$	29.79			$	30.20
Total return4			21.04%				(12.12%)				18.65%				8.29%				7.54%				3.15%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	397,423			$	343,361			$	411,087			$	394,898			$	394,406			$	386,290
Ratio of expenses to average net assets			0.81%				0.81%				0.81%				0.82%				0.83%				0.83%
Ratio of net investment income to average net assets			0.36%				0.51%				0.22%				0.33%				0.24%				0.40%
Portfolio turnover			9%				18%				112%				15%				23%				18%

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

²  Effective April 28, 2017, Jackson Square Partners, LLC no longer serves as sub-advisor to the Series. The Series’ portfolio turnover rate increased substantially during the year ended Dec. 31, 2017.

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

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

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

Smid Cap Core Series-7

Delaware VIP^® Smid Cap Core Series

Financial highlights (continued)

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

	Delaware VIP Smid Cap Core Series Service Class
	Six months ended 6/30/191				Year ended
	(Unaudited)				12/31/18				12/31/172				12/31/16				12/31/15				12/31/14
Net asset value, beginning of period		$	17.52			$	29.41			$	26.75			$	28.56			$	29.06			$	31.33
Income (loss) from investment operations:
Net investment income (loss)3			0.01				0.05				(0.01	)			0.02				—	4			0.04
Net realized and unrealized gain (loss)			3.62				(2.40	)			4.66				2.05				2.12				0.60
Total from investment operations			3.63				(2.35	)			4.65				2.07				2.12				0.64
Less dividends and distributions from:
Net investment income			(0.06	)			—				(0.03	)			—				(0.05	)			—
Net realized gain			(1.19	)			(9.54	)			(1.96	)			(3.88	)			(2.57	)			(2.91	)
Total dividends and distributions			(1.25	)			(9.54	)			(1.99	)			(3.88	)			(2.62	)			(2.91	)
Net asset value, end of period		$	19.90			$	17.52			$	29.41			$	26.75			$	28.56			$	29.06
Total return5			20.87%				(12.40%)				18.38%				8.02%				7.31%				2.87%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	226,129			$	197,556			$	239,918			$	231,336			$	230,085			$	203,931
Ratio of expenses to average net assets			1.11%				1.09%				1.06%				1.07%				1.08%				1.08%
Ratio of expenses to average net assets prior to fees waived			1.11%				1.11%				1.11%				1.12%				1.13%				1.13%
Ratio of net investment income (loss) to average net assets			0.06%				0.23%				(0.03%)				0.08%				(0.01%)				0.15%
Ratio of net investment income (loss) to average net assets prior to fees waived			0.06%				0.21%				(0.08%)				0.03%				(0.06%)				0.10%
Portfolio turnover			9%				18%				112%				15%				23%				18%

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

²  Effective April 28, 2017, Jackson Square Partners, LLC no longer serves as sub-advisor to the Series. The Series’ portfolio turnover rate increased substantially during the year ended Dec. 31, 2017.

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

⁴  The amount is less than $0.005 per share.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during some of the periods shown reflects a waiver by the distributor. Performance would have been lower had the waiver not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

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

Smid Cap Core Series-8

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

Notes to financial statements

June 30, 2019 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust and offers 10 series: Delaware VIP Diversified Income Series, Delaware VIP Emerging Markets Series, Delaware VIP High Yield Series, Delaware VIP International Value Equity Series, Delaware VIP Limited-Term Diversified Income Series, Delaware VIP REIT Series, Delaware VIP Small Cap Value Series, Delaware VIP Smid Cap Core Series, Delaware VIP U.S. Growth Series, and Delaware VIP Value Series. These financial statements and the related notes pertain to Delaware VIP Smid Cap Core Series (Series). The Series is an open-end investment company. The Series is considered diversified under the Investment Company Act of 1940, as amended, and offers Standard Class and Service Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee and the Service Class shares carry a 12b-1 fee. The shares of the Series are sold only to separate accounts of life insurance companies.

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

1. Significant Accounting Policies

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

Security Valuation – Equity securities, except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Open-end investment companies are valued at their published net asset value (NAV). Investments in repurchase agreements are generally valued at par, which approximates fair value, each business day. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The Series may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before the Series values its securities, generally as of 4:00pm Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, the Series may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing). Restricted securities are valued at fair value using methods approved by the Board.

Federal and Foreign Income Taxes – No provision for federal income taxes has been made as the Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Series evaluates tax positions taken or expected to be taken in the course of preparing the Series’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Series’ tax positions taken or expected to be taken on the Series’ federal income tax returns through the six months ended June 30, 2019 and for all open tax years (years ended Dec. 31, 2016–Dec. 31, 2018), and has concluded that no provision for federal income tax is required in the Series’ financial statements. In regard to foreign taxes only, the Series has open tax years in certain foreign countries in which it invests in that may date back to the inception of the Series. If applicable, the Series recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the “Statement of operations.” During the six months ended June 30, 2019, the Series did not incur any interest or tax penalties.

Class Accounting – Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the various classes of the Series on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Repurchase Agreements – The Series may purchase certain US government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Series’ custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. At June 30, 2019, the Series held no investments in repurchase agreements.

Foreign Currency Transactions – Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the Series’ prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Series generally does not bifurcate that portion of realized gains and losses on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices. These

Smid Cap Core Series-9

Delaware VIP^® Smid Cap Core Series

Notes to financial statements

1. Significant Accounting Policies (continued)

gains and losses are included on the “Statement of operations” under “Net realized and unrealized gain (loss) on investments.” The Series reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

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

Other – Expenses directly attributable to the Series are charged directly to the Series. Other expenses common to various funds within the Delaware Funds^® by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Series is aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends have been recorded in accordance with the Series’ understanding of the applicable country’s tax rules and rates. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer. The Series declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, following the close of the fiscal year. The Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2019, the Series earned $613 under this arrangement.

The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2019, the Series earned $1 under this arrangement.

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

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

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Series. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2019, the Series was charged $13,430 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC’s fees are calculated daily and paid monthly at the annual rate of 0.0075% of the Series’ average daily net assets. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended June 30, 2019, the Series was charged $22,676 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Series. Sub-transfer agency fees are paid by the Series and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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

Smid Cap Core Series-10

Delaware VIP^® Smid Cap Core Series

Notes to financial statements

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

As provided in the investment management agreement, the Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to the Series. For the six months ended June 30, 2019, the Series was charged $9,342 for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

Trustees’ fees include expenses accrued by the Series for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.

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

3. Investments

For the six months ended June 30, 2019, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	50,526,344
Sales		77,007,801

At June 30, 2019, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2019, the cost and unrealized appreciation (depreciation) of investments for the Series were as follows:

Cost of Investments	Aggregate Unrealized Appreciation of Investments	Aggregate Unrealized Depreciation of Investments	Net Unrealized Appreciation of Investments
$544,640,607	$124,469,117	$(42,227,600)	$82,241,517

US GAAP defines fair value as the price that the Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Series’ investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized below.

Level 1	–	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, exchange-traded options contracts)
Level 2	–	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)
Level 3	–	Significant unobservable inputs, including the Series’ own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities, fair valued securities)

Level 3 investments are valued using significant unobservable inputs. The Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

Smid Cap Core Series-11

Delaware VIP^® Smid Cap Core Series

Notes to financial statements

3. Investments (continued)

The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of June 30, 2019:

	Level 1
Securities
Assets:
Common Stock	$	612,055,282
Short-Term Investments		14,826,842
Total Value of Securities	$	626,882,124

During the six months ended June 30, 2019, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Series. This does not include transfers between Level 1 investments and Level 2 investments due to the Series utilizing international fair value pricing during the period. In accordance with the fair valuation procedures described in Note 1, international fair value pricing of securities in the Series occurs when market volatility exceeds an established rolling threshold. If the threshold is exceeded on a given date, then prices of international securities (those that traded on exchanges that close at a different time than the time that the Series’ NAV is determined) are established using a separate pricing feed from a third-party vendor designed to establish a price for each such security as of the time that the Series’ NAV is determined. Further, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded, causing a change in classification between levels. The Series’ policy is to recognize transfers between levels based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Series has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to the Series’ net assets. During the six months ended June 30, 2019, there were no Level 3 investments.

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/19			Year ended 12/31/18
Shares sold:
Standard Class		241,536			502,720
Service Class		175,025			529,135
Shares issued upon reinvestment of dividends and distributions:
Standard Class		1,106,060			5,774,996
Service Class		698,906			3,767,218
		2,221,527			10,574,069
Shares redeemed:
Standard Class		(1,059,325	)		(1,398,990	)
Service Class		(783,987	)		(1,181,607	)
		(1,843,312	)		(2,580,597	)
Net increase		378,215			7,993,472

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $220,000,000 revolving line of credit to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement expires on Nov. 4, 2019.

The Series had no amounts outstanding as of June 30, 2019, or at any time during the period then ended.

Smid Cap Core Series-12

Delaware VIP^® Smid Cap Core Series

Notes to financial statements

6. Securities Lending

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

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

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

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

During the six months ended June 30, 2019, the Series had no securities out on loan.

7. Credit and Market Risk

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

The Series invests in REITs and is subject to the risks associated with that industry. If the Series holds real estate directly as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the six months ended June 30, 2019. The Series’ REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

Some countries in which the Series may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Series may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Series.

Smid Cap Core Series-13

Delaware VIP^® Smid Cap Core Series

Notes to financial statements

7. Credit and Market Risk (continued)

The Series may invest up to 10% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Series’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series’ 10% limit on investments in illiquid securities. As of June 30, 2019, there were no Rule 144A securities held by the Series. Restricted securities are valued pursuant to the security valuation procedures described in Note 1.

8. Contractual Obligations

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

9. Recent Accounting Pronouncements

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

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2019, that would require recognition or disclosure in the Series’ financial statements.

Smid Cap Core Series-14

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

Other Series information (Unaudited)

The Series files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT (available for filings after March 31, 2019). The Series’ Forms N-Q or Forms N-PORT, as well as a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Series’ most recent Form N-Q or Form N-PORT are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-Q and Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how the Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series’ website at delawarefunds.com/proxy; and (ii) the SEC’s website at sec.gov.

SA-VIPSCG 22332 (8/19) (912909) Smid Cap Core Series-15

Delaware VIP^® Trust

Delaware VIP High Yield Series

June 30, 2019

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

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

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

Table of contents

	Disclosure of Series expenses	1
	Security type / sector allocation	2
	Schedule of investments	3
	Statement of assets and liabilities	7
	Statement of operations	8
	Statements of changes in net assets	8
	Financial highlights	9
	Notes to financial statements	11
	Other Series information	17

Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. The Series is governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of June 30, 2019, and subject to change for events occurring after such date.

The Series is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested.

Advisory services provided by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment advisor.

The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited. Macquarie Investment Management (MIM), a member of Macquarie Group, refers to the companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide.

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

© 2019 Macquarie Management Holdings, Inc.

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

Delaware VIP^® Trust — Delaware VIP High Yield Series

Disclosure of Series expenses

For the six-month period January 1, 2019 to June 30, 2019 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from Jan. 1, 2019 to June 30, 2019.

Actual expenses

The first section of the table shown, “Actual Series Return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical example for comparison purposes

The second section of the table shown, “Hypothetical 5% Return,” provides information about hypothetical account values and hypothetical expenses based on the Series’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Series’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Series and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Series, you do not incur any transaction costs, such as sales charges (loads), redemption fees or exchange fees, but shareholders of other funds may incur such costs. Also, the fees related to the variable annuity investment or the deferred sales charge that could apply have not been included. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The Series’ expenses shown in the table reflect fee waivers in effect and assume reinvestment of all dividends and distributions.

Expense analysis of an investment of $1,000

	Beginning Account Value 1/1/19		Ending Account Value 6/30/19		Annualized Expense Ratio			Expenses Paid During Period 1/1/19 to 6/30/19*
Actual Series return†
Standard Class		$1,000.00		$1,118.50		0.75	%		$3.94
Service Class		1,000.00		1,115.30		1.05	%		5.51
Hypothetical 5% return (5% return before expenses)
Standard Class		$1,000.00		$1,021.08		0.75	%		$3.76
Service Class		1,000.00		1,019.59		1.05	%		5.26

*“ Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^†  Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

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

High Yield Series-1

Delaware VIP^® Trust — Delaware VIP High Yield Series

Security type / sector allocation

As of June 30, 2019 (Unaudited)

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

Security type / sector	Percentage of net assets
Corporate Bonds		90.17	%
Automotive		0.31	%
Banking		3.43	%
Basic Industry		11.12	%
Capital Goods		3.53	%
Consumer Cyclical		7.40	%
Consumer Non-Cyclical		2.56	%
Energy		14.72	%
Financial Services		1.38	%
Healthcare		10.36	%
Insurance		3.59	%
Media		11.33	%
Services		6.44	%
Technology & Electronics		3.66	%
Telecommunications		7.44	%
Utilities		2.90	%
Loan Agreements		4.27	%
Common Stock		0.00	%
Short-Term Investments		7.02	%
Total Value of Securities		101.46	%
Liabilities Net of Receivables and Other Assets		(1.46	)%
Total Net Assets		100.00	%

High Yield Series-2

Delaware VIP^® Trust — Delaware VIP High Yield Series

Schedule of investments

June 30, 2019 (Unaudited)

	Principal       amount°		Value (US $)
Corporate Bonds - 90.17%
Automotive - 0.31%
Allison Transmission 144A 5.875% 6/1/29 #		600,000	$	633,000
				633,000
Banking - 3.43%
Ally Financial 8.00% 11/1/31		1,175,000		1,558,884
Credit Suisse Group 144A 6.25%#µy		865,000		903,384
Popular 6.125% 9/14/23		1,930,000		2,053,037
Royal Bank of Scotland Group 8.625%µy		1,885,000		2,036,271
Synovus Financial 5.90% 2/7/29 µ		510,000		529,125
				7,080,701
Basic Industry - 11.12%
Amsted Industries 144A 5.625% 7/1/27 #		1,550,000		1,619,750
BMC East 144A 5.50% 10/1/24 #		855,000		869,963
Boise Cascade 144A 5.625% 9/1/24 #		289,000		296,225
EnPro Industries 5.75% 10/15/26		1,305,000		1,337,625
First Quantum Minerals
144A 7.25% 5/15/22 #		510,000		507,450
144A 7.50% 4/1/25 #		545,000		521,156
Freeport-McMoRan 6.875% 2/15/23		945,000		998,156
Hexion 144A 7.875% 7/15/27 #		1,060,000		1,067,950
Hudbay Minerals 144A 7.625% 1/15/25 #		1,075,000		1,115,313
IAMGOLD 144A 7.00% 4/15/25 #		510,000		530,400
Joseph T Ryerson & Son 144A 11.00% 5/15/22 #		1,555,000		1,644,898
Lennar 5.00% 6/15/27		600,000		633,000
M/I Homes 5.625% 8/1/25		1,145,000		1,167,900
New Enterprise Stone & Lime 144A 10.125% 4/1/22 #		1,238,000		1,272,045
Novelis 144A 6.25% 8/15/24 #		663,000		696,786
Olin 5.00% 2/1/30		1,055,000		1,047,087
Standard Industries 144A 6.00% 10/15/25 #		1,980,000		2,111,175
Steel Dynamics 5.00% 12/15/26		1,938,000		2,025,210
Tronox Finance 144A 5.75% 10/1/25 #		1,090,000		1,061,387
Venator Finance Sarl 144A 5.75% 7/15/25 #		810,000		746,213
Zekelman Industries 144A 9.875% 6/15/23 #		1,630,000		1,721,688
				22,991,377
Capital Goods - 3.53%
Ardagh Packaging Finance 144A 6.00% 2/15/25 #		1,085,000		1,125,687
Berry Global Escrow 144A 5.625% 7/15/27 #		1,160,000		1,209,300
Bombardier
144A 7.50% 3/15/25 #		1,065,000		1,071,976
144A 7.875% 4/15/27 #		545,000		547,044

	Principal       amount°		Value (US $)
Corporate Bonds (continued)
Capital Goods (continued)
BWAY Holding 144A 7.25% 4/15/25 #		1,010,000	$	977,175
Intertape Polymer Group 144A 7.00% 10/15/26 #		1,095,000		1,134,694
TransDigm 144A 6.25% 3/15/26 #		1,180,000		1,237,525
				7,303,401
Consumer Cyclical - 7.40%
AMC Entertainment Holdings 6.125% 5/15/27		1,950,000		1,745,250
Boyd Gaming 6.00% 8/15/26		1,505,000		1,587,775
ESH Hospitality 144A 5.25% 5/1/25 #		1,025,000		1,053,187
Golden Nugget 144A 8.75% 10/1/25 #		1,252,000		1,317,730
Hilton Domestic Operating 144A 4.875% 1/15/30 #		520,000		537,767
MGM Growth Properties Operating Partnership 144A 5.75% 2/1/27 #		1,510,000		1,628,913
MGM Resorts International 5.75% 6/15/25		1,130,000		1,234,502
Penske Automotive Group 5.50% 5/15/26		1,055,000		1,103,794
Scientific Games International
144A 8.25% 3/15/26 #		1,550,000		1,631,359
10.00% 12/1/22		1,497,000		1,575,593
Staples 144A 10.75% 4/15/27 #		725,000		723,187
William Carter 144A 5.625% 3/15/27 #		1,090,000		1,145,863
				15,284,920
Consumer Non-Cyclical - 2.56%
JBS USA
144A 5.75% 6/15/25 #		190,000		198,313
144A 6.50% 4/15/29 #		720,000		783,900
144A 6.75% 2/15/28 #		1,085,000		1,182,650
Pilgrim’s Pride 144A 5.75% 3/15/25 #		945,000		961,537
Post Holdings 144A 5.50% 12/15/29 #		1,035,000		1,041,469
Prestige Brands 144A 6.375% 3/1/24 #		1,075,000		1,130,094
				5,297,963
Energy - 14.72%
AmeriGas Partners 5.875% 8/20/26		1,205,000		1,283,325
Cheniere Corpus Christi Holdings 7.00% 6/30/24		1,050,000		1,210,230
Cheniere Energy Partners 5.25% 10/1/25		1,580,000		1,639,250
Chesapeake Energy
7.00% 10/1/24		480,000		432,600
8.00% 1/15/25		1,520,000		1,409,800
Crestwood Midstream Partners 144A 5.625% 5/1/27 #		1,140,000		1,140,000
DCP Midstream Operating 5.125% 5/15/29		1,085,000		1,116,194
Diamond Offshore Drilling 7.875% 8/15/25		1,550,000		1,480,250
Ensco Rowan 7.75% 2/1/26		1,295,000		971,250

High Yield Series-3

Delaware VIP^® High Yield Series

Schedule of investments (continued)

	Principal       amount°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
Genesis Energy 6.50% 10/1/25		1,685,000	$	1,653,406
Gulfport Energy 6.375% 1/15/26		805,000		613,813
Murphy Oil
5.625% 12/1/42		1,735,000		1,561,500
6.875% 8/15/24		1,440,000		1,519,200
Murphy Oil USA 5.625% 5/1/27		1,600,000		1,672,000
NuStar Logistics 6.00% 6/1/26		1,340,000		1,390,250
Oasis Petroleum 144A 6.25% 5/1/26 #		1,105,000		1,074,613
Precision Drilling 144A 7.125% 1/15/26 #		1,895,000		1,842,887
Southwestern Energy 7.75% 10/1/27		1,920,000		1,848,000
Summit Midstream Holdings 5.75% 4/15/25		1,125,000		990,000
Targa Resources Partners
5.375% 2/1/27		1,140,000		1,185,600
5.875% 4/15/26		975,000		1,037,156
Transocean 144A 9.00% 7/15/23 #		1,560,000		1,667,250
Whiting Petroleum 6.625% 1/15/26		1,736,000		1,682,835
				30,421,409
Financial Services - 1.38%
Avolon Holdings Funding
144A 4.375% 5/1/26 #		725,000		747,076
144A 5.25% 5/15/24 #		540,000		576,936
DAE Funding 144A 5.75% 11/15/23 #		1,110,000		1,168,275
VistaJet Malta Finance 144A 10.50% 6/1/24 #		365,000		365,000
				2,857,287
Healthcare - 10.36%
Bausch Health 144A 5.50% 11/1/25 #		2,015,000		2,108,194
Catalent Pharma Solutions 144A 5.00% 7/15/27 #		350,000		357,000
Charles River Laboratories International 144A 5.50% 4/1/26 #		2,489,000		2,625,397
Eagle Holding Co II 144A PIK 7.75% 5/15/22 #T		1,085,000		1,095,850
Encompass Health 5.75% 11/1/24		726,000		742,008
5.75% 9/15/25		1,335,000		1,393,406
Hadrian Merger 144A 8.50% 5/1/26 #		1,150,000		1,089,625
HCA
5.375% 2/1/25		1,140,000		1,233,337
5.875% 2/15/26		1,425,000		1,578,187
5.875% 2/1/29		530,000		581,675
7.58% 9/15/25		580,000		672,800
Hill-Rom Holdings
144A 5.00% 2/15/25 #		535,000		553,725
144A 5.75% 9/1/23 #		860,000		891,003
Surgery Center Holdings 144A 6.75% 7/1/25 #		570,000		495,900
Tenet Healthcare 5.125% 5/1/25		610,000		614,575

	Principal       amount°		Value (US $)
Corporate Bonds (continued)
Healthcare (continued)
Tenet Healthcare 8.125% 4/1/22		2,035,000	$	2,144,381
Teva Pharmaceutical Finance Netherlands III 6.00% 4/15/24		840,000		795,375
WellCare Health Plans 144A 5.375% 8/15/26 #		2,290,000		2,433,125
				21,405,563
Insurance - 3.59%
Acrisure 144A 7.00% 11/15/25 #		600,000		544,500
AssuredPartners 144A 7.00% 8/15/25 #		1,025,000		1,023,719
GTCR AP Finance 144A 8.00% 5/15/27 #		830,000		836,225
HUB International 144A 7.00% 5/1/26 #		2,242,000		2,278,433
NFP 144A 6.875% 7/15/25 #		660,000		655,677
USI 144A 6.875% 5/1/25 #		2,090,000		2,074,325
				7,412,879
Media - 11.33%
Altice Luxembourg
144A 7.625% 2/15/25 #		580,000		547,737
144A 7.75% 5/15/22 #		483,000		492,056
CCO Holdings
144A 5.375% 6/1/29 #		995,000		1,029,825
144A 5.50% 5/1/26 #		160,000		167,848
144A 5.75% 2/15/26 #		2,065,000		2,170,831
144A 5.875% 5/1/27 #		985,000		1,041,637
Clear Channel Worldwide Holdings 144A 9.25% 2/15/24 #		1,370,000		1,489,875
CSC Holdings
6.75% 11/15/21		1,740,000		1,866,150
144A 7.50% 4/1/28 #		945,000		1,042,146
144A 7.75% 7/15/25 #		530,000		574,732
Cumulus Media New Holdings 144A 6.75% 7/1/26 #		1,055,000		1,055,000
Gray Television 144A 7.00% 5/15/27 #		1,060,000		1,152,750
Netflix 144A 5.375% 11/15/29 #		365,000		388,612
Nexstar Escrow 144A 5.625% 7/15/27 #		1,735,000		1,782,713
Outfront Media Capital 144A 5.00% 8/15/27 #		610,000		625,982
Radiate Holdco 144A 6.625% 2/15/25 #		1,565,000		1,521,963
Sirius XM Radio
144A 4.625% 7/15/24 #		520,000		533,406
144A 5.375% 4/15/25 #		2,050,000		2,121,750
Virgin Media Secured Finance 144A 5.25% 1/15/26 #		2,525,000		2,596,862
VTR Finance 144A 6.875% 1/15/24 #		1,170,000		1,215,337
				23,417,212
Services - 6.44%
Advanced Disposal Services 144A 5.625% 11/15/24 #		705,000		741,131
Ashtead Capital 144A 5.25% 8/1/26 #		1,020,000		1,068,450

High Yield Series-4

Delaware VIP^® High Yield Series

Schedule of investments (continued)

	Principal       amount°		Value (US $)
Corporate Bonds (continued)
Services (continued)
Avis Budget Car Rental 144A 6.375% 4/1/24 #		376,000	$	395,740
Clean Harbors
144A 4.875% 7/15/27 #		610,000		621,499
144A 5.125% 7/15/29 #		610,000		623,725
Covanta Holding 6.00% 1/1/27		1,015,000		1,065,750
HAT Holdings I 144A 5.25% 7/15/24 #		1,760,000		1,799,600
Iron Mountain US Holdings 144A 5.375% 6/1/26 #		2,770,000		2,794,237
Prime Security Services Borrower
144A 5.75% 4/15/26 #		520,000		538,200
144A 9.25% 5/15/23 #		151,000		158,863
TMS International 144A 7.25% 8/15/25 #		870,000		843,900
United Rentals North America
5.50% 5/15/27		730,000		770,150
5.875% 9/15/26		1,025,000		1,095,469
6.50% 12/15/26		730,000		792,050
				13,308,764
Technology & Electronics - 3.66%
Banff Merger Sub 144A 9.75% 9/1/26 #		350,000		305,375
CDK Global 5.875% 6/15/26		1,464,000		1,555,500
CommScope 144A 8.25% 3/1/27 #		780,000		798,408
CommScope Technologies
144A 5.00% 3/15/27 #		312,000		273,000
144A 6.00% 6/15/25 #		970,000		913,944
IQVIA 144A 5.00% 5/15/27 #		910,000		941,850
RP Crown Parent 144A 7.375% 10/15/24 #		1,638,000		1,711,710
SS&C Technologies 144A 5.50% 9/30/27 #		1,024,000		1,064,320
				7,564,107
Telecommunications - 7.44%
C&W Senior Financing 144A 7.50% 10/15/26 #		1,255,000		1,311,475
CenturyLink 7.50% 4/1/24		480,000		532,200
Cincinnati Bell 144A 7.00% 7/15/24 #		1,140,000		1,011,750
Frontier Communications 144A 8.00% 4/1/27 #		1,026,000		1,069,605
Level 3 Financing 5.375% 5/1/25		1,949,000		2,017,215
Sprint
7.125% 6/15/24		1,225,000		1,301,930
7.625% 3/1/26		605,000		646,443
7.875% 9/15/23		1,650,000		1,798,500
Sprint Capital 8.75% 3/15/32		490,000		568,400
T-Mobile USA
6.00% 4/15/24		1,455,000		1,520,475
6.375% 1/15/26 =		1,580,000		0
6.50% 3/1/25 =		710,000		0
6.50% 1/15/26		1,189,000		1,288,353
Vodafone Group 7.00% 4/4/79 µ		725,000		783,072

	Principal       amount°		Value (US $)
Corporate Bonds (continued)
Telecommunications (continued)
Zayo Group 6.375% 5/15/25		1,497,000	$	1,532,479
				15,381,897
Utilities - 2.90%
Calpine
5.75% 1/15/25		735,000		732,244
144A 5.875% 1/15/24 #		1,680,000		1,722,000
Vistra Operations 144A
5.00% 7/31/27 #		690,000		715,423
144A 5.50% 9/1/26 #		2,060,000		2,181,025
144A 5.625% 2/15/27 #		605,000		642,813
				5,993,505
Total Corporate Bonds (cost $182,594,670)				186,353,985
Loan Agreements - 4.27%
Air Medical Group Holdings Tranche B 1st Lien 5.644% (LIBOR01M + 3.25%) 4/28/22 •		410,574		387,773
Applied Systems 2nd Lien 9.33% (LIBOR03M + 7.00%) 9/19/25 •		2,320,000		2,353,640
Blue Ribbon 1st Lien 6.44% (LIBOR01M + 4.00%) 11/13/21 •		489,319		439,775
First Data Tranche A 1st Lien 3.904% (LIBOR01M + 1.50%) 10/26/23 •		9,719		9,716
Frontier Communications Tranche B1 1st Lien 6.16% (LIBOR01M + 3.75%) 6/15/24 •		538,002		528,811
Kronos 2nd Lien 10.829% (LIBOR03M + 8.25%) 11/1/24 •		922,000		954,654
Panther BF Aggregator 2 Tranche B 1st Lien 5.902% (LIBOR01M + 3.50%) 4/30/26 •		610,000		605,730
Solenis International Tranche B 2nd Lien 11.022% (LIBOR03M + 8.50%) 6/26/26 =•		1,200,000		1,183,000
Stars Group Holdings Tranche B 1st Lien 5.83% (LIBOR03M + 3.50%) 7/10/25 •		994,274		995,517
Summit Midstream Partners Holdings Tranche B 1st Lien 8.402% (LIBOR01M + 6.00%) 5/21/22 •		458,420		453,836
Vantage Specialty Chemicals 2nd Lien 10.58% (LIBOR03M + 8.25%) 10/26/25 •		570,000		550,050

High Yield Series-5

Delaware VIP^® High Yield Series

Schedule of investments (continued)

	Principal       amount°		Value (US $)
Loan Agreements (continued)
Verscend Holding Tranche B 1st Lien 6.902% (LIBOR01M + 4.50%) 8/27/25 •		350,500	$	351,429
Total Loan Agreements (cost $8,881,722)				8,813,931
	Number of shares
Common Stock - 0.00%
Century Communications =†		2,820,000		0
Total Common Stock (cost $85,371)				0

	Number of shares		Value (US $)
Short-Term Investments - 7.02%
Money Market Mutual Funds - 7.02%
BlackRock FedFund - Institutional Shares (seven-day effective yield 2.29%)		2,903,309	$	2,902,351
Fidelity Investments Money Market Government Portfolio - Class I (seven-day effective yield 2.26%)		2,903,310		2,902,343
GS Financial Square Government Fund - Institutional Shares (seven-day effective yield 2.27%)		2,903,310		2,902,358
Morgan Stanley Government Portfolio - Institutional Share Class (seven-day effective yield 2.25%)		2,903,310		2,902,348
State Street Institutional US Government Money Market Fund - Investor Class (seven-day effective yield 2.23%)		2,903,310		2,902,320
Total Short-Term Investments (cost $14,511,720)				14,511,720

Total Value of Securities - 101.46%
(cost $206,073,483) $ 209,679,636

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2019, the aggregate value of Rule 144A securities was $111,401,993, which represents 53.91% of the Fund’s net assets. See Note 7 in “Notes to financial statements.”

