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, 2026
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
Nomura VIP Emerging Markets Series
(formerly, Macquarie VIP Emerging Markets Series)
Standard Class
Semiannual shareholder report | June 30, 2026
This semiannual shareholder report contains important information about Nomura VIP Emerging Markets Series (Series) for the period of January 1, 2026, to June 30, 2026. You can find additional information about the Series at nomuraassetmanagement.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 $97 1.16%
^
Annualized.
Series statistics (as of June 30, 2026)
Series net assets $1,451,422,751
Total number of portfolio holdings* 73
Total net advisory fees paid (during reporting period) $5,874,924
Portfolio turnover rate 0%**
*
Excludes cash and cash equivalents.
**
Amount is less than 0.50%.
Series holdings (as of June 30, 2026)
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 71.79%
Taiwan 16.49%
China 3.45%
India 3.16%
Brazil 1.72%
Mexico 1.49%
Türkiye 0.59%
Argentina 0.53%
Peru 0.38%
Indonesia 0.33%
Sector allocation*
Information Technology 49.54%
Industrials 37.61%
Energy 3.27%
Financials 3.08%
Communication Services 2.81%
Consumer Discretionary 1.40%
Consumer Staples 0.96%
Materials 0.54%
Healthcare 0.38%
Real Estate 0.26%
Utilities 0.21%
Top 10 equity holdings
SK Square** 35.97%
SK hynix** 19.07%
Taiwan Semiconductor Manufacturing 13.50%
Samsung Electronics 9.12%
Samsung Electronics 4.86%
MediaTek 2.99%
Reliance Industries GDR 1.61%
Reliance Industries 1.37%
Samsung C&T 1.28%
Samsung Life Insurance 0.97%
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
** Because SK Square invests most of its assets in SK hynix, these two holdings are likely to perform similarly.

Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
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 shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - VIP Funds
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5778512)
TSSR-246493878-0826
Macquarie Logo
Nomura VIP Emerging Markets Series
(formerly, Macquarie VIP Emerging Markets Series)
Service Class
Semiannual shareholder report | June 30, 2026
This semiannual shareholder report contains important information about Nomura VIP Emerging Markets Series (Series) for the period of January 1, 2026, to June 30, 2026. You can find additional information about the Series at nomuraassetmanagement.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 $122 1.46%
^
Annualized.
Series statistics (as of June 30, 2026)
Series net assets $1,451,422,751
Total number of portfolio holdings* 73
Total net advisory fees paid (during reporting period) $5,874,924
Portfolio turnover rate 0%**
*
Excludes cash and cash equivalents.
**
Amount is less than 0.50%.
Series holdings (as of June 30, 2026)
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 71.79%
Taiwan 16.49%
China 3.45%
India 3.16%
Brazil 1.72%
Mexico 1.49%
Türkiye 0.59%
Argentina 0.53%
Peru 0.38%
Indonesia 0.33%
Sector allocation*
Information Technology 49.54%
Industrials 37.61%
Energy 3.27%
Financials 3.08%
Communication Services 2.81%
Consumer Discretionary 1.40%
Consumer Staples 0.96%
Materials 0.54%
Healthcare 0.38%
Real Estate 0.26%
Utilities 0.21%
Top 10 equity holdings
SK Square** 35.97%
SK hynix** 19.07%
Taiwan Semiconductor Manufacturing 13.50%
Samsung Electronics 9.12%
Samsung Electronics 4.86%
MediaTek 2.99%
Reliance Industries GDR 1.61%
Reliance Industries 1.37%
Samsung C&T 1.28%
Samsung Life Insurance 0.97%
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
** Because SK Square invests most of its assets in SK hynix, these two holdings are likely to perform similarly.

Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
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 shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - VIP Funds
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5778512)
TSSR-246493886-0826
Macquarie Logo
Nomura VIP Fund for Income Series
(formerly, Macquarie VIP Fund for Income Series)
Standard Class
Semiannual shareholder report | June 30, 2026
This semiannual shareholder report contains important information about Nomura VIP Fund for Income Series (Series) for the period of January 1, 2026, to June 30, 2026. You can find additional information about the Series at nomuraassetmanagement.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, 2026)
Series net assets $70,977,026
Total number of portfolio holdings* 582
Total net advisory fees paid (during reporting period) $164,276
Portfolio turnover rate 53%
*
Excludes cash and cash equivalents.
Series holdings (as of June 30, 2026)
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 13.30%
Basic Industry 11.76%
Healthcare 10.72%
Media 9.16%
Capital Goods 7.73%
Telecommunications 6.19%
Financial Services 5.72%
Services 5.55%
Electric 4.84%
Leisure 4.77%

Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
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 shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - VIP Funds
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5778512)
TSSR-246493522-0826
Macquarie Logo
Nomura VIP Fund for Income Series
(formerly, Macquarie VIP Fund for Income Series)
Service Class
Semiannual shareholder report | June 30, 2026
This semiannual shareholder report contains important information about Nomura VIP Fund for Income Series (Series) for the period of January 1, 2026, to June 30, 2026. You can find additional information about the Series at nomuraassetmanagement.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, 2026)
Series net assets $70,977,026
Total number of portfolio holdings* 582
Total net advisory fees paid (during reporting period) $164,276
Portfolio turnover rate 53%
*
Excludes cash and cash equivalents.
Series holdings (as of June 30, 2026)
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 13.30%
Basic Industry 11.76%
Healthcare 10.72%
Media 9.16%
Capital Goods 7.73%
Telecommunications 6.19%
Financial Services 5.72%
Services 5.55%
Electric 4.84%
Leisure 4.77%

Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
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 shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - VIP Funds
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5778512)
TSSR-246493365-0826
Macquarie Logo
Nomura VIP Growth and Income Series
(formerly, Macquarie VIP Growth and Income Series)
Standard Class
Semiannual shareholder report | June 30, 2026
This semiannual shareholder report contains important information about Nomura VIP Growth and Income Series (Series) for the period of January 1, 2026, to June 30, 2026. You can find additional information about the Series at nomuraassetmanagement.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 0.67%
^
Annualized.
Series statistics (as of June 30, 2026)
Series net assets $950,194,188
Total number of portfolio holdings* 61
Total net advisory fees paid (during reporting period) $2,953,118
Portfolio turnover rate 26%
*
Excludes cash and cash equivalents.
Series holdings (as of June 30, 2026)
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 22.28%
Healthcare 16.66%
Information Technology 15.82%
Energy 9.04%
Consumer Discretionary 8.95%
Industrials 8.45%
Communication Services 6.38%
Consumer Staples 5.85%
Materials 2.62%
Top 10 equity holdings
Cisco Systems 5.35%
Citigroup 3.86%
Exxon Mobil 3.63%
CVS Health 3.54%
Philip Morris International 3.52%
Apple 3.26%
Gilead Sciences 3.19%
Invesco 2.87%
Bristol-Myers Squibb 2.85%
Popular 2.82%
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
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 shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - VIP Funds
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5778512)
TSSR-246493472-0826
Macquarie Logo
Nomura VIP Growth Equity Series
(formerly, Macquarie VIP Growth Equity Series)
Standard Class
Semiannual shareholder report | June 30, 2026
This semiannual shareholder report contains important information about Nomura VIP Growth Equity Series (Series) for the period of January 1, 2026, to June 30, 2026. You can find additional information about the Series at nomuraassetmanagement.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 $39 0.79%
^
Annualized.
Series statistics (as of June 30, 2026)
Series net assets $115,897,965
Total number of portfolio holdings* 35
Total net advisory fees paid (during reporting period) $362,195
Portfolio turnover rate 15%
*
Excludes cash and cash equivalents.
Series holdings (as of June 30, 2026)
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 46.79%
Healthcare 13.71%
Financials 13.14%
Communication Services 9.37%
Industrials 7.70%
Consumer Discretionary 7.03%
Materials 1.64%
Consumer Staples 0.15%
Top 10 equity holdings
NVIDIA 15.36%
Apple 8.51%
Microsoft 7.72%
Alphabet Class A 6.63%
Advanced Micro Devices 5.13%
Amazon.com 5.06%
Visa Class A 4.95%
Eli Lilly & Co. 4.80%
Taiwan Semiconductor Manufacturing ADR 3.99%
Broadcom 3.21%
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
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 shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - VIP Funds
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5778512)
TSSR-246493514-0826
Macquarie Logo
Nomura VIP Investment Grade Series
(formerly, Macquarie VIP Investment Grade Series)
Standard Class
Semiannual shareholder report | June 30, 2026
This semiannual shareholder report contains important information about Nomura VIP Investment Grade Series (Series) for the period of January 1, 2026, to June 30, 2026. You can find additional information about the Series at nomuraassetmanagement.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 0.62%
^
Annualized.
Series statistics (as of June 30, 2026)
Series net assets $29,746,373
Total number of portfolio holdings* 227
Total net advisory fees paid (during reporting period) $5,798
Portfolio turnover rate 118%
*
Excludes cash and cash equivalents.
Series holdings (as of June 30, 2026)
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 23.45%
Electric 10.31%
Consumer Non-Cyclical 8.94%
Communications 8.01%
Technology 7.24%
Energy 6.79%
Finance Companies 6.19%
Consumer Cyclical 4.88%
Capital Goods 4.56%
Insurance 4.13%

Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
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 shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - VIP Funds
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5778512)
TSSR-246493399-0826
Macquarie Logo
Nomura VIP Investment Grade Series
(formerly, Macquarie VIP Investment Grade Series)
Service Class
Semiannual shareholder report | June 30, 2026
This semiannual shareholder report contains important information about Nomura VIP Investment Grade Series (Series) for the period of January 1, 2026, to June 30, 2026. You can find additional information about the Series at nomuraassetmanagement.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 0.92%
^
Annualized.
Series statistics (as of June 30, 2026)
Series net assets $29,746,373
Total number of portfolio holdings* 227
Total net advisory fees paid (during reporting period) $5,798
Portfolio turnover rate 118%
*
Excludes cash and cash equivalents.
Series holdings (as of June 30, 2026)
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 23.45%
Electric 10.31%
Consumer Non-Cyclical 8.94%
Communications 8.01%
Technology 7.24%
Energy 6.79%
Finance Companies 6.19%
Consumer Cyclical 4.88%
Capital Goods 4.56%
Insurance 4.13%

Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
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 shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - VIP Funds
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5778512)
TSSR-246493381-0826
Macquarie Logo
Nomura VIP Limited Duration Bond Series
(formerly, Macquarie VIP Limited Duration Bond Series)
Standard Class
Semiannual shareholder report | June 30, 2026
This semiannual shareholder report contains important information about Nomura VIP Limited Duration Bond Series (Series) for the period of January 1, 2026, to June 30, 2026. You can find additional information about the Series at nomuraassetmanagement.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 $26 0.53%
^
Annualized.
Series statistics (as of June 30, 2026)
Series net assets $14,962,937
Total number of portfolio holdings* 150
Total net advisory fees paid (during reporting period) $0
Portfolio turnover rate 105%
*
Excludes cash and cash equivalents.
Series holdings (as of June 30, 2026)
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
US Treasury Obligations 41.55%
Corporate Bonds 35.32%
Non-Agency Asset-Backed Securities 11.56%
Agency Mortgage-Backed Securities 6.73%
Non-Agency Collateralized Mortgage Obligations 1.60%
Agency Collateralized Mortgage Obligations 0.67%

Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
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 shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - VIP Funds
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5778512)
TSSR-246493456-0826
Macquarie Logo
Nomura VIP Opportunity Series
(formerly, Macquarie VIP Opportunity Series)
Standard Class
Semiannual shareholder report | June 30, 2026
This semiannual shareholder report contains important information about Nomura VIP Opportunity Series (Series) for the period of January 1, 2026, to June 30, 2026. You can find additional information about the Series at nomuraassetmanagement.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 $46 0.83%
^
Annualized.
Series statistics (as of June 30, 2026)
Series net assets $87,029,383
Total number of portfolio holdings* 124
Total net advisory fees paid (during reporting period) $251,153
Portfolio turnover rate 22%
*
Excludes cash and cash equivalents.
Series holdings (as of June 30, 2026)
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*
Industrials 26.26%
Information Technology 17.13%
Financials 15.03%
Healthcare 12.46%
Consumer Discretionary 8.31%
Real Estate 4.96%
Energy 4.47%
Materials 3.80%
Consumer Staples 2.77%
Utilities 1.90%
Communication Services 1.46%
Top 10 equity holdings
Semtech 2.18%
MACOM Technology Solutions Holdings 1.94%
Ligand Pharmaceuticals 1.86%
Casey's General Stores 1.81%
East West Bancorp 1.77%
Axsome Therapeutics 1.70%
Astera Labs 1.69%
Axis Capital Holdings 1.58%
Ally Financial 1.53%
Liberty Energy 1.44%
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
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 shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - VIP Funds
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5778512)
TSSR-246493464-0826
Macquarie Logo
Nomura VIP Small Cap Value Series
(formerly, Macquarie VIP Small Cap Value Series)
Standard Class
Semiannual shareholder report | June 30, 2026
This semiannual shareholder report contains important information about Nomura VIP Small Cap Value Series (Series) for the period of January 1, 2026, to June 30, 2026. You can find additional information about the Series at nomuraassetmanagement.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 0.74%
^
Annualized.
Series statistics (as of June 30, 2026)
Series net assets $1,879,765,765
Total number of portfolio holdings* 101
Total net advisory fees paid (during reporting period) $6,189,346
Portfolio turnover rate 14%
*
Excludes cash and cash equivalents.
Series holdings (as of June 30, 2026)
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 29.67%
Industrials 19.93%
Consumer Discretionary 9.11%
Real Estate 8.88%
Information Technology 7.78%
Energy 6.75%
Materials 6.06%
Utilities 5.51%
Healthcare 2.58%
Consumer Staples 0.85%
Top 10 equity holdings
Timken 1.91%
TD SYNNEX 1.82%
Valley National Bancorp 1.81%
First Financial Bancorp 1.79%
Terex 1.75%
Old National Bancorp 1.73%
FNB 1.66%
Hancock Whitney 1.64%
Columbia Banking System 1.58%
Axis Capital Holdings 1.56%
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
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 shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - VIP Funds
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5778512)
TSSR-246493670-0826
Macquarie Logo
Nomura VIP Small Cap Value Series
(formerly, Macquarie VIP Small Cap Value Series)
Service Class
Semiannual shareholder report | June 30, 2026
This semiannual shareholder report contains important information about Nomura VIP Small Cap Value Series (Series) for the period of January 1, 2026, to June 30, 2026. You can find additional information about the Series at nomuraassetmanagement.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 $57 1.04%
^
Annualized.
Series statistics (as of June 30, 2026)
Series net assets $1,879,765,765
Total number of portfolio holdings* 101
Total net advisory fees paid (during reporting period) $6,189,346
Portfolio turnover rate 14%
*
Excludes cash and cash equivalents.
Series holdings (as of June 30, 2026)
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 29.67%
Industrials 19.93%
Consumer Discretionary 9.11%
Real Estate 8.88%
Information Technology 7.78%
Energy 6.75%
Materials 6.06%
Utilities 5.51%
Healthcare 2.58%
Consumer Staples 0.85%
Top 10 equity holdings
Timken 1.91%
TD SYNNEX 1.82%
Valley National Bancorp 1.81%
First Financial Bancorp 1.79%
Terex 1.75%
Old National Bancorp 1.73%
FNB 1.66%
Hancock Whitney 1.64%
Columbia Banking System 1.58%
Axis Capital Holdings 1.56%
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
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 shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - VIP Funds
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5778512)
TSSR-246493688-0826
Macquarie Logo
Nomura VIP Total Return Series
(formerly, Macquarie VIP Total Return Series)
Standard Class
Semiannual shareholder report | June 30, 2026
This semiannual shareholder report contains important information about Nomura VIP Total Return Series (Series) for the period of January 1, 2026, to June 30, 2026. You can find additional information about the Series at nomuraassetmanagement.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 0.80%
^
Annualized.
Series statistics (as of June 30, 2026)
Series net assets $37,684,805
Total number of portfolio holdings* 280
Total net advisory fees paid (during reporting period) $51,741
Portfolio turnover rate 38%
*
Excludes cash and cash equivalents.
Series holdings (as of June 30, 2026)
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 55.11%
US Treasury Obligations 25.90%
Exchange-Traded Funds 14.43%
Corporate Bonds 3.96%

Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
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 shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - VIP Funds
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5778512)
TSSR-246493423-0826
Macquarie Logo
Nomura VIP Total Return Series
(formerly, Macquarie VIP Total Return Series)
Service Class
Semiannual shareholder report | June 30, 2026
This semiannual shareholder report contains important information about Nomura VIP Total Return Series (Series) for the period of January 1, 2026, to June 30, 2026. You can find additional information about the Series at nomuraassetmanagement.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 $57 1.10%
^
Annualized.
Series statistics (as of June 30, 2026)
Series net assets $37,684,805
Total number of portfolio holdings* 280
Total net advisory fees paid (during reporting period) $51,741
Portfolio turnover rate 38%
*
Excludes cash and cash equivalents.
Series holdings (as of June 30, 2026)
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 55.11%
US Treasury Obligations 25.90%
Exchange-Traded Funds 14.43%
Corporate Bonds 3.96%

Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
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 shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - VIP Funds
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5778512)
TSSR-246493415-0826

  (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
Nomura VIP Total Return Series
(formerly, Macquarie VIP Total Return Series)
Financial statements and other information
For the six months ended June 30, 2026

 

Table of contents
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8
9
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21
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Series. This report is not authorized for distribution to prospective investors in the Series unless preceded or accompanied by an effective prospectus.
Form N-PORT and proxy voting information
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 nomuraassetmanagement.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 nomuraassetmanagement.com/proxy; and (ii) on the SEC’s website at sec.gov.
Nomura Asset Management, unless otherwise stated, refers to the Nomura Asset Management International business. Nomura Asset Management is part of the Investment Management Division of the Nomura Group, providing integrated public and private market asset management services across equities, fixed income, private credit and multi-asset solutions to intermediary and institutional clients. Nomura Asset Management primarily operates through several distinct investment managers, which includes Nomura Investment Management Business Trust (NIMBT), a Securities and Exchange Commission (SEC) registered investment adviser. Investment advisory services are provided to the Nomura Funds by Delaware Management Company, a series of NIMBT. The Nomura Funds mutual funds are distributed by Delaware Distributors, L.P., a registered broker/dealer and member of the Financial Industry Regulatory Authority (FINRA) and an affiliate of NIMBT. The Nomura Funds exchange-traded funds are distributed by Foreside Financial Services, LLC. Foreside Financial Services, LLC is not affiliated with any Nomura entity, including Delaware Management Company and Delaware Distributors, L.P.

