Delaware VIP Trust
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
Delaware VIP® Trust
(Exact name of registrant as specified in charter)
610 Market Street
Philadelphia, PA 19106
Registrant's telephone number, including area code:
(800) 523-1918
Date of fiscal year end:
December 31
Date of reporting period:
June 30, 2024
Item 1. Report to Stockholders.
(a) The registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
Macquarie Logo
Macquarie VIP Emerging Markets Series
(formerly, Delaware VIP Emerging Markets Series)
Standard Class
Semiannual shareholder report | June 30, 2024
This semiannual shareholder report contains important information about Macquarie VIP Emerging Markets Series (Series) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Series at delawarefunds.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Series' costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment*
Standard Class $63 1.18%
*
Annualized.
Series statistics (as of June 30, 2024)
Series net assets $657,174,251%
Total number of portfolio holdings $105%
Total advisory fees paid $3,391,084%
Portfolio turnover rate $7%
Series holdings (as of June 30, 2024)
The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Country allocation
South Korea 30.31%
Taiwan 22.52%
India 15.77%
China 15.52%
Brazil 4.98%
Mexico 3.89%
Turkey 3.01%
Peru 1.13%
Indonesia 1.05%
Argentina 0.91%
Sector allocation
Information Technology 45.12%
Energy 10.94%
Industrials 10.46%
Financials 9.34%
Communication Services 7.94%
Consumer Staples 6.70%
Consumer Discretionary 5.78%
Materials 2.40%
Healthcare 1.38%
Utilities 0.87%
Real Estate 0.53%
Top 10 equity holdings
Taiwan Semiconductor Manufacturing 16.80%
SK Hynix 9.41%
SK Square 7.90%
Samsung Electronics 6.05%
MediaTek 5.72%
Reliance Industries GDR 5.00%
Reliance Industries 4.91%
Tencent Holdings 2.72%
HDFC Bank 2.04%
Akbank 1.98%
Availability of additional information
You can find additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Series. If you would like to receive individual mailings, please call 800 523-1918 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
TSR - QR Code - VIP Funds
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/vip-literature.
(3749041)
Macquarie Logo
Macquarie VIP Emerging Markets Series
(formerly, Delaware VIP Emerging Markets Series)
Service Class
Semiannual shareholder report | June 30, 2024
This semiannual shareholder report contains important information about Macquarie VIP Emerging Markets Series (Series) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Series at delawarefunds.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Series' costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment*
Service Class $80 1.48%
*
Annualized.
Series statistics (as of June 30, 2024)
Series net assets $657,174,251%
Total number of portfolio holdings $105%
Total advisory fees paid $3,391,084%
Portfolio turnover rate $7%
Series holdings (as of June 30, 2024)
The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Country allocation
South Korea 30.31%
Taiwan 22.52%
India 15.77%
China 15.52%
Brazil 4.98%
Mexico 3.89%
Turkey 3.01%
Peru 1.13%
Indonesia 1.05%
Argentina 0.91%
Sector allocation
Information Technology 45.12%
Energy 10.94%
Industrials 10.46%
Financials 9.34%
Communication Services 7.94%
Consumer Staples 6.70%
Consumer Discretionary 5.78%
Materials 2.40%
Healthcare 1.38%
Utilities 0.87%
Real Estate 0.53%
Top 10 equity holdings
Taiwan Semiconductor Manufacturing 16.80%
SK Hynix 9.41%
SK Square 7.90%
Samsung Electronics 6.05%
MediaTek 5.72%
Reliance Industries GDR 5.00%
Reliance Industries 4.91%
Tencent Holdings 2.72%
HDFC Bank 2.04%
Akbank 1.98%
Availability of additional information
You can find additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Series. If you would like to receive individual mailings, please call 800 523-1918 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
TSR - QR Code - VIP Funds
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/vip-literature.
(3749041)
Macquarie Logo
Macquarie VIP Fund for Income Series
(formerly, Delaware VIP Fund for Income Series)
Standard Class
Semiannual shareholder report | June 30, 2024
This semiannual shareholder report contains important information about Macquarie VIP Fund for Income Series (Series) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Series at delawarefunds.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Series' costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment*
Standard Class $37 0.74%
*
Annualized.
Series statistics (as of June 30, 2024)
Series net assets $72,284,159%
Total number of portfolio holdings $192%
Total advisory fees paid $178,766%
Portfolio turnover rate $27%
Series holdings (as of June 30, 2024)
The table below shows the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Sector allocation
Energy 13.50%
Healthcare 8.63%
Basic Industry 8.33%
Leisure 7.99%
Media 7.35%
Capital Goods 7.14%
Technology & Electronics 5.81%
Telecommunications 5.57%
Services 5.15%
Insurance 4.86%
Availability of additional information
You can find additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Series. If you would like to receive individual mailings, please call 800 523-1918 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
TSR - QR Code - VIP Funds
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/vip-literature.
(3749041)
Macquarie Logo
Macquarie VIP Fund for Income Series
(formerly, Delaware VIP Fund for Income Series)
Service Class
Semiannual shareholder report | June 30, 2024
This semiannual shareholder report contains important information about Macquarie VIP Fund for Income Series (Series) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Series at delawarefunds.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Series' costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment*
Service Class $52 1.04%
*
Annualized.
Series statistics (as of June 30, 2024)
Series net assets $72,284,159%
Total number of portfolio holdings $192%
Total advisory fees paid $178,766%
Portfolio turnover rate $27%
Series holdings (as of June 30, 2024)
The table below shows the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Sector allocation
Energy 13.50%
Healthcare 8.63%
Basic Industry 8.33%
Leisure 7.99%
Media 7.35%
Capital Goods 7.14%
Technology & Electronics 5.81%
Telecommunications 5.57%
Services 5.15%
Insurance 4.86%
Availability of additional information
You can find additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Series. If you would like to receive individual mailings, please call 800 523-1918 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
TSR - QR Code - VIP Funds
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/vip-literature.
(3749041)
Macquarie Logo
Macquarie VIP Growth and Income Series
(formerly, Delaware VIP Growth and Income Series)
Standard Class
Semiannual shareholder report | June 30, 2024
This semiannual shareholder report contains important information about Macquarie VIP Growth and Income Series (Series) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Series at delawarefunds.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Series' costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment*
Standard Class $37 0.70%
*
Annualized.
Series statistics (as of June 30, 2024)
Series net assets $617,413,850%
Total number of portfolio holdings $62%
Total advisory fees paid $1,956,765%
Portfolio turnover rate $18%
Series holdings (as of June 30, 2024)
The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Sector allocation
Financials 21.83%
Healthcare 17.55%
Information Technology 17.08%
Communication Services 11.81%
Energy 10.49%
Consumer Discretionary 7.09%
Industrials 7.00%
Consumer Staples 5.08%
Real Estate 1.03%
Top 10 equity holdings
Exxon Mobil 5.21%
Merck & Co. 4.27%
QUALCOMM 3.61%
Cisco Systems 3.50%
Cigna Group 3.48%
Philip Morris International 3.48%
Broadcom 3.40%
Micron Technology 2.96%
Gilead Sciences 2.92%
Corebridge Financial 2.84%
Availability of additional information
You can find additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Series. If you would like to receive individual mailings, please call 800 523-1918 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
TSR - QR Code - VIP Funds
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/vip-literature.
(3749041)
Macquarie Logo
Macquarie VIP Growth Equity Series
(formerly, Delaware VIP Growth Equity Series)
Standard Class
Semiannual shareholder report | June 30, 2024
This semiannual shareholder report contains important information about Macquarie VIP Growth Equity Series (Series) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Series at delawarefunds.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Series' costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment*
Standard Class $41 0.76%
*
Annualized.
Series statistics (as of June 30, 2024)
Series net assets $120,744,011%
Total number of portfolio holdings $37%
Total advisory fees paid $376,806%
Portfolio turnover rate $5%
Series holdings (as of June 30, 2024)
The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Sector allocation
Information Technology 44.87%
Healthcare 10.90%
Financials 10.88%
Consumer Discretionary 10.47%
Communication Services 9.38%
Industrials 8.15%
Consumer Staples 2.54%
Real Estate 2.54%
Top 10 equity holdings
Microsoft 12.58%
NVIDIA 10.32%
Apple 6.55%
Alphabet Class A 6.43%
Amazon.com 5.35%
Visa Class A 4.28%
UnitedHealth Group 3.81%
Motorola Solutions 3.41%
Intuit 3.34%
Intercontinental Exchange 2.94%
Availability of additional information
You can find additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Series. If you would like to receive individual mailings, please call 800 523-1918 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
TSR - QR Code - VIP Funds
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/vip-literature.
(3749041)
Macquarie Logo
Macquarie VIP Investment Grade Series
(formerly, Delaware VIP Investment Grade Series)
Standard Class
Semiannual shareholder report | June 30, 2024
This semiannual shareholder report contains important information about Macquarie VIP Investment Grade Series (Series) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Series at delawarefunds.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Series' costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment*
Standard Class $31 0.63%
*
Annualized.
Series statistics (as of June 30, 2024)
Series net assets $33,908,862%
Total number of portfolio holdings $219%
Total advisory fees paid $32,969%
Portfolio turnover rate $65%
Series holdings (as of June 30, 2024)
The table below shows the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Sector allocation
Banking 23.22%
Energy 11.57%
Electric 10.19%
Consumer Non-Cyclical 8.74%
Capital Goods 7.78%
Consumer Cyclical 6.69%
Communications 6.66%
Technology 4.95%
Insurance 4.49%
Finance Companies 4.20%
Availability of additional information
You can find additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Series. If you would like to receive individual mailings, please call 800 523-1918 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
TSR - QR Code - VIP Funds
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/vip-literature.
(3749041)
Macquarie Logo
Macquarie VIP Investment Grade Series
(formerly, Delaware VIP Investment Grade Series)
Service Class
Semiannual shareholder report | June 30, 2024
This semiannual shareholder report contains important information about Macquarie VIP Investment Grade Series (Series) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Series at delawarefunds.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Series' costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment*
Service Class $46 0.93%
*
Annualized.
Series statistics (as of June 30, 2024)
Series net assets $33,908,862%
Total number of portfolio holdings $219%
Total advisory fees paid $32,969%
Portfolio turnover rate $65%
Series holdings (as of June 30, 2024)
The table below shows the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Sector allocation
Banking 23.22%
Energy 11.57%
Electric 10.19%
Consumer Non-Cyclical 8.74%
Capital Goods 7.78%
Consumer Cyclical 6.69%
Communications 6.66%
Technology 4.95%
Insurance 4.49%
Finance Companies 4.20%
Availability of additional information
You can find additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Series. If you would like to receive individual mailings, please call 800 523-1918 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
TSR - QR Code - VIP Funds
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/vip-literature.
(3749041)
Macquarie Logo
Macquarie VIP Limited Duration Bond Series
(formerly, Delaware VIP Limited Duration Bond Series)
Standard Class
Semiannual shareholder report | June 30, 2024
This semiannual shareholder report contains important information about Macquarie VIP Limited Duration Bond Series (Series) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Series at delawarefunds.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Series' costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment*
Standard Class $27 0.53%
*
Annualized.
Series statistics (as of June 30, 2024)
Series net assets $17,883,066%
Total number of portfolio holdings $151%
Total advisory fees paid $0%
Portfolio turnover rate $113%
Series holdings (as of June 30, 2024)
The table below shows the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Portfolio composition
Corporate Bonds 34.96%
US Treasury Obligations 29.18%
Non-Agency Asset-Backed Securities 21.92%
Collateralized Debt Obligations 3.95%
Agency Mortgage-Backed Securities 3.76%
Short-Term Investments 2.92%
Non-Agency Collateralized Mortgage Obligations 1.59%
Agency Collateralized Mortgage Obligations 1.23%
Government Agency Obligation 1.11%
Availability of additional information
You can find additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Series. If you would like to receive individual mailings, please call 800 523-1918 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
TSR - QR Code - VIP Funds
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/vip-literature.
(3749041)
Macquarie Logo
Macquarie VIP Opportunity Series
(formerly, Delaware VIP Opportunity Series)
Standard Class
Semiannual shareholder report | June 30, 2024
This semiannual shareholder report contains important information about Macquarie VIP Opportunity Series (Series) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Series at delawarefunds.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Series' costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment*
Standard Class $42 0.83%
*
Annualized.
Series statistics (as of June 30, 2024)
Series net assets $75,907,264%
Total number of portfolio holdings $131%
Total advisory fees paid $260,732%
Portfolio turnover rate $5%
Series holdings (as of June 30, 2024)
The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Sector allocation
Technology 14.30%
Financial Services 13.47%
Healthcare 13.13%
Capital Goods 11.78%
Basic Materials 8.63%
Real Estate Investment Trusts 7.04%
Energy 5.25%
Business Services 4.91%
Consumer Discretionary 4.49%
Transportation 3.71%
Top 10 equity holdings
PTC 1.69%
Chesapeake Energy 1.61%
Liberty Energy 1.58%
East West Bancorp 1.51%
Stifel Financial 1.47%
Casey's General Stores 1.46%
Dick's Sporting Goods 1.40%
Beacon Roofing Supply 1.37%
Reliance 1.36%
Minerals Technologies 1.35%
Availability of additional information
You can find additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Series. If you would like to receive individual mailings, please call 800 523-1918 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
TSR - QR Code - VIP Funds
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/vip-literature.
(3749041)
Macquarie Logo
Macquarie VIP Small Cap Value Series
(formerly, Delaware VIP Small Cap Value Series)
Standard Class
Semiannual shareholder report | June 30, 2024
This semiannual shareholder report contains important information about Macquarie VIP Small Cap Value Series (Series) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Series at delawarefunds.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Series' costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment*
Standard Class $37 0.74%
*
Annualized.
Series statistics (as of June 30, 2024)
Series net assets $1,662,050,370%
Total number of portfolio holdings $107%
Total advisory fees paid $5,744,304%
Portfolio turnover rate $10%
Series holdings (as of June 30, 2024)
The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Sector allocation
Financial Services 24.52%
Industrials 15.94%
Consumer Discretionary 11.15%
Energy 9.22%
Technology 8.72%
Basic Industry 7.78%
Real Estate Investment Trusts 7.04%
Healthcare 3.89%
Utilities 3.73%
Consumer Staples 2.64%
Transportation 2.36%
Top 10 equity holdings
Stifel Financial 1.77%
MasTec 1.68%
Hancock Whitney 1.68%
Atkore 1.63%
Webster Financial 1.60%
East West Bancorp 1.58%
FNB 1.57%
ITT 1.55%
Cirrus Logic 1.53%
Axis Capital Holdings 1.49%
Availability of additional information
You can find additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Series. If you would like to receive individual mailings, please call 800 523-1918 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
TSR - QR Code - VIP Funds
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/vip-literature.
(3749041)
Macquarie Logo
Macquarie VIP Small Cap Value Series
(formerly, Delaware VIP Small Cap Value Series)
Service Class
Semiannual shareholder report | June 30, 2024
This semiannual shareholder report contains important information about Macquarie VIP Small Cap Value Series (Series) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Series at delawarefunds.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Series' costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment*
Service Class $53 1.04%
*
Annualized.
Series statistics (as of June 30, 2024)
Series net assets $1,662,050,370%
Total number of portfolio holdings $107%
Total advisory fees paid $5,744,304%
Portfolio turnover rate $10%
Series holdings (as of June 30, 2024)
The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Sector allocation
Financial Services 24.52%
Industrials 15.94%
Consumer Discretionary 11.15%
Energy 9.22%
Technology 8.72%
Basic Industry 7.78%
Real Estate Investment Trusts 7.04%
Healthcare 3.89%
Utilities 3.73%
Consumer Staples 2.64%
Transportation 2.36%
Top 10 equity holdings
Stifel Financial 1.77%
MasTec 1.68%
Hancock Whitney 1.68%
Atkore 1.63%
Webster Financial 1.60%
East West Bancorp 1.58%
FNB 1.57%
ITT 1.55%
Cirrus Logic 1.53%
Axis Capital Holdings 1.49%
Availability of additional information
You can find additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Series. If you would like to receive individual mailings, please call 800 523-1918 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
TSR - QR Code - VIP Funds
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/vip-literature.
(3749041)
Macquarie Logo
Macquarie VIP Total Return Series
(formerly, Delaware VIP Total Return Series)
Standard Class
Semiannual shareholder report | June 30, 2024
This semiannual shareholder report contains important information about Macquarie VIP Total Return Series (Series) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Series at delawarefunds.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Series' costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment*
Standard Class $43 0.83%
*
Annualized.
Series statistics (as of June 30, 2024)
Series net assets $39,685,202%
Total number of portfolio holdings $389%
Total advisory fees paid $83,714%
Portfolio turnover rate $22%
Series holdings (as of June 30, 2024)
The table below shows the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Portfolio composition
Common Stocks 58.60%
US Treasury Obligations 21.86%
Exchange-Traded Funds 5.77%
Corporate Bonds 5.45%
Short-Term Investments 3.66%
Convertible Bonds 3.08%
Convertible Preferred Stock 0.70%
Agency Obligation 0.25%
Preferred Stock 0.18%
Availability of additional information
You can find additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Series. If you would like to receive individual mailings, please call 800 523-1918 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
TSR - QR Code - VIP Funds
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/vip-literature.
(3749041)
Macquarie Logo
Macquarie VIP Total Return Series
(formerly, Delaware VIP Total Return Series)
Service Class
Semiannual shareholder report | June 30, 2024
This semiannual shareholder report contains important information about Macquarie VIP Total Return Series (Series) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Series at delawarefunds.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
What were the Series' costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment*
Service Class $58 1.13%
*
Annualized.
Series statistics (as of June 30, 2024)
Series net assets $39,685,202%
Total number of portfolio holdings $389%
Total advisory fees paid $83,714%
Portfolio turnover rate $22%
Series holdings (as of June 30, 2024)
The table below shows the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Portfolio composition
Common Stocks 58.60%
US Treasury Obligations 21.86%
Exchange-Traded Funds 5.77%
Corporate Bonds 5.45%
Short-Term Investments 3.66%
Convertible Bonds 3.08%
Convertible Preferred Stock 0.70%
Agency Obligation 0.25%
Preferred Stock 0.18%
Availability of additional information
You can find additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Series. If you would like to receive individual mailings, please call 800 523-1918 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
TSR - QR Code - VIP Funds
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/vip-literature.
(3749041)

(b) Not applicable.

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)

Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the Financial Statements filed under Item 7 of this form.

 

  (b)

Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

 

  (a)

An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X.

The semi-annual financial statements are attached herewith.

 

  (b)

An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file the information required by Item 13 of Form N-1A.

The Financial Highlights are attached herewith.

Delaware VIP® Trust
Macquarie VIP Total Return Series
(Formerly, Delaware VIP Total Return Series)
Financial statements and other information
For the six months ended June 30, 2024

 

Table of contents
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9
10
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24
Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and multi-asset solutions.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
The Series is governed by US laws and regulations.
Unless otherwise noted, views expressed herein are current as of June 30, 2024, and subject to change for events occurring after such date. These views are not intended to be investment advice, to forecast future events, or to guarantee future results.
The Series is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested.
The Series is advised by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment adviser, and distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.
This material may be used in conjunction with the offering of shares in Macquarie VIP Total Return Series only if preceded or accompanied by the Series’ current prospectus or summary prospectus.
All third-party marks cited are the property of their respective owners.
© 2024 Macquarie Management Holdings, Inc.

 

Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Macquarie VIP Total Return Series
June 30, 2024 (Unaudited)
    Principal
amount° 		Value (US $)
Agency Obligation — 0.25%
Federal Home Loan Mortgage
5.60% 3/6/26  		    100,000 $    99,960
Total Agency Obligation
(cost $100,000) 		    99,960
 
Convertible Bonds — 3.08%
Basic Industry — 0.07%
Ivanhoe Mines 2.50% exercise price $9.03, maturity date 4/15/26       15,000     26,771
      26,771
Brokerage — 0.08%
WisdomTree 5.75% exercise price $9.54, maturity date 8/15/28       27,000     33,182
      33,182
Communications — 0.30%
Cable One 1.125% exercise price $2,275.83, maturity date 3/15/28       44,000      32,880
Liberty Broadband 144A 3.125% exercise price $529.07, maturity date 3/31/53 #      38,000      36,543
Liberty Latin America 2.00% exercise price $20.65, maturity date 7/15/24       51,000     50,782
     120,205
Consumer Cyclical — 0.39%
Airbnb 4.399% exercise price $288.64, maturity date 3/15/26 ^      51,000      46,661
Cheesecake Factory 0.375% exercise price $73.03, maturity date 6/15/26       36,000      32,662
Ford Motor 0.00% exercise price $14.67, maturity date 3/15/26 ^      39,000      39,526
Uber Technologies 4.86% exercise price $80.84, maturity date 12/15/25 ^      32,000     34,384
     153,233
Consumer Non-Cyclical — 0.99%
BioMarin Pharmaceutical 0.599% exercise price $124.67, maturity date 8/1/24       29,000      28,835
Chefs' Warehouse 1.875% exercise price $44.20, maturity date 12/1/24       28,000      29,144
Chegg 5.936% exercise price $107.55, maturity date 9/1/26 ^      34,000      27,074
Coherus Biosciences 1.50% exercise price $19.26, maturity date 4/15/26       39,000      28,665
CONMED 2.25% exercise price $145.33, maturity date 6/15/27       35,000      31,343
    Principal
amount° 		Value (US $)
Convertible Bonds (continued)
Consumer Non-Cyclical (continued)
Dexcom 0.25% exercise price $150.10, maturity date 11/15/25       30,000 $    30,113
Integer Holdings 2.125% exercise price $87.20, maturity date 2/15/28       21,000      30,083
Integra LifeSciences Holdings 0.50% exercise price $73.67, maturity date 8/15/25       38,000      35,919
Ionis Pharmaceuticals 0.125% exercise price $83.28, maturity date 12/15/24       26,000      25,691
Jazz Investments I 2.00% exercise price $155.81, maturity date 6/15/26       25,000      24,106
Lantheus Holdings 2.625% exercise price $79.81, maturity date 12/15/27       21,000      26,195
Pacira BioSciences 0.75% exercise price $71.78, maturity date 8/1/25       30,000      28,215
Post Holdings 2.50% exercise price $106.10, maturity date 8/15/27       42,000     46,263
     391,646
Electric — 0.34%
Duke Energy 4.125% exercise price $118.78, maturity date 4/15/26       34,000      34,070
FirstEnergy 4.00% exercise price $46.72, maturity date 5/1/26       31,000      30,814
Ormat Technologies 2.50% exercise price $90.27, maturity date 7/15/27       37,000      36,741
PG&E 144A 4.25% exercise price $23.18, maturity date 12/1/27 #      32,000     32,312
     133,937
Energy — 0.11%
Nabors Industries 1.75% exercise price $212.51, maturity date 6/15/29       62,000     45,198
      45,198
Financial Services — 0.09%
Repay Holdings 144A 4.648% exercise price $33.60, maturity date 2/1/26 #, ^      40,000     36,752
      36,752
Industrials — 0.01%
Danimer Scientific 144A 3.25% exercise price $10.79, maturity date 12/15/26 #      25,000      3,828
       3,828
    1

 

Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Macquarie VIP Total Return Series 
    Principal
amount° 		Value (US $)
Convertible Bonds (continued)
Technology — 0.70%
Akamai Technologies 0.125% exercise price $95.10, maturity date 5/1/25       35,000 $    36,853
Block 0.125% exercise price $121.00, maturity date 3/1/25       59,000      57,070
CSG Systems International 144A 3.875% exercise price $71.05, maturity date 9/15/28 #      39,000      36,328
Global Payments 144A 1.50% exercise price $156.96, maturity date 3/1/31 #      31,000      28,536
InterDigital 3.50% exercise price $77.50, maturity date 6/1/27       23,000      35,674
Semtech 1.625% exercise price $37.27, maturity date 11/1/27       36,000      38,034
Wolfspeed 0.25% exercise price $127.22, maturity date 2/15/28       76,000     45,182
     277,677
Total Convertible Bonds
(cost $1,270,815) 		 1,222,429
 
Corporate Bonds — 5.45%
Automotive — 0.19%
Allison Transmission 144A 5.875% 6/1/29 #      15,000      14,806
Clarios Global 144A 8.50% 5/15/27 #      23,000      23,173
Garrett Motion Holdings 144A 7.75% 5/31/32 #      10,000      10,142
Goodyear Tire & Rubber 5.25% 7/15/31       20,000      18,227
Wand NewCo 3 144A 7.625% 1/30/32 #      10,000     10,336
      76,684
Basic Industry — 0.38%
Avient 144A 5.75% 5/15/25 #      12,000      11,978
Cleveland-Cliffs 144A 7.00% 3/15/32 #      20,000      19,799
CP Atlas Buyer 144A 7.00% 12/1/28 #      15,000      12,839
FMG Resources August 2006 144A 5.875% 4/15/30 #      20,000      19,560
NOVA Chemicals 144A 8.50% 11/15/28 #       5,000       5,312
Novelis 144A 4.75% 1/30/30 #      20,000      18,573
Olin 5.00% 2/1/30       15,000      14,187
Roller Bearing Co. of America 144A 4.375% 10/15/29 #      25,000      23,037
Standard Industries 144A 3.375% 1/15/31 #      30,000     25,309
     150,594
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Capital Goods — 0.42%
Bombardier      
144A 6.00% 2/15/28 #      15,000 $    14,844
144A 7.25% 7/1/31 #       5,000       5,140
144A 7.50% 2/1/29 #       8,000       8,298
144A 8.75% 11/15/30 #       5,000       5,410
Clydesdale Acquisition Holdings 144A 8.75% 4/15/30 #      10,000       9,800
Esab 144A 6.25% 4/15/29 #      15,000      15,109
Mauser Packaging Solutions
Holding 		     
144A 7.875% 4/15/27 #      30,000      30,637
144A 9.25% 4/15/27 #      10,000      10,019
Sealed Air      
144A 5.00% 4/15/29 #      30,000      28,578
144A 6.50% 7/15/32 #       5,000       4,976
TransDigm 144A 6.625% 3/1/32 #      35,000     35,396
     168,207
Consumer Goods — 0.07%
Acushnet 144A 7.375% 10/15/28 #       9,000       9,334
Fiesta Purchaser 144A 7.875% 3/1/31 #      17,000     17,581
      26,915
Electric — 0.23%
Calpine      
144A 4.50% 2/15/28 #      11,000      10,460
144A 5.00% 2/1/31 #      30,000      28,018
144A 5.25% 6/1/26 #      11,000      10,887
Vistra      
144A 7.00% 12/15/26 #, μ, ψ      30,000      29,768
144A 8.00% 10/15/26 #, μ, ψ      10,000     10,094
      89,227
Energy — 0.93%
Ascent Resources Utica Holdings      
144A 5.875% 6/30/29 #      30,000      29,341
144A 7.00% 11/1/26 #      15,000      15,026
Civitas Resources 144A 8.625% 11/1/30 #      15,000      16,096
EQM Midstream Partners      
144A 4.75% 1/15/31 #      33,000      30,877
6.50% 7/15/48       10,000      10,103
Genesis Energy      
7.75% 2/1/28       10,000      10,114
7.875% 5/15/32        5,000       5,051
Hilcorp Energy I      
144A 6.00% 4/15/30 #      20,000      19,333
144A 6.25% 4/15/32 #      10,000       9,624
Kodiak Gas Services 144A 7.25% 2/15/29 #      10,000      10,259
 
2    

 

Table of Contents
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Energy (continued)
Nabors Industries 144A 9.125% 1/31/30 #      10,000 $    10,368
NGL Energy Operating 144A 8.375% 2/15/32 #      15,000      15,243
NuStar Logistics      
5.625% 4/28/27       25,000      24,805
6.00% 6/1/26       10,000       9,991
Southwestern Energy      
5.375% 2/1/29        5,000       4,863
5.375% 3/15/30       30,000      29,001
Sunoco 144A 7.25% 5/1/32 #       5,000       5,176
Transocean      
144A 8.00% 2/1/27 #      16,000      15,957
144A 8.50% 5/15/31 #      10,000      10,012
USA Compression Partners      
6.875% 9/1/27       17,000      17,050
144A 7.125% 3/15/29 #       5,000       5,042
Venture Global LNG 144A 8.375% 6/1/31 #      15,000      15,570
Vital Energy      
144A 7.75% 7/31/29 #      15,000      15,131
144A 7.875% 4/15/32 #       5,000       5,087
Weatherford International 144A 8.625% 4/30/30 #      30,000     31,112
     370,232
Financial Services — 0.10%
Block 144A 6.50% 5/15/32 #      10,000      10,146
Castlelake Aviation Finance DAC 144A 5.00% 4/15/27 #      18,000      17,428
Fortress Transportation and Infrastructure Investors 144A 7.00% 6/15/32 #      10,000     10,151
      37,725
Healthcare — 0.39%
Avantor Funding 144A 3.875% 11/1/29 #      15,000      13,652
CHS 144A 4.75% 2/15/31 #      25,000      19,679
DaVita      
144A 3.75% 2/15/31 #      10,000       8,540
144A 4.625% 6/1/30 #      10,000       9,045
Legacy LifePoint Health 144A 4.375% 2/15/27 #      10,000       9,561
Medline Borrower      
144A 3.875% 4/1/29 #      15,000      13,825
144A 5.25% 10/1/29 #      27,000      25,788
Surgery Center Holdings 144A 7.25% 4/15/32 #      15,000      15,171
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Healthcare (continued)
Tenet Healthcare      
4.375% 1/15/30       10,000 $     9,277
6.125% 10/1/28       30,000     29,873
     154,411
Insurance — 0.27%
HUB International      
144A 5.625% 12/1/29 #      15,000      14,200
144A 7.375% 1/31/32 #      15,000      15,220
Jones Deslauriers Insurance
Management 		     
144A 8.50% 3/15/30 #      20,000      20,876
144A 10.50% 12/15/30 #      30,000      32,245
Panther Escrow Issuer 144A 7.125% 6/1/31 #      15,000      15,183
USI 144A 7.50% 1/15/32 #      10,000     10,169
     107,893
Leisure — 0.59%
Boyd Gaming 144A 4.75% 6/15/31 #      45,000      40,815
Caesars Entertainment      
144A 6.50% 2/15/32 #      10,000      10,056
144A 7.00% 2/15/30 #      28,000      28,625
Carnival      
144A 5.75% 3/1/27 #      15,000      14,828
144A 6.00% 5/1/29 #      30,000      29,653
Light & Wonder International 144A 7.25% 11/15/29 #      20,000      20,442
Royal Caribbean Cruises      
144A 5.50% 4/1/28 #      40,000      39,517
144A 7.25% 1/15/30 #      10,000      10,360
Scientific Games Holdings 144A 6.625% 3/1/30 #      25,000      24,387
Six Flags Entertainment 144A 6.625% 5/1/32 #      15,000     15,253
     233,936
Media — 0.45%
AMC Networks 4.25% 2/15/29       20,000      13,515
CCO Holdings      
4.50% 5/1/32       55,000      44,335
144A 5.375% 6/1/29 #      25,000      22,767
CMG Media 144A 8.875% 12/15/27 #      30,000      17,185
Cumulus Media New Holdings 144A 8.00% 7/1/29 #      34,840      14,881
Directv Financing 144A 5.875% 8/15/27 #      20,000      18,828
Gray Television 144A 5.375% 11/15/31 #      35,000      19,869
    3

 

Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Macquarie VIP Total Return Series 
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Media (continued)
Sirius XM Radio 144A 4.00% 7/15/28 #      30,000 $    27,128
     178,508
Real Estate — 0.11%
Iron Mountain 144A 5.25% 3/15/28 #      45,000     43,580
      43,580
Retail — 0.28%
Asbury Automotive Group      
144A 4.625% 11/15/29 #       5,000       4,627
4.75% 3/1/30       10,000       9,279
Bath & Body Works      
6.875% 11/1/35       30,000      30,286
6.95% 3/1/33        9,000       8,770
Murphy Oil USA 144A 3.75% 2/15/31 #      50,000      44,083
Victra Holdings 144A 7.75% 2/15/26 #      14,000     13,936
     110,981
Services — 0.40%
GFL Environmental 144A 6.75% 1/15/31 #      10,000      10,214
Prime Security Services Borrower 144A 5.75% 4/15/26 #      50,000      49,662
Staples 144A 10.75% 9/1/29 #      10,000       9,516
United Rentals North America 3.875% 2/15/31       56,000      50,011
White Cap Buyer 144A 6.875% 10/15/28 #      27,000      26,078
White Cap Parent 144A PIK 8.25% 3/15/26 #, >      10,000      10,009
Wrangler Holdco 144A 6.625% 4/1/32 #       5,000      4,982
     160,472
Technology & Electronics — 0.40%
Cloud Software Group 144A 6.50% 3/31/29 #      25,000      24,027
CommScope Technologies 144A 6.00% 6/15/25 #      12,000       9,792
Entegris 144A 5.95% 6/15/30 #      25,000      24,768
Seagate HDD Cayman      
5.75% 12/1/34        8,000       7,773
8.25% 12/15/29       10,000      10,733
Sensata Technologies 144A 4.00% 4/15/29 #      10,000       9,189
SS&C Technologies 144A 5.50% 9/30/27 #      30,000      29,561
UKG 144A 6.875% 2/1/31 #      40,000      40,530
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Technology & Electronics (continued)
Zebra Technologies 144A 6.50% 6/1/32 #       3,000 $     3,036
     159,409
Telecommunications — 0.20%
Consolidated Communications      
144A 5.00% 10/1/28 #      10,000       8,282
144A 6.50% 10/1/28 #      20,000      17,142
Frontier Communications Holdings      
144A 6.00% 1/15/30 #      17,000      14,814
144A 6.75% 5/1/29 #      15,000      13,774
144A 5.875% 10/15/27 #      24,000     23,455
      77,467
Transportation — 0.04%
Genesee & Wyoming 144A 6.25% 4/15/32 #      15,000     14,963
      14,963
Total Corporate Bonds
(cost $2,533,706) 		 2,161,204
 
US Treasury Obligations — 21.86%
US Treasury Bonds      
1.125% 5/15/40     210,000     129,306
1.375% 8/15/50     260,000     133,103
1.875% 2/15/51     115,000      67,181
2.25% 8/15/49     155,000     100,211
2.375% 2/15/42     495,000     360,499
2.50% 5/15/46     225,000     158,203
2.875% 5/15/49     330,000     243,833
3.00% 11/15/45     155,000     120,064
3.00% 8/15/52       5,000       3,762
3.375% 11/15/48     195,000     158,415
3.875% 2/15/43     190,000     171,802
4.375% 5/15/41     110,000     107,907
4.50% 5/15/38      20,000      20,201
5.00% 5/15/37       5,000       5,311
US Treasury Notes      
0.625% 5/15/30     105,000      84,898
1.00% 12/15/24   1,735,000   1,701,643
1.125% 2/15/31     130,000     106,341
1.875% 2/15/32     835,000     701,074
2.75% 2/15/28     220,000     207,457
2.875% 8/15/28      95,000      89,521
3.25% 6/30/29   1,440,000   1,368,253
3.875% 1/15/26   1,895,000   1,866,760
3.875% 11/30/29     585,000     571,518
4.125% 3/31/31     200,000    197,406
Total US Treasury Obligations
(cost $8,449,335) 		 8,674,669
    
 
4    

 

Table of Contents
    Number of
shares 		Value (US $)
Common Stocks — 58.60%
Communication Services — 3.50%
Alphabet Class A        740 $   134,791
Alphabet Class C        695     127,477
AT&T      9,524     182,004
Interpublic Group      1,467      42,675
KDDI        800      21,152
Meta Platforms Class A        571     287,910
Publicis Groupe        381      40,550
Verizon Communications      9,694     399,781
Walt Disney      1,542    153,105
   1,389,445
Consumer Discretionary — 5.77%
adidas        247      58,989
Amadeus IT Group      1,245      82,853
Bath & Body Works      3,629     141,712
Best Buy      2,228     187,798
eBay      1,482      79,613
Genuine Parts      1,042     144,129
H & M Hennes & Mauritz Class B      2,046      32,363
Home Depot        879     302,587
Kering         87      31,539
Lowe's        700     154,322
LVMH Moet Hennessy Louis Vuitton         59      45,090
NIKE Class B      1,198      90,293
PulteGroup      1,679     184,858
Ross Stores      1,152     167,409
Sodexo        740      66,570
Starbucks        969      75,437
Swatch Group        121      24,787
TJX      3,820    420,582
   2,290,931
Consumer Staples — 4.46%
Altria Group      4,836     220,280
Anheuser-Busch InBev      1,137      65,900
Asahi Group Holdings        500      17,636
Cal-Maine Foods      2,584     157,908
Conagra Brands      5,600     159,152
Danone      1,093      66,815
Diageo      2,989      94,063
Dollar Tree †     1,200     128,124
Essity Class B      1,413      36,182
Hershey        823     151,292
Kao      1,400      56,769
Koninklijke Ahold Delhaize      3,778     111,631
Nestle        798      81,465
Philip Morris International      2,412     244,408
Seven & i Holdings      1,500      18,273
Unilever      1,982     108,862
Vector Group      4,720     49,891
   1,768,651
    Number of
shares 		Value (US $)
Common Stocks (continued)
Energy — 2.88%
APA      3,290 $    96,857
Chevron      1,927     301,421
Coterra Energy      4,413     117,695
EOG Resources        795     100,067
Exxon Mobil      4,218     485,576
Marathon Petroleum        229     39,727
   1,141,343
Financials — 9.79%
Allstate      1,000     159,660
Ally Financial      2,689     106,673
American Financial Group      1,403     172,597
Ameriprise Financial        437     186,682
Artisan Partners Asset Management Class A      1,793      73,997
Bank of New York Mellon      2,896     173,442
BlackRock        276     217,300
Blackstone      1,117     138,285
Citizens Financial Group      5,303     191,067
Corebridge Financial      6,414     186,776
Fidelity National Financial      2,364     116,829
Fidelity National Information Services      2,364     178,151
Fifth Third Bancorp      2,967     108,266
KeyCorp     12,263     174,257
MetLife      2,727     191,408
PNC Financial Services Group        586      91,111
Principal Financial Group      2,336     183,259
Prudential Financial      1,826     213,989
Regions Financial      2,570      51,503
State Street      1,574     116,476
Synchrony Financial      4,197     198,056
Travelers        814     165,519
Truist Financial      4,700     182,595
US Bancorp      4,000     158,800
Western Union     12,315    150,489
   3,887,187
Healthcare — 6.57%
AbbVie      1,640     281,293
Baxter International      4,000     133,800
Bristol-Myers Squibb      2,797     116,159
Cardinal Health      1,530     150,430
Cencora        787     177,311
Cigna Group        500     165,285
CVS Health      2,300     135,838
Eli Lilly & Co.         25      22,634
Gilead Sciences      2,188     150,119
Hologic †     2,342     173,893
Johnson & Johnson      1,100     160,776
McKesson        222     129,657
    5

 

Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Macquarie VIP Total Return Series 
    Number of
shares 		Value (US $)
Common Stocks (continued)
Healthcare (continued)
Merck & Co.      3,518 $   435,528
Novo Nordisk Class B        366      52,851
Pfizer      3,916     109,570
Roche Holding        288      79,978
SIGA Technologies      6,675      50,663
Smith & Nephew      6,607     81,899
   2,607,684
Industrials — 4.38%
Dover        941     169,804
DSV        118      18,080
Expeditors International of Washington      1,227     153,117
Honeywell International        836     178,519
Intertek Group        980      59,389
Jacobs Solutions      1,192     166,534
Knorr-Bremse        587      44,823
Kone Class B        913      45,066
Lockheed Martin        152      70,999
Makita      2,100      57,065
Masco      2,514     167,608
Northrop Grumman        380     165,661
Otis Worldwide      1,651     158,925
Paychex      1,486     176,180
Pluxee †       700      19,638
Securitas Class B      8,664     85,994
   1,737,402
Information Technology — 16.79%
Accenture Class A        473     143,513
Apple      5,112   1,076,689
Applied Materials        881     207,907
Broadcom        251     402,988
Cisco Systems      7,263     345,065
Cognizant Technology Solutions Class A      2,278     154,904
Dell Technologies Class C      1,392     191,971
HP      5,443     190,614
KLA         86      70,908
Lam Research        245     260,888
Microsoft      2,628   1,174,585
Monolithic Power Systems        257     211,172
Motorola Solutions        450     173,723
NetApp      1,604     206,595
NVIDIA      9,463   1,169,059
Oracle      1,300     183,560
QUALCOMM      1,274     253,755
SAP        412      83,622
Teledyne Technologies †       415    161,012
   6,662,530
    Number of
shares 		Value (US $)
Common Stocks (continued)
Materials — 1.00%
Air Liquide        447 $    77,138
Dow      2,705     143,500
DuPont de Nemours      2,200    177,078
     397,716
Real Estate — 0.52%
Equity Residential      2,968    205,801
     205,801
REIT Diversified — 0.16%
Gaming and Leisure Properties        485      21,927
VICI Properties      1,477      42,301
Vornado Realty Trust         24        631
      64,859
REIT Healthcare — 0.30%
Alexandria Real Estate Equities        201      23,511
CareTrust REIT        277       6,953
Community Healthcare Trust         17         398
Healthpeak Properties        206       4,037
Medical Properties Trust        406       1,750
Ventas        370      18,966
Welltower        591     61,612
     117,227
REIT Industrial — 0.27%
Plymouth Industrial REIT         87       1,860
Prologis        808      90,746
Rexford Industrial Realty        247      11,014
Terreno Realty         66      3,906
     107,526
REIT Information Technology — 0.29%
Digital Realty Trust        264      40,141
Equinix         98     74,147
     114,288
REIT Lodging — 0.17%
Apple Hospitality REIT        719      10,454
Chatham Lodging Trust        903       7,694
Host Hotels & Resorts      1,184      21,288
Park Hotels & Resorts        432       6,471
RLJ Lodging Trust        192       1,849
Ryman Hospitality Properties        178      17,775
Sunstone Hotel Investors        312       3,264
Xenia Hotels & Resorts         45        645
      69,440
REIT Mall — 0.12%
Simon Property Group        317     48,121
      48,121
REIT Manufactured Housing — 0.06%
Equity LifeStyle Properties        166      10,811
 
6    

 

Table of Contents
    Number of
shares 		Value (US $)
Common Stocks (continued)
REIT Manufactured Housing (continued)
Sun Communities         96 $    11,553
      22,364
REIT Multifamily — 0.25%
American Homes 4 Rent Class A        374      13,898
AvalonBay Communities        148      30,620
Camden Property Trust        165      18,003
Essex Property Trust         82      22,320
Mid-America Apartment Communities        113     16,115
     100,956
REIT Office — 0.06%
BXP         86       5,294
Cousins Properties        461      10,672
Piedmont Office Realty Trust Class A      1,016      7,366
      23,332
REIT Self-Storage — 0.23%
CubeSmart        379      17,120
Extra Space Storage        164      25,487
Public Storage        166     47,750
      90,357
REIT Shopping Center — 0.24%
Agree Realty        138       8,548
Brixmor Property Group      1,096      25,307
Kimco Realty        966      18,798
Kite Realty Group Trust        273       6,110
Phillips Edison & Co.         69       2,257
Regency Centers        220      13,684
Retail Opportunity Investments        269       3,344
SITE Centers        486       7,047
Tanger        298       8,079
Urban Edge Properties         29        535
      93,709
REIT Single Tenant — 0.11%
Alexander's          2         450
Broadstone Net Lease        186       2,952
Orion Office REIT        130         467
Realty Income        774     40,882
      44,751
REIT Specialty — 0.25%
EPR Properties        137       5,751
Essential Properties Realty Trust        335       9,283
Innovative Industrial Properties         31       3,386
Invitation Homes        810      29,071
Iron Mountain        413      37,013
Lamar Advertising Class A         73       8,725
Outfront Media        469      6,707
      99,936
    Number of
shares 		Value (US $)
Common Stocks (continued)
Utilities — 0.43%
Duke Energy      1,700 $   170,391
     170,391
Total Common Stocks
(cost $19,108,284) 		23,255,947
 
Convertible Preferred Stock — 0.70%
AMG Capital Trust II 5.15% exercise price $195.47, maturity date 10/15/37          702      35,774
Apollo Global Management 6.75% exercise price $98.97, maturity date 7/31/26          772      50,651
Bank of America 7.25% exercise price $50.00 ω          27      32,296
El Paso Energy Capital Trust I 4.75% exercise price $34.49, maturity date 3/31/28          914      43,269
NextEra Energy 7.299% exercise price $90.38, maturity date 6/1/27          791      39,147
RBC Bearings 5.00% exercise price $226.60, maturity date 10/15/24          349      42,679
Wells Fargo & Co. 7.50% exercise price $156.71 ω          27     32,102
Total Convertible Preferred Stock
(cost $267,267) 		   275,918
 
Preferred Stock — 0.18%
Henkel AG & Co. 2.22%  ω         820     73,082
Total Preferred Stock
(cost $66,581) 		    73,082
 
Exchange-Traded Funds — 5.77%
iShares Core MSCI Europe ETF    12,211     695,417
iShares Latin America 40 ETF     8,691     215,189
iShares MSCI China ETF     7,343     309,654
iShares MSCI Emerging Markets Asia ETF     5,107     370,155
Vanguard S&P 500 ETF     1,400    700,182
Total Exchange-Traded Funds
(cost $2,331,357) 		 2,290,597
 
Short-Term Investments — 3.66%
Money Market Mutual Funds — 3.66%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.21%)     363,509     363,509
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%)     363,509     363,509
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Schedule of investments
Delaware VIP® Trust  —  Macquarie VIP Total Return Series 
    Number of
shares 		Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.35%)     363,509 $   363,509
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%)     363,509    363,509
Total Short-Term Investments
(cost $1,454,036) 		 1,454,036
Total Value of Securities—99.55%
(cost $35,581,381) 		    $39,507,842
    
° Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2024, the aggregate value of Rule 144A securities was $1,978,259, which represents 4.98% of the Series’ net assets. See Note 8 in “Notes to financial statements.”
^ Zero-coupon security. The rate shown is the effective yield at the time of purchase.
μ Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2024. Rate will reset at a future date.
ψ Perpetual security. Maturity date represents next call date.
> PIK. 100% of the income received was in the form of cash.
† Non-income producing security.
ω Perpetual security with no stated maturity date.
 
The following futures contracts were outstanding at June 30, 2024:1
Futures Contracts
Exchange-Traded
Contracts to Buy (Sell)   Notional
Amount 		  Notional
Cost
(Proceeds) 		  Expiration
Date 		  Value/
Unrealized
Appreciation 		  Variation
Margin
Due from
(Due to)
Brokers
8 US Treasury 5 yr Notes   $852,625   $846,706   9/30/24   $5,919   $(875)
3 US Treasury 10 yr Notes   329,953   327,062   9/19/24   2,891   (797)
Total Futures Contracts   $1,173,768       $8,810   $(1,672)
The use of futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The notional amounts presented above represent the Series’ total exposure in such contracts, whereas only the variation margin is reflected in the Series’ net assets.
1 See Note 6 in “Notes to financial statements.”
Summary of abbreviations: 
AG – Aktiengesellschaft
DAC – Designated Activity Company
ETF – Exchange-Traded Fund
MSCI – Morgan Stanley Capital International
PIK – Payment-in-kind
REIT – Real Estate Investment Trust
Summary of abbreviations:  (continued)
S&P – Standard & Poor’s Financial Services LLC
USD – US Dollar
yr – Year
See accompanying notes, which are an integral part of the financial statements.
 
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Statement of assets and liabilities
Delaware VIP® Trust — Macquarie VIP Total Return Series
June 30, 2024 (Unaudited)
Assets:  
Investments, at value* $39,507,842
Foreign currencies, at valueΔ 3
Cash 60,139
Cash collateral due from brokers 18,040
Dividends and interest receivable 164,422
Receivable for securities sold 14,154
Foreign tax reclaims receivable 12,444
Receivable for series shares sold 2,897
Prepaid expenses 531
Other assets 382
Total Assets 39,780,854
Liabilities:  
Other accrued expenses 66,095
Payable for series shares redeemed 14,173
Investment management fees payable to affiliates 13,709
Variation margin due to broker on futures contracts 1,672
Distribution fees payable to affiliates 3
Total Liabilities 95,652
Total Net Assets $39,685,202
 
Net Assets Consist of:  
Paid-in capital $34,144,605
Total distributable earnings (loss) 5,540,597
Total Net Assets $39,685,202
 
Net Asset Value  
 
Standard Class:  
Net assets $39,672,333
Shares of beneficial interest outstanding, unlimited authorization, no par 3,075,434
Net asset value per share $12.90
 
Service Class:  
Net assets $12,869
Shares of beneficial interest outstanding, unlimited authorization, no par 1,002
Net asset value per share $12.84
*Investments, at cost 		$35,581,381
ΔForeign currencies, at cost 3
See accompanying notes, which are an integral part of the financial statements.
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Statement of operations
Delaware VIP® Trust  —  Macquarie VIP Total Return Series
Six months ended June 30, 2024 (Unaudited)
Investment Income:  
Interest $558,912
Dividends 350,297
Foreign tax withheld (4,487)
  904,722
 
Expenses:  
Management fees 130,670
Distribution expenses — Service Class 18
Audit and tax fees 24,953
Accounting and administration expenses 23,353
Reports and statements to shareholders expenses 4,892
Custodian fees 3,221
Legal fees 2,699
Dividend disbursing and transfer agent fees and expenses 1,920
Trustees’ fees 956
Other 21,149
  213,831
Less expenses waived (46,956)
Less expenses paid indirectly (1)
Total operating expenses 166,874
Net Investment Income (Loss) 737,848
 
Net Realized and Unrealized Gain (Loss):  
Net realized gain (loss) on:  
Investments 1,372,303
Foreign currencies (513)
Futures contracts (8,518)
Options written 247
Net realized gain (loss) 1,363,519
Net change in unrealized appreciation (depreciation) on:  
Investments 475,908
Foreign currencies (774)
Futures contracts (22,423)
Net change in unrealized appreciation (depreciation) 452,711
Net Realized and Unrealized Gain (Loss) 1,816,230
Net Increase (Decrease) in Net Assets Resulting from Operations $2,554,078
See accompanying notes, which are an integral part of the financial statements.
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Statements of changes in net assets
Delaware VIP® Trust —  Macquarie VIP Total Return Series
  Six months
ended
6/30/24
(Unaudited) 		  Year ended
12/31/23
 
Increase in Net Assets from Operations:      
Net investment income (loss) $737,848   $1,015,779
Net realized gain (loss) 1,363,519   223,139
Net change in unrealized appreciation (depreciation) 452,711   3,702,832
Net increase (decrease) in net assets resulting from operations 2,554,078   4,941,750
 
Dividends and Distributions to Shareholders from:      
Distributable earnings:      
Standard Class (1,192,454)   (1,102,661)
Service Class (357)   (252)
  (1,192,811)   (1,102,913)
 
Capital Share Transactions (See Note 4):      
Proceeds from shares sold:      
Standard Class 281,980   4,495,391
 
Net asset value of shares issued upon reinvestment of dividends and distributions:      
Standard Class 1,192,454   1,102,661
Service Class 357   252
  1,474,791   5,598,304
Cost of shares redeemed:      
Standard Class (4,543,713)   (9,583,016)
Decrease in net assets derived from capital share transactions (3,068,922)   (3,984,712)
Net Decrease in Net Assets (1,707,655)   (145,875)
 
Net Assets:      
Beginning of period 41,392,857   41,538,732
End of period $39,685,202   $41,392,857
See accompanying notes, which are an integral part of the financial statements.
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Financial highlights
Macquarie VIP Total Return Series Standard Class
Selected data for each share of the Series outstanding throughout each period were as follows:
    Six months ended
6/30/241
(Unaudited) 		  Year ended  
    12/31/23   12/31/22   12/31/21   12/31/20   12/31/192  
Net asset value, beginning of period   $12.49   $11.38   $14.29   $12.56   $14.29   $12.50
   
Income (loss) from investment operations:                        
Net investment income3   0.23   0.29   0.12   0.21   0.24   0.22
Net realized and unrealized gain (loss)   0.57   1.12   (1.55)   1.82   (0.44)   2.08
Total from investment operations   0.80   1.41   (1.43)   2.03   (0.20)   2.30
   
Less dividends and distributions from:                        
Net investment income   (0.35)   (0.25)   (0.28)   (0.30)   (0.27)   (0.26)
Net realized gain   (0.04)   (0.05)   (1.20)   —   (1.26)   (0.25)
Total dividends and distributions   (0.39)   (0.30)   (1.48)   (0.30)   (1.53)   (0.51)
   
Net asset value, end of period   $12.90   $12.49   $11.38   $14.29   $12.56   $14.29
   
Total return4   6.51%   12.63%   (10.56%)   16.37%   0.91%   18.88%
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $39,672   $41,381   $41,528   $56,077   $54,281   $58,637
Ratio of expenses to average net assets5   0.83%   0.83%   0.84%   0.86%   0.86%   0.93%
Ratio of expenses to average net assets prior to fees waived5   1.06%   0.97%   1.03%   0.96%   1.06%   0.99%
Ratio of net investment income to average net assets   3.68%   2.44%   0.96%   1.56%   2.01%   1.63%
Ratio of net investment income to average net assets prior to fees waived   3.45%   2.30%   0.77%   1.46%   1.81%   1.57%
Portfolio turnover   22%   56%   55%   95%   87%   150%6
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 On October 4, 2019, the First Investors Life Series Total Return Fund shares were reorganized into Standard Class shares of the Series. The Standard Class shares financial highlights for the period prior to October 4, 2019, reflect the performance of the First Investors Life Series Total Return Fund shares.
3 Calculated using average shares outstanding.
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.
5 Expense ratios do not include expenses of any investment companies in which the Series invests.
6 The Series’ portfolio turnover rate increased substantially during the year ended December 31, 2019 due to a change in the Series’ portfolio managers and associated repositioning.
See accompanying notes, which are an integral part of the financial statements.
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Macquarie VIP Total Return Series Service Class
Selected data for each share of the Series outstanding throughout each period were as follows:
    Six months ended
6/30/242
(Unaudited) 		  Year ended   10/31/191
to
12/31/19 		 
    12/31/23   12/31/22   12/31/21   12/31/20  
Net asset value, beginning of period   $12.44   $11.33   $14.23   $12.52   $14.29   $13.79
   
Income (loss) from investment operations:                        
Net investment income3   0.21   0.25   0.08   0.17   0.20   0.04
Net realized and unrealized gain (loss)   0.56   1.13   (1.54)   1.81   (0.44)   0.46
Total from investment operations   0.77   1.38   (1.46)   1.98   (0.24)   0.50
   
Less dividends and distributions from:                        
Net investment income   (0.33)   (0.22)   (0.24)   (0.27)   (0.27)   —
Net realized gain   (0.04)   (0.05)   (1.20)   —   (1.26)   —
Total dividends and distributions   (0.37)   (0.27)   (1.44)   (0.27)   (1.53)   —
   
Net asset value, end of period   $12.84   $12.44   $11.33   $14.23   $12.52   $14.29
   
Total return4   6.30%   12.35%   (10.82%)   15.96%   0.54%   3.63%
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $13   $12   $11   $12   $10   $10
Ratio of expenses to average net assets5   1.13%   1.13%   1.14%   1.16%   1.16%   1.16%
Ratio of expenses to average net assets prior to fees waived5   1.36%   1.29%   1.33%   1.25%   1.36%   1.50%
Ratio of net investment income to average net assets   3.38%   2.16%   0.70%   1.26%   1.71%   1.79%
Ratio of net investment income to average net assets prior to fees waived   3.15%   2.00%   0.51%   1.17%   1.51%   1.45%
Portfolio turnover   22%   56%   55%   95%   87%   150%6, 7
1 Date of commencement of operations; ratios have been annualized and total return has not been annualized.
2 Ratios have been annualized and total return and portfolio turnover have not been annualized.
3 Calculated using average shares outstanding.
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.
5 Expense ratios do not include expenses of any investment companies in which the Series invests.
6 Portfolio turnover is representative of the Series for the entire period.
7 The Series’ portfolio turnover rate increased substantially during the year ended December 31, 2019 due to a change in the Series’ portfolio managers and associated repositioning.
See accompanying notes, which are an integral part of the financial statements.
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Total Return Series  
June 30, 2024 (Unaudited)  
Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 9 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940, as amended (1940 Act). These financial statements and the related notes pertain to Macquarie VIP Total Return Series (formerly, Delaware VIP Total Return Series) (Series). The Trust is an open-end investment company. The Series is considered diversified under the 1940 Act and offers Standard Class and Service Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee and the Service Class shares carry a 12b-1 fee. The shares of the Series are sold only to separate accounts of life insurance companies.
1. Significant Accounting Policies
The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.
Security Valuation —  Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (NYSE) on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. US government and agency securities are valued at the mean between the bid and the ask prices, which approximates fair value. Open-end investment companies, other than ETFs, are valued at their published net asset value (NAV). Fixed income securities are generally priced based upon valuations provided by an independent pricing service or broker in accordance with methodologies included within Delaware Management Company (DMC)’s Pricing Policy (the Policy). Fixed income security valuations are then reviewed by DMC as part of its duties as the Series’ valuation designee (Valuation Designee) and, to the extent required by the Policy and applicable regulation, fair valued consistent with the Policy. 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. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees (Board) has designated DMC as the Valuation Designee for each series to perform the fair value determination relating to all applicable Series investments. DMC has established a Pricing Committee to assist with its designated responsibilities as Valuation Designee, and DMC may carry out its designated responsibilities as Valuation Designee through the Pricing Committee and other teams and committees, which operate under policies and procedures approved by the Board and subject to the Board’s oversight. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. The Series may use fair value pricing relatively frequently for securities traded primarily in non-US markets. If a foreign (non-US) equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the close of the NYSE, the security may be valued at fair value. With respect to foreign (non-US) equity securities, the Series may determine the fair value of investments based on information provided by pricing vendors, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of US securities or securities indexes) that occur after the close of the relevant market and before the close of the NYSE. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-US securities.
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, 2024, and for all open tax years (years ended December 31, 2020–December 31, 2023), 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
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countries in which it invests that may date back to the inception of the Series. If applicable, the Series recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statement of operations.” During the six months ended June 30, 2024, the Series did not incur any interest or tax penalties.
Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Series on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.
Underlying Funds — The Series may invest in other investment companies (Underlying Funds) to the extent permitted by the 1940 Act. The Underlying Funds in which the Series may invest include ETFs. The Series will indirectly bear the investment management fees and other expenses of the Underlying Funds.
Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date. 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 realized gains (losses), attributable to changes in foreign exchange rates, is included on the “Statement of operations” under “Net realized gain (loss) on foreign currencies.” For foreign equity securities, the realized gains and losses are included on the “Statement of operations” under “Net realized gain (loss) on investments.” The Series reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.
Derivative Financial Instruments —  The Series may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Series intends to use either derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk.
Segregation and Collateralization —  In certain cases, based on requirements and agreements with certain exchanges and third-party broker-dealers, the Series may deliver or receive collateral in connection with certain investments (e.g., futures contracts, forward foreign currency exchange contracts, options written, securities with extended settlement periods, and swaps). Certain countries require that cash reserves be held while investing in companies incorporated in that country. Cash collateral that has been pledged/received to cover obligations of the Series under derivative contracts, if any, will be reported separately on the “Statement of assets and liabilities” as cash collateral due to/from broker. Securities collateral pledged for the same purpose, if any, is noted on the “Schedule of investments.”
Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.
Other —  Expenses directly attributable to the Series are charged directly to the Series. Other expenses common to various funds within the Delaware Funds by Macquarie® (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 an accrual basis. Income and capital gain distributions from any Underlying Funds in which the Series invests are recorded on the ex-dividend date. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, which are estimated, subject to reclassification upon notice of the character of such distributions by the issuer. Foreign dividends are also
(continues)
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Total Return Series   
1. Significant Accounting Policies (continued)
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 and interest have been recorded in accordance with the Series’ understanding of the applicable country’s tax rules and rates. The Series files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Series may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statement of operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes. The Series declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, at least annually. The Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.
The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.”
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates
In accordance with the terms of its investment management agreement, the Series pays DMC, a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rates of 0.65% on the first $500 million of average daily net assets of the Series, 0.60% on the next $500 million, 0.55% on the next $1.5 billion, and 0.50% on average daily net assets in excess of $2.5 billion.
DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual series operating expenses from exceeding 0.83% of the Series’ average daily net assets from January 1, 2024 through April 30, 2025. These waivers and reimbursements may only be terminated by agreement of DMC and the Series. The waivers and reimbursements are accrued daily and received monthly.
After consideration of class specific expenses, including 12b-1 fees, the class level operating expense limitation as a percentage of average daily net assets from January 1, 2024 through April 30, 2025, unless terminated by agreement of DMC and the Series, is as follows:
  Operating expense limitation as a percentage of average daily net assets
  Standard Class   Service Class
  0.83%   1.13%
Macquarie Investment Management Austria Kapitalanlage AG is primarily responsible for the day-to-day management of the Series’ portfolio and determines its asset allocation.
DMC may seek investment advice and recommendations relating to fixed income securities from its affiliates: Macquarie Investment Management Europe Limited (MIMEL) and Macquarie Investment Management Global Limited (MIMGL). DMC may also permit MIMGL to execute Series equity security trades on behalf of DMC. DMC may also permit MIMEL and MIMGL to exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize MIMEL’s or MIMGL’s specialized market knowledge, and DMC may also seek quantitative support from MIMGL. MIMGL is also responsible for managing real estate investment trust securities and other equity asset classes to which the portfolio managers may allocate assets from time to time. For these services, DMC, not the Series, pays each Affiliated Sub-Advisor a portion of its investment management fee.
Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Series. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in
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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, 2024, the Series paid $2,886 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, 2024, the Series paid $1,508 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Investment Servicing (US) Inc. (BNYIS), BNYIS 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 on a monthly or quarterly basis.
Pursuant to a distribution agreement and distribution plan, the Series pays Delaware Distributors, L.P. (DDLP), the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.30% of the average daily net assets of the Service Class shares. The fees are calculated daily and paid monthly. Standard Class shares do not pay 12b-1 fees.
As provided in the investment management agreement, the Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Series. For the six months ended June 30, 2024, the Series paid $570 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”
Trustees’ fees include expenses accrued by the Series for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.
In addition to the management fees and other expenses of the Series, the Series indirectly bears the investment management fees and other expenses of any Underlying Funds, including ETFs, in which it invests. The amount of these fees and expenses incurred indirectly by the Series will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.
3. Investments
For the six months ended June 30, 2024, the Series made purchases and sales of investment securities other than short-term investments as follows:
   
Purchases other than US government securities $6,716,640
Purchases of US government securities 1,923,073
Sales other than US government securities 12,820,965
Sales of US government securities 1,103,685
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Total Return Series   
3. Investments (continued)
At June 30, 2024, 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, 2024, the cost and unrealized appreciation (depreciation) of investments and derivatives for the Series were as follows:
   
Cost of investments and derivatives $35,634,881
Aggregate unrealized appreciation of investments and derivatives $5,396,695
Aggregate unrealized depreciation of investments and derivatives (1,514,924)
Net unrealized depreciation of investments and derivatives $3,881,771
US GAAP defines fair value as the price that the Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Series’ investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:
Level 1  − Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)
Level 2  − Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)
Level 3  − Significant unobservable inputs, including the Series’ own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)
Level 3 investments are valued using significant unobservable inputs. The Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of June 30, 2024:
    Level 1   Level 2 Total  
Securities            
Assets:            
Agency Obligation   $—   $99,960 $99,960  
Common Stocks   23,255,947   — 23,255,947  
Convertible Bonds   —   1,222,429 1,222,429  
Convertible Preferred Stock   275,918   — 275,918  
Corporate Bonds   —   2,161,204 2,161,204  
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    Level 1   Level 2 Total  
Exchange-Traded Funds   $2,290,597   $— $2,290,597  
Preferred Stock   73,082   — 73,082  
US Treasury Obligations   —   8,674,669 8,674,669  
Short-Term Investments   1,454,036   — 1,454,036  
Total Value of Securities   $27,349,580   $12,158,262 $39,507,842  
   
Derivatives1            
Assets:            
Futures Contracts   $8,810   $— $8,810  
 
1Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.
During the six months ended June 30, 2024, there were no transfers into or out of Level 3 investments. The Series’ policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.
A reconciliation of Level 3 investments is presented when the Series has a significant amount of Level 3 investments at the beginning or end of the period in relation to the Series’ net assets. As of June 30, 2024, there were no Level 3 investments.
4. Capital Shares
Transactions in capital shares were as follows:
   
  Six months
ended 		  Year ended
  6/30/24   12/31/23
Shares sold:
Standard Class 22,165   388,836
 
Shares issued upon reinvestment of dividends and distributions:
Standard Class 96,633   96,471
Service Class 29   22
  118,827   485,329
Shares redeemed:
Standard Class (356,537)   (821,638)
Net decrease (237,710)   (336,309)
5. Line of Credit
The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $335,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on October 28, 2024.
The Series had no amounts outstanding as of June 30, 2024, or at any time during the period then ended.
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Total Return Series   
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.
Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. The Series may use futures contracts in the normal course of pursuing its investment objective. The Series may invest in futures contracts to hedge its existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions. Upon entering into a futures contract, the Series deposits cash or pledges US government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Series as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Series records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Series because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. At June 30, 2024, the Series posted $18,040 cash collateral as margin for open futures contracts, which is included in “Cash collateral due from brokers” on the “Statement of assets and liabilities.” Open futures contracts, if any, are disclosed on the “Schedule of investments.”
During the six months ended June 30, 2024, the Series entered into futures contracts to hedge the Series’ existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.
Options Contracts — The Series may enter into options contracts in the normal course of pursuing its investment 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 options purchased. When the Series writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the options written. Premiums received from writing options that expire unexercised are treated by the Series on the expiration date as realized gains. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Series has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Series. The Series, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, the Series is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change. No options contracts were outstanding at June 30, 2024.
During the six months ended June 30, 2024, the Series entered into option contracts to manage the Series’ exposure to changes in securities prices caused by interest rates or market conditions.
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Fair values of derivative instruments as of June 30, 2024 were as follows:   
    Asset Derivatives Fair Value
Statement of Assets and
Liabilities Location 		  Interest
Rate
Contracts
Variation margin due to broker on futures contracts*   $8,810
*Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2024. Only current day variation margin is reported on the Series’ “Statement of assets and liabilities.”
The effect of derivative instruments on the “Statement of operations” for the six months ended June 30, 2024 was as follows:
  Net Realized Gain (Loss) on:
  Futures
Contracts 		  Options
Written 		  Total
Interest rate
contracts 		$(8,518)   $247   $(8,271)
  Net Change in Unrealized Appreciation (Depreciation) on:
  Futures
Contracts
Interest rate
contracts 		$(22,423)
The table below summarizes the average daily balance of derivative holdings by the Series during the six months ended June 30, 2024:
  Long Derivative
Volume 		  Short Derivative
Volume
Futures contracts (average notional amount)   1,121,507     —
Options contracts (average value)*   —     14
*Long represents purchased options and short represents written options.
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 (BNY). 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 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
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Total Return Series   
7. Securities Lending (continued)
result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.
Cash collateral received by the Series is generally invested in an individual separate account. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. The Series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.
In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Series or, at the discretion of the lending agent, replace the loaned securities. The Series continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Series has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Series receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Series, the security lending agent, and the borrower. The Series records security lending income net of allocations to the security lending agent and the borrower.
The Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Series’ cash collateral account may be less than the amount the Series would be required to return to the borrowers of the securities and the Series would be required to make up for this shortfall.
During the six months ended June 30, 2024, the Series had no securities out on loan.
8. Credit and Market Risks
The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen.
Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Series invests will cause the NAV of the Series to fluctuate.
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. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. A series may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.
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.
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The Series invests in REITs and is subject to the risks associated with that industry. If the Series holds real estate directly or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the six months ended June 30, 2024. The Series’ REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.
The Series invests in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor’s Financial Services LLC and lower than Baa3 by Moody’s Investors Service, Inc., or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.
The Series invests in 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.
Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss, which may exceed amounts disclosed on the "Statement of assets and liabilities", if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the portfolio manager anticipated. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a series may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).
The Series may invest up to 10% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Series’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series’ 10% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedule of investments.”
9. Contractual Obligations
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. Subsequent Events
Management has determined that no material events or transactions occurred subsequent to June 30, 2024, that would require recognition or disclosure in the Series’ financial statements.
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Other Series information (Unaudited)
Delaware VIP® Trust — Macquarie VIP Total Return 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-PORT. The Series’ Form N-PORT, as well as a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities, is available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Series’ most recent Form N-PORT are available without charge on the Series’ website at delawarefunds.com/vip-literature.
Information (if any) regarding how the Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.
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Privacy Notice
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Information we may collect
and use
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Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and
multi-asset solutions.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized
deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
 
This page is not part of the Financial statements and other information.        i

 

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Privacy Notice
This privacy practices notice is being provided on behalf of the following:
Macquarie Management Holdings, Inc. and each of its affiliates, such as direct or indirect subsidiaries, and any fund or product sponsored by or otherwise affiliated with Macquarie
Central Park Group (CPG) Funds
Delaware Funds by Macquarie®
Macquarie ETF Trust
Macquarie Investment Management Austria Kapitalanlage AG
Macquarie Investment Management Europe Limited
Macquarie Investment Management Europe S.A.
Macquarie Investment Management Global Limited
Optimum Fund Trust
Revised May 2024
 
ii        This page is not part of the Financial statements and other information.

 

Table of Contents
(3749041)
SA-VIPTR-0824

Delaware VIP® Trust
Macquarie VIP Emerging Markets Series
(formerly, Delaware VIP Emerging Markets Series)
Financial statements and other information
For the six months ended June 30, 2024

 

Table of contents
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Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and multi-asset solutions.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
The Series is governed by US laws and regulations.
Unless otherwise noted, views expressed herein are current as of June 30, 2024, and subject to change for events occurring after such date. These views are not intended to be investment advice, to forecast future events, or to guarantee future results.
The Series is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested.
The Series is advised by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment adviser, and distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.
This material may be used in conjunction with the offering of shares in Macquarie VIP Emerging Markets Series only if preceded or accompanied by the Series’ current prospectus or summary prospectus.
All third-party marks cited are the property of their respective owners.
© 2024 Macquarie Management Holdings, Inc.

 

Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Macquarie VIP Emerging Markets Series
June 30, 2024 (Unaudited)
    Number of
shares 		Value (US $)
Common Stocks – 97.32%Δ
Argentina − 0.85%
Cablevision Holding GDR †      262,838 $    947,698
Cresud ADR      294,024    2,416,877
Grupo Clarin GDR Class B 144A #, †       77,680      235,825
IRSA Inversiones y Representaciones ADR      217,822   1,951,685
    5,552,085
Bahrain − 0.22%
Aluminium Bahrain GDR 144A #       91,200   1,439,364
    1,439,364
Brazil − 4.64%
Banco Bradesco ADR    1,749,871    3,919,711
Banco Santander Brasil ADR      153,366      757,628
BRF ADR †      788,900    3,210,823
Itau Unibanco Holding ADR    1,155,625    6,748,850
Petroleo Brasileiro ADR      285,509    3,894,343
Rumo      217,473      803,352
Telefonica Brasil ADR      339,260    2,785,325
TIM ADR      155,003    2,219,643
Vale      149,527    1,667,236
Vale ADR      363,623    4,061,669
XP Class A       24,226     426,135
   30,494,715
Chile − 0.62%
Sociedad Quimica y Minera de Chile ADR      100,000   4,075,000
    4,075,000
China − 15.52%
Alibaba Group Holding      959,100    8,658,742
Alibaba Group Holding ADR      143,800   10,353,600
ANTA Sports Products      152,400    1,463,686
Baidu ADR †       54,219    4,688,859
BeiGene †      167,800    1,852,256
DiDi Global ADR †       81,500      337,410
Hengan International Group      330,500    1,007,280
Innovent Biologics 144A #, †      314,000    1,479,719
iQIYI ADR †       59,542      218,519
JD.com ADR      253,800    6,558,192
Joinn Laboratories China Class H 144A #       13,445       12,913
Kunlun Energy    3,360,900    3,486,121
Kweichow Moutai Class A       39,113    7,898,931
Meituan Class B 144A #, †       75,390    1,072,580
New Oriental Education & Technology Group ADR †       16,190    1,258,449
Shenzhen Mindray Bio-Medical Electronics Class A       76,600    3,066,825
Sohu.com ADR †      426,954    5,943,200
    Number of
shares 		Value (US $)
Common StocksΔ (continued)
China (continued)
TAL Education Group ADR †       50,701 $    540,980
Tencent Holdings      374,900   17,878,328
Tencent Music Entertainment Group ADR          159        2,234
Tianjin Development Holdings       35,950        8,148
Tingyi Cayman Islands Holding    1,582,000    1,906,329
Trip.com Group ADR †      120,588    5,667,636
Tsingtao Brewery Class H      797,429    5,320,244
Uni-President China Holdings    2,800,000    2,556,521
Weibo Class A       65,500      510,811
Weibo ADR       40,000      307,200
Wuliangye Yibin Class A      451,092   7,948,998
  102,004,711
India − 15.77%
HCL Technologies      312,400    5,468,194
HDFC Bank      664,360   13,415,073
Indiabulls Real Estate GDR †       44,628       77,634
Infosys      285,200    5,358,562
Jio Financial Services †      859,880    3,693,192
Natco Pharma      185,519    2,595,987
Reliance Industries      859,880   32,284,363
Reliance Industries GDR 144A #      440,657   32,873,012
Sify Technologies ADR †       91,200       41,222
Tata Consultancy Services      150,341    7,038,870
Zee Entertainment Enterprises †      450,000     819,134
  103,665,243
Indonesia − 1.05%
Astra International   17,390,600    4,736,615
Unilever Indonesia   11,564,600   2,132,830
    6,869,445
Malaysia − 0.60%
Public Bank    3,376,000    2,876,846
UEM Sunrise    4,748,132   1,087,013
    3,963,859
Mexico − 3.89%
America Movil ADR      209,432    3,560,344
Becle      925,950    1,670,202
Cemex ADR      469,537    3,000,341
Coca-Cola Femsa ADR       68,784    5,904,419
Fomento Economico Mexicano ADR       19,186    2,065,373
Grupo Financiero Banorte Class O      919,086    7,152,745
Grupo Televisa ADR      656,458    1,818,389
Ollamani SAB †      164,114      373,977
Sitios Latinoamerica †      162,815      38,089
   25,583,879
    1

 

Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Macquarie VIP Emerging Markets Series 
    Number of
shares 		Value (US $)
Common StocksΔ (continued)
Peru − 1.13%
Cia de Minas Buenaventura ADR      138,305 $  2,344,270
Credicorp       31,531   5,086,896
    7,431,166
Russia − 0.00%
EL5-ENERO PJSC =, †      755,050            0
Gazprom PJSC =, †    2,087,800            0
Rosneft Oil PJSC =    1,449,104            0
Sberbank of Russia PJSC =, †    2,058,929            0
Surgutneftegas PJSC ADR =, †      294,652            0
T Plus PJSC =, †       25,634            0
VK GDR =, †       71,300           0
            0
Saudi Arabia − 0.44%
Saudi Arabian Oil 144A #      390,269   2,881,558
    2,881,558
South Africa − 0.00%
Tongaat Hulett =, †      182,915           0
            0
South Korea − 26.57%
Fila Holdings       67,360    1,962,322
LG Uplus      250,922    1,790,086
Samsung C&T        7,594      783,398
Samsung Electronics      671,359   39,749,915
Samsung Life Insurance       66,026    4,245,043
SK Hynix †      360,000   61,852,525
SK Square †      714,613   51,915,220
SK Telecom       79,405    2,970,837
SK Telecom ADR      447,316   9,362,324
  174,631,670
Taiwan − 22.52%
MediaTek      871,000   37,587,658
Taiwan Semiconductor Manufacturing    3,706,864 110,378,084
  147,965,742
Turkey − 3.01%
Akbank    6,643,734   13,031,218
D-MARKET Elektronik Hizmetler ve Ticaret ADR †       15,200       33,592
Turkcell Iletisim Hizmetleri      677,165    2,086,153
Turkiye Sise ve Cam Fabrikalari    3,008,750   4,625,338
   19,776,301
    Number of
shares 		Value (US $)
Common StocksΔ (continued)
United Kingdom − 0.49%
Griffin Mining †    1,642,873 $  3,218,972
    3,218,972
Total Common Stocks
(cost $490,707,200) 		639,553,710
 
Convertible Preferred Stock – 0.04%Δ
South Korea − 0.04%
CJ 3.57% ω        4,204     262,960
Total Convertible Preferred Stock
(cost $470,722) 		    262,960
 
Preferred Stocks – 3.94%Δ
Brazil − 0.24%
Centrais Eletricas Brasileiras Class B 4.43% ω      216,779   1,556,593
    1,556,593
Russia − 0.00%
Transneft PJSC =, ω      360,600           0
            0
South Korea − 3.70%
CJ 5.18% ω       28,030    1,223,831
Samsung Electronics 1.68% ω      499,750  23,090,519
   24,314,350
Total Preferred Stocks
(cost $11,306,065) 		 25,870,943
 
Rights – 0.10%Δ
Brazil − 0.10%
AES Brasil Energia      312,339     636,400
Total Rights
(cost $946,490) 		    636,400
       
Warrants – 0.06%Δ
Argentina − 0.06%
IRSA Inversiones y Representaciones,
exercise price $0.432, expiration date 3/5/26 † 		     594,450     429,788
Total Warrants
(cost $0) 		    429,788
 
Participation Notes – 0.00%
Lehman Indian Oil
CW 12 LEPO =, † 		     100,339           0
 
2    

 

Table of Contents
    Number ofshares Value (US $)
Participation Notes (continued)
Lehman Oil & Natural Gas
CW 12 LEPO =, † 		     146,971 $          0
Total Participation Notes
(cost $4,952,197) 		          0
Total Value of Securities−101.46%
(cost $508,382,674) 		    $666,753,801
Δ Securities have been classified by country of risk.
† Non-income producing security.
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2024, the aggregate value of Rule 144A securities was $39,994,971, which represents 6.09% of the Series’ net assets. See Note 7 in “Notes to financial statements.”
= The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
ω Perpetual security with no stated maturity date.
Summary of abbreviations: 
ADR – American Depositary Receipt
GDR – Global Depositary Receipt
LEPO – Low Exercise Price Option
PJSC – Private Joint Stock Company
See accompanying notes, which are an integral part of the financial statements.
    3