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

= The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”

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

µ Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2019. Rate will reset at a future date.

y No contractual maturity date.

† Non-income producing security.

• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at June 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their description above.

Summary of abbreviations:

GS - Goldman Sachs

ICE - Intercontinental Exchange

LIBOR - London Interbank Offered Rate

LIBOR01M - ICE LIBOR USD 1 Month

LIBOR03M - ICE LIBOR USD 3 Month

LIBOR06M - ICE LIBOR USD 6 Month

PIK - Payment-in-kind

USD - US dollar

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

High Yield Series-6

Delaware VIP^® Trust — Delaware VIP High Yield Series Statement of assets and liabilities June 30, 2019 (Unaudited)

Assets:
Investments, at value1	$	209,679,636
Cash		62,115
Receivable for securities sold		4,640,415
Dividend and interest receivable		3,031,695
Receivable for series shares sold		464
Total assets		217,414,325
Liabilities:
Payable for securities purchased		10,372,187
Payable for series shares redeemed		149,432
Investment management fees payable to affiliates		103,224
Other accrued expenses		73,238
Distribution fees payable to affiliates		30,598
Audit and tax fees payable		21,140
Dividend disbursing and transfer agent fees and expenses payable to affiliates		1,257
Accounting and administration expenses payable to affiliates		960
Trustees’ fees and expenses payable		704
Legal fees payable to affiliates		296
Reports and statements to shareholders expenses payable to affiliates		179
Total liabilities		10,753,215
Total Net Assets	$	206,661,110
Net Assets Consist of:
Paid-in capital	$	233,037,214
Total distributable earnings (loss)		(26,376,104	)
Total Net Assets	$	206,661,110
Net Asset Value:
Standard Class:
Net assets	$	79,382,512
Shares of beneficial interest outstanding, unlimited authorization, no par		16,282,138
Net asset value per share	$	4.88
Service Class:
Net assets	$	127,278,598
Shares of beneficial interest outstanding, unlimited authorization, no par		26,179,908
Net asset value per share	$	4.86
1 Investments, at cost	$	206,073,483

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

High Yield Series-7

Delaware VIP^® Trust — Delaware VIP High Yield Series Statement of operations Six months ended June 30, 2019 (Unaudited) Delaware VIP Trust — Delaware VIP High Yield Series Statements of changes in net assets

Investment Income:
Interest	$	6,333,158
Dividends		61,955
		6,395,113
Expenses:
Management fees		659,290
Distribution expenses - Service Class		186,494
Accounting and administration expenses		38,332
Reports and statements to shareholders expenses		27,052
Audit and tax fees		21,341
Dividend disbursing and transfer agent fees and expenses		8,533
Legal fees		6,755
Trustees’ fees and expenses		6,299
Custodian fees		4,267
Registration fees		34
Other		9,596
		967,993
Less expenses waived		(24,555	)
Less expenses paid indirectly		(165	)
Total operating expenses		943,273
Net Investment Income		5,451,840
Net Realized and Unrealized Gain (Loss):
Net realized loss on investments		(1,492,401	)
Net change in unrealized appreciation (depreciation) of investments		18,187,986
Net Realized and Unrealized Gain		16,695,585
Net Increase in Net Assets Resulting from Operations	$	22,147,425

	Six months ended 6/30/19 (Unaudited)			Year ended 12/31/18
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	5,451,840		$	12,784,077
Net realized loss		(1,492,401	)		(2,031,094	)
Net change in unrealized appreciation (depreciation)		18,187,986			(21,186,613	)
Net increase (decrease) in net assets resulting from operations		22,147,425			(10,433,630	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class		(5,240,447	)		(5,963,938	)
Service Class		(8,090,946	)		(8,454,447	)
		(13,331,393	)		(14,418,385	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		3,018,193			15,912,072
Service Class		9,370,255			16,527,138
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		5,240,447			5,963,938
Service Class		8,090,946			8,454,447
		25,719,841			46,857,595
Cost of shares redeemed:
Standard Class		(7,879,785	)		(38,683,697	)
Service Class		(14,049,745	)		(41,242,107	)
		(21,929,530	)		(79,925,804	)
Increase (decrease) in net assets derived from capital share transactions		3,790,311			(33,068,209	)
Net Increase (Decrease) in Net Assets		12,606,343			(57,920,224	)
Net Assets:
Beginning of period		194,054,767			251,974,991
End of period	$	206,661,110		$	194,054,767

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

High Yield Series-8

Delaware VIP^® Trust — Delaware VIP High Yield Series

Financial highlights

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

					Delaware VIP High Yield Series Standard Class
	Six months
	ended
	6/30/191				Year ended
	(unaudited)				12/31/18				12/31/17				12/31/16				12/31/15				12/31/14
Net asset value, beginning of period		$	4.67			$	5.20			$	5.14			$	4.89			$	5.67			$	6.19
Income (loss) from investment operations:
Net investment income2			0.13				0.28				0.28				0.29				0.34				0.34
Net realized and unrealized gain (loss)			0.41				(0.50	)			0.09				0.32				(0.67	)			(0.34	)
Total from investment operations			0.54				(0.22	)			0.37				0.61				(0.33	)			—
Less dividends and distributions from:
Net investment income			(0.33	)			(0.31	)			(0.31	)			(0.36	)			(0.37	)			(0.42	)
Net realized gain			—				—				—				—				(0.08	)			(0.10	)
Total dividends and distributions			(0.33	)			(0.31	)			(0.31	)			(0.36	)			(0.45	)			(0.52	)
Net asset value, end of period		$	4.88			$	4.67			$	5.20			$	5.14			$	4.89			$	5.67
Total return3			11.85%				(4.47%	)			7.49%				13.16%				(6.60%	)			(0.29%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	79,382			$	75,568			$	102,359			$	112,614			$	111,748			$	139,666
Ratio of expenses to average net assets			0.75%				0.75%				0.75%				0.74%				0.75%				0.75%
Ratio of expenses to average net assets prior to fees waived			0.77%				0.75%				0.75%				0.75%				0.76%				0.75%
Ratio of net investment income to average net assets			5.56%				5.60%				5.35%				5.95%				6.25%				5.67%
Ratio of net investment income to average net assets prior to fees waived			5.54%				5.60%				5.35%				5.94%				6.24%				5.67%
Portfolio turnover			49%				96%				86%				112%				99%				103%

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

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

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

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

High Yield Series-9

Delaware VIP^® High Yield Series

Financial highlights (continued)

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

					Delaware VIP High Yield Series Service Class
	Six months
	ended
	6/30/191				Year ended
	(unaudited)				12/31/18				12/31/17				12/31/16				12/31/15				12/31/14
Net asset value, beginning of period		$	4.65			$	5.18			$	5.12			$	4.87			$	5.65			$	6.17
Income (loss) from investment operations:
Net investment income2			0.13				0.26				0.26				0.28				0.32				0.33
Net realized and unrealized gain (loss)			0.40				(0.49	)			0.10				0.32				(0.66	)			(0.34	)
Total from investment operations			0.53				(0.23	)			0.36				0.60				(0.34	)			(0.01	)
Less dividends and distributions from:
Net investment income			(0.32	)			(0.30	)			(0.30	)			(0.35	)			(0.36	)			(0.41	)
Net realized gain			—				—				—				—				(0.08	)			(0.10	)
Total dividends and distributions			(0.32	)			(0.30	)			(0.30	)			(0.35	)			(0.44	)			(0.51	)
Net asset value, end of period		$	4.86			$	4.65			$	5.18			$	5.12			$	4.87			$	5.65
Total return3			11.53%				(4.76%	)			7.26%				12.91%				(6.87%	)			(0.54%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	127,279			$	118,487			$	149,616			$	160,831			$	162,513			$	208,177
Ratio of expenses to average net assets			1.05%				1.03%				1.00%				0.99%				1.00%				1.00%
Ratio of expenses to average net assets prior to fees waived			1.07%				1.05%				1.05%				1.05%				1.06%				1.05%
Ratio of net investment income to average net assets			5.26%				5.32%				5.10%				5.70%				6.00%				5.42%
Ratio of net investment income to average net assets prior to fees waived			5.24%				5.30%				5.05%				5.64%				5.94%				5.37%
Portfolio turnover			49%				96%				86%				112%				99%				103%

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

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

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

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

High Yield Series-10

Delaware VIP^® Trust — Delaware VIP High Yield Series

Notes to financial statements

June 30, 2019 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust and offers 10 series: Delaware VIP Diversified Income Series, Delaware VIP Emerging Markets Series, Delaware VIP High Yield Series, Delaware VIP International Value Equity Series, Delaware VIP Limited-Term Diversified Income Series, Delaware VIP REIT Series, Delaware VIP Small Cap Value Series, Delaware VIP Smid Cap Core Series, Delaware VIP U.S. Growth Series, and Delaware VIP Value Series. These financial statements and the related notes pertain to Delaware VIP High Yield Series (Series). The Series is an open-end investment company. The Series is considered diversified under the Investment Company Act of 1940, as amended, and offers Standard Class and Service Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee and the Service Class shares carry a 12b-1 fee. The shares of the Series are sold only to separate accounts of life insurance companies.

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

1. Significant Accounting Policies

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

Security Valuation — Equity securities, except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Open-end investment companies are valued at their published net asset value (NAV). US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Other debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Investments in repurchase agreements are generally valued at par, which approximates fair value, each business day. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities are valued at fair value using methods approved by the Board.

Federal Income Taxes — No provision for federal income taxes has been made as the Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Series evaluates tax positions taken or expected to be taken in the course of preparing the Series’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Series’ tax positions taken or expected to be taken on the Series’ federal income tax returns through the six months ended June 30, 2019 and for all open tax years (years ended Dec. 31, 2016–Dec. 31, 2018), and has concluded that no provision for federal income tax is required in the Series’ financial statements. If applicable, the Series recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the “Statement of operations.” During the six months ended June 30, 2019, the Series did not incur any interest or tax penalties.

Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Series on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Repurchase Agreements — The Series may purchase certain US government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Series’ custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. At June 30, 2019, the Series held no investments in repurchase agreements.

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

Other — Expenses directly attributable to the Series are charged directly to the Series. Other expenses common to various funds within the Delaware Funds^® by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and

High Yield Series-11

Delaware VIP^® High Yield Series

Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. The Series declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, following the close of the fiscal year. The Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2019, the Series earned $164 under this arrangement.

The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2019, the Series earned $1 under this arrangement.

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

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

Effective April 30, 2019, DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fee, acquired fund fees and expenses, taxes, interest, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent annual series operating expenses from exceeding 0.74% of the Series’ average daily net assets from April 30, 2019 through June 30, 2019.* Prior to April 30, 2019, the waiver was 0.75% of the Series’ average daily net assets. The waiver and reimbursement are accrued daily and received monthly. This waiver and reimbursement may only be terminated by agreement of DMC and the Series.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Series. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2019, the Series was charged $5,824 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC’s fees are calculated daily and paid monthly at the annual rate of 0.0075% of the Series’ average daily net assets. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended June 30, 2019, the Series was charged $7,607 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Series. Sub-transfer agency fees are paid by the Series and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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

As provided in the investment management agreement, the Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to the Series. For the six months ended June 30, 2019, the Series was charged $3,148 for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

Trustees’ fees include expenses accrued by the Series for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.

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Delaware VIP^® High Yield Series

Notes to financial statements (continued)

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

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

*The aggregate contractual waiver period covering this report is from May 1, 2018 through April 30, 2020.

3. Investments

For the six months ended June 30, 2019, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	95,293,100
Sales		106,557,283

At June 30, 2019, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2019, the cost and unrealized appreciation (depreciation) of investments for the Series were as follows:

Cost of Investments	Aggregate Unrealized Appreciation of Investments	Aggregate Unrealized Depreciation of Investments	Net Unrealized Appreciation of Investments
$206,563,003	$5,258,835	$(2,142,202)	$3,116,633

At Dec. 31, 2018, capital loss carryforwards available to offset future realized capital gains were as follows:

Loss carryforward character No Expiration
Short-term	Long-term	Total
$12,965,862	$18,396,473	$31,362,335

US GAAP defines fair value as the price that the Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Series’ investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized below.

Level 1 –	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, exchange-traded options contracts)
Level 2 –	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)
Level 3 –	Significant unobservable inputs, including the Series’ own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities, fair valued securities)

Level 3 investments are valued using significant unobservable inputs. The Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

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Delaware VIP^® High Yield Series

Notes to financial statements (continued)

3. Investments (continued)

The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of June 30, 2019:

Securities	Level 1		Level 2		Level 3		Total
Assets:
Corporate Debt	$	—	$	186,353,985	$	—	$	186,353,985
Loan Agreements1		—		7,630,931		1,183,000		8,813,931
Common Stock		—		—		—		—
Short-Term Investments		14,511,720		—		—		14,511,720
Total Value of Securities	$	14,511,720	$	193,984,916	$	1,183,000	$	209,679,636

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

	Level 2			Level 3			Total
Loan Agreements		86.58	%		13.42	%		100.00	%

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

During the six months ended June 30, 2019, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Series. The Series’ policy is to recognize transfers between levels based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Series has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to the Series’ net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to the Series’ net assets at the beginning, interim, or end of the period. Management has determined not to provide additional disclosure on Level 3 Investments inputs since the Level 3 investments are not considered significant to the Series’ net assets at the end of the period.

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/19			Year ended 12/31/18
Shares sold:
Standard Class		617,350			3,232,018
Service Class		1,915,767			3,276,383
Shares issued upon reinvestment of dividends and distributions:
Standard Class		1,103,252			1,229,678
Service Class		1,706,950			1,746,787
		5,343,319			9,484,866
Shares redeemed:
Standard Class		(1,617,976	)		(7,968,834	)
Service Class		(2,922,692	)		(8,437,338	)
		(4,540,668	)		(16,406,172	)
Net increase (decrease)		802,651			(6,921,306	)

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $220,000,000 revolving line of credit to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement expires on Nov. 4, 2019.

High Yield Series-14

Delaware VIP^® High Yield Series

Notes to financial statements (continued)

5. Line of Credit (continued)

The Series had no amounts outstanding as of June 30, 2019, or at any time during the period then ended.

6. Securities Lending

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

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

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

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

During the six months ended June 30, 2019, the Series had no securities out on loan.

7. Credit and Market Risk

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

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

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

High Yield Series-15

Delaware VIP^® High Yield Series

Notes to financial statements (continued)

7. Credit and Market Risk (continued)

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

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

The Series may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Series’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series’ 15% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedule of investments.” Restricted securities are valued pursuant to the security valuation procedures described in Note 1.

8. Contractual Obligations

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

9. Recent Accounting Pronouncements

In March 2017, the FASB issued an Accounting Standards Update, ASU 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities which amends the amortization period for certain callable debt securities purchased at a premium, shortening such period to the earliest call date. ASU 2017-08 does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2018. Management has determined that the impact of this guidance to the Series’ net assets at the end of the period is not material; therefore, the amount is not disclosed for the six months ended June 30, 2019.

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

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2019, that would require recognition or disclosure in the Series’ financial statements.

High Yield Series-16

Delaware VIP^® Trust — Delaware VIP High Yield Series

Other Series information (Unaudited)

Board consideration of sub-advisory agreements for Delaware VIP^® High Yield Series at a meeting held February 27-28, 2019

At a meeting held on Feb. 27-28, 2019, the Board of Trustees (the “Board”) of Delaware VIP High Yield Series (the “Series”), including a majority of non-interested or independent Trustees (the “Independent Trustees”), approved new Sub-Advisory Agreements between Delaware Management Company (“DMC” or “Management”) and Macquarie Investment Management Europe Limited (“MIMEL”), Macquarie Investment Management Austria Kapitalanlage (“MIMAK”), and Macquarie Investment Management Global Limited (“MIMGL”), respectively. MIMEL, MIMAK, and MIMGL may also be referenced as “sub-advisors” below.

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

In considering such information and materials, the Independent Trustees received assistance and advice from and met separately with their independent counsel. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s decision to approve the Sub-Advisory Agreements. This discussion of the information and factors considered by the Board (as well as the discussion above) is not intended to be exhaustive, but rather summarizes certain factors considered by the Board. In view of the wide variety of factors considered, the Board did not, unless otherwise noted, find it practicable to quantify or otherwise assign relative weights to the following factors. In addition, individual Trustees may have assigned different weights to various factors.

Nature, extent, and quality of services. In considering the nature, extent, and quality of the services to be provided by the Sub-Advisors, the Board reviewed the services to be provided by each Sub-Advisor pursuant to each Sub-Advisory Agreement and as described at the meeting. The Board reviewed materials provided by the Sub-Advisors regarding the experience and qualifications of the personnel who will be responsible for providing services to the Series. The Board also considered relevant performance information provided with respect to each Sub-Advisor. In discussing the nature of the services proposed to be provided by the Sub-Advisors, it was observed that, unlike traditional sub-advisors who make all of the investment-related decisions with respect to a sub-advised portfolio, the relationship between DMC (the Series’ investment manager) and the Sub-Advisors as currently contemplated is primarily more of a collaborative effort between DMC and the Sub-Advisors and a cross pollination of investment ideas. The Board further noted the stated intention under the new Sub-Advisory Agreements that DMC would have the sole discretion to delegate portions of the implementation of the Series’ strategy to the Sub-Advisors who would be permitted to execute Series trades and exercise investment discretion pursuant to that delegation and subject to DMC oversight. However, DMC and the Series’ named portfolio managers will continue to retain principal responsibility for the Series’ strategy and investment process and be primarily responsible for the day-to-day management of the Series’ portfolio. Based upon these considerations, the Board was satisfied with the nature and quality of the overall services to be provided by the Sub-Advisors to the Series and its shareholders and was confident in the abilities of the Sub-Advisors to provide quality services to the Series and its shareholders.

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

Sub-advisory fees. The Board considered that DMC would pay the Sub-Advisors a sub-advisory fee based on the extent to which a Sub-Advisor provides services to the Series as described in the Sub-Advisory Agreements. In considering the appropriateness of the sub-advisory fees, the Board also reviewed and considered the fees in light of the nature, extent, and quality of the sub-advisory services to be provided by each Sub-Advisor, as more fully discussed above. The Board noted that the sub-advisory fees are paid by DMC to each Sub-Advisor and are not additional fees borne by the Series, and that the management fee paid by the Series to DMC would stay the same at current asset levels. The Board was provided with information showing an estimate of the sub-advisory fees to be paid to each Sub-Advisor based on a projection of Sub-Advisor allocations given certain historical investment trends, as well as information regarding the expected impact the sub-advisory arrangements would have on the profitability of DMC. The Board also noted that, given the collaborative nature of the services to be provided by the Sub-Advisors to the Series, there were no comparable accounts and corresponding fees to which the Sub-Advisors were able to compare this arrangement. The Board concluded that, in light of the quality and extent of the services to be provided and the business relationships between DMC and the Sub-Advisors, the proposed fee arrangement was understandable and reasonable.

High Yield Series-17

Delaware VIP^® Trust — Delaware VIP High Yield Series

Other Series information (Unaudited)

Board consideration of sub-advisory agreements for Delaware VIP^® High Yield Series at a meeting held February 27-28, 2019 (continued)

Profitability, economies of scale, and fall-out benefits. Information about each Sub-Advisor’s profitability from its relationship with the Series was not available because it had not begun to provide services to the Series. With regard to potential fall-out benefits derived or to be derived by the Sub-Advisors and their affiliates in connection with their relationship to the Series, the Board considered the potential benefit to DMC and the Sub-Advisors of marketing a global approach on the portfolio management of their fixed income investment strategies. The Trustees also noted that economies of scale are shared with the Series and its shareholders through investment management fee breakpoints in DMC’s fee schedule for the Series so that as the Series grows in size, its effective investment management fee rate declines.

High Yield Series-18

Delaware VIP^® Trust — Delaware VIP High Yield Series

The Series files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT (available for filings after March 31, 2019). The Series’ Forms N-Q or Forms N-PORT, as well as a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Series’ most recent Form N-Q or Form N-PORT are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-Q and Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how the Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

SA-VIPHY 22327 (8/19) (912909) High Yield Series-19

         Delaware VIP^® Trust

         Delaware VIP International Value Equity Series

         June 30, 2019

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

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

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

Table of contents

	Disclosure of Series expenses	1
	Security type / country and sector allocations	2
	Schedule of investments	3
	Statement of assets and liabilities	6
	Statement of operations	7
	Statements of changes in net assets	7
	Financial highlights	8
	Notes to financial statements	10
	Other Series information	18
	Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. The Series is governed by US laws and regulations. Unless otherwise noted, views expressed herein are current as of June 30, 2019, and subject to change for events occurring after such date. The Series is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested. Advisory services provided by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment advisor. The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited. Macquarie Investment Management (MIM), a member of Macquarie Group, refers to the companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide. This material may be used in conjunction with the offering of shares in Delaware VIP International Value Equity Series only if preceded or accompanied by the Series’ current prospectus or the summary prospectus. © 2019 Macquarie Management Holdings, Inc. All third-party marks cited are the property of their respective owners.

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

Disclosure of Series expenses

For the six-month period from January 1, 2019 to June 30, 2019 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from Jan. 1, 2019 to June 30, 2019.

Actual expenses

The first section of the table shown, “Actual Series return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical example for comparison purposes

The second section of the table shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on the Series’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Series’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Series and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Series, you do not incur any transaction costs, such as sales charges (loads), redemption fees or exchange fees, but shareholders of other funds may incur such costs. Also, the fees related to the variable annuity investment or the deferred sales charge that could apply have not been included. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The Series’ expenses shown in the table reflect fee waivers in effect and assume reinvestment of all dividends and distributions.

Expense analysis of an investment of $1,000

	Beginning Account Value 1/1/19	Ending Account Value 6/30/19	Annualized Expense Ratio	Expenses Paid During Period 1/1/19 to 6/30/19*
Actual Series return†
Standard Class	$1,000.00	$   1,145.60	1.04%	$5.53
Service Class	1,000.00	1,143.90	1.34%	7.12
Hypothetical 5% return (5% return before expenses)
Standard Class	$1,000.00	$1,019.64	1.04%	$5.21
Service Class	1,000.00	1,018.15	1.34%	6.71

*“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^†Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

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

International Value Equity Series-1

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

Security type / country and sector allocations

As of June 30, 2019 (Unaudited)

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

Security type / sector	Percentage of net assets
Common Stock by Country		96.88	%
Denmark		4.32	%
France		25.37	%
Germany		8.62	%
Ireland		1.09	%
Japan		21.49	%
Netherlands		4.08	%
Sweden		10.77	%
Switzerland		12.66	%
United Kingdom		8.48	%
Exchange-Traded Fund		2.42	%
Securities Lending Collateral		0.01	%
Total Value of Securities		99.31	%
Obligation to Return Securities Lending Collateral		(0.01	%)
Receivables and Other Assets Net of Liabilities		0.70	%
Total Net Assets		100.00	%

Common stock by sector	Percentage of net assets
Communication Services		10.77	%
Consumer Discretionary		23.91	%
Consumer Staples		21.90	%
Healthcare		17.58	%
Industrials		17.56	%
Materials		5.16	%
Total		96.88	%

International Value Equity Series-2

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

Schedule of investments

June 30, 2019 (Unaudited)

	Number of shares		Value (US $)
Common Stock – 96.88% D
Denmark – 4.32%
Novo Nordisk Class B		42,250	$	2,158,012
				2,158,012
France – 25.37%
Air Liquide		18,425		2,577,075
Danone		29,949		2,535,848
LVMH Moet Hennessy Louis Vuitton		3,360		1,428,422
Orange		138,300		2,181,420
Publicis Groupe		37,050		1,955,530
Sodexo		17,000		1,987,196
				12,665,491
Germany – 8.62%
adidas		6,648		2,056,692
Fresenius Medical Care		28,650		2,249,977
				4,306,669
Ireland – 1.09%
Kerry Group Class A		4,540		542,056
				542,056
Japan – 21.49%
Asahi Group Holdings		11,300		508,711
Astellas Pharma		102,500		1,460,704
Bridgestone*		45,200		1,783,092
Kao		6,100		465,457
KDDI		48,800		1,241,798
Kirin Holdings		21,700		468,557
Lawson		8,000		384,335
Makita		60,700		2,072,449
Mitsubishi Tanabe Pharma		64,300		715,573
Secom		8,600		741,060
Seven & i Holdings		26,200		887,692
				10,729,428
Netherlands – 4.08%
Koninklijke Ahold Delhaize		90,741		2,037,108
				2,037,108
Sweden – 10.77%
Hennes & Mauritz Class B		80,200		1,424,844
Securitas Class B		134,300		2,357,304
SKF Class B		86,724		1,596,532
				5,378,680
Switzerland – 12.66%
Nestle		24,700		2,556,999
Roche Holding		7,799		2,192,984
Swatch Group		5,481		1,571,200
				6,321,183
United Kingdom – 8.48%
Diageo		12,800		550,916
G4S		756,000		2,000,101

	Number of shares		Value (US $)
Common Stock D (continued)
United Kingdom (continued)
Next		24,050	$	1,684,148
				4,235,165
Total Common Stock (cost $48,613,219)				48,373,792
Exchange-Traded Fund – 2.42%
Vanguard FTSE Developed Markets ETF*		29,000		1,209,590
Total Exchange-Traded Fund (cost $1,205,814)				1,209,590
Total Value of Securities Before Securities Lending Collateral – 99.30% (cost $49,819,033)				49,583,382
	Principal amount°
Securities Lending Collateral – 0.01% **
Repurchase Agreements – 0.01%
Bank of America 2.46%, dated 6/28/19, to be repurchased on 7/1/19, repurchase price $239 (collateralized by US government obligations 1.125% 3/31/20; market value $244)		239		239
Bank of Montreal 2.48%, dated 6/28/19, to be repurchased on 7/1/19, repurchase price $809 (collateralized by US government obligations 0.00%–6.25% 7/15/19–9/9/49; market value $825)		809		809
Bank of Nova Scotia 2.48%, dated 6/28/19, to be repurchased on 7/1/19, repurchase price $809 (collateralized by US government obligations 0.00%–3.625% 6/30/19–5/31/24; market value $825)		809		809
Credit Agricole 2.45%, dated 6/28/19, to be repurchased on 7/1/19, repurchase price $809 (collateralized by US government obligations 2.235% 4/30/21; market value $825)		809		809

International Value Equity Series-3

Delaware VIP^® International Value Equity Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Securities Lending Collateral ** (continued)
Repurchase Agreements (continued)
JP Morgan Securities 2.53%, dated 6/28/19, to be repurchased on 7/1/19, repurchase price $809 (collateralized by US government obligations 0.00%–2.75% 7/18/19–2/15/24; market value $825)		809	$	809
Total Securities Lending Collateral (cost $3,475)				3,475

Total Value of Securities – 99.31%
(cost $49,822,508) $49,586,857∎

  * Fully or partially on loan.