 

Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Nomura VIP Total Return Series
June 30, 2026 (Unaudited)
    Principal
amount° 		Value (US $)
Corporate Bonds — 3.96%
Automotive — 0.17%
Allison Transmission 144A 3.75% 1/30/31 #      10,000 $     9,358
American Axle & Manufacturing 144A 6.375% 10/15/32 #       7,000       6,979
Clarios Global 144A 6.75% 9/15/32 #      10,000      10,219
Garrett Motion Holdings 144A 7.75% 5/31/32 #      10,000      10,507
Goodyear Tire & Rubber 5.25% 7/15/31       20,000      17,812
Phinia 144A 6.625% 10/15/32 #       8,000      8,178
      63,053
Basic Industry — 0.48%
Ameritex Holdco Intermediate 144A 7.625% 8/15/33 #      10,000      10,457
Arsenal AIC Parent 144A 8.00% 10/1/30 #      10,000      10,434
Beazer Homes USA 144A 8.00% 1/15/32 #       5,000       5,026
Capstone Copper 144A 6.75% 3/31/33 #      14,000      14,199
Carpenter Technology 144A 5.625% 3/1/34 #      10,000      10,005
Celanese US Holdings      
6.50% 4/15/30        2,000       2,040
6.75% 4/15/33        8,000       8,154
7.00% 2/15/31        5,000       5,150
Chemours 144A 7.875% 3/15/34 #       4,000       4,023
Cleveland-Cliffs 144A 7.00% 3/15/32 #      20,000      19,867
Commercial Metals 144A 6.00% 12/15/35 #      14,000      13,971
Novelis 144A 4.75% 1/30/30 #      25,000      24,196
Olin 144A 6.625% 4/1/33 #      20,000      19,773
Quikrete Holdings 144A 6.75% 3/1/33 #      10,000      10,199
Standard Building Solutions 144A 6.50% 8/15/32 #      10,000      10,067
Standard Industries 144A 3.375% 1/15/31 #      15,000     13,510
     181,071
Capital Goods — 0.40%
Amentum Holdings 144A 7.25% 8/1/32 #      15,000      15,460
CACI International 144A 6.375% 6/15/33 #      14,000      14,208
Clydesdale Acquisition Holdings 144A 8.75% 4/15/30 #      14,000      13,821
Cyprium 144A 6.125% 4/15/31 #       8,000       8,020
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Capital Goods (continued)
Enpro 144A 6.125% 6/1/33 #      15,000 $    15,234
Goat Holdco 144A 6.75% 2/1/32 #       5,000       5,128
Manitowoc 144A 9.25% 10/1/31 #      10,000      10,762
Mauser Packaging Solutions
Holding 		     
144A 7.875% 4/15/30 #       5,000       5,114
144A 9.25% 4/15/30 #      22,000      21,661
Owens-Brockway Glass Container 144A 7.25% 5/15/31 #       5,000       4,947
Sword Purchaser      
144A 8.25% 4/15/33 #       6,000       6,212
144A 10.50% 4/15/34 #       2,000       2,094
Terex 144A 6.25% 10/15/32 #      10,000      10,135
TransDigm      
144A 6.125% 7/31/34 #       9,000       9,000
144A 6.625% 3/1/32 #       9,000      9,242
     151,038
Consumer Goods — 0.03%
Fiesta Purchaser      
144A 7.875% 3/1/31 #       7,000       7,066
144A 9.625% 9/15/32 #       5,000      4,910
      11,976
Electric — 0.07%
Constellation Energy Generation 144A 4.625% 2/1/29 #       5,000       4,972
Hawaiian Electric 144A 6.00% 10/1/33 #       6,000       5,948
NRG Energy 144A 6.00% 1/15/36 #      16,000     15,958
      26,878
Energy — 0.51%
Archrock Partners 144A 6.625% 9/1/32 #      10,000      10,204
Bristow Group 144A 6.75% 2/1/33 #       4,000       4,014
Crescent Energy Finance 144A 8.375% 1/15/34 #       4,000       4,122
Genesis Energy      
6.75% 3/15/34        3,000       2,979
7.875% 5/15/32        5,000       5,159
Gulfport Energy Operating 144A 6.75% 9/1/29 #      10,000      10,212
Hilcorp Energy I      
144A 6.00% 4/15/30 #      20,000      19,692
144A 6.25% 4/15/32 #       5,000       4,843
Matador Resources 144A 6.25% 4/15/33 #      10,000       9,969
Murphy Oil 6.00% 10/1/32        4,000       3,986
    1

 

Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Nomura VIP Total Return Series 
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Energy (continued)
Nabors Industries 144A 7.625% 11/15/32 #       6,000 $     6,143
NGL Energy Operating 144A 8.375% 2/15/32 #      15,000      15,622
Noble Finance II 144A 8.00% 4/15/30 #       8,000       8,293
Rockies Express Pipeline 144A 6.75% 3/15/33 #       8,000       8,227
SM Energy      
144A 6.625% 4/15/34 #       4,000       3,940
144A 8.625% 11/1/30 #      15,000      15,760
Sunoco 144A 7.25% 5/1/32 #       5,000       5,189
Transocean International      
144A 7.875% 10/15/32 #      10,000      10,445
144A 8.50% 5/15/31 #       5,000       5,194
USA Compression Partners      
144A 6.25% 10/1/33 #      10,000       9,920
144A 7.125% 3/15/29 #       3,000       3,074
Venture Global LNG      
144A 7.00% 1/15/30 #       5,000       5,102
144A 8.375% 6/1/31 #      10,000      10,413
Venture Global Plaquemines LNG      
144A 6.125% 12/15/30 #       4,000       4,095
144A 7.50% 5/1/33 #       6,000      6,588
     193,185
Financial Services — 0.30%
Azorra Finance 144A 7.75% 4/15/30 #      10,000      10,381
Block 144A 6.00% 8/15/33 #      20,000      20,149
CrossCountry Intermediate HoldCo 144A 6.50% 10/1/30 #      10,000       9,869
FTAI Aviation Investors 144A 7.00% 6/15/32 #      10,000      10,349
Icahn Enterprises      
5.25% 5/15/27        5,000       4,945
9.75% 1/15/29        5,000       4,908
OneMain Finance      
6.625% 5/15/29        8,000       8,167
6.75% 9/15/33        4,000       3,965
7.125% 9/15/32        3,000       3,054
PennyMac Financial Services      
144A 6.875% 5/15/32 #       5,000       4,897
144A 6.875% 2/15/33 #      10,000       9,758
Shift4 Payments 144A 6.75% 8/15/32 #      15,000      15,039
UWM Holdings 144A 6.25% 3/15/31 #       7,000      6,244
     111,725
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Healthcare — 0.37%
Acadia Healthcare 144A 7.375% 3/15/33 #       9,000 $     9,276
AMN Healthcare 144A 6.50% 1/15/31 #       7,000       7,047
AthenaHealth Group 144A 6.50% 2/15/30 #       5,000       4,797
Avantor Funding 144A 3.875% 11/1/29 #      15,000      14,330
CHS      
144A 4.75% 2/15/31 #      25,000      23,016
144A 9.75% 1/15/34 #      10,000      10,453
DaVita      
144A 3.75% 2/15/31 #      10,000       9,270
144A 4.625% 6/1/30 #      10,000       9,694
Global Medical Response 144A 7.375% 10/1/32 #       8,000       8,295
Medline Borrower 144A 5.25% 10/1/29 #       7,000       6,961
Molina Healthcare 144A 6.50% 2/15/31 #       5,000       5,093
Raven Acquisition Holdings 144A 6.875% 11/15/31 #       5,000       4,890
Surgery Center Holdings 144A 7.25% 4/15/32 #      10,000      10,136
Tenet Healthcare 144A 5.50% 11/15/32 #      17,000     16,913
     140,171
Insurance — 0.15%
Acrisure 144A 6.75% 7/1/32 #      21,000      18,893
Amynta Agency Borrower and Amynta Warranty Borrower 144A 7.50% 7/15/33 #       8,000       7,697
HUB International 144A 7.375% 1/31/32 #      10,000      10,185
Jones Deslauriers Insurance
Management 		     
144A 6.875% 10/1/33 #      10,000       9,281
144A 8.50% 3/15/30 #      10,000     10,207
      56,263
Leisure — 0.23%
AMC Entertainment Holdings 144A 7.50% 2/15/29 #       3,000       2,789
Boyd Gaming 144A 4.75% 6/15/31 #      20,000      19,322
Caesars Entertainment 144A 7.00% 2/15/30 #      18,000      18,114
Carnival 144A 6.125% 2/15/33 #       8,000       8,101
Life Time 144A 6.00% 11/15/31 #      15,000      15,240
 
2    

 

Table of Contents
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Leisure (continued)
Lindblad Expeditions 144A 7.00% 9/15/30 #      10,000 $    10,345
Muvico PIK 144A 15.00% 2/19/29 #, «       5,000       5,468
Six Flags Entertainment      
144A 6.625% 5/1/32 #       5,000       5,069
144A 8.625% 1/15/32 #       2,000      2,061
      86,509
Media — 0.45%
Arches Buyer 144A 6.125% 12/1/28 #       5,000       4,929
CCO Holdings      
4.50% 5/1/32       20,000      17,670
144A 5.375% 6/1/29 #       4,000       3,915
144A 7.00% 2/1/33 #       7,000       6,871
Clear Channel Outdoor Holdings 144A 7.50% 3/15/33 #       5,000       5,268
CMG Media 144A 8.875% 6/18/29 #      10,000       7,328
Directv Financing 144A 10.00% 2/15/31 #       5,000       5,192
Gray Media      
144A 5.375% 11/15/31 #      12,000       8,060
144A 7.25% 8/15/33 #       3,000       2,957
iHeartCommunications      
144A 9.125% 5/1/29 #       5,000       4,856
144A 10.875% 5/1/30 #       3,000       2,609
McGraw-Hill Education 144A 7.375% 9/1/31 #      17,000      17,290
Midcontinent Communications 144A 8.00% 8/15/32 #      15,000      13,162
Nexstar Media 144A 6.50% 9/15/33 #       6,000       6,004
OAK-Eagle Acquireco 144A 7.25% 7/1/33 #       5,855       6,128
Sirius XM Radio 144A 4.00% 7/15/28 #      12,000      11,692
Snap 144A 6.875% 3/1/33 #      15,000      14,630
Stagwell Global 144A 5.625% 8/15/29 #      20,000      19,305
Univision Communications 144A 7.375% 6/30/30 #      10,000     10,035
     167,901
Real Estate — 0.12%
Forestar Group 144A 6.50% 3/15/33 #       5,000       5,082
Iron Mountain 144A 5.25% 3/15/28 #      20,000      19,985
Millrose Properties 144A 6.375% 8/1/30 #       8,000       8,114
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Real Estate (continued)
RHP Hotel Properties 144A 6.50% 6/15/33 #      10,000 $    10,266
Starwood Property Trust 144A 6.50% 7/1/30 #       3,000      3,069
      46,516
Retail — 0.27%
Asbury Automotive Group      
144A 4.625% 11/15/29 #       5,000       4,872
4.75% 3/1/30       10,000       9,728
Bath & Body Works      
6.875% 11/1/35       14,000      14,346
6.95% 3/1/33        9,000       9,073
Magnera 144A 7.25% 11/15/31 #      18,000      17,587
Michaels      
144A 8.50% 3/15/33 #       6,000       5,946
144A 11.00% 3/15/34 #       3,000       2,941
Murphy Oil USA 144A 3.75% 2/15/31 #      25,000      23,399
Victra Holdings 144A 8.75% 9/15/29 #       5,000       5,161
William Carter 144A 7.375% 2/15/31 #       7,000      7,240
     100,293
Services — 0.20%
Herc Holdings      
144A 6.00% 3/15/34 #       4,000       3,978
144A 7.00% 6/15/30 #       5,000       5,181
Hertz 144A 12.625% 7/15/29 #       2,000       1,629
QXO Building Products 144A 6.75% 4/30/32 #       4,000       4,133
Resideo Funding 144A 6.50% 7/15/32 #       8,000       8,050
Staples 144A 10.75% 9/1/29 #       5,000       4,774
Synergy Infrastructure Holdings 144A 7.875% 12/1/30 #       3,000       3,143
Waste Pro USA 144A 7.00% 2/1/33 #      10,000      10,258
White Cap Supply Holdings 144A 7.375% 11/15/30 #      18,000      18,267
Williams Scotsman 144A 6.625% 4/15/30 #      15,000     15,464
      74,877
Technology & Electronics — 0.09%
Black Pearl Compute 144A 6.125% 2/15/31 #       4,000       4,056
Cipher Compute 144A 7.125% 11/15/30 #       3,000       3,123
Cloud Software Group 144A 6.50% 3/31/29 #      13,000      12,623
    3

 

Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Nomura VIP Total Return Series 
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Technology & Electronics (continued)
Seagate Data Storage Technology 144A 5.75% 12/1/34 #       8,000 $     8,136
WULF Compute 144A 7.75% 10/15/30 #       4,000       4,204
Zebra Technologies 144A 6.50% 6/1/32 #       3,000      3,038
      35,180
Telecommunications — 0.05%
CoreWeave 144A 9.75% 10/1/31 #      13,000      12,981
Uniti Services 144A 7.50% 10/15/33 #       7,000      7,371
      20,352
Transportation — 0.07%
Genesee & Wyoming 144A 6.25% 4/15/32 #      25,000     25,390
      25,390
Total Corporate Bonds
(cost $1,499,647) 		 1,492,378
 
US Treasury Obligations — 25.90%
US Treasury Bonds      
1.125% 8/15/40     285,000     178,620
1.375% 8/15/50     105,000      51,532
1.625% 11/15/50     315,000     164,723
2.25% 8/15/46     475,000     309,956
2.25% 8/15/49     290,000     180,446
2.375% 11/15/49     175,000     111,515
2.875% 5/15/49     700,000     497,273
3.00% 11/15/44     300,000     229,559
3.75% 11/15/43     190,000     164,283
4.375% 11/15/39     105,000     102,031
4.375% 5/15/41     150,000     143,789
4.50% 2/15/36     380,000     384,824
US Treasury Floating Rate Notes
3.879% (USBMMY3M + 0.10%) 4/30/28 • 		    555,000     555,017
US Treasury Notes      
0.625% 5/15/30   1,260,000   1,101,122
2.75% 8/15/32     980,000     900,184
3.50% 10/15/28   1,560,000   1,537,392
3.875% 10/15/27   1,575,000   1,569,494
4.125% 11/30/31     915,000     910,264
4.25% 11/15/34     510,000     505,069
4.375% 5/15/36     165,000    164,136
Total US Treasury Obligations
(cost $9,869,652) 		 9,761,229
    
    Number of
shares 		Value (US $)
Common Stocks — 55.11%♣
Communication Services — 3.68%
Alphabet Class A      1,499 $   535,698
Alphabet Class C        761     268,884
AT&T      8,398     173,838
Meta Platforms Class A        342     192,645
Verizon Communications      5,076    214,918
   1,385,983
Consumer Discretionary — 4.10%
Amazon.com †       685     163,263
Best Buy      1,990     151,001
Booking Holdings        825     147,048
eBay      1,482     165,614
Expedia Group        209      53,479
Ford Motor      4,824      67,054
Lowe's        559     123,254
McDonald's        300      81,093
NIKE Class B      2,355      96,673
Ross Stores      1,152     245,203
TJX      1,665    252,247
   1,545,929
Consumer Staples — 2.08%
Altria Group      3,476     250,098
PepsiCo        912     123,485
Philip Morris International      1,447     261,777
Procter & Gamble      1,006    147,520
     782,880
Energy — 2.06%
Chevron      1,237     205,045
Expand Energy        652      59,456
Exxon Mobil      3,736    510,786
     775,287
Financials — 10.04%
Ameriprise Financial        301     138,087
Artisan Partners Asset Management Class A      1,793      61,912
Bank of America      2,679     152,649
Bank of New York Mellon      1,359     196,525
Blackrock        217     208,659
Blackstone      1,537     180,859
Charles Schwab      1,446     133,422
Citizens Financial Group      3,118     218,478
Corebridge Financial      5,387     154,230
Fidelity National Financial      2,364     111,486
Fifth Third Bancorp      2,023     114,037
Huntington Bancshares      5,521      97,887
Intercontinental Exchange        925     113,877
KeyCorp     11,407     262,931
Marsh & McLennan        835     139,170
MetLife      2,419     204,672
 
4    

 

Table of Contents
    Number of
shares 		Value (US $)
Common Stocks♣ (continued)
Financials (continued)
PNC Financial Services Group        586 $   144,285
Principal Financial Group      2,162     233,020
Progressive        710     155,100
Prudential Financial        539      58,174
Regions Financial      2,570      77,614
State Street      1,369     232,182
Synchrony Financial      3,097     235,527
Wells Fargo & Co.      1,916    158,338
   3,783,121
Healthcare — 6.16%
Abbott Laboratories        800      72,593
AbbVie      1,414     355,819
Bristol-Myers Squibb      3,380     194,756
Cardinal Health      1,187     281,984
Cencora        647     183,088
Cigna Group        252      69,471
Gilead Sciences      1,959     247,500
Johnson & Johnson        326      82,794
McKesson        273     206,279
Merck & Co.      1,609     206,757
Pfizer      6,776     163,166
Stryker        235      73,987
Thermo Fisher Scientific        247     123,836
Zoetis        850     61,081
   2,323,111
Industrials — 3.30%
Carrier Global      2,316     169,879
Comfort Systems USA         52     103,061
CSX      3,049     144,919
Dover        700     156,996
Jacobs Solutions      1,087     136,962
Lockheed Martin        152      77,438
Masco      2,514     204,564
Northrop Grumman        259     131,911
United Parcel Service Class B      1,111    119,433
   1,245,163
Information Technology — 21.53%
Accenture Class A        372      46,292
Analog Devices        250      99,293
Apple      3,515   1,017,100
Broadcom      1,481     559,448
CDW        885     124,466
Cisco Systems      4,346     510,481
Dell Technologies Class C      1,379     594,983
HP      5,443     119,419
Lam Research      1,251     542,096
Micron Technology        650     750,288
Microsoft      2,536     945,979
Monolithic Power Systems        181     250,207
    Number of
shares 		Value (US $)
Common Stocks♣ (continued)
Information Technology (continued)
NetApp      1,482 $   229,354
NVIDIA      6,780   1,356,610
Qnity Electronics        450      73,490
QUALCOMM      1,769     326,894
Seagate Technology Holdings        428     413,020
Teledyne Technologies †       230    153,387
   8,112,807
Materials — 0.90%
Amcor        876      37,974
DuPont de Nemours      1,066     144,502
PPG Industries      1,280    155,251
     337,727
Real Estate — 0.41%
Prologis      1,132    153,352
     153,352
Utilities — 0.85%
Duke Energy      1,128     142,782
Edison International      2,394    178,234
     321,016
Total Common Stocks
(cost $12,319,360) 		20,766,376
 
Exchange-Traded Funds — 14.43%
iShares Core MSCI Pacific ETF    13,450   1,101,958
iShares Core US Aggregate Bond ETF     3,921     388,101
iShares iBoxx High Yield Corporate Bond ETF     8,267     661,112
Vanguard Russell 1000 Growth ETF     8,561   1,094,181
Vanguard S&P 500 ETF     3,191  2,191,611
Total Exchange-Traded Funds
(cost $5,240,041) 		 5,436,963
       
Short-Term Investments — 0.07%
Money Market Mutual Funds — 0.07%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.54%)       6,691      6,691
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.53%)       6,691      6,691
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.59%)       6,691      6,691
    5

 

Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Nomura VIP Total Return 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 3.56%)       6,691 $     6,691
Total Short-Term Investments
(cost $26,764) 		    26,764
Total Value of Securities—99.47%
(cost $28,955,464) 		    37,483,710
Receivables and Other Assets Net of Liabilities—0.53%        201,095
Net Assets Applicable to 2,591,003 Shares Outstanding—100.00%     $37,684,805
° 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, 2026, the aggregate value of Rule 144A securities was $1,371,242, which represents 3.64% of the Series’ net assets. See Note 8 in “Notes to financial statements.”
« PIK. The first payment of cash and/or principal will be made after June 30, 2026.
• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at June 30, 2026. 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.
♣ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
† Non-income producing security.
Summary of abbreviations: 
ETF – Exchange-Traded Fund
LNG – Liquefied Natural Gas
PIK – Payment-in-kind
S&P – Standard & Poor’s Financial Services LLC
SOFR01M – Secured Overnight Financing Rate 1 Month
SOFR03M – Secured Overnight Financing Rate 3 Month
USBMMY3M – US Treasury 3 Month Bill Money Market Yield
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
 
6    

 

Table of Contents
Statement of assets and liabilities
Delaware VIP® Trust — Nomura VIP Total Return Series
June 30, 2026 (Unaudited)
Assets:  
Investments, at value* $37,483,710
Foreign currencies, at valueΔ 2
Cash 163,792
Dividends and interest receivable 110,848
Foreign tax reclaims receivable 5,984
Receivable for series shares sold 2,932
Prepaid expenses 184
Other assets 382
Total Assets 37,767,834
Liabilities:  
Accounting and administration expenses payable to non-affiliates 29,446
Audit and tax fees payable 20,486
Custody fees payable 7,808
Pricing fees payable 7,526
Reports and statements to shareholders expenses payable 7,252
Investment management fees payable to affiliates 6,344
Other accrued expenses 2,397
Payable for series shares redeemed 1,001
Accounting and administration expenses payable to affiliates 468
Dividend disbursing and transfer agent fees and expenses payable to affiliates 230
Legal fees payable to affiliates 67
Distribution fees payable to affiliates 4
Total Liabilities 83,029
Total Net Assets $37,684,805
 
Net Assets Consist of:  
Paid-in capital $27,145,614
Total distributable earnings (loss) 10,539,191
Total Net Assets $37,684,805
 
Net Asset Value  
 
Standard Class:  
Net assets $37,668,244
Shares of beneficial interest outstanding, unlimited authorization, no par 2,589,855
Net asset value per share $14.54
 
Service Class:  
Net assets $16,561
Shares of beneficial interest outstanding, unlimited authorization, no par 1,148
Net asset value per share $14.43
*Investments, at cost 		$28,955,464
ΔForeign currencies, at cost 2
See accompanying notes, which are an integral part of the financial statements.
    7

 

Table of Contents
Statement of operations
Delaware VIP® Trust  —  Nomura VIP Total Return Series
Six months ended June 30, 2026 (Unaudited)
Investment Income:  
Dividends $258,986
Interest 245,214
Foreign tax withheld (1,383)
  502,817
 
Expenses:  
Management fees 119,391
Distribution expenses — Service Class 24
Audit and tax fees 34,968
Accounting and administration expenses 33,913
Reports and statements to shareholders expenses 7,957
Custodian fees 4,948
Legal fees 1,687
Dividend disbursing, transfer agent and sub-transfer agent fees and expenses 1,486
Trustees’ fees 955
Other 9,035
  214,364
Less expenses waived (67,650)
Less expenses paid indirectly (1)
Total operating expenses 146,713
Net Investment Income (Loss) 356,104
 
Net Realized and Unrealized Gain (Loss):  
Net realized gain (loss) on:  
Investments 1,745,878
Foreign currencies (2,632)
Futures contracts (8,544)
Net realized gain (loss) 1,734,702
Net change in unrealized appreciation (depreciation) on:  
Investments 1,501,267
Foreign currencies (545)
Futures contracts 1,469
Net change in unrealized appreciation (depreciation) 1,502,191
Net Realized and Unrealized Gain (Loss) 3,236,893
Net Increase (Decrease) in Net Assets Resulting from Operations $3,592,997
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 —  Nomura VIP Total Return Series
  Six months
ended
6/30/26
(Unaudited) 		  Year ended
12/31/25
 
Increase in Net Assets from Operations:      
Net investment income (loss) $356,104   $818,249
Net realized gain (loss) 1,734,702   937,7031
Net increase from payment by affiliates —   782
Net change in unrealized appreciation (depreciation) 1,502,191   2,690,728
Net increase (decrease) in net assets resulting from operations 3,592,997   4,446,758
 