 

Table of Contents
Statement of assets and liabilities
Delaware VIP® Trust — Macquarie VIP Emerging Markets Series
June 30, 2024 (Unaudited)
Assets:  
Investments, at value* $666,753,801
Foreign currencies, at valueΔ 653,121
Dividends receivable 2,068,222
Receivable for securities sold 218,237
Prepaid expenses 6,862
Receivable for series shares sold 5,643
Foreign tax reclaims receivable 14
Other assets 4,951
Total Assets 669,710,851
Liabilities:  
Due to custodian 4,922,724
Payable for series shares redeemed 3,381,750
Accrued capital gains taxes on appreciated securities 3,276,170
Investment management fees payable to affiliates 581,303
Other accrued expenses 310,111
Distribution fees payable to affiliates 64,542
Total Liabilities 12,536,600
Total Net Assets $657,174,251
 
Net Assets Consist of:  
Paid-in capital $501,477,382
Total distributable earnings (loss) 155,696,869
Total Net Assets $657,174,251
 
Net Asset Value  
 
Standard Class:  
Net assets $392,082,874
Shares of beneficial interest outstanding, unlimited authorization, no par 15,711,910
Net asset value per share $24.95
 
Service Class:  
Net assets $265,091,377
Shares of beneficial interest outstanding, unlimited authorization, no par 10,623,252
Net asset value per share $24.95
*Investments, at cost 		$508,382,674
ΔForeign currencies, at cost 650,401
See accompanying notes, which are an integral part of the financial statements.
    4

 

Table of Contents
Statement of operations
Delaware VIP® Trust  —  Macquarie VIP Emerging Markets Series
Six months ended June 30, 2024 (Unaudited)
Investment Income:  
Dividends $9,176,170
Foreign tax withheld (933,795)
  8,242,375
 
Expenses:  
Management fees 3,860,017
Distribution expenses — Service Class 383,147
Custodian fees 106,980
Accounting and administration expenses 72,842
Legal fees 26,574
Dividend disbursing and transfer agent fees and expenses 23,399
Audit and tax fees 17,969
Trustees’ fees 13,843
Reports and statements to shareholders expenses 10,248
Other 10,363
  4,525,382
Less expenses waived (468,933)
Less expenses paid indirectly (3)
Total operating expenses 4,056,446
Net Investment Income (Loss) 4,185,929
 
Net Realized and Unrealized Gain (Loss):  
Net realized gain (loss) on:  
Investments1 13,387,871
Foreign currencies (22,609)
Net realized gain (loss) 13,365,262
Net change in unrealized appreciation (depreciation) on:  
Investments2 79,821,528
Foreign currencies (6,983)
Net change in unrealized appreciation (depreciation) 79,814,545
Net Realized and Unrealized Gain (Loss) 93,179,807
Net Increase (Decrease) in Net Assets Resulting from Operations $97,365,736
1 Includes $(1,049) capital gains taxes paid.
2 Includes $(3,276,170) capital gains taxes accrued.
See accompanying notes, which are an integral part of the financial statements.
    5

 

Table of Contents
Statements of changes in net assets
Delaware VIP® Trust —  Macquarie VIP Emerging Markets Series
  Six months
ended
6/30/24
(Unaudited) 		  Year ended
12/31/23
 
Increase (Decrease) in Net Assets from Operations:      
Net investment income (loss) $4,185,929   $14,238,982
Net realized gain (loss) 13,365,262   (7,553,339)
Net change in unrealized appreciation (depreciation) 79,814,545   67,602,030
Net increase (decrease) in net assets resulting from operations 97,365,736   74,287,673
 
Dividends and Distributions to Shareholders from:      
Distributable earnings:      
Standard Class (9,786,518)   (4,852,337)
Service Class (5,679,926)   (3,223,464)
  (15,466,444)   (8,075,801)
 
Capital Share Transactions (See Note 4):      
Proceeds from shares sold:      
Standard Class 51,755,809   42,768,317
Service Class 4,119,970   10,293,004
 
Net asset value of shares issued upon reinvestment of dividends and distributions:      
Standard Class 9,786,518   4,852,337
Service Class 5,679,926   3,223,464
  71,342,223   61,137,122
Cost of shares redeemed:      
Standard Class (69,858,936)   (27,505,516)
Service Class (32,372,565)   (40,859,375)
  (102,231,501)   (68,364,891)
Decrease in net assets derived from capital share transactions (30,889,278)   (7,227,769)
Net Increase in Net Assets 51,010,014   58,984,103
 
Net Assets:      
Beginning of period 606,164,237   547,180,134
End of period $657,174,251   $606,164,237
See accompanying notes, which are an integral part of the financial statements.
    6

 

Table of Contents
Financial highlights
Macquarie VIP Emerging Markets Series Standard Class
Selected data for each share of the Series outstanding throughout each period were as follows:
    Six months ended
6/30/241
(Unaudited) 		  Year ended  
    12/31/23   12/31/22   12/31/21   12/31/20   12/31/19  
Net asset value, beginning of period   $22.05   $19.70   $28.37   $29.42   $24.27   $20.36
   
Income (loss) from investment operations:                        
Net investment income2   0.17   0.54   0.35   1.00   0.10   0.19
Net realized and unrealized gain (loss)   3.35   2.14   (8.06)   (1.81)   5.65   4.35
Total from investment operations   3.52   2.68   (7.71)   (0.81)   5.75   4.54
   
Less dividends and distributions from:                        
Net investment income   (0.62)   (0.33)   (0.96)   (0.10)   (0.18)   (0.15)
Net realized gain   —   —   —   (0.14)   (0.42)   (0.48)
Total dividends and distributions   (0.62)   (0.33)   (0.96)   (0.24)   (0.60)   (0.63)
   
Net asset value, end of period   $24.95   $22.05   $19.70   $28.37   $29.42   $24.27
   
Total return3   16.27%   13.79%   (27.58%)   (2.84%)   25.09%   22.63%
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $392,083   $351,600   $294,244   $377,296   $339,348   $328,524
Ratio of expenses to average net assets4   1.18%   1.18%   1.20%   1.25%   1.28%   1.30%
Ratio of expenses to average net assets prior to fees waived4   1.33%   1.30%   1.41%   1.34%   1.36%   1.34%
Ratio of net investment income to average net assets   1.47%   2.62%   1.59%   3.34%   0.44%   0.86%
Ratio of net investment income to average net assets prior to fees waived   1.32%   2.50%   1.38%   3.25%   0.36%   0.82%
Portfolio turnover   7%   4%   2%   2%   3%   20%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.
4 Expense ratios do not include expenses of any investment companies in which the Series invests.
See accompanying notes, which are an integral part of the financial statements.
    7

 

Table of Contents
Financial highlights
Macquarie VIP Emerging Markets Series Service Class 
Selected data for each share of the Series outstanding throughout each period were as follows:
    Six months ended
6/30/241
(Unaudited) 		  Year ended  
    12/31/23   12/31/22   12/31/21   12/31/20   12/31/19  
Net asset value, beginning of period   $21.98   $19.63   $28.25   $29.31   $24.17   $20.28
   
Income (loss) from investment operations:                        
Net investment income2   0.13   0.48   0.28   0.90   0.03   0.12
Net realized and unrealized gain (loss)   3.36   2.13   (8.03)   (1.80)   5.64   4.34
Total from investment operations   3.49   2.61   (7.75)   (0.90)   5.67   4.46
   
Less dividends and distributions from:                        
Net investment income   (0.52)   (0.26)   (0.87)   (0.02)   (0.11)   (0.09)
Net realized gain   —   —   —   (0.14)   (0.42)   (0.48)
Total dividends and distributions   (0.52)   (0.26)   (0.87)   (0.16)   (0.53)   (0.57)
   
Net asset value, end of period   $24.95   $21.98   $19.63   $28.25   $29.31   $24.17
   
Total return3   16.13%   13.45%   (27.81%)   (3.13%)   24.69%   22.25%
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $265,091   $254,564   $252,936   $360,332   $379,331   $358,165
Ratio of expenses to average net assets4   1.48%   1.48%   1.50%   1.55%   1.58%   1.60%
Ratio of expenses to average net assets prior to fees waived4   1.63%   1.60%   1.71%   1.64%   1.66%   1.64%
Ratio of net investment income to average net assets   1.17%   2.32%   1.29%   3.04%   0.14%   0.56%
Ratio of net investment income to average net assets prior to fees waived   1.02%   2.20%   1.08%   2.95%   0.06%   0.52%
Portfolio turnover   7%   4%   2%   2%   3%   20%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.
4 Expense ratios do not include expenses of any investment companies in which the Series invests.
See accompanying notes, which are an integral part of the financial statements.
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Emerging Markets Series  
June 30, 2024 (Unaudited)  
Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 9 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940, as amended (1940 Act). These financial statements and the related notes pertain to Macquarie VIP Emerging Markets Series (formerly, Delaware VIP Emerging Markets Series) (Series). The Trust is an open-end investment company. The Series is considered diversified under the 1940 Act and offers Standard Class and Service Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee and the Service Class shares carry a 12b-1 fee. The shares of the Series are sold only to separate accounts of life insurance companies.
1. Significant Accounting Policies
The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.
Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (NYSE) on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. Open-end investment companies, other than ETFs, are valued at their published net asset value (NAV). Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees (Board) has designated Delaware Management Company (DMC) as the valuation designee (Valuation Designee) for each series to perform the fair value determination relating to all applicable Series investments. DMC has established a Pricing Committee to assist with its designated responsibilities as Valuation Designee, and DMC may carry out its designated responsibilities as Valuation Designee through the Pricing Committee and other teams and committees, which operate under policies and procedures approved by the Board and subject to the Board’s oversight. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. The Series may use fair value pricing relatively frequently for securities traded primarily in non-US markets. If a foreign (non-US) equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the close of the NYSE, the security may be valued at fair value. With respect to foreign (non-US) equity securities, the Series may determine the fair value of investments based on information provided by pricing vendors, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of US securities or securities indexes) that occur after the close of the relevant market and before the close of the NYSE. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-US securities.
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, 2024, and for all open tax years (years ended December 31, 2020–December 31, 2023), and has concluded that no provision for federal income tax is required in the Series’ financial statements. In regard to foreign taxes only, the Series has open tax years in certain foreign countries in which it invests that may date back to the inception of the Series. If applicable, the Series recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statement of operations.” During the six months ended June 30, 2024, 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.
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Emerging Markets Series   
1. Significant Accounting Policies (continued)
Foreign Currency Transactions —  Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date. 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 realized 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 an 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 will accrue such taxes as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. The Series files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Series may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statement of operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes. Income and capital gain distributions from any investment companies (Underlying Funds) in which the Series invests are recorded on the ex-dividend date. The Series declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, at least annually. The Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.
The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.”
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates
In accordance with the terms of its investment management agreement, the Series pays DMC, a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rates of 1.25% on the first $500 million of average daily net assets of the Series, 1.20% on the next $500 million, 1.15% on the next $1.5 billion, and 1.10% on average daily net assets in excess of $2.5 billion.
DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual series operating expenses from exceeding 1.18% of the Series’ average daily net assets from
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January 1, 2024 through April 30, 2025. These waivers and reimbursements may only be terminated by agreement of DMC and the Series. The waivers and reimbursements are accrued daily and received monthly.
After consideration of class specific expenses, including 12b-1 fees, the class level operating expense limitation as a percentage of average daily net assets from January 1, 2024 through April 30, 2025, unless terminated by agreement of DMC and the Series, is as follows:
  Operating expense limitation as a percentage of average daily net assets
  Standard Class   Service Class
  1.18%   1.48%
DMC entered into a Sub-Advisory Agreement on behalf of the Series with Macquarie Investment Management Global Limited, which is an affiliate of DMC (Affiliated Sub-Advisor). Pursuant to the terms of the Sub-Advisory Agreement, the investment sub-advisory fee is paid by DMC to the Affiliated Sub-Advisor based on the extent to which the Affiliated Sub-Advisor provides services to the Series.
Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Series. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2024, the Series paid $15,882 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, 2024, the Series paid $23,348 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Investment Servicing (US) Inc. (BNYIS), BNYIS 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 on a monthly or quarterly basis.
Pursuant to a distribution agreement and distribution plan, the Series pays Delaware Distributors, L.P. (DDLP), the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.30% of the average daily net assets of the Service Class shares. The fees are calculated daily and paid monthly. Standard Class shares do not pay 12b-1 fees.
As provided in the investment management agreement, the Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Series. For the six months ended June 30, 2024, the Series paid $8,733 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”
Trustees’ fees include expenses accrued by the Series for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.
In addition to the management fees and other expenses of the Series, the Series indirectly bears the investment management fees and other expenses of any Underlying Funds, including ETFs, in which it invests. The amount of these fees and expenses incurred indirectly by the Series will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Emerging Markets Series   
3. Investments
For the six months ended June 30, 2024, the Series made purchases and sales of investment securities other than short-term investments and US government securities as follows:
   
Purchases $45,893,933
Sales 77,156,127
At June 30, 2024, 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, 2024, the cost and unrealized appreciation (depreciation) of investments for the Series were as follows:
   
Cost of investments $508,382,674
Aggregate unrealized appreciation of investments $326,929,789
Aggregate unrealized depreciation of investments (168,558,662)
Net unrealized appreciation of investments $158,371,127
For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At December 31, 2023, the Series had capital loss carryforwards available to offset future realized capital gains as follows:
  Loss carryforward character    
  Short-term   Long-term   Total
  $ 748,537   $14,543,158   $ 15,291,695
US GAAP defines fair value as the price that the Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Series’ investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:
Level 1  − Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)
Level 2  − Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)
Level 3  − Significant unobservable inputs, including the Series’ own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)
Level 3 investments are valued using significant unobservable inputs. The Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
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The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of June 30, 2024:
    Level 1   Level 2   Level 3 Total  
Securities                
Assets:                
Common Stocks                
Argentina   $4,368,562   $1,183,523   $— $5,552,085  
Bahrain   —   1,439,364   — 1,439,364  
Brazil   30,494,715   —   — 30,494,715  
Chile   4,075,000   —   — 4,075,000  
China   102,004,711   —   — 102,004,711  
India   103,587,609   77,634   — 103,665,243  
Indonesia   6,869,445   —   — 6,869,445  
Malaysia   3,963,859   —   — 3,963,859  
Mexico   25,583,879   —   — 25,583,879  
Peru   7,431,166   —   — 7,431,166  
Russia   —   —   —1,2 —  
Saudi Arabia   2,881,558   —   — 2,881,558  
South Africa   —   —   —2 —  
South Korea   174,631,670   —   — 174,631,670  
Taiwan   147,965,742   —   — 147,965,742  
Turkey   19,776,301   —   — 19,776,301  
United Kingdom   3,218,972   —   — 3,218,972  
Convertible Preferred Stock   262,960   —   — 262,960  
Participation Notes   —   —   —2 —  
Preferred Stocks   25,870,943   —   —2 25,870,943  
Rights   636,400   —   — 636,400  
Warrants   429,788   —   — 429,788  
Total Value of Securities   $664,053,280   $2,700,521   $— $666,753,801  
 
1The value represents valuations of Russian securities for which management has determined include significant unobservable inputs as of June 30, 2024.
2The security that has been valued at zero on the “Schedule of investments” is considered to be Level 3 investment in this table.
During the six months ended June 30, 2024, there were no transfers into or out of Level 3 investments. The Series’ policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.
A reconciliation of Level 3 investments is presented when the Series has a significant amount of Level 3 investments at the beginning or end of the period in relation to the Series’ net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to the Series’ net assets at the beginning or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to the Series' net assets at the end of the period.
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Emerging Markets Series   
4. Capital Shares
Transactions in capital shares were as follows:
   
  Six months
ended 		  Year ended
  6/30/24   12/31/23
Shares sold:
Standard Class 2,429,138   2,081,249
Service Class 178,193   500,275
 
Shares issued upon reinvestment of dividends and distributions:
Standard Class 436,314   245,564
Service Class 253,116   163,296
  3,296,761   2,990,384
Shares redeemed:
Standard Class (3,098,966)   (1,319,222)
Service Class (1,387,755)   (1,968,908)
  (4,486,721)   (3,288,130)
Net decrease (1,189,960)   (297,746)
5. Line of Credit
The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $335,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on October 28, 2024.
The Series had no amounts outstanding as of June 30, 2024, 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 (BNY). 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 must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.
Cash collateral received by the Series is generally invested in an individual separate account. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally
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invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. The Series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.
In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Series or, at the discretion of the lending agent, replace the loaned securities. The Series continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Series has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Series receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Series, the security lending agent, and the borrower. The Series records security lending income net of allocations to the security lending agent and the borrower.
The Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Series’ cash collateral account may be less than the amount the Series would be required to return to the borrowers of the securities and the Series would be required to make up for this shortfall.
During the six months ended June 30, 2024, the Series had no securities out on loan.
7. Credit and Market Risks
The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen.
Beginning in late February 2022, global financial markets have experienced and may continue to experience significant volatility related to military action by Russia in Ukraine. As a result of this military action, the US and many other countries have imposed sanctions on Russia and certain Russian individuals, banks and corporations. The ongoing hostilities and resulting sanctions are expected to have a severe adverse effect on the region’s economies and more globally, including significant negative impact on markets for certain securities and commodities, such as oil and natural gas. Any cessation of trading on the Russian securities markets will impact the value and liquidity of certain portfolio holdings. The extent and duration of military action, sanctions, and resulting market disruptions are impossible to predict, but could be substantial and prolonged and impact the Series’ performance.
Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Series invests will cause the NAV of the Series to fluctuate.
The Series invests a significant portion of its assets in the Asia-Pacific Region, which consists of Hong Kong, the People’s Republic of China, Republic of Korea, Taiwan and India, among other countries. As a result, the Series’ investments in the region are particularly susceptible to risks in that region. Adverse events in any one country within the Asia-Pacific Region may impact the other countries in the region or Asia as a whole. As a result, adverse events in the region will generally have a greater effect on the Series than if the Series were more geographically diversified, which could result in greater volatility in the Series’ net asset value and losses. Markets in the greater China region can experience significant volatility due to social, economic, regulatory, and political uncertainties.
Some countries in which the Series may invest require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.
The securities exchanges of certain foreign markets are substantially smaller, less liquid, and more volatile than the major securities markets in the US. Consequently, acquisition and disposition of securities by the Series may be inhibited. In addition, a significant portion of the aggregate
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Emerging Markets Series   
7. Credit and Market Risks (continued)
market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Series.
The Series invests its assets in small- and/or medium-sized companies and may be subject to certain risks associated with ownership of securities of such companies. Investments in small- and/or medium-sized companies may be more volatile than investments in larger companies because of limited financial resources or dependence on narrow product lines.
The Series may invest up to 10% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Series’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series’ 10% limit on investments in illiquid securities. Rule 144A securities have been identified on the "Schedule of investments."
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. Subsequent Events
Management has determined that no material events or transactions occurred subsequent to June 30, 2024, that would require recognition or disclosure in the Series’ financial statements.
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Other Series information (Unaudited)
Delaware VIP® Trust — Macquarie VIP Emerging Markets 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-PORT. The Series’ Form N-PORT, as well as a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities, is available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Series’ most recent Form N-PORT are available without charge on the Series’ website at delawarefunds.com/vip-literature.
Information (if any) regarding how the Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.
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We do not disclose nonpublic personal information about our potential, current, and former customers unless allowed or required by law. We may share your personal information within our companies and with certain service providers. They use this information to process transactions you have requested; provide customer service; and inform you of products or services we offer that you may find useful. Our service providers may or may not be affiliated with us. They include financial service providers (for example, third-party administrators; broker/dealers; and other financial services companies with whom we have joint marketing agreements). Our service providers also include nonfinancial companies and individuals (for example, consultants; information services vendors; and companies that perform mailing or marketing services on our behalf). Information obtained from a report prepared by a service provider may be kept by the service provider and shared with other persons; however, we require our service providers to
protect your personal information and to use or disclose it only for the work they are performing for us, or as permitted by law.
We also may provide information to regulatory authorities, law enforcement officials, and others to prevent fraud or when we believe in good faith that the law requires disclosure. In the event of a sale of all or part of our businesses, we may share customer information as part of the sale. We do not sell or share your information with outside marketers who may want to offer you their own products and services.
Security of information
Keeping your information safe is one of our most important responsibilities. We maintain physical, electronic, and procedural safeguards to protect your information. Our employees are authorized to access your information only when they need it to provide you with products and services or to maintain your accounts. Employees who have access to your personal information are required to keep it strictly confidential. We provide training to our employees about the importance of protecting the privacy of your information.
Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and
multi-asset solutions.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized
deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
 
i        This page is not part of the Financial statements and other information.

 

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Privacy Notice
This privacy practices notice is being provided on behalf of the following:
Macquarie Management Holdings, Inc. and each of its affiliates, such as direct or indirect subsidiaries, and any fund or product sponsored by or otherwise affiliated with Macquarie
Central Park Group (CPG) Funds
Delaware Funds by Macquarie®
Macquarie ETF Trust
Macquarie Investment Management Austria Kapitalanlage AG
Macquarie Investment Management Europe Limited
Macquarie Investment Management Europe S.A.
Macquarie Investment Management Global Limited
Optimum Fund Trust
Revised May 2024
 
This page is not part of the Financial statements and other information.        ii

 

Table of Contents
(3749041)
SA-VIPEM-0824

Delaware VIP® Trust
Macquarie VIP Growth Equity Series
(formerly, Delaware VIP Growth Equity Series)
Financial statements and other information
For the six months ended June 30, 2024

 

Table of contents
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Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and multi-asset solutions.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
The Series is governed by US laws and regulations.
Unless otherwise noted, views expressed herein are current as of June 30, 2024, and subject to change for events occurring after such date. These views are not intended to be investment advice, to forecast future events, or to guarantee future results.
The Series is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested.
The Series is advised by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment adviser, and distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.
This material may be used in conjunction with the offering of shares in Macquarie VIP Growth Equity Series only if preceded or accompanied by the Series’ current prospectus or summary prospectus.
All third-party marks cited are the property of their respective owners.
© 2024 Macquarie Management Holdings, Inc.

 

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Schedule of investments
Delaware VIP® Trust  —  Macquarie VIP Growth Equity Series
June 30, 2024 (Unaudited)
    Number of
shares 		Value (US $)
Common Stocks — 99.73%♦
Communication Services — 9.38%
Alphabet Class A     42,594 $  7,758,497
Alphabet Class C      6,948    1,274,402
Electronic Arts     16,450   2,291,979
   11,324,878
Consumer Discretionary — 10.47%
Amazon.com †    33,452    6,464,599
Booking Holdings        426    1,687,599
Ferrari      4,359    1,780,085
Home Depot      1,774      610,682
LVMH Moet Hennessy Louis Vuitton ADR     13,698   2,100,588
   12,643,553
Consumer Staples — 2.54%
Coca-Cola     48,174   3,066,275
    3,066,275
Financials — 10.88%
Intercontinental Exchange     25,954    3,552,843
Mastercard Class A      2,152      949,376
MSCI      1,214      584,844
S&P Global      6,474    2,887,404
Visa Class A     19,689   5,167,772
   13,142,239
Healthcare — 10.90%
Cooper     16,793    1,466,029
Danaher     13,302    3,323,505
Intuitive Surgical †     5,331    2,371,495
UnitedHealth Group      9,022    4,594,544
Veeva Systems Class A †     5,699    1,042,974
Zoetis      2,065     357,988
   13,156,535
Industrials — 8.15%
Broadridge Financial Solutions      9,788    1,928,236
Equifax      9,587    2,324,464
JB Hunt Transport Services      5,795      927,200
TransUnion      4,422      327,936
Verisk Analytics      3,955    1,066,070
Waste Connections     18,650   3,270,464
    9,844,370
Information Technology — 44.87%
Apple     37,574    7,913,836
Autodesk †     6,590    1,630,695
Intuit      6,138    4,033,955
Microsoft     33,977   15,186,020
Motorola Solutions     10,654    4,112,977
NVIDIA    100,882   12,462,962
    Number of
shares 		Value (US $)
Common Stocks♦ (continued)
Information Technology (continued)
Salesforce     10,566 $  2,716,519
Synopsys †     1,389      826,538
Taiwan Semiconductor Manufacturing ADR     10,263    1,783,812
VeriSign †    19,747   3,511,017
   54,178,331
Real Estate — 2.54%
CoStar Group †    41,329   3,064,132
    3,064,132
Total Common Stocks
(cost $81,159,873) 		120,420,313
 
Short-Term Investments — 0.13%
Money Market Mutual Funds — 0.13%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.21%)    38,264       38,264
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%)    38,265       38,265
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.35%)    38,265       38,265
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%)    38,265      38,265
Total Short-Term Investments
(cost $153,059) 		    153,059
Total Value of Securities—99.86%
(cost $81,312,932) 		    $120,573,372
♦ Narrow industries are utilized for compliance purposes for concentration whereas broad sectors are used for financial reporting.
† Non-income producing security.
Summary of abbreviations: 
ADR – American Depositary Receipt
MSCI – Morgan Stanley Capital International
S&P – Standard & Poor’s Financial Services LLC
See accompanying notes, which are an integral part of the financial statements.
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Statement of assets and liabilities
Delaware VIP® Trust — Macquarie VIP Growth Equity Series
June 30, 2024 (Unaudited)
Assets:  
Investments, at value* $120,573,372
Receivable for securities sold 285,412
Dividends receivable 50,624
Receivable for series shares sold 4,165
Prepaid expenses 1,439
Foreign tax reclaims receivable 947
Other assets 902
Total Assets 120,916,861
Liabilities:  
Investment management fees payable to affiliates 63,645
Payable for securities purchased 49,598
Other accrued expenses 48,278
Payable for series shares redeemed 11,329
Total Liabilities 172,850
Total Net Assets $120,744,011
 
Net Assets Consist of:  
Paid-in capital $77,131,866
Total distributable earnings (loss) 43,612,145
Total Net Assets $120,744,011
 
Net Asset Value  
 
Standard Class:  
Net assets $120,744,011
Shares of beneficial interest outstanding, unlimited authorization, no par 6,904,858
Net asset value per share $17.49
*Investments, at cost 		$81,312,932
See accompanying notes, which are an integral part of the financial statements.
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Statement of operations
Delaware VIP® Trust  —  Macquarie VIP Growth Equity Series
Six months ended June 30, 2024 (Unaudited)
Investment Income:  
Dividends $394,290
Foreign tax withheld (9,679)
  384,611
 
Expenses:  
Management fees 376,806
Accounting and administration expenses 29,082
Audit and tax fees 16,766
Legal fees 5,038
Dividend disbursing and transfer agent fees and expenses 4,429
Reports and statements to shareholders expenses 3,407
Trustees’ fees 2,608
Custodian fees 31
Other 1,483
  439,650
Less expenses paid indirectly (1)
Total operating expenses 439,649
Net Investment Income (Loss) (55,038)
 
Net Realized and Unrealized Gain (Loss):  
Net realized gain (loss) on:  
Investments 4,877,468
Foreign currencies 6
Net realized gain (loss) 4,877,474
Net change in unrealized appreciation (depreciation) on investments 11,553,796
Net Realized and Unrealized Gain (Loss) 16,431,270
Net Increase (Decrease) in Net Assets Resulting from Operations $16,376,232
See accompanying notes, which are an integral part of the financial statements.
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Statements of changes in net assets
Delaware VIP® Trust —  Macquarie VIP Growth Equity Series
  Six months
ended
6/30/24
(Unaudited) 		  Year ended
12/31/23
 
Increase (Decrease) in Net Assets from Operations:      
Net investment income (loss) $(55,038)   $(78,945)
Net realized gain (loss) 4,877,474   6,949,559
Net change in unrealized appreciation (depreciation) 11,553,796   26,815,089
Net increase (decrease) in net assets resulting from operations 16,376,232   33,685,703
 
Dividends and Distributions to Shareholders from:      
Distributable earnings:      
Standard Class (7,292,491)   (26,027,661)
 
Capital Share Transactions (See Note 4):      
Proceeds from shares sold:      
Standard Class 611,696   5,903,575
 
Net asset value of shares issued upon reinvestment of dividends and distributions:      
Standard Class 7,292,491   26,027,661
  7,904,187   31,931,236
Cost of shares redeemed:      
Standard Class (9,942,420)   (15,625,480)
Increase (decrease) in net assets derived from capital share transactions (2,038,233)   16,305,756
Net Increase in Net Assets 7,045,508   23,963,798
 
Net Assets:      
Beginning of period 113,698,503   89,734,705
End of period $120,744,011   $113,698,503
See accompanying notes, which are an integral part of the financial statements.
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Financial highlights
Macquarie VIP Growth Equity Series Standard Class
Selected data for the share of the Series outstanding throughout each period were as follows:
    Six months ended
6/30/241
(Unaudited) 		  Year ended  
    12/31/23   12/31/22   12/31/21   12/31/20   12/31/192  
Net asset value, beginning of period   $16.27   $15.69   $26.34   $19.79   $16.53   $14.14
   
Income (loss) from investment operations:                        
Net investment income (loss)3   (0.01)   (0.01)   0.02   (0.01)   0.01   0.07
Net realized and unrealized gain (loss)   2.34   5.11   (6.55)   7.56   4.39   3.28
Total from investment operations   2.33   5.10   (6.53)   7.55   4.40   3.35
   
Less dividends and distributions from:                        
Net investment income   —   (0.02)   —   (0.01)   (0.07)   (0.05)
Net realized gain   (1.11)   (4.50)   (4.12)   (0.99)   (1.07)   (0.91)
Total dividends and distributions   (1.11)   (4.52)   (4.12)   (1.00)   (1.14)   (0.96)
   
Net asset value, end of period   $17.49   $16.27   $15.69   $26.34   $19.79   $16.53
   
Total return4   15.05%   38.40%   (26.60%)5   39.23%   29.50%5   24.35%5
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $120,744   $113,699   $89,735   $131,860   $106,325   $91,962
Ratio of expenses to average net assets6   0.76%   0.77%   0.79%   0.75%   0.80%   0.82%
Ratio of expenses to average net assets prior to fees waived6   0.76%   0.77%   0.80%   0.75%   0.83%   0.84%
Ratio of net investment income (loss) to average net assets   (0.09%)   (0.08%)   0.10%   (0.03%)   0.04%   0.43%
Ratio of net investment income (loss) to average net assets prior to fees waived   (0.09%)   (0.08%)   0.09%   (0.03%)   0.01%   0.41%
Portfolio turnover   5%   16%   105%   31%   37%   45%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 On October 4, 2019, the First Investors Life Series Select Growth Fund shares were reorganized into Standard Class shares of the Series. The Standard Class shares financial highlights for the period prior to October 4, 2019, reflect the performance of the First Investors Life Series Select Growth Fund shares.
3 Calculated using average shares outstanding.
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.
5 Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
6 Expense ratios do not include expenses of any investment companies in which the Series invests.
See accompanying notes, which are an integral part of the financial statements.
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Growth Equity Series  
June 30, 2024 (Unaudited)  
Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 9 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940, as amended (1940 Act). These financial statements and the related notes pertain to Macquarie VIP Growth Equity Series (formerly, Delaware VIP Growth Equity Series) (Series). The Trust is an open-end investment company. The Series is considered diversified under the 1940 Act and offers Standard Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee. The shares of the Series are sold only to separate accounts of life insurance companies.
1. Significant Accounting Policies
The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.
Security Valuation —  Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (NYSE) on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. Open-end investment companies, other than ETFs, are valued at their published net asset value (NAV). Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees (Board) has designated Delaware Management Company (DMC) as the valuation designee (Valuation Designee) for each series to perform the fair value determination relating to all applicable Series investments. DMC has established a Pricing Committee to assist with its designated responsibilities as Valuation Designee, and DMC may carry out its designated responsibilities as Valuation Designee through the Pricing Committee and other teams and committees, which operate under policies and procedures approved by the Board and subject to the Board’s oversight. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. The Series may use fair value pricing relatively frequently for securities traded primarily in non-US markets. If a foreign (non-US) equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the close of the NYSE, the security may be valued at fair value. With respect to foreign (non-US) equity securities, the Series may determine the fair value of investments based on information provided by pricing vendors, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of US securities or securities indexes) that occur after the close of the relevant market and before the close of the NYSE. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-US securities.
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, 2024, and for all open tax years (years ended December 31, 2020–December 31, 2023), and has concluded that no provision for federal income tax is required in the Series’ financial statements. If applicable, the Series recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statement of operations.” During the six months ended June 30, 2024, the Series did not incur any interest or tax penalties.
Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date. 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 realized gains and losses are included on the “Statement of operations” under “Net realized gain (loss) on investments.”
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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 an 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 files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Series may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statement of operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes. Income and capital gain distributions from any investment companies (Underlying Funds) in which the Series invests are recorded on the ex-dividend date. The Series declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, at least annually. The Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.
The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.”
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates
In accordance with the terms of its investment management agreement, the Series pays DMC, a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rates of 0.65% 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 May 1, 2024, DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual series operating expenses from exceeding 0.79% of the Series’ average daily net assets for Standard Class through April 30, 2025. Prior to May 1, 2024, DMC contractually agreed to waive all or portion of its investment advisory fees and/or pay/reimburse expenses to 0.80% of the Series' average daily net assets for Standard Class. These waivers and reimbursements may only be terminated by agreement of DMC and the Series. The waivers and reimbursements are accrued daily and received monthly.
DMC entered into a Sub-Advisory Agreement on behalf of the Series with Macquarie Investment Management Global Limited, which is an affiliate of DMC (Affiliated Sub-Advisor). Pursuant to the terms of the Sub-Advisory Agreement, the investment sub-advisory fee is paid by DMC to the Affiliated Sub-Advisor based on the extent to which the Affiliated Sub-Advisor provides services to the Series.
Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Series. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in
(continues)
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Growth Equity Series   
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2024, the Series paid $4,576 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, 2024, the Series paid $4,348 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Investment Servicing (US) Inc. (BNYIS), BNYIS 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 on a monthly or quarterly basis.
As provided in the investment management agreement, the Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Series. For the six months ended June 30, 2024, the Series paid $1,228 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”
Trustees’ fees include expenses accrued by the Series for each Trustee’s retainer and meeting fees. Certain officers of DMC and DIFSC are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.
In addition to the management fees and other expenses of the Series, the Series indirectly bears the investment management fees and other expenses of any Underlying Funds, including ETFs, in which it invests. The amount of these fees and expenses incurred indirectly by the Series will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.
3. Investments
For the six months ended June 30, 2024, the Series made purchases and sales of investment securities other than short-term investments and US government securities as follows:
   
Purchases $5,567,860
Sales 15,217,055
At June 30, 2024, 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, 2024, the cost and unrealized appreciation (depreciation) of investments for the Series were as follows:
   
Cost of investments $81,312,932
Aggregate unrealized appreciation of investments $39,530,954
Aggregate unrealized depreciation of investments (270,514)
Net unrealized appreciation of investments $39,260,440
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
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asset or liability based on the best information available under the circumstances. The Series’ investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:
Level 1  − Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)
Level 2  − Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)
Level 3  − Significant unobservable inputs, including the Series’ own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)
Level 3 investments are valued using significant unobservable inputs. The Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of June 30, 2024:
  Level 1
Securities  
Assets:  
Common Stocks $120,420,313
Short-Term Investments 153,059
Total Value of Securities $120,573,372
During the six months ended June 30, 2024, there were no transfers into or out of Level 3 investments. The Series’ policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.
A reconciliation of Level 3 investments is presented when the Series has a significant amount of Level 3 investments at the beginning or end of the period in relation to the Series’ net assets. As of June 30, 2024, there were no Level 3 investments.
(continues)
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Growth Equity Series   
4. Capital Shares
Transactions in capital shares were as follows:
   
  Six months
ended 		  Year ended
  6/30/24   12/31/23
Shares sold:
Standard Class 36,561   365,007
 
Shares issued upon reinvestment of dividends and distributions:
Standard Class 462,722   1,929,404
  499,283   2,294,411
Shares redeemed:
Standard Class (581,385)   (1,024,916)
Net increase (decrease) (82,102)   1,269,495
5. Line of Credit
The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $335,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on October 28, 2024.
The Series had no amounts outstanding as of June 30, 2024, 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 (BNY). 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 must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.
Cash collateral received by the Series is generally invested in an individual separate account. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and
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other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. The Series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.
In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Series or, at the discretion of the lending agent, replace the loaned securities. The Series continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Series has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Series receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Series, the security lending agent, and the borrower. The Series records security lending income net of allocations to the security lending agent and the borrower.
The Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Series’ cash collateral account may be less than the amount the Series would be required to return to the borrowers of the securities and the Series would be required to make up for this shortfall.
During the six months ended June 30, 2024, the Series had no securities out on loan.
7. Credit and Market Risks
The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen.
Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Series invests will cause the NAV of the Series to fluctuate.
The Series invests in growth stocks, which reflect projections of future earnings and revenue. These prices may rise or fall dramatically depending on whether those projections are met. These companies’ stock prices may be more volatile, particularly over the short term.
The Series may invest up to 10% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Series’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series’ 10% limit on investments in illiquid securities. As of June 30, 2024, there were no Rule 144A securities held by the Series.
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. Subsequent Events
Management has determined that no material events or transactions occurred subsequent to June 30, 2024, that would require recognition or disclosure in the Series’ financial statements.
(continues)
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Other Series information (Unaudited)
Delaware VIP® Trust — Macquarie VIP Growth Equity 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-PORT. The Series’ Form N-PORT, as well as a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities, is available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Series’ most recent Form N-PORT are available without charge on the Series’ website at delawarefunds.com/vip-literature.
Information (if any) regarding how the Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.
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Privacy Notice
We are committed to protecting the privacy of our potential, current, and former customers. To provide the products and services you request, we must collect personal information about you. We do not sell your personal information to third parties. We collect your personal information and share it with third parties as necessary to provide you with the products or services you request and to administer your business with us. This notice describes our current privacy practices. While your relationship with us continues, we will update and send our privacy practices notice as required by law. We are committed to continuing to protect your personal information even after that relationship ends. You do not need to take any action because of this notice.
Information we may collect
and use
We collect personal information about you to help us identify you as our potential, current, or former customer; to process your requests and transactions; to offer investment services to you; or to tell you about our products or services we believe you may want to use. The type of personal information we collect depends on the products or services you request and may include the following:
• Information from you: When you submit your application or other forms or request information on our products (online or otherwise), you give us information such as your name, address, Social Security number, your financial account information, and your financial history.
• Information about your transactions: We keep information about your transactions with us, such as the products you buy from us; the amount you paid for those products; your investment activity; and your account balances.
• Information from your employer: In connection with administering your retirement plan, we may obtain information about you from your employer.
• Information received from third parties: In order to verify your identity or to prevent fraud, we may obtain information about you from third parties.
How we use your personal information
We do not disclose nonpublic personal information about our potential, current, and former customers unless allowed or required by law. We may share your personal information within our companies and with certain service providers. They use this information to process transactions you have requested; provide customer service; and inform you of products or services we offer that you may find useful. Our service providers may or may not be affiliated with us. They include financial service providers (for example, third-party administrators; broker/dealers; and other financial services companies with whom we have joint marketing agreements). Our service providers also include nonfinancial companies and individuals (for example, consultants; information services vendors; and companies that perform mailing or marketing services on our behalf). Information obtained from a report prepared by a service provider may be kept by the service provider and shared with other persons; however, we require our service providers to
protect your personal information and to use or disclose it only for the work they are performing for us, or as permitted by law.
We also may provide information to regulatory authorities, law enforcement officials, and others to prevent fraud or when we believe in good faith that the law requires disclosure. In the event of a sale of all or part of our businesses, we may share customer information as part of the sale. We do not sell or share your information with outside marketers who may want to offer you their own products and services.
Security of information
Keeping your information safe is one of our most important responsibilities. We maintain physical, electronic, and procedural safeguards to protect your information. Our employees are authorized to access your information only when they need it to provide you with products and services or to maintain your accounts. Employees who have access to your personal information are required to keep it strictly confidential. We provide training to our employees about the importance of protecting the privacy of your information.
Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and
multi-asset solutions.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized
deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
 
This page is not part of the Financial statements and other information.        i

 

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Privacy Notice
This privacy practices notice is being provided on behalf of the following:
Macquarie Management Holdings, Inc. and each of its affiliates, such as direct or indirect subsidiaries, and any fund or product sponsored by or otherwise affiliated with Macquarie
Central Park Group (CPG) Funds
Delaware Funds by Macquarie®
Macquarie ETF Trust
Macquarie Investment Management Austria Kapitalanlage AG
Macquarie Investment Management Europe Limited
Macquarie Investment Management Europe S.A.
Macquarie Investment Management Global Limited
Optimum Fund Trust
Revised May 2024
 
ii        This page is not part of the Financial statements and other information.