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

∎ Includes $2,974,851 of securities loaned.

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

D Securities have been classified by country of origin. Aggregate classification by business sector has been presented on page 2 in “Security type / country and sector allocations.”

Summary of abbreviations:

ETF – Exchange-Traded Fund

FTSE – Financial Times Stock Exchange

USD – US Dollar

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

International Value Equity Series-4

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Delaware VIP® Trust — Delaware VIP International Value Equity Series
Statement of assets and liabilities	June 30, 2019 (Unaudited)

Assets:
Investments, at value1	$	49,583,382
Short-term investments held as collateral for loaned securities, at value2		3,475
Foreign currencies, at value3		168,608
Foreign tax reclaims receivable		234,726
Receivable for securities sold		124,425
Dividends and interest receivable		104,666
Securities lending income receivable		724
Receivable for series shares sold		578
Total assets		50,220,584
Liabilities:
Cash due to custodian		188,707
Investment management fees payable to affiliates		28,561
Audit and tax fees payable		18,494
Payable for series shares redeemed		17,505
Accounting and Administration expenses payable		13,658
Custody fees payable		10,234
Pricing fees payable		5,682
Other accrued expenses		1,886
Legal fees payable to affiliates		1,348
Accounting and administration expenses payable to affiliates		482
Dividend disbursing and transfer agent fees and expenses payable to affiliates		304
Distribution fees payable to affiliates		170
Trustees’ fees and expenses payable		168
Reports and statements to shareholders expenses payable to affiliates		43
Other liabilities		3,477
Total liabilities		290,719
Total Net Assets	$	49,929,865
Net Assets Consist of:
Paid-in capital	$	47,219,728
Total distributable earnings (loss)		2,710,137
Total Net Assets	$	49,929,865
Net Assets Value:
Standard Class:
Net assets	$	49,308,100
Shares of beneficial interest outstanding, unlimited authorization, no par		4,171,074
Net asset value per share	$	11.82
Service Class:
Net assets	$	621,765
Shares of beneficial interest outstanding, unlimited authorization, no par		52,723
Net asset value per share	$	11.79

1Investments, at cost	$	49,819,033
2Short-term investments held as collateral for loaned securities, at cost		3,475
3Foreign currencies, at cost		170,148

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

International Value Equity Series-6

Delaware VIP^® Trust —

Delaware VIP International Value Equity Series

Statement of operations

Six months ended June 30, 2019 (Unaudited)

Investment Income:
Dividends	$	1,179,146
Securities lending income		2,076
Interest		223
Foreign tax withheld		(126,834	)
		1,054,611
Expenses:
Management fees		204,651
Accounting and administration expenses		22,014
Audit and tax fees		18,139
Custodian fees		7,623
Reports and statements to shareholders expenses		6,018
Legal fees		5,590
Dividend disbursing and transfer agent fees and expenses		2,095
Trustees’ fees and expenses		1,488
Distribution expenses – Service Class		970
Registration fees		29
Other		7,206
		275,823
Less expenses waived		(24,838	)
Less expenses paid indirectly		(37	)
Total operating expenses		250,948
Net Investment Income		803,663
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		3,000,215
Foreign currencies		17,698
Foreign currency exchange contracts		(49,413	)
Net realized gain		2,968,500
Net change in unrealized appreciation (depreciation) of:
Investments		2,674,535
Foreign currencies		1,068
Net change in unrealized appreciation (depreciation)		2,675,603
Net Realized and Unrealized Gain		5,644,103
Net Increase in Net Assets Resulting from Operations	$	6,447,766

Delaware VIP Trust —

Delaware VIP International Value Equity Series

Statements of changes in net assets

	Six months ended 6/30/19 (Unaudited)			Year ended 12/31/18
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	803,663		$	1,096,769
Net realized gain		2,968,500			894,559
Net change in unrealized appreciation (depreciation)		2,675,603			(11,331,690	)
Net increase (decrease) in net assets resulting from operations		6,447,766			(9,340,362	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class		(1,885,628	)		(1,385,108	)
Service Class		(27,348	)		(11,061	)
		(1,912,976	)		(1,396,169	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		1,561,412			4,315,587
Service Class		170,902			319,083
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		1,885,628			1,385,108
Service Class		27,348			11,061
		3,645,290			6,030,839
Cost of shares redeemed:
Standard Class		(2,041,488	)		(3,274,187	)
Service Class		(157,942	)		(45,267	)
		(2,199,430	)		(3,319,454	)
Increase in net assets derived from capital share transactions		1,445,860			2,711,385
Net Increase (Decrease) in Net Assets		5,980,650			(8,025,146	)
Net Assets:
Beginning of period		43,949,215			51,974,361
End of period	$	49,929,865		$	43,949,215

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

International Value Equity Series-7

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

Financial highlights

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

	Delaware VIP International Value Equity Series Standard Class
	Six months ended 6/30/191 (Unaudited)			12/31/18			12/31/17			Year ended 12/31/16			12/31/15			12/31/14
Net asset value, beginning of period	$	10.73		$	13.39		$	11.11		$	10.84		$	10.99		$	12.19
Income (loss) from investment operations:
Net investment income2		0.19			0.27			0.25			0.19			0.19			0.25
Net realized and unrealized gain (loss)		1.36			(2.57	)		2.22			0.26			(0.11	)		(1.29	)
Total from investment operations		1.55			(2.30	)		2.47			0.45			0.08			(1.04	)
Less dividends and distributions from:
Net investment income		(0.26	)		(0.36	)		(0.19	)		(0.18	)		(0.23	)		(0.16	)
Net realized gain		(0.20	)		—			—			—			—			—
Total dividends and distributions		(0.46	)		(0.36	)		(0.19	)		(0.18	)		(0.23	)		(0.16	)
Net asset value, end of period	$	11.82		$	10.73		$	13.39		$	11.11		$	10.84		$	10.99
Total return3		14.56	%		(17.64	%)		22.51	%		4.19	%		0.49	%		(8.67	%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	49,308		$	43,416		$	51,613		$	65,633		$	62,285		$	57,986
Ratio of expenses to average net assets		1.04	%		1.06	%		1.06	%		1.02	%		1.04	%		1.07	%
Ratio of expenses to average net assets prior to fees waived		1.14	%		1.10	%		1.06	%		1.02	%		1.04	%		1.07	%
Ratio of net investment income to average net assets		3.34	%		2.21	%		2.00	%		1.78	%		1.66	%		2.13	%
Ratio of net investment income to average net assets prior to fees waived		3.24	%		2.17	%		2.00	%		1.78	%		1.66	%		2.13	%
Portfolio turnover		109	%		13	%		15	%		19	%		11	%		27	%

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

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

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

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

International Value Equity Series-8

Delaware VIP^® International Value Equity Series

Financial highlights (continued)

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

	Delaware VIP International Value Equity Series Service Class
	Six months ended 6/30/191 (Unaudited)			12/31/18			12/31/17			Year ended 12/31/16			12/31/15			12/31/14
Net asset value, beginning of period	$	10.70		$	13.36		$	11.09		$	10.82		$	10.97		$	12.16
Income (loss) from investment operations:
Net investment income2		0.18			0.24			0.22			0.16			0.16			0.22
Net realized and unrealized gain (loss)		1.35			(2.57	)		2.21			0.26			(0.11	)		(1.28	)
Total from investment operations		1.53			(2.33	)		2.43			0.42			0.05			(1.06	)
Less dividends and distributions from:
Net investment income		(0.24	)		(0.33	)		(0.16	)		(0.15	)		(0.20	)		(0.13	)
Net realized gain		(0.20	)		—			—			—			—			—
Total dividends and distributions		(0.44	)		(0.33	)		(0.16	)		(0.15	)		(0.20	)		(0.13	)
Net asset value, end of period	$	11.79		$	10.70		$	13.36		$	11.09		$	10.82		$	10.97
Total return3		14.39	%		(17.90	%)		22.18	%		3.92	%		0.24	%		(8.82	%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	622		$	533		$	361		$	330		$	147		$	156
Ratio of expenses to average net assets		1.34	%		1.35	%		1.31	%		1.27	%		1.29	%		1.32	%
Ratio of expenses to average net assets prior to fees waived		1.44	%		1.40	%		1.36	%		1.32	%		1.34	%		1.37	%
Ratio of net investment income to average net assets		3.04	%		1.92	%		1.75	%		1.53	%		1.41	%		1.88	%
Ratio of net investment income to average net assets prior to fees waived		2.94	%		1.87	%		1.70	%		1.48	%		1.36	%		1.83	%
Portfolio turnover		109	%		13	%		15	%		19	%		11	%		27	%

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

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

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

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

International Value Equity Series-9

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

Notes to financial statements

June 30, 2019 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust and offers 10 series: Delaware VIP Diversified Income Series, Delaware VIP Emerging Markets Series, Delaware VIP High Yield Series, Delaware VIP International Value Equity Series, Delaware VIP Limited-Term Diversified Income Series, Delaware VIP REIT Series, Delaware VIP Small Cap Value Series, Delaware VIP Smid Cap Core Series, Delaware VIP U.S. Growth Series, and Delaware VIP Value Series. These financial statements and the related notes pertain to Delaware VIP International Value Equity Series (Series). The Series is an open-end investment company. The Series is considered diversified under the Investment Company Act of 1940, as amended, and offers Standard Class and Service Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee and the Service Class shares carry a 12b-1 fee. The shares of the Series are sold only to separate accounts of life insurance companies.

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

1. Significant Accounting Policies

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

Security Valuation — Equity securities, except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Investments in repurchase agreements are generally valued at par, which approximates fair value, each business day. Open-end investment company securities are valued at net asset value (NAV) per share, as reported by the underlying investment company. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The Series may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before the Series values its securities, generally as of 4:00pm Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, the Series may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing). Restricted securities are valued at fair value using methods approved by the Board.

Federal and Foreign Income Taxes — No provision for federal income taxes has been made as the Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Series evaluates tax positions taken or expected to be taken in the course of preparing the Series’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Series’ tax positions taken or expected to be taken on the Series’ federal income tax returns through the six months ended June 30, 2019 and for all open tax years (years ended Dec. 31, 2016–Dec. 31, 2018), and has concluded that no provision for federal income tax is required in the Series’ financial statements. If applicable, the Series recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the “Statement of operations.” During the six months ended June 30, 2019, the Series did not incur any interest or tax penalties. In regard to foreign taxes only, the Series has open tax years in certain foreign countries in which it invests in that may date back to the inception of the Series.

Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Series on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Repurchase Agreements — The Series may purchase certain US government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Series’ custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. At June 30, 2019, the Series held no investments in repurchase agreements.

Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the Series’ prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the

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Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Series generally does not bifurcate that portion of realized gains and losses on investments attributable to changes in foreign exchange rates from that which is due to changes in market prices. These gains and losses are included on the “Statement of operations” under “Net realized gain (loss) on investments.” The Series reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

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

Other — Expenses directly attributable to the Series are charged directly to the Series. Other expenses common to various funds within the Delaware Funds^® by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Series is aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends have been recorded in accordance with the Series’ understanding of the applicable country’s tax rules and rates. The Series declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, following the close of the fiscal year. The Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2019, the Series earned $36 under this arrangement.

The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2019, the Series earned $1 under this arrangement.

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

In accordance with the terms of its investment management agreement, the Series pays Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rates of 0.85% on the first $500 million of average daily net assets of the Series, 0.80% on the next $500 million, 0.75% on the next $1.5 billion, and 0.70% on average daily net assets in excess of $2.5 billion.

DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fee, acquired fund fees and expenses, taxes, interest, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent annual series operating expenses from exceeding 1.04% of the Series’ average daily net assets from April 30, 2018 through June 30, 2019.* This waiver and reimbursement may only be terminated by agreement of DMC and the Series. The waiver and reimbursement are accrued daily and received monthly.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Series. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each Fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2019, the Series was charged $2,895 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC’s fees are calculated daily and paid monthly at the annual rate of 0.0075% of the Series’ average daily net assets. This amount is included on the “Statement of operations” under “Dividend disbursing and

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Notes to financial statements (continued)

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

transfer agent fees and expenses.” For the six months ended June 30, 2019, the Series was charged $1,806 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Series. Sub-transfer agency fees are paid by the Series and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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

As provided in the investment management agreement, the Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to the Series. For the six months ended June 30, 2019, the Series was charged $4,794 for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

Trustees’ fees include expenses accrued by the Series for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.

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

*The aggregate contractual waiver period covering this report is from May 1, 2018 through April 30, 2020.

3. Investments

For the six months ended June 30, 2019, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$52,320,725
Sales	51,818,501

At June 30, 2019, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2019, the cost and unrealized appreciation (depreciation) of investments for the Series were as follows:

Cost of Investments	Aggregate Unrealized Appreciation of Investments	Aggregate Unrealized Depreciation of Investments	Net Unrealized Depreciation of Investments
$49,822,508	$1,901,229	$(2,136,880)	$(235,651)

US GAAP defines fair value as the price that the Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Series’ investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized below.

Level 1	–	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, exchange-traded options contracts)
Level 2	–	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)
Level 3	–	Significant unobservable inputs, including the Series’ own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities, fair valued securities)

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Delaware VIP^® International Value Equity Series

Notes to financial statements (continued)

3. Investments (continued)

Level 3 investments are valued using significant unobservable inputs. The Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of June 30, 2019:

Securities	Level 1		Level 2		Total
Assets:
Common Stock
Denmark		—		2,158,012		2,158,012
France		1,987,196		10,678,295		12,665,491
Germany		—		4,306,669		4,306,669
Ireland		542,056		—		542,056
Japan		—		10,729,428		10,729,428
Netherlands		—		2,037,108		2,037,108
Sweden		—		5,378,680		5,378,680
Switzerland		—		6,321,183		6,321,183
United Kingdom		—		4,235,165		4,235,165
Exchange-Traded Funds		1,209,590		—		1,209,590
Securities Lending Collateral		—		3,475		3,475
Total Value of Securities	$	3,738,842	$	45,848,015	$	49,586,857

As a result of utilizing international fair value pricing at June 30, 2019, the majority of the common stock in the portfolio was categorized as Level 2.

During the six months ended June 30, 2019, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Series. This does not include transfers between Level 1 investments and Level 2 investments due to the Series utilizing international fair value pricing during the period. In accordance with the fair valuation procedures described in Note 1, international fair value pricing of securities in the Series’ occurs when market volatility exceeds an established rolling threshold. If the threshold is exceeded on a given date, then prices of international securities (those that traded on exchanges that close at a different time than the time that the Series’ NAV is determined) are established using a separate pricing feed from a third-party vendor designed to establish a price for each such security as of the time that the Series’ NAV is determined. Further, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded, causing a change in classification between levels. The Series’ policy is to recognize transfers between levels based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Series has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to net assets. During the six months ended June 30, 2019, there were no Level 3 investments.

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Delaware VIP^® International Value Equity Series

Notes to financial statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/19			Year ended 12/31/18
Shares sold:
Standard Class		137,493			352,272
Service Class		14,330			25,616
Shares issued upon reinvestment of dividends and distributions:
Standard Class		161,718			107,041
Service Class		2,350			856
		315,891			485,785
Shares redeemed:
Standard Class		(174,493	)		(266,457	)
Service Class		(13,742	)		(3,703	)
		(188,235	)		(270,160	)
Net increase		127,656			215,625

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $220,000,000 revolving line of credit to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement expires on Nov. 4, 2019.

The Series had no amounts outstanding as of June 30, 2019, or at any time during the period then ended.

6. Derivatives

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

Foreign Currency Exchange Contracts

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

The use of foreign currency exchange contracts and foreign cross currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities, but does establish a rate of exchange that can be achieved in the future. Although foreign currency exchange contracts and foreign cross currency exchange contracts limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Series could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. The Series’ maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between the Series and the counterparty and by the posting of collateral by the counterparty to the Series to cover the Series’ exposure to the counterparty. No foreign currency exchange contracts and foreign cross currency contracts were outstanding at June 30, 2019.

During the six months ended June 30, 2019, the Series entered into foreign currency exchange contracts and foreign cross currency exchange contracts to fix the US dollar value of a security between trade date and settlement date.

During the six months ended June 30, 2019, the Series experienced net realized gains or losses attributable to foreign currency holdings, which is disclosed on the “Statement of assets and liabilities” and “Statement of operations.”

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Notes to financial statements (continued)

6. Derivatives (continued)

Derivatives Generally. The table below summarizes the average balance of derivative holdings by the Series during the six months ended June 30, 2019.

	Long Derivatives Volume			Short Derivatives Volume
Foreign currency exchange contracts (Average cost)		$	560,076		$	491,311

7. Offsetting

Securities Lending

Securities lending transactions are entered into by the Series under master securities lending agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Series, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MLSA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and the Series can reinvest cash collateral, or, upon an event of default, resell, or re-pledge the collateral (see also Note 8).

As of June 30, 2019, the following table is a summary of the Series securities lending agreement by counterparty which are subject to offset under an MSLA:

Counterparty	Securities Loaned at Value			Cash Collateral Received - Invested in Securities(a)				Fair Value of Non-Cash  Collateral Received			Net Collateral Received				Net Exposure(b)
BNY Mellon		$	2,974,851		$	(2,974,851	)		$	—		$	(2,974,851	)		$	—

^(a)The value of the related collateral received exceeded the value of the repurchase agreements and securities loaned at value, as applicable, as of June 30, 2019.

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

8. Securities Lending

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

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

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral

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Notes to financial statements (continued)

8. Securities Lending (continued)

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

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

The following table reflects a breakdown of transactions in securities lending collateral accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of June 30, 2019:

Remaining Contractual Maturity of the Agreements as of June 30, 2019

Securities Lending Transactions	Overnight and Continuous			Under 30 days			Between 30 and 90 days			Over 90 days			Total
Repurchase Agreements		$	3,475		$	—		$	—		$	—		$	3,475

At June 30, 2019, the value of securities on loan was $2,974,851 for which the Series received cash collateral of $3,475. At June 30, 2019, the value of invested collateral was $3,475. Investments purchased with cash collateral are presented on the “Schedule of investments” under the caption “Securities Lending Collateral.”

9. Credit and Market Risk

Some countries in which the Series may invest require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid, and more volatile than the major securities markets in the US. Consequently, acquisition and disposition of securities by the Series may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Series.

The Series may invest up to 10% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Series’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series’ 10% limit on investments in illiquid securities. As of June 30, 2019, there were no Rule 144A securities held by the Series. Restricted securities are valued pursuant to the security valuation procedures described in Note 1.

10. Contractual Obligations

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

11. Recent Accounting Pronouncements

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

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Delaware VIP^® International Value Equity Series

Notes to financial statements (continued)

12. Subsequent Events

On July 15, 2019, the shareholders of the Series approved the following: (1) an amendment to the fundamental investment restriction related to industry concentration; and (2) a change in the diversification status. These changes became effective on or about July 22, 2019.

Management has determined that no other material events or transactions occurred subsequent to June 30, 2019, that would require recognition or disclosure in the Series’ financial statements.

International Value Equity Series-17

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

Other Series information (Unaudited)

The Series files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT (available for filings after March 31, 2019). The Series’ Forms N-Q or Forms N-PORT, as well as a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Series’ most recent Form N-Q or Form N-PORT are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-Q and Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how the Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

SA-VIPIVE 22328 (8/19) (912909) International Value Equity Series-18

Delaware VIP^® Trust

Delaware VIP Limited-Term Diversified Income Series

June 30, 2019

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

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

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

Table of contents

	Disclosure of Series expenses	1
	Security type / sector allocation	2
	Schedule of investments	3
	Statement of assets and liabilities	11
	Statement of operations	12
	Statements of changes in net assets	12
	Financial highlights	13
	Notes to financial statements	15
	Other Series information	23

Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. The Series is governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of June 30, 2019, and subject to change for events occurring after such date.

The Series is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested.

Advisory services provided by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment advisor.

The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited. Macquarie Investment Management (MIM), a member of Macquarie Group, is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide.

This material may be used in conjunction with the offering of shares in Delaware VIP Limited-Term Diversified Income Series only if preceded or accompanied by the Series’ current prospectus or the summary prospectus.

© 2019 Macquarie Management Holdings, Inc.

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

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

Disclosure of Series expenses

For the six-month period from January 1, 2019 to June 30, 2019 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from Jan. 1, 2019 to June 30, 2019.

Actual expenses

The first section of the table shown, “Actual Series return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical example for comparison purposes

The second section of the table shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on the Series’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Series’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Series and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Series, you do not incur any transaction costs, such as sales charges (loads), redemption fees or exchange fees, but shareholders of other funds may incur such costs. Also, the fees related to the variable annuity investment or the deferred sales charge that could apply have not been included. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The Series’ expenses shown in the table reflect fee waivers in effect and assume reinvestment of all dividends and distributions.

Expense analysis of an investment of $1,000

	Beginning Account Value 1/1/19			Ending Account Value 6/30/19			Annualized Expense Ratio			Expenses Paid During Period 1/1/19 to 6/30/19*
Actual Series return†
Standard Class		$	1,000.00		$	1,035.50		0.54	%		$	2.73
Service Class			1,000.00			1,033.00		0.84	%			4.23
Hypothetical 5% return (5% return before expenses)
Standard Class		$	1,000.00		$	1,022.12		0.54	%		$	2.71
Service Class			1,000.00			1,020.63		0.84	%			4.21

*“ Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^†  Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

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

Limited-Term Diversified Income Series-1

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

Security type / sector allocation

As of June 30, 2019 (Unaudited)

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

Security type / sector	Percentage of net assets
Agency Asset-Backed Security		0.00	%
Agency Collateralized Mortgage Obligations		0.50	%
Agency Commercial Mortgage-Backed Securities		0.36	%
Agency Mortgage-Backed Securities		16.95	%
Agency Obligation		1.00	%
Corporate Bonds		36.95	%
Banking		18.33	%
Basic Industry		1.02	%
Capital Goods		1.80	%
Communications		2.94	%
Consumer Cyclical		0.83	%
Consumer Non-Cyclical		2.38	%
Electric		4.90	%
Energy		1.95	%
Finance Companies		1.29	%
Insurance		0.40	%
Natural Gas		0.13	%
Technology		0.98	%
Non-Agency Asset-Backed Securities		25.80	%
Non-Agency Collateralized Mortgage Obligations		0.47	%
Non-Agency Commercial Mortgage-Backed Security		0.04	%
Sovereign Bond		1.04	%
Supranational Banks		1.79	%
US Treasury Obligations		8.09	%
Preferred Stock		0.20	%
Short-Term Investments		6.50	%
Total Value of Securities		99.69	%
Receivables and Other Assets Net of Liabilities		0.31	%
Total Net Assets		100.00	%

Limited-Term Diversified Income Series-2

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

Schedule of investments

June 30, 2019 (Unaudited)

	Principal amount°		Value (US $)
Agency Asset-Backed Security - 0.00%
Fannie Mae Grantor Trust
Series 2003-T4 2A5 4.678% 9/26/33 •		12,432	$	13,763
Total Agency Asset-Backed Security (cost $12,330)				13,763
Agency Collateralized Mortgage Obligations - 0.50%
Fannie Mae Connecticut Avenue Securities
Series 2016-C03 1M1 4.404% (LIBOR01M + 2.00%) 10/25/28 •		401,501		404,293
Series 2016-C04 1M1 3.854% (LIBOR01M + 1.45%) 1/25/29 •		224,842		225,507
Series 2017-C01 1M1 3.704% (LIBOR01M + 1.30%) 7/25/29 •		290,663		291,659
Fannie Mae Grantor Trust Series 2001-T5 A2 6.98% 6/19/41 •		10,151		11,485
FDIC Guaranteed Notes Trust Series 2010-S2 1A 144A 2.902% (LIBOR01M + 0.50%, Cap 10.00%, Floor 0.45%) 11/29/37 #•		1,288,588		1,287,404
Freddie Mac REMICs
Series 3067 FA 2.744% (LIBOR01M + 0.35%, Cap 7.00%, Floor 0.35%) 11/15/35 •		617,527		616,997
Series 3800 AF 2.894% (LIBOR01M + 0.50%, Cap 7.00%, Floor 0.50%) 2/15/41 •		1,202,367		1,208,882
Freddie Mac Structured Agency Credit Risk Debt Notes
Series 2015-DNA3 M2 5.254% (LIBOR01M + 2.85%) 4/25/28 •		380,915		388,071
Series 2015-HQA1 M2 5.054% (LIBOR01M + 2.65%) 3/25/28 •		168,709		170,114
Series 2016-DNA3 M2 4.404% (LIBOR01M + 2.00%) 12/25/28 •		200,085		200,953
Series 2016-DNA4 M2 3.704% (LIBOR01M + 1.30%, Floor 1.30%) 3/25/29 •		390,988		392,047
Series 2016-HQA2 M2 4.654% (LIBOR01M + 2.25%) 11/25/28 •		260,780		263,325
Series 2017-DNA3 M2 4.904% (LIBOR01M + 2.50%) 3/25/30 •		450,000		460,094
Freddie Mac Structured Pass Through Certificates
Series T-54 2A 6.50% 2/25/43 ◆		666		790
Series T-58 2A 6.50% 9/25/43 ◆		13,794		16,027

	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
NCUA Guaranteed Notes Trust Series 2011-R2 1A 2.819% (LIBOR01M + 0.40%, Cap 8.00%, Floor 0.40%) 2/6/20 •		823,469	$	824,176
Total Agency Collateralized Mortgage Obligations (cost $6,730,134)				6,761,824
Agency Commercial Mortgage-Backed Securities - 0.36%
Fannie Mae Multifamily Remic Trust Series 2015-M12 FA 2.782% (LIBOR01M + 0.34%, Floor 0.34%) 4/25/20 •		59,495		59,401
FREMF Mortgage Trust
Series 2011-K15 B 144A 5.116% 8/25/44 #•		125,000		130,982
Series 2012-K22 B 144A 3.812% 8/25/45 #•		1,115,000		1,154,391
Series 2013-K712 B 144A 3.454% 5/25/45 #•		625,000		625,217
Series 2014-K717 B 144A 3.753% 11/25/47 #•		635,000		650,681
Series 2014-K717 C 144A 3.753% 11/25/47 #•		215,000		218,567
Series 2016-K722 B 144A 3.971% 7/25/49 #•		535,000		549,889
NCUA Guaranteed Notes Trust Series 2011-C1 2A 2.949% (LIBOR01M + 0.53%, Cap 8.00%, Floor 0.53%) 3/9/21 •		1,412,358		1,412,653
Total Agency Commercial Mortgage-Backed Securities (cost $4,781,572)				4,801,781
Agency Mortgage-Backed Securities - 16.95%
Fannie Mae ARM
4.323% (LIBOR12M + 1.552%, Cap 9.623%, Floor 1.552%) 8/1/34 •		4,573		4,770
4.343% (LIBOR12M + 1.593%, Cap 9.808%, Floor 1.593%) 9/1/38 •		170,508		176,727
4.374% (LIBOR12M + 1.593%, Cap 11.209%, Floor 1.593%) 8/1/36 •		6,457		6,839
4.463% (LIBOR12M + 1.678%, Cap 11.207%, Floor 1.678%) 6/1/36 •		4,795		5,029
4.549% (LIBOR12M + 1.799%, Cap 11.328%, Floor 1.799%) 7/1/36 •		8,395		8,864