Dividends and Distributions to Shareholders from:      
Distributable earnings:      
Standard Class (1,751,028)   (2,911,584)
Service Class (733)   (1,075)
  (1,751,761)   (2,912,659)
 
Capital Share Transactions (See Note 4):      
Proceeds from shares sold:      
Standard Class 489,530   377,985
 
Net asset value of shares issued upon reinvestment of dividends and distributions:      
Standard Class 1,751,028   2,911,584
Service Class 733   1,075
  2,241,291   3,290,644
Cost of shares redeemed:      
Standard Class (3,172,611)   (5,751,560)
Decrease in net assets derived from capital share transactions (931,320)   (2,460,916)
Net Increase (Decrease) in Net Assets 909,916   (926,817)
 
Net Assets:      
Beginning of period 36,774,889   37,701,706
End of period $37,684,805   $36,774,889
1 Excludes net increase from payment by affiliates.
2 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
Nomura VIP Total Return Series Standard Class
Selected data for each share of the Series outstanding throughout each period were as follows:
    Six months ended
6/30/261
(Unaudited) 		  Year ended  
    12/31/25   12/31/24   12/31/23   12/31/22   12/31/21  
Net asset value, beginning of period   $13.86   $13.42   $12.49   $11.38   $14.29   $12.56
   
Income (loss) from investment operations:                        
Net investment income2   0.14   0.29   0.31   0.29   0.12   0.21
Net realized and unrealized gain (loss)   1.24   1.24   1.01   1.12   (1.55)   1.82
Payment by affiliates   —   —3   —   —   —   —
Total from investment operations   1.38   1.53   1.32   1.41   (1.43)   2.03
   
Less dividends and distributions from:                        
Net investment income   (0.33)   (0.36)   (0.35)   (0.25)   (0.28)   (0.30)
Net realized gain   (0.37)   (0.73)   (0.04)   (0.05)   (1.20)   —
Total dividends and distributions   (0.70)   (1.09)   (0.39)   (0.30)   (1.48)   (0.30)
   
Net asset value, end of period   $14.54   $13.86   $13.42   $12.49   $11.38   $14.29
   
Total return4   10.12%   12.97%3   10.81%   12.63%   (10.56%)   16.37%
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $37,668   $36,760   $37,688   $41,381   $41,528   $56,077
Ratio of expenses to average net assets5   0.80%   0.83%   0.83%   0.83%   0.84%   0.86%
Ratio of expenses to average net assets prior to fees waived5   1.17%   1.11%   1.00%   0.97%   1.03%   0.96%
Ratio of net investment income to average net assets   1.94%   2.23%   2.36%   2.44%   0.96%   1.56%
Ratio of net investment income to average net assets prior to fees waived   1.57%   1.95%   2.19%   2.30%   0.77%   1.46%
Portfolio turnover   38%   77%   51%   56%   55%   95%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."
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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Nomura VIP Total Return Series Service Class
Selected data for each share of the Series outstanding throughout each period were as follows:
    Six months ended
6/30/261
(Unaudited) 		  Year ended  
    12/31/25   12/31/24   12/31/23   12/31/22   12/31/21  
Net asset value, beginning of period   $13.75   $13.34   $12.44   $11.33   $14.23   $12.52
   
Income (loss) from investment operations:                        
Net investment income2   0.11   0.25   0.27   0.25   0.08   0.17
Net realized and unrealized gain (loss)   1.24   1.23   1.00   1.13   (1.54)   1.81
Payment by affiliates   —   —3   —   —   —   —
Total from investment operations   1.35   1.48   1.27   1.38   (1.46)   1.98
   
Less dividends and distributions from:                        
Net investment income   (0.30)   (0.34)   (0.33)   (0.22)   (0.24)   (0.27)
Net realized gain   (0.37)   (0.73)   (0.04)   (0.05)   (1.20)   —
Total dividends and distributions   (0.67)   (1.07)   (0.37)   (0.27)   (1.44)   (0.27)
   
Net asset value, end of period   $14.43   $13.75   $13.34   $12.44   $11.33   $14.23
   
Total return4   10.02%   12.62%3   10.44%   12.35%   (10.82%)   15.96%
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $17   $15   $14   $12   $11   $12
Ratio of expenses to average net assets5   1.10%   1.13%   1.13%   1.13%   1.14%   1.16%
Ratio of expenses to average net assets prior to fees waived5   1.47%   1.41%   1.30%   1.27%   1.33%   1.25%
Ratio of net investment income to average net assets   1.65%   1.93%   2.06%   2.16%   0.70%   1.26%
Ratio of net investment income to average net assets prior to fees waived   1.28%   1.65%   1.89%   2.02%   0.51%   1.17%
Portfolio turnover   38%   77%   51%   56%   55%   95%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."
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.
See accompanying notes, which are an integral part of the financial statements.
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Notes to financial statements
Delaware VIP® Trust — Nomura VIP Total Return Series  
June 30, 2026 (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 Nomura VIP Total Return Series (formerly, Macquarie VIP Total Return Series through November 30, 2025) (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 (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 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 to perform the fair value determination relating to all applicable Series investments. DMC has established a pricing committee (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. 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, 2026, and for all open tax years (years ended December 31, 2022–December 31, 2025), 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 and tax penalties on
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unrecognized tax benefits in “Interest and tax penalties” on the “Statement of operations.” During the six months ended June 30, 2026, 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, forward 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 either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk.
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 Nomura Funds (formerly, Macquarie 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 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
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Notes to financial statements
Delaware VIP® Trust — Nomura VIP Total Return Series   
1. Significant Accounting Policies (continued)
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 such income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Series. Dividends and distributions, if any, are recorded on the ex-dividend date.
Segment Reporting  — In November 2023, FASB issued Accounting Standards Update (ASU), ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for the reportable segment and the entity as a whole thereby enabling better understanding of how an entity’s segments impact overall performance. The Series’ Chief Executive Officer and Chief Financial Officer act as the Series’ chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that the Series has a single operating segment since the Series has a single investment strategy disclosed in the prospectus against which the CODM assesses performance. When assessing segment performance and making decisions about segment resources, the CODM relies on the Series’ portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the Series’ financial statements.
The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. For the six months ended June 30, 2026, the Series had no earnings credits under this arrangement.
The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing, transfer agent and sub-transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2026, the Series earned $1 under this arrangement.
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates
In accordance with the terms of its investment management agreement, the Series pays DMC, a series of Nomura Investment Management Business Trust (NIMBT) and the investment manager, an annual fee which is calculated daily and paid monthly at the rates of 0.65% on the first $500 million of average daily net assets of the Series, 0.60% on the next $500 million, 0.55% on the next $1.5 billion, and 0.50% on average daily net assets in excess of $2.5 billion.
Effective April 30, 2026, 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 through April 29, 2027. Prior to April 30, 2026, DMC contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses in order to prevent total annual series operating expenses from exceeding 0.83% 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.
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After consideration of class specific expenses, including 12b-1 fees (but excluding acquired fund fees and expenses), the class level operating expense limitation as a percentage of average daily net assets from April 30, 2026 through April 29, 2027, 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%*
* Effective April 30, 2026. Prior to April 30, 2026, these amounts for Standard Class and Service Class were 0.83% and 1.13%, respectively.
DMC has voluntarily agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses in an amount equal to the aggregate acquired fund fees and expenses, if any, attributable to investments by the Series in ETFs advised or sub-advised by DMC and its affiliates (Affiliated ETFs). Any such voluntary waiver or reimbursement may be eliminated by DMC at any time.
Macquarie Investment Management Global Limited continues to serve as a sub-advisor to the Series as an unaffiliated sub-advisor. Effective June 12, 2026, DMC appointed Nomura Corporate Research and Asset Management Inc. (NCRAM) to serve as a sub-advisor for the Series. NCRAM is responsible for the day-to-day investment management of the portion of the Series that invests in high-yield, fixed income securities. DMC may change this allocation at any time. For these services, DMC, not the Series, pays the sub-advisors 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 Nomura 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 Nomura 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, 2026, the Series paid $2,794 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, transfer agent and sub-transfer agent fees and expenses.” For the six months ended June 30, 2026, the Series paid $1,371 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon 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, transfer agent and sub-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, 2026, the Series paid $394 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 — Nomura VIP Total Return Series   
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
During the year ended December 31, 2025, DMC reimbursed the Series $78 in connection with trade errors. These amounts are included in “Net increase from payment by affiliates” in the “Statements of changes in net assets.” Payment by affiliates had no impact on total return.
3. Investments
For the six months ended June 30, 2026, the Series made purchases and sales of investment securities other than short-term investments as follows:
   
Purchases other than US government securities $5,387,458
Purchases of US government securities 8,710,552
Sales other than US government securities 8,119,782
Sales of US government securities 8,534,537
At June 30, 2026, 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, 2026, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for the Series were as follows:
   
Cost of investments and derivatives $28,960,366
Aggregate unrealized appreciation of investments and derivatives $9,248,182
Aggregate unrealized depreciation of investments and derivatives (724,838)
Net unrealized appreciation of investments and derivatives $8,523,344
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. Each of the Series’ investments are 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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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, 2026:
    Level 1   Level 2 Total  
Securities            
Assets:            
Common Stocks   $20,766,376   $— $20,766,376  
Corporate Bonds   —   1,492,378 1,492,378  
Exchange-Traded Funds   5,436,963   — 5,436,963  
US Treasury Obligations   —   9,761,229 9,761,229  
Short-Term Investments   26,764   — 26,764  
Total Value of Securities   $26,230,103   $11,253,607 $37,483,710  
During the six months ended June 30, 2026, 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, 2026, there were no Level 3 investments.
4. Capital Shares
Transactions in capital shares were as follows:
   
  Six months
ended 		  Year ended
  6/30/26   12/31/25
Shares sold:
Standard Class 34,304   28,522
 
Shares issued upon reinvestment of dividends and distributions:
Standard Class 125,701   249,708
Service Class 53   93
  160,058   278,323
Shares redeemed:
Standard Class (223,031)   (433,082)
Net decrease (62,973)   (154,759)
5. Line of Credit
The Series, along with certain other funds in the Nomura 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 expired on October 27, 2025. This Agreement was extended to October 26, 2026.
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Notes to financial statements
Delaware VIP® Trust — Nomura VIP Total Return Series   
5. Line of Credit (continued)
The Series had no amounts outstanding as of June 30, 2026, 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 value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Series as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Series records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Series because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. No futures contracts were outstanding at June 30, 2026.
During the six months ended June 30, 2026, the Series experienced net realized and unrealized gains or losses attributable to futures contracts holdings, which are disclosed on the “Statement of operations.”
During the six months ended June 30, 2026, 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, 2026:
  Long Derivative
Volume 		  Short Derivative
Volume
Futures contracts (average notional amount) $ 220,019   $ —
7. Securities Lending
The Series, along with other funds in the Nomura Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (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
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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, 2026, the Series had no securities out on loan.
8. Credit and Market Risks
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. In addition, recent trade tensions and the imposition of tariffs may disrupt markets and lead to heightened market volatility.
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, 2026. 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.
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Notes to financial statements
Delaware VIP® Trust — Nomura VIP Total Return Series   
8. Credit and Market Risks (continued)
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, 2026, that would require recognition or disclosure in the Series’ financial statements.
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Other Series information (Unaudited)
Delaware VIP® Trust — Nomura VIP Total Return Series
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers, and others is disclosed within the financial statements.
Statement Regarding Basis of Approval for Investment Advisory Contract
The Manager’s Recommendation and the Board’s Considerations Regarding the Sub-Advisory Agreement
At a Board Meeting held on May 19-20, 2026, Delaware Management Company (the “Manager”), the investment adviser for the Nomura Diversified Income Fund, Nomura Wealth Builder Fund, Nomura Strategic Income Fund, Nomura Corporate Bond Fund, Nomura Extended Duration Bond Fund, Nomura Limited-Term Diversified Income Fund, Nomura Global Listed Real Assets Fund, Nomura VIP Investment Grade Series, Nomura VIP Limited Duration Bond Series, Nomura VIP Total Return Series, Nomura Asset Strategy Fund, Nomura Balanced Fund, Nomura Global Bond Fund, Nomura VIP Asset Strategy Series, Nomura VIP Balanced Series, Nomura VIP Corporate Bond Series and Nomura VIP Limited-Term Bond Series Delaware Management Company (each a “Fund” and together, the “Funds”), recommended that the Board of Trustees approve the appointment of Nomura Corporate Research and Asset Management Inc. (“NCRAM”) as sub-advisor to the Funds and the approval of the amendment of the existing sub-advisory agreement between DMC and NCRAM (the “Amended Sub-Advisory Agreement”) to include the Funds. In reaching the decision to approve the amendment, The Board considered and reviewed information about NCRAM, including its personnel, operations and financial condition. The Board reviewed a memorandum responding to requests that the Board submitted in advance that discussed (without limitation): the Amended Sub-Advisory Agreement and the various services proposed to be rendered by NCRAM; information concerning NCRAM’s organizational structure and the experience of its investment management personnel; and various other material items in relation to NCRAM’s personnel, organization and policies. The Board also reviewed a copy of NCRAM’s Form ADV; and a copy of the Amended Sub-Advisory Agreement and fee schedules.
In considering such materials, the Independent Trustees received assistance and advice from and met separately with independent counsel. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s decision. This discussion of the information and factors considered by the Board (as well as the discussion above) is not intended to be exhaustive, but rather summarizes certain factors considered by the Board. In view of the wide variety of factors considered, the Board did not, unless otherwise noted, find it practicable to quantify or otherwise assign relative weights to the following factors. In addition, individual Trustees may have assigned different weights to various factors.
Nature, Extent and Quality of Services. The Board considered the nature, quality, and extent of services that NCRAM was expected to provide as a sub-advisor to the Funds. The Board took into account the investment process to be employed by NCRAM in connection with the sub-advisor’s responsibilities in conjunction with the Manager in managing the Funds, and the qualifications and experience of NCRAM’s team with regard to implementing the investment mandate of the Funds. The Board considered NCRAM’s personnel, operations, and its affiliation with the Manager, including that NCRAM was affiliated with the Manager. The Board also considered the Manager’s review and recommendation process with respect to NCRAM, and the Manager’s favorable assessment as to the nature, quality, and extent of the sub-advisory services expected to be provided by NCRAM to the Funds.
Investment Performance. In evaluating performance, the Board recognized that NCRAM had not yet managed the Funds. The Board then reviewed information on and considered NCRAM’s experience in managing other high income investment portfolios, noting that NCRAM had recently begun sub-advising several high-yield fixed income funds in the Nomura Funds complex. The Board also considered the Manager’s representation that the Manager would continue to provide oversight and monitor NCRAM’s services.
Profitability, Economies of Scale and Fall-Out Benefits. Information about NCRAM’s profitability from its relationship with the Funds was not available because it had not begun to provide services to the Funds. The Board was provided with pro forma profitability analyses of Nomura
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Other Series information (Unaudited)
Delaware VIP® Trust — Nomura VIP Total Return Series 
Statement Regarding Basis of Approval for Investment Advisory Contract (continued)
The Manager’s Recommendation and the Board’s Considerations Regarding the Sub-Advisory Agreement (continued)
Investment Management Business Trust, including the estimated sub-advisory fee that would be paid to NCRAM.   The Trustees also noted that economies of scale are shared with each Fund and its shareholders through reduced proportionate costs for shareholders and the Manager’s investment management fee breakpoints paid to the Manager so that as a Fund grows in size, its effective investment management fee rate declines. They also noted that the Manager had put in place a fee waiver for each Fund that was currently in effect, other than for the Nomura Asset Strategy Fund which does not have a fee waiver.
The Board was also provided with information on potential fall-out benefits derived or to be derived by NCRAM in connection with its relationship to the Funds, including confirmation that NCRAM does not enter into soft dollar arrangements involving the receipt of third party research, and, therefore, does not expect to use soft dollar arrangements in the management of the Funds. The Board considered that NCRAM had recently begun sub-advising certain high-yield funds within the Nomura Funds complex and that it expects to receive the opportunity for wider distribution in the US retail market, which helps NCRAM grow and diversify its client base.
Sub-advisory Fees. The Board considered the appropriateness of the sub-advisory fees in light of the nature, extent, and quality of the sub-advisory services to be provided by NCRAM. The Board noted that the sub-advisory fees are paid by the Manager to NCRAM and are not additional fees borne by the Funds, and that the management fee paid by the Funds to the Manager would stay the same at current asset levels and are subject to breakpoints at higher asset levels. The Board concluded that the proposed advisory fee rates under the Amended Sub-Advisory Agreement are reasonable in relation to the services provided and that execution of the Amended Sub-Advisory Agreement is in the best interests of the Funds’ shareholders.
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(5778512)
SA-VIPTR-0826

Delaware VIP® Trust
Nomura VIP Growth Equity Series
(formerly, Macquarie VIP Growth Equity Series)
Financial statements and other information
For the six months ended June 30, 2026

 

Table of contents
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This report and the financial statements contained herein are submitted for the general information of the shareholders of the Series. This report is not authorized for distribution to prospective investors in the Series unless preceded or accompanied by an effective prospectus.
Form N-PORT and proxy voting information
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 nomuraassetmanagement.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 nomuraassetmanagement.com/proxy; and (ii) on the SEC’s website at sec.gov.
Nomura Asset Management, unless otherwise stated, refers to the Nomura Asset Management International business. Nomura Asset Management is part of the Investment Management Division of the Nomura Group, providing integrated public and private market asset management services across equities, fixed income, private credit and multi-asset solutions to intermediary and institutional clients. Nomura Asset Management primarily operates through several distinct investment managers, which includes Nomura Investment Management Business Trust (NIMBT), a Securities and Exchange Commission (SEC) registered investment adviser. Investment advisory services are provided to the Nomura Funds by Delaware Management Company, a series of NIMBT. The Nomura Funds mutual funds are distributed by Delaware Distributors, L.P., a registered broker/dealer and member of the Financial Industry Regulatory Authority (FINRA) and an affiliate of NIMBT. The Nomura Funds exchange-traded funds are distributed by Foreside Financial Services, LLC. Foreside Financial Services, LLC is not affiliated with any Nomura entity, including Delaware Management Company and Delaware Distributors, L.P.

 

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Schedule of investments
Delaware VIP® Trust  —  Nomura VIP Growth Equity Series
June 30, 2026 (Unaudited)
    Number of
shares 		Value (US $)
Common Stocks — 99.53%♣
Communication Services — 9.37%
Alphabet Class A     21,503 $  7,684,527
Meta Platforms Class A      4,021    2,264,989
Netflix †    12,724     908,494
   10,858,010
Consumer Discretionary — 7.03%
Amazon.com †    24,592    5,861,257
Booking Holdings      9,549    1,702,014
Ferrari      1,574     585,984
    8,149,255
Consumer Staples — 0.15%
Coca-Cola      2,146     174,405
      174,405
Financials — 13.14%
Intercontinental Exchange     14,984    1,844,680
Mastercard Class A      5,913    3,036,917
MSCI      3,469    1,942,779
S&P Global      6,549    2,667,146
Visa Class A     16,722   5,737,151
   15,228,673
Healthcare — 13.71%
Danaher     13,282    2,529,955
Edwards Lifesciences †    22,959    2,076,871
Eli Lilly & Co.      4,638    5,562,956
Gilead Sciences     10,973    1,386,329
IDEXX Laboratories †     2,292    1,206,601
Intuitive Surgical †     5,144    2,045,666
Veeva Systems Class A †     6,108   1,083,987
   15,892,365
Industrials — 7.70%
Broadridge Financial Solutions      3,879      531,229
Equifax      5,222      828,836
General Electric      7,158    2,675,159
Old Dominion Freight Line      1,730      374,718
Verisk Analytics     12,204    2,190,984
Waste Connections     13,902   2,317,325
    8,918,251
Information Technology — 46.79%
Advanced Micro Devices †    10,236    5,946,195
Apple     34,100    9,867,176
Autodesk †     3,538      687,858
Broadcom      9,840    3,717,060
Intuit      3,371      879,831
Microsoft     24,000    8,952,480
Motorola Solutions      4,233    1,757,923
NVIDIA     88,953   17,798,606
    Number of
shares 		Value (US $)
Common Stocks♣ (continued)
Information Technology (continued)
Taiwan Semiconductor Manufacturing ADR      9,671 $  4,618,579
   54,225,708
Materials — 1.64%
Vulcan Materials      6,450   1,902,814
    1,902,814
Total Common Stocks
(cost $72,622,410) 		115,349,481
 
Short-Term Investments — 0.38%
Money Market Mutual Funds — 0.38%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.54%)   111,981      111,981
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.53%)   111,980      111,980
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.59%)   111,980      111,980
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.56%)   111,980     111,980
Total Short-Term Investments
(cost $447,921) 		    447,921
Total Value of Securities—99.91%
(cost $73,070,331) 		    115,797,402
Receivables and Other Assets Net of Liabilities—0.09%         100,563
Net Assets Applicable to 6,737,293 Shares Outstanding—100.00%     $115,897,965
♣ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
† Non-income producing security.
Summary of abbreviations: 
ADR – American Depositary Receipt
S&P – Standard & Poor’s Financial Services LLC
See accompanying notes, which are an integral part of the financial statements.
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Statement of assets and liabilities
Delaware VIP® Trust — Nomura VIP Growth Equity Series
June 30, 2026 (Unaudited)
Assets:  
Investments, at value* $115,797,402
Receivable for series shares sold 249,342
Dividends receivable 23,525
Foreign tax reclaims receivable 1,990
Prepaid expenses 666
Other assets 902
Total Assets 116,073,827
Liabilities:  
Investment management fees payable to affiliates 61,498
Payable for series shares redeemed 46,540
Accounting and administration expenses payable to non-affiliates 32,431
Audit and tax fees payable 20,310
Other accrued expenses 13,413
Accounting and administration expenses payable to affiliates 767
Dividend disbursing and transfer agent fees and expenses payable to affiliates 722
Legal fees payable to affiliates 181
Total Liabilities 175,862
Total Net Assets $115,897,965
 