 

Table of Contents
(3749041)
SA-VIPGE-0824

Delaware VIP® Trust
Macquarie VIP Small Cap Value Series
(formerly, Delaware VIP Small Cap Value Series)
Financial statements and other information
For the six months ended June 30, 2024

 

Table of contents
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Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and multi-asset solutions.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
The Series is governed by US laws and regulations.
Unless otherwise noted, views expressed herein are current as of June 30, 2024, and subject to change for events occurring after such date. These views are not intended to be investment advice, to forecast future events, or to guarantee future results.
The Series is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested.
The Series is advised by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment adviser, and distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.
This material may be used in conjunction with the offering of shares in Macquarie VIP Small Cap Value Series only if preceded or accompanied by the Series’ current prospectus or summary prospectus.
All third-party marks cited are the property of their respective owners.
© 2024 Macquarie Management Holdings, Inc.

 

Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Macquarie VIP Small Cap Value Series
June 30, 2024 (Unaudited)
    Number of
shares 		Value (US $)
Common Stocks — 96.99%
Basic Industry — 7.78%
Ashland       112,200 $   10,601,778
Avient       371,050     16,196,332
Berry Global Group       229,210     13,489,008
Constellium †      583,600     11,000,860
HB Fuller       236,150     18,174,104
Huntsman       498,271     11,345,631
Knife River †      132,600      9,300,564
Louisiana-Pacific       236,666     19,484,712
Ryerson Holding       274,442      5,351,619
Summit Materials Class A †      392,396    14,365,618
    129,310,226
Consumer Discretionary — 11.15%
Acushnet Holdings       253,200     16,073,136
Adient †      360,100      8,898,071
Boyd Gaming       172,600      9,510,260
Choice Hotels International        77,800      9,258,200
Columbia Sportswear       107,000      8,461,560
Crocs †       78,100     11,397,914
Group 1 Automotive        52,350     15,562,608
KB Home       256,100     17,973,098
M/I Homes †       87,900     10,736,106
Meritage Homes       140,500     22,739,925
Oxford Industries        80,550      8,067,083
Patrick Industries        73,300      7,956,715
Steven Madden       314,250     13,292,775
Texas Roadhouse        61,950     10,637,434
UniFirst        86,360    14,813,331
    185,378,216
Consumer Staples — 2.64%
Flowers Foods       434,400      9,643,680
J & J Snack Foods       127,300     20,669,701
Performance Food Group †      205,753    13,602,331
     43,915,712
Energy — 9.22%
CNX Resources †      315,150      7,658,145
EnLink Midstream †    1,140,700     15,696,032
International Seaways       239,000     14,132,070
Liberty Energy       927,400     19,373,386
Magnolia Oil & Gas Class A       804,600     20,388,564
Matador Resources       336,320     20,044,672
Murphy Oil       389,250     16,052,670
Noble       286,600     12,796,690
Patterson-UTI Energy     1,316,850     13,642,566
PBF Energy Class A       293,400    13,502,268
    153,287,063
Financial Services — 24.52%
Assurant        96,600     16,059,750
Axis Capital Holdings       351,200     24,812,280
    Number of
shares 		Value (US $)
Common Stocks (continued)
Financial Services (continued)
Bank of NT Butterfield & Son       355,800 $   12,495,696
Bread Financial Holdings       215,700      9,611,592
Cadence Bank       522,450     14,774,886
Columbia Banking System     1,033,833     20,562,938
Comerica       224,500     11,458,480
East West Bancorp       357,686     26,193,346
Essent Group       334,900     18,818,031
First Financial Bancorp       533,350     11,851,037
FNB     1,909,100     26,116,488
Hancock Whitney       583,750     27,920,763
Hanover Insurance Group       124,700     15,642,368
Hope Bancorp     1,316,170     14,135,666
Old National Bancorp     1,083,800     18,630,522
Sandy Spring Bancorp       302,950      7,379,862
Selective Insurance Group       128,540     12,060,908
Stewart Information Services       163,100     10,125,248
Stifel Financial       349,850     29,439,877
Synovus Financial       596,050     23,955,250
Valley National Bancorp     2,654,700     18,529,806
WaFd       359,450     10,273,081
Webster Financial       610,583    26,615,313
    407,463,188
Healthcare — 3.89%
Globus Medical Class A †      208,900     14,307,561
Integer Holdings †      171,900     19,904,301
Merit Medical Systems †      122,900     10,563,255
Patterson Cos       238,900      5,762,268
Prestige Consumer Healthcare †      205,250    14,131,462
     64,668,847
Industrials — 15.94%
Atkore       200,800     27,093,944
Beacon Roofing Supply †      173,050     15,661,025
CACI International Class A †       51,522     22,161,158
Centuri Holdings †      121,800      2,372,664
Griffon       174,600     11,149,956
H&E Equipment Services       326,800     14,434,756
ITT       198,880     25,691,318
KBR       294,275     18,874,798
Leonardo DRS †      691,100     17,629,961
MasTec †      261,746     28,004,205
NEXTracker Class A †      183,282      8,592,260
Regal Rexnord        81,290     10,992,034
Terex       303,400     16,638,456
Timken       207,650     16,638,995
WESCO International        95,750     15,178,290
Zurn Elkay Water Solutions       471,692    13,867,745
    264,981,565
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Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Macquarie VIP Small Cap Value Series 
    Number of
shares 		Value (US $)
Common Stocks (continued)
Real Estate Investment Trusts — 7.04%
Agree Realty       280,500 $   17,374,170
Apple Hospitality REIT     1,038,300     15,096,882
Community Healthcare Trust       224,900      5,260,411
Independence Realty Trust     1,028,670     19,277,276
Kite Realty Group Trust       785,373     17,576,648
LXP Industrial Trust     1,849,250     16,865,160
National Health Investors       263,500     17,846,855
Plymouth Industrial REIT       359,300     7,681,834
    116,979,236
Technology — 8.72%
Belden       203,900     19,125,820
Cirrus Logic †      199,800     25,506,468
Diodes †      207,600     14,932,668
Flex †      576,166     16,991,135
Power Integrations       178,800     12,549,972
TD SYNNEX       119,600     13,801,840
TTM Technologies †    1,051,612     20,432,821
Viavi Solutions †    1,004,400      6,900,228
Vishay Intertechnology       656,000    14,628,800
    144,869,752
Transportation — 2.36%
Kirby †      139,700     16,726,281
Saia †        8,900      4,221,181
Werner Enterprises       508,900    18,233,887
     39,181,349
Utilities — 3.73%
ALLETE        59,630      3,717,930
Black Hills       246,210     13,388,900
MDU Resources Group       454,700     11,412,970
OGE Energy       493,500     17,617,950
Southwest Gas Holdings       223,900    15,758,082
     61,895,832
Total Common Stocks
(cost $1,122,359,564) 		1,611,930,986
    Number of
shares 		Value (US $)
Short-Term Investments — 2.93%
Money Market Mutual Funds — 2.93%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.21%)   12,191,784 $   12,191,784
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%)   12,191,785     12,191,785
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.35%)   12,191,785     12,191,785
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%)   12,191,785    12,191,785
Total Short-Term Investments
(cost $48,767,139) 		   48,767,139
Total Value of Securities—99.92%
(cost $1,171,126,703) 		    $1,660,698,125
† Non-income producing security.
Summary of abbreviations: 
REIT – Real Estate Investment Trust
See accompanying notes, which are an integral part of the financial statements.
 
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Statement of assets and liabilities
Delaware VIP® Trust — Macquarie VIP Small Cap Value Series
June 30, 2024 (Unaudited)
Assets:  
Investments, at value* $1,660,698,125
Receivable for securities sold 4,845,405
Dividends receivable 2,420,393
Receivable for series shares sold 637,710
Prepaid expenses 19,147
Foreign tax reclaims receivable 8,267
Other assets 12,778
Total Assets 1,668,641,825
Liabilities:  
Payable for securities purchased 4,804,659
Investment management fees payable to affiliates 947,969
Payable for series shares redeemed 411,280
Distribution fees payable to affiliates 222,747
Other accrued expenses 204,800
Total Liabilities 6,591,455
Total Net Assets $1,662,050,370
 
Net Assets Consist of:  
Paid-in capital $1,117,578,849
Total distributable earnings (loss) 544,471,521
Total Net Assets $1,662,050,370
 
Net Asset Value  
 
Standard Class:  
Net assets $758,566,249
Shares of beneficial interest outstanding, unlimited authorization, no par 20,193,436
Net asset value per share $37.56
 
Service Class:  
Net assets $903,484,121
Shares of beneficial interest outstanding, unlimited authorization, no par 24,156,986
Net asset value per share $37.40
*Investments, at cost 		$1,171,126,703
See accompanying notes, which are an integral part of the financial statements.
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Statement of operations
Delaware VIP® Trust  —  Macquarie VIP Small Cap Value Series
Six months ended June 30, 2024 (Unaudited)
Investment Income:  
Dividends $18,190,084
 
Expenses:  
Management fees 5,744,304
Distribution expenses — Service Class 1,363,848
Accounting and administration expenses 152,228
Legal fees 74,742
Dividend disbursing and transfer agent fees and expenses 61,903
Trustees’ fees 37,874
Audit and tax fees 20,803
Reports and statements to shareholders expenses 17,947
Custodian fees 14,944
Other 11,428
  7,500,021
Less expenses paid indirectly (5)
Total operating expenses 7,500,016
Net Investment Income (Loss) 10,690,068
 
Net Realized and Unrealized Gain (Loss):  
Net realized gain (loss) on investments 55,550,374
Net change in unrealized appreciation (depreciation) on investments (13,693,664)
Net Realized and Unrealized Gain (Loss) 41,856,710
Net Increase (Decrease) in Net Assets Resulting from Operations $52,546,778
See accompanying notes, which are an integral part of the financial statements.
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Statements of changes in net assets
Delaware VIP® Trust —  Macquarie VIP Small Cap Value Series
  Six months
ended
6/30/24
(Unaudited) 		  Year ended
12/31/23
 
Increase (Decrease) in Net Assets from Operations:      
Net investment income (loss) $10,690,068   $19,673,532
Net realized gain (loss) 55,550,374   58,265,336
Net change in unrealized appreciation (depreciation) (13,693,664)   76,806,220
Net increase (decrease) in net assets resulting from operations 52,546,778   154,745,088
 
Dividends and Distributions to Shareholders from:      
Distributable earnings:      
Standard Class (39,080,912)   (26,805,345)
Service Class (44,748,533)   (42,956,211)
  (83,829,445)   (69,761,556)
 
Capital Share Transactions (See Note 4):      
Proceeds from shares sold:      
Standard Class 24,140,427   102,171,093
Service Class 18,205,675   66,407,768
 
Net assets from reorganization:1      
Standard Class —   183,614,796
 
Net asset value of shares issued upon reinvestment of dividends and distributions:      
Standard Class 39,080,912   26,805,345
Service Class 44,748,533   42,956,211
  126,175,547   421,955,213
Cost of shares redeemed:      
Standard Class (37,331,901)   (125,590,776)
Service Class (70,121,982)   (113,282,114)
  (107,453,883)   (238,872,890)
Increase in net assets derived from capital share transactions 18,721,664   183,082,323
Net Increase (Decrease) in Net Assets (12,561,003)   268,065,855
 
Net Assets:      
Beginning of period 1,674,611,373   1,406,545,518
End of period $1,662,050,370   $1,674,611,373
1 See Note 5 in “Notes to financial statements.”
See accompanying notes, which are an integral part of the financial statements.
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Financial highlights
Macquarie VIP Small Cap Value Series Standard Class
Selected data for each share of the Series outstanding throughout each period were as follows:
    Six months ended
6/30/241
(Unaudited) 		  Year ended  
    12/31/23   12/31/22   12/31/21   12/31/20   12/31/19  
Net asset value, beginning of period   $38.39   $37.06   $45.54   $34.16   $38.30   $32.76
   
Income (loss) from investment operations:                        
Net investment income2   0.28   0.54   0.36   0.32   0.35   0.44
Net realized and unrealized gain (loss)   0.93   2.70   (5.69)   11.41   (2.28)   8.48
Total from investment operations   1.21   3.24   (5.33)   11.73   (1.93)   8.92
   
Less dividends and distributions from:                        
Net investment income   (0.54)   (0.35)   (0.34)   (0.35)   (0.41)   (0.40)
Net realized gain   (1.50)   (1.56)   (2.81)   —   (1.80)   (2.98)
Total dividends and distributions   (2.04)   (1.91)   (3.15)   (0.35)   (2.21)   (3.38)
   
Net asset value, end of period   $37.56   $38.39   $37.06   $45.54   $34.16   $38.30
   
Total return3   3.29%   9.45%   (12.09%)   34.42%   (1.90%)   28.14%
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $758,566   $747,656   $511,974   $522,319   $424,213   $435,375
Ratio of expenses to average net assets4   0.74%   0.71%   0.78%   0.75%   0.78%   0.77%
Ratio of expenses to average net assets prior to fees waived4   0.74%   0.71%   0.78%   0.75%   0.78%   0.77%
Ratio of net investment income to average net assets   1.46%   1.51%   0.92%   0.77%   1.20%   1.22%
Ratio of net investment income to average net assets prior to fees waived   1.46%   1.51%   0.92%   0.77%   1.20%   1.22%
Portfolio turnover   10%   29%   23%   13%   24%   17%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.
4 Expense ratios do not include expenses of any investment companies in which the Series invests.
See accompanying notes, which are an integral part of the financial statements.
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Macquarie VIP Small Cap Value Series Service Class
Selected data for each share of the Series outstanding throughout each period were as follows:
    Six months ended
6/30/241
(Unaudited) 		  Year ended  
    12/31/23   12/31/22   12/31/21   12/31/20   12/31/19  
Net asset value, beginning of period   $38.14   $36.82   $45.26   $33.98   $38.06   $32.58
   
Income (loss) from investment operations:                        
Net investment income2   0.22   0.41   0.24   0.19   0.26   0.33
Net realized and unrealized gain (loss)   0.94   2.70   (5.66)   11.35   (2.22)   8.42
Total from investment operations   1.16   3.11   (5.42)   11.54   (1.96)   8.75
   
Less dividends and distributions from:                        
Net investment income   (0.40)   (0.23)   (0.21)   (0.26)   (0.32)   (0.29)
Net realized gain   (1.50)   (1.56)   (2.81)   —   (1.80)   (2.98)
Total dividends and distributions   (1.90)   (1.79)   (3.02)   (0.26)   (2.12)   (3.27)
   
Net asset value, end of period   $37.40   $38.14   $36.82   $45.26   $33.98   $38.06
   
Total return3   3.16%   9.10%   (12.35%)   34.02%   (2.18%)   27.72%
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $903,484   $926,955   $894,572   $1,094,161   $880,071   $879,365
Ratio of expenses to average net assets4   1.04%   1.01%   1.08%   1.05%   1.08%   1.07%
Ratio of expenses to average net assets prior to fees waived4   1.04%   1.01%   1.08%   1.05%   1.08%   1.07%
Ratio of net investment income to average net assets   1.16%   1.14%   0.62%   0.47%   0.90%   0.92%
Ratio of net investment income to average net assets prior to fees waived   1.16%   1.14%   0.62%   0.47%   0.90%   0.92%
Portfolio turnover   10%   29%   23%   13%   24%   17%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.
4 Expense ratios do not include expenses of any investment companies in which the Series invests.
See accompanying notes, which are an integral part of the financial statements.
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Small Cap Value Series  
June 30, 2024 (Unaudited)  
Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 9 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940, as amended (1940 Act). These financial statements and the related notes pertain to Macquarie VIP Small Cap Value Series (formerly, Delaware VIP Small Cap Value Series) (Series). The Trust is an open-end investment company. The Series is considered diversified under the 1940 Act and offers Standard Class and Service Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee and the Service Class shares carry a 12b-1 fee. The shares of the Series are sold only to separate accounts of life insurance companies.
1. Significant Accounting Policies
The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.
Security Valuation —  Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (NYSE) on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Open-end investment companies, other than ETFs, are valued at their published net asset value (NAV). Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees (Board) has designated Delaware Management Company (DMC) as the valuation designee (Valuation Designee) for each series to perform the fair value determination relating to all applicable Series investments. DMC has established a Pricing Committee to assist with its designated responsibilities as Valuation Designee, and DMC may carry out its designated responsibilities as Valuation Designee through the Pricing Committee and other teams and committees, which operate under policies and procedures approved by the Board and subject to the Board's oversight. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of US securities or securities indexes) that occur after the close of the relevant market and before the close of the NYSE. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-US securities.
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, 2024, and for all open tax years (years ended December 31, 2020–December 31, 2023), and has concluded that no provision for federal income tax is required in the Series’ financial statements. If applicable, the Series recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statement of operations.” During the six months ended June 30, 2024, the Series did not incur any interest or tax penalties.
Class Accounting —  Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Series on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.
Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.
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Other — Expenses directly attributable to the Series are charged directly to the Series. Other expenses common to various funds within the Delaware Funds by Macquarie® (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Income and capital gain distributions from any investment companies (Underlying Funds) in which the Series invests are recorded on the ex-dividend date. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, which are estimated, 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, at least annually. The Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.
The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.”
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates
In accordance with the terms of its investment management agreement, the Series pays DMC, a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rates of 0.75% on the first $500 million of average daily net assets of the Series, 0.70% on the next $500 million, 0.65% on the next $1.5 billion, and 0.60% on average daily net assets in excess of $2.5 billion.
Effective May 1, 2024, DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual series operating expenses from exceeding 0.78% of the Series’ average daily net assets through April 30, 2025. Prior to May 1, 2024, DMC contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses to 0.80% of the Series’ average daily net assets. These waivers and reimbursements may only be terminated by agreement of DMC and the Series. The waivers and reimbursements are accrued daily and received monthly.
After consideration of class specific expenses, including 12b-1 fees, the class level operating expense limitation as a percentage of average daily net assets from May 1, 2024 through April 30, 2025, unless terminated by agreement of DMC and the Series, is as follows:
  Operating expense limitation as a percentage of average daily net assets
  Standard Class   Service Class
  0.78%*   1.08%*
* Prior to May 1, 2024, the expense limitation were as follows for Standard Class and Service Class shares, respectively: 0.80% and 1.10%.
DMC entered into a Sub-Advisory Agreement on behalf of the Series with Macquarie Investment Management Global Limited, which is an affiliate of DMC (Affiliated Sub-Advisor). Pursuant to the terms of the Sub-Advisory Agreement, the investment sub-advisory fee is paid by DMC to the Affiliated Sub-Advisor based on the extent to which the Affiliated Sub-Advisor provides services to the Series.
Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Series. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2024, the Series paid $38,865 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
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Small Cap Value Series   
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
“Dividend disbursing and transfer agent fees and expenses.” For the six months ended June 30, 2024, the Series paid $61,977 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Investment Servicing (US) Inc. (BNYIS), BNYIS 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 on a monthly or quarterly basis.
Pursuant to a distribution agreement and distribution plan, the Series pays Delaware Distributors, L.P. (DDLP), the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.30% of the average daily net assets of the Service Class shares. The fees are calculated daily and paid monthly. Standard Class shares do not pay 12b-1 fees.
As provided in the investment management agreement, the Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Series. For the six months ended June 30, 2024, the Series paid $23,436 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”
Trustees’ fees include expenses accrued by the Series for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.
In addition to the management fees and other expenses of the Series, the Series indirectly bears the investment management fees and other expenses of any Underlying Funds, including ETFs, in which it invests. The amount of these fees and expenses incurred indirectly by the Series will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.
3. Investments
For the six months ended June 30, 2024, the Series made purchases and sales of investment securities other than short-term investments and US government securities as follows:
   
Purchases $155,895,563
Sales 234,397,306
At June 30, 2024, 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, 2024, the cost and unrealized appreciation (depreciation) of investments for the Series were as follows:
   
Cost of investments $1,171,126,703
Aggregate unrealized appreciation of investments $529,819,330
Aggregate unrealized depreciation of investments (40,247,908)
Net unrealized appreciation of investments $489,571,422
For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At December 31, 2023, the Series had capital loss carryforwards available to offset future realized capital gains as follows:
  Loss carryforward character    
  Short-term   Long-term   Total
  $ 2,510,953   $6,428,824   $ 8,939,777
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
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market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Series’ investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:
Level 1  − Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)
Level 2  − Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)
Level 3  − Significant unobservable inputs, including the Series’ own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)
Level 3 investments are valued using significant unobservable inputs. The Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of June 30, 2024:
  Level 1
Securities  
Assets:  
Common Stocks $1,611,930,986
Short-Term Investments 48,767,139
Total Value of Securities $1,660,698,125
During the six months ended June 30, 2024, there were no transfers into or out of Level 3 investments. The Series’ policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.
A reconciliation of Level 3 investments is presented when the Series has a significant amount of Level 3 investments at the beginning or end of the period in relation to the Series’ net assets. As of June 30, 2024, there were no Level 3 investments.
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Small Cap Value Series   
4. Capital Shares
Transactions in capital shares were as follows:
   
  Six months
ended 		  Year ended
  6/30/24   12/31/23
Shares sold:
Standard Class 630,508   2,810,655
Service Class 479,705   1,887,093
 
Shares from reorganization:1
Standard Class —   5,478,114
 
Shares issued upon reinvestment of dividends and distributions:
Standard Class 1,068,076   794,468
Service Class 1,227,669   1,278,839
  3,405,958   12,249,169
Shares redeemed:
Standard Class (982,070)   (3,421,126)
Service Class (1,853,975)   (3,158,928)
  (2,836,045)   (6,580,054)
Net increase 569,913   5,669,115
1 See Note 5.
5. Reorganization
On November 10, 2022, the Board approved a proposal to reorganize Delaware VIP Special Situations Series (the “Acquired Series”), a series of Delaware VIP Trust, with and into Macquarie VIP Small Cap Value Series (formerly, Delaware VIP Small Cap Value Series) (the “Acquiring Series”) a series of the Trust (the “Reorganization”). Pursuant to an Agreement and Plan of Reorganization (the “Plan”): (i) all of the property and assets, of the Acquired Series were acquired by the Acquiring Series and (ii) the Trust, on behalf of the Acquiring Series, assumed the liabilities of the Acquired Series, in exchange for shares of the Acquiring Series. In accordance with the Plan, the Acquired Series liquidated and dissolved following the Reorganization. In approving the Reorganization, the Board considered various factors, including that the Acquiring Series and the Acquired Series share similar investment objectives, principal investment strategies and principal risks, and materially identical fundamental investment restrictions and that the Acquiring Series' overall total expense ratio is expected to be equal or lower than the corresponding Acquired Series' total expense ratio following the Reorganization taking into account applicable expense limitation arrangements. The Reorganization was accomplished by a tax-free exchange of shares on April 28, 2023. For financial reporting purposes, assets received and shares issued by the Acquiring Series were recorded at fair value; however, the cost basis of the investments received from the Acquired Series was carried forward to align ongoing reporting of the Acquiring Series' realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
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The share transactions associated with April 28, 2023 for the Reorganization were as follows:
  Acquired
Series
Net Assets 		  Acquired
Series Shares
Outstanding 		  Shares
Converted
to Acquiring
Series 		  Acquiring
Series
Net Assets 		  Conversion
Ratio
  Delaware VIP Special Situations Series   Macquarie VIP Small Cap Value Series  
Standard Class $183,614,796   7,122,824   5,478,114   $494,242,507   0.7690
Service Class -   -   -   845,230,752   -
The net assets of the Acquired Series before the Reorganization were $183,614,796. The net assets of the Acquiring Series immediately following the Reorganization were $1,523,088,055.
Assuming the Reorganization had been completed on January 1, 2023, the Acquiring Series' pro forma results of operations for the year ended December 31, 2023, would have been as follows:
Net investment income $20,885,369
Net realized gain on investments 64,808,336
Net change in unrealized appreciation (depreciation) 60,373,580
Net increase in net assets resulting from operations $146,067,285
6. Line of Credit
The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $335,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on October 28, 2024.
The Series had no amounts outstanding as of June 30, 2024, or at any time during the period then ended.
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 (BNY). 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 must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.
Cash collateral received by the Series is generally invested in an individual separate account. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and
(continues)
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Table of Contents
Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Small Cap Value Series   
7. Securities Lending (continued)
other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. The Series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.
In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Series or, at the discretion of the lending agent, replace the loaned securities. The Series continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Series has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Series receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Series, the security lending agent, and the borrower. The Series records security lending income net of allocations to the security lending agent and the borrower.
The Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Series’ cash collateral account may be less than the amount the Series would be required to return to the borrowers of the securities and the Series would be required to make up for this shortfall.
During the six months ended June 30, 2024, the Series had no securities out on loan.
8. Credit and Market Risks
The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen.
Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Series invests will cause the NAV of the Series to fluctuate.
The Series invests a significant portion of its assets in small companies and may be subject to certain risks associated with ownership of securities of such companies. Investments in small sized companies may be more volatile than investments in larger companies for a number of reasons, which include limited financial resources or a dependence on narrow product lines.
The Series invests in REITs and is subject to the risks associated with that industry. If the Series holds real estate directly or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the six months ended June 30, 2024. 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, 2024, there were no Rule 144A securities held by the Series.
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.
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Table of Contents
10. Subsequent Events
Management has determined that no material events or transactions occurred subsequent to June 30, 2024, that would require recognition or disclosure in the Series’ financial statements.
(continues)
    15

 

Table of Contents
Other Series information (Unaudited)
Delaware VIP® Trust — Macquarie VIP Small Cap Value 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-PORT. The Series’ Form N-PORT, as well as a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities, is available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Series’ most recent Form N-PORT are available without charge on the Series’ website at delawarefunds.com/vip-literature.
Information (if any) regarding how the Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.
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Privacy Notice
We are committed to protecting the privacy of our potential, current, and former customers. To provide the products and services you request, we must collect personal information about you. We do not sell your personal information to third parties. We collect your personal information and share it with third parties as necessary to provide you with the products or services you request and to administer your business with us. This notice describes our current privacy practices. While your relationship with us continues, we will update and send our privacy practices notice as required by law. We are committed to continuing to protect your personal information even after that relationship ends. You do not need to take any action because of this notice.
Information we may collect
and use
We collect personal information about you to help us identify you as our potential, current, or former customer; to process your requests and transactions; to offer investment services to you; or to tell you about our products or services we believe you may want to use. The type of personal information we collect depends on the products or services you request and may include the following:
• Information from you: When you submit your application or other forms or request information on our products (online or otherwise), you give us information such as your name, address, Social Security number, your financial account information, and your financial history.
• Information about your transactions: We keep information about your transactions with us, such as the products you buy from us; the amount you paid for those products; your investment activity; and your account balances.
• Information from your employer: In connection with administering your retirement plan, we may obtain information about you from your employer.
• Information received from third parties: In order to verify your identity or to prevent fraud, we may obtain information about you from third parties.
How we use your personal information
We do not disclose nonpublic personal information about our potential, current, and former customers unless allowed or required by law. We may share your personal information within our companies and with certain service providers. They use this information to process transactions you have requested; provide customer service; and inform you of products or services we offer that you may find useful. Our service providers may or may not be affiliated with us. They include financial service providers (for example, third-party administrators; broker/dealers; and other financial services companies with whom we have joint marketing agreements). Our service providers also include nonfinancial companies and individuals (for example, consultants; information services vendors; and companies that perform mailing or marketing services on our behalf). Information obtained from a report prepared by a service provider may be kept by the service provider and shared with other persons; however, we require our service providers to
protect your personal information and to use or disclose it only for the work they are performing for us, or as permitted by law.
We also may provide information to regulatory authorities, law enforcement officials, and others to prevent fraud or when we believe in good faith that the law requires disclosure. In the event of a sale of all or part of our businesses, we may share customer information as part of the sale. We do not sell or share your information with outside marketers who may want to offer you their own products and services.
Security of information
Keeping your information safe is one of our most important responsibilities. We maintain physical, electronic, and procedural safeguards to protect your information. Our employees are authorized to access your information only when they need it to provide you with products and services or to maintain your accounts. Employees who have access to your personal information are required to keep it strictly confidential. We provide training to our employees about the importance of protecting the privacy of your information.
Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and
multi-asset solutions.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized
deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
 
This page is not part of the Financial statements and other information.        i

 

Table of Contents
Privacy Notice
This privacy practices notice is being provided on behalf of the following:
Macquarie Management Holdings, Inc. and each of its affiliates, such as direct or indirect subsidiaries, and any fund or product sponsored by or otherwise affiliated with Macquarie
Central Park Group (CPG) Funds
Delaware Funds by Macquarie®
Macquarie ETF Trust
Macquarie Investment Management Austria Kapitalanlage AG
Macquarie Investment Management Europe Limited
Macquarie Investment Management Europe S.A.
Macquarie Investment Management Global Limited
Optimum Fund Trust
Revised May 2024
 
ii        This page is not part of the Financial statements and other information.

 

Table of Contents
(3749041)
SA-VIPSCV-0824

Delaware VIP® Trust
Macquarie VIP Fund for Income Series
(formerly, Delaware VIP Fund for Income Series)
Financial statements and other information
For the six months ended June 30, 2024

 

Table of contents
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Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and multi-asset solutions.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
The Series is governed by US laws and regulations.
Unless otherwise noted, views expressed herein are current as of June 30, 2024, and subject to change for events occurring after such date. These views are not intended to be investment advice, to forecast future events, or to guarantee future results.
The Series is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested.
The Series is advised by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment adviser, and distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.
This material may be used in conjunction with the offering of shares in Macquarie VIP Fund for Income Series only if preceded or accompanied by the Series’ current prospectus or summary prospectus.
All third-party marks cited are the property of their respective owners.
© 2024 Macquarie Management Holdings, Inc.

 

Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Macquarie VIP Fund for Income Series
June 30, 2024 (Unaudited)
    Principal
amount° 		Value (US $)
Collateralized Debt Obligations — 0.42%
Barings CLO Series 2024-2A E 144A 0.00% (TSFR03M + 5.90%, Floor 5.90%) 7/15/39 #, •, ^   150,000 $   150,750
Bear Mountain Park CLO Series 2022-1A ER 144A 0.00% (TSFR03M + 5.95%, Floor 5.95%) 7/15/37 #, •, ^   150,000    150,000
Total Collateralized Debt Obligations
(cost $300,000) 		   300,750
       
Corporate Bonds — 86.23%
Automotive — 2.82%
Allison Transmission 144A 5.875% 6/1/29 #   410,000    404,692
Clarios Global 144A 8.50% 5/15/27 #   365,000    367,743
Garrett Motion Holdings 144A 7.75% 5/31/32 #   545,000    552,770
Goodyear Tire & Rubber 5.25% 7/15/31    390,000    355,422
Wand NewCo 3 144A 7.625% 1/30/32 #   345,000    356,605
   2,037,232
Banking — 1.16%
Bank of Montreal 7.70% 5/26/84 μ   265,000    271,331
Barclays 9.625% 12/15/29 μ, ψ   345,000    374,874
Deutsche Bank 6.00% 10/30/25 μ, ψ   200,000    190,308
     836,513
Basic Industry — 6.47%
Arsenal AIC Parent 144A 8.00% 10/1/30 #   225,000    236,396
Cleveland-Cliffs 144A 7.00% 3/15/32 #   505,000    499,914
CP Atlas Buyer 144A 7.00% 12/1/28 #   425,000    363,783
FMG Resources August 2006      
144A 5.875% 4/15/30 #   330,000    322,733
144A 6.125% 4/15/32 #   150,000    148,428
NOVA Chemicals 144A 8.50% 11/15/28 #    85,000     90,302
Novelis      
144A 3.875% 8/15/31 #    95,000     82,338
144A 4.75% 1/30/30 #   975,000    905,458
Olympus Water US Holding 144A 9.75% 11/15/28 #   345,000    365,431
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
Roller Bearing Co. of America 144A 4.375% 10/15/29 #   735,000 $   677,293
Standard Industries 144A 3.375% 1/15/31 #   680,000     573,662
Vibrantz Technologies 144A 9.00% 2/15/30 #   447,000    409,662
   4,675,400
Capital Goods — 6.02%
Ardagh Metal Packaging Finance
USA 		     
144A 3.25% 9/1/28 #   220,000     193,543
144A 4.00% 9/1/29 #   230,000     194,895
Bombardier      
144A 6.00% 2/15/28 #   266,000     263,241
144A 7.25% 7/1/31 #   175,000     179,895
144A 7.50% 2/1/29 #   295,000     306,011
144A 8.75% 11/15/30 #   310,000     335,430
Clydesdale Acquisition Holdings      
144A 6.625% 4/15/29 #    75,000      73,793
144A 8.75% 4/15/30 #   240,000     235,200
Esab 144A 6.25% 4/15/29 #   365,000     367,645
Mauser Packaging Solutions
Holding 		     
144A 7.875% 4/15/27 #   665,000     679,125
144A 9.25% 4/15/27 #   190,000     190,356
Sealed Air      
144A 5.00% 4/15/29 #   215,000     204,807
144A 6.50% 7/15/32 #   130,000     129,379
144A 7.25% 2/15/31 #    90,000      92,776
TransDigm      
144A 6.625% 3/1/32 #   275,000     278,110
144A 6.875% 12/15/30 #   615,000    628,342
   4,352,548
Consumer Goods — 1.81%
Acushnet 144A 7.375% 10/15/28 #   233,000     241,646
Cerdia Finanz 144A 10.50% 2/15/27 #   320,000     331,549
Fiesta Purchaser 144A 7.875% 3/1/31 #   300,000     310,253
Pilgrim's Pride 4.25% 4/15/31    465,000    423,503
   1,306,951
Electric — 3.34%
Calpine      
144A 3.75% 3/1/31 #   440,000     389,218
144A 4.625% 2/1/29 #   155,000     143,942
144A 5.00% 2/1/31 #   510,000     476,303
144A 5.125% 3/15/28 #   270,000     259,875
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Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Macquarie VIP Fund for Income Series 
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Electric (continued)
Vistra      
144A 7.00% 12/15/26 #, μ, ψ   785,000 $   778,929
144A 8.00% 10/15/26 #, μ, ψ   365,000    368,419
   2,416,686
Energy — 13.25%
Ascent Resources Utica Holdings      
144A 5.875% 6/30/29 #   497,000     486,072
144A 7.00% 11/1/26 #   230,000     230,401
Civitas Resources 144A 8.625% 11/1/30 #   355,000     380,926
EQM Midstream Partners      
144A 4.75% 1/15/31 #   807,000     755,086
6.50% 7/15/48    124,000     125,279
Genesis Energy      
7.75% 2/1/28    275,000     278,144
7.875% 5/15/32     85,000      85,870
Hilcorp Energy I      
144A 6.00% 4/15/30 #   520,000     502,644
144A 6.00% 2/1/31 #   208,000     199,302
144A 6.25% 4/15/32 #   268,000     257,932
Kodiak Gas Services 144A 7.25% 2/15/29 #   195,000     200,045
Murphy Oil 6.375% 7/15/28    714,000     720,072
Nabors Industries 144A 9.125% 1/31/30 #   270,000     279,932
NGL Energy Operating 144A 8.375% 2/15/32 #   350,000     355,666
NuStar Logistics      
6.00% 6/1/26    267,000     266,760
6.375% 10/1/30    310,000     315,421
Southwestern Energy      
5.375% 2/1/29     75,000      72,949
5.375% 3/15/30    750,000     725,027
Sunoco 144A 7.25% 5/1/32 #   200,000     207,020
Transocean      
144A 8.00% 2/1/27 #   444,000     442,814
144A 8.50% 5/15/31 #   340,000     340,418
USA Compression Partners      
6.875% 9/1/27    500,000     501,469
144A 7.125% 3/15/29 #   175,000     176,476
Venture Global LNG 144A 8.375% 6/1/31 #   515,000     534,558
Vital Energy      
144A 7.75% 7/31/29 #   420,000     423,674
144A 7.875% 4/15/32 #   145,000     147,511
Weatherford International 144A 8.625% 4/30/30 #   545,000    565,207
   9,576,675
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Financial Services — 3.22%
AerCap Holdings 5.875% 10/10/79 μ   800,000 $   796,809
Air Lease 4.65% 6/15/26 μ, ψ   450,000     428,273
Block 144A 6.50% 5/15/32 #   270,000     273,953
Castlelake Aviation Finance DAC 144A 5.00% 4/15/27 #   471,000     456,043
Fortress Transportation and Infrastructure Investors 144A 7.00% 6/15/32 #   365,000    370,498
   2,325,576
Healthcare — 6.86%
AthenaHealth Group 144A 6.50% 2/15/30 #   200,000     184,316
Avantor Funding 144A 3.875% 11/1/29 #   425,000     386,821
Cheplapharm Arzneimittel 144A 5.50% 1/15/28 #   425,000     393,971
CHS      
144A 4.75% 2/15/31 #   470,000     369,975
144A 6.125% 4/1/30 #    90,000      63,073
144A 6.875% 4/15/29 #    90,000      68,932
DaVita      
144A 3.75% 2/15/31 #   240,000     204,954
144A 4.625% 6/1/30 #   210,000     189,939
Grifols 144A 4.75% 10/15/28 #   270,000     233,262
Legacy LifePoint Health 144A 4.375% 2/15/27 #   280,000     267,703
Medline Borrower      
144A 3.875% 4/1/29 #   385,000     354,841
144A 5.25% 10/1/29 #   755,000     721,102
Organon & Co. 144A 5.125% 4/30/31 #   435,000     391,127
Surgery Center Holdings 144A 7.25% 4/15/32 #   370,000     374,212
Tenet Healthcare      
4.375% 1/15/30    490,000     454,596
6.125% 10/1/28    300,000    298,726
   4,957,550
Insurance — 4.86%
Ardonagh Finco 144A 7.75% 2/15/31 #   425,000     420,491
Howden UK Refinance      
144A 7.25% 2/15/31 #   235,000     233,425
144A 8.125% 2/15/32 #   220,000     218,750
HUB International      
144A 5.625% 12/1/29 #   390,000     369,194
144A 7.375% 1/31/32 #   350,000     355,148
 
2    

 