Limited-Term Diversified Income Series-3

Delaware VIP^® Limited-Term Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Agency Mortgage-Backed
Securities (continued)
Fannie Mae ARM
4.585% (LIBOR12M + 1.83%, Cap 10.159%, Floor 1.83%) 8/1/35 •		1,492	$	1,568
4.609% (LIBOR12M + 1.859%, Cap 10.109%, Floor 1.859%) 7/1/36 •		1,737		1,831
4.616% (H15T1Y + 2.142%, Cap 9.908%, Floor 2.142%) 12/1/33 •		3,893		4,161
4.754% (LIBOR12M + 1.754%, Cap 11.211%, Floor 1.754%) 4/1/36 •		2,647		2,769
Fannie Mae S.F. 30 yr
4.50% 11/1/39		487,645		526,316
4.50% 7/1/40		519,376		564,834
4.50% 8/1/40		125,139		134,251
4.50% 8/1/41		1,234,027		1,337,654
4.50% 10/1/43		1,434,571		1,540,055
4.50% 2/1/46		15,329,041		16,459,524
4.50% 11/1/47		12,970,507		13,945,290
4.50% 12/1/48		9,814,685		10,307,441
5.00% 6/1/44		1,171,313		1,288,055
5.00% 7/1/47		4,151,916		4,501,113
5.00% 8/1/48		31,890,049		34,385,566
5.00% 12/1/48		28,862,422		31,054,979
5.50% 5/1/44		55,242,673		61,354,754
5.50% 8/1/48		1,104,805		1,202,794
6.00% 6/1/41		2,398,639		2,718,469
6.00% 7/1/41		11,140,970		12,633,577
6.00% 1/1/42		2,101,773		2,382,274
Freddie Mac ARM
4.635% (LIBOR12M + 1.885%, Cap 10.097%) 7/1/38 •		104,171		109,620
4.65% (LIBOR12M + 1.775%, Cap 11.228%) 10/1/37 •		34,069		35,784
4.68% (LIBOR12M + 1.93%, Cap 10.015%) 8/1/38 •		2,139		2,219
Freddie Mac S.F. 30 yr
4.50% 5/1/40		2,972,790		3,209,093
4.50% 3/1/42		814,560		875,301
4.50% 8/1/42		5,633,770		6,053,175
4.50% 8/1/44		227,587		244,530
4.50% 7/1/45		1,670,620		1,794,958
5.00% 12/1/44		3,109,476		3,378,039
5.50% 6/1/41		2,165,203		2,405,459
5.50% 9/1/41		3,794,988		4,215,503
6.00% 7/1/40		6,220,860		7,053,848
GNMA II S.F. 30 yr
5.00% 9/20/46		532,963		585,802
5.50% 5/20/37		150,679		160,610
6.00% 2/20/39		168,652		182,635
6.00% 10/20/39		676,550		750,819
6.00% 2/20/40		722,287		791,469

	Principal amount°		Value (US $)
Agency Mortgage-Backed Securities (continued)
GNMA II S.F. 30 yr
6.00% 4/20/46		220,065	$	250,640
6.50% 6/20/39		574,367		665,557
Total Agency Mortgage-Backed Securities (cost $227,583,999)				229,314,565
Agency Obligation - 1.00%
Federal Home Loan Bank 2.70% 6/10/22		13,500,000		13,511,371
Total Agency Obligation (cost $13,500,000)				13,511,371
Corporate Bonds - 36.95%
Banking - 18.33%
Banco Santander
2.706% 6/27/24		4,400,000		4,409,680
3.50% 4/11/22		3,800,000		3,899,033
Bank of America
3.458% 3/15/25 µ		3,620,000		3,757,662
5.625% 7/1/20		7,475,000		7,718,178
Bank of Montreal 3.10% 4/13/21		3,170,000		3,219,129
Bank of New York Mellon 3.633% (LIBOR03M + 1.05%) 10/30/23 •		4,255,000		4,333,354
BB&T 3.75% 12/6/23		7,405,000		7,817,156
Citibank
3.165% 2/19/22 µ		8,670,000		8,781,390
3.40% 7/23/21		2,170,000		2,216,268
Citizens Bank
2.45% 12/4/19		5,065,000		5,065,197
3.248% (LIBOR03M + 0.72%) 2/14/22 •		7,515,000		7,525,056
Commonwealth Bank of Australia 2.40% 11/2/20		8,600,000		8,614,745
Compass Bank 2.875% 6/29/22		7,155,000		7,221,086
Credit Suisse Group
144A 4.207% 6/12/24 #µ		2,935,000		3,083,533
144A 7.25%#µy		2,425,000		2,608,948
Credit Suisse Group Funding Guernsey 3.80% 6/9/23		1,640,000		1,701,309
Fifth Third Bancorp 3.65% 1/25/24		1,500,000		1,577,166
Goldman Sachs Group 6.00% 6/15/20		7,860,000		8,122,445
Huntington Bancshares 2.30% 1/14/22		2,670,000		2,668,594
Huntington National Bank
2.50% 8/7/22		1,400,000		1,408,519
3.125% 4/1/22		3,810,000		3,884,794
JPMorgan Chase & Co. 4.023% 12/5/24 µ		13,570,000		14,417,741
KeyBank
2.30% 9/14/22		1,245,000		1,246,733
2.40% 6/9/22		495,000		496,825
3.18% 5/22/22		940,000		957,729

Limited-Term Diversified Income Series-4

Delaware VIP^® Limited-Term Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
Kreditanstalt fuer Wiederaufbau 1.00% 7/15/19		35,000,000	$	34,982,339
Lloyds Banking Group 2.907% 11/7/23 µ		3,325,000		3,323,593
Manufacturers & Traders Trust 2.05% 8/17/20		4,255,000		4,247,347
Morgan Stanley
2.75% 5/19/22		260,000		262,800
3.737% 4/24/24 µ		1,045,000		1,089,859
3.78% (LIBOR03M + 1.22%) 5/8/24 •		6,010,000		6,097,674
5.50% 1/26/20		4,605,000		4,684,666
PNC Bank
2.70% 11/1/22		505,000		510,057
2.763% (LIBOR03M + 0.31%) 6/10/21 •		15,875,000		15,893,220
PNC Financial Services Group 3.45% 4/23/29		795,000		837,291
Regions Financial
2.75% 8/14/22		1,090,000		1,097,883
3.80% 8/14/23		1,975,000		2,066,883
Royal Bank of Scotland Group
3.875% 9/12/23		3,340,000		3,427,965
4.269% 3/22/25 µ		925,000		956,910
8.625%µy		2,095,000		2,263,124
Santander UK
2.125% 11/3/20		3,250,000		3,234,027
144A 5.00% 11/7/23 #		2,050,000		2,166,369
SunTrust Bank 2.80% 5/17/22		8,080,000		8,184,920
Toronto-Dominion Bank 2.25% 11/5/19		6,935,000		6,933,053
UBS Group Funding Switzerland
144A 2.65% 2/1/22 #		1,795,000		1,804,168
144A 3.00% 4/15/21 #		5,915,000		5,969,576
6.875%µy		390,000		406,662
US Bancorp 3.375% 2/5/24		2,330,000		2,432,289
US Bank
2.05% 10/23/20		14,455,000		14,428,870
3.40% 7/24/23		1,340,000		1,399,688
USB Capital IX 3.617% (LIBOR03M + 1.02%)y•		2,220,000		1,818,224
Zions Bancorp 3.35% 3/4/22		775,000		789,470
				248,061,197
Basic Industry - 1.02%
DuPont de Nemours 4.205% 11/15/23		8,345,000		8,935,831
Georgia-Pacific 144A 5.40% 11/1/20 #		2,365,000		2,459,934
Syngenta Finance
144A 3.933% 4/23/21 #		1,445,000		1,471,337
144A 4.441% 4/24/23 #		845,000		878,666
				13,745,768
Capital Goods - 1.80%
General Electric 2.70% 10/9/22		1,430,000		1,428,420

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Capital Goods (continued)
General Electric 2.945% (LIBOR03M + 0.38%) 5/5/26 •		305,000	$	277,649
L3 Technologies 3.85% 6/15/23		970,000		1,012,392
nVent Finance 3.95% 4/15/23		9,970,000		10,112,920
United Technologies
2.30% 5/4/22		6,550,000		6,544,688
3.65% 8/16/23		485,000		508,074
Waste Management 2.95% 6/15/24		4,330,000		4,455,094
				24,339,237
Communications - 2.94%
American Tower Trust #1 144A 3.07% 3/15/23 #		1,575,000		1,601,520
AT&T 3.616% (LIBOR03M + 1.18%) 6/12/24 •		5,055,000		5,122,154
Comcast 3.227% (LIBOR03M + 0.63%) 4/15/24 •		6,500,000		6,531,559
Crown Castle International 5.25% 1/15/23		2,095,000		2,281,843
Fox
144A 3.666% 1/25/22 #		6,580,000		6,800,405
144A 4.03% 1/25/24 #		4,025,000		4,282,107
GTP Acquisition Partners I 144A 2.35% 6/15/20 #		1,080,000		1,076,649
Sprint Spectrum 144A 4.738% 3/20/25 #		1,745,000		1,814,800
Time Warner Entertainment 8.375% 3/15/23		8,635,000		10,234,999
				39,746,036
Consumer Cyclical - 0.83%
Ford Motor Credit 3.336% 3/18/21		720,000		723,310
General Motors Financial
3.45% 4/10/22		2,145,000		2,176,315
4.15% 6/19/23		1,290,000		1,329,598
5.10% 1/17/24		2,680,000		2,867,773
IHS Markit 3.625% 5/1/24		2,605,000		2,688,100
SBA Tower Trust 144A 2.898% 10/15/19 #		1,520,000		1,519,978
				11,305,074
Consumer Non-Cyclical - 2.38%
Anheuser-Busch 3.65% 2/1/26		1,835,000		1,931,581
Bristol-Myers Squibb 144A 2.90% 7/26/24 #		5,320,000		5,440,309
Cigna
144A 3.487% (LIBOR03M + 0.89%) 7/15/23 #•		6,130,000		6,128,968
144A 3.75% 7/15/23 #		1,630,000		1,697,289
CVS Health 3.35% 3/9/21		4,795,000		4,861,497
Keurig Dr Pepper 3.551% 5/25/21		2,550,000		2,604,634
Molson Coors Brewing 2.10% 7/15/21		3,845,000		3,823,042

Limited-Term Diversified Income Series-5

Delaware VIP^® Limited-Term Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
Shire Acquisitions Investments Ireland 1.90% 9/23/19		5,675,000	$	5,666,522
				32,153,842
Electric - 4.90%
AEP Texas 2.40% 10/1/22		5,720,000		5,739,196
Arizona Public Service 2.20% 1/15/20		8,255,000		8,244,718
CenterPoint Energy
3.85% 2/1/24		2,970,000		3,115,681
6.125%µy		2,000,000		2,073,570
Cleveland Electric Illuminating 5.50% 8/15/24		5,210,000		5,910,255
DTE Energy 2.40% 12/1/19		2,350,000		2,349,962
Duke Energy 1.80% 9/1/21		3,140,000		3,106,751
Entergy 4.00% 7/15/22		3,797,000		3,950,196
Entergy Louisiana 4.05% 9/1/23		480,000		510,814
Exelon 2.85% 6/15/20		3,500,000		3,513,590
Exelon Generation 4.25% 6/15/22		1,675,000		1,753,881
Fortis 2.10% 10/4/21		3,715,000		3,683,290
IPALCO Enterprises 3.45% 7/15/20		4,765,000		4,795,771
Nevada Power 2.75% 4/15/20		2,110,000		2,117,749
NextEra Energy Capital Holdings 3.15% 4/1/24		4,520,000		4,641,547
NRG Energy 144A 3.75% 6/15/24 #		3,960,000		4,070,005
NV Energy 6.25% 11/15/20		2,350,000		2,471,237
Vistra Operations 144A 3.55% 7/15/24 #		4,230,000		4,257,618
				66,305,831
Energy - 1.95%
Continental Resources 3.80% 6/1/24		4,455,000		4,583,538
Enbridge Energy Partners
4.375% 10/15/20		1,095,000		1,120,008
5.20% 3/15/20		225,000		228,915
Enterprise Products Operating 3.125% 7/31/29		1,475,000		1,485,730
Marathon Oil 2.80% 11/1/22		2,310,000		2,320,644
ONEOK 7.50% 9/1/23		4,745,000		5,557,407
Sabine Pass Liquefaction 5.75% 5/15/24		4,505,000		5,011,307
Schlumberger Holdings 144A 3.75% 5/1/24 #		5,865,000		6,122,350
				26,429,899
Finance Companies - 1.29%
Aviation Capital Group
144A 2.875% 1/20/22 #		5,430,000		5,468,985
144A 4.375% 1/30/24 #		335,000		352,880
Avolon Holdings Funding
144A 3.95% 7/1/24 #		3,485,000		3,575,018
144A 4.375% 5/1/26 #		620,000		638,879
International Lease Finance 8.625% 1/15/22		6,480,000		7,397,437
				17,433,199

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Insurance - 0.40%
AXA Equitable Holdings 3.90% 4/20/23		1,985,000	$	2,068,667
UnitedHealth Group 3.50% 2/15/24		1,225,000		1,284,445
Willis North America 3.60% 5/15/24		1,965,000		2,032,047
				5,385,159
Natural Gas - 0.13%
NiSource 5.65%µy		1,850,000		1,805,073
				1,805,073
Technology - 0.98%
International Business Machines 3.00% 5/15/24		2,260,000		2,322,739
Microchip Technology
3.922% 6/1/21		1,240,000		1,262,496
4.333% 6/1/23		2,250,000		2,344,363
NXP 144A 4.875% 3/1/24 #		6,825,000		7,323,020
				13,252,618
Total Corporate Bonds (cost $489,298,049)				499,962,933
Non-Agency Asset-Backed Securities - 25.80%
American Express Credit Account Master Trust
Series 2017-2 A 2.844% (LIBOR01M + 0.45%) 9/16/24 •		10,260,000		10,312,499
Series 2017-5 A 2.774% (LIBOR01M + 0.38%) 2/18/25 •		2,425,000		2,427,151
Series 2017-8 A 2.514% (LIBOR01M + 0.12%, Floor 0.12%) 5/16/22 •		3,920,000		3,921,176
Series 2018-5 A 2.734% (LIBOR01M + 0.34%) 12/15/25 •		13,040,000		13,032,163
Series 2018-7 A 2.754% (LIBOR01M + 0.36%) 2/17/26 •		5,650,000		5,645,652
Series 2018-9 A 2.774% (LIBOR01M + 0.38%) 4/15/26 •		3,800,000		3,803,427
Series 2019-2 A 2.67% 11/15/24		8,000,000		8,134,334
ARI Fleet Lease Trust Series 2018-B A2 144A 3.22% 8/16/27 #		8,000,000		8,069,735
BA Credit Card Trust
Series 2017-A1 A1 1.95% 8/15/22		6,430,000		6,416,825
Series 2018-A3 A3 3.10% 12/15/23		1,760,000		1,797,785
Barclays Dryrock Issuance Trust Series 2017-1 A 2.724% (LIBOR01M + 0.33%, Floor 0.33%) 3/15/23 •		6,410,000		6,419,002
BMW Floorplan Master Owner Trust Series 2018-1 A2 144A 2.714% (LIBOR01M + 0.32%) 5/15/23 #•		2,200,000		2,201,506
Cabela’s Credit Card Master Note Trust Series 2015-1A A1 2.26% 3/15/23		5,805,000		5,800,962

Limited-Term Diversified Income Series-6

Delaware VIP^® Limited-Term Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Non-Agency Asset-Backed Securities (continued)
CarMax Auto Owner Trust Series 2018-1 A2B 2.544% (LIBOR01M + 0.15%) 5/17/21 •		1,301,158	$	1,300,860
Chase Issuance Trust
Series 2015-A4 A4 1.84% 4/15/22		7,895,000		7,877,740
Series 2016-A3 A3 2.944% (LIBOR01M + 0.55%) 6/15/23 •		15,735,000		15,846,695
Series 2016-A4 A4 1.49% 7/15/22		754,000		749,267
Series 2017-A1 A 2.694% (LIBOR01M + 0.30%) 1/15/22 •		3,440,000		3,443,951
Series 2017-A2 A 2.794% (LIBOR01M + 0.40%) 3/15/24 •		4,555,000		4,574,531
Series 2018-A1 A1 2.594% (LIBOR01M + 0.20%) 4/17/23 •		5,240,000		5,245,241
Chesapeake Funding II
Series 2017-2A A2 144A 2.844% (LIBOR01M + 0.45%, Floor 0.45%) 5/15/29 #•		1,757,728		1,757,172
Series 2017-4A A2 144A 2.734% (LIBOR01M + 0.34%) 11/15/29 #•		3,193,571		3,189,369
Citibank Credit Card Issuance Trust
Series 2016-A3 A3 2.909% (LIBOR01M + 0.49%) 12/7/23 •		15,395,000		15,498,153
Series 2017-A5 A5 3.024% (LIBOR01M + 0.62%, Floor 0.62%) 4/22/26 •		1,000,000		1,006,386
Series 2017-A7 A7 2.782% (LIBOR01M + 0.37%) 8/8/24 •		19,325,000		19,369,401
Series 2017-A9 A9 1.80% 9/20/21		1,500,000		1,497,943
Series 2018-A2 A2 2.713% (LIBOR01M + 0.33%) 1/20/25 •		10,455,000		10,447,618
Series 2018-A4 A4 2.759% (LIBOR01M + 0.34%) 6/7/25 •		1,990,000		1,986,814
CNH Equipment Trust Series 2019-A A2 2.96% 5/16/22		5,600,000		5,636,729
Discover Card Execution Note Trust
Series 2017-A7 A7 2.754% (LIBOR01M + 0.36%) 4/15/25 •		10,490,000		10,496,199
Series 2018-A2 A2 2.724% (LIBOR01M + 0.33%) 8/15/25 •		9,375,000		9,355,949
Series 2018-A3 A3 2.624% (LIBOR01M + 0.23%, Floor 0.23%) 12/15/23 •		6,920,000		6,926,229
Enterprise Fleet Financing Series 2017-2 A2 144A 1.97% 1/20/23 #		4,969,951		4,958,976
Ford Credit Auto Lease Trust Series 2018-A A2A 2.71% 12/15/20		5,685,776		5,690,334
Ford Credit Auto Owner Trust Series 2017-A A3 1.67% 6/15/21		3,503,787		3,493,213

	Principal amount°		Value (US $)
Non-Agency Asset-Backed Securities (continued)
Ford Credit Auto Owner Trust Series 2017-C A3 2.01% 3/15/22		2,250,000	$	2,246,344
Ford Credit Floorplan Master Owner Trust A
Series 2017-1 A2 2.814% (LIBOR01M + 0.42%) 5/15/22 •		425,000		425,781
Series 2017-2 A2 2.744% (LIBOR01M + 0.35%, Floor 0.62%) 9/15/22 •		17,200,000		17,212,002
Series 2018-1 A2 2.674% (LIBOR01M + 0.28%) 5/15/23 •		1,725,000		1,722,781
Series 2018-3 A1 3.52% 10/15/23		3,900,000		4,010,700
GMF Floorplan Owner Revolving Trust
Series 2017-1 A1 144A 2.22% 1/18/22 #		2,150,000		2,147,924
Series 2017-1 A2 144A 2.964% (LIBOR01M + 0.57%) 1/18/22 #•		500,000		501,500
Great American Auto Leasing Series 2019-1 A2 144A 2.97% 6/15/21 #		4,500,000		4,519,980
HOA Funding Series 2014-1A A2 144A 4.846% 8/20/44 #		330,325		330,583
Hyundai Auto Lease Securitization Trust
Series 2017-C A3 144A 2.12% 2/16/21 #		2,500,000		2,497,063
Series 2018-A A3 144A 2.81% 4/15/21 #		1,300,000		1,304,912
Invitation Homes Trust Series 2018-SFR1 A 144A 3.094% (LIBOR01M + 0.70%) 3/17/37 #•		3,326,087		3,284,492
Mercedes-Benz Auto Lease Trust Series 2018-B A2 3.04% 12/15/20		3,584,055		3,591,252
Mercedes-Benz Master Owner Trust
Series 2017-BA A 144A 2.814% (LIBOR01M + 0.42%) 5/16/22 #•		7,080,000		7,091,365
Series 2018-BA A 144A 2.734% (LIBOR01M + 0.34%) 5/15/23 #•		2,400,000		2,400,892
MMAF Equipment Finance Series 2015-AA A5 144A 2.49% 2/19/36 #		1,595,000		1,605,172
Navistar Financial Dealer Note Master Owner Trust II Series 2018-1 A 144A 3.034% (LIBOR01M + 0.63%, Floor 0.63%) 9/25/23 #•		600,000		601,183
Nissan Master Owner Trust Receivables
Series 2017-B A 2.824% (LIBOR01M + 0.43%) 4/18/22 •		2,170,000		2,173,677
Series 2017-C A 2.714% (LIBOR01M + 0.32%) 10/17/22 •		3,720,000		3,721,441

Limited-Term Diversified Income Series-7

Delaware VIP^® Limited-Term Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Non-Agency Asset-Backed Securities (continued)
PFS Financing
Series 2018-A A 144A 2.794% (LIBOR01M + 0.40%) 2/15/22 #•		610,000	$	610,100
Series 2018-C A 144A 2.874% (LIBOR01M + 0.48%) 4/15/22 #•		2,900,000		2,899,106
Series 2018-E A 144A 2.844% (LIBOR01M + 0.45%) 10/15/22 #•		3,090,000		3,090,176
Popular ABS Mortgage Pass Through Trust Series 2006-C A4 2.654% (LIBOR01M + 0.25%, Cap 14.00%, Floor 0.25%) 7/25/36 ◆•		610,642		608,059
Tesla Auto Lease Trust Series 2018-B A 144A 3.71% 8/20/21 #		4,171,654		4,233,649
Towd Point Mortgage Trust
Series 2015-5 A1B 144A 2.75% 5/25/55 #•		439,307		440,183
Series 2015-6 A1B 144A 2.75% 4/25/55 #•		519,734		522,712
Toyota Auto Receivables Owner Trust
Series 2018-A A2B 2.464% (LIBOR01M + 0.07%) 10/15/20 •		2,042,666		2,042,411
Series 2018-C A2B 2.514% (LIBOR01M + 0.12%) 8/16/21 •		2,021,498		2,020,973
Trafigura Securitisation Finance
Series 2017-1A A1 144A 3.244% (LIBOR01M + 0.85%) 12/15/20 #•		7,415,000		7,414,985
Series 2018-1A A1 144A 3.124% (LIBOR01M + 0.73%) 3/15/22 #•		250,000		248,411
Verizon Owner Trust
Series 2016-2A A 144A 1.68% 5/20/21 #		3,268,953		3,262,901
Series 2017-1A A 144A 2.06% 9/20/21 #		3,379,716		3,375,076
Series 2017-3A A1B 144A 2.653% (LIBOR01M + 0.27%) 4/20/22 #•		9,825,000		9,824,990
Series 2018-1A A1B 144A 2.643% (LIBOR01M + 0.26%) 9/20/22 #•		5,070,000		5,067,501
Series 2019-A A1A 2.93% 9/20/23		3,445,000		3,505,258
Series 2019-B A1B 2.891% (LIBOR01M + 0.45%) 12/20/23 •		1,500,000		1,499,992
Volkswagen Auto Loan Enhanced Trust Series 2018-1 A2B 2.563% (LIBOR01M + 0.18%) 7/20/21 •		794,379		794,502
Volvo Financial Equipment Master Owner Trust Series 2017-A A 144A 2.894% (LIBOR01M + 0.50%) 11/15/22 #•		15,000,000		15,043,388

	Principal amount°		Value (US $)
Non-Agency Asset-Backed Securities (continued)
Wheels SPV 2 Series 2018-1A A2 144A 3.06% 4/20/27 #		2,862,817	$	2,878,193
Total Non-Agency Asset-Backed Securities (cost $348,666,452)				349,102,597
Non-Agency Collateralized Mortgage Obligations - 0.47%
Galton Funding Mortgage Trust Series 2018-1 A43 144A 3.50% 11/25/57 #•		482,319		485,746
JPMorgan Mortgage Trust Series 2014-IVR6 2A4 144A 2.50% 7/25/44 #•		650,000		644,085
Sequoia Mortgage Trust
Series 2014-2 A4 144A 3.50% 7/25/44 #•		335,018		339,832
Series 2017-4 A1 144A 3.50% 7/25/47 #•		454,059		459,267
Silverstone Master Issuer
Series 2018-1A 1A 144A 2.982% (LIBOR03M + 0.39%) 1/21/70 #•		4,400,000		4,384,323
Total Non-Agency Collateralized Mortgage Obligations (cost $6,318,081)				6,313,253
Non-Agency Commercial Mortgage-Backed Security - 0.04%
LB-UBS Commercial Mortgage Trust Series 2006-C6 AJ 5.452% 9/15/39 •		685,280		473,104
Total Non-Agency Commercial Mortgage-Backed Security (cost $726,724)				473,104
Sovereign Bond - 1.04%
Japan - 1.04%
Japan Bank for International Cooperation 3.095% (LIBOR03M + 0.57%) 2/24/20 •		14,030,000		14,082,848
Total Sovereign Bond (cost $14,136,025)				14,082,848
Supranational Banks - 1.79%
Inter-American Development Bank 2.412% (LIBOR01M + 0.00%) 10/9/20 •		10,530,000		10,523,420

Limited-Term Diversified Income Series-8

Delaware VIP^® Limited-Term Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Supranational Banks (continued)
International Bank for Reconstruction & Development 2.70% 5/16/22		13,500,000	$	13,684,158
Total Supranational Banks (cost $24,017,860)				24,207,578
US Treasury Obligations - 8.09%
US Treasury Notes
2.125% 3/31/24		18,625,000		18,929,111
2.25% 3/31/21		320,000		322,456
2.625% 2/15/29		85,625,000		90,255,771
Total US Treasury Obligations (cost $105,448,120)				109,507,338
	Number of shares
Preferred Stock - 0.20%
Morgan Stanley 5.55% µ		2,500,000		2,528,075
USB Realty 144A 3.744% (LIBOR03M + 1.147%)#•		200,000		170,304
Total Preferred Stock (cost $2,655,000)				2,698,379
Short-Term Investments - 6.50%
Money Market Mutual Funds - 1.16%
BlackRock FedFund - Institutional Shares (seven-day effective yield 2.29%)		3,148,527		3,148,147

	Principal amount°		Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
Fidelity Investments Money Market Government Portfolio - Class I (seven-day effective yield 2.26%)		3,148,526	$	3,148,143
GS Financial Square Government Fund - Institutional Shares (seven-day effective yield 2.27%)		3,148,526		3,148,151
Morgan Stanley Government Portfolio - Institutional Share Class (seven-day effective yield 2.25%)		3,148,526		3,148,144
State Street Institutional US Government Money Market Fund - Investor Class (seven-day effective yield 2.23%)		3,148,526		3,148,135
				15,740,720
	Principal amount°
US Treasury Obligations - 5.34%≠
US Treasury Bills
0.875% 7/31/19		11,910,000		11,896,570
1.00% 8/31/19		19,970,000		19,927,867
1.75% 9/30/19		40,460,000		40,419,698
				72,244,135
Total Short-Term Investments (cost $87,876,795)				87,984,855

Total Value of Securities - 99.69%
(cost $1,331,751,141) $ 1,348,736,189

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2019, the aggregate value of Rule 144A securities was $199,087,194, which represents 14.72% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”

◆ Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.