Net Assets Consist of:  
Paid-in capital $71,662,350
Total distributable earnings (loss) 44,235,615
Total Net Assets $115,897,965
 
Net Asset Value  
 
Standard Class:  
Net assets $115,897,965
Shares of beneficial interest outstanding, unlimited authorization, no par 6,737,293
Net asset value per share $17.20
*Investments, at cost 		$73,070,331
See accompanying notes, which are an integral part of the financial statements.
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Statement of operations
Delaware VIP® Trust  —  Nomura VIP Growth Equity Series
Six months ended June 30, 2026 (Unaudited)
Investment Income:  
Dividends $346,214
Foreign tax withheld (6,980)
  339,234
 
Expenses:  
Management fees 367,088
Accounting and administration expenses 37,684
Audit and tax fees 23,013
Reports and statements to shareholders expenses 6,419
Legal fees 4,899
Dividend disbursing, transfer agent and sub-transfer agent fees and expenses 4,667
Trustees’ fees 3,088
Custodian fees 1,501
Other 2,650
  451,009
Less expenses waived (4,893)
Total operating expenses 446,116
Net Investment Income (Loss) (106,882)
 
Net Realized and Unrealized Gain (Loss):  
Net realized gain (loss) on:  
Investments 2,013,586
Foreign currencies (12)
Net realized gain (loss) 2,013,574
Net change in unrealized appreciation (depreciation) on investments (4,119,544)
Net Realized and Unrealized Gain (Loss) (2,105,970)
Net Increase (Decrease) in Net Assets Resulting from Operations $(2,212,852)
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 —  Nomura VIP Growth Equity Series
  Six months
ended
6/30/26
(Unaudited) 		  Year ended
12/31/25
 
Increase (Decrease) in Net Assets from Operations:      
Net investment income (loss) $(106,882)   $(156,779)
Net realized gain (loss) 2,013,574   6,763,574
Net change in unrealized appreciation (depreciation) (4,119,544)   3,355,553
Net increase (decrease) in net assets resulting from operations (2,212,852)   9,962,348
 
Dividends and Distributions to Shareholders from:      
Distributable earnings:      
Standard Class (6,728,454)   (9,126,744)
 
Capital Share Transactions (See Note 4):      
Proceeds from shares sold:      
Standard Class 2,504,135   1,405,599
 
Net asset value of shares issued upon reinvestment of dividends and distributions:      
Standard Class 6,728,454   9,126,744
  9,232,589   10,532,343
Cost of shares redeemed:      
Standard Class (5,049,338)   (11,260,176)
Increase (decrease) in net assets derived from capital share transactions 4,183,251   (727,833)
Net Increase (Decrease) in Net Assets (4,758,055)   107,771
 
Net Assets:      
Beginning of period 120,656,020   120,548,249
End of period $115,897,965   $120,656,020
See accompanying notes, which are an integral part of the financial statements.
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Financial highlights
Nomura VIP Growth Equity Series Standard Class
Selected data for the share of the Series outstanding throughout each period were as follows:
    Six months ended
6/30/261
(Unaudited) 		  Year ended  
    12/31/25   12/31/24   12/31/23   12/31/22   12/31/21  
Net asset value, beginning of period   $18.61   $18.76   $16.27   $15.69   $26.34   $19.79
   
Income (loss) from investment operations:                        
Net investment income (loss)2   (0.02)   (0.02)   (0.02)   (0.01)   0.02   (0.01)
Net realized and unrealized gain (loss)   (0.34)   1.32   3.62   5.11   (6.55)   7.56
Total from investment operations   (0.36)   1.30   3.60   5.10   (6.53)   7.55
   
Less dividends and distributions from:                        
Net investment income   —   —   —   (0.02)   —   (0.01)
Net realized gain   (1.05)   (1.45)   (1.11)   (4.50)   (4.12)   (0.99)
Total dividends and distributions   (1.05)   (1.45)   (1.11)   (4.52)   (4.12)   (1.00)
   
Net asset value, end of period   $17.20   $18.61   $18.76   $16.27   $15.69   $26.34
   
Total return3   (1.86%)4   8.72%   23.41%   38.40%   (26.60%)4   39.23%
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $115,898   $120,656   $120,548   $113,699   $89,735   $131,860
Ratio of expenses to average net assets5   0.79%   0.79%   0.75%   0.77%   0.79%   0.75%
Ratio of expenses to average net assets prior to fees waived5   0.80%   0.79%   0.75%   0.77%   0.80%   0.75%
Ratio of net investment income (loss) to average net assets   (0.19%)   (0.13%)   (0.10%)   (0.08%)   0.10%   (0.03%)
Ratio of net investment income (loss) to average net assets prior to fees waived   (0.20%)   (0.13%)   (0.10%)   (0.08%)   0.09%   (0.03%)
Portfolio turnover   15%   24%   9%   16%   105%   31%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.
4 Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
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 — Nomura VIP Growth Equity Series  
June 30, 2026 (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 Nomura VIP Growth Equity Series (formerly, Macquarie VIP Growth Equity Series through November 30, 2025) (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 part of its duties as the Series' valuation designee (Valuation Designee) to perform the fair value determination relating to all applicable Series investments. DMC has established a pricing committee (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. 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, 2026, and for all open tax years (years ended December 31, 2022–December 31, 2025), and has concluded that no provision for federal income tax is required in the Series’ financial statements. If applicable, the Series recognizes interest and tax penalties on unrecognized tax benefits in “Interest and tax penalties” on the “Statement of operations.” During the six months ended June 30, 2026, 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.
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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 Nomura Funds (formerly, Macquarie 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. 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 such income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Series. Dividends and distributions, if any, are recorded on the ex-dividend date.
Segment Reporting — In November 2023, FASB issued Accounting Standards Update (ASU), ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for the reportable segment and the entity as a whole thereby enabling better understanding of how an entity’s segments impact overall performance. The Series’ Chief Executive Officer and Chief Financial Officer act as the Series’ chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that the Series has a single operating segment since the Series has a single investment strategy disclosed in the prospectus against which the CODM assesses performance. When assessing segment performance and making decisions about segment resources, the CODM relies on the Series’ portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the Series’ financial statements.
The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. For the six months ended June 30, 2026, the Series had no earnings credits under this arrangement.
The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. For the six months ended June 30, 2026, the Series had no earnings credits under this arrangement.
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates
In accordance with the terms of its investment management agreement, the Series pays DMC, a series of Nomura Investment Management Business Trust (NIMBT) 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 0.79% of the Series’ average daily net assets for the Standard Class from January 1, 2026 through April 29, 2027. 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.
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 Nomura 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 Nomura Funds pays a minimum of $4,000, which, in
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Notes to financial statements
Delaware VIP® Trust — Nomura 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, 2026, the Series paid $4,564 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, transfer agent and sub-transfer agent fees and expenses.” For the six months ended June 30, 2026, the Series paid $4,286 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon 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, transfer agent and sub-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, 2026, the Series paid $1,032 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, 2026, the Series made purchases and sales of investment securities other than short-term investments and US government securities as follows:
   
Purchases $16,915,483
Sales 19,690,382
At June 30, 2026, 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, 2026, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:
   
Cost of investments $73,070,331
Aggregate unrealized appreciation of investments $46,494,444
Aggregate unrealized depreciation of investments (3,767,373)
Net unrealized appreciation of investments $42,727,071
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. Each of the Series’ investments are 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, 2026:
  Level 1
Securities  
Assets:  
Common Stocks $115,349,481
Short-Term Investments 447,921
Total Value of Securities $115,797,402
During the six months ended June 30, 2026, 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, 2026, there were no Level 3 investments.
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Notes to financial statements
Delaware VIP® Trust — Nomura VIP Growth Equity Series   
4. Capital Shares
Transactions in capital shares were as follows:
   
  Six months
ended 		  Year ended
  6/30/26   12/31/25
Shares sold:
Standard Class 145,563   79,454
 
Shares issued upon reinvestment of dividends and distributions:
Standard Class 396,725   602,823
  542,288   682,277
Shares redeemed:
Standard Class (289,196)   (624,262)
Net increase 253,092   58,015
5. Line of Credit
The Series, along with certain other funds in the Nomura 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 expired on October 27, 2025. This Agreement was extended to October 26, 2026.
The Series had no amounts outstanding as of June 30, 2026, or at any time during the period then ended.
6. Securities Lending
The Series, along with other funds in the Nomura Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (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, 2026, the Series had no securities out on loan.
7. Credit and Market Risks
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, 2026, 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, 2026, that would require recognition or disclosure in the Series’ financial statements.
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Other Series information (Unaudited)
Delaware VIP® Trust — Nomura VIP Growth Equity Series
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers, and others is disclosed within the financial statements.
Statement Regarding Basis of Approval for Investment Advisory Contract
Not applicable.
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(5778512)
SA-VIPGE-0826

Delaware VIP® Trust
Nomura VIP Small Cap Value Series
(formerly, Macquarie VIP Small Cap Value Series)
Financial statements and other information
For the six months ended June 30, 2026

 

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This report and the financial statements contained herein are submitted for the general information of the shareholders of the Series. This report is not authorized for distribution to prospective investors in the Series unless preceded or accompanied by an effective prospectus.
Form N-PORT and proxy voting information
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 nomuraassetmanagement.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 nomuraassetmanagement.com/proxy; and (ii) on the SEC’s website at sec.gov.
Nomura Asset Management, unless otherwise stated, refers to the Nomura Asset Management International business. Nomura Asset Management is part of the Investment Management Division of the Nomura Group, providing integrated public and private market asset management services across equities, fixed income, private credit and multi-asset solutions to intermediary and institutional clients. Nomura Asset Management primarily operates through several distinct investment managers, which includes Nomura Investment Management Business Trust (NIMBT), a Securities and Exchange Commission (SEC) registered investment adviser. Investment advisory services are provided to the Nomura Funds by Delaware Management Company, a series of NIMBT. The Nomura Funds mutual funds are distributed by Delaware Distributors, L.P., a registered broker/dealer and member of the Financial Industry Regulatory Authority (FINRA) and an affiliate of NIMBT. The Nomura Funds exchange-traded funds are distributed by Foreside Financial Services, LLC. Foreside Financial Services, LLC is not affiliated with any Nomura entity, including Delaware Management Company and Delaware Distributors, L.P.

 

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Schedule of investments
Delaware VIP® Trust  —  Nomura VIP Small Cap Value Series
June 30, 2026 (Unaudited)
    Number of
shares 		Value (US $)
Common Stocks — 97.12%♣
Consumer Discretionary — 9.11%
Academy Sports & Outdoors       248,200 $   11,697,666
Acushnet Holdings       123,350     14,620,675
Boyd Gaming       183,800     16,235,054
Choice Hotels International       106,400     11,732,728
Columbia Sportswear        83,000      5,131,060
Group 1 Automotive        53,400     15,548,478
KB Home       178,350     11,162,927
M/I Homes †      101,100     16,255,869
Meritage Homes       217,400     18,228,990
OneSpaWorld Holdings       559,850     15,810,164
Patrick Industries       139,850     12,555,733
Steven Madden       260,000     10,946,000
Texas Roadhouse        58,400    11,284,632
    171,209,976
Consumer Staples — 0.85%
Performance Food Group †      143,203    16,008,663
     16,008,663
Energy — 6.75%
Gulfport Energy †      107,800     18,293,660
International Seaways       276,800     21,200,112
Kinetik Holdings       274,050     13,247,577
Kodiak Gas Services       279,700     21,013,861
Liberty Energy       429,750     11,255,152
Magnolia Oil & Gas Class A       566,200     14,483,396
Matador Resources       282,120     14,043,934
Noble       356,400    13,293,720
    126,831,412
Financials — 29.67%
Amalgamated Financial       384,750     17,660,025
Assurant        78,450     21,066,179
Axis Capital Holdings       273,000     29,331,120
Bank of NT Butterfield & Son       407,900     24,270,050
Bread Financial Holdings       198,400     21,496,640
Columbia Banking System       925,583     29,664,935
ConnectOne Bancorp       563,000     18,826,720
Eastern Bankshares       996,100     22,153,264
Essent Group       322,150     20,707,802
F&G Annuities & Life       420,000     11,167,800
First Financial Bancorp       995,650     33,682,840
FNB     1,636,250     31,219,650
Hancock Whitney       412,550     30,825,736
Hanover Insurance Group        92,400     19,784,688
Hope Bancorp     1,418,670     19,407,406
Merchants Bancorp       356,950     17,847,500
Old National Bancorp     1,254,600     32,494,140
Ridgepost Capital Class A     1,223,190      9,626,505
Selective Insurance Group       212,440     20,608,804
SLM       707,600     18,355,144
Stifel Financial       343,325     23,953,785
    Number of
shares 		Value (US $)
Common Stocks♣ (continued)
Financials (continued)
Valley National Bancorp     2,322,950 $   34,031,217
Voya Financial       233,800     21,165,914
Webster Financial        74,733      5,711,096
WesBanco       579,200    22,606,176
    557,665,136
Healthcare — 2.58%
Bruker       217,450     13,086,141
ICU Medical †      113,200     16,595,120
Integer Holdings †       61,500      5,747,175
Merit Medical Systems †      189,300    13,126,062
     48,554,498
Industrials — 19.93%
Alliance Laundry Holdings †      596,200     15,811,224
CACI International Class A †       47,700     22,097,502
Centuri Holdings †      610,387     18,458,103
Everus Construction Group †       89,975     14,931,351
Gates Industrial †      860,850     24,077,974
Griffon       250,550     24,436,141
Helios Technologies       213,950     19,095,038
Herc Holdings       157,450     22,568,883
Huron Consulting Group †      103,050      9,290,988
ITT       112,980     22,342,925
KBR       340,425     11,754,875
Kirby †       94,250     12,815,173
Leonardo DRS       416,700     17,780,589
Regal Rexnord       117,540     27,996,853
Saia †       27,350     11,518,726
Terex       453,800     32,850,582
Timken       247,600     35,981,232
WESCO International        49,800     17,202,414
Zurn Elkay Water Solutions       270,300    13,658,259
    374,668,832
Information Technology — 7.78%
ACI Worldwide †      326,800     16,434,772
Allegro MicroSystems †      364,250     25,359,085
Belden       160,715     19,271,336
Diodes †      158,750     17,373,600
N-able †    1,368,865      5,023,735
TD SYNNEX       127,950     34,206,153
TTM Technologies †      153,012    28,616,304
    146,284,985
Materials — 6.06%
Ashland       160,850     10,598,407
Avient       387,700     14,329,392
Axalta Coating Systems †      285,600      9,773,232
Constellium †      627,550     20,000,018
HB Fuller       206,950     12,063,116
Knife River †      125,100     10,464,615
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Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Nomura VIP Small Cap Value Series 
    Number of
shares 		Value (US $)
Common Stocks♣ (continued)
Materials (continued)
Louisiana-Pacific       212,016 $   16,677,179
Ryerson Holding       305,553      7,519,659
Silgan Holdings       269,650    12,509,063
    113,934,681
Real Estate — 8.88%
Agree Realty       297,350     22,521,289
Apple Hospitality REIT     1,070,850     18,000,988
Centerspace       159,000      8,934,210
Independence Realty Trust     1,128,620     18,836,668
Kite Realty Group Trust       991,773     28,146,518
LXP Industrial Trust       370,910     19,984,631
National Health Investors       284,800     21,718,848
Newmark Group Class A       740,609     11,190,602
Sabra Health Care REIT       897,200    17,504,372
    166,838,126
Utilities — 5.51%
Black Hills       262,660     19,541,904
California Water Service Group       254,086     12,361,284
MDU Resources Group       139,063      2,949,526
New Jersey Resources       376,000     21,071,040
OGE Energy       528,200     25,702,212
Southwest Gas Holdings       247,650    21,961,602
    103,587,568
Total Common Stocks
(cost $1,186,972,750) 		1,825,583,877
 
Short-Term Investments — 3.00%
Money Market Mutual Funds — 3.00%
BlackRock Liquidity
FedFund – Institutional Shares (seven-day effective yield 3.54%) 		  14,121,386     14,121,386
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.53%)   14,121,387     14,121,387
    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 3.59%)   14,121,387 $   14,121,387
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Shares (seven-day effective yield 3.56%)   14,121,387    14,121,387
Total Short-Term Investments
(cost $56,485,547) 		   56,485,547
Total Value of Securities—100.12%
(cost $1,243,458,297) 		    1,882,069,424
Liabilities Net of Receivables and Other Assets—(0.12%)        (2,303,659)
Net Assets Applicable to 43,144,306 Shares Outstanding—100.00%     $1,879,765,765
♣ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
† 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 — Nomura VIP Small Cap Value Series
June 30, 2026 (Unaudited)
Assets:  
Investments, at value* $1,882,069,424
Dividends receivable 2,399,585
Receivable for securities sold 713,113
Receivable for series shares sold 203,470
Prepaid expenses 8,871
Foreign tax reclaims receivable 1,847
Other assets 12,778
Total Assets 1,885,409,088
Liabilities:  
Payable for series shares redeemed 3,511,452
Investment management fees payable to affiliates 1,046,817
Payable for securities purchased 619,817
Distribution fees payable to affiliates 245,403
Other accrued expenses 198,494
Dividend disbursing and transfer agent fees and expenses payable to affiliates 10,967
Accounting and administration expenses payable to affiliates 6,986
Legal fees payable to affiliates 3,387
Total Liabilities 5,643,323
Total Net Assets $1,879,765,765
 
Net Assets Consist of:  
Paid-in capital $1,041,889,349
Total distributable earnings (loss) 837,876,416
Total Net Assets $1,879,765,765
 
Net Asset Value  
 
Standard Class:  
Net assets $864,653,997
Shares of beneficial interest outstanding, unlimited authorization, no par 19,798,774
Net asset value per share $43.67
 
Service Class:  
Net assets $1,015,111,768
Shares of beneficial interest outstanding, unlimited authorization, no par 23,345,532
Net asset value per share $43.48
*Investments, at cost 		$1,243,458,297
See accompanying notes, which are an integral part of the financial statements.
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Statement of operations
Delaware VIP® Trust  —  Nomura VIP Small Cap Value Series
Six months ended June 30, 2026 (Unaudited)
Investment Income:  
Dividends $17,761,659
 
Expenses:  
Management fees 6,189,346
Distribution expenses — Service Class 1,437,147
Accounting and administration expenses 121,158
Legal fees 72,564
Dividend disbursing, transfer agent and sub-transfer agent fees and expenses 68,216
Trustees’ fees 43,682
Audit and tax fees 27,687
Reports and statements to shareholders expenses 22,689
Custodian fees 9,464
Other 24,468
  8,016,421
Less expenses paid indirectly (10)
Total operating expenses 8,016,411
Net Investment Income (Loss) 9,745,248
 
Net Realized and Unrealized Gain (Loss):  
Net realized gain (loss) on investments 196,465,778
Net change in unrealized appreciation (depreciation) on investments 144,219,356
Net Realized and Unrealized Gain (Loss) 340,685,134
Net Increase (Decrease) in Net Assets Resulting from Operations $350,430,382
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 —  Nomura VIP Small Cap Value Series
  Six months
ended
6/30/26
(Unaudited) 		  Year ended
12/31/25
 
Increase (Decrease) in Net Assets from Operations:      
Net investment income (loss) $9,745,248   $19,191,350
Net realized gain (loss) 196,465,778   170,288,378
Net change in unrealized appreciation (depreciation) 144,219,356   (60,253,874)
Net increase (decrease) in net assets resulting from operations 350,430,382   129,225,854
 
Dividends and Distributions to Shareholders from:      
Distributable earnings:      
Standard Class (89,542,620)   (60,401,284)
Service Class (99,363,512)   (66,167,545)
  (188,906,132)   (126,568,829)
 
Capital Share Transactions (See Note 4):      
Proceeds from shares sold:      
Standard Class 21,994,606   62,619,467
Service Class 28,565,937   49,676,497
 
Net asset value of shares issued upon reinvestment of dividends and distributions:      
Standard Class 89,542,620   60,401,284
Service Class 99,363,512   66,167,545
  239,466,675   238,864,793
Cost of shares redeemed:      
Standard Class (109,576,631)   (133,619,179)
Service Class (109,556,108)   (130,466,770)
  (219,132,739)   (264,085,949)
Increase (decrease) in net assets derived from capital share transactions 20,333,936   (25,221,156)
Net Increase (Decrease) in Net Assets 181,858,186   (22,564,131)
 
Net Assets:      
Beginning of period 1,697,907,579   1,720,471,710
End of period $1,879,765,765   $1,697,907,579
See accompanying notes, which are an integral part of the financial statements.
    5

 

Table of Contents
Financial highlights
Nomura 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
6/30/261
(Unaudited) 		  Year ended  
    12/31/25   12/31/24   12/31/23   12/31/22   12/31/21  
Net asset value, beginning of period   $40.08   $40.48   $38.39   $37.06   $45.54   $34.16
   