Table of Contents
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Insurance (continued)
Jones Deslauriers Insurance
Management 		     
144A 8.50% 3/15/30 #   650,000 $   678,471
144A 10.50% 12/15/30 #   560,000     601,906
Panther Escrow Issuer 144A 7.125% 6/1/31 #   360,000     364,393
USI 144A 7.50% 1/15/32 #   265,000    269,477
   3,511,255
Leisure — 7.99%
Boyd Gaming 144A 4.75% 6/15/31 #   860,000     780,020
Caesars Entertainment      
144A 6.50% 2/15/32 #   180,000     181,001
144A 7.00% 2/15/30 #   625,000     638,941
Carnival      
144A 5.75% 3/1/27 #   355,000     350,935
144A 6.00% 5/1/29 #   765,000     756,160
Light & Wonder International 144A 7.25% 11/15/29 #   545,000     557,036
Royal Caribbean Cruises      
144A 5.50% 4/1/28 #   952,000     940,503
144A 7.25% 1/15/30 #   180,000     186,489
Scientific Games Holdings 144A 6.625% 3/1/30 #   780,000     760,880
Six Flags Entertainment 144A 6.625% 5/1/32 #   615,000    625,373
   5,777,338
Media — 7.35%
AMC Networks 4.25% 2/15/29    450,000     304,080
Arches Buyer 144A 6.125% 12/1/28 #   215,000     178,573
CCO Holdings      
144A 4.50% 8/15/30 #   875,000     741,419
4.50% 5/1/32    120,000      96,732
144A 5.375% 6/1/29 #   365,000     332,402
CMG Media 144A 8.875% 12/15/27 #   705,000     403,850
CSC Holdings      
144A 4.625% 12/1/30 #   600,000     219,085
144A 5.00% 11/15/31 #   440,000     159,867
144A 5.75% 1/15/30 #   460,000     174,008
Cumulus Media New Holdings 144A 8.00% 7/1/29 #   459,960     196,454
Directv Financing 144A 5.875% 8/15/27 #   670,000     630,752
Gray Television      
144A 4.75% 10/15/30 #   180,000     108,178
144A 5.375% 11/15/31 #   840,000     476,865
Nexstar Media 144A 4.75% 11/1/28 #   505,000     449,449
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Media (continued)
Sirius XM Radio 144A 4.00% 7/15/28 #   935,000 $   845,472
   5,317,186
Real Estate — 0.96%
Iron Mountain      
144A 5.25% 3/15/28 #   460,000     445,482
144A 5.25% 7/15/30 #   260,000    247,325
     692,807
Retail — 3.01%
Asbury Automotive Group      
144A 4.625% 11/15/29 #    90,000      83,287
4.75% 3/1/30    320,000     296,926
Bath & Body Works      
6.875% 11/1/35    295,000     297,814
6.95% 3/1/33    200,000     194,892
Murphy Oil USA 144A 3.75% 2/15/31 #   450,000     396,746
PetSmart 144A 7.75% 2/15/29 #   540,000     526,405
Victra Holdings 144A 7.75% 2/15/26 #   380,000    378,267
   2,174,337
Services — 4.67%
ADT Security 144A 4.125% 8/1/29 #   470,000     433,802
CDW 3.569% 12/1/31    675,000     590,160
Gartner 144A 4.50% 7/1/28 #   395,000     381,039
GFL Environmental 144A 6.75% 1/15/31 #   265,000     270,680
Prime Security Services Borrower 144A 5.75% 4/15/26 #   265,000     263,208
United Rentals North America 3.875% 2/15/31    435,000     388,482
White Cap Buyer 144A 6.875% 10/15/28 #   610,000     589,163
White Cap Parent 144A PIK 8.25% 3/15/26 #, >   308,000     308,275
Wrangler Holdco 144A 6.625% 4/1/32 #   155,000    154,439
   3,379,248
Technology & Electronics — 5.32%
Cloud Software Group 144A 6.50% 3/31/29 #   575,000     552,609
CommScope Technologies 144A 6.00% 6/15/25 #   219,000     178,702
Entegris      
144A 4.75% 4/15/29 #   212,000     202,996
144A 5.95% 6/15/30 #   585,000     579,570
    3

 

Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Macquarie VIP Fund for Income Series 
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Technology & Electronics (continued)
NCR Voyix      
144A 5.00% 10/1/28 #   220,000 $   207,909
144A 5.125% 4/15/29 #   115,000     108,405
144A 5.25% 10/1/30 #    60,000      54,892
Seagate HDD Cayman      
5.75% 12/1/34    210,000     204,038
8.25% 12/15/29    195,000     209,295
Sensata Technologies 144A 4.00% 4/15/29 #   575,000     528,391
SS&C Technologies 144A 5.50% 9/30/27 #   440,000     433,565
UKG 144A 6.875% 2/1/31 #   480,000     486,355
Zebra Technologies 144A 6.50% 6/1/32 #   100,000    101,201
   3,847,928
Telecommunications — 5.57%
Connect Finco 144A 6.75% 10/1/26 #   590,000     569,947
Consolidated Communications      
144A 5.00% 10/1/28 #   375,000     310,569
144A 6.50% 10/1/28 #   480,000     411,411
Frontier Communications Holdings      
144A 5.875% 10/15/27 #   333,000     325,435
5.875% 11/1/29    200,000     174,444
144A 6.00% 1/15/30 #   509,000     443,554
144A 6.75% 5/1/29 #   255,000     234,155
Iliad Holding 144A 8.50% 4/15/31 #   400,000     405,423
Sable International Finance 144A 5.75% 9/7/27 #   523,000     502,593
Vmed O2 UK Financing I 144A 4.75% 7/15/31 #   485,000     409,699
VZ Secured Financing 144A 5.00% 1/15/32 #   285,000    243,330
   4,030,560
Transportation — 1.55%
Air Canada 144A 3.875% 8/15/26 #   410,000     390,448
Genesee & Wyoming 144A 6.25% 4/15/32 #   730,000    728,177
   1,118,625
Total Corporate Bonds
(cost $64,758,963) 		62,334,415
 
Loan Agreements — 7.13%
Basic Industry — 1.86%
Form Technologies Tranche B 10.197% (SOFR03M + 4.85%) 7/22/25 •   556,319     534,762
Hexion Holdings 2nd Lien 12.881% (SOFR01M + 7.54%) 3/15/30 •   235,000     216,494
    Principal
amount° 		Value (US $)
Loan Agreements (continued)
Basic Industry (continued)
PMHC II 9.706% (SOFR03M + 4.25%) 4/23/29 •    83,932 $    82,087
Vantage Specialty Chemicals 1st Lien 10.077% (SOFR03M + 4.75%) 10/26/26 •   518,485    513,461
   1,346,804
Capital Goods — 1.12%
Hunter Douglas Holding Tranche B-1 8.836% (SOFR03M + 3.50%) 2/26/29 •   202,912     201,788
SPX Flow 8.844% (SOFR01M + 3.50%) 4/5/29 •   235,000     236,638
SunSource Borrower 9.444% (SOFR01M + 4.10%) 3/25/31 •   369,075    370,228
     808,654
Consumer Discretionary — 0.15%
Cedar Fair Tranche B 7.343% (SOFR01M + 2.00%) 5/1/31 •   105,000    104,934
     104,934
Electric — 0.00%
Calpine 7.344% (SOFR01M + 2.00%) 12/16/27 •       452        453
         453
Energy — 0.25%
Parkway Generation      
Tranche B 10.341% (SOFR03M + 5.01%) 2/18/29 •   163,556     163,571
Tranche C 10.341% (SOFR03M + 5.01%) 2/18/29 •    20,609     20,611
     184,182
Financial Services — 0.50%
Amynta Agency Borrower 9.093% (SOFR03M + 4.25%) 2/28/28 •   359,646    360,883
     360,883
Healthcare — 1.77%
Bausch & Lomb TBD 8.689% 5/10/27 •   366,263     362,905
Cotiviti Holdings 7.625% 2/21/31    361,000     361,169
Heartland Dental TBD 4/28/28 X   550,000    551,891
   1,275,965
Industrial — 0.51%
Roper Industrial Product TBD 11/22/29 X   364,087    365,965
     365,965
 
4    

 

Table of Contents
    Principal
amount° 		Value (US $)
Loan Agreements (continued)
Services — 0.48%
Staples 11.084% (SOFR03M + 5.75%) 9/4/29 •   380,000 $   350,016
     350,016
Technology & Electronics — 0.49%
Applied Systems 2nd Lien 10.585% (SOFR03M + 5.25%) 2/23/32 •   341,000    353,521
     353,521
Total Loan Agreements
(cost $5,106,338) 		 5,151,377
    Number of
shares 		 
Short-Term Investments — 5.13%
Money Market Mutual Funds — 5.13%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.21%)   926,685     926,685
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%)   926,687     926,687
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.35%)   926,687     926,687
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%)   926,687    926,687
Total Short-Term Investments
(cost $3,706,747) 		 3,706,746
Total Value of Securities—98.91%
(cost $73,872,048) 		    $71,493,288
° Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2024, the aggregate value of Rule 144A securities was $53,193,469, which represents 73.59% of the Series’ net assets. See Note 7 in “Notes to financial statements.”
• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at June 30, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
^ Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.
μ Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2024. Rate will reset at a future date.
ψ Perpetual security. Maturity date represents next call date.
> PIK. 100% of the income received was in the form of cash.
X This loan will settle after June 30, 2024, at which time the interest rate, based on the SOFR and the agreed upon spread on trade date, will be reflected.
Summary of abbreviations:
CLO – Collateralized Loan Obligation
DAC – Designated Activity Company
PIK – Payment-in-kind
SOFR01M – Secured Overnight Financing Rate 1 Month
SOFR03M – Secured Overnight Financing Rate 3 Month
TBD – To be determined
TSFR03M – 3 Month Term Secured Overnight Financing Rate
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
    5

 

Table of Contents
Statement of assets and liabilities
Delaware VIP® Trust — Macquarie VIP Fund for Income Series
June 30, 2024 (Unaudited)
Assets:  
Investments, at value* $71,493,288
Cash 424,162
Dividends and interest receivable 1,093,748
Receivable for securities sold 338,526
Receivable for series shares sold 1,126
Prepaid expenses 959
Other assets 633
Total Assets 73,352,442
Liabilities:  
Payable for securities purchased 952,913
Other accrued expenses 71,026
Investment management fees payable to affiliates 29,456
Payable for series shares redeemed 14,512
Distribution fees payable to affiliates 376
Total Liabilities 1,068,283
Total Net Assets $72,284,159
 
Net Assets Consist of:  
Paid-in capital $85,163,703
Total distributable earnings (loss) (12,879,544)
Total Net Assets $72,284,159
 
Net Asset Value  
 
Standard Class:  
Net assets $70,753,156
Shares of beneficial interest outstanding, unlimited authorization, no par 13,197,572
Net asset value per share $5.36
 
Service Class:  
Net assets $1,531,003
Shares of beneficial interest outstanding, unlimited authorization, no par 288,357
Net asset value per share $5.31
*Investments, at cost 		$73,872,048
See accompanying notes, which are an integral part of the financial statements.
    6

 

Table of Contents
Statement of operations
Delaware VIP® Trust  —  Macquarie VIP Fund for Income Series
Six months ended June 30, 2024 (Unaudited)
Investment Income:  
Interest $2,413,119
Dividends 96,104
  2,509,223
 
Expenses:  
Management fees 235,692
Distribution expenses — Service Class 2,138
Audit and tax fees 29,059
Accounting and administration expenses 26,280
Reports and statements to shareholders expenses 4,339
Legal fees 3,278
Dividend disbursing and transfer agent fees and expenses 3,000
Trustees’ fees 1,716
Custodian fees 397
Other 21,492
  327,391
Less expenses waived (56,926)
Less expenses paid indirectly (1)
Total operating expenses 270,464
Net Investment Income (Loss) 2,238,759
 
Net Realized and Unrealized Gain (Loss):  
Net realized gain (loss) on investments (1,234,661)
Net change in unrealized appreciation (depreciation) on investments 436,685
Net Realized and Unrealized Gain (Loss) (797,976)
Net Increase (Decrease) in Net Assets Resulting from Operations $1,440,783
See accompanying notes, which are an integral part of the financial statements.
    7

 

Table of Contents
Statements of changes in net assets
Delaware VIP® Trust —  Macquarie VIP Fund for Income Series
  Six months
ended
6/30/24
(Unaudited) 		  Year ended
12/31/23
 
Increase (Decrease) in Net Assets from Operations:      
Net investment income (loss) $2,238,759   $4,859,587
Net realized gain (loss) (1,234,661)   (2,831,527)
Net change in unrealized appreciation (depreciation) 436,685   7,011,013
Net increase (decrease) in net assets resulting from operations 1,440,783   9,039,073
 
Dividends and Distributions to Shareholders from:      
Distributable earnings:      
Standard Class (4,910,224)   (4,476,747)
Service Class (108,433)   (40,842)
  (5,018,657)   (4,517,589)
 
Capital Share Transactions (See Note 4):      
Proceeds from shares sold:      
Standard Class 525,525   1,928,011
Service Class 459,271   555,764
 
Net asset value of shares issued upon reinvestment of dividends and distributions:      
Standard Class 4,910,224   4,476,747
Service Class 108,433   40,842
  6,003,453   7,001,364
Cost of shares redeemed:      
Standard Class (4,105,412)   (11,322,153)
Service Class (37,448)   (18,526)
  (4,142,860)   (11,340,679)
Increase (decrease) in net assets derived from capital share transactions 1,860,593   (4,339,315)
Net Increase (Decrease) in Net Assets (1,717,281)   182,169
 
Net Assets:      
Beginning of period 74,001,440   73,819,271
End of period $72,284,159   $74,001,440
See accompanying notes, which are an integral part of the financial statements.
    8

 

Table of Contents
Financial highlights
Macquarie VIP Fund for Income Series Standard Class
Selected data for each share of the Series outstanding throughout each period were as follows:
    Six months ended
6/30/241
(Unaudited) 		  Year ended  
    12/31/23   12/31/22   12/31/21   12/31/20   12/31/192  
Net asset value, beginning of period   $5.65   $5.31   $6.41   $6.44   $6.36   $5.96
   
Income (loss) from investment operations:                        
Net investment income3   0.17   0.35   0.30   0.28   0.29   0.30
Net realized and unrealized gain (loss)   (0.07)   0.33   (0.99)   0.02   0.16   0.44
Total from investment operations   0.10   0.68   (0.69)   0.30   0.45   0.74
   
Less dividends and distributions from:                        
Net investment income   (0.39)   (0.34)   (0.32)   (0.33)   (0.37)   (0.34)
Net realized gain   —   —   (0.09)   —   —   —
Total dividends and distributions   (0.39)   (0.34)   (0.41)   (0.33)   (0.37)   (0.34)
   
Net asset value, end of period   $5.36   $5.65   $5.31   $6.41   $6.44   $6.36
   
Total return4   1.97%5   13.27%5   (11.06%)5   4.88%   7.95%5   12.78%5
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $70,753   $72,921   $73,373   $93,166   $97,868   $105,035
Ratio of expenses to average net assets6   0.74%   0.74%   0.75%   0.80%   0.83%   0.85%
Ratio of expenses to average net assets prior to fees waived6   0.90%   0.85%   0.86%   0.80%   0.87%   0.88%
Ratio of net investment income to average net assets   6.18%   6.63%   5.40%   4.45%   4.73%   4.94%
Ratio of net investment income to average net assets prior to fees waived   6.02%   6.52%   5.29%   4.45%   4.69%   4.91%
Portfolio turnover   27%   33%   35%   86%   131%   115%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 On October 4, 2019, the First Investors Life Series Fund For Income shares were reorganized into Standard Class shares of the Series. The Standard Class shares financial highlights for the period prior to October 4, 2019, reflect the performance of the First Investors Life Series Fund For Income shares.
3 Calculated using average shares outstanding.
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.
5 Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
6 Expense ratios do not include expenses of any investment companies in which the Series invests.
See accompanying notes, which are an integral part of the financial statements.
    9

 

Table of Contents
Financial highlights
Macquarie VIP Fund for Income Series Service Class 
Selected data for each share of the Series outstanding throughout each period were as follows:
    Six months ended
6/30/242
(Unaudited) 		  Year ended
12/31/23 		  4/1/221
to
12/31/22
   
Net asset value, beginning of period   $5.62   $5.30   $6.13
   
Income (loss) from investment operations:            
Net investment income3   0.16   0.34   0.23
Net realized and unrealized gain (loss)   (0.06)   0.31   (0.65)
Total from investment operations   0.10   0.65   (0.42)
   
Less dividends and distributions from:            
Net investment income   (0.41)   (0.33)   (0.32)
Net realized gain   —   —   (0.09)
Total dividends and distributions   (0.41)   (0.33)   (0.41)
   
Net asset value, end of period   $5.31   $5.62   $5.30
   
Total return4   1.89%   12.85%   (7.18%)
   
Ratios and supplemental data:            
Net assets, end of period (000 omitted)   $1,531   $1,080   $446
Ratio of expenses to average net assets5   1.04%   1.04%   1.04%
Ratio of expenses to average net assets prior to fees waived5   1.20%   1.15%   1.23%
Ratio of net investment income to average net assets   5.88%   6.38%   5.90%
Ratio of net investment income to average net assets prior to fees waived   5.72%   6.27%   5.71%
Portfolio turnover   27%   33%   35%6
1 Date of commencement of operations; ratios have been annualized and total return has not been annualized.
2 Ratios have been annualized and total return and portfolio turnover have not been annualized.
3 Calculated using average shares outstanding.
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.
5 Expense ratios do not include expenses of any investment companies in which the Series invests.
6 Portfolio turnover is representative of the Series for the entire period.
See accompanying notes, which are an integral part of the financial statements.
10    

 

Table of Contents
Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Fund for Income Series  
June 30, 2024 (Unaudited)  
Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 9 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940, as amended (1940 Act). These financial statements and the related notes pertain to Macquarie VIP Fund for Income Series (formerly, Delaware VIP Fund for Income Series) (Series). The Trust is an open-end investment company. The Series is considered diversified under the 1940 Act and offers Standard Class and Service Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee and the Service Class shares carry a 12b-1 fee. The shares of the Series are sold only to separate accounts of life insurance companies.
1. Significant Accounting Policies
The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.
Security Valuation — Fixed income securities are generally priced based upon valuations provided by an independent pricing service or broker in accordance with methodologies included within Delaware Management Company (DMC)'s Pricing Policy (the Policy). Fixed income security valuations are then reviewed by DMC as part of its duties as the Series' valuation designee (Valuation Designee) and, to the extent required by the Policy and applicable regulation, fair valued consistent with the Policy. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations (CMOs), commercial mortgage securities, and US government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. Open-end investment companies, other than exchange-traded funds (ETFs), are valued at their published net asset value (NAV). Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees (Board) has designated DMC as the Valuation Designee for each series to perform the fair value determination relating to all applicable Series investments. DMC has established a Pricing Committee to assist with its designated responsibilities as Valuation Designee, and DMC may carry out its designated responsibilities as Valuation Designee through the Pricing Committee and other teams and committees, which operate under policies and procedures approved by the Board and subject to the Board's oversight. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of US securities or securities indexes) that occur after the close of the relevant market and before the close of the New York Stock Exchange. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-US securities.
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, 2024, and for all open tax years (years ended December 31, 2020–December 31, 2023), and has concluded that no provision for federal income tax is required in the Series’ financial statements. If applicable, the Series recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statement of operations.” During the six months ended June 30, 2024, the Series did not incur any interest or tax penalties.
Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Series on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.
Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and
(continues)
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Fund for Income Series   
1. Significant Accounting Policies (continued)
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 an accrual basis. Income and capital gain distributions from any investment companies (Underlying Funds) in which the Series invests are recorded on the ex-dividend date. When a loan agreement is purchased, the Series may pay an assignment fee. On an ongoing basis, the Series may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by the borrower. Prepayment penalty, facility, commitment, consent, and amendment fees are recorded to income as earned or paid. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. The Series declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, at least annually. The Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.
The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.”
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates
In accordance with the terms of its investment management agreement, the Series pays DMC, a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rates of 0.65% on the first $500 million of average daily net assets of the Series, 0.60% on the next $500 million, 0.55% on the next $1.5 billion, and 0.50% on average daily net assets in excess of $2.5 billion.
DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual series operating expenses from exceeding 0.74% of the Series’ average daily net assets from January 1, 2024 through April 30, 2025. These waivers and reimbursements may only be terminated by agreement of DMC and the Series. The waivers and reimbursements are accrued daily and received monthly.
After consideration of class specific expenses, including 12b-1 fees, the class level operating expense limitation as a percentage of average daily net assets from January 1, 2024 through April 30, 2025, unless terminated by agreement of DMC and the Series, is as follows:
  Operating expense limitation as a percentage of average daily net assets
  Standard Class   Service Class
  0.74%   1.04%
DMC may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited (together, the Affiliated Sub-Advisors). DMC may also permit these Affiliated Sub-Advisors to execute Series security trades on behalf of DMC and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Series, pays each Affiliated Sub-Advisor a portion of its investment management fee.
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Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Series. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2024, the Series paid $3,607 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, 2024, the Series paid $2,718 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Investment Servicing (US) Inc. (BNYIS), BNYIS 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 on a monthly or quarterly basis.
Pursuant to a distribution agreement and distribution plan, the Series pays Delaware Distributors, L.P. (DDLP), the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.30% of the average daily net assets of the Service Class shares. The fees are calculated daily and paid monthly. Standard Class shares do not pay 12b-1 fees.
As provided in the investment management agreement, the Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Series. For the six months ended June 30, 2024, the Series paid $1,026 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”
Trustees’ fees include expenses accrued by the Series for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.
In addition to the management fees and other expenses of the Series, the Series indirectly bears the investment management fees and other expenses of any Underlying Funds, including ETFs, in which it invests. The amount of these fees and expenses incurred indirectly by the Series will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.
3. Investments
For the six months ended June 30, 2024, the Series made purchases and sales of investment securities other than short-term investments and US government securities as follows:
   
Purchases $18,452,026
Sales 20,256,127
At June 30, 2024, 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, 2024, the cost and unrealized appreciation (depreciation) of investments for the Series were as follows:
   
Cost of investments $74,196,286
Aggregate unrealized appreciation of investments $1,035,362
Aggregate unrealized depreciation of investments (3,738,360)
Net unrealized depreciation of investments $(2,702,998)
(continues)
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Fund for Income Series   
3. Investments (continued)
For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At
December 31, 2023, the Series had capital loss carryforwards available to offset future realized capital gains as follows:
  Loss carryforward character    
  Short-term   Long-term   Total
  $ 2,093,633   $9,047,327   $11,140,960*
*  A portion of the Series capital loss carryforward is subject to limitation under the Internal Revenue Code and related regulations.
US GAAP defines fair value as the price that the Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Series’ investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:
Level 1  − Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)
Level 2  − Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)
Level 3  − Significant unobservable inputs, including the Series’ own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)
Level 3 investments are valued using significant unobservable inputs. The Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
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The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of June 30, 2024:
    Level 1   Level 2 Total  
Securities            
Assets:            
Collateralized Debt Obligations   $—   $300,750 $300,750  
Corporate Bonds   —   62,334,414 62,334,414  
Loan Agreements   —   5,151,377 5,151,377  
Short-Term Investments   3,706,747   — 3,706,747  
Total Value of Securities   $3,706,747   $67,786,541 $71,493,288  
During the six months ended June 30, 2024, there were no transfers into or out of Level 3 investments. The Series’ policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.
A reconciliation of Level 3 investments is presented when the Series has a significant amount of Level 3 investments at the beginning or end of the period in relation to the Series’ net assets. As of June 30, 2024, there were no Level 3 investments.
4. Capital Shares
Transactions in capital shares were as follows:
   
  Six months
ended 		  Year ended
  6/30/24   12/31/23
Shares sold:
Standard Class 94,025   358,364
Service Class 82,138   103,710
 
Shares issued upon reinvestment of dividends and distributions:
Standard Class 935,281   862,572
Service Class 20,852   7,900
  1,132,296   1,332,546
Shares redeemed:
Standard Class (740,154)   (2,117,684)
Service Class (6,797)   (3,490)
  (746,951)   (2,121,174)
Net increase (decrease) 385,345   (788,628)
5. Line of Credit
The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $335,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on October 28, 2024.
The Series had no amounts outstanding as of June 30, 2024, or at any time during the period then ended.
(continues)
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Fund for Income Series   
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 (BNY). 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 must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.
Cash collateral received by the Series is generally invested in an individual separate account. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. The Series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.
In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Series or, at the discretion of the lending agent, replace the loaned securities. The Series continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Series has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Series receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Series, the security lending agent, and the borrower. The Series records security lending income net of allocations to the security lending agent and the borrower.
The Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Series’ cash collateral account may be less than the amount the Series would be required to return to the borrowers of the securities and the Series would be required to make up for this shortfall.
During the six months ended June 30, 2024, the Series had no securities out on loan.
7. Credit and Market Risks
The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen.
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. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. A series may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.
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
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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.
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. There were no unfunded loan commitments at the six months ended June 30, 2024.
The Series invests a portion of its assets in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor’s Financial Services LLC and Baa3 by Moody’s Investors Service, Inc. or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.
The Series may invest up to 10% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A, promulgated under the Securities Act of 1933, as amended , and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Series’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series’ 10% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedule of investments.”
8. Contractual Obligations
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. Subsequent Events
Management has determined that no material events or transactions occurred subsequent to June 30, 2024, that would require recognition or disclosure in the Series’ financial statements.
(continues)
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Other Series information (Unaudited)
Delaware VIP® Trust — Macquarie VIP Fund for 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-PORT. The Series’ Form N-PORT, as well as a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities, is available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Series’ most recent Form N-PORT are available without charge on the Series’ website at delawarefunds.com/vip-literature.
Information (if any) regarding how the Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.
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Privacy Notice
We are committed to protecting the privacy of our potential, current, and former customers. To provide the products and services you request, we must collect personal information about you. We do not sell your personal information to third parties. We collect your personal information and share it with third parties as necessary to provide you with the products or services you request and to administer your business with us. This notice describes our current privacy practices. While your relationship with us continues, we will update and send our privacy practices notice as required by law. We are committed to continuing to protect your personal information even after that relationship ends. You do not need to take any action because of this notice.
Information we may collect
and use
We collect personal information about you to help us identify you as our potential, current, or former customer; to process your requests and transactions; to offer investment services to you; or to tell you about our products or services we believe you may want to use. The type of personal information we collect depends on the products or services you request and may include the following:
• Information from you: When you submit your application or other forms or request information on our products (online or otherwise), you give us information such as your name, address, Social Security number, your financial account information, and your financial history.
• Information about your transactions: We keep information about your transactions with us, such as the products you buy from us; the amount you paid for those products; your investment activity; and your account balances.
• Information from your employer: In connection with administering your retirement plan, we may obtain information about you from your employer.
• Information received from third parties: In order to verify your identity or to prevent fraud, we may obtain information about you from third parties.
How we use your personal information
We do not disclose nonpublic personal information about our potential, current, and former customers unless allowed or required by law. We may share your personal information within our companies and with certain service providers. They use this information to process transactions you have requested; provide customer service; and inform you of products or services we offer that you may find useful. Our service providers may or may not be affiliated with us. They include financial service providers (for example, third-party administrators; broker/dealers; and other financial services companies with whom we have joint marketing agreements). Our service providers also include nonfinancial companies and individuals (for example, consultants; information services vendors; and companies that perform mailing or marketing services on our behalf). Information obtained from a report prepared by a service provider may be kept by the service provider and shared with other persons; however, we require our service providers to
protect your personal information and to use or disclose it only for the work they are performing for us, or as permitted by law.
We also may provide information to regulatory authorities, law enforcement officials, and others to prevent fraud or when we believe in good faith that the law requires disclosure. In the event of a sale of all or part of our businesses, we may share customer information as part of the sale. We do not sell or share your information with outside marketers who may want to offer you their own products and services.
Security of information
Keeping your information safe is one of our most important responsibilities. We maintain physical, electronic, and procedural safeguards to protect your information. Our employees are authorized to access your information only when they need it to provide you with products and services or to maintain your accounts. Employees who have access to your personal information are required to keep it strictly confidential. We provide training to our employees about the importance of protecting the privacy of your information.
Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and
multi-asset solutions.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized
deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
 
This page is not part of the Financial statements and other information.        i

 

Table of Contents
Privacy Notice
This privacy practices notice is being provided on behalf of the following:
Macquarie Management Holdings, Inc. and each of its affiliates, such as direct or indirect subsidiaries, and any fund or product sponsored by or otherwise affiliated with Macquarie
Central Park Group (CPG) Funds
Delaware Funds by Macquarie®
Macquarie ETF Trust
Macquarie Investment Management Austria Kapitalanlage AG
Macquarie Investment Management Europe Limited
Macquarie Investment Management Europe S.A.
Macquarie Investment Management Global Limited
Optimum Fund Trust
Revised May 2024
 
ii        This page is not part of the Financial statements and other information.

 

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(3749041)
SA-VIPFFI-0824

Delaware VIP® Trust
Macquarie VIP Limited Duration Bond Series
(formerly, Delaware VIP Limited Duration Bond Series)
Financial statements and other information
For the six months ended June 30, 2024

 

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Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and multi-asset solutions.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
The Series is governed by US laws and regulations.
Unless otherwise noted, views expressed herein are current as of June 30, 2024, and subject to change for events occurring after such date. These views are not intended to be investment advice, to forecast future events, or to guarantee future results.
The Series is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested.
The Series is advised by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment adviser, and distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.
This material may be used in conjunction with the offering of shares in Macquarie VIP Limited Duration Bond Series only if preceded or accompanied by the Series’ current prospectus or summary prospectus.
All third-party marks cited are the property of their respective owners.
© 2024 Macquarie Management Holdings, Inc.

 

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Schedule of investments
Delaware VIP® Trust  —  Macquarie VIP Limited Duration Bond Series
June 30, 2024 (Unaudited)
    Principal
amount° 		Value (US $)
Agency Collateralized Mortgage Obligations — 1.23%
Freddie Mac REMIC Series 5092 WG 1.00% 4/25/31     188,047 $   170,240
Freddie Mac Structured Agency Credit Risk REMIC Trust Series 2023-HQA3 A1 144A 7.185% (SOFR + 1.85%) 11/25/43 #, •      48,630     49,290
Total Agency Collateralized Mortgage Obligations
(cost $237,793) 		   219,530
 
Agency Mortgage-Backed Securities — 3.76%
Fannie Mae S.F. 30 yr      
4.50% 1/1/50      315,992     306,826
5.00% 7/1/47      223,520     221,030
5.00% 5/1/48       81,489      80,576
Freddie Mac S.F. 30 yr
5.00% 8/1/48 		     65,468     64,619
Total Agency Mortgage-Backed Securities
(cost $749,874) 		   673,051
 
Collateralized Debt Obligations — 3.95%
Canyon Capital CLO Series 2019-2A AR 144A 6.77% (TSFR03M + 1.44%, Floor 1.18%) 10/15/34 #, •     250,000     250,276
Cedar Funding IX CLO Series 2018-9A A1 144A 6.566% (TSFR03M + 1.24%, Floor 0.98%) 4/20/31 #, •     206,494     206,621
Dryden CLO Series 2020-83A AR 144A 6.864% (TSFR03M + 1.53%, Floor 1.53%) 4/18/37 #, •     250,000    249,907
Total Collateralized Debt Obligations
(cost $705,171) 		   706,804
       
Corporate Bonds — 34.96%
Banking — 10.33%
Bank of America      
5.819% 9/15/29 μ      45,000     45,951
6.204% 11/10/28 μ       5,000      5,151
Bank of New York Mellon 5.802% 10/25/28 μ      38,000     38,731
BBVA Bancomer 144A 1.875% 9/18/25 #     200,000    190,956
Citigroup      
1.281% 11/3/25 μ      35,000     34,457
2.014% 1/25/26 μ      30,000     29,360
Fifth Third Bancorp 2.375% 1/28/25       35,000     34,324
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Banking (continued)
Goldman Sachs Group      
5.727% 4/25/30 μ      25,000 $    25,450
5.842% (SOFR + 0.49%) 10/21/24 •     175,000     175,026
JPMorgan Chase & Co.      
5.012% 1/23/30 μ      30,000      29,776
5.571% 4/22/28 μ      30,000      30,249
KeyCorp 6.613% (SOFR03M + 1.25%) 5/23/25 •      45,000      44,840
Morgan Stanley      
6.138% 10/16/26 μ     300,000     302,064
6.296% 10/18/28 μ      49,000      50,573
6.407% 11/1/29 μ      12,000      12,524
PNC Bank 3.875% 4/10/25      250,000     246,386
PNC Financial Services Group 5.671% 10/28/25 μ      35,000      34,965
Popular 7.25% 3/13/28       20,000      20,556
State Street 4.993% 3/18/27       35,000      34,966
Toronto-Dominion Bank 4.108% 6/8/27       34,000      33,007
Truist Bank 2.636% 9/17/29 μ     215,000     210,398
US Bancorp      
4.653% 2/1/29 μ      13,000      12,725
5.384% 1/23/30 μ      10,000      10,029
5.727% 10/21/26 μ      16,000      16,033
6.787% 10/26/27 μ      15,000      15,448
Wells Fargo & Co. 3.908% 4/25/26 μ     165,000    162,552
   1,846,497
Basic Industry — 1.28%
Avient 144A 5.75% 5/15/25 #     139,000     138,746
Celanese US Holdings      
6.05% 3/15/25        5,000       5,007
6.165% 7/15/27       30,000      30,462
Newmont 144A 5.30% 3/15/26 #      55,000     55,005
     229,220
Brokerage — 0.25%
Jefferies Financial Group      
5.875% 7/21/28       10,000      10,104
6.05% 3/12/25       35,000     34,980
      45,084
Capital Goods — 1.80%
Amphenol 5.05% 4/5/27       15,000      14,992
Boeing 2.196% 2/4/26       50,000      47,017
Mauser Packaging Solutions Holding 144A 7.875% 4/15/27 #     100,000     102,124
Parker-Hannifin 4.25% 9/15/27       70,000      68,231
RTX 5.75% 11/8/26       89,000     89,974
     322,338
    1

 

Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Macquarie VIP Limited Duration Bond Series 
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Communications — 1.90%
Charter Communications Operating 6.15% 11/10/26       45,000 $    45,447
Rogers Communications 5.00% 2/15/29       45,000      44,454
T-Mobile USA 3.75% 4/15/27      105,000     100,943
Warnermedia Holdings      
3.638% 3/15/25      110,000     108,315
6.412% 3/15/26       40,000     40,003
     339,162
Consumer Cyclical — 0.91%
Aptiv 2.396% 2/18/25       70,000      68,500
Carnival 144A 7.625% 3/1/26 #      31,000      31,328
Home Depot 4.875% 6/25/27       10,000       9,983
Hyundai Capital America 144A 5.275% 6/24/27 #      15,000      14,939
VICI Properties 4.95% 2/15/30       40,000     38,619
     163,369
Consumer Non-Cyclical — 3.70%
AbbVie      
2.60% 11/21/24       90,000      89,015
4.80% 3/15/29       70,000      69,744
Amgen 5.15% 3/2/28       75,000      75,003
Astrazeneca Finance 4.875% 3/3/28       35,000      34,960
Cardinal Health 5.125% 2/15/29       35,000      34,925
Coca-Cola Consolidated 5.25% 6/1/29       45,000      45,217
Medtronic Global Holdings 4.25% 3/30/28       40,000      39,094
Pfizer Investment Enterprises 4.45% 5/19/28       80,000      78,613
Royalty Pharma 1.20% 9/2/25      195,000     185,250
Zoetis 5.40% 11/14/25       10,000      9,996
     661,817
Electric — 3.54%
AEP Texas 5.45% 5/15/29       25,000      25,138
Avangrid 3.20% 4/15/25       60,000      58,760
DTE Energy 5.10% 3/1/29       30,000      29,765
Duke Energy 4.875% 9/16/24 μ, ψ      50,000      49,692
Duke Energy Carolinas 3.95% 11/15/28       30,000      28,864
FirstEnergy Pennsylvania Electric 144A 5.20% 4/1/28 #      60,000      59,970
National Rural Utilities Cooperative
Finance 		     
1.875% 2/7/25      135,000     132,047
4.45% 3/13/26       55,000      54,265
4.80% 3/15/28       40,000      39,703
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Electric (continued)
NextEra Energy Capital Holdings 5.749% 9/1/25       10,000 $    10,025
Pacific Gas & Electric 5.55% 5/15/29       20,000      20,053
PacifiCorp      
5.10% 2/15/29       10,000       9,997
5.45% 2/15/34       15,000      14,824
Southern 4.85% 6/15/28       85,000      84,146
Vistra Operations 144A 5.125% 5/13/25 #      16,000     15,915
     633,164
Energy — 3.78%
ConocoPhillips 2.40% 3/7/25        8,000       7,839
Devon Energy 5.25% 9/15/24       39,000      38,977
Diamondback Energy 5.20% 4/18/27       15,000      15,008
Energy Transfer 5.55% 2/15/28      130,000     131,152
Exxon Mobil 2.019% 8/16/24      130,000     129,423
Kinder Morgan 5.00% 2/1/29       10,000       9,891
MPLX 4.875% 12/1/24      135,000     134,441
NuStar Logistics 5.75% 10/1/25       73,000      72,590
Occidental Petroleum 5.50% 12/1/25       58,000      57,893
ONEOK 5.65% 11/1/28       10,000      10,154
Southwestern Energy 5.70% 1/23/25       10,000       9,992
Targa Resources Partners 5.00% 1/15/28       60,000     58,809
     676,169
Finance Companies — 2.08%
AerCap Ireland Capital DAC 5.10% 1/19/29      150,000     148,603
Air Lease      
0.80% 8/18/24      105,000     104,309
2.875% 1/15/26       15,000      14,398
Aviation Capital Group      
144A 1.95% 1/30/26 #      80,000      75,311
144A 5.375% 7/15/29 #      30,000     29,660
     372,281
Insurance — 2.51%
Aon North America 5.125% 3/1/27       25,000      24,967
Elevance Health 5.15% 6/15/29       10,000      10,029
Equitable Financial Life Global Funding 144A 0.80% 8/12/24 #     100,000      99,414
Met Tower Global Funding 144A 3.70% 6/13/25 #     150,000     147,579
New York Life Global Funding 144A 5.45% 9/18/26 #      40,000      40,206
 
2    

 

Table of Contents
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Insurance (continued)
UnitedHealth Group      
4.25% 1/15/29      100,000 $    97,402
4.90% 4/15/31       30,000     29,732
     449,329
Natural Gas — 0.41%
Sempra Energy 3.30% 4/1/25       75,000     73,676
      73,676
Technology — 1.86%
Oracle 5.80% 11/10/25       45,000      45,231
Roper Technologies 2.35% 9/15/24      145,000     144,007
S&P Global 2.45% 3/1/27       50,000      46,762
Sensata Technologies 144A 5.00% 10/1/25 #      90,000      90,805
Workday 3.50% 4/1/27        5,000      4,784
     331,589
Transportation — 0.61%
ERAC USA Finance      
144A 4.60% 5/1/28 #      85,000      83,687
144A 5.00% 2/15/29 #      15,000      14,966
United Airlines 144A 4.375% 4/15/26 #      10,000      9,672
     108,325
Total Corporate Bonds
(cost $6,400,896) 		 6,252,020
 
Government Agency Obligation — 1.11%
NBN 144A 0.875% 10/8/24 #     200,000    197,425
Total Government Agency Obligation
(cost $199,945) 		   197,425
 
Non-Agency Asset-Backed Securities — 21.92%
American Express Credit Account Master Trust Series 2023-1 A 4.87% 5/15/28     300,000     298,666
BA Credit Card Trust Series 2022-A2 5.00% 4/15/28     250,000     249,060
BMW Vehicle Lease Trust Series 2023-1 A3 5.16% 11/25/25     220,200     219,790
Chase Issuance Trust Series 2024-A1I A 4.62% 1/16/29     200,000     198,161
CNH Equipment Trust Series 2024-A A2 5.19% 7/15/27     100,000      99,686
Discover Card Execution Note Trust Series 2022-A4 A 5.03% 10/15/27     200,000     199,256
    Principal
amount° 		Value (US $)
Non-Agency Asset-Backed Securities (continued)
Enterprise Fleet Financing      
Series 2022-2 A2 144A 4.65% 5/21/29 #      23,880 $    23,699
Series 2023-3 A2 144A 6.40% 3/20/30 #     100,000     101,127
Ford Credit Auto Lease Trust Series 2024-A A3 5.06% 5/15/27     100,000      99,600
Ford Credit Auto Owner Trust      
Series 2022-A B 1.91% 7/15/27       86,000      81,477
Series 2024-B A3 5.10% 4/15/29      200,000     199,760
Ford Credit Floorplan Master Owner Trust Series 2024-1 A1 144A 5.29% 4/15/29 #     200,000     200,735
GMF Floorplan Owner Revolving Trust Series 2023-1 A2 144A 6.483% (SOFR + 1.15%) 6/15/28 #, •     250,000     252,104
Hyundai Auto Lease Securitization
Trust 		     
Series 2023-A A3 144A 5.05% 1/15/26 #     200,000     199,556
Series 2024-A A3 144A 5.02% 3/15/27 #     100,000      99,577
Mercedes-Benz Auto Lease Trust Series 2024-A A2B 5.753% (SOFR + 0.42%) 2/16/27 •     100,000     100,000
NextGear Floorplan Master Owner Trust Series 2024-1A A1 144A 6.233% (SOFR + 0.90%, Floor 0.90%) 3/15/29 #, •     200,000     200,909
PFS Financing Series 2024-B A 144A 4.95% 2/15/29 #     200,000     198,365
Toyota Auto Receivables Owner
Trust 		     
Series 2024-A A3 4.83% 10/16/28      100,000      99,356
Series 2024-B A3 5.33% 1/16/29      100,000     100,396
Trafigura Securitisation Finance Series 2021-1A A2 144A 1.08% 1/15/25 #     200,000     199,586
Verizon Master Trust      
Series 2021-2 A 0.99% 4/20/28      100,000      98,574
Series 2022-2 B 1.83% 7/20/28       86,000      84,126
Series 2024-3 A1A 5.34% 4/22/30      100,000     100,875
Volkswagen Auto Lease Trust Series 2022-A A3 3.44% 7/21/25      31,151      31,078
    3

 

Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Macquarie VIP Limited Duration Bond Series 
    Principal
amount° 		Value (US $)
Non-Agency Asset-Backed Securities (continued)
Volkswagen Auto Loan Enhanced Trust Series 2023-2 A2B 5.963% (SOFR + 0.63%) 3/22/27 •     184,572 $   184,915
Total Non-Agency Asset-Backed Securities
(cost $3,827,013) 		 3,920,434
 
Non-Agency Collateralized Mortgage Obligations — 1.59%
Connecticut Avenue Securities Trust Series 2023-R08 1M1 144A 6.835% (SOFR + 1.50%) 10/25/43 #, •      83,569      84,096
OBX Trust Series 2023-NQM8 A1 144A 7.045% 9/25/63 #, ~      90,515      92,041
Verus Securitization Trust Series 2023-6 A1 144A 6.665% 9/25/68 #, ~     107,871    108,711
Total Non-Agency Collateralized Mortgage Obligations
(cost $281,952) 		   284,848
 
US Treasury Obligations — 29.18%
US Treasury Floating Rate Note
5.46% (USBMMY3M + 0.15%) 4/30/26 • 		    355,000     355,069
US Treasury Notes      
4.25% 12/31/25     160,000     158,491
4.50% 4/15/27   2,025,000   2,022,231
4.625% 6/30/26     585,000     583,960
4.875% 4/30/26     480,000     480,769
4.875% 5/31/26   1,615,000  1,618,407
Total US Treasury Obligations
(cost $5,204,998) 		 5,218,927
    Number of
shares 		 
Short-Term Investments — 2.92%
Money Market Mutual Funds — 2.92%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.21%)     130,446    130,446
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%)     130,446    130,446
    Number of
shares 		Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.35%)     130,446 $   130,446
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%)     130,447    130,447
Total Short-Term Investments
(cost $521,785) 		   521,785
Total Value of Securities—100.62%
(cost $18,129,427) 		    $17,994,824
° Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2024, the aggregate value of Rule 144A securities was $3,914,308, which represents 21.89% of the Series’ net assets. See Note 8 in “Notes to financial statements.”
• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at June 30, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
μ Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2024. Rate will reset at a future date.
ψ Perpetual security. Maturity date represents next call date.
~ Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at June 30, 2024.
 