≠ The rate shown is the effective yield at the time of purchase.

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

µ Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2019. Rate will reset at a future date.

y No contractual maturity date.

• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at June 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their description above.

Limited-Term Diversified Income Series-9

Delaware VIP^® Limited-Term Diversified Income Series

Schedule of investments (continued)

The following swap contract was outstanding at June 30, 2019:¹

Swap Contract

CDS Contract²

Reference Obligation/ Termination Date/ Payment Frequency	Notional Amount3		Annual Protection Payments			Value			Upfront Payments Paid (Received)			Unrealized Depreciation4			Variation Margin Due from (Due to) Brokers
Centrally Cleared/ Protection Purchased:
CDX.NA.HY.325 6/20/24 - Quarterly		27,000,000		5.00	%	$	(2,025,531	)	$	(1,518,940	)	$	(506,591	)	$	(12,861	)

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

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

²A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the CDS agreement.

³Notional amount shown is stated in USD unless noted that the swap is denominated in another currency.

⁴Unrealized appreciation (depreciation) does not include periodic interest payments on swap contracts accrued daily in the amount of $(29,439). 5Markit’s CDX.NA.HY Index, is composed of 100 liquid North American entities with high yield credit ratings that trade in the CDS market.

Summary of abbreviations:

ARM - Adjustable Rate Mortgage

BA - Bank of America

CDS - Credit Default Swap

CDX.NA.HY - Credit Default Swap Index North America High Yield

FDIC - Federal Deposit Insurance Corporation

FREMF - Freddie Mac Multifamily

GNMA - Government National Mortgage Association

GS - Goldman Sachs

H15T1Y - US Treasury Yield Curve Rate T Note Constant Maturity 1 Year

ICE - Intercontinental Exchange

LB - Lehman Brothers

LIBOR - London Interbank Exchange

LIBOR01M - ICE LIBOR USD 1 Month

LIBOR03M - ICE LIBOR USD 3 Month

LIBOR06M - ICE LIBOR USD 6 Month

LIBOR12M - ICE LIBOR USD 1 Year

NCUA - National Credit Union Administration

REMIC - Real Estate Mortgage Investment Conduit

S.F. - Single Family

USD - US Dollar

yr - Year

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

Limited-Term Diversified Income Series-10

Delaware VIP^® Trust — Delaware VIP Limited-Term Diversified Income Series Statement of assets and liabilities June 30, 2019 (Unaudited)

Assets:
Investments, at value1	$	1,348,736,189
Cash collateral due from broker for swap contracts		2,981,797
Interest receivable		7,014,463
Receivable for series shares sold		109,402
Receivable for securities sold		557
Total assets		1,358,842,408
Liabilities:
Cash due to custodian		526,838
Upfront payments received on credit default swaps contracts		1,518,940
Payable for securities purchased		1,474,336
Distribution payable		633,798
Payable for series shares redeemed		602,772
Investment management fees payable to affiliates		530,006
Distribution fees payable to affiliates		303,172
Other accrued expenses		186,849
BNY Mellon administration fees payable		46,500
Swaps payments payable		41,250
Audit and tax fees payable		24,980
Variation margin due to broker on centrally cleared credit default swap contracts		12,861
Custody fees payable		8,368
Dividend disbursing and transfer agent fees and expenses payable to affiliates		8,320
Trustees’ fees and expenses payable to affiliates		4,727
Accounting and administration expenses payable to affiliates		4,511
Legal fees payable to affiliates		1,974
Reports and statements to shareholders expenses payable to affiliates		1,172
Total liabilities		5,931,374
Total Net Assets	$	1,352,911,034
Net Assets Consist of:
Paid-in capital	$	1,376,350,206
Total distributable earnings (loss)		(23,439,172	)
Total Net Assets	$	1,352,911,034
Net Asset Value
Standard Class:
Net assets	$	120,515,392
Shares of beneficial interest outstanding, unlimited authorization, no par		12,310,798
Net asset value per share	$	9.79
Service Class:
Net assets	$	1,232,395,642
Shares of beneficial interest outstanding, unlimited authorization, no par		126,733,468
Net asset value per share	$	9.72
1 Investments, at cost	$	1,331,751,141

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

Limited-Term Diversified Income Series-11

Delaware VIP^® Trust —

Delaware VIP Limited-Term Diversified Income Series

Statement of operations

Six months ended June 30, 2019 (Unaudited)

Investment Income:
Interest	$	20,938,554
Dividends		224,691
		21,163,245
Expenses:
Management fees		3,322,023
Distribution expenses - Service Class		1,810,814
Accounting and administration expenses		144,766
Reports and statements to shareholders expenses		98,394
Dividend disbursing and transfer agent fees and expenses		58,436
Trustees’ fees and expenses		43,689
Legal fees		41,641
Custodian fees		26,628
Custodian fees		26,517
Registration fees		8,621
Other		35,917
		5,617,446
Less expenses paid indirectly		(13,025	)
Total operating expenses		5,604,421
Net Investment Income		15,558,824
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		3,343,408
Swap contracts		(337,123	)
Net realized gain		3,006,285
Net change in unrealized appreciation (depreciation) of:
Investments		30,209,496
Swap contracts		(1,598,743	)
Net change in unrealized appreciation (depreciation)		28,610,753
Net Realized and Unrealized Gain		31,617,038
Net Increase in Net Assets Resulting from Operations	$	47,175,862

Delaware VIP Trust —

Delaware VIP Limited-Term Diversified Income Series

Statements of changes in net assets

	Six months ended 6/30/19 (Unaudited)			Year ended 12/31/18
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	15,558,824		$	26,199,419
Net realized gain (loss)		3,006,285			(13,569,780	)
Net change in unrealized appreciation (depreciation)		28,610,753			(12,400,759	)
Net increase in net assets resulting from operations		47,175,862			228,880
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class		(2,694,686	)		(3,043,622	)
Service Class		(15,526,251	)		(31,121,454	)
		(18,220,937	)		(34,165,076	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		15,523,435			178,484,132
Service Class		30,785,169			41,914,297
Net asset value of shares based upon reinvestment of dividends and distributions:
Standard Class		2,658,085			2,913,489
Service Class		15,655,357			30,855,015
		64,622,046			254,166,933
Cost of shares redeemed:
Standard Class		(161,607,978	)		(18,087,997	)
Service Class		(59,403,766	)		(139,860,998	)
		(221,011,744	)		(157,948,995	)
Increase in net assets derived from capital share transactions		(156,389,698	)		96,217,938
Net Increase (Decrease) in Net Assets		(127,434,773	)		62,281,742
Net Assets:
Beginning of period		1,480,345,807			1,418,064,065
End of period	$	1,352,911,034		$	1,480,345,807

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

Limited-Term Diversified Income Series-12

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

Financial highlights

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

	Delaware VIP Limited-Term Diversified Income Series Standard Class
	Six months ended 6/30/191			Year ended
	(Unaudited)			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Net asset value, beginning of period		$      9.59		$	9.83		$	9.82		$	9.78		$	9.87		$	9.86
Income (loss) from investment operations:
Net investment income2		0.12			0.21			0.15			0.11			0.13			0.12
Net realized and unrealized gain (loss)		0.22			(0.19	)		0.06			0.09			(0.05	)		0.05
Total from investment operations		0.34			0.02			0.21			0.20			0.08			0.17
Less dividends and distributions from:
Net investment income		(0.14	)		(0.26	)		(0.20	)		(0.16	)		(0.17	)		(0.16	)
Total dividends and distributions		(0.14	)		(0.26	)		(0.20	)		(0.16	)		(0.17	)		(0.16	)
Net asset value, end of period		$      9.79		$	9.59		$	9.83		$	9.82		$	9.78		$	9.87
Total return3		3.55%			0.24%			2.17%			2.09%			0.78%			1.69%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$120,515		$	260,009		$	98,895		$	81,412		$	62,646		$	59,362
Ratio of expenses to average net assets		0.54%			0.54%			0.55%			0.55%			0.56%			0.56%
Ratio of net investment income to average net assets		2.61%			2.14%			1.49%			1.15%			1.36%			1.22%
Portfolio turnover		39%			125%			135%			143%			128%			113%

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

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

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

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

Limited-Term Diversified Income Series-13

Delaware VIP^® Limited-Term Diversified Income Series

Financial highlights (continued)

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

	Delaware VIP Limited-Term Diversified Income Series Service Class
	Six months ended 6/30/191			Year ended
	(Unaudited)			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Net asset value, beginning of period		$        9.53		$	9.76		$	9.75		$	9.72		$	9.80		$	9.79
Income (loss) from investment operations:
Net investment income2		0.10			0.18			0.12			0.09			0.11			0.10
Net realized and unrealized gain (loss)		0.21			(0.18	)		0.07			0.08			(0.05	)		0.04
Total from investment operations		0.31			—			0.19			0.17			0.06			0.14
Less dividends and distributions from:
Net investment income		(0.12	)		(0.23	)		(0.18	)		(0.14	)		(0.14	)		(0.13	)
Total dividends and distributions		(0.12	)		(0.23	)		(0.18	)		(0.14	)		(0.14	)		(0.13	)
Net asset value, end of period		$        9.72		$	9.53		$	9.76		$	9.75		$	9.72		$	9.80
Total return3		3.30%			0.04%			1.92%			1.73%			0.62%			1.44%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$1,232,396		$	1,220,337		$	1,319,169		$	1,325,979		$	1,370,899		$	1,405,542
Ratio of expenses to average net assets		0.84%			0.82%			0.80%			0.80%			0.81%			0.81%
Ratio of expenses to average net assets prior to fees waived		0.84%			0.84%			0.85%			0.85%			0.86%			0.86%
Ratio of net investment income to average net assets		2.31%			1.86%			1.24%			0.90%			1.11%			0.97%
Ratio of net investment income to average net assets prior to fees waived		2.31%			1.84%			1.19%			0.85%			1.06%			0.92%
Portfolio turnover		39%			125%			135%			143%			128%			113%

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

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

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during some of the periods shown reflects a waiver by the distributor. Performance would have been lower had the waiver not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

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

Limited-Term Diversified Income Series-14

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

Notes to financial statements

June 30, 2019 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust and offers 10 series: Delaware VIP Diversified Income Series, Delaware VIP Emerging Markets Series, Delaware VIP High Yield Series, Delaware VIP International Value Equity Series, Delaware VIP Limited-Term Diversified Income Series, Delaware VIP REIT Series, Delaware VIP Small Cap Value Series, Delaware VIP Smid Cap Core Series, Delaware VIP U.S. Growth Series, and Delaware VIP Value Series. These financial statements and the related notes pertain to Delaware VIP Limited-Term Diversified Income Series (Series). The Series is an open-end investment company. The Series is considered diversified under the Investment Company Act of 1940, as amended, and offers Standard Class and Service Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee and the Service Class shares carry a 12b-1 fee. The shares of the Series are sold only to separate accounts of life insurance companies.

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

1. Significant Accounting Policies

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

Security Valuation — Debt securities and credit default swap (CDS) contracts are valued based upon valuations provided by an independent pricing service or broker/counterparty and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Open-end investment companies are valued at their published net asset value (NAV). Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations, commercial mortgage securities, and US government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. Equity securities, except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades, and values of the underlying reference instruments. Investments in repurchase agreements are generally valued at par, which approximates fair value, each business day. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of a trading in a security. Restricted securities are valued at fair value using methods approved by the Board.

Federal and Foreign Income Taxes — No provision for federal income taxes has been made as the Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Series evaluates tax positions taken or expected to be taken in the course of preparing the Series’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Series’ tax positions taken or expected to be taken on the Series’ federal income tax returns through the six months ended June 30, 2019 and for all open tax years (years ended Dec. 31, 2016–Dec. 31, 2018), and has concluded that no provision for federal income tax is required in the Series’ financial statements. In regard to foreign taxes only, the Series has open tax years in certain foreign countries in which it invests that may date back to the inception of the Series. If applicable, the Series recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the “Statement of operations.” During the six months ended June 30, 2019, the Series did not incur any interest or tax penalties.

Class Accounting — Investment income and common expenses are allocated to the classes of the Series on the basis of “settled shares” of each class in relation to the net assets of the Series. Realized and unrealized gain (loss) on investments is allocated to the classes of the Series on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Repurchase Agreements — The Series may purchase certain US government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Series’ custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. At June 30, 2019, the Series held no investments in repurchase agreements.

Limited-Term Diversified Income Series-15

Delaware VIP^® Limited-Term Diversified Income Series

Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

To Be Announced Trades (TBA) — The Series may contract to purchase or sell securities for a fixed price at a transaction date beyond the customary settlement period (examples: when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Series’ ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Series to purchase or sell securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Series on such purchases until the securities are delivered or the transaction is completed; however, the market value may change prior to delivery.

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

Other — Expenses directly attributable to the Series are charged directly to the Series. Other expenses common to various funds within the Delaware Funds^® by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Realized gains (losses) on paydowns of mortgage- and asset-backed securities are classified as interest income. The Series declares dividends daily from net investment income and pays the dividends monthly and declares and pays distributions from net realized gain on investments, if any, following the close of the fiscal year. The Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2019, the Series earned $13,024 under this arrangement.

The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2019, the Series earned $1 under this arrangement.

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

In accordance with the terms of its investment management agreement, the Series pays Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rates of 0.50% on the first $500 million of average daily net assets of the Series, 0.475% on the next $500 million, 0.45% on the next $1.5 billion, and 0.425% on average daily net assets in excess of $2.5 billion.

DMC has contractually agreed to waive that portion, if any, of its management fee and reimburse the Series to the extent necessary to ensure that annual operating expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), do not exceed 0.55% of the Series’ average daily net assets from April 30, 2019 through June 30, 2019.* Prior to April 30, 2019, the expenses were capped at 0.56% of the Series’ average daily net assets. These expense waivers and reimbursements may only be terminated by agreement of DMC and the Series. The waivers and reimbursements are accrued daily and received monthly.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Series. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2019, the Series was charged $28,379 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC’s fees are calculated daily and paid monthly at the annual rate of 0.0075% of the Series’ average daily net assets. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended June 30, 2019, the Series was charged $52,268 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the

Limited-Term Diversified Income Series-16

Delaware VIP^® Limited-Term Diversified Income Series

Notes to financial statements (continued)

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

Series. Sub-transfer agency fees are paid by the Series and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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

As provided in the investment management agreement, the Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to the Series. For the six months ended June 30, 2019, the Series was charged $21,795 for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

Trustees’ fees include expenses accrued by the Series for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.

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

*The aggregate contractual waiver period covering this report is from May 1, 2018 through April 30, 2020.

3. Investments

For the six months ended June 30, 2019, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than US government securities	$	326,222,489
Purchases of US government securities		181,994,647
Sales other than US government securities		485,611,594
Sales of US government securities		311,618,168

At June 30, 2019, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2019, the cost and unrealized appreciation (depreciation) of investments and derivatives for the Series were as follows:

	Aggregate Unrealized	Aggregate Unrealized	Net Unrealized
Cost of Investments and Derivatives	Appreciation of Investments and Derivatives	Depreciation of Investments and Derivatives	Appreciation of Investments and Derivatives
$1,333,195,099	$16,936,064	$(5,446,036)	$11,490,028

Under the Regulated Investment Company Modernization Act of 2010 (Act), net capital losses recognized for tax years beginning after Dec. 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

The Series has capital loss carryforwards available to offset future realized capital gains as follows:

Loss carryforward character
Short-term	Long-term	Total
$16,664,156	$17,726,625	$34,390,781

US GAAP defines fair value as the price that the Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Series’ investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized below and on the next page.

Level 1 - Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, exchange-traded options contracts)

Limited-Term Diversified Income Series-17

Delaware VIP^® Limited-Term Diversified Income Series

Notes to financial statements (continued)

3. Investments (continued)

Level 2 - Other observable inputs, including but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)

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

Level 3 investments are valued using significant unobservable inputs. The Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of June 30, 2019:

	Level 1		Level 2			Total
Securities:
Assets:
Agency, Asset- & Mortgage-Backed Securities	$	—	$	610,292,258		$	610,292,258
Corporate Debt		—		499,962,933			499,962,933
Foreign Debt		—		38,290,426			38,290,426
US Treasury Obligations		—		109,507,338			109,507,338
Preferred Stock		—		2,698,379			2,698,379
Short-Term Investments		15,740,720		72,244,135			87,984,855
Total Value of Securities	$	15,740,720	$	1,332,995,469		$	1,348,736,189
Derivatives1:
Liabilities:
Swap Contracts	$	—	$	(506,591	)	$	(506,591	)

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

During the six months ended June 30, 2019, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Series. The Series’ policy is to recognize transfers between levels based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Series has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to the Series’ net assets. During the six months ended June 30, 2019, there were no Level 3 investments.

Limited-Term Diversified Income Series-18

Delaware VIP^® Limited-Term Diversified Income Series

Notes to financial statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/19			Year ended 12/31/18
Shares sold:
Standard Class		1,604,438			18,614,807
Service Class		3,195,968			4,354,095
Shares issued upon reinvestment of dividends and distributions:
Standard Class		274,781			302,220
Service Class		1,626,958			3,219,800
		6,702,145			26,490,922
Shares redeemed:
Standard Class		(16,678,738	)		(1,869,984	)
Service Class		(6,185,177	)		(14,614,581	)
		(22,863,915	)		(16,484,565	)
Net increase		(16,161,770	)		10,006,357

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $220,000,000 revolving line of credit to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement expires on Nov. 4, 2019.

The Series had no amounts outstanding as of June 30, 2019 or at any time during the period then ended.

6. Derivatives

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

Swap Contracts

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

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

During the six months ended June 30, 2019, the Series entered into CDS contracts as a purchaser of protection. Periodic payments (receipt) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement.

Limited-Term Diversified Income Series-19

Delaware VIP^® Limited-Term Diversified Income Series

Notes to financial statements (continued)

6. Derivatives (continued)

Initial margin and variation margin are posted to central counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty. During the six months ended June 30, 2019, the Series did not enter into any CDS contracts as a seller of protection.

CDS contracts may involve greater risks than if the Series had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk, and credit risk. The Series’ maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) For bilateral swap contracts, having a netting arrangement between the Series and the counterparty and by the posting of collateral by the counterparty to the Series to cover the Series’ exposure to the counterparty, and (2)for cleared swaps, trading these instruments through a central counterparty.

During the six months ended June 30, 2019, the Series entered in to CDS contracts to hedge against credit events.

Swaps Generally. The value of open swaps may differ from that which would be realized in the event the Series terminated its position in the contract on a given day. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the “Schedule of investments.”

At June 30, 2019, the Series experienced net realized and unrealized gains or losses attributable to credit contracts which are disclosed on the “Statement of asset and liabilities” as “Variation margin due to brokers on centrally cleared credit default swap contracts” and on the “Statement of operations” as “Net realized loss on swap contracts.”

Derivatives Generally. The table below summarizes the average balance of derivative holdings by the Series during the six months ended June 30, 2019.

	Long Derivative Volume		Short Derivative Volume
CDS contracts (average notional value)*	$	26,810,565	$—

*Long represents buying protection and short represents selling protection.

7. Securities Lending

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

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

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

Limited-Term Diversified Income Series-20

Delaware VIP^® Limited-Term Diversified Income Series

Notes to financial statements (continued)

changes in value of the securities loaned that may occur during the term of the loan. The Series has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Series receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Series, the security lending agent, and the borrower. The Series records security lending income net of allocations to the security lending agent and the borrower.

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

During the six months ended June 30, 2019, the Series had no securities out on loan.

8. Credit and Market Risk

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

The Series invests in fixed income securities whose value is derived from an underlying pool of mortgages or consumer loans. The value of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations (CMOs). CMOs are debt securities issued by US government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on the Series’ yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Series may fail to recoup its initial investment in these securities even if the securities are rated in the highest rating categories.

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

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

The Series may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Series’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series’ 15% limit on investments in illiquid securities. As of June 30, 2019, Rule 144A securities have been identified on the “Schedule of investments.” Restricted securities are valued pursuant to the security valuation procedures described in Note 1.

9. Contractual Obligations

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

Limited-Term Diversified Income Series-21

Delaware VIP^® Limited-Term Diversified Income Series

Notes to financial statements (continued)

10. Recent Accounting Pronouncements

In March 2017, the FASB issued an Accounting Standards Update, ASU 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities which amends the amortization period for certain purchased callable debt securities purchased at a premium, shortening such period to the earliest call date. ASU 2017-08 does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2018. Management has determined that the impact of this guidance to the Series’ net assets at the end of the period is not material; therefore, the amount is not disclosed for the six months ended June 30, 2019.

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

11. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2019, that would require recognition or disclosure in the Series’ financial statements.

Limited-Term Diversified Income Series-22

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

Other Series information (Unaudited)

Board consideration of sub-advisory agreements for Delaware VIP^® Limited-Term Diversified Income Series at a meeting held February 27-28, 2019

At a meeting held on Feb. 27-28, 2019, the Board of Trustees (the “Board”) of Delaware VIP^® Limited-Term Diversified Income Series (the “Series”), including a majority of non-interested or independent Trustees (the “Independent Trustees”), approved new Sub-Advisory Agreements between Delaware Management Company (“DMC” or “Management”) and Macquarie Investment Management Europe Limited (“MIMEL”), Macquarie Investment Management Austria Kapitalanlage (“MIMAK”), and Macquarie Investment Management Global Limited (“MIMGL”), respectively. MIMEL, MIMAK, and MIMGL may also be referenced as “sub-advisors” below.

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

In considering such information and materials, the Independent Trustees received assistance and advice from and met separately with their independent counsel. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s decision to approve the Sub-Advisory Agreements. This discussion of the information and factors considered by the Board (as well as the discussion above) is not intended to be exhaustive, but rather summarizes certain factors considered by the Board. In view of the wide variety of factors considered, the Board did not, unless otherwise noted, find it practicable to quantify or otherwise assign relative weights to the following factors. In addition, individual Trustees may have assigned different weights to various factors.

Nature, extent, and quality of services. In considering the nature, extent, and quality of the services to be provided by the Sub-Advisors, the Board reviewed the services to be provided by each Sub-Advisor pursuant to each Sub-Advisory Agreement and as described at the meeting. The Board reviewed materials provided by the Sub-Advisors regarding the experience and qualifications of the personnel who will be responsible for providing services to the Series. The Board also considered relevant performance information provided with respect to each Sub-Advisor. In discussing the nature of the services proposed to be provided by the Sub-Advisors, it was observed that, unlike traditional sub-advisors who make all of the investment related decisions with respect to a sub-advised portfolio, the relationship between DMC (the Series’ investment manager) and the Sub-Advisors as currently contemplated is primarily more of a collaborative effort between DMC and the Sub-Advisors and a cross pollination of investment ideas. The Board further noted the stated intention under the new Sub-Advisory Agreements that DMC would have the sole discretion to delegate portions of the implementation of the Series’ strategy to the Sub-Advisors who would be permitted to execute Series trades and exercise investment discretion pursuant to that delegation and subject to DMC oversight. However, DMC and the Series’ named portfolio managers will continue to retain principal responsibility for the Series’ strategy and investment process and be primarily responsible for the day-to-day management of the Series’ portfolio. Based upon these considerations, the Board was satisfied with the nature and quality of the overall services to be provided by the Sub-Advisors to the Series and its shareholders and was confident in the abilities of the Sub-Advisors to provide quality services to the Series and its shareholders.

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

Sub-advisory fees. The Board considered that DMC would pay the Sub-Advisors a sub-advisory fee based on the extent to which a Sub-Advisor provides services to the Series as described in the Sub-Advisory Agreements. In considering the appropriateness of the sub-advisory fees, the Board also reviewed and considered the fees in light of the nature, extent, and quality of the sub-advisory services to be provided by each Sub-Advisor, as more fully discussed above. The Board noted that the sub-advisory fees are paid by DMC to each Sub-Advisor and are not additional fees borne by the Series, and that the management fee paid by the Series to DMC would stay the same at current asset levels. The Board was provided with information showing an estimate of the sub-advisory fees to be paid to each Sub-Advisor based on a projection of Sub-Advisor allocations given certain historical investment trends, as well as information regarding the expected impact the sub-advisory arrangements would have on the profitability of DMC. The Board also noted that, given the collaborative nature of the services to be provided by the Sub-Advisors to the Series, there were no comparable accounts and corresponding fees to which the Sub-Advisors were able to compare this arrangement. The Board concluded that, in light of the quality and extent of the services to be provided and the business relationships between DMC and the Sub-Advisors, the proposed fee arrangement was understandable and reasonable.

Limited-Term Diversified Income Series-23

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

Other Series information (Unaudited)

Board consideration of sub-advisory agreements for Delaware VIP^® Limited-Term Diversified Income Series at a meeting held February 27-28, 2019 (continued)

Profitability, economies of scale, and fall-out benefits. Information about each Sub-Advisor’s profitability from its relationship with the Series was not available because it had not begun to provide services to the Series. With regard to potential fall-out benefits derived or to be derived by the Sub-Advisors and their affiliates in connection with their relationship to the Series, the Board considered the potential benefit to DMC and the Sub-Advisors of marketing a global approach on the portfolio management of their fixed income investment strategies. The Trustees also noted that economies of scale are shared with the Series and its shareholders through investment management fee breakpoints in DMC’s fee schedule for the Series so that as the Series grows in size, its effective investment management fee rate declines.

Limited-Term Diversified Income Series-24

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

Other Series information (Unaudited)

The Series files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT (available for filings after March 31, 2019). The Series’ Forms N-Q or Forms N-PORT, as well as a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Series’ most recent Form N-Q or Form N-PORT are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-Q and Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how the Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series’ website at delawarefunds.com/proxy; and (ii) the SEC’s website at sec.gov.

SA-VIPLTD 22329 (8/19) (912909) Limited-Term Diversified Income Series-25

Delaware VIP^® Trust

Delaware VIP REIT Series

June 30, 2019

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

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

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

Table of contents

	Disclosure of Series expenses	1
	Security type / sector allocation and top 10 equity holdings	2
	Schedule of investments	3
	Statement of assets and liabilities	5
	Statement of operations	6
	Statements of changes in net assets	6
	Financial highlights	7
	Notes to financial statements	9
	Other Series information	14

Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. The Series is governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of June 30, 2019, and subject to change for events occurring after such date.

The Series is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested.

Advisory services provided by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment advisor.

The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited. Macquarie Investment Management (MIM), a member of Macquarie Group, refers to the companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide.

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

© 2019 Macquarie Management Holdings, Inc.

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

Delaware VIP^® Trust — Delaware VIP REIT Series

Disclosure of Series expenses

For the six-month period from January 1, 2019 to June 30, 2019 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from Jan. 1, 2019 to June 30, 2019.

Actual expenses

The first section of the table shown, “Actual Series return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical example for comparison purposes

The second section of the table shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on the Series’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Series’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Series and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Series, you do not incur any transaction costs, such as sales charges (loads), redemption fees or exchange fees, but shareholders of other funds may incur such costs. Also, the fees related to the variable annuity investment or the deferred sales charge that could apply have not been included. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The Series’ expenses shown in the table reflect fee waivers in effect and assume reinvestment of all dividends and distributions.