Income (loss) from investment operations:                        
Net investment income2   0.26   0.50   0.53   0.54   0.36   0.32
Net realized and unrealized gain (loss)   8.03   2.16   3.60   2.70   (5.69)   11.41
Total from investment operations   8.29   2.66   4.13   3.24   (5.33)   11.73
   
Less dividends and distributions from:                        
Net investment income   (0.54)   (0.52)   (0.54)   (0.35)   (0.34)   (0.35)
Net realized gain   (4.16)   (2.54)   (1.50)   (1.56)   (2.81)   —
Total dividends and distributions   (4.70)   (3.06)   (2.04)   (1.91)   (3.15)   (0.35)
   
Net asset value, end of period   $43.67   $40.08   $40.48   $38.39   $37.06   $45.54
   
Total return3   21.60%   8.16%   11.32%   9.45%   (12.09%)   34.42%
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $864,654   $788,493   $798,888   $747,656   $511,974   $522,319
Ratio of expenses to average net assets4   0.74%   0.74%   0.74%   0.71%   0.78%   0.75%
Ratio of expenses to average net assets prior to fees waived4   0.74%   0.74%   0.74%   0.71%   0.78%   0.75%
Ratio of net investment income to average net assets   1.24%   1.31%   1.36%   1.51%   0.92%   0.77%
Ratio of net investment income to average net assets prior to fees waived   1.24%   1.31%   1.36%   1.51%   0.92%   0.77%
Portfolio turnover   14%   24%   20%   29%   23%   13%
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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Table of Contents
Nomura 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
6/30/261
(Unaudited) 		  Year ended  
    12/31/25   12/31/24   12/31/23   12/31/22   12/31/21  
Net asset value, beginning of period   $39.87   $40.25   $38.14   $36.82   $45.26   $33.98
   
Income (loss) from investment operations:                        
Net investment income2   0.20   0.39   0.41   0.41   0.24   0.19
Net realized and unrealized gain (loss)   7.98   2.15   3.60   2.70   (5.66)   11.35
Total from investment operations   8.18   2.54   4.01   3.11   (5.42)   11.54
   
Less dividends and distributions from:                        
Net investment income   (0.41)   (0.38)   (0.40)   (0.23)   (0.21)   (0.26)
Net realized gain   (4.16)   (2.54)   (1.50)   (1.56)   (2.81)   —
Total dividends and distributions   (4.57)   (2.92)   (1.90)   (1.79)   (3.02)   (0.26)
   
Net asset value, end of period   $43.48   $39.87   $40.25   $38.14   $36.82   $45.26
   
Total return3   21.41%   7.83%   11.02%   9.10%   (12.35%)   34.02%
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $1,015,112   $909,415   $921,584   $926,955   $894,572   $1,094,161
Ratio of expenses to average net assets4   1.04%   1.04%   1.04%   1.01%   1.08%   1.05%
Ratio of expenses to average net assets prior to fees waived4   1.04%   1.04%   1.04%   1.01%   1.08%   1.05%
Ratio of net investment income to average net assets   0.96%   1.01%   1.06%   1.14%   0.62%   0.47%
Ratio of net investment income to average net assets prior to fees waived   0.96%   1.01%   1.06%   1.14%   0.62%   0.47%
Portfolio turnover   14%   24%   20%   29%   23%   13%
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 — Nomura VIP Small Cap Value Series  
June 30, 2026 (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 Nomura VIP Small Cap Value Series (formerly, Macquarie VIP Small Cap Value Series through November 30, 2025) (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 part of its duties as the Series' valuation designee (Valuation Designee) to perform the fair value determination relating to all applicable Series investments. DMC has established a pricing committee (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, 2026, and for all open tax years (years ended December 31, 2022–December 31, 2025), and has concluded that no provision for federal income tax is required in the Series’ financial statements. If applicable, the Series recognizes interest and tax penalties on unrecognized tax benefits in “Interest and tax penalties” on the “Statement of operations.” During the six months ended June 30, 2026, 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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Table of Contents
Other — Expenses directly attributable to the Series are charged directly to the Series. Other expenses common to various funds within the Nomura Funds (formerly, Macquarie 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. 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 such income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Series. Dividends and distributions, if any, are recorded on the ex-dividend date.
Segment Reporting — In November 2023, FASB issued Accounting Standards Update (ASU), ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for the reportable segment and the entity as a whole thereby enabling better understanding of how an entity’s segments impact overall performance. The Series’ Chief Executive Officer and Chief Financial Officer act as the Series’ chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that the Series has a single operating segment since the Series has a single investment strategy disclosed in the prospectus against which the CODM assesses performance. When assessing segment performance and making decisions about segment resources, the CODM relies on the Series’ portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the Series’ financial statements.
The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. For the six months ended June 30, 2026, the Series had no earnings credits under this arrangement.
The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing, transfer agent and sub-transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2026, the Series earned $10 under this arrangement.
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates
In accordance with the terms of its investment management agreement, the Series pays DMC, a series of Nomura Investment Management Business Trust (NIMBT) 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 0.78% of the Series’ average daily net assets from January 1, 2026 through April 29, 2027. 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.
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Table of Contents
Notes to financial statements
Delaware VIP® Trust — Nomura VIP Small Cap Value Series   
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
After consideration of class specific expenses, including 12b-1 fees (but excluding acquired fund fees and expenses), the class level operating expense limitation as a percentage of average daily net assets from January 1, 2026 through April 29, 2027, 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%
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 Nomura 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 Nomura 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, 2026, the Series paid $41,875 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, transfer agent and sub-transfer agent fees and expenses.” For the six months ended June 30, 2026, the Series paid $65,741 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon 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, transfer agent and sub-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, 2026, the Series paid $19,566 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, 2026, the Series made purchases and sales of investment securities other than short-term investments and US government securities as follows:
   
Purchases $248,718,746
Sales 428,174,049
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Table of Contents
At June 30, 2026, 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, 2026, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:
   
Cost of investments $1,243,458,297
Aggregate unrealized appreciation of investments $662,675,452
Aggregate unrealized depreciation of investments (24,064,325)
Net unrealized appreciation of investments $638,611,127
For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At December 31, 2025, the Series had capital loss carryforwards available to offset future realized capital gains as follows:
  Loss carryforward character*    
  Short-term   Long-term   Total
  $ 1,477,769   $4,088,562   $ 5,566,331
* A portion of the Series’ capital loss carryforward is subject to limitations 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. Each of the Series' investments are 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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Table of Contents
Notes to financial statements
Delaware VIP® Trust — Nomura VIP Small Cap Value Series   
3. Investments (continued)
The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of June 30, 2026:
  Level 1
Securities  
Assets:  
Common Stocks $1,825,583,877
Short-Term Investments 56,485,547
Total Value of Securities $1,882,069,424
During the six months ended June 30, 2026, 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, 2026, there were no Level 3 investments.
4. Capital Shares
Transactions in capital shares were as follows:
   
  Six months
ended 		  Year ended
  6/30/26   12/31/25
Shares sold:
Standard Class 511,633   1,642,440
Service Class 660,078   1,304,464
 
Shares issued upon reinvestment of dividends and distributions:
Standard Class 2,208,748   1,823,710
Service Class 2,460,711   2,004,470
  5,841,170   6,775,084
Shares redeemed:
Standard Class (2,594,480)   (3,527,119)
Service Class (2,587,171)   (3,396,260)
  (5,181,651)   (6,923,379)
Net increase (decrease) 659,519   (148,295)
5. Line of Credit
The Series, along with certain other funds in the Nomura 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 expired on October 27, 2025. This Agreement was extended to October 26, 2026.
The Series had no amounts outstanding as of June 30, 2026, or at any time during the period then ended.
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6. Securities Lending
The Series, along with other funds in the Nomura Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (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, 2026, the Series had no securities out on loan.
7. Credit and Market Risks
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, 2026. 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.
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Table of Contents
Notes to financial statements
Delaware VIP® Trust — Nomura VIP Small Cap Value Series   
7. Credit and Market Risks (continued)
The Series may invest up to 10% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Series’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series’ 10% limit on investments in illiquid securities. As of June 30, 2026, 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, 2026, that would require recognition or disclosure in the Series’ financial statements.
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Other Series information (Unaudited)
Delaware VIP® Trust — Nomura VIP Small Cap Value Series
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers, and others is disclosed within the financial statements.
Statement Regarding Basis of Approval for Investment Advisory Contract
Not applicable.
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Table of Contents
(5778512)
SA-VIPSCV-0826

Delaware VIP® Trust
Nomura VIP Fund for Income Series
(formerly, Macquarie VIP Fund for Income Series)
Financial statements and other information
For the six months ended June 30, 2026

 

Table of contents
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This report and the financial statements contained herein are submitted for the general information of the shareholders of the Series. This report is not authorized for distribution to prospective investors in the Series unless preceded or accompanied by an effective prospectus.
Form N-PORT and proxy voting information
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 nomuraassetmanagement.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 nomuraassetmanagement.com/proxy; and (ii) on the SEC’s website at sec.gov.
Nomura Asset Management, unless otherwise stated, refers to the Nomura Asset Management International business. Nomura Asset Management is part of the Investment Management Division of the Nomura Group, providing integrated public and private market asset management services across equities, fixed income, private credit and multi-asset solutions to intermediary and institutional clients. Nomura Asset Management primarily operates through several distinct investment managers, which includes Nomura Investment Management Business Trust (NIMBT), a Securities and Exchange Commission (SEC) registered investment adviser. Investment advisory services are provided to the Nomura Funds by Delaware Management Company, a series of NIMBT. The Nomura Funds mutual funds are distributed by Delaware Distributors, L.P., a registered broker/dealer and member of the Financial Industry Regulatory Authority (FINRA) and an affiliate of NIMBT. The Nomura Funds exchange-traded funds are distributed by Foreside Financial Services, LLC. Foreside Financial Services, LLC is not affiliated with any Nomura entity, including Delaware Management Company and Delaware Distributors, L.P.

 

Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Nomura VIP Fund for Income Series
June 30, 2026 (Unaudited)
    Principal
amount° 		Value (US $)
Corporate Bonds — 95.48%
Automotive — 1.92%
American Axle & Manufacturing 144A 6.375% 10/15/32 #   253,000 $   252,260
Clarios Global 144A 6.75% 9/15/32 #   250,000     255,481
Goodyear Tire & Rubber      
5.25% 7/15/31    390,000     347,337
8.875% 7/15/32     25,000      25,233
Nissan Motor Acceptance 144A 6.125% 9/30/30 #    50,000      49,194
Phinia 144A 6.625% 10/15/32 #   174,000     177,873
Tenneco 144A 8.00% 11/17/28 #   105,000     105,716
ZF North America Capital 144A 6.75% 4/23/30 #   150,000    148,869
   1,361,963
Basic Industry — 11.65%
Alcoa Nederland Holding 144A 7.125% 3/15/31 #   200,000     207,681
Alumina Pty 144A 6.125% 3/15/30 #   250,000     254,267
Arsenal AIC Parent 144A 8.00% 10/1/30 #    50,000      52,173
Ashton Woods USA      
144A 4.625% 8/1/29 #    50,000      48,238
144A 4.625% 4/1/30 #    50,000      47,479
144A 6.875% 8/1/33 #    25,000      24,810
Beazer Homes USA      
7.25% 10/15/29     50,000      50,489
144A 7.50% 3/15/31 #    50,000      49,841
144A 8.00% 1/15/32 #    75,000      75,389
Builders FirstSource      
144A 4.25% 2/1/32 #   150,000     139,832
144A 5.00% 3/1/30 #    50,000      49,056
144A 6.375% 6/15/32 #   150,000     152,351
144A 6.375% 3/1/34 #   190,000     192,309
144A 6.75% 5/15/35 #    75,000      76,562
Capstone Copper 144A 6.75% 3/31/33 #   457,000     463,495
Carpenter Technology 144A 5.625% 3/1/34 #   338,000     338,167
Celanese US Holdings      
6.50% 4/15/30     27,000      27,535
7.00% 2/15/31    230,000     236,892
7.379% 7/15/32     25,000      26,308
7.70% 11/15/33     75,000      80,176
Century Aluminum 144A 6.875% 8/1/32 #    75,000      77,201
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
Chemours      
144A 7.875% 3/15/34 #   180,000 $   181,038
144A 8.00% 1/15/33 #    75,000      76,018
Cleveland-Cliffs 144A 7.00% 3/15/32 #   505,000     501,639
Commercial Metals      
4.125% 1/15/30     25,000      24,243
4.375% 3/15/32     50,000      47,393
144A 5.75% 11/15/33 #    50,000      49,732
144A 6.00% 12/15/35 #   508,000     506,957
Constellium 144A 6.375% 8/15/32 #   300,000     305,927
FMC      
3.45% 10/1/29     50,000      46,327
5.65% 5/18/33     50,000      44,882
6.375% 5/18/53     25,000      19,674
144A 8.00% 6/1/31 #    50,000      52,074
Fortescue Treasury      
144A 5.875% 4/15/30 #   330,000     334,280
144A 6.125% 4/15/32 #   125,000     128,595
Hybar 144A 7.375% 7/1/34 #    25,000      25,153
JH North America Holdings 144A 5.875% 1/31/31 #    50,000      50,273
K Hovnanian Enterprises 144A 8.00% 4/1/31 #   268,000     276,717
Kaiser Aluminum      
144A 4.50% 6/1/31 #    75,000      71,840
144A 5.875% 3/1/34 #    50,000      49,543
KB Home 4.00% 6/15/31     50,000      46,806
Mineral Resources      
144A 6.00% 5/1/32 #    25,000      24,747
144A 6.25% 5/1/34 #    25,000      24,598
Novelis      
144A 3.875% 8/15/31 #    95,000      86,587
144A 4.75% 1/30/30 #   975,000     943,661
144A 6.375% 8/15/33 #   100,000     100,792
Olin      
5.00% 2/1/30     25,000      24,251
144A 6.625% 4/1/33 #   270,000     266,940
Quikrete Holdings 144A 6.75% 3/1/33 #   415,000     423,251
SCIH Salt Holdings      
144A 4.875% 5/1/28 #    25,000      24,675
144A 6.625% 5/1/29 #    25,000      24,803
Smyrna Ready Mix Concrete 144A 6.00% 11/1/28 #    90,000      90,230
Solstice Advanced Materials 144A 5.625% 9/30/33 #    25,000      24,858
Standard Building Solutions 144A 6.50% 8/15/32 #   365,000     367,443
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Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Nomura VIP Fund for Income Series 
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
Standard Industries 144A 3.375% 1/15/31 #   255,000 $   229,673
WR Grace Holdings 144A 6.625% 8/15/32 #    50,000      48,532
WS Escrow 144A 7.75% 6/1/33 #    50,000     51,379
   8,265,782
Capital Goods — 7.73%
Amentum Holdings 144A 7.25% 8/1/32 #   215,000     221,587
Ardagh Group 144A 9.50% 12/1/30 #    25,000      26,741
Ardagh Metal Packaging Finance USA 144A 6.25% 1/30/31 #   240,000     242,841
ATI      
5.125% 10/1/31     75,000      74,514
5.875% 6/15/33     25,000      25,362
7.25% 8/15/30     50,000      51,947
Axon Enterprise      
144A 6.125% 3/15/30 #    50,000      51,123
144A 6.25% 3/15/33 #   175,000     179,480
Boeing      
6.528% 5/1/34     25,000      27,207
6.858% 5/1/54     75,000      84,353
Bombardier      
144A 5.875% 1/15/35 #    50,000      50,248
144A 7.25% 7/1/31 #   175,000     183,325
144A 8.75% 11/15/30 #   110,000     116,413
CACI International 144A 6.375% 6/15/33 #   464,000     470,877
Clydesdale Acquisition Holdings 144A 8.75% 4/15/30 #   507,000     500,520
Columbus McKinnon 144A 7.125% 2/1/33 #    25,000      25,073
Core & Main 144A 6.00% 7/1/34 #    25,000      25,143
Cyprium 144A 6.125% 4/15/31 #   359,000     359,882
Goat Holdco 144A 6.75% 2/1/32 #   170,000     174,360
Manitowoc 144A 9.25% 10/1/31 #   180,000     193,714
Mauser Packaging Solutions Holding 144A 7.875% 4/15/30 #    45,000      46,028
Moog 144A 5.50% 10/15/34 #   355,000     350,482
OI European Group 144A 4.75% 2/15/30 #    75,000      71,290
Owens-Brockway Glass Container      
144A 7.25% 5/15/31 #   125,000     123,686
144A 7.375% 6/1/32 #    25,000      23,984
144A 9.50% 6/1/33 #    25,000      25,628
Space Exploration Technologies      
144A 5.35% 7/15/31 #    25,000      24,941
144A 5.875% 7/15/36 #    75,000      74,050
144A 6.65% 7/15/56 #    25,000      24,135
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Capital Goods (continued)
Sword Purchaser      
144A 8.25% 4/15/33 #   246,000 $   254,694
144A 10.50% 4/15/34 #   106,000     110,979
Terex 144A 6.25% 10/15/32 #   350,000     354,735
TransDigm      
144A 6.125% 7/31/34 #   177,000     176,994
144A 6.375% 5/31/33 #   225,000     227,291
144A 6.625% 3/1/32 #    55,000      56,478
144A 6.875% 12/15/30 #   445,000    457,627
   5,487,732
Consumer Goods — 1.45%
Fiesta Purchaser 144A 9.625% 9/15/32 #   165,000     162,038
KeHE Distributors      
144A 7.125% 4/30/33 #    25,000      25,481
144A 9.00% 2/15/29 #   100,000     104,810
MajorDrive Holdings IV 144A 6.375% 6/1/29 #   100,000      84,230
Newell Brands      
6.375% 5/15/30     50,000      50,714
6.625% 9/15/29     50,000      50,868
6.625% 5/15/32     25,000      25,330
Performance Food Group 144A 6.125% 9/15/32 #    50,000      50,674
Post Holdings      
144A 4.625% 4/15/30 #    25,000      24,166
144A 6.25% 2/15/32 #    25,000      25,408
144A 6.25% 10/15/34 #    25,000      24,578
144A 6.375% 3/1/33 #    50,000      49,640
144A 6.50% 3/15/36 #    75,000      74,209
Scotts Miracle-Gro 4.00% 4/1/31     50,000      47,038
US Foods      
144A 5.75% 4/15/33 #    50,000      50,095
144A 7.25% 1/15/32 #    50,000      51,948
Whirlpool      
4.70% 5/14/32    100,000      79,033
144A 7.50% 7/1/31 #    25,000      25,361
144A 7.875% 7/1/34 #    25,000     25,165
   1,030,786
Electric — 4.84%
AES 7.60% 1/15/55 μ    50,000      51,335
Alpha Generation      
144A 6.25% 1/15/34 #    25,000      24,616
144A 6.75% 10/15/32 #    75,000      76,414
California Buyer 144A 6.375% 2/15/32 #   247,000     247,742
Constellation Energy Generation      
144A 4.625% 2/1/29 #    25,000      24,861
144A 5.00% 2/1/31 #   100,000      99,998
 
2    

 

Table of Contents
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Electric (continued)
Edison International      
7.875% 6/15/54 μ    50,000 $    51,461
8.125% 6/15/53 μ    25,000      25,702
Hawaiian Electric 144A 6.00% 10/1/33 #   216,000     214,110
NRG Energy      
144A 5.75% 7/15/29 #   125,000     125,190
144A 5.75% 1/15/34 #   125,000     124,090
144A 5.875% 5/15/34 #    75,000      74,641
144A 6.00% 2/1/33 #   150,000     150,859
144A 6.00% 1/15/36 #   400,000     398,952
144A 6.125% 5/15/36 #   100,000     100,089
144A 6.25% 11/1/34 #   200,000     202,593
PG&E 7.375% 3/15/55 μ   125,000     127,453
Talen Energy Supply      
144A 6.125% 5/1/31 #   100,000     100,043
144A 6.25% 2/1/34 #   150,000     149,151
144A 6.375% 5/1/33 #    50,000      49,958
144A 6.50% 2/1/36 #   100,000     100,856
TerraForm Power Operating 144A 4.75% 1/15/30 #    50,000      48,401
TransAlta 5.875% 2/1/34     50,000      49,283
Vistra      
144A 7.00% 12/15/26 #, μ, ψ   345,000     348,563
144A 8.00% 10/15/26 #, μ, ψ   365,000     368,895
Vistra Operations 144A 6.875% 4/15/32 #   100,000    103,613
   3,438,869
Energy — 13.30%
Antero Midstream Partners      
144A 5.75% 10/15/33 #    50,000      49,546
144A 5.75% 7/1/34 #    50,000      49,405
144A 6.625% 2/1/32 #    50,000      51,095
Archrock Partners 144A 6.625% 9/1/32 #   355,000     362,253
Ascent Resources Utica Holdings 144A 9.00% 11/1/27 #    75,000      83,309
Blue Racer Midstream 144A 7.25% 7/15/32 #    50,000      51,758
Bristow Group 144A 6.75% 2/1/33 #   176,000     176,638
Buckeye Partners      
5.85% 11/15/43     25,000      22,939
144A 6.75% 2/1/30 #    25,000      25,833
144A 6.875% 7/1/29 #    50,000      51,071
Comstock Resources      
144A 5.875% 1/15/30 #   100,000      94,379
144A 6.75% 3/1/29 #    75,000      73,900
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Energy (continued)
Crescent Energy Finance 144A 8.375% 1/15/34 #   160,000 $   164,898
DBR Land Holdings 144A 6.25% 12/1/30 #    50,000      50,807
Delek Logistics Partners      
144A 6.875% 6/1/34 #    75,000      74,690
144A 7.375% 6/30/33 #    75,000      76,457
144A 8.625% 3/15/29 #    29,000      30,158
Energy Transfer      
6.50% 2/15/56 μ    75,000      75,667
6.75% 2/15/56 μ    50,000      51,098
7.125% 10/1/54 μ    25,000      25,798
Excelerate Energy 144A 8.00% 5/15/30 #    75,000      79,136
Genesis Energy      
6.75% 3/15/34    185,000     183,680
7.875% 5/15/32     85,000      87,695
Gulfport Energy Operating 144A 6.75% 9/1/29 #   340,000     347,195
Harvest Midstream I      
144A 6.75% 5/15/34 #    50,000      50,736
144A 7.50% 5/15/32 #    50,000      51,816
Hess Midstream Operations      
144A 5.50% 10/15/30 #    25,000      24,960
144A 6.50% 6/1/29 #    25,000      25,525
Hilcorp Energy I      
144A 6.00% 4/15/30 #   520,000     511,988
144A 6.00% 2/1/31 #    58,000      56,214
Howard Midstream Energy
Partners 		     
144A 6.625% 1/15/34 #    50,000      50,454
144A 7.375% 7/15/32 #    75,000      77,719
ITT Holdings 144A 6.50% 8/1/29 #    25,000      24,721
Kinetik Holdings 144A 5.875% 6/15/30 #    50,000      50,313
Kraken Oil & Gas Partners 144A 7.125% 5/15/31 #    25,000      24,461
Martin Midstream Partners 144A 11.50% 2/15/28 #   100,000     100,818
Matador Resources 144A 6.25% 4/15/33 #   260,000     259,184
Murphy Oil 6.00% 10/1/32    139,000     138,514
Nabors Industries      
144A 7.625% 11/15/32 #   190,000     194,524
144A 8.875% 8/15/31 #    71,000      72,945
NGL Energy Operating      
144A 8.125% 2/15/29 #    25,000      25,891
144A 8.375% 2/15/32 #   350,000     364,523
Noble Finance II      
144A 6.25% 6/15/34 #    50,000      49,035
144A 8.00% 4/15/30 #   217,000     224,947
    3