4    

 

Table of Contents
The following futures contracts were outstanding at June 30, 2024:1
Futures Contracts
Exchange-Traded
Contracts to Buy (Sell)   Notional
Amount 		  Notional
Cost
(Proceeds) 		  Expiration
Date 		  Value/
Unrealized
Appreciation 		  Value/
Unrealized
Depreciation 		  Variation
Margin
Due from
(Due to)
Brokers
10 US Treasury 2 yr Notes   $2,042,187   $2,036,117   9/30/24   $6,070   $—   $(235)
(1) US Treasury 10 yr Notes   (109,984)   (109,005)   9/19/24   —   (979)   266
Total Futures Contracts   $1,927,112       $6,070   $(979)   $31
The use of futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The notional amounts presented above represent the Series’ total exposure in such contracts, whereas only the variation margin is reflected in the Series’ net assets.
1 See Note 6 in “Notes to financial statements.”
Summary of abbreviations: 
CLO – Collateralized Loan Obligation
DAC – Designated Activity Company
REMIC – Real Estate Mortgage Investment Conduit
S&P – Standard & Poor’s Financial Services LLC
S.F. – Single Family
SOFR – Secured Overnight Financing Rate
SOFR01M – Secured Overnight Financing Rate 1 Month
Summary of abbreviations:  (continued)
SOFR03M – Secured Overnight Financing Rate 3 Month
TSFR03M – 3 Month Term Secured Overnight Financing Rate
USBMMY3M – US Treasury 3 Month Bill Money Market Yield
USD – US Dollar
yr – Year
See accompanying notes, which are an integral part of the financial statements.
 
    5

 

Table of Contents
Statement of assets and liabilities
Delaware VIP® Trust — Macquarie VIP Limited Duration Bond Series
June 30, 2024 (Unaudited)
Assets:  
Investments, at value* $17,994,824
Foreign currencies, at valueΔ 218
Cash 156,677
Cash collateral due from brokers 11,495
Receivable for securities sold 247,644
Dividends and interest receivable 124,145
Receivable from investment manager 3,732
Receivable for series shares sold 368
Prepaid expenses 254
Variation margin due from broker on futures contracts 31
Other assets 171
Total Assets 18,539,559
Liabilities:  
Payable for securities purchased 584,022
Other accrued expenses 58,427
Payable for series shares redeemed 14,044
Total Liabilities 656,493
Total Net Assets $17,883,066
 
Net Assets Consist of:  
Paid-in capital $21,122,369
Total distributable earnings (loss) (3,239,303)
Total Net Assets $17,883,066
 
Net Asset Value  
 
Standard Class:  
Net assets $17,883,066
Shares of beneficial interest outstanding, unlimited authorization, no par 2,009,580
Net asset value per share $8.90
*Investments, at cost 		$18,129,427
ΔForeign currencies, at cost 225
See accompanying notes, which are an integral part of the financial statements.
    6

 

Table of Contents
Statement of operations
Delaware VIP® Trust  —  Macquarie VIP Limited Duration Bond Series
Six months ended June 30, 2024 (Unaudited)
Investment Income:  
Interest $367,192
Dividends 14,044
  381,236
 
Expenses:  
Management fees 45,349
Audit and tax fees 25,073
Accounting and administration expenses 21,653
Reports and statements to shareholders expenses 4,139
Custodian fees 977
Legal fees 839
Dividend disbursing and transfer agent fees and expenses 800
Trustees’ fees 414
Other 16,615
  115,859
Less expenses waived and reimbursed (67,787)
Less expenses paid indirectly (1)
Total operating expenses 48,071
Net Investment Income (Loss) 333,165
 
Net Realized and Unrealized Gain (Loss):  
Net realized gain (loss) on:  
Investments (21,872)
Futures contracts (25,281)
Net realized gain (loss) (47,153)
Net change in unrealized appreciation (depreciation) on:  
Investments (7,539)
Foreign currencies (95)
Futures contracts (29,133)
Net change in unrealized appreciation (depreciation) (36,767)
Net Realized and Unrealized Gain (Loss) (83,920)
Net Increase (Decrease) in Net Assets Resulting from Operations $249,245
See accompanying notes, which are an integral part of the financial statements.
    7

 

Table of Contents
Statements of changes in net assets
Delaware VIP® Trust —  Macquarie VIP Limited Duration Bond Series
  Six months
ended
6/30/24
(Unaudited) 		  Year ended
12/31/23
 
Increase (Decrease) in Net Assets from Operations:      
Net investment income (loss) $333,165   $595,676
Net realized gain (loss) (47,153)   (310,143)
Net change in unrealized appreciation (depreciation) (36,767)   691,680
Net increase (decrease) in net assets resulting from operations 249,245   977,213
 
Dividends and Distributions to Shareholders from:      
Distributable earnings:      
Standard Class (674,203)   (516,046)
 
Capital Share Transactions (See Note 4):      
Proceeds from shares sold:      
Standard Class 404,724   2,027,481
 
Net asset value of shares issued upon reinvestment of dividends and distributions:      
Standard Class 674,203   516,046
  1,078,927   2,543,527
Cost of shares redeemed:      
Standard Class (1,512,764)   (3,857,614)
Decrease in net assets derived from capital share transactions (433,837)   (1,314,087)
Net Decrease in Net Assets (858,795)   (852,920)
 
Net Assets:      
Beginning of period 18,741,861   19,594,781
End of period $17,883,066   $18,741,861
See accompanying notes, which are an integral part of the financial statements.
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Financial highlights
Macquarie VIP Limited Duration Bond Series Standard Class
Selected data for the share of the Series outstanding throughout each period were as follows:
    Six months ended
6/30/241
(Unaudited) 		  Year ended  
    12/31/23   12/31/22   12/31/21   12/31/20   12/31/192  
Net asset value, beginning of period   $9.12   $8.89   $9.47   $9.74   $9.66   $9.34
   
Income (loss) from investment operations:                        
Net investment income3   0.16   0.27   0.18   0.09   0.12   0.21
Net realized and unrealized gain (loss)   (0.04)   0.19   (0.57)   (0.15)   0.24   0.17
Total from investment operations   0.12   0.46   (0.39)   (0.06)   0.36   0.38
   
Less dividends and distributions from:                        
Net investment income   (0.34)   (0.23)   (0.19)   (0.21)   (0.28)   (0.06)
Total dividends and distributions   (0.34)   (0.23)   (0.19)   (0.21)   (0.28)   (0.06)
   
Net asset value, end of period   $8.90   $9.12   $8.89   $9.47   $9.74   $9.66
   
Total return4   1.39%   5.29%   (4.19%)   (0.68%)   3.79%   4.09%
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $17,883   $18,742   $19,595   $25,263   $28,936   $31,712
Ratio of expenses to average net assets5   0.53%   0.53%   0.53%   0.60%   0.75%   0.86%
Ratio of expenses to average net assets prior to fees waived5   1.28%   1.15%   1.14%   0.94%   1.03%   1.10%
Ratio of net investment income to average net assets   3.67%   3.07%   2.03%   0.90%   1.25%   2.15%
Ratio of net investment income to average net assets prior to fees waived   2.92%   2.45%   1.42%   0.56%   0.97%   1.91%
Portfolio turnover   113%   124%   157%   252%   126%   108%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 On October 4, 2019, the First Investors Life Series Limited Duration Bond Fund shares were reorganized into Standard Class shares of the Series. The Standard Class shares financial highlights for the period prior to October 4, 2019, reflect the performance of the First Investors Life Series Limited Duration Bond Fund shares.
3 Calculated using average shares outstanding.
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.
5 Expense ratios do not include expenses of any investment companies in which the Series invests.
See accompanying notes, which are an integral part of the financial statements.
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Limited Duration Bond Series  
June 30, 2024 (Unaudited)  
Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 9 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940, as amended (1940 Act). These financial statements and the related notes pertain to Macquarie VIP Limited Duration Bond Series (formerly, Delaware VIP Limited Duration Bond Series) (Series). The Trust is an open-end investment company. The Series is considered diversified under the 1940 Act and offers Standard Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee. The shares of the Series are sold only to separate accounts of life insurance companies.
1. Significant Accounting Policies
The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.
Security Valuation — Fixed income securities are generally priced based upon valuations provided by an independent pricing service or broker in accordance with methodologies included within Delaware Management Company (DMC)’s Pricing Policy (the Policy). Fixed income security valuations are then reviewed by DMC as part of its duties as the Series’ valuation designee (Valuation Designee) and, to the extent required by the Policy and applicable regulation, fair valued consistent with the Policy. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations (CMOs), commercial mortgage securities, and US government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. US government and agency securities are valued at the mean between the bid and the ask prices, which approximates fair value. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Open-end investment companies, other than exchange-traded funds (ETFs), are valued at their published net asset value (NAV). Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees (Board) has designated DMC as the Valuation Designee for each series to perform the fair value determination relating to all applicable Series investments. DMC has established a Pricing Committee to assist with its designated responsibilities as Valuation Designee, and DMC may carry out its designated responsibilities as Valuation Designee through the Pricing Committee and other teams and committees, which operate under policies and procedures approved by the Board and subject to the Board's oversight. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of US securities or securities indexes) that occur after the close of the relevant market and before the close of the New York Stock Exchange. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-US securities.
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, 2024, and for all open tax years (years ended December 31, 2020–December 31, 2023), and has concluded that no provision for federal income tax is required in the Series’ financial statements. If applicable, the Series recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statement of operations.” During the six months ended June 30, 2024, the Series did not incur any interest or tax penalties.
Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date. 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
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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 realized gains (losses), attributable to changes in foreign exchange rates, is included on the “Statement of operations” under “Net realized gain (loss) on foreign currencies.” The Series reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.
Derivative Financial Instruments  —  The Series may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities
and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Series intends to use either derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk.
Segregation and Collateralization  —  In certain cases, based on requirements and agreements with certain exchanges and third-party broker-dealers, the Series may deliver or receive collateral in connection with certain investments (e.g., futures contracts, forward foreign currency exchange contracts, options written, securities with extended settlement periods, and swaps). Certain countries require that cash reserves be held while investing in companies incorporated in that country. Cash collateral that has been pledged/received to cover obligations of the Series under derivative contracts, if any, will be reported separately on the “Statement of assets and liabilities” as cash collateral due to/from broker. Securities collateral pledged for the same purpose, if any, is noted on the “Schedule of investments.”
Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.
Other —  Expenses directly attributable to the Series are charged directly to the Series. Other expenses common to various funds within the Delaware Funds by Macquarie® (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 an accrual basis. Income and capital gain distributions from any investment companies (Underlying Funds) in which the Series invests are recorded on the ex-dividend date. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. The Series declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, at least annually. The Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.
The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.”
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates
In accordance with the terms of its investment management agreement, the Series pays DMC, a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rates of 0.50% on the first $500 million of average daily net assets of the Series, 0.475% on the next $500 million, 0.45% on the next $1.5 billion, and 0.425% on average daily net assets in excess of $2.5 billion.
DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any
12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Limited Duration Bond Series   
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
meetings, and liquidations), in order to prevent total annual series operating expenses from exceeding 0.53% of the Series’ average daily net assets for the Standard Class from January 1, 2024 through April 30, 2025. These waivers and reimbursements may only be terminated by agreement of DMC and the Series. The waivers and reimbursements are accrued daily and received monthly.
DMC may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited (together, the Affiliated Sub-Advisors). DMC may also permit these Affiliated Sub-Advisors to execute Series security trades on behalf of DMC and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Series, pays each Affiliated Sub-Advisor a portion of its investment management fee.
Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Series. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2024, the Series paid $2,394 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, 2024, the Series paid $680 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Investment Servicing (US) Inc. (BNYIS), BNYIS 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 on a monthly or quarterly basis.
As provided in the investment management agreement, the Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Series. For the six months ended June 30, 2024, the Series paid $193 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”
Trustees’ fees include expenses accrued by the Series for each Trustee’s retainer and meeting fees. Certain officers of DMC and DIFSC are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.
In addition to the management fees and other expenses of the Series, the Series indirectly bears the investment management fees and other expenses of any Underlying Funds, including ETFs, in which it invests. The amount of these fees and expenses incurred indirectly by the Series will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.
3. Investments
For the six months ended June 30, 2024, the Series made purchases and sales of investment securities other than short-term investments as follows:
   
Purchases other than US government securities $2,914,985
Purchases of US government securities 17,211,075
Sales other than US government securities 3,891,333
Sales of US government securities 16,900,446
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At June 30, 2024, 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, 2024, the cost and unrealized appreciation (depreciation) of investments and derivatives for the Series were as follows:
   
Cost of investments and derivatives $18,199,241
Aggregate unrealized appreciation of investments and derivatives $53,806
Aggregate unrealized depreciation of investments and derivatives (253,132)
Net unrealized depreciation of investments and derivatives $(199,326)
For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At December 31, 2023, the Series had capital loss carryforwards available to offset future realized capital gains as follows:
  Loss carryforward character    
  Short-term   Long-term   Total
  $ 1,660,960   $1,609,743   $ 3,270,703
US GAAP defines fair value as the price that the Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Series’ investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:
Level 1  − Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)
Level 2  − Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)
Level 3  − Significant unobservable inputs, including the Series’ own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)
Level 3 investments are valued using significant unobservable inputs. The Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of June 30, 2024:
    Level 1   Level 2 Total  
Securities            
Assets:            
Agency Collateralized Mortgage Obligations   $—   $219,530 $219,530  
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Limited Duration Bond Series   
3. Investments (continued)
    Level 1   Level 2   Total  
Agency Mortgage-Backed Securities   $—   $673,051   $673,051  
Collateralized Debt Obligations   —   706,804   706,804  
Corporate Bonds   —   6,252,020   6,252,020  
Government Agency Obligation   —   197,425   197,425  
Non-Agency Asset-Backed Securities   —   3,920,434   3,920,434  
Non-Agency Collateralized Mortgage Obligations   —   284,848   284,848  
US Treasury Obligations   —   5,218,927   5,218,927  
Short-Term Investments   521,785   —   521,785  
Total Value of Securities   $521,785   $17,473,039   $17,994,824  
   
Derivatives1              
Assets:              
Futures Contracts   $6,070   $—   $6,070  
Liabilities:              
Futures Contracts   $(979)   $—   $(979)  
 
1Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.
During the six months ended June 30, 2024, there were no transfers into or out of Level 3 investments. The Series’ policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.
A reconciliation of Level 3 investments is presented when the Series has a significant amount of Level 3 investments at the beginning or end of the period in relation to the Series’ net assets. As of June 30, 2024, there were no Level 3 investments.
4. Capital Shares
Transactions in capital shares were as follows:
   
  Six months
ended 		  Year ended
  6/30/24   12/31/23
Shares sold:
Standard Class 44,745   226,044
 
Shares issued upon reinvestment of dividends and distributions:
Standard Class 76,876   58,509
  121,621   284,553
Shares redeemed:
Standard Class (167,421)   (433,325)
Net decrease (45,800)   (148,772)
5. Line of Credit
The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $335,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor
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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 October 28, 2024.
The Series had no amounts outstanding as of June 30, 2024, 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.
Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. The Series may use futures contracts in the normal course of pursuing its investment objective. The Series may invest in futures contracts to hedge its existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions. Upon entering into a futures contract, the Series deposits cash or pledges US government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Series as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Series records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Series because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. At June 30, 2024, the Series posted $11,495 cash collateral as margin for open futures contracts, which is included in “Cash collateral due from brokers” on the “Statement of assets and liabilities.” Open futures contracts, if any, are disclosed on the “Schedule of investments.”
During the six months ended June 30, 2024, the Series experienced net realized and unrealized gains or losses attributable to futures contracts holdings, which are disclosed on the “Statement of assets and liabilities” and “Statement of operations.”
During the six months ended June 30, 2024, 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.
The table below summarizes the average daily balance of derivative holdings by the Series during the six months ended June 30, 2024:
  Long Derivative
Volume 		  Short Derivative
Volume
Futures contracts (average notional amount) $ 3,327,842   $ 110,927
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 (BNY). 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 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
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Limited Duration Bond Series   
7. Securities Lending (continued)
result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.
Cash collateral received by the Series is generally invested in an individual separate account. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. The Series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.
In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Series or, at the discretion of the lending agent, replace the loaned securities. The Series continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Series has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Series receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Series, the security lending agent, and the borrower. The Series records security lending income net of allocations to the security lending agent and the borrower.
The Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Series’ cash collateral account may be less than the amount the Series would be required to return to the borrowers of the securities and the Series would be required to make up for this shortfall.
During the six months ended June 30, 2024, the Series had no securities out on loan.
8. Credit and Market Risks
The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen.
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. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. A series may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.
The Series' investments in debt securities are subject to credit risk, which is the risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and/or repay principal in a timely manner.
Some countries in which the Series may invest require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.
The securities exchanges of certain foreign markets are substantially smaller, less liquid, and more volatile than the major securities markets in the US. Consequently, acquisition and disposition of securities by the Series may be inhibited. In addition, a significant portion of the aggregate market value of securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Series.
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The Series may invest in mortgage-backed and asset-backed securities. Mortgage-backed and asset-backed securities, like other fixed income securities, are subject to credit risk and interest rate risk, and may also be subject to prepayment risk and extension risk. Mortgage-backed and asset-backed securities can be highly sensitive to interest rate changes. As a result, small movements in interest rates can substantially impact the value and liquidity of these securities. Prepayment risk is the risk that the principal on mortgage-backed or asset-backed securities may be prepaid at any time, which will reduce the yield and market value of the securities and may cause the Series to reinvest the proceeds in lower yielding securities. Extension risk is the risk that principal on mortgage-backed or asset-backed securities will be repaid more slowly than expected, which may reduce the proceeds available for reinvestment in higher yielding securities and may cause the security to experience greater volatility due to the extended maturity of the security. When interest rates rise, the value of mortgage-backed and asset-backed securities can be expected to decline. When interest rates go down, however, the value of these securities may not increase as much as other fixed income securities due to borrowers refinancing their loans at lower interest rates or prepaying their loans. In addition, mortgage-backed and asset-backed securities may decline in value, become more volatile, face difficulties in valuation, or experience reduced liquidity due to changes in general economic conditions. During periods of economic downturn, for example, underlying borrowers may not make timely payments on their loans and the value of property that secures the loans may decline in value such that it is worth less than the amount of the associated loans. If the collateral securing a mortgage-backed or asset-backed security is insufficient to repay the loan, the Series could sustain a loss. Such risks generally will be heightened where a mortgage-backed or asset-backed security includes “subprime” loans. Although mortgage-backed securities are often supported by government guarantees or private insurance, there can be no guarantee that those obligations will be met. Furthermore, in certain economic conditions, loan servicers, loan originators and other participants in the market for mortgage-backed and other asset-backed securities may be unable to receive sufficient funding, impairing their ability to perform their obligations on the loans. Certain mortgage-backed or asset-backed securities may be more susceptible to these risks than other mortgage-backed, asset-backed, or fixed-income securities. For example, the Series' investments in CMOs, real estate mortgage investment conduits (REMICs), and stripped mortgage-backed securities are generally highly susceptible to interest rate risk, prepayment risk, and extension risk. At times, these investments may be difficult to value and/or illiquid. Some classes of CMOs and REMICs may have preference in receiving principal or interest payments relative to more junior classes. The market prices and yields of these junior classes will generally be more volatile than more senior classes and will be more susceptible to interest rate risk, prepayment risk, and extension risk than more senior classes. Stripped mortgage-backed securities that receive only payments of interest (IOs) will generally decrease in value if interest rates decline or prepayment rates increase. Stripped mortgage-backed securities that receive only payments of principal (POs) will generally decrease in value if interest rates increase or prepayment rates decrease. These changes in value can be substantial and could cause the Series to lose the entire value of its investment in CMOs, REMICs, and stripped mortgage-backed securities.
The Series invests in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor’s Financial Services LLC and 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.
Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss, which may exceed amounts disclosed on the “Statement of assets and liabilities”, if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the portfolio manager anticipated. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a Series may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).
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.”
(continues)
    17

 

Table of Contents
Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Limited Duration Bond Series   
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. Subsequent Events
Management has determined that no material events or transactions occurred subsequent to June 30, 2024, that would require recognition or disclosure in the Series’ financial statements.
    18

 

Table of Contents
Other Series information (Unaudited)
Delaware VIP® Trust — Macquarie VIP Limited Duration Bond 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-PORT. The Series’ Form N-PORT, as well as a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities, is available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Series’ most recent Form N-PORT are available without charge on the Series’ website at delawarefunds.com/vip-literature.
Information (if any) regarding how the Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.
    19

 

Table of Contents
Privacy Notice
We are committed to protecting the privacy of our potential, current, and former customers. To provide the products and services you request, we must collect personal information about you. We do not sell your personal information to third parties. We collect your personal information and share it with third parties as necessary to provide you with the products or services you request and to administer your business with us. This notice describes our current privacy practices. While your relationship with us continues, we will update and send our privacy practices notice as required by law. We are committed to continuing to protect your personal information even after that relationship ends. You do not need to take any action because of this notice.
Information we may collect
and use
We collect personal information about you to help us identify you as our potential, current, or former customer; to process your requests and transactions; to offer investment services to you; or to tell you about our products or services we believe you may want to use. The type of personal information we collect depends on the products or services you request and may include the following:
• Information from you: When you submit your application or other forms or request information on our products (online or otherwise), you give us information such as your name, address, Social Security number, your financial account information, and your financial history.
• Information about your transactions: We keep information about your transactions with us, such as the products you buy from us; the amount you paid for those products; your investment activity; and your account balances.
• Information from your employer: In connection with administering your retirement plan, we may obtain information about you from your employer.
• Information received from third parties: In order to verify your identity or to prevent fraud, we may obtain information about you from third parties.
How we use your personal information
We do not disclose nonpublic personal information about our potential, current, and former customers unless allowed or required by law. We may share your personal information within our companies and with certain service providers. They use this information to process transactions you have requested; provide customer service; and inform you of products or services we offer that you may find useful. Our service providers may or may not be affiliated with us. They include financial service providers (for example, third-party administrators; broker/dealers; and other financial services companies with whom we have joint marketing agreements). Our service providers also include nonfinancial companies and individuals (for example, consultants; information services vendors; and companies that perform mailing or marketing services on our behalf). Information obtained from a report prepared by a service provider may be kept by the service provider and shared with other persons; however, we require our service providers to
protect your personal information and to use or disclose it only for the work they are performing for us, or as permitted by law.
We also may provide information to regulatory authorities, law enforcement officials, and others to prevent fraud or when we believe in good faith that the law requires disclosure. In the event of a sale of all or part of our businesses, we may share customer information as part of the sale. We do not sell or share your information with outside marketers who may want to offer you their own products and services.
Security of information
Keeping your information safe is one of our most important responsibilities. We maintain physical, electronic, and procedural safeguards to protect your information. Our employees are authorized to access your information only when they need it to provide you with products and services or to maintain your accounts. Employees who have access to your personal information are required to keep it strictly confidential. We provide training to our employees about the importance of protecting the privacy of your information.
Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and
multi-asset solutions.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized
deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
 
i        This page is not part of the Financial statements and other information.

 

Table of Contents
Privacy Notice
This privacy practices notice is being provided on behalf of the following:
Macquarie Management Holdings, Inc. and each of its affiliates, such as direct or indirect subsidiaries, and any fund or product sponsored by or otherwise affiliated with Macquarie
Central Park Group (CPG) Funds
Delaware Funds by Macquarie®
Macquarie ETF Trust
Macquarie Investment Management Austria Kapitalanlage AG
Macquarie Investment Management Europe Limited
Macquarie Investment Management Europe S.A.
Macquarie Investment Management Global Limited
Optimum Fund Trust
Revised May 2024
 
This page is not part of the Financial statements and other information.        ii

 

Table of Contents
(3749041)
SA-VIPLDB-0824

Delaware VIP® Trust
Macquarie VIP Opportunity Series
(formerly, Delaware VIP Opportunity Series)
Financial statements and other information
For the six months ended June 30, 2024

 

Table of contents
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3
4
5
6
7
14
Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and multi-asset solutions.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
The Series is governed by US laws and regulations.
Unless otherwise noted, views expressed herein are current as of June 30, 2024, and subject to change for events occurring after such date. These views are not intended to be investment advice, to forecast future events, or to guarantee future results.
The Series is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested.
The Series is advised by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment adviser, and distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.
This material may be used in conjunction with the offering of shares in Macquarie VIP Opportunity Series only if preceded or accompanied by the Series’ current prospectus or summary prospectus.
All third-party marks cited are the property of their respective owners.
© 2024 Macquarie Management Holdings, Inc.

 

Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Macquarie VIP Opportunity Series
June 30, 2024 (Unaudited)
    Number of
shares 		Value (US $)
Common Stocks — 99.49%
Basic Materials — 8.63%
Beacon Roofing Supply †    11,515 $ 1,042,108
Boise Cascade      8,114    967,351
Huntsman     39,425    897,707
Kaiser Aluminum      5,307    466,485
Minerals Technologies     12,290  1,022,037
Reliance      3,627  1,035,871
Summit Materials Class A †    13,369    489,439
Westrock     12,555    631,014
   6,552,012
Business Services — 4.91%
ABM Industries     10,832    547,774
Aramark     16,814    572,012
ASGN †     6,590    581,040
Casella Waste Systems Class A †     4,334    430,020
Clean Harbors †     3,226    729,560
WillScot Mobile Mini Holdings †    22,976    864,817
   3,725,223
Capital Goods — 11.78%
Ameresco Class A †     7,242    208,642
API Group †     7,791    293,175
Applied Industrial Technologies      1,497    290,418
Atkore      1,850    249,621
Carlisle      2,445    990,738
Chart Industries †     2,872    414,545
Federal Signal      8,108    678,396
Gates Industrial †    17,415    275,331
Graco      6,756    535,616
Kadant      1,752    514,703
KBR     11,884    762,240
Lincoln Electric Holdings      4,174    787,383
Quanta Services      1,638    416,199
Regal Rexnord      3,500    473,270
Tetra Tech      3,446    704,638
WESCO International      5,125    812,415
Zurn Elkay Water Solutions     18,319    538,579
   8,945,909
Consumer Discretionary — 4.49%
BJ's Wholesale Club Holdings †     7,555    663,631
Dick's Sporting Goods      4,962  1,066,086
Five Below †     4,917    535,805
Malibu Boats Class A †     6,270    219,701
Steven Madden     21,849    924,213
   3,409,436
Consumer Services — 2.89%
Brinker International †     9,011    652,306
Jack in the Box      3,589    182,824
Texas Roadhouse      5,605    962,434
Wendy's     23,256    394,422
   2,191,986
Consumer Staples — 3.26%
Casey's General Stores      2,908  1,109,577
Helen of Troy †     2,910    269,873
J & J Snack Foods      3,667     595,411
    Number of
shares 		Value (US $)
Common Stocks (continued)
Consumer Staples (continued)
YETI Holdings †    13,014 $   496,484
   2,471,345
Credit Cyclicals — 3.27%
BorgWarner     13,796    444,783
KB Home      7,093    497,787
La-Z-Boy      9,550    356,024
Taylor Morrison Home †     8,246    457,158
Toll Brothers      6,322    728,168
   2,483,920
Energy — 5.25%
Chesapeake Energy     14,854  1,220,850
Liberty Energy     57,454  1,200,214
Permian Resources     40,879    660,196
Southwestern Energy †   134,605    905,892
   3,987,152
Financial Services — 13.47%
Axis Capital Holdings     11,938    843,420
Columbia Banking System     32,575    647,917
East West Bancorp     15,626  1,144,292
Essent Group     10,537    592,074
Hamilton Lane Class A      4,404    544,246
Kemper     14,968    888,051
Pinnacle Financial Partners      8,638    691,386
Primerica      2,398    567,319
Reinsurance Group of America      4,642    952,863
SouthState      7,814    597,146
Stifel Financial     13,296  1,118,858
Valley National Bancorp     51,206    357,418
Webster Financial     17,490    762,389
WSFS Financial     11,058    519,726
  10,227,105
Healthcare — 13.13%
Amicus Therapeutics †    30,578    303,334
Apellis Pharmaceuticals †     9,219    353,641
Azenta †     7,124    374,865
Bio-Techne      7,450    533,792
Blueprint Medicines †     6,980    752,304
Encompass Health      8,544    732,990
Exact Sciences †     9,946    420,218
Halozyme Therapeutics †    13,864    725,919
Insmed †    14,428    966,676
Inspire Medical Systems †     2,624    351,170
Intra-Cellular Therapies †     6,900    472,581
Lantheus Holdings †     6,941    557,293
Ligand Pharmaceuticals †     5,299    446,494
Natera †     9,237  1,000,275
Neurocrine Biosciences †     6,676    919,085
OmniAb 12.5 =, †     1,789          0
OmniAb 15 =, †     1,789          0
Repligen †     3,365    424,192
Supernus Pharmaceuticals †    13,093    350,238
Ultragenyx Pharmaceutical †     6,891    283,220
   9,968,287
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Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Macquarie VIP Opportunity Series 
    Number of
shares 		Value (US $)
Common Stocks (continued)
Media — 1.74%
IMAX †    22,501 $   377,342
Interpublic Group     20,087    584,331
Nexstar Media Group      2,170    360,241
   1,321,914
Real Estate Investment Trusts — 7.04%
Brixmor Property Group     31,979    738,395
Camden Property Trust      7,754    846,039
First Industrial Realty Trust     18,180    863,732
Healthpeak Properties     33,354    653,738
Jones Lang LaSalle †     2,524    518,127
Kite Realty Group Trust     29,431    658,666
National Storage Affiliates Trust     14,296    589,281
Terreno Realty      7,997    473,262
   5,341,240
Technology — 14.30%
Box Class A †    10,672    282,168
Coherent †    10,939    792,640
Dynatrace †    11,891    532,003
ExlService Holdings †    24,398    765,121
Guidewire Software †     5,843    805,691
MACOM Technology Solutions Holdings †     6,961    775,943
MaxLinear †    14,409    290,197
Procore Technologies †     7,357    487,843
PTC †     7,051  1,280,955
Q2 Holdings †    11,951    721,004
Rapid7 †     5,833    252,161
Rubrik Class A †     1,959     60,063
Semtech †    18,489    552,451
Silicon Laboratories †     4,300    475,709
Smartsheet Class A †     9,268    408,533
Sprout Social Class A †     5,079    181,219
SPS Commerce †     1,006    189,289
Varonis Systems †    15,182    728,281
WNS Holdings †     9,967    523,267
Workiva †     3,415    249,261
Yelp †     8,535    315,368
Ziff Davis †     3,321    182,821
  10,851,988
Transportation — 3.71%
ArcBest      1,186    126,997
International Seaways      2,159    127,662
Kirby †     8,431  1,009,444
Knight-Swift Transportation Holdings     12,167     607,377
    Number of
shares 		Value (US $)
Common Stocks (continued)
Transportation (continued)
Saia †       306 $   145,133
Scorpio Tankers      1,735    141,038
Teekay Tankers Class A      1,103     75,897
Werner Enterprises     10,782    386,319
XPO †     1,830    194,254
   2,814,121
Utilities — 1.62%
Black Hills     11,004    598,397
Spire     10,361    629,224
   1,227,621
Total Common Stocks
(cost $57,959,074) 		75,519,259
 
Short-Term Investments — 0.56%
Money Market Mutual Funds — 0.56%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.21%)   107,050    107,050
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%)   107,054    107,054
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.35%)   107,054    107,054
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%)   107,054    107,054
Total Short-Term Investments
(cost $428,212) 		   428,212
Total Value of Securities—100.05%
(cost $58,387,286) 		    $75,947,471
† Non-income producing security.
= 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.”
See accompanying notes, which are an integral part of the financial statements.
 