Expense analysis of an investment of $1,000

							Expenses
	Beginning		Ending				Paid During
	Account		Account		Annualized		Period
	Value		Value		Expense		1/1/19 to
	1/1/19		6/30/19		Ratio		6/30/19*
Actual Series return†
Standard Class		$1,000.00		$1,181.80		0.83%		$4.49
Service Class		1,000.00		1,180.40		1.13%		6.11
Hypothetical 5% return (5% return before expenses)
Standard Class		$1,000.00		$1,020.68		0.83%		$4.16
Service Class		1,000.00		1,019.19		1.13%		5.66

* “Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^†  Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

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

REIT Series-1

Delaware VIP^® Trust — Delaware VIP REIT Series

Security type / sector allocation and top 10 equity holdings

As of June 30, 2019 (Unaudited)

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

	Percentage of
Security type / sector	net assets
Common Stock		98.55%
Diversified REITs		1.54%
Healthcare		5.43%
Healthcare REITs		8.98%
Hotel REITs		4.95%
Industrial REITs		11.56%
Information Technology REITs		9.44%
Mall REITs		4.77%
Manufactured Housing REITs		5.48%
Mixed REIT		1.52%
Multifamily REITs		19.14%
Office REITs		9.14%
Self-Storage REITs		5.59%
Shopping Center REITs		4.10%
Single Tenant REITs		3.73%
Specialty REITs		3.18%
Short-Term Investments		1.36%
Total Value of Securities		99.91%
Receivables and Other Assets Net of Liabilities		0.09%
Total Net Assets		100.00%

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

	Percentage
Top 10 equity holdings	of net assets
Prologis		7.64%
Equinix		5.88%
Welltower		5.60%
Brookdale Senior Living		5.44%
AvalonBay Communities		4.98%
Simon Property Group		4.24%
Camden Property Trust		3.96%
HCP		3.38%
UDR		3.26%
STORE Capital		3.08%

REIT Series-2

Delaware VIP^® Trust — Delaware VIP REIT Series

Schedule of investments

June 30, 2019 (Unaudited)

	Number of		Value
	shares		(US $)
Common Stock – 98.55%
Diversified REITs – 1.54%
Cousins Properties		156,404	$	5,657,124
Vornado Realty Trust		12,907		827,339
				6,484,463
Healthcare – 5.43%
Brookdale Senior Living †		3,173,938		22,884,093
				22,884,093
Healthcare REITs – 8.98%
HCP		444,603		14,218,404
Welltower		289,256		23,583,042
				37,801,446
Hotel REITs – 4.95%
Host Hotels & Resorts		300,529		5,475,638
MGM Growth Properties Class A		172,256		5,279,646
Park Hotels & Resorts		252,033		6,946,030
RLJ Lodging Trust		176,339		3,128,254
				20,829,568
Industrial REITs – 11.56%
Duke Realty		232,428		7,347,049
Prologis		401,646		32,171,845
Rexford Industrial Realty		226,996		9,163,829
				48,682,723
Information Technology REITs – 9.44%
American Tower		41,842		8,554,597
Equinix		49,070		24,745,510
QTS Realty Trust Class A		98,229		4,536,215
SBA Communications †		8,535		1,919,009
				39,755,331
Mall REITs – 4.77%
Simon Property Group		111,862		17,871,073
Taubman Centers		54,044		2,206,617
				20,077,690
Manufactured Housing REITs – 5.48%
Equity LifeStyle Properties		84,545		10,258,690
Sun Communities		100,046		12,824,897
				23,083,587
Mixed REIT – 1.52%
Liberty Property Trust		127,907		6,400,466
				6,400,466
Multifamily REITs – 19.14%
Apartment Investment & Management Class A		216,110		10,831,433
AvalonBay Communities		103,203		20,968,786
Camden Property Trust		159,751		16,676,407
Equity Residential		151,744		11,520,404
Essex Property Trust		23,439		6,842,547

	Number of		Value
	shares		(US $)
Common Stock (continued)
Multifamily REITs (continued)
UDR		305,772	$	13,726,105
				80,565,682
Office REITs – 9.14%
Alexandria Real Estate Equities		33,014		4,657,945
Boston Properties		91,130		11,755,770
Hudson Pacific Properties		239,387		7,964,406
Kilroy Realty		99,256		7,326,085
VEREIT		752,107		6,776,484
				38,480,690
Self-Storage REITs – 5.59%
CubeSmart		258,390		8,640,562
Extra Space Storage		104,322		11,068,564
Public Storage		16,107		3,836,204
				23,545,330
Shopping Center REITs – 4.10%
Kimco Realty		291,840		5,393,203
Regency Centers		119,125		7,950,404
SITE Centers		294,985		3,905,601
				17,249,208
Single Tenant REITs – 3.73%
National Retail Properties		51,377		2,723,495
STORE Capital		390,623		12,964,777
				15,688,272
Specialty REITs – 3.18%
Cushman & Wakefield †		81,940		1,465,087
EPR Properties		33,233		2,478,849
Invitation Homes		354,067		9,464,211
				13,408,147
Total Common Stock (cost $379,586,555)				414,936,696
Short– Term Investments – 1.36%
Money Market Mutual Funds – 1.36%
BlackRock FedFund - Institutional Shares (seven-day effective yield 2.29%)		1,141,798		1,141,679
Fidelity Investments Money Market Government Portfolio - Class I (seven-day effective yield 2.26%)		1,141,798		1,141,677
GS Financial Square Government Fund - Institutional Shares (seven-day effective yield 2.27%)		1,141,798		1,141,680
Morgan Stanley Government Portfolio - Institutional Share Class (seven-day effective yield 2.25%)		1,141,798		1,141,678

REIT Series– 3

Delaware VIP^® REIT Series

Schedule of investments (continued)

	Number of		Value
	shares		(US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
State Street Institutional US Government Money Market Fund - Investor Class (seven-day effective yield 2.23%)		1,141,798	$	1,141,674
Total Short-Term Investments (cost $5,708,388)				5,708,388

Total Value of Securities – 99.91%
(cost $385,294,943) $ 420,645,084

† Non-income producing security.

Summary of abbreviations:

GS - Goldman Sachs

REIT - Real Estate Investment Trust

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

REIT Series-4

Delaware VIP® Trust — Delaware VIP REIT Series
Statement of assets and liabilities	June 30, 2019 (Unaudited)

Assets:
Investments, at value1	$	420,645,084
Cash		62,253
Dividends and interest receivable		1,579,384
Receivable for securities sold		891,541
Receivable for series shares sold		91,652
Total assets		423,269,914
Liabilities:
Payable for securities purchased		1,774,912
Management fees payable to affiliates		257,350
Other accrued expenses		103,998
Distribution fees payable to affiliates		48,335
Payable for series shares redeemed		29,455
Audit and tax fees payable		17,130
Dividend disbursing and transfer agent fees and expenses payable to affiliates		2,607
Accounting and administration expenses payable to affiliates		1,640
Trustees’ fees and expenses payable to affiliates		1,450
Legal fees payable to affiliates		601
Reports and statements to shareholders expenses payable to affiliates		365
Total liabilities		2,237,843
Total Net Assets	$	421,032,071
Net Assets Consist of:
Paid-in capital	$	406,505,322
Total distributable earnings (loss)		14,526,749
Total Net Assets	$	421,032,071
Net Asset Value
Standard Class:
Net assets	$	225,901,404
Shares of beneficial interest outstanding, unlimited authorization, no par		16,505,105
Net asset value per share	$	13.69
Service Class:
Net assets	$	195,130,667
Shares of beneficial interest outstanding, unlimited authorization, no par		14,268,618
Net asset value per share	$	13.68

¹ Investments, at cost $ 385,294,943

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

REIT Series-5

Delaware VIP^® Trust —

Delaware VIP REIT Series

Statement of operations

Six months ended June 30, 2019 (Unaudited)

Investment Income:
Dividends	$	6,799,996
Interest		53,830
		6,853,826
Expenses:
Management fees		1,536,568
Distribution expenses — Service Class		285,780
Accounting and administration expenses		56,804
Reports and statements to shareholders expenses		41,542
Dividend disbursing and transfer agent fees and expenses		17,196
Audit and tax fees		15,938
Trustees’ fees and expenses		12,610
Legal fees		11,151
Custodian fees		7,761
Registration fees		34
Other		6,238
		1,991,622
Less expenses waived		(6,416	)
Less expenses paid indirectly		(985	)
Total operating expenses		1,984,221
Net Investment Income		4,869,605
Net Realized and Unrealized Gain:
Net realized gain on investments		8,720,418
Net change in unrealized appreciation (depreciation) of investments		53,082,636
Net Realized and Unrealized Gain		61,803,054
Net Increase in Net Assets Resulting from Operations	$	66,672,659

Delaware VIP Trust —

Delaware VIP REIT Series

Statements of changes in net assets

	Six months
	ended			Year
	6/30/19			ended
	(Unaudited)			12/31/18
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	4,869,605		$	8,715,660
Net realized gain (loss)		8,720,418			(19,278,522	)
Net change in unrealized appreciation (depreciation)		53,082,636			(19,518,669	)
Net increase (decrease) in net assets resulting from operations		66,672,659			(30,081,531	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class		(4,838,436	)		(11,357,786	)
Service Class		(3,675,428	)		(9,640,377	)
		(8,513,864	)		(20,998,163	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		4,086,177			8,399,074
Service Class		3,199,238			8,627,567
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		4,838,436			11,357,786
Service Class		3,675,428			9,640,377
		15,799,279			38,024,804
Cost of shares redeemed:
Standard Class		(12,885,226	)		(29,374,577	)
Service Class		(12,401,323	)		(32,733,061	)
		(25,286,549	)		(62,107,638	)
Decrease in net assets derived from capital share transactions		(9,487,270	)		(24,082,834	)
Net Increase (decrease) in Net Assets		48,671,525			(75,162,528	)
Net Assets:
Beginning of period		372,360,546			447,523,074
End of period	$	421,032,071		$	372,360,546

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

REIT Series-6

Delaware VIP^® Trust — Delaware VIP REIT Series

Financial highlights

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

					Delaware VIP REIT Series Standard Class
	Six months
	ended
	6/30/191												Year ended
	(Unaudited)				12/31/18				12/31/17				12/31/16				12/31/15				12/31/14
Net asset value, beginning of period		$	11.85			$	13.49			$	15.57			$	15.89			$	15.50			$	12.14
Income (loss) from investment operations:
Net investment income2			0.17				0.28				0.27				0.22				0.21				0.20
Net realized and unrealized gain (loss)			1.97				(1.27	)			(0.03	)			0.67				0.37				3.35
Total from investment operations			2.14				(0.99	)			0.24				0.89				0.58				3.55
Less dividends and distributions from:
Net investment income			(0.30	)			(0.27	)			(0.24	)			(0.21	)			(0.19	)			(0.19	)
Net realized gain			—				(0.38	)			(2.08	)			(1.00	)			—				—
Total dividends and distributions			(0.30	)			(0.65	)			(2.32	)			(1.21	)			(0.19	)			(0.19	)
Net asset value, end of period		$	13.69			$	11.85			$	13.49			$	15.57			$	15.89			$	15.50
Total return3			18.18%				(7.22%	)			1.54%				5.87%				3.75%				29.46%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	225,901			$	198,904			$	235,390			$	251,083			$	244,618			$	260,182
Ratio of expenses to average net assets			0.83%				0.83%				0.84%				0.83%				0.85%				0.84%
Ratio of net investment income to average net assets			2.52%				2.23%				1.94%				1.39%				1.32%				1.41%
Portfolio turnover			45%				111%				173%				130%				75%				84%

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

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

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

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

REIT Series-7

Delaware VIP^® REIT Series

Financial highlights (continued)

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

					Delaware VIP REIT Series Service Class
	Six months
	ended
	6/30/191												Year ended
	(Unaudited)				12/31/18				12/31/17				12/31/16				12/31/15				12/31/14
Net asset value, beginning of period		$	11.82			$	13.46			$	15.54			$	15.86			$	15.47			$	12.12
Income (loss) from investment operations:
Net investment income2			0.15				0.24				0.24				0.18				0.17				0.16
Net realized and unrealized gain (loss)			1.97				(1.27	)			(0.03	)			0.67				0.37				3.35
Total from investment operations			2.12				(1.03	)			0.21				0.85				0.54				3.51
Less dividends and distributions from:
Net investment income			(0.26	)			(0.23	)			(0.21	)			(0.17	)			(0.15	)			(0.16	)
Net realized gain			—				(0.38	)			(2.08	)			(1.00	)			—				—
Total dividends and distributions			(0.26	)			(0.61	)			(2.29	)			(1.17	)			(0.15	)			(0.16	)
Net asset value, end of period		$	13.68			$	11.82			$	13.46			$	15.54			$	15.86			$	15.47
Total return3			18.04%				(7.52%	)			1.27%				5.62%				3.52%				29.12%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	195,131			$	173,457			$	212,133			$	232,062			$	238,103			$	251,743
Ratio of expenses to average net assets			1.13%				1.11%				1.09%				1.08%				1.10%				1.09%
Ratio of expenses to average net assets prior to fees waived			1.13%				1.13%				1.14%				1.13%				1.15%				1.14%
Ratio of net investment income to average net assets			2.22%				1.95%				1.69%				1.14%				1.07%				1.16%
Ratio of net investment income to average net assets prior to fees waived			2.22%				1.93%				1.64%				1.09%				1.02%				1.11%
Portfolio turnover			45%				111%				173%				130%				75%				84%

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

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

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during some of the periods shown reflects a waiver by the distributor. Performance would have been lower had the waiver not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

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

REIT Series-8

Delaware VIP^® Trust — Delaware VIP REIT Series

Notes to financial statements

June 30, 2019 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust and offers 10 series: Delaware VIP Diversified Income Series, Delaware VIP Emerging Markets Series, Delaware VIP High Yield Series, Delaware VIP International Value Equity Series, Delaware VIP Limited-Term Diversified Income Series, Delaware VIP REIT Series, Delaware VIP Small Cap Value Series, Delaware VIP Smid Cap Core Series, Delaware VIP U.S. Growth Series, and Delaware VIP Value Series. These financial statements and the related notes pertain to Delaware VIP REIT Series (Series). The Series is an open-end investment company. The Series is considered diversified under the Investment Company Act of 1940, as amended, and offers Standard Class and Service Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee and the Service Class shares carry a 12b-1 fee. The shares of the Series are sold only to separate accounts of life insurance companies.

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

1. Significant Accounting Policies

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

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

Federal Income Taxes — No provision for federal income taxes has been made as the Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Series evaluates tax positions taken or expected to be taken in the course of preparing the Series’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Series’ tax positions taken or expected to be taken on the Series’ federal income tax returns through the six months ended June 30, 2019 and for all open tax years (years ended Dec. 31, 2015–Dec. 31, 2018), and has concluded that no provision for federal income tax is required in the Series’ financial statements. If applicable, the Series recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the “Statement of operations.” During the six months ended June 30, 2019, the Series did not incur any interest or tax penalties.

Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Series on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Repurchase Agreements — The Series may purchase certain US government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Series’ custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. At June 30, 2019 the Series held no investments in repurchase agreements.

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

Other — Expenses directly attributable to the Series are charged directly to the Series. Other expenses common to various funds within the Delaware Funds^® by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of

REIT Series-9

Delaware VIP^® REIT Series

Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

the character of such distributions by the issuer. The Series declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, following the close of the fiscal year. The Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2019, the Series earned $984 under this arrangement.

The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2019, the Series earned $1 under this arrangement.

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

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

DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fee, acquired fund fees and expenses, taxes, interest, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent annual series operating expenses from exceeding 0.83% of the Series’ average daily net assets from April 30, 2019 through June 30, 2019.* The waiver and reimbursement are accrued daily and received monthly. This waiver and reimbursement may only be terminated by agreement of DMC and the Series.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Series. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2019, the Series was charged $9,740 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC’s fees are calculated daily and paid monthly at the annual rate of 0.0075% of the Series’ average daily net assets. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended June 30, 2019, the Series was charged $15,366 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Series. Sub-transfer agency fees are paid by the Series and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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

As provided in the investment management agreement, the Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to the Series. For the six months ended June 30, 2019, the Series was charged $6,325 for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

Trustees’ fees include expenses accrued by the Series for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.

REIT Series-10

Delaware VIP^® REIT Series

Notes to financial statements (continued)

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

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

*The aggregate contractual waiver period covering this report is from April 30, 2019 through April 30, 2020.

3. Investments

For the six months ended June 30, 2019, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	179,647,596
Sales		189,173,816

At June 30, 2019, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2019, the cost and unrealized appreciation (depreciation) of investments for the Series were as follows:

		Aggregate	Aggregate
		Unrealized	Unrealized	Net Unrealized
Cost of		Appreciation	Depreciation	Appreciation
Investments		of Investments	of Investments	of Investments
$	385,294,943	$42,225,589	$(6,875,448)	$35,350,141

At Dec. 31, 2018, capital loss carryforwards available to offset future realized capital gains were as follows:

Loss carryforward character
		No Expiration
Short-term		Long-term	Total
	$12,243,538	$7,901,034		$20,144,572

US GAAP defines fair value as the price that the Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Series’ investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized below.

Level 1 – Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, exchange-traded options contracts)

Level 2 – Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)

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

Level 3  investments are valued using significant unobservable inputs. The Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

REIT Series-11

Delaware VIP^® REIT Series

Notes to financial statements (continued)

3. Investments (continued)

The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of June 30, 2019:

Securities	Level 1
Assets:
Common Stock	$	414,936,696
Short-Term Investments		5,708,388
Total Value of Securities	$	420,645,084

During the six months ended June 30, 2019, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Series. The Series’ policy is to recognize transfers between levels based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Series has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to the Series’ net assets. During the six months ended June 30, 2019, there were no Level 3 investments.

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/19			Year ended 12/31/18
Shares sold:
Standard Class		312,036			676,737
Service Class		242,885			688,375
Shares issued upon reinvestment of dividends and distributions:
Standard Class		373,624			985,064
Service Class		283,817			836,112
		1,212,362			3,186,288
Shares redeemed:
Standard Class		(965,777	)		(2,325,829	)
Service Class		(929,428	)		(2,614,717	)
		(1,895,205	)		(4,940,546	)
Net (decrease)		(682,843	)		(1,754,258	)

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $220,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement expires on Nov. 4, 2019.

The Series had no amounts outstanding as of June 30, 2019, or at any time during the period then ended.

6. Securities Lending

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

REIT Series-12

Delaware VIP^® REIT Series

Notes to financial statements (continued)

6. Securities Lending (continued)

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

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

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

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

During the six months ended June 30, 2019, the Series had no securities out on loan.

7. Credit and Market Risk

The Series concentrates its investments in the real estate industry and is subject to the risks associated with that industry. If the Series holds real estate directly as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. The Series is also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations. Its investments may also tend to fluctuate more widely than that of a fund that invests in a broader range of industries.

The Series may invest up to 10% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A, promulgated under Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Series’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series’ 10% limit on investments in illiquid securities. As of June 30, 2019, there were no Rule 144A securities held by the Series. Restricted securities are valued pursuant to the security valuation procedures described in Note 1.

8. Contractual Obligations

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

9. Recent Accounting Pronouncements

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

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2019, that would require recognition or disclosure in the Series’ financial statements.

REIT Series-13

Delaware VIP^® Trust — Delaware VIP REIT Series

Other Series information (Unaudited)

The Series files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT (available for filings after March 31, 2019). The Series’ Forms N-Q or Forms N-PORT, as well as a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Series’ most recent Form N-Q or Form N-PORT are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-Q and Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how the Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

SA-VIPREIT 22330 (8/19) (912909) REIT Series-14

         Delaware VIP^® Trust

         Delaware VIP Small Cap Value Series

         June 30, 2019

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

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

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

Table of contents

	Disclosure of Series expenses	1
	Security type / sector allocation and top 10 equity holdings	2
	Schedule of investments	3
	Statement of assets and liabilities	5
	Statement of operations	6
	Statements of changes in net assets	6
	Financial highlights	7
	Notes to financial statements	9
	Other Series information	14
	Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. The Series is governed by US laws and regulations. Unless otherwise noted, views expressed herein are current as of June 30, 2019, and subject to change for events occurring after such date. The Series is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested. Advisory services provided by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment advisor. The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited. Macquarie Investment Management (MIM), a member of Macquarie Group, refers to the companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide. This material may be used in conjunction with the offering of shares in Delaware VIP Small Cap Value Series only if preceded or accompanied by the Series’ current prospectus or the summary prospectus. © 2019 Macquarie Management Holdings, Inc. All third-party marks cited are the property of their respective owners.

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

Disclosure of Series expenses

For the six-month period from January 1, 2019 to June 30, 2019 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from Jan. 1, 2019 to June 30, 2019.

Actual expenses

The first section of the table shown, “Actual Series Return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical example for comparison purposes

The second section of the table shown, “Hypothetical 5% Return,” provides information about hypothetical account values and hypothetical expenses based on the Series’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Series’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Series and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Series, you do not incur any transaction costs, such as sales charges (loads), redemption fees or exchange fees, but shareholders of other funds may incur such costs. Also, the fees related to the variable annuity investment or the deferred sales charge that could apply have not been included. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The Series’ expenses shown in the table assume reinvestment of all dividends and distributions.

Expense analysis of an investment of $1,000

	Beginning Account Value 1/1/19	Ending Account Value 6/30/19		Annualized Expense Ratio	Expenses Paid During Period 1/1/19 to 6/30/19*
Actual Series return†
Standard Class	$1,000.00		$1,172.30	0.77%		$4.15
Service Class	1,000.00		1,170.50	1.07%		5.76
Hypothetical 5% return (5% return before expenses)
Standard Class	$1,000.00		$1,020.98	0.77%		$3.86
Service Class	1,000.00		1,019.49	1.07%		5.36

* “Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^† Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

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

Small Cap Value Series-1

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

Security type / sector allocation and top 10 equity holdings

As of June 30, 2019 (Unaudited)

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

Security type / sector	Percentage of net assets
Common Stock²		97.52%
Basic Industry		5.67%
Business Services		0.81%
Capital Spending		8.91%
Consumer Cyclical		3.55%
Consumer Services		9.55%
Consumer Staples		3.28%
Energy		6.00%
Financial Services1		28.97%
Healthcare		3.69%
Real Estate		8.36%
Technology		12.15%
Transportation		1.86%
Utilities		4.72%
Short-Term Investments		2.54%
Total Value of Securities		100.06%
Liabilities Net of Receivables and Other Assets		(0.06%)
Total Net Assets		100.00%

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

¹ To monitor compliance with the Series’ concentration guidelines as described in the Series’ prospectus and Statement of Additional Information, the Financial Services sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Financial Services sector consisted of banks, diversified financial services, insurance, and investment companies. As of June 30, 2019, such amounts, as percentage of total net assets, were 21.32%, 2.54%, 4.49%, and 0.62%, respectively. The percentage in any such single industry will comply with the Series’ concentration policy even if the percentages in the Financial Services sector for financial reporting purposes may exceed 25%.

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

Top 10 equity holdings	Percentage of net assets
East West Bancorp	2.56%
MasTec	2.55%
ITT	2.12%
Hancock Whitney	1.89%
Selective Insurance Group	1.82%
Stifel Financial	1.74%
Webster Financial	1.65%
Teradyne	1.61%
Berry Global Group	1.60%
Meritage Homes	1.59%

Small Cap Value Series-2

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

Schedule of investments

June 30, 2019 (Unaudited)

	Number of shares		Value (US $)
Common Stock – 97.52% ²
Basic Industry – 5.67%
Berry Global Group †		369,000	$	19,405,710
Ferro †		474,400		7,495,520
HB Fuller		272,500		12,644,000
Louisiana-Pacific		425,300		11,151,366
Olin		830,100		18,187,491
				68,884,087
Business Services – 0.81%
Deluxe		119,000		4,838,540
WESCO International †		98,300		4,978,895
				9,817,435
Capital Spending – 8.91%
Altra Industrial Motion		407,270		14,612,848
Atkore International Group †		419,200		10,844,704
H&E Equipment Services		315,000		9,163,350
ITT		394,200		25,812,216
MasTec †		600,446		30,940,982
Primoris Services		384,400		8,045,492
Rexnord †		292,700		8,845,394
				108,264,986
Consumer Cyclical – 3.55%
Barnes Group		205,800		11,594,772
Knoll		383,693		8,817,265
Meritage Homes †		376,800		19,344,912
Standard Motor Products		76,101		3,450,419
				43,207,368
Consumer Services – 9.55%
Asbury Automotive Group †		84,800		7,152,032
Cable One		10,200		11,944,098
Caleres		282,000		5,617,440
Cheesecake Factory		179,100		7,830,252
Choice Hotels International		180,400		15,696,604
Cinemark Holdings		293,513		10,595,819
Cracker Barrel Old Country Store		54,500		9,304,785
International Speedway Class A		108,200		4,857,098
Meredith		134,050		7,380,793
Steven Madden		227,050		7,708,347
Texas Roadhouse		125,500		6,735,585
UniFirst		77,700		14,651,889
Wolverine World Wide		240,700		6,628,878
				116,103,620
Consumer Staples – 3.28%
Core-Mark Holding		187,269		7,438,325
J&J Snack Foods		67,500		10,864,125
Performance Food Group †		193,795		7,757,614
Scotts Miracle-Gro		95,100		9,367,350
Spectrum Brands Holdings		82,800		4,452,156
				39,879,570
Energy – 6.00%
Callon Petroleum †		1,295,300		8,536,027
Delek US Holdings		321,000		13,006,920
Dril-Quip †		140,500		6,744,000
Ensco Rowan Class A		474,618		4,048,492

	Number of shares		Value (US $)
Common Stock ² (continued)
Energy (continued)
Helix Energy Solutions Group †		894,900	$	7,722,987
KLX Energy Services Holdings †		53,920		1,101,586
Oasis Petroleum †		1,108,000		6,293,440
Patterson-UTI Energy		887,000		10,209,370
SM Energy		681,800		8,536,136
Whiting Petroleum †		358,325		6,693,511
				72,892,469
Financial Services – 28.97%
American Equity Investment Life Holding		514,900		13,984,684
Bank of NT Butterfield & Son		171,500		5,824,140
Community Bank System		171,400		11,284,976
East West Bancorp		665,436		31,122,442
First Financial Bancorp		558,400		13,524,448
First Hawaiian		524,600		13,571,402
First Interstate BancSystem Class A		281,100		11,134,371
First Midwest Bancorp		581,800		11,909,446
FNB		1,457,100		17,150,067
Great Western Bancorp		469,600		16,774,112
Hancock Whitney		574,200		23,002,452
Hanover Insurance Group		144,800		18,577,840
Legg Mason		252,300		9,658,044
Main Street Capital (BDC)		182,400		7,500,288
NBT Bancorp		282,000		10,577,820
Prosperity Bancshares		171,100		11,301,155
S&T Bancorp		203,942		7,643,746
Selective Insurance Group		294,990		22,091,801
Stifel Financial		359,000		21,202,540
Umpqua Holdings		913,800		15,159,942
Valley National Bancorp		1,412,500		15,226,750
Webster Financial		420,000		20,063,400
WesBanco		273,300		10,535,715
Western Alliance Bancorp †		299,700		13,402,584
				352,224,165
Healthcare – 3.69%
Avanos Medical †		242,000		10,553,620
Catalent †		213,300		11,562,993
Service Corp. International		201,400		9,421,492
STERIS		89,898		13,384,014
				44,922,119
Real Estate – 8.36%
Brandywine Realty Trust		947,133		13,562,945
Highwoods Properties		276,100		11,402,930
Lexington Realty Trust		1,077,400		10,138,334
Life Storage		111,500		10,601,420
Outfront Media		721,700		18,612,643
RPT Realty		628,700		7,613,557
Spirit Realty Capital		259,900		11,087,334
Summit Hotel Properties		725,600		8,322,632
Washington Real Estate Investment Trust		384,400		10,275,012
				101,616,807

Small Cap Value Series-3

Delaware VIP^® Small Cap Value Series

Schedule of investments (continued)

	Number of shares		Value (US $)
Common Stock ² (continued)
Technology – 12.15%
Cirrus Logic †		154,300	$	6,742,910
Coherent †		44,700		6,095,739
CommScope Holding †		335,845		5,282,842
Flex †		834,900		7,989,993
MaxLinear †		257,900		6,045,176
NCR †		329,099		10,234,979
NetScout Systems †		273,463		6,943,226
ON Semiconductor †		647,100		13,077,891
Synopsys †		139,600		17,965,124
Tech Data †		145,329		15,201,413
Teradyne		407,900		19,542,489
Tower Semiconductor †		459,900		7,252,623
TTM Technologies †		644,012		6,568,922
Viavi Solutions †		549,600		7,304,184
Vishay Intertechnology		697,600		11,524,352
				147,771,863
Transportation – 1.86%
Kirby †		74,400		5,877,600
Saia †		96,050		6,211,553
Werner Enterprises		337,900		10,501,932
				22,591,085

	Number of shares		Value (US $)
Common Stock ² (continued)
Utilities – 4.72%
ALLETE		129,100	$	10,742,411
Black Hills		212,800		16,634,576
El Paso Electric		198,100		12,955,740
Southwest Gas Holdings		190,100		17,036,762
				57,369,489
Total Common Stock (cost $895,087,355)				1,185,545,063
Short-Term Investments – 2.54%
Money Market Mutual Funds – 2.54%
BlackRock FedFund - Institutional Shares (seven-day effective yield 2.29%)		6,180,213		6,175,522
Fidelity Investments Money Market Government Portfolio - Class I (seven-day effective yield 2.26%)		6,180,213		6,175,486
GS Financial Square Government Fund - Institutional Shares (seven-day effective yield 2.27%)		6,180,213		6,175,551
Morgan Stanley Government Portfolio - Institutional Share Class (seven-day effective yield 2.25%)		6,180,213		6,175,519
State Street Institutional US Government Money Market Fund - Investor Class (seven-day effective yield 2.23%)		6,180,213		6,175,371
Total Short-Term Investments (cost $30,877,449)				30,877,449

Total Value of Securities – 100.06%
(cost $925,964,804) $1,216,422,512

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

† Non-income producing security.