 

Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Nomura VIP Fund for Income Series 
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Energy (continued)
Northern Oil & Gas      
144A 7.875% 10/15/33 #    75,000 $    74,575
144A 8.75% 6/15/31 #    75,000      77,290
Northriver Midstream Finance 144A 6.75% 7/15/32 #    50,000      50,664
NuStar Logistics 6.375% 10/1/30    278,000     287,417
ONEOK      
5.05% 4/1/45     25,000      22,108
5.45% 6/1/47     75,000      68,899
5.60% 4/1/44     25,000      23,661
Par Petroleum 144A 7.375% 6/1/34 #    25,000      25,313
PBF Holding 144A 7.25% 6/1/34 #    25,000      24,766
Prairie Acquiror 144A 9.00% 8/1/29 #    50,000      52,141
Rockies Express Pipeline      
144A 4.95% 7/15/29 #    50,000      49,371
144A 6.875% 4/15/40 #    50,000      51,245
SM Energy      
144A 6.625% 4/15/34 #   177,000     174,329
144A 8.625% 11/1/30 #   355,000     372,990
Solaris Energy Infrastructure 144A 6.375% 5/15/31 #    50,000      50,583
South Bow Canadian
Infrastructure Holdings 		     
7.50% 3/1/55 μ    50,000      53,461
7.625% 3/1/55 μ    50,000      52,393
Sunoco      
144A 4.50% 10/1/29 #    75,000      72,883
144A 4.625% 5/1/30 #    25,000      24,163
144A 5.625% 3/15/31 #    25,000      24,828
144A 5.875% 3/15/34 #    25,000      24,672
144A 6.25% 7/1/33 #   100,000     100,945
144A 7.25% 5/1/32 #   200,000     207,577
144A 7.875% 9/18/30 #, μ, ψ   225,000     234,131
Superior Plus 144A 4.50% 3/15/29 #    25,000      24,254
Tallgrass Energy Partners      
144A 6.00% 12/31/30 #    25,000      25,024
144A 6.00% 9/1/31 #    50,000      49,490
144A 7.375% 2/15/29 #    50,000      51,467
Talos Production 144A 9.375% 2/1/31 #    75,000      78,817
TransMontaigne Partners 144A 8.50% 6/15/30 #    25,000      25,488
Transocean International      
144A 7.875% 10/15/32 #   333,000     347,807
144A 8.50% 5/15/31 #    80,000      83,101
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Energy (continued)
USA Compression Partners      
144A 6.25% 10/1/33 #   350,000 $   347,217
144A 7.125% 3/15/29 #   140,000     143,472
Valaris 144A 8.375% 4/30/30 #    65,000      67,530
Venture Global Calcasieu Pass      
144A 4.125% 8/15/31 #    50,000      46,962
144A 6.00% 5/1/36 #    50,000      50,568
144A 6.25% 1/15/30 #    25,000      25,617
Venture Global LNG      
144A 6.375% 12/15/34 #    50,000      49,168
144A 7.00% 1/15/30 #   175,000     178,567
144A 8.375% 6/1/31 #   340,000     354,043
144A 9.00% 9/30/29 #, μ, ψ    50,000      48,842
Venture Global Plaquemines LNG      
144A 6.125% 12/15/30 #   168,000     171,971
144A 6.50% 6/15/34 #    75,000      78,171
144A 6.75% 1/15/36 #    50,000      53,039
144A 7.50% 5/1/33 #   178,000     195,436
WBI Operating 144A 6.25% 10/15/30 #    25,000     25,153
   9,440,302
Financial Services — 5.72%
Ally Financial 7.10% 8/15/31 μ, ψ    50,000      50,691
Azorra Finance 144A 7.75% 4/15/30 #   125,000     129,761
Coinbase Global      
144A 3.375% 10/1/28 #   210,000     199,480
144A 3.625% 10/1/31 #   170,000     148,201
CrossCountry Intermediate
HoldCo 		     
144A 6.50% 10/1/30 #    86,000      84,872
144A 6.75% 12/1/32 #    50,000      48,320
FirstCash      
144A 4.625% 9/1/28 #    25,000      24,591
144A 5.625% 1/1/30 #    25,000      24,869
144A 6.875% 3/1/32 #    50,000      51,442
Freedom Mortgage Holdings 144A 9.25% 2/1/29 #    50,000      51,852
FS KKR Capital 7.50% 8/1/31     25,000      24,909
FTAI Aviation Investors 144A 7.00% 6/15/32 #   365,000     377,724
Icahn Enterprises      
5.25% 5/15/27    205,000     202,728
9.75% 1/15/29     75,000      73,615
144A 10.00% 11/15/29 #    75,000      74,060
Jane Street Group      
144A 4.50% 11/15/29 #    50,000      48,767
144A 6.125% 11/1/32 #    50,000      50,034
144A 6.75% 5/1/33 #    75,000      77,168
 
4    

 

Table of Contents
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Financial Services (continued)
Jefferson Capital Holdings 144A 8.25% 5/15/30 #    70,000 $    73,644
LFS Topco 144A 8.75% 7/15/30 #    50,000      50,263
Navient      
4.875% 3/15/28     75,000      73,609
9.375% 10/15/31     25,000      24,936
OneMain Finance      
6.625% 5/15/29    251,000     256,248
6.75% 3/15/32    150,000     150,548
6.75% 9/15/33    172,000     170,484
7.125% 9/15/32     86,000      87,555
7.875% 3/15/30    125,000     130,211
PennyMac Financial Services      
144A 6.875% 5/15/32 #   175,000     171,411
144A 6.875% 2/15/33 #   255,000     248,827
PHH Escrow Issuer 144A 9.875% 11/1/29 #    25,000      24,491
Rocket      
144A 6.125% 8/1/30 #    25,000      25,441
144A 6.375% 8/1/33 #   175,000     178,188
144A 6.50% 8/1/29 #    50,000      51,097
144A 6.50% 6/15/34 #    25,000      25,673
144A 7.125% 2/1/32 #    50,000      51,926
Rocket Mortgage      
144A 3.875% 3/1/31 #    50,000      46,810
144A 4.00% 10/15/33 #   150,000     135,089
SLM 6.495% 5/15/32 μ    25,000      25,002
United Wholesale Mortgage 144A 5.50% 4/15/29 #    50,000      46,485
UWM Holdings 144A 6.25% 3/15/31 #   246,000     219,433
WEX 144A 6.50% 3/15/33 #    50,000     49,823
   4,060,278
Healthcare — 10.72%
1261229 BC 144A 10.00% 4/15/32 #   550,000     557,428
Acadia Healthcare 144A 5.50% 7/1/28 #    50,000      49,801
AMN Healthcare      
144A 4.00% 4/15/29 #    50,000      48,459
144A 6.50% 1/15/31 #   250,000     251,667
AthenaHealth Group 144A 6.50% 2/15/30 #   200,000     191,890
Avantor Funding 144A 3.875% 11/1/29 #   425,000     406,015
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Healthcare (continued)
Bausch Health      
144A 4.875% 6/1/28 #    25,000 $    23,136
144A 5.00% 1/30/28 #    50,000      44,415
144A 5.25% 1/30/30 #    25,000      16,019
144A 5.25% 2/15/31 #    25,000      14,779
144A 6.25% 2/15/29 #    50,000      37,656
144A 7.00% 1/15/28 #    25,000      22,609
144A 7.25% 5/30/29 #    50,000      37,719
144A 11.00% 9/30/28 #    50,000      50,958
144A 14.00% 10/15/30 #    25,000      23,628
Bausch Health Americas 144A 8.50% 1/31/27 #   100,000      99,893
Carriage Services 144A 4.25% 5/15/29 #    50,000      47,997
Centene      
3.00% 10/15/30    375,000     339,603
4.625% 12/15/29     75,000      72,794
Charlotte Buyer 144A 8.00% 6/30/31 #    25,000      25,323
CHS      
144A 4.75% 2/15/31 #   296,000     272,515
144A 6.125% 4/1/30 #    90,000      80,888
144A 6.875% 4/15/29 #    90,000      88,595
144A 9.75% 1/15/34 #   265,000     277,013
Concentra Health Services 144A 6.875% 7/15/32 #    25,000      25,910
CVS Health 7.00% 3/10/55 μ   100,000     103,864
DaVita      
144A 3.75% 2/15/31 #   240,000     222,481
144A 4.625% 6/1/30 #   210,000     203,568
144A 6.75% 7/15/33 #    25,000      25,811
144A 6.875% 9/1/32 #    50,000      51,595
Encompass Health 144A 5.875% 6/1/34 #    50,000      49,931
GENMAB 144A 6.25% 12/15/32 #   355,000     361,980
Global Medical Response 144A 7.375% 10/1/32 #   232,000     240,561
LifePoint Health      
144A 5.375% 1/15/29 #    25,000      24,003
144A 7.00% 5/1/34 #    75,000      71,939
144A 10.00% 6/1/32 #    50,000      49,978
Medline Borrower 144A 5.25% 10/1/29 #   260,000     258,542
Molina Healthcare      
144A 3.875% 11/15/30 #    25,000      23,330
144A 3.875% 5/15/32 #    25,000      22,616
144A 6.50% 2/15/31 #   250,000     254,636
Opal Bidco 144A 6.50% 3/31/32 #   320,000     326,624
Organon & Co. 144A 5.125% 4/30/31 #   435,000     430,557
    5

 

Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Nomura VIP Fund for Income Series 
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Healthcare (continued)
Prestige Brands 144A 6.25% 7/15/34 #    50,000 $    50,000
Raven Acquisition Holdings 144A 6.875% 11/15/31 #   285,000     278,752
Select Medical 144A 6.25% 12/1/32 #    25,000      24,302
Service Corp International      
4.00% 5/15/31    100,000      94,457
5.75% 10/15/32     50,000      50,264
Surgery Center Holdings 144A 7.25% 4/15/32 #   245,000     248,330
Teleflex 144A 5.875% 1/15/32 #    25,000      25,220
Tenet Healthcare      
4.25% 6/1/29    100,000      97,244
4.375% 1/15/30     25,000      24,242
144A 5.50% 11/15/32 #   585,000     581,988
144A 6.00% 11/15/33 #    25,000      25,237
6.125% 6/15/30    225,000     226,930
6.75% 5/15/31     50,000     51,245
   7,606,937
Insurance — 1.11%
Acrisure      
144A 6.75% 7/1/32 #   350,000     314,896
144A 7.50% 11/6/30 #    75,000      71,184
Amynta Agency Borrower and Amynta Warranty Borrower 144A 7.50% 7/15/33 #   268,000     257,842
Asurion 144A 8.375% 2/1/34 #   100,000      92,641
Baldwin Insurance Group Holdings 144A 7.125% 5/15/31 #    50,000     50,253
     786,816
Leisure — 4.77%
AMC Entertainment Holdings 144A 7.50% 2/15/29 #   150,000     139,453
Boyd Gaming 144A 4.75% 6/15/31 #   425,000     410,604
Carnival      
144A 5.125% 5/1/29 #    50,000      49,947
144A 5.75% 8/1/32 #   150,000     151,653
144A 5.875% 6/15/31 #    75,000      76,390
144A 6.125% 2/15/33 #   263,000     266,313
Churchill Downs      
144A 5.50% 4/1/27 #    50,000      50,012
144A 5.75% 4/1/30 #    50,000      49,980
Cinemark USA      
144A 5.25% 7/15/28 #    50,000      49,949
144A 7.00% 8/1/32 #    25,000      25,807
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Leisure (continued)
Hilton Domestic Operating      
144A 3.625% 2/15/32 #    25,000 $    22,894
144A 4.00% 5/1/31 #   120,000     113,463
4.875% 1/15/30     25,000      24,929
144A 5.50% 9/15/31 #    75,000      75,233
144A 5.50% 3/31/34 #    50,000      49,595
144A 5.75% 9/15/33 #    50,000      50,212
144A 5.875% 3/15/33 #    75,000      75,720
Hilton Grand Vacations Borrower Escrow 144A 4.875% 7/1/31 #    75,000      70,536
Life Time 144A 6.00% 11/15/31 #   365,000     370,845
Lindblad Expeditions 144A 7.00% 9/15/30 #   178,000     184,148
Muvico PIK 144A 15.00% 2/19/29 #, >>>   216,300     236,531
NCL 144A 6.75% 2/1/32 #   125,000     124,807
Penn Entertainment 144A 4.125% 7/1/29 #    90,000      86,339
Pioneer Opco 144A 7.00% 5/15/33 #    25,000      25,471
Royal Caribbean Cruises      
144A 5.375% 7/15/27 #    75,000      75,169
144A 5.50% 4/1/28 #    50,000      50,484
144A 5.625% 9/30/31 #    75,000      75,652
144A 6.00% 2/1/33 #    25,000      25,360
144A 6.25% 3/15/32 #    50,000      51,116
Six Flags Entertainment 144A 8.625% 1/15/32 #    73,000      75,215
Travel + Leisure 144A 6.125% 9/1/33 #    50,000      49,510
Viking Cruises      
144A 5.875% 10/15/33 #    50,000      50,103
144A 9.125% 7/15/31 #    75,000      78,626
VOC Escrow 144A 5.00% 2/15/28 #    50,000      49,966
Wynn Resorts Finance 144A 6.25% 3/15/33 #    25,000     25,107
   3,387,139
Media — 8.92%
AMC Global Media 4.25% 2/15/29     25,000      22,123
CCO Holdings      
144A 4.25% 2/1/31 #    25,000      22,534
144A 4.50% 8/15/30 #   875,000     813,932
4.50% 5/1/32     45,000      39,758
144A 4.75% 2/1/32 #    75,000      66,949
144A 7.00% 2/1/33 #   176,000     172,747
Clear Channel Outdoor Holdings 144A 7.50% 3/15/33 #   195,000     205,457
 
6    

 

Table of Contents
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Media (continued)
CMG Media 144A 8.875% 6/18/29 #   225,000 $   164,887
CSC Holdings 144A 4.50% 11/15/31 #   200,000     118,328
Directv Financing      
144A 8.875% 2/1/30 #    75,000      76,424
144A 9.25% 6/1/32 #    75,000      76,258
144A 10.00% 2/15/31 #    75,000      77,877
Discovery Communications      
3.625% 5/15/30    100,000      93,073
3.95% 3/20/28     25,000      24,641
4.125% 5/15/29    150,000     148,614
5.00% 9/20/37     25,000      19,750
Discovery Global Holdings      
4.054% 3/15/29     50,000      49,533
4.279% 3/15/32    100,000      89,797
5.05% 3/15/42    175,000     128,418
DISH DBS      
5.125% 6/1/29 ‡    75,000      67,557
144A 5.25% 12/1/26 #   100,000      98,994
144A 5.75% 12/1/28 #   125,000     121,193
7.375% 7/1/28 ‡    50,000      48,050
7.75% 7/1/26 ‡    75,000      75,000
EW Scripps 144A 9.875% 8/15/30 #    75,000      65,708
Gray Media      
144A 5.375% 11/15/31 #   481,000     323,088
144A 7.25% 8/15/33 #   155,000     152,760
iHeartCommunications      
144A 4.75% 1/15/28 #   130,000     124,570
144A 7.00% 1/15/31 #    25,000      22,047
144A 7.75% 8/15/30 #   100,000      93,374
144A 9.125% 5/1/29 #   120,000     116,542
144A 10.875% 5/1/30 #   125,000     108,688
Lamar Media 144A 5.375% 11/1/33 #    50,000      49,041
McGraw-Hill Education 144A 7.375% 9/1/31 #   108,000     109,845
Nexstar Media 144A 6.50% 9/15/33 #   241,000     241,145
OAK-Eagle Acquireco 144A 7.25% 7/1/33 #   244,355     255,754
Outfront Media Capital 144A 4.25% 1/15/29 #    50,000      48,714
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Media (continued)
Paramount Global      
4.20% 6/1/29     50,000 $    47,979
4.20% 5/19/32     25,000      21,702
4.375% 3/15/43     50,000      32,298
4.60% 1/15/45     25,000      15,933
4.95% 1/15/31    185,000     172,020
4.95% 5/19/50     75,000      48,470
5.25% 4/1/44     25,000      17,188
5.85% 9/1/43    100,000      74,924
6.875% 4/30/36    100,000      93,850
7.875% 7/30/30     25,000      26,263
Playtika Holding 144A 4.25% 3/15/29 #    50,000      44,794
RR Donnelley & Sons      
144A 9.50% 8/1/29 #    50,000      51,890
PIK 144A 11.00% 6/1/31 #, «    75,000      72,823
RRD Parent 144A 13.00% 2/4/30 #, ψ    25,000      26,938
Sinclair Television Group 144A 8.125% 2/15/33 #    50,000      51,421
Sirius XM Radio      
144A 3.875% 9/1/31 #   100,000      90,878
144A 4.00% 7/15/28 #   566,000     551,470
Snap 144A 6.875% 3/1/33 #   110,000     107,285
Univision Communications 144A 7.375% 6/30/30 #   250,000    250,882
   6,332,178
Real Estate — 4.14%
Anywhere Real Estate Group      
144A 5.25% 4/15/30 #    25,000      24,143
144A 5.75% 1/15/29 #   100,000      99,533
144A 7.00% 4/15/30 #   150,000     151,700
Iron Mountain      
144A 4.50% 2/15/31 #   125,000     119,620
144A 5.25% 3/15/28 #   460,000     459,665
144A 5.25% 7/15/30 #   260,000     256,268
144A 6.25% 1/15/33 #   125,000     126,370
144A 6.25% 1/15/35 #   100,000     100,515
Iron Mountain Information Management Services 144A 5.00% 7/15/32 #   225,000     216,311
Millrose Properties 144A 6.375% 8/1/30 #   268,000     271,806
MPT Operating Partnership      
3.50% 3/15/31     25,000      17,209
4.625% 8/1/29     50,000      40,229
5.00% 10/15/27    145,000     140,736
144A 8.50% 2/15/32 #    75,000      76,837
    7

 

Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Nomura VIP Fund for Income Series 
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Real Estate (continued)
Outfront Media Capital 144A 4.625% 3/15/30 #    75,000 $    72,786
RHP Hotel Properties 144A 6.50% 6/15/33 #   345,000     354,189
Rithm Capital      
144A 8.00% 4/1/29 #    75,000      75,362
144A 8.00% 7/15/30 #    50,000      49,911
144A 8.50% 6/1/31 #    50,000      50,180
RLJ Lodging Trust 144A 4.00% 9/15/29 #   100,000      95,307
Starwood Property Trust      
144A 6.125% 6/1/31 #    25,000      25,148
144A 6.50% 7/1/30 #   114,000    116,635
   2,940,460
Real Estate Services — 0.55%
AmeriGas Partners      
144A 6.875% 6/1/31 #    50,000      50,656
144A 9.50% 6/1/30 #    25,000      26,840
Ferrellgas      
144A 5.875% 4/1/29 #   140,000     136,252
144A 9.25% 1/15/31 #   100,000     105,455
Suburban Propane Partners 144A 5.00% 6/1/31 #    75,000     71,135
     390,338
Retail — 3.17%
1011778 BC      
144A 4.00% 10/15/30 #   230,000     217,264
144A 6.125% 6/15/29 #    50,000      50,776
Academy 144A 5.875% 5/15/31 #    50,000      50,032
Albertsons      
144A 4.875% 2/15/30 #   100,000      96,806
144A 5.50% 3/31/31 #    50,000      48,917
144A 5.625% 3/31/32 #   100,000      96,735
144A 5.75% 3/31/34 #    70,000      66,752
144A 6.25% 3/15/33 #    25,000      24,794
144A 6.50% 2/15/28 #    75,000      75,662
Asbury Automotive Group      
144A 4.625% 11/15/29 #    90,000      87,694
4.75% 3/1/30    245,000     238,341
Bath & Body Works 6.875% 11/1/35    170,000     174,196
Ingles Markets 144A 4.00% 6/15/31 #    75,000      70,819
Kroger      
5.00% 9/15/34     50,000      49,359
5.50% 9/15/54     75,000      70,397
5.65% 9/15/64     75,000      70,357
Magnera 144A 7.25% 11/15/31 #   110,000     107,477
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Retail (continued)
Michaels      
144A 8.50% 3/15/33 #    55,000 $    54,510
144A 11.00% 3/15/34 #    25,000      24,504
Murphy Oil USA      
144A 3.75% 2/15/31 #   450,000     421,180
144A 5.875% 6/1/34 #    50,000      50,188
Yum! Brands 5.375% 4/1/32    105,000    104,494
   2,251,254
Services — 5.55%
ADT Security 144A 4.125% 8/1/29 #   470,000     450,894
Albion Financing 1 144A 7.00% 5/21/30 #   205,000     212,402
Allied Universal Holdco      
Allied Universal Holdco
144A 6.00% 6/1/29 # 		  360,000     357,720
144A 7.875% 2/15/31 #   185,000     193,495
APi Group DE 144A 5.75% 6/1/34 #    25,000      24,779
Avis Budget Car Rental      
144A 4.75% 4/1/28 #   100,000      98,415
144A 5.375% 3/1/29 #    50,000      49,046
144A 8.00% 2/15/31 #    25,000      25,266
144A 8.375% 6/15/32 #    75,000      75,557
EquipmentShare.com      
144A 8.00% 3/15/33 #    50,000      51,228
144A 8.625% 5/15/32 #   100,000     104,149
144A 9.00% 5/15/28 #    25,000      25,534
Gaia Purchaser 144A 7.625% 7/15/33 #    50,000      50,604
Garda World Security 144A 8.25% 8/1/32 #    50,000      51,212
GEO Group 10.25% 4/15/31     50,000      54,052
GFL Environmental 144A 6.75% 1/15/31 #    25,000      25,751
GFL Environmental Holdings US      
144A 5.50% 2/1/34 #    25,000      24,484
144A 5.625% 7/1/31 #    75,000      75,050
Herc Holdings      
144A 6.00% 3/15/34 #   179,000     177,995
144A 6.625% 6/15/29 #    50,000      51,085
Hertz 144A 12.625% 7/15/29 #    50,000      40,737
Imola Merger 144A 4.75% 5/15/29 #   139,000     136,599
Neptune Bidco US      
144A 9.29% 4/15/29 #   135,000     137,783
144A 9.50% 2/15/33 #    50,000      50,615
NESCO Holdings II 144A 5.50% 4/15/29 #    50,000      49,772
 
8    

 

Table of Contents
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Services (continued)
QXO Building Products 144A 6.75% 4/30/32 #    89,000 $    91,953
Staples 144A 10.75% 9/1/29 #   125,000     119,345
Synergy Infrastructure Holdings      
144A 7.00% 7/15/34 #    25,000      25,373
144A 7.875% 12/1/30 #   142,000     148,764
TKC Holdings      
144A 8.50% 8/15/30 #    50,000      51,493
144A 12.00% 2/15/31 #    50,000      52,736
United Rentals North America      
3.75% 1/15/32     50,000      46,390
3.875% 2/15/31     25,000      23,636
4.00% 7/15/30    100,000      95,680
144A 5.375% 11/15/33 #    25,000      24,642
144A 6.00% 12/15/29 #    25,000      25,424
144A 6.125% 3/15/34 #    50,000      51,322
WESCO Distribution 144A 5.25% 4/15/31 #   221,000     219,285
Williams Scotsman 144A 6.625% 4/15/30 #   355,000    365,986
   3,936,253
Technology & Electronics — 2.80%
Black Pearl Compute 144A 6.125% 2/15/31 #   177,000     179,490
Cipher Compute 144A 7.125% 11/15/30 #   107,000     111,363
Cloud Software Group      
144A 6.50% 3/31/29 #   334,000     324,321
144A 8.25% 6/30/32 #    25,000      23,449
Coherent 144A 5.00% 12/15/29 #   100,000      98,514
Core Scientific Finance I 144A 7.75% 5/15/31 #   150,000     152,220
Entegris 144A 5.95% 6/15/30 #   230,000     232,571
Flash Compute 144A 7.25% 12/31/30 #    75,000      77,210
McAfee 144A 7.375% 2/15/30 #    75,000      63,793
Nokia Oyj 6.625% 5/15/39     25,000      26,588
Seagate Data Storage Technology      
144A 5.75% 12/1/34 #   210,000     213,567
5.875% 7/15/30     50,000      50,919
144A 9.625% 12/1/32 #    75,000      82,748
WULF Compute 144A 7.75% 10/15/30 #   238,000     250,129
Zebra Technologies 144A 6.50% 6/1/32 #   100,000    101,276
   1,988,158
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Telecommunications — 6.18%
Altice France      
144A 6.50% 10/15/31 #    50,000 $    48,501
144A 6.50% 4/15/32 #   150,000     145,089
144A 6.875% 10/15/30 #    50,000      48,552
144A 6.875% 7/15/32 #   105,000     101,939
144A 9.50% 11/1/29 #   125,000     126,986
Altice France Lux 3 144A 10.00% 1/15/33 #   175,000     172,322
APLD ComputeCo 144A 9.25% 12/15/30 #   160,000     172,697
APLD ComputeCo 3 144A 7.00% 6/15/31 #    75,000      74,940
AT&T 6.00% 4/30/56    155,000     149,903
CoreWeave      
144A 9.25% 6/1/30 #    50,000      50,362
144A 9.625% 7/15/32 #    75,000      73,972
144A 9.75% 10/1/31 #   350,000     349,476
Digicel International Finance 144A 8.625% 8/1/32 #   200,000     206,080
EchoStar      
PIK 6.75% 11/30/30 >   150,000     152,678
10.75% 11/30/29    195,000     210,834
ELK Grove Village Property 144A 7.50% 6/15/31 #    50,000      50,376
Level 3 Financing      
144A 6.875% 6/30/33 #    25,000      25,701
144A 7.00% 3/31/34 #    75,000      77,387
144A 7.50% 2/15/37 #    25,000      25,682
144A 8.50% 1/15/36 #    50,000      53,731
Lumen Technologies 144A 5.375% 6/15/29 #    25,000      24,378
Meridian Arc Holdco 144A 6.25% 4/30/31 #   250,000     250,724
PR RNO Property Owner 1 144A 6.50% 5/1/31 #    25,000      24,981
Rogers Communications 7.125% 4/15/55 μ    50,000      51,393
Stingray Compute 144A 6.00% 6/15/31 #    50,000      50,161
SV RNO Property Owner 1 144A 5.875% 3/1/31 #   115,000     113,415
Uniti Group      
144A 6.00% 1/15/30 #    75,000      73,326
144A 8.625% 6/15/32 #   150,000     156,609
Uniti Services 144A 7.50% 10/15/33 #   255,000     268,528
Viasat 144A 7.50% 5/30/31 #    75,000      75,833
Vmed O2 UK Financing I 144A 4.75% 7/15/31 #   485,000     398,958
VZ Secured Financing 144A 5.00% 1/15/32 #   285,000     249,713
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Schedule of investments
Delaware VIP® Trust  —  Nomura VIP Fund for Income Series 
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Telecommunications (continued)
Windstream Services 144A 8.25% 10/1/31 #   175,000 $   184,641
Yondr JK 1 144A 6.875% 6/30/31 #    50,000      50,163
Zayo Group Holdings PIK 144A 13.75% 9/9/30 #, «   100,000     98,898
   4,388,929
Transportation — 0.96%
Alaska Airlines 144A 6.50% 6/1/31 #    50,000      50,325
American Airlines      
144A 5.75% 4/20/29 #   195,000     195,494
144A 7.25% 2/15/28 #    50,000      50,651
JetBlue Airways 144A 9.875% 9/20/31 #    50,000      45,353
PODS 144A 8.75% 5/15/31 #    75,000      73,468
United Airlines Holdings 5.375% 3/1/31     88,000      87,478
VistaJet Malta Finance 144A 6.375% 2/1/30 #    75,000      71,439
XPO 144A 7.125% 2/1/32 #   100,000    103,783
     677,991
Total Corporate Bonds
(cost $68,040,667) 		67,772,165
 
Loan Agreements — 0.36%
Basic Industry — 0.11%
Usalco 7.144% (SOFR01M + 3.50%) 9/30/31 •    74,577     74,483
      74,483
Media — 0.24%
Discovery Global Holdings 6.144% (SOFR01M + 2.50%) 6/3/33 •    24,519      24,556
iHeartCommunications
Tranche B TBD 5/1/29 X 		   75,000      71,750
Sinclair Television Group
Tranche B-6 TBD 12/31/29 X 		   50,000      43,938
Univision Communications
1st Lien 7.982% (SOFR03M + 4.25%) 6/24/29 • 		   30,724     30,750
     170,994
Telecommunications — 0.01%
Coreweave Compute Acquisition 8.12% (SOFR01M + 4.50%) 11/6/31 •     8,879      9,070
       9,070
Total Loan Agreements
(cost $257,036) 		   254,547
    Number of
shares 		Value (US $)
Short-Term Investments — 2.69%
Money Market Mutual Funds — 2.69%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.54%)   477,485 $   477,485
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.53%)   477,485     477,485
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.59%)   477,485     477,485
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.56%)   477,486    477,486
Total Short-Term Investments
(cost $1,909,941) 		 1,909,941
Total Value of Securities—98.53%
(cost $70,207,644) 		    69,936,653
Receivables and Other Assets Net of Liabilities—1.47%      1,040,373
Net Assets Applicable to 13,186,502 Shares Outstanding—100.00%     $70,977,026
° 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, 2026, the aggregate value of Rule 144A securities was $59,241,771, which represents 83.47% of the Series’ net assets. See Note 7 in “Notes to financial statements.”
μ Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2026. Rate will reset at a future date.
ψ Perpetual security. Maturity date represents next call date.
>>> PIK. 60% of the income received was in cash and 40% was in principal.
‡ Security is currently in default.
« PIK. The first payment of cash and/or principal will be made after June 30, 2026.
> PIK. 100% of the income received was in the form of cash.
 
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• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at June 30, 2026. 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.
X This loan will settle after June 30, 2026, at which time the interest rate, based on the SOFR and the agreed upon spread on trade date, will be reflected.
Unfunded Loan Commitments
The Series may invest in floating rate loans. In connection with these investments, the Series may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the Series to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Series earns a commitment fee, typically set as a percentage of the commitment amount. The following unfunded loan commitment was outstanding at June 30, 2026:
Borrower   Principal
Amount 		  Value   Commitment   Unrealized
Appreciation
(Depreciation)
Coreweave Compute Acquisition TBD 11/6/31 X   $16,121   $16,468   $15,961   $507
Summary of abbreviations: 
FMC – First Mile Connectivity
LNG – Liquefied Natural Gas
PIK – Payment-in-kind
SOFR – Secured Overnight Financing Rate
SOFR01M – Secured Overnight Financing Rate 1 Month
SOFR03M – Secured Overnight Financing Rate 3 Month
TBD – To be determined
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
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Statement of assets and liabilities
Delaware VIP® Trust — Nomura VIP Fund for Income Series
June 30, 2026 (Unaudited)
Assets:  
Investments, at value* $69,936,653
Cash 138,774
Interest receivable 1,156,866
Receivable for securities sold 463,273
Receivable for series shares sold 15,216
Unrealized appreciation on unfunded loan commitments** 507
Prepaid expenses 369
Other assets 633
Total Assets 71,712,291
Liabilities:  
Payable for securities purchased 591,259
Other accrued expenses 64,433
Payable for series shares redeemed 51,770
Investment management fees payable to affiliates 25,518
Distribution fees payable to affiliates 805
Accounting and administration expenses payable to affiliates 598
Dividend disbursing and transfer agent fees and expenses payable to affiliates 443
Legal fees payable to affiliates 439
Total Liabilities 735,265
Total Net Assets $70,977,026
 
Net Assets Consist of:  
Paid-in capital $83,005,096
Total distributable earnings (loss) (12,028,070)
Total Net Assets $70,977,026
 
Net Asset Value  
 
Standard Class:  
Net assets $67,678,529
Shares of beneficial interest outstanding, unlimited authorization, no par 12,563,532
Net asset value per share $5.39
 
Service Class:  
Net assets $3,298,497
Shares of beneficial interest outstanding, unlimited authorization, no par 622,970
Net asset value per share $5.29
*Investments, at cost 		$70,207,644
**See Note 7 in “Notes to financial statements.”  
See accompanying notes, which are an integral part of the financial statements.
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Statement of operations
Delaware VIP® Trust  —  Nomura VIP Fund for Income Series
Six months ended June 30, 2026 (Unaudited)
Investment Income:  
Interest $2,327,456
Dividends 30,960
  2,358,416
 
Expenses:  
Management fees 229,159
Distribution expenses — Service Class 4,626
Accounting and administration expenses 35,682
Audit and tax fees 31,654
Reports and statements to shareholders expenses 7,408
Legal fees 5,074
Dividend disbursing, transfer agent and sub-transfer agent fees and expenses 2,847
Trustees’ fees 1,872
Custodian fees 1,025
Other 11,052
  330,399
Less expenses waived (64,883)
Less expenses paid indirectly (1)
Total operating expenses 265,515
Net Investment Income (Loss) 2,092,901
 
Net Realized and Unrealized Gain (Loss):  
Net realized gain (loss) on investments (451,774)
Net change in unrealized appreciation (depreciation) on investments (1,001,070)
Net Realized and Unrealized Gain (Loss) (1,452,844)
Net Increase (Decrease) in Net Assets Resulting from Operations $640,057
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 —  Nomura VIP Fund for Income Series
  Six months
ended
6/30/26
(Unaudited) 		  Year ended
12/31/25
 
Increase (Decrease) in Net Assets from Operations:      
Net investment income (loss) $2,092,901   $4,429,392
Net realized gain (loss) (451,774)    (201,073)1
Net increase from payment by affiliates —   5612
Net change in unrealized appreciation (depreciation) (1,001,070)   2,001,538
Net increase (decrease) in net assets resulting from operations 640,057   6,230,418
 
Dividends and Distributions to Shareholders from:      
Distributable earnings:      
Standard Class (4,246,319)   (4,642,210)
Service Class (205,944)   (130,367)
  (4,452,263)   (4,772,577)
 
Capital Share Transactions (See Note 4):      
Proceeds from shares sold:      
Standard Class 852,611   606,040
Service Class 575,638   1,175,768
 
Net asset value of shares issued upon reinvestment of dividends and distributions:      
Standard Class 4,246,319   4,642,210
Service Class 205,944   130,367
  5,880,512   6,554,385
Cost of shares redeemed:      
Standard Class (2,741,425)   (7,856,909)
Service Class (183,178)   (273,593)
  (2,924,603)   (8,130,502)
Increase (decrease) in net assets derived from capital share transactions 2,955,909   (1,576,117)
Net Decrease in Net Assets (856,297)   (118,276)
 
Net Assets:      
Beginning of period 71,833,323   71,951,599
End of period $70,977,026   $71,833,323
1 Excludes net increase from payment by affiliates.
2 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
Nomura 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
6/30/261
(Unaudited) 		  Year ended  
    12/31/25   12/31/24   12/31/23   12/31/22   12/31/21  
Net asset value, beginning of period   $5.69   $5.60   $5.65   $5.31   $6.41   $6.44
   
Income (loss) from investment operations:                        
Net investment income2   0.16   0.35   0.36   0.35   0.30   0.28
Net realized and unrealized gain (loss)   (0.10)   0.13   (0.02)   0.33   (0.99)   0.02
Payment by affiliates   —   —3   —   —   —   —
Total from investment operations   0.06   0.48   0.34   0.68   (0.69)   0.30
   
Less dividends and distributions from:                        
Net investment income   (0.36)   (0.39)   (0.39)   (0.34)   (0.32)   (0.33)
Net realized gain   —   —   —   —   (0.09)   —
Total dividends and distributions   (0.36)   (0.39)   (0.39)   (0.34)   (0.41)   (0.33)
   
Net asset value, end of period   $5.39   $5.69   $5.60   $5.65   $5.31   $6.41
   
Total return4   1.05%5   9.15%3, 5   6.53%5   13.27%5   (11.06%)5   4.88%
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $67,679   $68,952   $70,160   $72,921   $73,373   $93,166
Ratio of expenses to average net assets6   0.74%   0.74%   0.74%   0.74%   0.75%   0.80%
Ratio of expenses to average net assets prior to fees waived6   0.92%   0.88%   0.83%   0.85%   0.86%   0.80%
Ratio of net investment income to average net assets   5.95%   6.23%   6.43%   6.63%   5.40%   4.45%
Ratio of net investment income to average net assets prior to fees waived   5.77%   6.09%   6.34%   6.52%   5.29%   4.45%
Portfolio turnover   53%   45%   56%   33%   35%   86%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."
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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Financial highlights
Nomura 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
6/30/262
(Unaudited) 		  Year ended   3/31/221
to
12/31/22 		 
    12/31/25   12/31/24   12/31/23  
Net asset value, beginning of period   $5.61   $5.54   $5.62   $5.30   $6.13
   
Income (loss) from investment operations:                    
Net investment income3   0.15   0.32   0.34   0.34   0.23
Net realized and unrealized gain (loss)   (0.11)   0.13   (0.01)   0.31   (0.65)
Payment by affiliates   —   —4   —   —   —
Total from investment operations   0.04   0.45   0.33   0.65   (0.42)
   
Less dividends and distributions from:                    
Net investment income   (0.36)   (0.38)   (0.41)   (0.33)   (0.32)
Net realized gain   —   —   —   —   (0.09)
Total dividends and distributions   (0.36)   (0.38)   (0.41)   (0.33)   (0.41)
   
Net asset value, end of period   $5.29   $5.61   $5.54   $5.62   $5.30
   
Total return5   0.74%   8.80%4   6.30%   12.85%   (7.18%)
   
Ratios and supplemental data:                    
Net assets, end of period (000 omitted)   $3,298   $2,881   $1,792   $1,080   $446
Ratio of expenses to average net assets6   1.04%   1.04%   1.04%   1.04%   1.04%
Ratio of expenses to average net assets prior to fees waived6   1.22%   1.18%   1.13%   1.15%   1.23%
Ratio of net investment income to average net assets   5.66%   5.92%   6.13%   6.38%   5.90%
Ratio of net investment income to average net assets prior to fees waived   5.48%   5.78%   6.04%   6.27%   5.71%
Portfolio turnover   53%   45%   56%   33%   35%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 Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."
5 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during 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.
6 Expense ratios do not include expenses of any investment companies in which the Series invests.
7 Portfolio turnover is representative of the Series for the entire period.
See accompanying notes, which are an integral part of the financial statements.
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Notes to financial statements
Delaware VIP® Trust — Nomura VIP Fund for Income Series  
June 30, 2026 (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 Nomura VIP Fund for Income Series (formerly, Macquarie VIP Fund for Income Series through November 30, 2025) (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 (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 certain 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. An adjustment factor may be applied to the daily vendor provided price for certain security/instrument types to arrive at a fair value for the applicable positions. The adjustment factor is determined by comparing the prices of trades with vendor prices over a time period deemed reasonable by DMC, calculating the weighted average differences, and using that difference to adjust vendor 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 to perform the fair value determination relating to all applicable Series investments. DMC has established a pricing committee (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, 2026, and for all open tax years (years ended December 31, 2022–December 31, 2025), and has concluded that no provision for federal income tax is required in the Series’ financial statements. If applicable, the Series recognizes interest and tax penalties on unrecognized tax benefits in “Interest and tax penalties” on the “Statement of operations.” During the six months ended June 30, 2026, 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 — Nomura VIP Fund for Income 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 Nomura Funds (formerly, Macquarie 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 such income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Series. Dividends and distributions, if any, are recorded on the ex-dividend date.
Segment Reporting — In November 2023, FASB issued Accounting Standards Update (ASU), ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for the reportable segment and the entity as a whole thereby enabling better understanding of how an entity’s segments impact overall performance. The Series’ Chief Executive Officer and Chief Financial Officer act as the Series’ chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that the Series has a single operating segment since the Series has a single investment strategy disclosed in the prospectus against which the CODM assesses performance. When assessing segment performance and making decisions about segment resources, the CODM relies on the Series’ portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the Series’ financial statements.
The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. For the six months ended June 30, 2026, the Series had no earnings credits under this arrangement.
The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing, transfer agent and sub-transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2026, the Series earned $1 under this arrangement.
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates
In accordance with the terms of its investment management agreement, the Series pays DMC, a series of Nomura Investment Management Business Trust (NIMBT) 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
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January 1, 2026 through April 29, 2027. 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 (but excluding acquired fund fees and expenses), the class level operating expense limitation as a percentage of average daily net assets from January 1, 2026 through April 29, 2027, 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%
Effective April 30, 2026, DMC appointed Nomura Corporate Research and Asset Management Inc. (NCRAM) to serve as a sub-advisor for the Series. NCRAM is responsible for the day-to-day investment management of the portion of the Series that invests in high-yield, fixed income securities. DMC may change this allocation at any time. For these services, DMC, not the Series, pays NCRAM 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 Nomura 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 Nomura 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, 2026, the Series paid $3,566 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, transfer agent and sub-transfer agent fees and expenses.” For the six months ended June 30, 2026, the Series paid $2,643 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon 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, transfer agent and sub-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, 2026, the Series paid $5,697 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.
During the year ended December 31, 2025, DMC reimbursed the Series $561 in connection with trade errors. These amounts are included in “Net increase from payment by affiliates” in the “Statements of changes in net assets.” Payment by affiliates had no impact on total return.
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Notes to financial statements
Delaware VIP® Trust — Nomura VIP Fund for Income Series   
3. Investments
For the six months ended June 30, 2026, the Series made purchases and sales of investment securities other than short-term investments and US government securities as follows:
   