2    

 

Table of Contents
Statement of assets and liabilities
Delaware VIP® Trust — Macquarie VIP Opportunity Series
June 30, 2024 (Unaudited)
Assets:  
Investments, at value* $75,947,471
Dividends receivable 50,856
Receivable for series shares sold 9,083
Prepaid expenses 944
Other assets 627
Total Assets 76,008,981
Liabilities:  
Due to custodian 244
Other accrued expenses 45,978
Investment management fees payable to affiliates 42,592
Payable for series shares redeemed 12,903
Total Liabilities 101,717
Total Net Assets $75,907,264
 
Net Assets Consist of:  
Paid-in capital $57,285,599
Total distributable earnings (loss) 18,621,665
Total Net Assets $75,907,264
 
Net Asset Value  
 
Standard Class:  
Net assets $75,907,264
Shares of beneficial interest outstanding, unlimited authorization, no par 4,432,038
Net asset value per share $17.13
*Investments, at cost 		$58,387,286
See accompanying notes, which are an integral part of the financial statements.
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Table of Contents
Statement of operations
Delaware VIP® Trust  —  Macquarie VIP Opportunity Series
Six months ended June 30, 2024 (Unaudited)
Investment Income:  
Dividends $518,876
 
Expenses:  
Management fees 287,984
Accounting and administration expenses 26,207
Audit and tax fees 16,643
Legal fees 3,478
Reports and statements to shareholders expenses 3,312
Dividend disbursing and transfer agent fees and expenses 2,935
Custodian fees 1,891
Trustees’ fees 1,800
Other 1,706
  345,956
Less expenses waived (27,252)
Less expenses paid indirectly (1)
Total operating expenses 318,703
Net Investment Income (Loss) 200,173
 
Net Realized and Unrealized Gain (Loss):  
Net realized gain (loss) on:  
Investments 1,018,794
Net increase from payment by affiliates1 48
Net realized gain (loss) 1,018,842
Net change in unrealized appreciation (depreciation) on investments 1,819,322
Net Realized and Unrealized Gain (Loss) 2,838,164
Net Increase (Decrease) in Net Assets Resulting from Operations $3,038,337
1 See Note 2 in “Notes to financial statements.”
See accompanying notes, which are an integral part of the financial statements.
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Table of Contents
Statements of changes in net assets
Delaware VIP® Trust —  Macquarie VIP Opportunity Series
  Six months
ended
6/30/24
(Unaudited) 		  Year ended
12/31/23
 
Increase in Net Assets from Operations:      
Net investment income (loss) $200,173   $509,087
Net realized gain (loss) 1,018,794   3,719,484
Net increase from payment by affiliates1 48   —
Net change in unrealized appreciation (depreciation) 1,819,322   7,291,993
Net increase (decrease) in net assets resulting from operations 3,038,337   11,520,564
 
Dividends and Distributions to Shareholders from:      
Distributable earnings:      
Standard Class (4,177,391)   (6,117,884)
 
Capital Share Transactions (See Note 4):      
Proceeds from shares sold:      
Standard Class 722,129   6,298,627
 
Net asset value of shares issued upon reinvestment of dividends and distributions:      
Standard Class 4,177,391   6,117,884
  4,899,520   12,416,511
Cost of shares redeemed:      
Standard Class (6,347,291)   (11,320,069)
Increase (decrease) in net assets derived from capital share transactions (1,447,771)   1,096,442
Net Increase (Decrease) in Net Assets (2,586,825)   6,499,122
 
Net Assets:      
Beginning of period 78,494,089   71,994,967
End of period $75,907,264   $78,494,089
1 See Note 2 in “Notes to financial statements.”
See accompanying notes, which are an integral part of the financial statements.
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Financial highlights
Macquarie VIP Opportunity Series Standard Class
Selected data for the share of the Series outstanding throughout each period were as follows:
    Six months ended
6/30/241
(Unaudited) 		  Year ended  
    12/31/23   12/31/22   12/31/21   12/31/20   12/31/192  
Net asset value, beginning of period   $17.43   $16.33   $20.48   $17.10   $19.50   $15.58
   
Income (loss) from investment operations:                        
Net investment income3   0.05   0.11   0.10   0.04   0.22   0.11
Net realized and unrealized gain (loss)   0.63   2.38   (2.82)   3.88   0.36   4.49
Total from investment operations   0.68   2.49   (2.72)   3.92   0.58   4.60
   
Less dividends and distributions from:                        
Net investment income   (0.12)   (0.11)   (0.04)   (0.23)   (0.12)   (0.23)
Net realized gain   (0.86)   (1.28)   (1.39)   (0.31)   (2.86)   (0.45)
Total dividends and distributions   (0.98)   (1.39)   (1.43)   (0.54)   (2.98)   (0.68)
   
Payment by affiliates   —4, 5   —   —   —   —   —
   
Net asset value, end of period   $17.13   $17.43   $16.33   $20.48   $17.10   $19.50
   
Total return6   4.06%   16.30%   (13.68%)   23.13%   10.80%   30.11%
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $75,907   $78,494   $71,995   $92,113   $85,676   $82,342
Ratio of expenses to average net assets7   0.83%   0.83%   0.83%   0.83%   0.83%   0.84%
Ratio of expenses to average net assets prior to fees waived7   0.90%   0.91%   0.93%   0.88%   0.97%   0.89%
Ratio of net investment income to average net assets   0.52%   0.69%   0.60%   0.19%   1.50%   0.65%
Ratio of net investment income to average net assets prior to fees waived   0.45%   0.61%   0.50%   0.14%   1.36%   0.60%
Portfolio turnover   5%   19%   22%   17%   31%   125%8
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 On October 4, 2019, the First Investors Life Series Opportunity Fund shares were reorganized into Standard Class shares of the Series. The Standard Class shares financial highlights for the period prior to October 4, 2019, reflect the performance of the First Investors Life Series Opportunity Fund shares.
3 Calculated using average shares outstanding.
4 Amount is less than $0.005 per share.
5 See Note 2 in “Notes to financial statements.”
6 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.
7 Expense ratios do not include expenses of any investment companies in which the Series invests.
8 The Series’ portfolio turnover rate increased substantially during the year ended December 31, 2019 due to a change in the Series’ portfolio managers and associated repositioning.
See accompanying notes, which are an integral part of the financial statements.
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Opportunity Series  
June 30, 2024 (Unaudited)  
Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 9 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940, as amended (1940 Act). These financial statements and the related notes pertain to Macquarie VIP Opportunity Series (formerly, Delaware VIP Opportunity Series) (Series). The Trust is an open-end investment company. The Series is considered diversified under the 1940 Act and offers Standard Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee. The shares of the Series are sold only to separate accounts of life insurance companies.
1. Significant Accounting Policies
The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.
Security Valuation —  Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (NYSE) on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Open-end investment companies, other than ETFs, are valued at their published net asset value (NAV). Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees (Board) has designated Delaware Management Company (DMC) as the valuation designee (Valuation Designee) for each series to perform the fair value determination relating to all applicable Series investments. DMC has established a Pricing Committee to assist with its designated responsibilities as Valuation Designee, and DMC may carry out its designated responsibilities as Valuation Designee through the Pricing Committee and other teams and committees, which operate under policies and procedures approved by the Board and subject to the Board’s oversight. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of US securities or securities indexes) that occur after the close of the relevant market and before the close of the NYSE. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-US securities.
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, 2024, and for all open tax years (years ended December 31, 2020–December 31, 2023), and has concluded that no provision for federal income tax is required in the Series’ financial statements. If applicable, the Series recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statement of operations.” During the six months ended June 30, 2024, the Series did not incur any interest or tax penalties.
Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.
Other — Expenses directly attributable to the Series are charged directly to the Series. Other expenses common to various funds within the Delaware Funds by Macquarie® (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Income and capital gain distributions from any investment companies (Underlying Funds) in which the Series invests are recorded on the ex-dividend date.
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Opportunity Series   
1. Significant Accounting Policies (continued)
Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, which are estimated, 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, at least annually. The Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.
The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.”
2.  Investment Management, Administration Agreements, and Other Transactions with Affiliates
In accordance with the terms of its investment management agreement, the Series pays DMC, a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rates of 0.75% on the first $500 million of average daily net assets of the Series, 0.70% on the next $500 million, 0.65% on the next $1.5 billion, and 0.60% on average daily net assets in excess of $2.5 billion.
DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual series operating expenses from exceeding 0.83% of the Series’ average daily net assets for the Standard Class from January 1, 2024 through April 30, 2025. These waivers and reimbursements may only be terminated by agreement of DMC and the Series. The waivers and reimbursements are accrued daily and received monthly.
DMC entered into a Sub-Advisory Agreement on behalf of the Series with Macquarie Investment Management Global Limited, which is an affiliate of DMC (Affiliated Sub-Advisor). Pursuant to the terms of the Sub-Advisory Agreement, the investment sub-advisory fee is paid by DMC to the Affiliated Sub-Advisor based on the extent to which the Affiliated Sub-Advisor provides services to the Series.
Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Series. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2024, the Series paid $3,702 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, 2024, the Series paid $2,880 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Investment Servicing (US) Inc. (BNYIS), BNYIS 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 on a monthly or quarterly basis.
As provided in the investment management agreement, the Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Series. For the six months ended June 30, 2024, the Series paid $820 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”
Trustees’ fees include expenses accrued by the Series for each Trustee’s retainer and meeting fees. Certain officers of DMC and DIFSC are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.
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In addition to the management fees and other expenses of the Series, the Series indirectly bears the investment management fees and other expenses of any Underlying Funds, including ETFs, in which it invests. The amount of these fees and expenses incurred indirectly by the Series will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.
During the six months ended June 30, 2024, DMC reimbursed the Series $48 for commissions related to a trade error. These amounts are included in “Net increase from payment by affiliates” in the "Statement of operations." Payment by affiliates had no impact on total return.
3. Investments
For the six months ended June 30, 2024, the Series made purchases and sales of investment securities other than short-term investments and US government securities as follows:
   
Purchases $4,106,537
Sales 8,126,830
At June 30, 2024, 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, 2024, the cost and unrealized appreciation (depreciation) of investments for the Series were as follows:
   
Cost of investments $58,387,286
Aggregate unrealized appreciation of investments $21,058,732
Aggregate unrealized depreciation of investments (3,498,547)
Net unrealized appreciation of investments $17,560,185
US GAAP defines fair value as the price that the Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Series’ investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:
Level 1  − Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)
Level 2  − Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)
Level 3  − Significant unobservable inputs, including the Series’ own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)
Level 3 investments are valued using significant unobservable inputs. The Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Opportunity Series   
3. Investments (continued)
comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of June 30, 2024:
    Level 1   Level 3 Total  
Securities            
Assets:            
Common Stocks            
Basic Materials   $6,552,012   $— $6,552,012  
Business Services   3,725,223   — 3,725,223  
Capital Goods   8,945,909   — 8,945,909  
Consumer Discretionary   3,409,436   — 3,409,436  
Consumer Services   2,191,986   — 2,191,986  
Consumer Staples   2,471,345   — 2,471,345  
Credit Cyclicals   2,483,920   — 2,483,920  
Energy   3,987,152   — 3,987,152  
Financial Services   10,227,105   — 10,227,105  
Healthcare   9,968,287   —1 9,968,287  
Media   1,321,914   — 1,321,914  
Real Estate Investment Trusts   5,341,240   — 5,341,240  
Technology   10,851,988   — 10,851,988  
Transportation   2,814,121   — 2,814,121  
Utilities   1,227,621   — 1,227,621  
Short-Term Investments   428,212   — 428,212  
Total Value of Securities   $75,947,471   $— $75,947,471  
 
1The 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, 2024, there were no transfers into or out of Level 3 investments. The Series’ policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.
A reconciliation of Level 3 investments is presented when the Series has a significant amount of Level 3 investments at the beginning or end of the period in relation to the Series’ net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to the Series’ net assets at the beginning or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to the Series’ net assets at the end of the period.
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4. Capital Shares
Transactions in capital shares were as follows:
   
  Six months
ended 		  Year ended
  6/30/24   12/31/23
Shares sold:
Standard Class 41,347   392,179
 
Shares issued upon reinvestment of dividends and distributions:
Standard Class 251,499   396,493
  292,846   788,672
Shares redeemed:
Standard Class (363,105)   (695,550)
Net increase (decrease) (70,259)   93,122
5. Line of Credit
The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $335,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on October 28, 2024.
The Series had no amounts outstanding as of June 30, 2024, 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 (BNY). 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 must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.
Cash collateral received by the Series is generally invested in an individual separate account. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Opportunity Series   
6. Securities Lending (continued)
other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. The Series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.
In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Series or, at the discretion of the lending agent, replace the loaned securities. The Series continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Series has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Series receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Series, the security lending agent, and the borrower. The Series records security lending income net of allocations to the security lending agent and the borrower.
The Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Series’ cash collateral account may be less than the amount the Series would be required to return to the borrowers of the securities and the Series would be required to make up for this shortfall.
During the six months ended June 30, 2024, the Series had no securities out on loan.
7. Credit and Market Risks
The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen.
Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Series invests will cause the NAV of the Series to fluctuate.
The Series invests a significant portion of its assets in small- and mid-sized companies and may be subject to certain risks associated with ownership of securities of such companies. Investments in small- or mid-sized companies may be more volatile than investments in larger companies for a number of reasons, which include more limited financial resources or a dependence on narrow product lines.
The Series invests in REITs and is subject to the risks associated with that industry. If the Series holds real estate directly or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the six months ended June 30, 2024. 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, 2024, there were no Rule 144A securities held by the Series.
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.
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9. Subsequent Events
Management has determined that no material events or transactions occurred subsequent to June 30, 2024, that would require recognition or disclosure in the Series’ financial statements.
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Other Series information (Unaudited)
Delaware VIP® Trust — Macquarie VIP Opportunity 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-PORT. The Series’ Form N-PORT, as well as a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities, is available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Series’ most recent Form N-PORT are available without charge on the Series’ website at delawarefunds.com/vip-literature.
Information (if any) regarding how the Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.
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and use
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We do not disclose nonpublic personal information about our potential, current, and former customers unless allowed or required by law. We may share your personal information within our companies and with certain service providers. They use this information to process transactions you have requested; provide customer service; and inform you of products or services we offer that you may find useful. Our service providers may or may not be affiliated with us. They include financial service providers (for example, third-party administrators; broker/dealers; and other financial services companies with whom we have joint marketing agreements). Our service providers also include nonfinancial companies and individuals (for example, consultants; information services vendors; and companies that perform mailing or marketing services on our behalf). Information obtained from a report prepared by a service provider may be kept by the service provider and shared with other persons; however, we require our service providers to
protect your personal information and to use or disclose it only for the work they are performing for us, or as permitted by law.
We also may provide information to regulatory authorities, law enforcement officials, and others to prevent fraud or when we believe in good faith that the law requires disclosure. In the event of a sale of all or part of our businesses, we may share customer information as part of the sale. We do not sell or share your information with outside marketers who may want to offer you their own products and services.
Security of information
Keeping your information safe is one of our most important responsibilities. We maintain physical, electronic, and procedural safeguards to protect your information. Our employees are authorized to access your information only when they need it to provide you with products and services or to maintain your accounts. Employees who have access to your personal information are required to keep it strictly confidential. We provide training to our employees about the importance of protecting the privacy of your information.
Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and
multi-asset solutions.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized
deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
 
This page is not part of the Financial statements and other information.        i

 

Table of Contents
Privacy Notice
This privacy practices notice is being provided on behalf of the following:
Macquarie Management Holdings, Inc. and each of its affiliates, such as direct or indirect subsidiaries, and any fund or product sponsored by or otherwise affiliated with Macquarie
Central Park Group (CPG) Funds
Delaware Funds by Macquarie®
Macquarie ETF Trust
Macquarie Investment Management Austria Kapitalanlage AG
Macquarie Investment Management Europe Limited
Macquarie Investment Management Europe S.A.
Macquarie Investment Management Global Limited
Optimum Fund Trust
Revised May 2024
 
ii        This page is not part of the Financial statements and other information.

 

Table of Contents
(3749041)
SA-VIPOP-0824

Delaware VIP® Trust
Macquarie VIP Investment Grade Series
(formerly, Delaware VIP Investment Grade Series)
Financial statements and other information
For the six months ended June 30, 2024

 

Table of contents
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6
7
8
9
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Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and multi-asset solutions.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
The Series is governed by US laws and regulations.
Unless otherwise noted, views expressed herein are current as of June 30, 2024, and subject to change for events occurring after such date. These views are not intended to be investment advice, to forecast future events, or to guarantee future results.
The Series is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested.
The Series is advised by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment adviser, and distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.
This material may be used in conjunction with the offering of shares in Macquarie VIP Investment Grade Series only if preceded or accompanied by the Series’ current prospectus or summary prospectus.
All third-party marks cited are the property of their respective owners.
© 2024 Macquarie Management Holdings, Inc.

 

Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Macquarie VIP Investment Grade Series
June 30, 2024 (Unaudited)
    Principal
amount° 		Value (US $)
Agency Collateralized Mortgage Obligations — 0.01%
Freddie Mac Structured Agency Credit Risk REMIC Trust Series 2021-DNA3 M1 144A 6.085% (SOFR + 0.75%) 10/25/33 #, •     3,543 $     3,542
Total Agency Collateralized Mortgage Obligations
(cost $3,543) 		     3,542
       
Corporate Bonds — 96.77%
Banking — 23.22%
Bank of America      
2.482% 9/21/36 μ   195,000    155,614
5.819% 9/15/29 μ   405,000    413,555
6.204% 11/10/28 μ   185,000    190,581
Bank of Montreal 7.70% 5/26/84 μ   200,000    204,778
Bank of New York Mellon 4.70% 9/20/25 μ, ψ   350,000    344,703
Barclays 9.625% 12/15/29 μ, ψ   200,000    217,318
Citibank 5.57% 4/30/34    250,000    254,091
Citigroup 7.125% 8/15/29 μ, ψ   170,000    170,045
Citizens Bank 6.064% 10/24/25 μ   250,000    249,885
Credit Agricole 144A 6.316% 10/3/29 #, μ   250,000    256,864
Deutsche Bank      
6.72% 1/18/29 μ   150,000    154,855
7.146% 7/13/27 μ   150,000    153,682
Fifth Third Bancorp 5.631% 1/29/32 μ    65,000     64,460
Fifth Third Bank 5.852% 10/27/25 μ   250,000    249,803
Goldman Sachs Bank USA 5.283% 3/18/27 μ   260,000    259,239
Goldman Sachs Group      
5.727% 4/25/30 μ    90,000     91,618
5.851% 4/25/35 μ   105,000    107,597
6.484% 10/24/29 μ    85,000     88,760
7.50% 5/10/29 μ, ψ   175,000    180,399
Huntington National Bank 4.552% 5/17/28 μ   250,000    243,686
JPMorgan Chase & Co.      
5.571% 4/22/28 μ   215,000    216,787
5.766% 4/22/35 μ   125,000    128,299
6.254% 10/23/34 μ   292,000    309,859
KeyBank 5.85% 11/15/27    305,000    304,095
KeyCorp 6.613% (SOFR03M + 1.25%) 5/23/25 •   100,000     99,645
Morgan Stanley      
2.484% 9/16/36 μ   115,000     91,024
5.831% 4/19/35 μ   233,000    238,931
6.407% 11/1/29 μ   168,000    175,329
6.627% 11/1/34 μ   190,000    205,283
PNC Financial Services Group 6.875% 10/20/34 μ    80,000     87,230
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Banking (continued)
Popular 7.25% 3/13/28    195,000 $   200,424
Societe Generale 144A 7.132% 1/19/55 #, μ   200,000    191,583
State Street      
4.993% 3/18/27    135,000    134,870
6.123% 11/21/34 μ   170,000    176,653
SVB Financial Group      
1.80% 10/28/26 ‡    62,000     37,741
1.80% 2/2/31 ‡    58,000     35,447
2.10% 5/15/28 ‡    30,000     18,117
4.00% 5/15/26 ‡, ψ   105,000      1,050
4.57% 4/29/33 ‡   126,000     75,800
Truist Bank 2.636% 9/17/29 μ   445,000     435,475
Truist Financial 4.95% 9/1/25 μ, ψ   290,000    284,788
UBS Group 144A 9.25% 11/13/28 #, μ, ψ   200,000    215,681
US Bancorp      
2.491% 11/3/36 μ   115,000     90,577
6.787% 10/26/27 μ    65,000     66,943
   7,873,164
Basic Industry — 2.57%
Freeport-McMoRan 5.45% 3/15/43    390,000    370,716
LYB International Finance III      
3.625% 4/1/51    375,000    258,143
5.50% 3/1/34     90,000     89,086
Sherwin-Williams 2.90% 3/15/52    245,000    153,369
     871,314
Brokerage — 2.00%
Jefferies Financial Group      
2.625% 10/15/31    142,000    114,660
5.875% 7/21/28     40,000     40,416
6.05% 3/12/25    140,000    139,922
6.20% 4/14/34    285,000    288,812
6.50% 1/20/43     90,000     94,415
     678,225
Capital Goods — 7.24%
Amphenol      
2.20% 9/15/31    305,000    250,518
5.05% 4/5/27     60,000     59,968
Ashtead Capital 144A 1.50% 8/12/26 #   400,000     364,816
BAE Systems      
144A 5.125% 3/26/29 #   200,000    199,158
144A 5.30% 3/26/34 #   200,000    198,242
Boeing 2.196% 2/4/26    365,000     343,226
Howmet Aerospace 5.95% 2/1/37    145,000    149,331
Ingersoll Rand      
5.314% 6/15/31    105,000    105,599
5.45% 6/15/34    150,000    151,364
John Deere Capital 4.85% 6/11/29    150,000     149,002
L3Harris Technologies 5.25% 6/1/31    130,000    129,624
Northrop Grumman 5.20% 6/1/54    180,000    168,680
RTX 4.80% 12/15/43     75,000      66,888
    1

 

Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Macquarie VIP Investment Grade Series 
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Capital Goods (continued)
Waste Connections 2.95% 1/15/52    185,000 $   118,335
   2,454,751
Communications — 6.66%
American Tower      
5.20% 2/15/29     75,000     74,768
5.45% 2/15/34     70,000     69,417
AT&T 3.50% 9/15/53    390,000     264,953
CCO Holdings      
144A 4.75% 2/1/32 #   110,000     90,167
144A 6.375% 9/1/29 #    70,000     66,587
Cellnex Finance 144A 3.875% 7/7/41 #   200,000     158,122
Charter Communications Operating 3.85% 4/1/61    365,000    213,356
Comcast 3.90% 3/1/38    225,000    190,793
Rogers Communications      
5.00% 2/15/29    105,000    103,727
5.30% 2/15/34    105,000    103,070
Sprint Capital 6.875% 11/15/28    165,000     175,036
Time Warner Cable 7.30% 7/1/38    100,000    101,274
T-Mobile USA      
3.375% 4/15/29    185,000    170,988
5.50% 1/15/55     90,000     86,851
5.75% 1/15/34     70,000     71,991
Verizon Communications      
2.875% 11/20/50    265,000    166,845
5.50% 2/23/54     65,000     63,676
Warnermedia Holdings 6.412% 3/15/26     85,000     85,005
   2,256,626
Consumer Cyclical — 6.69%
Alimentation Couche-Tard      
144A 5.267% 2/12/34 #   250,000    246,452
144A 5.617% 2/12/54 #    25,000     24,721
Amazon.com 2.50% 6/3/50    410,000     250,962
Aptiv 3.10% 12/1/51    249,000    152,199
Ford Motor Credit      
5.80% 3/5/27    200,000    200,085
6.95% 3/6/26    200,000    203,326
General Motors      
5.40% 4/1/48     66,000     59,102
5.95% 4/1/49     38,000     36,907
6.25% 10/2/43     80,000     79,725
General Motors Financial      
5.60% 6/18/31     50,000     49,643
5.95% 4/4/34     50,000     50,062
Home Depot      
4.85% 6/25/31    125,000    124,055
4.875% 6/25/27     45,000     44,921
4.95% 6/25/34    120,000    118,795
Hyundai Capital America      
144A 5.275% 6/24/27 #    65,000     64,734
144A 5.30% 3/19/27 #   145,000    144,684
144A 5.40% 6/24/31 #   190,000    188,468
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
Toyota Motor Credit 5.10% 3/21/31    135,000 $   135,105
VICI Properties 5.75% 4/1/34     95,000     94,172
   2,268,118
Consumer Non-Cyclical — 8.74%
AbbVie      
4.95% 3/15/31    170,000    169,614
5.35% 3/15/44    310,000    306,657
Bimbo Bakeries USA 144A 4.00% 5/17/51 #   200,000     151,432
Bunge Limited Finance 2.75% 5/14/31    290,000    248,200
Campbell Soup 5.20% 3/19/27    150,000    150,278
Coca-Cola Consolidated 5.25% 6/1/29    240,000    241,158
Gilead Sciences      
4.80% 4/1/44    198,000    178,700
5.55% 10/15/53     32,000     31,974
HCA      
3.50% 7/15/51    196,000    131,130
5.45% 4/1/31     85,000     84,963
6.00% 4/1/54    120,000    118,647
JBS USA Holding Lux 3.00% 2/2/29    128,000     114,274
Merck & Co. 2.75% 12/10/51    432,000    270,336
Perrigo Finance Unlimited 4.375% 3/15/26    300,000    290,427
Roche Holdings 144A 4.909% 3/8/31 #   200,000    199,294
Royalty Pharma      
3.35% 9/2/51    405,000    259,574
5.90% 9/2/54     19,000     18,296
   2,964,954
Electric — 10.19%
AEP Texas 5.45% 5/15/29    105,000    105,581
Appalachian Power 4.50% 8/1/32    190,000    175,814
Baltimore Gas and Electric      
5.30% 6/1/34     60,000     59,684
5.65% 6/1/54    105,000    103,898
Berkshire Hathaway Energy 2.85% 5/15/51    110,000      67,121
Commonwealth Edison 2.75% 9/1/51    300,000    179,780
Constellation Energy Generation 5.75% 3/15/54    140,000    135,800
Dominion Energy      
Series A 6.875% 2/1/55 μ   255,000    260,409
Series B 7.00% 6/1/54 μ    85,000     88,652
Duke Energy Indiana 5.40% 4/1/53    110,000     104,307
Edison International 8.125% 6/15/53 μ   113,000     117,471
 
2    

 

Table of Contents
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Electric (continued)
NextEra Energy Capital Holdings      
5.55% 3/15/54    198,000 $   189,623
6.75% 6/15/54 μ   165,000    166,359
Northern States Power 5.40% 3/15/54    185,000     178,526
Oglethorpe Power      
3.75% 8/1/50    215,000    152,619
4.50% 4/1/47    210,000    171,075
5.25% 9/1/50    225,000    204,319
6.20% 12/1/53     30,000     30,810
Pacific Gas & Electric      
3.50% 8/1/50    310,000    202,590
5.55% 5/15/29     75,000     75,199
PacifiCorp 2.90% 6/15/52    275,000     162,186
Public Service Co. of Oklahoma 3.15% 8/15/51    170,000    109,562
Vistra Operations 144A 6.95% 10/15/33 #   388,000    415,546
   3,456,931
Energy — 11.57%
Apache 5.10% 9/1/40    260,000    222,057
BP Capital Markets 4.875% 3/22/30 μ, ψ   245,000    231,742
BP Capital Markets America      
2.939% 6/4/51    145,000     92,125
5.227% 11/17/34     85,000     84,397
Cheniere Energy Partners      
4.50% 10/1/29    220,000    209,719
144A 5.75% 8/15/34 #   160,000    160,737
ConocoPhillips 5.55% 3/15/54    105,000     103,404
Diamondback Energy      
5.20% 4/18/27     60,000     60,031
5.40% 4/18/34    203,000    201,055
5.75% 4/18/54    250,000    242,530
Enbridge      
5.75% 7/15/80 μ   225,000    212,666
7.20% 6/27/54 μ    90,000     90,767
Energy Transfer      
5.95% 5/15/54    100,000     97,439
6.25% 4/15/49    140,000    139,394
6.50% 11/15/26 μ, ψ   385,000    380,707
8.00% 5/15/54 μ    45,000     47,098
Eni 144A 5.95% 5/15/54 #   200,000     196,571
Galaxy Pipeline Assets Bidco 144A 2.94% 9/30/40 #   183,156    146,753
Kinder Morgan      
5.00% 2/1/29     45,000     44,510
5.20% 6/1/33    205,000    199,028
Occidental Petroleum      
6.20% 3/15/40     43,000     43,111
6.60% 3/15/46    107,000    111,693
7.95% 6/15/39     46,000      53,330
    Principalamount° Value (US $)
Corporate Bonds (continued)
Energy (continued)
Targa Resources Partners      
4.00% 1/15/32     95,000 $    85,648
5.00% 1/15/28    350,000    343,050
Transcanada Trust 5.625% 5/20/75 μ    42,000      41,414
Venture Global LNG 144A 8.375% 6/1/31 #    80,000     83,038
   3,924,014
Finance Companies — 4.20%
AerCap Ireland Capital DAC      
3.00% 10/29/28    300,000    272,736
5.10% 1/19/29    150,000    148,603
Air Lease      
4.125% 12/15/26 μ, ψ   153,000    138,689
4.625% 10/1/28     63,000     61,117
5.10% 3/1/29     46,000     45,529
5.20% 7/15/31     95,000     92,869
Apollo Debt Solutions BDC 144A 6.90% 4/13/29 #    30,000      30,160
Ares Capital 5.95% 7/15/29     70,000     68,833
Aviation Capital Group      
144A 1.95% 9/20/26 #   300,000    276,584
144A 5.375% 7/15/29 #   115,000    113,696
144A 6.375% 7/15/30 #   125,000    129,287
Blue Owl Credit Income 144A 6.60% 9/15/29 #    45,000     44,408
   1,422,511
Insurance — 4.49%
Aon 5.00% 9/12/32    100,000     97,331
Aon North America      
5.125% 3/1/27    100,000     99,869
5.30% 3/1/31    200,000    199,521
Athene Global Funding      
144A 1.985% 8/19/28 #   277,000    241,265
144A 2.50% 3/24/28 #   110,000     98,765
144A 2.717% 1/7/29 #    90,000     79,899
Athene Holding      
3.45% 5/15/52    125,000     80,008
6.25% 4/1/54     65,000     65,098
Elevance Health      
5.15% 6/15/29     45,000     45,131
5.375% 6/15/34     70,000     70,359
Hartford Financial Services Group 2.90% 9/15/51    135,000      85,060
Pine Street Trust III 144A 6.223% 5/15/54 #   145,000    145,015
UnitedHealth Group 5.375% 4/15/54    220,000    213,873
   1,521,194
Natural Gas — 2.76%
Engie      
144A 5.25% 4/10/29 #   200,000    199,732
144A 5.875% 4/10/54 #   200,000     193,286
    3

 

Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Macquarie VIP Investment Grade Series 
    Principalamount° Value (US $)
Corporate Bonds (continued)
Natural Gas (continued)
Sempra      
4.125% 4/1/52 μ   125,000 $   115,681
4.875% 10/15/25 μ, ψ   294,000    289,095
Southern California Gas 5.20% 6/1/33    140,000    138,331
     936,125
Real Estate Investment Trusts — 1.06%
American Homes 4 Rent 5.50% 7/15/34    175,000    172,040
Extra Space Storage 2.35% 3/15/32    235,000    187,320
     359,360
Technology — 4.95%
Broadcom 144A 3.469% 4/15/34 #   140,000    119,397
CDW 3.276% 12/1/28    435,000    395,678
CoStar Group 144A 2.80% 7/15/30 #   175,000    148,065
Entegris      
144A 4.75% 4/15/29 #   140,000    134,054
144A 5.95% 6/15/30 #   135,000    133,747
Marvell Technology      
1.65% 4/15/26    210,000    196,698
2.45% 4/15/28    110,000     99,305
Oracle      
3.60% 4/1/50    195,000    136,603
6.125% 7/8/39    170,000    176,277
Sensata Technologies 144A 3.75% 2/15/31 #   160,000    139,572
   1,679,396
Transportation — 0.43%
ERAC USA Finance 144A 5.625% 3/15/42 #   145,000    145,620
     145,620
Total Corporate Bonds
(cost $34,536,333) 		32,812,303
 
Municipal Bonds — 0.28%
Commonwealth of Puerto Rico (Restructured)
Series A-1 2.993% 7/1/24^ 		    1,142      1,142
GDB Debt Recovery Authority of Puerto Rico Revenue
 7.50% 8/20/40 		   96,126     93,483
Total Municipal Bonds
(cost $92,287) 		    94,625
 
Non-Agency Asset-Backed Securities — 1.18%
Frontier Issuer Series 2024-1 A2 144A 6.19% 6/20/54 #   400,000    399,925
Total Non-Agency Asset-Backed Securities
(cost $399,857) 		   399,925
    Principalamount° Value (US $)
Loan Agreements — 0.54%
Capital Goods — 0.54%
Standard Industries 7.344% (SOFR01M + 2.00%) 9/22/28 •   183,823 $   184,460
Total Loan Agreements
(cost $183,823) 		   184,460
    Number of
shares 		 
Short-Term Investments — 1.58%
Money Market Mutual Funds — 1.58%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.21%)   134,386     134,386
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%)   134,386     134,386
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.35%)   134,387     134,387
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%)   134,387    134,387
Total Short-Term Investments
(cost $537,546) 		   537,546
Total Value of Securities—100.36%
(cost $35,753,389) 		    $34,032,401
° Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2024, the aggregate value of Rule 144A securities was $6,539,669, which represents 19.29% of the Series’ net assets. See Note 7 in “Notes to financial statements.”
• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at June 30, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
 
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μ Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2024. Rate will reset at a future date.
ψ Perpetual security. Maturity date represents next call date.
‡ Non-income producing security. Security is currently in default.
^ Zero-coupon security. The rate shown is the effective yield at the time of purchase.
Summary of abbreviations: 
BDC – Business Development Company
DAC – Designated Activity Company
REMIC – Real Estate Mortgage Investment Conduit
SOFR – Secured Overnight Financing Rate
SOFR01M – Secured Overnight Financing Rate 1 Month
SOFR03M – Secured Overnight Financing Rate 3 Month
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
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Statement of assets and liabilities
Delaware VIP® Trust — Macquarie VIP Investment Grade Series
June 30, 2024 (Unaudited)
Assets:  
Investments, at value* $34,032,401
Dividends and interest receivable 405,204
Receivable for series shares sold 1,454
Prepaid expenses 471
Other assets 365
Total Assets 34,439,895
Liabilities:  
Payable for securities purchased 447,784
Other accrued expenses 65,837
Payable for series shares redeemed 12,150
Investment management fees payable to affiliates 5,260
Distribution fees payable to affiliates 2
Total Liabilities 531,033
Total Net Assets $33,908,862
 
Net Assets Consist of:  
Paid-in capital $43,204,244
Total distributable earnings (loss) (9,295,382)
Total Net Assets $33,908,862
 
Net Asset Value  
 
Standard Class:  
Net assets $33,899,048
Shares of beneficial interest outstanding, unlimited authorization, no par 4,068,304
Net asset value per share $8.33
 
Service Class:  
Net assets $9,814
Shares of beneficial interest outstanding, unlimited authorization, no par 1,181
Net asset value per share $8.31
*Investments, at cost 		$35,753,389
See accompanying notes, which are an integral part of the financial statements.
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Statement of operations
Delaware VIP® Trust  —  Macquarie VIP Investment Grade Series
Six months ended June 30, 2024 (Unaudited)
Investment Income:  
Interest $892,134
Dividends 8,487
  900,621
 
Expenses:  
Management fees 86,511
Distribution expenses — Service Class 15
Audit and tax fees 25,073
Accounting and administration expenses 23,181
Reports and statements to shareholders expenses 3,891
Custodian fees 1,784
Legal fees 1,643
Dividend disbursing and transfer agent fees and expenses 1,485
Trustees’ fees 872
Other 18,107
  162,562
Less expenses waived (53,542)
Less expenses paid indirectly (1)
Total operating expenses 109,019
Net Investment Income (Loss) 791,602
 
Net Realized and Unrealized Gain (Loss):  
Net realized gain (loss) on investments (1,020,546)
Net change in unrealized appreciation (depreciation) on investments 183,866
Net Realized and Unrealized Gain (Loss) (836,680)
Net Increase (Decrease) in Net Assets Resulting from Operations $(45,078)
See accompanying notes, which are an integral part of the financial statements.
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Statements of changes in net assets
Delaware VIP® Trust —  Macquarie VIP Investment Grade Series
  Six months
ended
6/30/24
(Unaudited) 		  Year ended
12/31/23
 
Increase (Decrease) in Net Assets from Operations:      
Net investment income (loss) $791,602   $1,619,001
Net realized gain (loss) (1,020,546)   (2,380,278)
Net change in unrealized appreciation (depreciation) 183,866   3,448,028
Net increase (decrease) in net assets resulting from operations (45,078)   2,686,751
 
Dividends and Distributions to Shareholders from:      
Distributable earnings:      
Standard Class (1,674,707)   (1,579,676)
Service Class (460)   (356)
  (1,675,167)   (1,580,032)
 
Capital Share Transactions (See Note 4):      
Proceeds from shares sold:      
Standard Class 526,094   1,805,635
 
Net asset value of shares issued upon reinvestment of dividends and distributions:      
Standard Class 1,674,707   1,579,676
Service Class 460   356
  2,201,261   3,385,667
Cost of shares redeemed:      
Standard Class (3,269,484)   (7,047,221)
Decrease in net assets derived from capital share transactions (1,068,223)   (3,661,554)
Net Decrease in Net Assets (2,788,468)   (2,554,835)
 
Net Assets:      
Beginning of period 36,697,330   39,252,165
End of period $33,908,862   $36,697,330
See accompanying notes, which are an integral part of the financial statements.
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Financial highlights
Macquarie VIP Investment Grade Series Standard Class
Selected data for each share of the Series outstanding throughout each period were as follows:
    Six months ended
6/30/241
(Unaudited) 		  Year ended  
    12/31/23   12/31/22   12/31/21   12/31/20   12/31/192  
Net asset value, beginning of period   $8.77   $8.50   $10.80   $11.60   $11.02   $10.18
   
Income (loss) from investment operations:                        
Net investment income3   0.19   0.36   0.31   0.27   0.26   0.29
Net realized and unrealized gain (loss)   (0.20)   0.27   (2.13)   (0.37)   0.98   0.95
Total from investment operations   (0.01)   0.63   (1.82)   (0.10)   1.24   1.24
   
Less dividends and distributions from:                        
Net investment income   (0.43)   (0.36)   (0.34)   (0.34)   (0.41)   (0.40)
Net realized gain   —   —   (0.14)   (0.36)   (0.25)   —
Total dividends and distributions   (0.43)   (0.36)   (0.48)   (0.70)   (0.66)   (0.40)
   
Net asset value, end of period   $8.33   $8.77   $8.50   $10.80   $11.60   $11.02
   
Total return4   (0.03%)   7.57%   (17.06%)   (0.72%)   11.91%   12.62%
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $33,899   $36,687   $39,243   $54,069   $60,080   $61,952
Ratio of expenses to average net assets5   0.63%   0.63%   0.63%   0.65%   0.69%   0.73%
Ratio of expenses to average net assets prior to fees waived5   0.94%   0.85%   0.87%   0.74%   0.81%   0.90%
Ratio of net investment income to average net assets   4.58%   4.33%   3.44%   2.45%   2.39%   2.76%
Ratio of net investment income to average net assets prior to fees waived   4.27%   4.11%   3.20%   2.36%   2.27%   2.59%
Portfolio turnover   65%   93%   99%   110%   147%   157%6
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 On October 4, 2019, the First Investors Life Series Investment Grade Fund shares were reorganized into Standard Class shares of the Series. The Standard Class shares financial highlights for the period prior to October 4, 2019, reflect the performance of the First Investors Life Series Investment Grade Fund shares.
3 Calculated using average shares outstanding.
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.
5 Expense ratios do not include expenses of any investment companies in which the Series invests.
6 The Series' portfolio turnover rate increased substantially during the year ended December 31, 2019 due to a change in the Series' portfolio managers and associated repositioning.
See accompanying notes, which are an integral part of the financial statements.
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Financial highlights
Macquarie VIP Investment Grade Series Service Class 
Selected data for each share of the Series outstanding throughout each period were as follows:
    Six months ended
6/30/242
(Unaudited) 		  Year ended   10/31/191
to
12/31/19 		 
    12/31/23   12/31/22   12/31/21   12/31/20  
Net asset value, beginning of period   $8.75   $8.47   $10.76   $11.56   $11.01   $10.97
   
Income (loss) from investment operations:                        
Net investment income3   0.18   0.34   0.29   0.23   0.23   0.03
Net realized and unrealized gain (loss)   (0.21)   0.27   (2.13)   (0.36)   0.97   0.01
Total from investment operations   (0.03)   0.61   (1.84)   (0.13)   1.20   0.04
   
Less dividends and distributions from:                        
Net investment income   (0.41)   (0.33)   (0.31)   (0.31)   (0.40)   —
Net realized gain   —   —   (0.14)   (0.36)   (0.25)   —
Total dividends and distributions   (0.41)   (0.33)   (0.45)   (0.67)   (0.65)   —
   
Net asset value, end of period   $8.31   $8.75   $8.47   $10.76   $11.56   $11.01
   