Summary of abbreviations:

BDC – Business Development Corporation

GS – Goldman Sachs

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

Small Cap Value Series-4

  Delaware VIP^® Trust — Delaware VIP Small Cap Value Series Statement of assets and liabilities June 30, 2019 (Unaudited)

Assets:
Investments, at value1	$	1,216,422,512
Receivable for securities sold		1,523,891
Dividends and interest receivable		1,419,977
Receivable for series shares sold		90,786
Total assets		1,219,457,166
Liabilities:
Cash due to custodian		3,032
Payable for series shares redeemed		2,673,537
Investment management fees payable to affiliates		696,496
Distribution fees payable to affiliates		195,197
Other accrued expenses		175,420
Audit and tax fees payable		16,735
Dividend disbursing and transfer agent fees and expenses payable to affiliates		7,325
Accounting and administration expenses payable to affiliates		4,011
Trustees’ fees and expenses payable to affiliates		3,984
Legal fees payable to affiliates		1,654
Reports and statements to shareholders expenses payable to affiliates		1,055
Total liabilities		3,778,446
Total Net Assets	$	1,215,678,720
Net Assets Consist of:
Paid-in capital	$	892,577,899
Total distributable earnings (loss)		323,100,821
Total Net Assets	$	1,215,678,720
Net Asset Value:
Standard Class:
Net assets	$	405,064,356
Shares of beneficial interest outstanding, unlimited authorization, no par		11,560,662
Net asset value per share	$	35.04
Service Class:
Net assets	$	810,614,364
Shares of beneficial interest outstanding, unlimited authorization, no par		23,243,318
Net asset value per share	$	34.88

¹Investments, at cost $    925,964,804

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

Small Cap Value Series-5

  Delaware VIP^® Trust — Delaware VIP Small Cap Value Series Statement of operations Six months ended June 30, 2019 (Unaudited)   Delaware VIP Trust — Delaware VIP Small Cap Value Series Statements of changes in net assets

Investment Income:
Dividends	$	12,211,300
Interest		138,815
		12,350,115
Expenses:
Management fees		4,218,586
Distribution expenses – Service Class		1,180,545
Accounting and administration expenses		125,071
Reports and statements to shareholders expenses		69,041
Dividends disbursing and transfer agent fees and expenses		49,664
Trustees’ fees and expenses		36,617
Legal fees		28,631
Custodian fees		18,339
Audit and tax fees		15,605
Registration fees		27
Other		17,166
		5,759,292
Less expenses paid indirectly		(2,814	)
Total operating expenses		5,756,478
Net Investment Income		6,593,637
Net Realized and Unrealized Gain:
Net realized gain on investments		26,494,437
Net change in unrealized appreciation (depreciation) of investments		147,686,311
Net Realized and Unrealized Gain		174,180,748
Net Increase in Net Assets Resulting from Operations	$	180,774,385

	Six months ended 6/30/19 (Unaudited)			Year ended 12/31/18
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	6,593,637		$	10,450,426
Net realized gain		26,494,437			95,626,959
Net change in unrealized appreciation (depreciation)		147,686,311			(318,139,961	)
Net increase (decrease) in net assets resulting from operations		180,774,385			(212,062,576	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class		(35,845,943	)		(33,424,300	)
Service Class		(70,100,727	)		(64,378,292	)
		(105,946,670	)		(97,802,592	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		21,157,006			48,204,956
Service Class		43,147,331			79,818,470
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		35,845,943			33,424,300
Service Class		70,100,726			64,378,292
		170,251,006			225,826,018
Cost of shares redeemed:
Standard Class		(34,402,424	)		(59,827,644	)
Service Class		(53,139,898	)		(90,648,481	)
		(87,542,322	)		(150,476,125	)
Increase in net assets derived from capital share transactions		82,708,684			75,349,893
Net Increase (Decrease) in Net Assets		157,536,399			(234,515,275	)
Net Assets:
Beginning of period		1,058,142,321			1,292,657,596
End of period	$	1,215,678,720		$	1,058,142,321

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

Small Cap Value Series-6

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

Financial highlights

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

	Delaware VIP Small Cap Value Series Standard Class
	Six months ended 6/30/191				Year ended
	(unaudited)				12/31/18				12/31/17				12/31/16				12/31/15				12/31/14
Net asset value, beginning of period		$	32.76			$	42.73			$	39.84			$	33.72			$	40.23			$	41.72
Income (loss) from investment operations:
Net investment income2			0.23				0.41				0.34				0.36				0.33				0.27
Net realized and unrealized gain (loss)			5.43				(7.03	)			4.30				9.37				(2.43	)			2.06
Total from investment operations			5.66				(6.62	)			4.64				9.73				(2.10	)			2.33
Less dividends and distributions from:
Net investment income			(0.40	)			(0.35	)			(0.35	)			(0.35	)			(0.28	)			(0.23	)
Net realized gain			(2.98	)			(3.00	)			(1.40	)			(3.26	)			(4.13	)			(3.59	)
Total dividends and distributions			(3.38	)			(3.35	)			(1.75	)			(3.61	)			(4.41	)			(3.82	)
Net asset value, end of period		$	35.04			$	32.76			$	42.73			$	39.84			$	33.72			$	40.23
Total return3			17.23%				(16.72%)				12.05%				31.41%				(6.22%)				5.86%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	405,064			$	357,318			$	439,612			$	429,275			$	343,847			$	379,542
Ratio of expenses to average net assets4			0.77%				0.77%				0.78%				0.79%				0.80%				0.80%
Ratio of net investment income to average net assets			1.31%				1.03%				0.85%				1.05%				0.90%				0.68%
Portfolio turnover			9%				18%				14%				11%				18%				16%

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

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

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

⁴  Expense ratios do not include expenses of the Underlying Fund in which the Series invests.

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

Small Cap Value Series-7

Delaware VIP^® Small Cap Value Series

Financial highlights (continued)

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

	Delaware VIP Small Cap Value Series Service Class
	Six months ended 6/30/191				Year ended
	(unaudited)				12/31/18				12/31/17				12/31/16				12/31/15				12/31/14
Net asset value, beginning of period		$	32.58			$	42.52			$	39.67			$	33.58			$	40.08			$	41.58
Income (loss) from investment operations:
Net investment income2			0.18				0.29				0.24				0.27				0.24				0.17
Net realized and unrealized gain (loss)			5.39				(6.98	)			4.27				9.34				(2.43	)			2.06
Total from investment operations			5.57				(6.69	)			4.51				9.61				(2.19	)			2.23
Less dividends and distributions from:
Net investment income			(0.29	)			(0.25	)			(0.26	)			(0.26	)			(0.18	)			(0.14	)
Net realized gain			(2.98	)			(3.00	)			(1.40	)			(3.26	)			(4.13	)			(3.59	)
Total dividends and distributions			(3.27	)			(3.25	)			(1.66	)			(3.52	)			(4.31	)			(3.73	)
Net asset value, end of period		$	34.88			$	32.58			$	42.52			$	39.67			$	33.58			$	40.08
Total return3			17.05%				(16.95%)				11.76%				31.09%				(6.46%)				5.62%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	810,615			$	700,824			$	853,046			$	794,681			$	621,022			$	719,263
Ratio of expenses to average net assets4			1.07%				1.05%				1.03%				1.04%				1.05%				1.05%
Ratio of expenses to average net assets prior to fees waived4			1.07%				1.07%				1.08%				1.09%				1.10%				1.10%
Ratio of net investment income to average net assets			1.01%				0.74%				0.60%				0.80%				0.65%				0.43%
Ratio of net investment income to average net assets prior to fees waived			1.01%				0.72%				0.55%				0.75%				0.60%				0.38%
Portfolio turnover			9%				18%				14%				11%				18%				16%

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

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

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during some of the periods shown reflects a waiver by the distributor. Performance would have been lower had the waiver not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

⁴  Expense ratios do not include expenses of the Underlying Fund in which the Series invests.

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

Small Cap Value Series-8

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

Notes to financial statements

June 30, 2019 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust and offers 10 series: Delaware VIP Diversified Income Series, Delaware VIP Emerging Markets Series, Delaware VIP High Yield Series, Delaware VIP International Value Equity Series, Delaware VIP Limited-Term Diversified Income Series, Delaware VIP REIT Series, Delaware VIP Small Cap Value Series, Delaware VIP Smid Cap Core Series, Delaware VIP U.S. Growth Series, and Delaware VIP Value Series. These financial statements and the related notes pertain to Delaware VIP Small Cap Value Series (Series). The Series is an open-end investment company. The Series is considered diversified under the Investment Company Act of 1940, as amended, and offers Standard Class and Service Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee and the Service Class shares carry a 12b-1 fee. The shares of the Series are sold only to separate accounts of life insurance companies.

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

1. Significant Accounting Policies

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

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

Federal Income Taxes – No provision for federal income taxes has been made as the Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Series evaluates tax positions taken or expected to be taken in the course of preparing the Series’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Series’ tax positions taken or expected to be taken on the Series’ federal income tax returns through the six months ended June 30, 2019 and for all open tax years (years ended Dec. 31, 2016–Dec. 31, 2018), and has concluded that no provision for federal income tax is required in the Series’ financial statements. If applicable, the Series recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the “Statement of operations.” During the six months ended June 30, 2019, the Series did not incur any interest or tax penalties.

Class Accounting – Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Series on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

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

Repurchase Agreements – The Series may purchase certain US government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Series’ custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. At June 30, 2019, the Fund held no investments in repurchase agreements.

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

Other – Expenses directly attributable to the Series are charged directly to the Series. Other expenses common to various funds within the Delaware Funds^® by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial

Small Cap Value Series-9

Delaware VIP^® Small Cap Value Series

Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer. The Series declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, following the close of the fiscal year. The Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2019, the Series earned $2,812 under this arrangement.

The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2019, the Series earned $2 under this arrangement.

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

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

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Series. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administrative expenses.” For the six months ended June 30, 2019, the Series was charged $24,388 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC’s fees were calculated daily and paid monthly at the annual rate of 0.0075% of the Series’ average daily net assets. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended June 30, 2019, the Series was charged $44,385 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Series. Sub-transfer agency fees are paid by the Series and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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

As provided in the investment management agreement, the Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to the Series. For the six months ended June 30, 2019, the Series was charged $18,226 for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

Trustees’ fees include expenses accrued by the Series for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.

In addition to the management fees and other expenses of the Series, the Series indirectly bears the investment management fees and other expenses of the Underlying Fund. The amount of these fees and expenses incurred indirectly by the Series will vary based upon the expense and fee levels of the Underlying Fund and the amount of shares that are owned of the Underlying Fund at different times.

Small Cap Value Series-10

Delaware VIP^® Small Cap Value Series

Notes to financial statements (continued)

3. Investments

For the six months ended June 30, 2019, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	101,142,084
Sales		116,658,762

At June 30, 2019, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2019, the cost and unrealized appreciation (depreciation) of investments for the Series were as follows:

Cost of Investments	Aggregate Unrealized Appreciation of Investments	Aggregate Unrealized Depreciation of Investments	Net Unrealized Appreciation of Investments
$925,964,804	$363,159,400	$(72,701,692)	$290,457,708

US GAAP defines fair value as the price that the Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Series’ investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized below.

Level 1 –	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, exchange-traded options contracts)
Level 2 –	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)
Level 3 –	Significant unobservable inputs, including the Series’ own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities, fair valued securities)

Level 3 investments are valued using significant unobservable inputs. The Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of June 30, 2019:

Securities	Level 1
Assets:
Common Stock	$	1,185,545,063
Short-Term Investments		30,877,449
Total Value of Securities	$	1,216,422,512

During the six months ended June 30, 2019, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Series. The Series’ policy is to recognize transfers between levels based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Series has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to the Series’ net assets. During the six months ended June 30, 2019, there were no Level 3 investments.

Small Cap Value Series-11

Delaware VIP^® Small Cap Value Series

Notes to financial statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/19			Year ended 12/31/18
Shares sold:
Standard Class		592,420			1,231,914
Service Class		1,205,567			2,036,658
Shares issued upon reinvestment of dividends and distributions:
Standard Class		1,018,930			859,679
Service Class		2,000,591			1,661,804
		4,817,508			5,790,055
Shares redeemed:
Standard Class		(956,920	)		(1,473,380	)
Service Class		(1,475,922	)		(2,248,735	)
		(2,432,842	)		(3,722,115	)
Net increase (decrease)		2,384,666			2,067,940

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $220,000,000 revolving line of credit to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement expires on Nov. 4, 2019.

The Series had no amounts outstanding as of June 30, 2019, or at any time during the period then ended.

6. Securities Lending

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

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

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral

Small Cap Value Series-12

Delaware VIP^® Small Cap Value Series

Notes to financial statements (continued)

6. Securities Lending (continued)

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

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

During the six months ended June 30, 2019, the Series had no securities out on loan.

7. Credit and Market Risk

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

The Series invests in REITs and is subject to the risks associated with that industry. If the Series holds real estate directly as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the six months ended June 30, 2019. The Series’ REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

The Series may invest up to 10% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A, promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Series’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series’ 10% limit on investments in illiquid securities. As of June 30, 2019, there were no Rule 144A securities held by the Series. Restricted securities are valued pursuant to the security valuation procedures described in Note 1.

8. Contractual Obligations

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

9. Recent Accounting Pronouncements

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

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2019, that would require recognition or disclosure in the Series’ financial statements.

Small Cap Value Series-13

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

Other Series information (Unaudited)

The Series files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT (available for filings after March 31, 2019). The Series’ Forms N-Q or Forms N-PORT, as well as a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Series’ most recent Form N-Q or Form N-PORT are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-Q and Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how the Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

SA-VIPSCV 22331 (8/19) (912909) Small Cap Value Series-14

Delaware VIP^® Trust

Delaware VIP U.S. Growth Series

June 30, 2019

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

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

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

Table of contents

Disclosure of Series expenses	1
Security type / sector allocation and top 10 equity holdings	2
Schedule of investments	3
Statement of assets and liabilities	4
Statement of operations	5
Statements of changes in net assets	5
Financial highlights	6
Notes to financial statements	8
Other Series Information	13

Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. The Series is governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of June 30, 2019, and subject to change for events occurring after such date.

The Series is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested.

Advisory services provided by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment advisor.

The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited. Macquarie Investment Management (MIM), a member of Macquarie Group, refers to the companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide.

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

© 2019 Macquarie Management Holdings, Inc.

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

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

Disclosure of Series expenses

For the six-month period from January 1, 2019 to June 30, 2019 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from Jan. 1, 2019 to June 30, 2019.

Actual expenses

The first section of the table shown, “Actual Series Return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical example for comparison purposes

The second section of the table shown, “Hypothetical 5% Return,” provides information about hypothetical account values and hypothetical expenses based on the Series’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Series’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Series and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Series, you do not incur any transaction costs, such as sales charges (loads), redemption fees, or exchange fees, but shareholders of other funds may incur such costs. Also, the fees related to the variable annuity investment or the deferred sales charge that could apply have not been included. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The Series’ expenses shown in the table assume reinvestment of all dividends and distributions.

Expense analysis of an investment of $1,000

	Beginning Account Value 1/1/19		Ending Account Value 6/30/19		Annualized Expense Ratio			Expenses Paid During Period 1/1/19 to 6/30/19*
Actual Series return†
Standard Class		$1,000.00		$1,204.80		0.74	%		$4.05
Service Class		1,000.00		1,202.10		1.04	%		5.68
Hypothetical 5% return (5% return before expenses)
Standard Class		$1,000.00		$1,021.12		0.74	%		$3.71
Service Class		1,000.00		1,019.64		1.04	%		5.21

* “Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^†  Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

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

U.S. Growth Series-1

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

Security type / sector allocation and top 10 equity holdings

As of June 30, 2019 (Unaudited)

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

Security type / sector	Percentage of net assets
Common Stock²		96.73	%
Communication Services		5.75	%
Consumer Discretionary1		25.11	%
Consumer Staples		3.74	%
Financial Services		23.96	%
Healthcare		14.17	%
Materials		4.33	%
Technology		19.67	%
Short-Term Investments		3.44	%
Total Value of Securities		100.17	%
Liabilities Net of Receivables and Other Assets		(0.17	)%
Total Net Assets		100.00	%

_² Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.

¹  To monitor compliance with the Series’ concentration guidelines as described in the Series’ prospectus and statement of additional information, the Consumer Discretionary sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Consumer Discretionary sector consisted of Internet, Media, Retail, Software, and Toys. As of June 30, 2019, such amounts, as a percentage of total net assets, were 1.53%, 8.18%, 7.56%, 3.60%, and 4.24%, respectively. The percentage in any such single industry will comply with the Series’ concentration policy even if the percentages in the Consumer Discretionary sector for financial reporting purposes may exceed 25%.

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

Top 10 equity holdings	Percentage       of net assets
Microsoft		9.74	%
IQVIA Holdings		6.17	%
Dollar Tree		5.36	%
KKR & Co. Class A		4.88	%
Ball		4.33	%
Charter Communications Class A		4.25	%
Hasbro		4.24	%
PayPal Holdings		4.08	%
Mastercard Class A		4.06	%
Liberty Global Class A & Class C		3.94	%

U.S. Growth Series-2

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

Schedule of investments

June 30, 2019 (Unaudited)

	Number of shares		Value (US $)
Common Stock – 96.73% ²
Communication Services – 5.75%
Alphabet Class A †		8,162	$	8,837,814
Alphabet Class C †		1,226		1,325,196
TripAdvisor †		243,590		11,275,781
				21,438,791
Consumer Discretionary – 25.11%
Alibaba Group Holding ADR †		33,647		5,701,484
Charter Communications Class A †		40,100		15,846,718
Dollar General		60,662		8,199,076
Dollar Tree †		186,194		19,995,374
Hasbro		149,748		15,825,369
Liberty Global Class A †		77,266		2,085,409
Liberty Global Class C †		475,256		12,608,542
Take-Two Interactive Software †		118,350		13,436,275
				93,698,247
Consumer Staples – 3.74%
Constellation Brands Class A		70,911		13,965,212
				13,965,212
Financial Services – 23.96%
Charles Schwab		259,366		10,423,919
CME Group		47,804		9,279,234
Crown Castle International		49,969		6,513,459
KKR & Co. Class A		720,735		18,212,973
Mastercard Class A		57,199		15,130,851
PayPal Holdings †		133,160		15,241,494
Visa Class A		84,059		14,588,439
				89,390,369
Healthcare – 14.17%
Biogen †		31,548		7,378,131
Illumina †		27,139		9,991,223
IQVIA Holdings †		142,984		23,006,126
UnitedHealth Group		51,272		12,510,881
				52,886,361

	Number of shares		Value (US $)
Common Stock ² (continued)
Materials – 4.33%
Ball		230,693	$	16,146,203
				16,146,203
Technology – 19.67%
Applied Materials		295,823		13,285,411
Arista Networks †		36,798		9,553,497
Autodesk †		87,245		14,212,211
Microsoft		271,401		36,356,878
				73,407,997
Total Common Stock
(cost $265,317,960)				360,933,180
Short-Term Investments – 3.44%
Money Market Mutual Funds – 3.44%
BlackRock FedFund - Institutional Shares (seven-day effective yield 2.29%)		2,565,714		2,565,229
Fidelity Investments Money Market Government Portfolio - Class I (seven-day effective yield 2.26%)		2,565,714		2,565,224
GS Financial Square Government Fund - Institutional Shares (seven-day effective yield 2.27%)		2,565,714		2,565,235
Morgan Stanley Government Portfolio - Institutional Share Class (seven-day effective yield 2.25%)		2,565,714		2,565,225
State Street Institutional US Government Money Market Fund - Investor Class (seven-day effective yield 2.23%)		2,565,714		2,565,212
Total Short-Term Investments (cost $12,826,125)				12,826,125

Total Value of Securities – 100.17%
(cost $278,144,085) $373,759,305

_² Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.

† Non-income producing security.

Summary of abbreviations:

ADR – American Depositary Receipt

GS – Goldman Sachs

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

U.S. Growth Series-3

Delaware VIP^® Trust — Delaware VIP U.S. Growth Series Statement of assets and liabilities June 30, 2019 (Unaudited)

Assets:
Investments, at value1	$	373,759,305
Foreign tax reclaims receivable		37,096
Dividends and interest receivable		12,731
Total assets		373,809,132
Liabilities:
Cash due to custodian		892
Payable for series shares redeemed		293,564
Investment management fees payable to affiliates		196,363
Distribution fees payable to affiliates		77,707
Reports and statements to shareholders payable		67,219
Other accrued expenses		30,883
Audit and tax fees payable		16,735
Dividend disbursing and transfer agent fees and expenses payable to affiliates		2,266
Accounting and administration expenses payable to affiliates		1,468
Trustees’ fees and expenses payable		1,235
Legal fees payable to affiliates		515
Reports and statements to shareholders expense payable to affiliates		323
Total liabilities		689,170
Total Net Assets	$	373,119,962
Net Assets Consist of:
Paid-in capital	$	263,232,316
Total distributable earnings (loss)		109,887,646
Total Net Assets	$	373,119,962
Net Asset Value:
Standard Class:
Net assets	$	53,004,735
Shares of beneficial interest outstanding, unlimited authorization, no par		5,517,408
Net asset value per share	$	9.61
Service Class:
Net assets	$	320,115,227
Shares of beneficial interest outstanding, unlimited authorization, no par		34,817,611
Net asset value per share	$	9.19
1 Investments, at cost	$	278,144,085

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

U.S. Growth Series-4

Delaware VIP^® Trust — Delaware VIP U.S. Growth Series Statement of operations Six months ended June 30, 2019 (Unaudited)   Delaware VIP Trust — Delaware VIP U.S. Growth Series Statements of changes in net assets

Investment Income:
Dividends	$	1,402,790
Interest		52,907
		1,455,697
Expenses:
Management fees		1,162,446
Distribution expenses – Service Class		461,128
Accounting and administration expenses		52,154
Reports and statements to shareholders		38,819
Audit and tax fees		15,583
Dividend disbursing and transfer agent fees and expenses		14,960
Trustees’ fees and expenses		11,063
Legal fees		9,231
Custodian fees		5,989
Registration fees		29
Other		5,505
		1,776,907
Less expenses paid indirectly		(1,077	)
Total operating expenses		1,775,830
Net Investment Loss		(320,133	)
Net Realized and Unrealized Gain:
Net realized gain		17,644,550
Net change in unrealized appreciation (depreciation) of investments		48,374,838
Net Realized and Unrealized Gain		66,019,388
Net Increase in Net Assets Resulting from Operations	$	65,699,255

	Six months ended 6/30/19 (Unaudited)			Year ended 12/31/18
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(320,133	)	$	(644,265	)
Net realized gain		17,644,550			63,618,314
Net change in unrealized appreciation (depreciation)		48,374,838			(70,795,585	)
Net increase (decrease) in net assets resulting from operations		65,699,255			(7,821,536	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class		(8,687,296	)		(6,179,560	)
Service Class		(54,735,552	)		(42,785,737	)
		(63,422,848	)		(48,965,297	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		4,281,870			4,179,512
Service Class		1,248,782			5,753,887
Net asset value of shares based upon reinvestment of dividends and distributions:
Standard Class		8,687,296			6,179,560
Service Class		54,735,552			42,785,737
		68,953,500			58,898,696
Cost of shares redeemed:
Standard Class		(3,787,919	)		(6,532,749	)
Service Class		(23,603,537	)		(49,881,786	)
		(27,391,456	)		(56,414,535	)
Increase in net assets derived from capital share transactions		41,562,044			2,484,161
Net Increase (Decrease) in Net Assets		43,838,451			(54,302,672	)
Net Assets:
Beginning of period		329,281,511			383,584,183
End of period	$	373,119,962		$	329,281,511

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

U.S. Growth Series-5

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

Financial highlights

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

				Delaware VIP U.S. Growth Series Standard Class
	Six months ended 6/30/191									Year ended
	(Unaudited)			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Net asset value, beginning of period	$	9.57		$	11.31		$	8.91		$	13.31		$	13.75		$	13.14
Income (loss) from investment operations:
Net investment income2		—	3		0.01			0.01			0.02			0.08			0.08
Net realized and unrealized gain (loss)		1.88			(0.27	)		2.49			(0.75	)		0.66			1.49
Total from investment operations		1.88			(0.26	)		2.50			(0.73	)		0.74			1.57
Less dividends and distributions from:
Net investment income		—			—			—			(0.08	)		(0.08	)		(0.03	)
Net realized gain		(1.84	)		(1.48	)		(0.10	)		(3.59	)		(1.10	)		(0.93	)
Total dividends and distributions		(1.84	)		(1.48	)		(0.10	)		(3.67	)		(1.18	)		(0.96	)
Net asset value, end of period	$	9.61		$	9.57		$	11.31		$	8.91		$	13.31		$	13.75
Total return4		20.48%			(3.00%	)		28.28%			(5.17%	)		5.39%			12.78%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	53,005		$	43,417		$	46,908		$	47,773		$	50,055		$	160,730
Ratio of expenses to average net assets		0.74%			0.73%			0.74%			0.74%			0.75%			0.74%
Ratio of net investment income to average net assets		0.08%			0.08%			0.05%			0.22%			0.56%			0.58%
Portfolio turnover		16%			40%			25%			22%			39%			26%

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

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

³ The amount is less than $0.005 per share.