Total return4   (0.24%)   7.37%   (17.32%)   (1.03%)   11.57%   0.37%
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $10   $10   $9   $11   $11   $10
Ratio of expenses to average net assets5   0.93%   0.93%   0.93%   0.95%   0.99%   0.99%
Ratio of expenses to average net assets prior to fees waived5   1.24%   1.15%   1.15%   1.04%   1.11%   1.31%
Ratio of net investment income to average net assets   4.28%   4.03%   3.16%   2.15%   2.09%   1.50%
Ratio of net investment income to average net assets prior to fees waived   3.97%   3.81%   2.94%   2.06%   1.97%   1.18%
Portfolio turnover   65%   93%   99%   110%   147%   157%6, 7
1 Date of commencement of operations; ratios have been annualized and total return has not been annualized.
2 Ratios have been annualized and total return and portfolio turnover have not been annualized.
3 Calculated using average shares outstanding.
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.
5 Expense ratios do not include expenses of any investment companies in which the Series invests.
6 Portfolio turnover is representative of the Series for the entire period.
7 The Series' portfolio turnover rate increased substantially during the year ended December 31, 2019 due to a change in the Series' portfolio managers and associated repositioning.
See accompanying notes, which are an integral part of the financial statements.
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Investment Grade Series  
June 30, 2024 (Unaudited)  
Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 9 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940, as amended (1940 Act). These financial statements and the related notes pertain to Macquarie VIP Investment Grade Series (formerly, Delaware VIP Investment Grade Series) (Series). The Trust is an open-end investment company. The Series is considered diversified under the 1940 Act and offers Standard Class and Service Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee and the Service Class shares carry a 12b-1 fee. The shares of the Series are sold only to separate accounts of life insurance companies.
1. Significant Accounting Policies
The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.
Security Valuation — Fixed income securities are generally priced based upon valuations provided by an independent pricing service or broker in accordance with methodologies included within Delaware Management Company (DMC)'s Pricing Policy (the Policy). Fixed income security valuations are then reviewed by DMC as part of its duties as the Series’ valuation designee (Valuation Designee) and, to the extent required by the Policy and applicable regulation, fair valued consistent with the Policy. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. US government and agency securities are valued at the mean between the bid and the ask prices, which approximates fair value. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations (CMOs), commercial mortgage securities, and US government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. Open-end investment companies, other than exchange-traded funds (ETFs), are valued at their published net asset value (NAV). Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees (Board) has designated DMC as the Valuation Designee for each series to perform the fair value determination relating to all applicable Series investments. DMC has established a Pricing Committee to assist with its designated responsibilities as Valuation Designee, and DMC may carry out its designated responsibilities as Valuation Designee through the Pricing Committee and other teams and committees, which operate under policies and procedures approved by the Board and subject to the Board's oversight. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of US securities or securities indexes) that occur after the close of the relevant market and before the close of the New York Stock Exchange. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-US securities.
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, 2024, and for all open tax years (years ended December 31, 2020–December 31, 2023), and has concluded that no provision for federal income tax is required in the Series’ financial statements. If applicable, the Series recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statement of operations.” During the six months ended June 30, 2024, 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.
(continues)
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Investment Grade Series   
1. Significant Accounting Policies (continued)
Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.
Other —  Expenses directly attributable to the Series are charged directly to the Series. Other expenses common to various funds within the Delaware Funds by Macquarie® (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Interest income is recorded on an accrual basis. Income and capital gain distributions from any investment companies (Underlying Funds) in which the Series invests are recorded on the ex-dividend date. When a loan agreement is purchased, the Series may pay an assignment fee. On an ongoing basis, the Series may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by the borrower. Prepayment penalty, facility, commitment, consent, and amendment fees are recorded to income as earned or paid. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. The Series declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, at least annually. The Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.
The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.”
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates
In accordance with the terms of its investment management agreement, the Series pays DMC, a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rates of 0.50% on the first $500 million of average daily net assets of the Series, 0.475% on the next $500 million, 0.45% on the next $1.5 billion, and 0.425% on average daily net assets in excess of $2.5 billion.
DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual series operating expenses from exceeding 0.63% of the Series’ average daily net assets from January 1, 2024 through April 30, 2025. These waivers and reimbursements may only be terminated by agreement of DMC and the Series. The waivers and reimbursements are accrued daily and received monthly.
After consideration of class specific expenses, including 12b-1 fees, the class level operating expense limitation as a percentage of average daily net assets from January 1, 2024 through April 30, 2025, unless terminated by agreement of DMC and the Series, is as follows:
  Operating expense limitation as a percentage of average daily net assets
  Standard Class   Service Class
  0.63%   0.93%
DMC may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited (together, the Affiliated Sub-Advisors). DMC may also permit these Affiliated Sub-Advisors to execute Series security trades on behalf of DMC and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market
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knowledge. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Series, pays each Affiliated Sub-Advisor a portion of its investment management fee.
Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Series. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2024, the Series paid $2,761 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, 2024, the Series paid $1,298 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Investment Servicing (US) Inc. (BNYIS), BNYIS 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 on a monthly or quarterly basis.
Pursuant to a distribution agreement and distribution plan, the Series pays Delaware Distributors, L.P. (DDLP), the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.30% of the average daily net assets of the Service Class shares. The fees are calculated daily and paid monthly. Standard Class shares do not pay 12b-1 fees.
As provided in the investment management agreement, the Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Series. For the six months ended June 30, 2024, the Series paid $491 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”
Trustees’ fees include expenses accrued by the Series for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.
In addition to the management fees and other expenses of the Series, the Series indirectly bears the investment management fees and other expenses of any Underlying Funds, including ETFs, in which it invests. The amount of these fees and expenses incurred indirectly by the Series will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.
3. Investments
For the six months ended June 30, 2024, the Series made purchases and sales of investment securities other than short-term investments as follows:
   
Purchases other than US government securities $22,150,589
Purchases of US government securities 105,610
Sales other than US government securities 23,147,206
Sales of US government securities 1,233,520
(continues)
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Investment Grade Series   
3. Investments (continued)
At June 30, 2024, 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, 2024, the cost and unrealized appreciation (depreciation) of investments for the Series were as follows:
   
Cost of investments $35,819,755
Aggregate unrealized appreciation of investments $240,691
Aggregate unrealized depreciation of investments (2,028,045)
Net unrealized depreciation of investments $(1,787,354)
For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At
December 31, 2023, the Series had capital loss carryforwards available to offset future realized capital gains as follows:
  Loss carryforward character    
  Short-term   Long-term   Total
  $ 3,154,349   $4,135,200   $ 7,289,549
US GAAP defines fair value as the price that the Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Series’ investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:
Level 1  − Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)
Level 2  − Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)
Level 3  − Significant unobservable inputs, including the Series’ own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)
Level 3 investments are valued using significant unobservable inputs. The Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
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The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of June 30, 2024:
    Level 1   Level 2 Total  
Securities            
Assets:            
Agency Collateralized Mortgage Obligations   $—   $3,542 $3,542  
Corporate Bonds   —   32,812,303 32,812,303  
Loan Agreements   —   184,460 184,460  
Municipal Bonds   —   94,625 94,625  
Non-Agency Asset-Backed Securities   —   399,925 399,925  
Short-Term Investments   537,546   — 537,546  
Total Value of Securities   $537,546   $33,494,855 $34,032,401  
During the six months ended June 30, 2024, there were no transfers into or out of Level 3 investments. The Series’ policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.
A reconciliation of Level 3 investments is presented when the Series has a significant amount of Level 3 investments at the beginning or end of the period in relation to the Series’ net assets. As of June 30, 2024, there were no Level 3 investments.
4. Capital Shares
Transactions in capital shares were as follows:
   
  Six months
ended 		  Year ended
  6/30/24   12/31/23
Shares sold:
Standard Class 61,711   211,639
 
Shares issued upon reinvestment of dividends and distributions:
Standard Class 205,991   188,730
Service Class 57   42
  267,759   400,411
Shares redeemed:
Standard Class (380,370)   (835,073)
Net decrease (112,611)   (434,662)
5. Line of Credit
The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $335,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on October 28, 2024.
The Series had no amounts outstanding as of June 30, 2024, or at any time during the period then ended.
(continues)
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Investment Grade Series   
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 (BNY). 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 must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.
Cash collateral received by the Series is generally invested in an individual separate account. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. The Series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.
In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Series or, at the discretion of the lending agent, replace the loaned securities. The Series continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Series has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Series receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Series, the security lending agent, and the borrower. The Series records security lending income net of allocations to the security lending agent and the borrower.
The Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Series’ cash collateral account may be less than the amount the Series would be required to return to the borrowers of the securities and the Series would be required to make up for this shortfall.
During the six months ended June 30, 2024, the Series had no securities out on loan.
7. Credit and Market Risks
The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen.
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. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. A series may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.
The Series invests in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor’s Financial Services LLC and Baa3 by Moody’s Investors Service, Inc. or similarly rated by another nationally recognized statistical rating organization. Investments
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in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.
The Series invests in bank loans and other securities that may subject it to direct indebtedness risk, the risk that the Series will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower. Loans that are fully secured offer the Series more protection than unsecured loans in the event of nonpayment of scheduled interest or principal, although there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower’s obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other direct indebtedness acquired by the Series may involve revolving credit facilities or other standby financing commitments that obligate the Series to pay additional cash on a certain date or on demand. These commitments may require the Series to increase its investment in a company at a time when the Series might not otherwise decide to do so (including at a time when the company’s financial condition makes it unlikely that such amounts will be repaid). To the extent that the Series is committed to advance additional funds, it will at all times hold and maintain cash or other high grade debt obligations in an amount sufficient to meet such commitments.
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. There were no unfunded loan commitments at the six months ended June 30, 2024.
The Series may invest in mortgage-backed and asset-backed securities. Mortgage-backed and asset-backed securities, like other fixed income securities, are subject to credit risk and interest rate risk, and may also be subject to prepayment risk and extension risk. Mortgage-backed and asset-backed securities can be highly sensitive to interest rate changes. As a result, small movements in interest rates can substantially impact the value and liquidity of these securities. Prepayment risk is the risk that the principal on mortgage-backed or asset-backed securities may be prepaid at any time, which will reduce the yield and market value of the securities and may cause the Series to reinvest the proceeds in lower yielding securities. Extension risk is the risk that principal on mortgage-backed or asset-backed securities will be repaid more slowly than expected, which may reduce the proceeds available for reinvestment in higher yielding securities and may cause the security to experience greater volatility due to the extended maturity of the security. When interest rates rise, the value of mortgage-backed and asset-backed securities can be expected to decline. When interest rates go down, however, the value of these securities may not increase as much as other fixed income securities due to borrowers refinancing their loans at lower interest rates or prepaying their loans. In addition, mortgage-backed and asset-backed securities may decline in value, become more volatile, face difficulties in valuation, or experience reduced liquidity due to changes in general economic conditions. During periods of economic downturn, for example, underlying borrowers may not make timely payments on their loans and the value of property that secures the loans may decline in value such that it is worth less than the amount of the associated loans. If the collateral securing a mortgage-backed or asset-backed security is insufficient to repay the loan, the Series could sustain a loss. Such risks generally will be heightened where a mortgage-backed or asset-backed security includes “subprime” loans. Although mortgage-backed securities are often supported by government guarantees or private insurance, there can be no guarantee that those obligations will be met. Furthermore, in certain economic conditions, loan servicers, loan originators and other participants in the market for mortgage-backed and other asset-backed securities may be unable to receive sufficient funding, impairing their ability to perform their obligations on the loans. Certain mortgage-backed or asset-backed securities may be more susceptible to these risks than other mortgage-backed, asset-backed, or fixed-income securities. For example, the Series' investments in CMOs, real estate mortgage investment conduits (REMICs), and stripped mortgage-backed securities are generally highly susceptible to interest rate risk, prepayment risk, and extension risk. At times, these investments may be difficult to value and/or illiquid. Some classes of CMOs and REMICs may have preference in receiving principal or interest payments relative to more junior classes. The market prices and yields of these junior classes will generally be more volatile than more senior classes and will be more susceptible to interest rate risk, prepayment risk, and extension risk than more senior classes. Stripped mortgage-backed securities that receive only payments of interest (IOs) will generally decrease in value if interest rates decline or prepayment rates increase. Stripped mortgage-backed securities that receive only payments of principal (POs) will generally decrease in value if interest rates increase or prepayment rates decrease. These changes in value can be substantial and could cause the Series to lose the entire value of its investment in CMOs, REMICs, and stripped mortgage-backed 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
(continues)
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Investment Grade Series   
7. Credit and Market Risks (continued)
or sponsor through third parties, through various means of structuring the transaction, or through a combination of such approaches. The Series will not pay any additional fees for such credit support, although the existence of credit support may increase the price of the security.
The Series may invest up to 10% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Series’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series’ 10% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedule of investments.”
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. Subsequent Events
Management has determined that no material events or transactions occurred subsequent to June 30, 2024, that would require recognition or disclosure in the Series’ financial statements.
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Other Series information (Unaudited)
Delaware VIP® Trust — Macquarie VIP Investment Grade 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-PORT. The Series’ Form N-PORT, as well as a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities, is available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Series’ most recent Form N-PORT are available without charge on the Series’ website at delawarefunds.com/vip-literature.
Information (if any) regarding how the Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.
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Privacy Notice
We are committed to protecting the privacy of our potential, current, and former customers. To provide the products and services you request, we must collect personal information about you. We do not sell your personal information to third parties. We collect your personal information and share it with third parties as necessary to provide you with the products or services you request and to administer your business with us. This notice describes our current privacy practices. While your relationship with us continues, we will update and send our privacy practices notice as required by law. We are committed to continuing to protect your personal information even after that relationship ends. You do not need to take any action because of this notice.
Information we may collect
and use
We collect personal information about you to help us identify you as our potential, current, or former customer; to process your requests and transactions; to offer investment services to you; or to tell you about our products or services we believe you may want to use. The type of personal information we collect depends on the products or services you request and may include the following:
• Information from you: When you submit your application or other forms or request information on our products (online or otherwise), you give us information such as your name, address, Social Security number, your financial account information, and your financial history.
• Information about your transactions: We keep information about your transactions with us, such as the products you buy from us; the amount you paid for those products; your investment activity; and your account balances.
• Information from your employer: In connection with administering your retirement plan, we may obtain information about you from your employer.
• Information received from third parties: In order to verify your identity or to prevent fraud, we may obtain information about you from third parties.
How we use your personal information
We do not disclose nonpublic personal information about our potential, current, and former customers unless allowed or required by law. We may share your personal information within our companies and with certain service providers. They use this information to process transactions you have requested; provide customer service; and inform you of products or services we offer that you may find useful. Our service providers may or may not be affiliated with us. They include financial service providers (for example, third-party administrators; broker/dealers; and other financial services companies with whom we have joint marketing agreements). Our service providers also include nonfinancial companies and individuals (for example, consultants; information services vendors; and companies that perform mailing or marketing services on our behalf). Information obtained from a report prepared by a service provider may be kept by the service provider and shared with other persons; however, we require our service providers to
protect your personal information and to use or disclose it only for the work they are performing for us, or as permitted by law.
We also may provide information to regulatory authorities, law enforcement officials, and others to prevent fraud or when we believe in good faith that the law requires disclosure. In the event of a sale of all or part of our businesses, we may share customer information as part of the sale. We do not sell or share your information with outside marketers who may want to offer you their own products and services.
Security of information
Keeping your information safe is one of our most important responsibilities. We maintain physical, electronic, and procedural safeguards to protect your information. Our employees are authorized to access your information only when they need it to provide you with products and services or to maintain your accounts. Employees who have access to your personal information are required to keep it strictly confidential. We provide training to our employees about the importance of protecting the privacy of your information.
Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and
multi-asset solutions.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized
deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
 
i        This page is not part of the Financial statements and other information.

 

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Privacy Notice
This privacy practices notice is being provided on behalf of the following:
Macquarie Management Holdings, Inc. and each of its affiliates, such as direct or indirect subsidiaries, and any fund or product sponsored by or otherwise affiliated with Macquarie
Central Park Group (CPG) Funds
Delaware Funds by Macquarie®
Macquarie ETF Trust
Macquarie Investment Management Austria Kapitalanlage AG
Macquarie Investment Management Europe Limited
Macquarie Investment Management Europe S.A.
Macquarie Investment Management Global Limited
Optimum Fund Trust
Revised May 2024
 
This page is not part of the Financial statements and other information.        ii

 

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(3749041)
SA-VIPIG-0824

Delaware VIP® Trust
Macquarie VIP Growth and Income Series
(formerly, Delaware VIP Growth and Income Series)
Financial statements and other information
For the six months ended June 30, 2024

 

Table of contents
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5
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Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and multi-asset solutions.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
The Series is governed by US laws and regulations.
Unless otherwise noted, views expressed herein are current as of June 30, 2024, and subject to change for events occurring after such date. These views are not intended to be investment advice, to forecast future events, or to guarantee future results.
The Series is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested.
The Series is advised by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment adviser, and distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.
This material may be used in conjunction with the offering of shares in Macquarie VIP Growth and Income Series only if preceded or accompanied by the Series’ current prospectus or summary prospectus.
All third-party marks cited are the property of their respective owners.
© 2024 Macquarie Management Holdings, Inc.

 

Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Macquarie VIP Growth and Income Series
June 30, 2024 (Unaudited)
    Number of
shares 		Value (US $)
Common Stocks — 98.96%
Communication Services — 11.81%
Alphabet Class A     73,630 $ 13,411,705
AT&T    557,812   10,659,787
Comcast Class A    402,370   15,756,809
Meta Platforms Class A     32,637   16,456,228
Verizon Communications    403,028  16,620,875
   72,905,404
Consumer Discretionary — 7.09%
Booking Holdings      1,308    5,181,642
General Motors    114,023    5,297,509
Kohl's    107,319    2,467,264
Leggett & Platt    106,555    1,221,120
Lowe's     61,969   13,661,686
NIKE Class B     43,006    3,241,362
TJX    115,103  12,672,840
   43,743,423
Consumer Staples — 5.08%
Altria Group    217,568    9,910,222
Philip Morris International    211,875  21,469,294
   31,379,516
Energy — 10.49%
Chevron     47,816    7,479,379
ConocoPhillips     60,002    6,863,029
Exxon Mobil    279,186   32,139,892
Marathon Petroleum     94,259   16,352,051
Valero Energy     12,214   1,914,667
   64,749,018
Financials — 21.83%
American International Group     97,673    7,251,244
Bank of New York Mellon    124,595    7,461,995
Berkshire Hathaway Class B †     2,429      988,117
Corebridge Financial    603,113   17,562,651
Evercore Class A     54,849   11,432,177
F&G Annuities & Life     12,229      465,313
Fidelity National Financial    114,052    5,636,450
Invesco    398,788    5,965,868
KeyCorp    161,896    2,300,542
Lincoln National    208,332    6,479,125
MetLife    164,782   11,566,049
Old Republic International     63,870    1,973,583
OneMain Holdings    179,999    8,728,151
PNC Financial Services Group     74,691   11,612,957
Rithm Capital    675,355    7,368,123
Synchrony Financial     96,370    4,547,700
TPG     39,506    1,637,524
Truist Financial    318,647   12,379,436
Western Union    773,338   9,450,190
  134,807,195
    Number of
shares 		Value (US $)
Common Stocks (continued)
Healthcare — 17.55%
Bristol-Myers Squibb    357,482 $ 14,846,228
Cigna Group     65,018   21,493,000
CVS Health    250,386   14,787,797
Gilead Sciences    262,709   18,024,465
McKesson     19,448   11,358,410
Merck & Co.    213,088   26,380,294
Pfizer     52,348   1,464,697
  108,354,891
Industrials — 7.00%
3M     89,241    9,119,538
Builders FirstSource †    53,661    7,427,219
Delta Air Lines     55,730    2,643,831
Emerson Electric     78,893    8,690,853
Honeywell International     54,232   11,580,701
Trane Technologies     11,433   3,760,657
   43,222,799
Information Technology — 17.08%
Applied Materials     15,835    3,736,901
Broadcom     13,083   21,005,149
Cisco Systems    455,330   21,632,728
Cognizant Technology Solutions Class A     24,530    1,668,040
Lam Research      5,108    5,439,254
Micron Technology    139,010   18,283,985
Motorola Solutions     24,978    9,642,757
QUALCOMM    111,883   22,284,856
TD SYNNEX     15,282   1,763,543
  105,457,213
Real Estate — 1.03%
Medical Properties Trust    458,990    1,978,247
Park Hotels & Resorts    293,128   4,391,057
    6,369,304
Total Common Stocks
(cost $489,474,941) 		610,988,763
 
Short-Term Investments — 0.19%
Money Market Mutual Funds — 0.19%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.21%)   293,475      293,475
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%)   293,480      293,480
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.35%)   293,480      293,480
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Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Macquarie VIP Growth and Income Series 
    Number of
shares 		Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%)   293,480 $    293,480
Total Short-Term Investments
(cost $1,173,915) 		  1,173,915
Total Value of Securities—99.15%
(cost $490,648,856) 		    $612,162,678
† Non-income producing security.
See accompanying notes, which are an integral part of the financial statements.
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Table of Contents
Statement of assets and liabilities
Delaware VIP® Trust — Macquarie VIP Growth and Income Series
June 30, 2024 (Unaudited)
Assets:  
Investments, at value* $612,162,678
Receivable for securities sold 4,866,903
Dividends receivable 874,472
Prepaid expenses 7,425
Foreign tax reclaims receivable 2,401
Other assets 4,339
Total Assets 617,918,218
Liabilities:  
Due to custodian 2,852
Investment management fees payable to affiliates 324,807
Other accrued expenses 125,748
Payable for series shares redeemed 50,961
Total Liabilities 504,368
Total Net Assets $617,413,850
 
Net Assets Consist of:  
Paid-in capital $449,877,250
Total distributable earnings (loss) 167,536,600
Total Net Assets $617,413,850
 
Net Asset Value  
 
Standard Class:  
Net assets $617,413,850
Shares of beneficial interest outstanding, unlimited authorization, no par 18,811,395
Net asset value per share $32.82
*Investments, at cost 		$490,648,856
See accompanying notes, which are an integral part of the financial statements.
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Statement of operations
Delaware VIP® Trust  —  Macquarie VIP Growth and Income Series
Six months ended June 30, 2024 (Unaudited)
Investment Income:  
Dividends $9,850,450
 
Expenses:  
Management fees 1,956,765
Accounting and administration expenses 67,614
Legal fees 26,328
Dividend disbursing and transfer agent fees and expenses 22,923
Audit and tax fees 16,453
Custodian fees 15,841
Trustees’ fees 13,700
Reports and statements to shareholders expenses 6,319
Other 4,154
  2,130,097
Less expenses paid indirectly (1)
Total operating expenses 2,130,096
Net Investment Income (Loss) 7,720,354
 
Net Realized and Unrealized Gain (Loss):  
Net realized gain (loss) on investments 39,633,042
Net change in unrealized appreciation (depreciation) on investments 9,292,340
Net Realized and Unrealized Gain (Loss) 48,925,382
Net Increase (Decrease) in Net Assets Resulting from Operations $56,645,736
See accompanying notes, which are an integral part of the financial statements.
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Statements of changes in net assets
Delaware VIP® Trust —  Macquarie VIP Growth and Income Series
  Six months
ended
6/30/24
(Unaudited) 		  Year ended
12/31/23
 
Increase in Net Assets from Operations:      
Net investment income (loss) $7,720,354   $14,458,567
Net realized gain (loss) 39,633,042   26,170,931
Net change in unrealized appreciation (depreciation) 9,292,340   26,450,289
Net increase (decrease) in net assets resulting from operations 56,645,736   67,079,787
 
Dividends and Distributions to Shareholders from:      
Distributable earnings:      
Standard Class (41,195,294)   (34,347,073)
 
Capital Share Transactions (See Note 4):      
Proceeds from shares sold:      
Standard Class 115,193   2,625,095
 
Net assets from reorganization:1      
Standard Class —   96,486,816
 
Net asset value of shares issued upon reinvestment of dividends and distributions:      
Standard Class 41,195,294   34,347,073
  41,310,487   133,458,984
Cost of shares redeemed:      
Standard Class (34,196,537)   (55,349,464)
Increase in net assets derived from capital share transactions 7,113,950   78,109,520
Net Increase in Net Assets 22,564,392   110,842,234
 
Net Assets:      
Beginning of period 594,849,458   484,007,224
End of period $617,413,850   $594,849,458
1 See Note 5 in “Notes to financial statements.”
See accompanying notes, which are an integral part of the financial statements.
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Financial highlights
Macquarie VIP Growth and Income Series Standard Class
Selected data for the share of the Series outstanding throughout each period were as follows:
    Six months ended
6/30/241
(Unaudited) 		  Year ended  
    12/31/23   12/31/22   12/31/21   12/31/20   12/31/192  
Net asset value, beginning of period   $32.06   $30.89   $33.80   $28.17   $43.10   $41.84
   
Income (loss) from investment operations:                        
Net investment income3   0.42   0.80   0.79   0.70   0.59   0.71
Net realized and unrealized gain (loss)   2.64   2.61   0.30   5.49   (3.82)   8.82
Total from investment operations   3.06   3.41   1.09   6.19   (3.23)   9.53
   
Less dividends and distributions from:                        
Net investment income   (0.81)   (0.82)   (0.75)   (0.56)   (0.75)   (0.74)
Net realized gain   (1.49)   (1.42)   (3.25)   —   (10.95)   (7.53)
Total dividends and distributions   (2.30)   (2.24)   (4.00)   (0.56)   (11.70)   (8.27)
   
Net asset value, end of period   $32.82   $32.06   $30.89   $33.80   $28.17   $43.10
   
Total return4   9.72%   12.11%5   3.53%   22.20%   (0.46%)   25.60%
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $617,414   $594,849   $484,007   $516,250   $467,166   $518,042
Ratio of expenses to average net assets6   0.70%   0.72%   0.71%   0.70%   0.74%   0.76%
Ratio of expenses to average net assets prior to fees waived6   0.70%   0.75%   0.71%   0.70%   0.74%   0.76%
Ratio of net investment income to average net assets   2.53%   2.71%   2.58%   2.22%   2.09%   1.75%
Ratio of net investment income to average net assets prior to fees waived   2.53%   2.68%   2.58%   2.22%   2.09%   1.75%
Portfolio turnover   18%   31%   22%   49%   30%   122%7
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 On October 4, 2019, the First Investors Life Series Growth & Income Fund shares were reorganized into Standard Class shares of the Series. The Standard Class shares financial highlights for the period prior to October 4, 2019, reflect the performance of the First Investors Life Series Growth & Income Fund shares.
3 Calculated using average shares outstanding.
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.
5 Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
6 Expense ratios do not include expenses of any investment companies in which the Series invests.
7 The Series’ portfolio turnover rate increased substantially during the year ended December 31, 2019 due to a change in the Series’ portfolio managers and associated repositioning.
See accompanying notes, which are an integral part of the financial statements.
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Growth and Income Series  
June 30, 2024 (Unaudited)  
Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 9 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940, as amended (1940 Act). These financial statements and the related notes pertain to Macquarie VIP Growth and Income Series (formerly, Delaware VIP Growth and Income Series) (Series). The Trust is an open-end investment company. The Series is considered diversified under the 1940 Act and offers Standard Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee. The shares of the Series are sold only to separate accounts of life insurance companies.
1. Significant Accounting Policies
The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.
Security Valuation —  Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (NYSE) on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Open-end investment companies, other than ETFs, are valued at their published net asset value (NAV). Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees (Board) has designated Delaware Management Company (DMC) as the valuation designee (Valuation Designee) for each series to perform the fair value determination relating to all applicable Series investments. DMC has established a Pricing Committee to assist with its designated responsibilities as Valuation Designee, and DMC may carry out its designated responsibilities as Valuation Designee through the Pricing Committee and other teams and committees, which operate under policies and procedures approved by the Board and subject to the Board’s oversight. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of US securities or securities indexes) that occur after the close of the relevant market and before the close of the NYSE. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-US securities.
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, 2024, and for all open tax years (years ended December 31, 2020–December 31, 2023), and has concluded that no provision for federal income tax is required in the Series’ financial statements. If applicable, the Series recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statement of operations.” During the six months ended June 30, 2024, the Series did not incur any interest or tax penalties.
Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.
Other — Expenses directly attributable to the Series are charged directly to the Series. Other expenses common to various funds within the Delaware Funds by Macquarie® (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Income and capital gain distributions from any investment companies (Underlying Funds) in which the Series invests are recorded on the ex-dividend date.
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Growth and Income Series   
1. Significant Accounting Policies (continued)
Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, which are estimated, 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, at least annually. The Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.
The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.”
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates
In accordance with the terms of its investment management agreement, the Series pays DMC, a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rates of 0.65% on the first $500 million of average daily net assets of the Series, 0.60% on the next $500 million, 0.55% on the next $1.5 billion, and 0.50% on average daily net assets in excess of $2.5 billion.
DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any
12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual series operating expenses from exceeding 0.72% of the Series’ average daily net assets for the Standard Class from January 1, 2024 through April 30, 2025. These waivers and reimbursements may only be terminated by agreement of DMC and the Series. The waivers and reimbursements are accrued daily and received monthly.
DMC entered into a Sub-Advisory Agreement on behalf of the Series with Macquarie Investment Management Global Limited, which is an affiliate of DMC (Affiliated Sub-Advisor). Pursuant to the terms of the Sub-Advisory Agreement, the investment sub-advisory fee is paid by DMC to the Affiliated Sub-Advisor based on the extent to which the Affiliated Sub-Advisor provides services to the Series.
Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Series. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2024, the Series paid $15,617 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, 2024, the Series paid $22,906 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Investment Servicing (US) Inc. (BNYIS), BNYIS 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 on a monthly or quarterly basis.
As provided in the investment management agreement, the Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Series. For the six months ended June 30, 2024, the Series paid $6,489 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”
Trustees’ fees include expenses accrued by the Series for each Trustee’s retainer and meeting fees. Certain officers of DMC and DIFSC are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.
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In addition to the management fees and other expenses of the Series, the Series indirectly bears the investment management fees and other expenses of any Underlying Funds, including ETFs, in which it invests. The amount of these fees and expenses incurred indirectly by the Series will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.
3. Investments
For the six months ended June 30, 2024, the Series made purchases and sales of investment securities other than short-term investments and US government securities as follows:
   
Purchases $110,317,960
Sales 139,139,861
At June 30, 2024, 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, 2024, the cost and unrealized appreciation (depreciation) of investments for the Series were as follows:
   
Cost of investments $490,648,856
Aggregate unrealized appreciation of investments $144,588,822
Aggregate unrealized depreciation of investments (23,075,000)
Net unrealized appreciation of investments $121,513,822
US GAAP defines fair value as the price that the Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Series’ investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:
Level 1  − Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)
Level 2  − Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)
Level 3  − Significant unobservable inputs, including the Series’ own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)
Level 3 investments are valued using significant unobservable inputs. The Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Growth and Income Series   
3. Investments (continued)
The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of June 30, 2024:
  Level 1
Securities  
Assets:  
Common Stocks $610,988,763
Short-Term Investments 1,173,915
Total Value of Securities $612,162,678
During the six months ended June 30, 2024, there were no transfers into or out of Level 3 investments. The Series’ policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.
A reconciliation of Level 3 investments is presented when the Series has a significant amount of Level 3 investments at the beginning or end of the period in relation to the Series’ net assets. As of June 30, 2024, there were no Level 3 investments.
4. Capital Shares
Transactions in capital shares were as follows:
   
  Six months
ended 		  Year ended
  6/30/24   12/31/23
Shares sold:
Standard Class 3,474   91,610
 
Shares from reorganization:1
Standard Class —   3,437,362
 
Shares issued upon reinvestment of dividends and distributions:
Standard Class 1,285,746   1,230,637
  1,289,220   4,759,609
Shares redeemed:
Standard Class (1,029,659)   (1,877,444)
Net increase 259,561   2,882,165
1 See Note 5.
5. Reorganization
On November 10, 2022, the Board approved a proposal to reorganize Delaware VIP Equity Income Series (the “Acquired Series”), a series of Delaware VIP Trust, with and into Macquarie VIP Growth and Income Series (formerly, Delaware VIP Growth and Income Series) (the “Acquiring Series”) (the “Reorganization”). Pursuant to an Agreement and Plan of Reorganization (the “Plan”): (i) all of the property and assets of the Acquired Series were acquired by the Acquiring Series and (ii) the Trust, on behalf of the Acquiring Series, assumed the liabilities of the Acquired Series, in exchange for shares of the Acquiring Series. In accordance with the Plan, the Acquired Series liquidated and dissolved following the Reorganization. In approving the Reorganization, the Board considered various factors, including that the Acquiring Series and the Acquired Series share similar investment objectives, principal investment strategies and principal risks, and materially identical fundamental investment restrictions and that the Acquiring Series' overall total expense ratio is expected to be equal or lower than the corresponding Acquired Series' total expense ratio following the Reorganization taking into account applicable expense limitation arrangements. The
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Reorganization was accomplished by a tax-free exchange of shares on April 28, 2023. For financial reporting purposes, assets received and shares issued by the Acquiring Series were recorded at fair value; however, the cost basis of the investments received from the Acquired Series was carried forward to align ongoing reporting of the Acquiring Series’ realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
The share transactions associated with April 28, 2023 for the Reorganization were as follows:
  Acquired
Series
Net Assets 		  Acquired
Series Shares
Outstanding 		  Shares
Converted
to Acquiring
Series 		  Acquiring
Series
Net Assets 		  Conversion
Ratio
  Delaware VIP Equity Income Series   Macquarie VIP Growth & Income Series  
Standard Class $96,486,816   6,477,316   3,437,362   $464,768,916   0.5307
The net assets of the Acquired Series before the Reorganization were $96,486,816. The net assets of the Acquiring Series immediately following the Reorganization were $561,255,732.
Assuming the Reorganization had been completed on January 1, 2023, the Acquiring Series' pro forma results of operations for the year ended December 31, 2023, would have been as follows:
Net investment income $15,439,079
Net realized gain on investments 29,118,897
Net change in unrealized appreciation (depreciation) 20,532,930
Net increase in net assets resulting from operations $65,090,906
6. Line of Credit
The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $335,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on October 28, 2024.
The Series had no amounts outstanding as of June 30, 2024, or at any time during the period then ended.
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 (BNY). 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 must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.
Cash collateral received by the Series is generally invested in an individual separate account. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally
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Notes to financial statements
Delaware VIP® Trust — Macquarie VIP Growth and Income Series   
7. Securities Lending (continued)
invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. The Series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.
In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Series or, at the discretion of the lending agent, replace the loaned securities. The Series continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Series has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Series receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Series, the security lending agent, and the borrower. The Series records security lending income net of allocations to the security lending agent and the borrower.
The Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Series’ cash collateral account may be less than the amount the Series would be required to return to the borrowers of the securities and the Series would be required to make up for this shortfall.
During the six months ended June 30, 2024, the Series had no securities out on loan.
8. Credit and Market Risks
The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen.
Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Series invests will cause the NAV of the Series to fluctuate.
The Series invests in growth stocks, which reflect projections of future earnings and revenue. These prices may rise or fall dramatically depending on whether those projections are met. These companies’ stock prices may be more volatile, particularly over the short term.
The Series invests in REITs and is subject to the risks associated with that industry. If the Series holds real estate directly or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the six months ended June 30, 2024. 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 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 limited financial resources or a dependence on narrow product lines.
The Series may invest up to 10% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Series’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series’ 10% limit on investments in illiquid securities. As of June 30, 2024, there were no Rule 144A securities held by the Series.
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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. Subsequent Events
Management has determined that no material events or transactions occurred subsequent to June 30, 2024, that would require recognition or disclosure in the Series’ financial statements.
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Other Series information (Unaudited)
Delaware VIP® Trust — Macquarie VIP Growth and 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-PORT. The Series’ Form N-PORT, as well as a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities, is available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Series’ most recent Form N-PORT are available without charge on the Series’ website at delawarefunds.com/vip-literature.
Information (if any) regarding how the Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.
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Privacy Notice
We are committed to protecting the privacy of our potential, current, and former customers. To provide the products and services you request, we must collect personal information about you. We do not sell your personal information to third parties. We collect your personal information and share it with third parties as necessary to provide you with the products or services you request and to administer your business with us. This notice describes our current privacy practices. While your relationship with us continues, we will update and send our privacy practices notice as required by law. We are committed to continuing to protect your personal information even after that relationship ends. You do not need to take any action because of this notice.
Information we may collect
and use
We collect personal information about you to help us identify you as our potential, current, or former customer; to process your requests and transactions; to offer investment services to you; or to tell you about our products or services we believe you may want to use. The type of personal information we collect depends on the products or services you request and may include the following:
• Information from you: When you submit your application or other forms or request information on our products (online or otherwise), you give us information such as your name, address, Social Security number, your financial account information, and your financial history.
• Information about your transactions: We keep information about your transactions with us, such as the products you buy from us; the amount you paid for those products; your investment activity; and your account balances.
• Information from your employer: In connection with administering your retirement plan, we may obtain information about you from your employer.
• Information received from third parties: In order to verify your identity or to prevent fraud, we may obtain information about you from third parties.
How we use your personal information
We do not disclose nonpublic personal information about our potential, current, and former customers unless allowed or required by law. We may share your personal information within our companies and with certain service providers. They use this information to process transactions you have requested; provide customer service; and inform you of products or services we offer that you may find useful. Our service providers may or may not be affiliated with us. They include financial service providers (for example, third-party administrators; broker/dealers; and other financial services companies with whom we have joint marketing agreements). Our service providers also include nonfinancial companies and individuals (for example, consultants; information services vendors; and companies that perform mailing or marketing services on our behalf). Information obtained from a report prepared by a service provider may be kept by the service provider and shared with other persons; however, we require our service providers to
protect your personal information and to use or disclose it only for the work they are performing for us, or as permitted by law.
We also may provide information to regulatory authorities, law enforcement officials, and others to prevent fraud or when we believe in good faith that the law requires disclosure. In the event of a sale of all or part of our businesses, we may share customer information as part of the sale. We do not sell or share your information with outside marketers who may want to offer you their own products and services.
Security of information
Keeping your information safe is one of our most important responsibilities. We maintain physical, electronic, and procedural safeguards to protect your information. Our employees are authorized to access your information only when they need it to provide you with products and services or to maintain your accounts. Employees who have access to your personal information are required to keep it strictly confidential. We provide training to our employees about the importance of protecting the privacy of your information.
Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and
multi-asset solutions.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized
deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
 
This page is not part of the Financial statements and other information.        i

 

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Privacy Notice
This privacy practices notice is being provided on behalf of the following:
Macquarie Management Holdings, Inc. and each of its affiliates, such as direct or indirect subsidiaries, and any fund or product sponsored by or otherwise affiliated with Macquarie
Central Park Group (CPG) Funds
Delaware Funds by Macquarie®
Macquarie ETF Trust
Macquarie Investment Management Austria Kapitalanlage AG
Macquarie Investment Management Europe Limited
Macquarie Investment Management Europe S.A.
Macquarie Investment Management Global Limited
Optimum Fund Trust
Revised May 2024
 
ii        This page is not part of the Financial statements and other information.

 

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(3749041)
SA-VIPGI-0824

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The information is included as part of the material filed under Item 7 of this form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 16. Controls and Procedures.

 

  (a)

The registrant’s principal executive officer and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)) and provide reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

 

  (b)

There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not Applicable.

Item 19. Exhibits.

 

(a)(1)   Not applicable.
(a)(2)   Not applicable.
(a)(3)  

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit [99.CERT].

(a)(3)(1)   There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.
(a)(3)(2)   There was no change in the Registrant’s independent public accountant during the period covered by the report.
(b)   Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto as Exhibit 99.906 CERT.

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.

 

Name of Registrant: Delaware VIP® Trust
SHAWN K. LYTLE
By:   Shawn K. Lytle
Title:   President and Chief Executive Officer
Date:   August 29, 2024

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:   August 29, 2024
RICHARD SALUS
By:   Richard Salus
Title:   Chief Financial Officer
Date:   August 29, 2024