⁴ Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

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

U.S. Growth Series-6

Delaware VIP^® U.S. Growth Series

Financial highlights (continued)

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

				Delaware VIP U.S. Growth Series Service Class
	Six months ended 6/30/191									Year ended
	(Unaudited)			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Net asset value, beginning of period	$	9.24		$	11.00		$	8.68		$	13.07		$	13.53		$	12.94
Income (loss) from investment operations:
Net investment income (loss)2		(0.01	)		(0.02	)		(0.02	)		—	3		0.04			0.04
Net realized and unrealized gain (loss)		1.80			(0.26	)		2.44			(0.75	)		0.65			1.48
Total from investment operations		1.79			(0.28	)		2.42			(0.75	)		0.69			1.52
Less dividends and distributions from:
Net investment income		—			—			—			(0.05	)		(0.05	)		—	3
Net realized gain		(1.84	)		(1.48	)		(0.10	)		(3.59	)		(1.10	)		(0.93	)
Total dividends and distributions		(1.84	)		(1.48	)		(0.10	)		(3.64	)		(1.15	)		(0.93	)
Net asset value, end of period	$	9.19		$	9.24		$	11.00		$	8.68		$	13.07		$	13.53
Total return4		20.21%			(3.29%	)		28.10%			(5.50%	)		5.08%			12.48%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	320,115		$	285,865		$	336,676		$	316,194		$	361,691		$	365,985
Ratio of expenses to average net assets		1.04%			1.01%			0.99%			0.99%			1.00%			0.99%
Ratio of expenses to average net assets prior to fees waived and expenses paid indirectly		1.04%			1.03%			1.04%			1.04%			1.05%			1.04%
Ratio of net investment income (loss) to average net assets		(0.22%)			(0.20%)			(0.20%)			(0.03%)			0.31%			0.33%
Ratio of net investment income (loss) to average net assets prior to fees waived and expenses paid indirectly		(0.22%)			(0.22%)			(0.25%)			(0.08%)			0.26%			0.28%
Portfolio turnover		16%			40%			25%			22%			39%			26%

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

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

³ Amount is less than $0.005 per share.

⁴ Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during some of the periods shown reflects a waiver by the distributor. Performance would have been lower had the waiver not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

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

U.S. Growth Series-7

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

Notes to financial statements

June 30, 2019 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust and offers 10 series: Delaware VIP Diversified Income Series, Delaware VIP Emerging Markets Series, Delaware VIP High Yield Series, Delaware VIP International Value Equity Series, Delaware VIP Limited-Term Diversified Income Series, Delaware VIP REIT Series, Delaware VIP Small Cap Value Series, Delaware VIP Smid Cap Core Series, Delaware VIP U.S. Growth Series, and Delaware VIP Value Series. These financial statements and the related notes pertain to Delaware VIP U.S. Growth Series (Series). The Series is an open-end investment company. The Series is considered diversified under the Investment Company Act of 1940, as amended, and offers Standard Class and Service Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee and the Service Class shares carry a 12b-1 fee. The shares of the Series are sold only to separate accounts of life insurance companies.

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

1. Significant Accounting Policies

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

Security Valuation — Equity securities, except those traded on the Nasdaq Stock Market LLC (Nasdaq) are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security does not trade, the mean between the bid and ask prices will be used, which approximates fair value. US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Open-end investment companies are valued at their published net asset value (NAV). Investments in repurchase agreements are generally value at par, which approximates fair value, each business day. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The Series may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before the Series values its securities, generally as of 4:00pm Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, the Series may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing). Restricted securities are valued at fair value using methods approved by the Board.

Federal Income Taxes — No provision for federal income taxes has been made as the Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Series evaluates tax positions taken or expected to be taken in the course of preparing the Series’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Series’ tax positions taken or expected to be taken on the Series’ federal income tax returns through the six months ended June 30, 2019 and for all open tax years (years ended Dec. 31, 2016–Dec. 31, 2018), and has concluded that no provision for federal income tax is required in the Series’ financial statements. If applicable, the Series recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the “Statement of operations.” During the six months ended June 30, 2019, the Series did not incur any interest or tax penalties.

Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Series on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Repurchase Agreements — The Series may purchase certain US government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Series’ custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. At June 30, 2019, the Series had no open repurchase agreements.

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

Other — Expenses directly attributable to the Series are charged directly to the Series. Other expenses common to various funds within the Delaware Funds^® by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial

U.S. Growth Series-8

Delaware VIP^® U.S. Growth Series

Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Series is aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends have been recorded in accordance with the Series’ understanding of the applicable country’s tax rules and rates. The Series declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, following the close of the fiscal year. The Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2019, the Series earned $1,077 under this arrangement.

The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2019, the Series earned less than one dollar under this arrangement.

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

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

Jackson Square Partners, LLC (JSP), a related party of DMC, furnishes investment sub-advisory services to the Series. For these services, DMC, not the Series, pays JSP fees based on the aggregate average daily net assets of the Series at the following annual rate: 0.39% of the first $500 million; 0.36% of the next $500 million; 0.33% of the next $1.5 billion; and 0.30% of aggregate average daily net assets in excess of $2.5 billion.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Series. For these services, DIFSC’s fees were calculated daily and paid monthly based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2019, the Series was charged $8,754 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC’s fees are calculated daily and paid monthly at the annual rate of 0.0075% of the Series average daily net assets. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended June 30, 2019, the Series was charged $13,413 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Series. Sub-transfer agency fees are paid by the Series and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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

As provided in the investment management agreement, the Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to the Series. For the six months ended June 30, 2019 the Series was charged $5,522 for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

Trustees’ fees include expenses accrued by the Series for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.

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

U.S. Growth Series-9

Delaware VIP^® U.S. Growth Series

Notes to financial statements (continued)

3. Investments

For the six months ended June 30, 2019, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	57,275,475
Sales		81,185,396

At June 30, 2019, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2019, the cost and unrealized appreciation (depreciation) of investments for the Series were as follows:

	Aggregate	Aggregate
	Unrealized	Unrealized	Net Unrealized
Cost of	Appreciation	Depreciation	Appreciation
Investments	of Investments	of Investments	of Investments
$278,144,085	$102,225,379	$(6,610,159)	$95,615,220

US GAAP defines fair value as the price that the Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Series’ investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized below.

Level 1 –	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, exchange-traded options contracts)
Level 2 –	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)
Level 3 –	Significant unobservable inputs, including the Series’ own assumptions used to determine the fair value of investments) (Examples: broker-quoted securities, fair valued securities)

Level 3 investments are valued using significant unobservable inputs. The Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of June 30, 2019:

Securities	Level 1
Assets:
Common Stock		$360,933,180
Short-Term Investments		12,826,125
Total Value of Securities		$373,759,305

During the six months ended June 30, 2019, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Series. The Series’ policy is to recognize transfers between levels based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Series has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to the Series’ net assets. During the six months ended June 30, 2019, there were no Level 3 investments.

U.S. Growth Series-10

Delaware VIP^® U.S. Growth Series

Notes to financial statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/19			Year ended 12/31/18
Shares sold:
Standard Class		426,729			382,239
Service Class		129,925			595,706
Shares issued upon reinvestment of dividends and distributions:
Standard Class		945,299			609,424
Service Class		6,219,949			4,361,441
		7,721,902			5,948,810
Shares redeemed:
Standard Class		(391,448	)		(601,660	)
Service Class		(2,470,162	)		(4,626,671	)
		(2,861,610	)		(5,228,331	)
Net increase		4,860,292			720,479

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $220,000,000 revolving line of credit to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement expires on Nov. 4, 2019.

The Series had no amounts outstanding as of June 30, 2019, or at any time during the period then ended.

6. Securities Lending

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

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

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral

U.S. Growth Series-11

Delaware VIP^® U.S. Growth Series

Notes to financial statements (continued)

6. Securities Lending (continued)

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

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

During the six months ended June 30, 2019, the Series had no securities out on loan.

7. Credit and Market Risk

The Series invests in growth stocks (such as those in the financial services sector), which reflect projections of future earnings and revenue. These prices may rise or fall dramatically depending on whether those projections are met. These companies’ stock prices may be more volatile, particularly over the short term.

The Series may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A, promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Series’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series’ 15% limit on investments in illiquid securities. As of June 30, 2019, there were no Rule 144A securities held by the Series. Restricted securities are valued pursuant to the security valuation procedures described in Note 1.

8. Contractual Obligations

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

9. Recent Accounting Pronouncements

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

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2019, that would require recognition or disclosure in the Series’ financial statements.

U.S. Growth Series-12

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

Other Series information (Unaudited)

The Series files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT (available for filings after March 31, 2019). The Series’ Forms N-Q or Forms N-PORT, as well as a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Series’ most recent Form N-Q or Form N-PORT are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-Q and Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how the Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

SA-VIPUSG 22333 (8/19) (912909) U.S. Growth Series-13

Delaware VIP^® Trust

Delaware VIP Value Series

June 30, 2019

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

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

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

Table of contents

Disclosure of Series expenses	1
Security type / sector allocation and top 10 equity holdings	2
Schedule of investments	3
Statement of assets and liabilities	4
Statement of operations	5
Statements of changes in net assets	5
Financial highlights	6
Notes to financial statements	8
Other Series information	13

Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. The Series is governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of June 30, 2019, and subject to change for events occurring after such date.

The Series is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested.

Advisory services provided by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment advisor.

The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited. Macquarie Investment Management (MIM), a member of Macquarie Group, refers to the companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide.

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

© 2019 Macquarie Management Holdings, Inc.

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

Delaware VIP^® Trust — Delaware VIP Value Series

Disclosure of Series expenses

For the six-month period from January 1, 2019 to June 30, 2019 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from Jan. 1, 2019 to June 30, 2019.

Actual expenses

The first section of the table shown, “Actual Series return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical example for comparison purposes

The second section of the table shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on the Series’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Series’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Series and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Series, you do not incur any transaction costs, such as sales charges (loads), redemption fees or exchange fees, but shareholders of other funds may incur such costs. Also, the fees related to the variable annuity investment or the deferred sales charge that could apply have not been included. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The Series’ expenses shown in the table assume reinvestment of all dividends and distributions.

Expense analysis of an investment of $1,000

	Beginning Account Value 1/1/19		Ending Account Value 6/30/19		Annualized Expense Ratio			Expenses Paid During Period 1/1/19 to 6/30/19*
Actual Series return†
Standard Class		$1,000.00		$1,109.80		0.69	%		$3.61
Service Class		1,000.00		1,108.30		0.99	%		5.18
Hypothetical 5% return (5% return before expenses)
Standard Class		$1,000.00		$1,021.37		0.69	%		$3.46
Service Class		1,000.00		1,019.89		0.99	%		4.96

* “Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^†  Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

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

Value Series-1

Delaware VIP^® Trust — Delaware VIP Value Series

Security type / sector allocation and top 10 equity holdings

As of June 30, 2019 (Unaudited)

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

Security type / sector	Percentage     of net assets
Common Stock		98.86%
Basic Materials		3.00%
Communication Services		5.99%
Consumer Discretionary		6.01%
Consumer Staples		5.62%
Energy		10.51%
Financials		15.53%
Healthcare		24.09%
Industrials		9.44%
Information Technology		12.06%
Real Estate		3.23%
Utilities		3.38%
Short-Term Investments		1.08%
Total Value of Securities		99.94%
Receivables and Other Assets Net of Liabilities		0.06%
Total Net Assets		100.00%

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

Top 10 equity holdings	Percentage of net assets
Northrop Grumman		3.47%
Marsh & McLennan		3.41%
Edison International		3.38%
Quest Diagnostics		3.35%
Allstate		3.31%
Merck & Co.		3.30%
American International Group		3.29%
Equity Residential		3.23%
Abbott Laboratories		3.21%
Waste Management		3.17%

Value Series-2

Delaware VIP^® Trust — Delaware VIP Value Series

Schedule of investments

June 30, 2019 (Unaudited)

	Number of shares		Value (US $)
Common Stock - 98.86%
Basic Materials - 3.00%
DuPont de Nemours		326,183	$	24,486,558
				24,486,558
Communication Services - 5.99%
AT&T		747,324		25,042,827
Verizon Communications		416,800		23,811,784
				48,854,611
Consumer Discretionary - 6.01%
Dollar Tree †		235,400		25,279,606
Lowe’s		235,100		23,723,941
				49,003,547
Consumer Staples - 5.62%
Archer-Daniels-Midland		536,500		21,889,200
Mondelez International Class A		444,100		23,936,990
				45,826,190
Energy - 10.51%
ConocoPhillips		356,400		21,740,400
Halliburton		840,900		19,122,066
Marathon Oil		1,452,657		20,642,256
Occidental Petroleum		481,100		24,189,708
				85,694,430
Financials - 15.53%
Allstate		265,500		26,998,695
American International Group		503,600		26,831,808
Bank of New York Mellon		476,400		21,033,060
BB&T		487,600		23,955,788
Marsh & McLennan		278,700		27,800,325
				126,619,676
Healthcare - 24.09%
Abbott Laboratories		311,000		26,155,100
Cardinal Health		465,500		21,925,050
Cigna		145,151		22,868,540
CVS Health		420,400		22,907,596
Johnson & Johnson		168,200		23,426,896
Merck & Co.		320,800		26,899,080
Pfizer		577,541		25,019,076
Quest Diagnostics		268,000		27,285,080
				196,486,418
Industrials - 9.44%
Northrop Grumman		87,700		28,336,747

	Number of shares		Value (US $)
Common Stock (continued)
Industrials (continued)
Raytheon		131,000	$	22,778,280
Waste Management		224,400		25,889,028
				77,004,055
Information Technology - 12.06%
Broadcom		87,100		25,072,606
Cisco Systems		472,800		25,876,344
Intel		449,600		21,522,352
Oracle		454,000		25,864,380
				98,335,682
Real Estate - 3.23%
Equity Residential		346,800		26,329,056
				26,329,056
Utilities - 3.38%
Edison International		409,200		27,584,172
				27,584,172
Total Common Stock (cost $508,125,309)				806,224,395
Short-Term Investments - 1.08%
Money Market Mutual Funds - 1.08%
BlackRock FedFund - Institutional Shares (seven-day effective yield 2.29%)		1,762,746		1,762,181
Fidelity Investments Money Market Government Portfolio - Class I (seven-day effective yield 2.26%)		1,762,747		1,762,176
GS Financial Square Government Fund - Institutional Shares (seven-day effective yield 2.27%)		1,762,747		1,762,185
Morgan Stanley Government Portfolio - Institutional Share Class (seven-day effective yield 2.25%)		1,762,747		1,762,178
State Street Institutional US Government Money Market Fund - Investor Class (seven-day effective yield 2.23%)		1,762,747		1,762,161
Total Short-Term Investments (cost $8,810,881)				8,810,881

Total Value of Securities - 99.94%
(cost $516,936,190) $ 815,035,276

† Non-income producing security.

GS - Goldman Sachs

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

Value Series-3

Delaware VIP^® Trust — Delaware VIP Value Series Statement of assets and liabilities June 30, 2019 (Unaudited)

Assets:
Investments, at value1	$	815,035,276
Dividends and interest receivable		1,387,093
Receivable for series shares sold		39,939
Total assets		816,462,308
Liabilities:
Cash due to custodian		1,927
Investment management fees payable		416,238
Payable for series shares redeemed		309,647
Distribution fees payable to affiliates		93,500
Reports and statements to shareholders expenses payable		51,690
Other accrued expenses		41,453
Audit and tax fees payable		16,735
Custody fees payable		5,891
Dividend disbursing and transfer agent fees and expenses payable to affiliates		4,946
Accounting and administration expenses payable to affiliates		2,815
Trustees’ fees and expenses payable to affiliates		2,694
Legal fees payable to affiliates		1,124
Reports and statements to shareholders payable to affiliates		706
Total liabilities		949,366
Total Net Assets	$	815,512,942
Net Assets Consist of:
Paid-in capital	$	498,741,237
Total distributable earnings (loss)		316,771,705
Total Net Assets	$	815,512,942
Net Asset Value:
Standard Class:
Net assets	$	429,088,905
Shares of beneficial interest outstanding, unlimited authorization, no par		14,920,437
Net asset value per share	$	28.76
Service Class:
Net assets	$	386,424,037
Shares of beneficial interest outstanding, unlimited authorization, no par		13,475,604
Net asset value per share	$	28.68
1 Investments, at cost	$	516,936,190

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

Value Series-4

Delaware VIP^® Trust — Delaware VIP Value Series Statement of operations Six months ended June 30, 2019 (Unaudited) Delaware VIP Trust — Delaware VIP Value Series Statements of changes in net assets

Investment Income:
Dividends	$	9,918,914
Interest		73,873
		9,992,787
Expenses:
Management fees		2,505,049
Distribution expenses-Service Class		562,576
Accounting and administration expenses		91,091
Reports and statements to shareholders expenses		34,176
Dividend disbursing and transfer agent fees and expenses		33,295
Trustees’ fees and expenses		24,633
Legal fees		21,153
Audit and tax fees		15,542
Custodian fees		11,451
Registration fees		27
Other		11,436
		3,310,429
Less expenses paid indirectly		(3,254	)
Total operating expenses		3,307,175
Net Investment Income		6,685,612
Net Realized and Unrealized Gain:
Net realized gain on investments		16,519,267
Net change in unrealized appreciation (depreciation) of investments		56,914,603
Net Realized and Unrealized Gain		73,433,870
Net Increase in Net Assets Resulting from Operations	$	80,119,482

	Six months ended 6/30/19 (Unaudited)			Year ended 12/31/18
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	6,685,612		$	13,044,258
Net realized gain		16,519,267			56,062,721
Net change in unrealized appreciation (depreciation)		56,914,603			(89,340,596	)
Net increase (decrease) in net assets resulting from operations		80,119,482			(20,233,617	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class		(36,693,110	)		(33,362,526	)
Service Class		(32,088,566	)		(27,989,816	)
		(68,781,676	)		(61,352,342	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		14,063,642			11,383,861
Service Class		14,650,709			35,186,107
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		36,693,110			33,362,526
Service Class		32,088,566			27,989,816
		97,496,027			107,922,310
Cost of shares redeemed:
Standard Class		(16,036,663	)		(45,227,144	)
Service Class		(14,874,239	)		(47,969,409	)
		(30,910,902	)		(93,196,553	)
Increase in net assets derived from capital share transactions		66,585,125			14,725,757
Net Increase (Decrease) in Net Assets		77,922,931			(66,860,202	)
Net Assets:
Beginning of period		737,590,011			804,450,213
End of period	$	815,512,942		$	737,590,011

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

Value Series-5

Delaware VIP^® Trust — Delaware VIP Value Series

Financial highlights

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

				Delaware VIP Value Series Standard Class
	Six months ended 6/30/191			Year ended
	(Unaudited)			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Net asset value, beginning of period	$	28.31		$	31.57		$	29.25		$	28.64		$	29.24		$	26.09
Income (loss) from investment operations:
Net investment income2		0.27			0.54			0.48			0.52			0.55			0.48
Net realized and unrealized gain (loss)		2.84			(1.29	)		3.38			3.39			(0.65	)		3.12
Total from investment operations		3.11			(0.75	)		3.86			3.91			(0.10	)		3.60
Less dividends and distributions from:
Net investment income		(0.54	)		(0.53	)		(0.51	)		(0.59	)		(0.50	)		(0.45	)
Net realized gain		(2.12	)		(1.98	)		(1.03	)		(2.71	)		—			—
Total dividends and distributions		(2.66	)		(2.51	)		(1.54	)		(3.30	)		(0.50	)		(0.45	)
Net asset value, end of period	$	28.76		$	28.31		$	31.57		$	29.25		$	28.64		$	29.24
Total return3		10.98%			(2.73%	)		13.80%			14.65%			(0.41%	)		14.00%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	429,089		$	388,644		$	431,874		$	439,265		$	389,570		$	523,240
Ratio of expenses to average net assets		0.69%			0.69%			0.70%			0.70%			0.71%			0.71%
Ratio of net investment income to average net assets		1.83%			1.77%			1.64%			1.87%			1.88%			1.74%
Portfolio turnover		6%			13%			11%			17%			17%			12%

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

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

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

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

Value Series-6

Delaware VIP^® Value Series

Financial highlights (continued)

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

				Delaware VIP Value Series Service Class
	Six months ended
	6/30/191			Year ended
	(Unaudited)			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Net asset value, beginning of period	$	28.20		$	31.46		$	29.15		$	28.56		$	29.16		$	26.03
Income (loss) from investment operations:
Net investment income2		0.22			0.45			0.41			0.45			0.47			0.41
Net realized and unrealized gain (loss)		2.83			(1.28	)		3.37			3.37			(0.64	)		3.12
Total from investment operations		3.05			(0.83	)		3.78			3.82			(0.17	)		3.53
Less dividends and distributions from:
Net investment income		(0.45	)		(0.45	)		(0.44	)		(0.52	)		(0.43	)		(0.40	)
Net realized gain		(2.12	)		(1.98	)		(1.03	)		(2.71	)		—			—
Total dividends and distributions		(2.57	)		(2.43	)		(1.47	)		(3.23	)		(0.43	)		(0.40	)
Net asset value, end of period	$	28.68		$	28.20		$	31.46		$	29.15		$	28.56		$	29.16
Total return3		10.83%			(3.00%	)		13.53%			14.32%			(0.64%	)		13.70%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	386,424		$	348,946		$	372,576		$	365,855		$	304,570		$	330,528
Ratio of expenses to average net assets		0.99%			0.97%			0.95%			0.95%			0.96%			0.96%
Ratio of expenses to average net assets prior to fees waived		0.99%			0.99%			1.00%			1.00%			1.01%			1.01%
Ratio of net investment income to average net assets		1.53%			1.49%			1.39%			1.62%			1.63%			1.49%
Ratio of net investment income to average net assets prior to fees waived		1.53%			1.47%			1.34%			1.57%			1.58%			1.44%
Portfolio turnover		6%			13%			11%			17%			17%			12%

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

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

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during some of the periods shown reflects a waiver by the distributor. Performance would have been lower had the waiver not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

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

Value Series-7

Delaware VIP^® Trust — Delaware VIP Value Series

Notes to financial statements

June 30, 2019 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust and offers 10 series: Delaware VIP Diversified Income Series, Delaware VIP Emerging Markets Series, Delaware VIP High Yield Series, Delaware VIP International Value Equity Series, Delaware VIP Limited-Term Diversified Income Series, Delaware VIP REIT Series, Delaware VIP Small Cap Value Series, Delaware VIP Smid Cap Core Series, Delaware VIP U.S. Growth Series, and Delaware VIP Value Series. These financial statements and the related notes pertain to Delaware VIP Value Series (Series). The Series is an open-end investment company. The Series is considered diversified under the Investment Company Act of 1940 as amended, and offers Standard Class and Service Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee and the Service Class shares carry a 12b-1 fee. The shares of the Series are sold only to separate accounts of life insurance companies.

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

1. Significant Accounting Policies

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

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

Federal Income Taxes — No provision for federal income taxes has been made as the Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Series evaluates tax positions taken or expected to be taken in the course of preparing the Series’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Series’ tax positions taken or expected to be taken on the Series’ federal income tax returns through the six months ended June 30, 2019, and for all open tax years (years ended Dec. 31, 2016–Dec. 31, 2018), and has concluded that no provision for federal income tax is required in the Series’ financial statements. If applicable, the Series recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the “Statement of operations.” During the six months ended June 30, 2019, the Series did not incur any interest or tax penalties.

Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the various classes of the Series on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Repurchase Agreements — The Series may purchase certain US government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Series’ custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. At June 30, 2019, the Series had no open repurchase agreements.

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

Other — Expenses directly attributable to the Series are charged directly to the Series. Other expenses common to various funds within the Delaware Funds^® by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. The Series declares

Value Series-8

Delaware VIP^® Value Series

Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

and pays distributions from net investment income and distributions from net realized gain on investments, if any, following the close of the fiscal year. The Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2019, the Series earned $3,253 under this arrangement.

The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2019, the Series earned $1 under this arrangement.

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

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

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Series. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2019, the Series was charged $17,008 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC’s fees are calculated daily and paid monthly at the annual rate of 0.0075% of the Series’ average daily net assets. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended June 30, 2019, the Series was charged $29,763 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Series. Sub-transfer agency fees are paid by the Series and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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

As provided in the investment management agreement, the Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to the Series. For the six months ended June 30, 2019, the Series was charged $12,288 for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

Trustees’ fees include expenses accrued by the Series for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.

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

Value Series-9

Delaware VIP^® Value Series

Notes to financial statements (continued)

3. Investments

For the six months ended June 30, 2019, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	74,092,155
Sales		49,583,631

At June 30, 2019, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2019, the cost and unrealized appreciation (depreciation) of investments for the Series were as follows:

	Aggregate	Aggregate
	Unrealized	Unrealized	Net Unrealized
Cost of	Appreciation	Depreciation	Appreciation
Investments	of Investments	of Investments	of Investments
$516,936,190	$317,842,127	$(19,743,041)	$298,099,086

US GAAP defines fair value as the price that the Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Series’ investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized below.

Level 1 -	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, exchange-traded options contracts)
Level 2 -	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)
Level 3 -	Significant unobservable inputs including the Series’ own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities, fair valued securities)

Level 3 investments are valued using significant unobservable inputs. The Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of June 30, 2019:

	Level 1
Securities
Assets:
Common Stock	$	806,224,395
Short-Term Investments		8,810,881
Total Value of Securities	$	815,035,276

During the six months ended June 30, 2019, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Series. The Series’ policy is to recognize transfers between levels based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Series has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to the Series’ net assets. During the six months ended June 30, 2019, there were no Level 3 investments.

Value Series-10

Delaware VIP^® Value Series

Notes to financial statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/19			Year ended 12/31/18
Shares sold:
Standard Class		465,747			384,160
Service Class		486,167			1,154,221
Shares issued upon reinvestment of dividends and distributions:
Standard Class		1,274,508			1,124,453
Service Class		1,117,290			944,964
		3,343,712			3,607,798
Shares redeemed:
Standard Class		(546,256	)		(1,464,041	)
Service Class		(500,358	)		(1,570,472	)
		(1,046,614	)		(3,034,513	)
Net increase		2,297,098			573,285

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $220,000,000 revolving line of credit to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement expires on Nov. 4, 2019.

The Series had no amounts outstanding as of June 30, 2019, or at any time during the period then ended.

6. Securities Lending

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

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

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

Value Series-11

Delaware VIP^® Value Series

Notes to financial statements (continued)

6. Securities Lending (continued)

lending agent, replace the loaned securities. The Series continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Series has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Series receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Series, the security lending agent, and the borrower. The Series records security lending income net of allocations to the security lending agent and the borrower.

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

During the six months ended June 30, 2019, the Series had no securities out on loan.

7. Credit and Market Risk

The Series may invest up to 10% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A, promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Series’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series’ 10% limit on investments in illiquid securities. As of June 30, 2019, there were no Rule 144A securities held by the Series. Restricted securities are valued pursuant to the security valuation procedures described in Note 1.

8. Contractual Obligations

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

9. Recent Accounting Pronouncements

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

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2019, that would require recognition or disclosure in the Series’ financial statements.

Value Series-12

Delaware VIP^® Trust — Delaware VIP Value Series

Other Series information (Unaudited)

The Series files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT (available for filings after March 31, 2019). The Series’ Forms N-Q or Forms N-PORT, as well as a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Series’ most recent Form N-Q or Form N-PORT are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-Q and Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how the Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

SA-VIPV 22334 (8/19) (912909) Value Series-13

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Included as part of report to shareholders filed under Item 1 of this Form N-CSR.

(b) Divestment of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

Not applicable.

Item 11. Controls and Procedures

The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing of this report and have concluded that they are effective in providing reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

There were no significant changes in the registrant’s internal control over financial reporting that occurred during the period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits

(a) (1) Code of Ethics

Not applicable.

(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.

(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.

Not applicable.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.

DELAWARE VIP^® TRUST

SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	September 4, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	September 4, 2019
RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	September 4, 2019