Purchases $36,192,991
Sales 36,294,646
At June 30, 2026, 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, 2026, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:
   
Cost of investments $70,292,016
Aggregate unrealized appreciation of investments $607,415
Aggregate unrealized depreciation of investments (962,778)
Net unrealized appreciation of investments $(355,363)
For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At December 31, 2025, the Series had capital loss carryforwards available to offset future realized capital gains as follows:
  Loss carryforward character*    
  Short-term   Long-term   Total
  $1,829,729   $11,464,229   $ 13,293,958
*A portion of the Series’ capital loss carryforward is subject to limitations 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. Each of the Series' investments are 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
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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, 2026:
    Level 1   Level 2 Total  
Securities            
Assets:            
Corporate Bonds   $—   $67,772,165 $67,772,165  
Loan Agreements   —   254,547 254,547  
Short-Term Investments   1,909,941   — 1,909,941  
Total Value of Securities   $1,909,941   $68,026,712 $69,936,653  
During the six months ended June 30, 2026, 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, 2026, there were no Level 3 investments.
4. Capital Shares
Transactions in capital shares were as follows:
   
  Six months
ended 		  Year ended
  6/30/26   12/31/25
Shares sold:
Standard Class 154,149   108,896
Service Class 104,346   214,838
 
Shares issued upon reinvestment of dividends and distributions:
Standard Class 789,279   891,019
Service Class 38,931   25,314
  1,086,705   1,240,067
Shares redeemed:
Standard Class (489,573)   (1,413,551)
Service Class (33,650)   (50,289)
  (523,223)   (1,463,840)
Net increase (decrease) 563,482   (223,773)
5. Line of Credit
The Series, along with certain other funds in the Nomura 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
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Notes to financial statements
Delaware VIP® Trust — Nomura VIP Fund for Income Series   
5. Line of Credit (continued)
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 expired on October 27, 2025. This Agreement was extended to October 26, 2026.
The Series had no amounts outstanding as of June 30, 2026, or at any time during the period then ended.
6. Securities Lending
The Series, along with other funds in the Nomura Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (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, 2026, the Series had no securities out on loan.
7. Credit and Market Risks
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
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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 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.
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, 2026, that would require recognition or disclosure in the Series’ financial statements.
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Other Series information (Unaudited)
Delaware VIP® Trust — Nomura VIP Fund for Income Series
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers, and others is disclosed within the financial statements.
Statement Regarding Basis of Approval for Investment Advisory Contract
The Manager’s Recommendation and the Board’s Considerations Regarding the Sub-Advisory Agreement
At a Board meeting held on February 10-11, 2026, Delaware Management Company (the “Manager”), the investment adviser for the Nomura High Income Fund, Nomura VIP High Income Series and VIP Fund for Income Series (each a “Fund” and together, the “Funds”), recommended that the Board of Trustees approve the sub-advisory agreement (the “Sub-Advisory Agreement”) between DMC and Nomura Corporate Research and Asset Management Inc, (“NCRAM”). In reaching the decision to approve the Sub-Advisory Agreement, the Board considered and reviewed information about NCRAM, including its personnel, operations and financial condition. The Board reviewed a memorandum responding to requests that the Board submitted in advance that discussed (without limitation): the Sub-Advisory Agreement and the various services proposed to be rendered by NCRAM; information concerning NCRAM’s organizational structure and the experience of its investment management personnel managing fixed income strategies; and various other material items in relation to NCRAM’s personnel, organization and policies. The Board also reviewed a copy of NCRAM’s Form ADV; a copy of NCRAM’s compliance policies and procedures; and a copy of the Sub-Advisory Agreement and fee schedules.
In considering such materials, the Independent Trustees received assistance and advice from and met separately with independent counsel. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s decision. This discussion of the information and factors considered by the Board (as well as the discussion above) is not intended to be exhaustive, but rather summarizes certain factors considered by the Board. In view of the wide variety of factors considered, the Board did not, unless otherwise noted, find it practicable to quantify or otherwise assign relative weights to the following factors. In addition, individual Trustees may have assigned different weights to various factors.
Nature, Extent and Quality of Services. The Board considered the nature, quality, and extent of services that NCRAM was expected to provide as a sub-advisor to the Funds. The Board took into account the investment process to be employed by NCRAM in connection with the sub-advisor’s responsibilities in conjunction with the Manager in managing the Funds, and the qualifications and experience of NCRAM’s team with regard to implementing the investment mandate of the Funds. The Board considered NCRAM’s personnel, operations, and its affiliation with the Manager, including that NCRAM was affiliated with the Manager. The Board also considered the Manager’s review and recommendation process with respect to NCRAM, and the Manager’s favorable assessment as to the nature, quality, and extent of the sub-advisory services expected to be provided by NCRAM to the Funds.
Investment Performance. In evaluating performance, the Board recognized that NCRAM had not yet managed the Funds. The Board then reviewed information on and considered NCRAM’s experience in managing other high income investment portfolios. The Board also considered the Manager’s representation that the Manager would continue to provide oversight and monitor NCRAM’s services.
Profitability, Economies of Scale and Fall-Out Benefits. Information about NCRAM’s profitability from its relationship with the Funds was not available because it had not begun to provide services to the Funds. The Board was provided with profitability analyses of Nomura Investment Management Business Trust, including taking into account the subadvisory fee to be paid to NCRAM. The Trustees also noted that economies of scale are shared with each Fund and its shareholders through the Manager’s investment management fee breakpoints paid to the Manager so that as a Fund grows in size, its effective investment management fee rate declines, and they also noted that the Manager had put in place a fee waiver for the Nomura High Income Fund that was currently in effect.
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The Board was also provided with information on potential fall-out benefits derived or to be derived by NCRAM in connection with its relationship to the Funds, including confirmation that NCRAM does not enter into soft dollar arrangements involving the receipt of third party research, and, therefore, does not expect to use soft dollar arrangements in the management of the Funds. The Board considered that NCRAM expects to receive the opportunity for wider distribution in the US retail market, which helps NCRAM grow and diversify its client base.
Sub-advisory Fees. The Board considered the appropriateness of the sub-advisory fees in light of the nature, extent, and quality of the sub-advisory services to be provided by NCRAM. The Board noted that the sub-advisory fees are paid by the Manager to NCRAM and are not additional fees borne by the Funds, and that the management fee paid by the Funds to the Manager would stay the same at current asset levels and are subject to breakpoints at higher asset levels. The Board concluded that the advisory fee rates under the Sub-Advisory Agreement are reasonable in relation to the services provided and that execution of the Sub-Advisory Agreement is in the best interests of the Funds’ shareholders.
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(5778512)
SA-VIPFFI-0826

Delaware VIP® Trust
Nomura VIP Limited Duration Bond Series
(formerly, Macquarie VIP Limited Duration Bond Series)
Financial statements and other information
For the six months ended June 30, 2026

 

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This report and the financial statements contained herein are submitted for the general information of the shareholders of the Series. This report is not authorized for distribution to prospective investors in the Series unless preceded or accompanied by an effective prospectus.
Form N-PORT and proxy voting information
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 nomuraassetmanagement.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 nomuraassetmanagement.com/proxy; and (ii) on the SEC’s website at sec.gov.
Nomura Asset Management, unless otherwise stated, refers to the Nomura Asset Management International business. Nomura Asset Management is part of the Investment Management Division of the Nomura Group, providing integrated public and private market asset management services across equities, fixed income, private credit and multi-asset solutions to intermediary and institutional clients. Nomura Asset Management primarily operates through several distinct investment managers, which includes Nomura Investment Management Business Trust (NIMBT), a Securities and Exchange Commission (SEC) registered investment adviser. Investment advisory services are provided to the Nomura Funds by Delaware Management Company, a series of NIMBT. The Nomura Funds mutual funds are distributed by Delaware Distributors, L.P., a registered broker/dealer and member of the Financial Industry Regulatory Authority (FINRA) and an affiliate of NIMBT. The Nomura Funds exchange-traded funds are distributed by Foreside Financial Services, LLC. Foreside Financial Services, LLC is not affiliated with any Nomura entity, including Delaware Management Company and Delaware Distributors, L.P.

 

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Schedule of investments
Delaware VIP® Trust  —  Nomura VIP Limited Duration Bond Series
June 30, 2026 (Unaudited)
    Principal
amount° 		Value (US $)
Agency Collateralized Mortgage Obligations — 0.67%
Freddie Mac REMICs Series 5092 WG 1.00% 4/25/31     106,268 $   100,183
Total Agency Collateralized Mortgage Obligations
(cost $106,898) 		   100,183
 
Agency Mortgage-Backed Securities — 6.73%
Fannie Mae S.F. 30 yr      
5.50% 9/1/54       10,856      10,916
5.50% 2/1/55      100,988     101,414
5.50% 9/1/55       42,886      43,048
6.00% 9/1/53      111,464     114,191
6.00% 8/1/54      161,701     165,439
6.00% 9/1/55       26,531      27,144
6.50% 3/1/55      105,921     109,607
7.00% 2/1/55       26,357      27,834
Freddie Mac S.F. 30 yr      
5.50% 11/1/54      131,893     132,580
5.50% 2/1/55       26,619      26,740
6.50% 8/1/54       27,893      28,863
GNMA II S.F. 30 yr      
5.50% 2/20/55      103,486     104,084
6.00% 3/20/55       70,983      72,648
6.50% 4/20/55       40,759     42,239
Total Agency Mortgage-Backed Securities
(cost $999,519) 		 1,006,747
       
Corporate Bonds — 35.32%
Banking — 6.25%
Bank of America      
4.456% 2/6/32 μ      40,000     39,305
6.204% 11/10/28 μ      40,000     40,847
6.25% 7/26/30 μ, ψ      45,000     45,565
6.625% 5/1/30 μ, ψ      20,000     20,629
Bank of New York Mellon      
4.942% 2/11/31 μ      30,000     30,261
5.802% 10/25/28 μ      38,000     38,667
Citigroup 6.75% 2/15/30 μ, ψ      16,000     16,231
Goldman Sachs Group      
1.542% 9/10/27 μ      80,000     79,555
4.369% 10/21/31 μ      25,000     24,456
5.218% 4/23/31 μ      40,000     40,406
JPMorgan Chase & Co.      
1.47% 9/22/27 μ      35,000     34,768
4.622% 4/23/32 μ      50,000     49,434
5.571% 4/22/28 μ      30,000     30,254
6.10% 7/1/31 μ, ψ      35,000     35,454
Morgan Stanley      
3.95% 4/23/27       15,000     14,953
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Banking (continued)
Morgan Stanley      
4.809% 4/16/32 μ      35,000 $    34,735
PNC Financial Services Group 5.222% 1/29/31 μ      40,000      40,655
Popular 7.25% 3/13/28       15,000      15,464
State Street      
4.543% 4/24/28 μ      11,000      11,008
4.834% 4/24/30       15,000      15,153
Truist Bank 4.632% 9/17/29 μ     215,000     213,710
US Bancorp      
4.653% 2/1/29 μ      13,000      13,011
6.787% 10/26/27 μ      15,000      15,111
Wells Fargo & Co.      
4.96% 1/23/37 μ       8,000       7,813
5.15% 4/23/31 μ      15,000      15,160
6.491% 10/23/34 μ      12,000     12,957
     935,562
Basic Industry — 1.54%
Ecolab 4.80% 6/15/31      190,000     190,906
Rio Tinto Finance USA 4.50% 3/14/28       40,000     40,082
     230,988
Brokerage — 0.56%
Brookfield Asset Management 4.653% 11/15/30       35,000      34,554
Jefferies Financial Group 5.125% 4/28/31       25,000      24,685
TPG Operating Group II 4.875% 5/15/31       25,000     24,672
      83,911
Capital Goods — 3.76%
Boeing      
6.259% 5/1/27       10,000      10,134
6.388% 5/1/31       10,000      10,628
Cyprium 144A 6.125% 4/15/31 #      39,000      39,096
Honeywell Aerospace 144A 4.00% 3/16/29 #     180,000     177,571
Hubbell 4.65% 6/15/31       70,000      69,739
Mauser Packaging Solutions Holding 144A 7.875% 4/15/30 #      15,000      15,343
Northrop Grumman 4.65% 7/15/30       80,000      80,199
Parker-Hannifin 4.25% 9/15/27       70,000      69,893
RTX 5.75% 11/8/26       89,000     89,391
     561,994
Communications — 2.26%
Meta Platforms 4.55% 5/15/31      150,000     149,235
Space Exploration Technologies 144A 5.35% 7/15/31 #      85,000      84,801
    1

 

Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Nomura VIP Limited Duration Bond Series 
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Communications (continued)
T-Mobile USA 3.75% 4/15/27      105,000 $   104,474
     338,510
Consumer Cyclical — 2.29%
Amazon.com 4.25% 3/13/31       70,000      68,947
General Motors Financial      
4.20% 10/27/28       50,000      49,468
4.75% 4/6/29       65,000      64,978
5.00% 7/15/27       80,000      80,458
5.10% 9/15/31       25,000      25,054
Gildan Activewear 144A 4.70% 10/7/30 #      40,000      39,265
Lowe's 3.95% 10/15/27       15,000     14,912
     343,082
Consumer Non-Cyclical — 5.85%
Abbott Laboratories 4.00% 3/15/31      360,000     350,917
AbbVie 4.80% 3/15/29       65,000      65,517
Bunge Limited Finance 2.75% 5/14/31       70,000      63,906
Gilead Sciences 4.60% 5/20/31       30,000      29,912
HCA 4.70% 5/15/31       80,000      79,279
Medline Borrower 144A 5.00% 6/15/31 #      45,000      44,811
Merck & Co.      
3.85% 3/15/29       15,000      14,819
4.15% 3/15/31       45,000      44,159
Novartis Capital      
4.10% 3/16/29       75,000      74,427
4.40% 3/18/31       25,000      24,823
Pfizer 4.20% 11/15/30       15,000      14,811
Royalty Pharma 1.75% 9/2/27       55,000      53,285
Thermo Fisher Scientific 1.75% 10/15/28       15,000     14,126
     874,792
Electric — 2.89%
Black Hills 4.55% 1/31/31       20,000      19,705
Duke Energy Carolinas 3.95% 11/15/28       85,000      84,043
Duke Energy Florida 4.20% 12/1/30       20,000      19,665
FirstEnergy Pennsylvania Electric 144A 5.20% 4/1/28 #      60,000      60,620
National Rural Utilities
Cooperative Finance 		     
4.15% 8/25/28       15,000      14,881
4.80% 3/15/28       40,000      40,204
NRG Energy 144A 4.734% 10/15/30 #      30,000      29,650
PSEG Power 144A 5.20% 5/15/30 #      55,000      55,638
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Electric (continued)
Vistra Operations      
144A 4.30% 7/15/29 #      90,000 $    88,214
144A 4.70% 1/31/31 #      20,000     19,628
     432,248
Energy — 2.82%
ConocoPhillips 4.30% 8/15/28       17,000      16,891
Energy Transfer      
5.55% 2/15/28       55,000      55,752
6.50% 2/15/56 μ      45,000      45,400
Kinder Morgan 5.10% 8/1/29       35,000      35,451
Noble Finance II 144A 8.00% 4/15/30 #      26,000      26,952
ONEOK 5.65% 11/1/28       60,000      61,263
Rio Grande LNG 144A 5.25% 6/30/31 #      20,000      20,002
Schlumberger Investment 4.55% 5/7/31      145,000     144,226
USA Compression Partners 144A 7.125% 3/15/29 #      15,000     15,372
     421,309
Finance Companies — 2.46%
AerCap Ireland Capital DAC 5.10% 1/19/29      150,000     151,430
Apollo Debt Solutions      
6.70% 7/29/31       30,000      30,596
6.90% 4/13/29       30,000      30,797
Avolon Holdings Funding 144A 4.95% 1/15/28 #      20,000      20,051
Blackstone Private Credit Fund      
5.05% 9/10/30       20,000      19,147
5.35% 3/12/31       20,000      19,238
5.60% 11/22/29       30,000      29,608
Blue Owl Credit Income 6.60% 9/15/29       47,000      47,323
Sumisho Air Lease 144A 4.85% 3/24/31 #      20,000     19,797
     367,987
Insurance — 0.73%
New York Life Global Funding 144A 5.45% 9/18/26 #      40,000      40,116
Principal Life Global Funding II 144A 4.25% 8/18/28 #      70,000     69,432
     109,548
Leisure — 0.24%
MGM Resorts International 6.125% 9/15/29       36,000     36,375
      36,375
 
2    

 

Table of Contents
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Media — 0.61%
CCO Holdings 144A 6.375% 9/1/29 #      14,000 $    13,994
McGraw-Hill Education 144A 7.375% 9/1/31 #      37,000      37,632
Stagwell Global 144A 5.625% 8/15/29 #      41,000     39,575
      91,201
Natural Gas — 0.13%
Spire 4.60% 9/1/31       20,000     19,708
      19,708
Retail — 0.24%
Victra Holdings 144A 8.75% 9/15/29 #      35,000     36,125
      36,125
Technology — 2.19%
Alphabet 3.70% 2/15/29       40,000      39,356
Broadcom 4.90% 7/15/32       15,000      15,053
Dell International 4.75% 7/15/31       25,000      24,855
NVIDIA 4.50% 6/15/31       25,000      24,917
NXP 4.30% 8/19/28       65,000      64,530
Oracle      
4.50% 5/6/28       30,000      29,818
4.95% 2/4/31       35,000      34,273
6.15% 11/9/29       15,000      15,387
Roper Technologies 4.25% 9/15/28       80,000     79,416
     327,605
Transportation — 0.50%
ERAC USA Finance 144A 4.50% 10/30/29 #      75,000     74,502
      74,502
Total Corporate Bonds
(cost $5,305,379) 		 5,285,447
 
Non-Agency Asset-Backed Securities — 11.56%
ARI Fleet Lease Trust Series 2025-A B 144A 4.70% 1/17/34 #     100,000      99,839
Enterprise Fleet Financing Series 2023-3 A2 144A 6.40% 3/20/30 #      24,078      24,236
Ford Credit Auto Owner Trust Series 2024-B A3 5.10% 4/15/29      78,860      79,300
Ford Credit Floorplan Master Owner Trust Series 2024-1 A1 144A 5.29% 4/15/29 #     100,000     100,800
    Principal
amount° 		Value (US $)
Non-Agency Asset-Backed Securities (continued)
Hyundai Auto Lease Securitization Trust Series 2024-C A3 144A 4.62% 4/17/28 #     100,000 $   100,136
Hyundai Auto Receivables Trust Series 2025-D A2A 4.03% 11/15/28      96,822      96,711
NextGear Floorplan Master Owner Trust Series 2024-1A A1 144A 4.493% (SOFR + 0.90%, Floor 0.90%) 3/15/29 #, •     200,000     200,620
PFS Financing      
Series 2024-B A 144A 4.95% 2/15/29 #     200,000     200,709
Series 2025-A A 144A 4.243% (SOFR + 0.65%, Floor 0.65%) 1/15/29 #, •     200,000     200,168
Porsche Innovative Lease Owner Trust Series 2024-1A A3 144A 4.67% 11/22/27 #      56,571      56,646
Santander Drive Auto Receivables Trust Series 2025-4 D 4.95% 1/15/32     100,000      99,498
Verizon Master Trust      
Series 2024-3 A1A 5.34% 4/22/30      100,000     100,847
Series 2025-9 A1B 4.013% (SOFR + 0.42%) 10/21/30 •     200,000     200,203
Wheels Fleet Lease Funding 1
Series 2024-3A A1 144A 4.80% 9/19/39 # 		     69,814      70,117
Yamaha Motor Master Trust II Series 2026-A A1 144A 4.43% 4/15/31 #     100,000     99,352
Total Non-Agency Asset-Backed Securities
(cost $1,726,099) 		 1,729,182
 
Non-Agency Collateralized Mortgage Obligations — 1.60%
Connecticut Avenue Securities
Trust 		     
Series 2023-R08 1M1 144A 5.128% (SOFR + 1.50%) 10/25/43 #, •      14,739      14,747
Series 2025-R02 1M2 144A 5.228% (SOFR + 1.60%) 2/25/45 #, •      80,000      80,275
Freddie Mac Structured Agency Credit Risk REMIC Trust Series 2023-HQA3 A1 144A 5.478% (SOFR + 1.85%) 11/25/43 #, •      42,446      42,653
OBX Trust Series 2023-NQM8 A1 144A 7.045% 9/25/63 #, φ      51,813      51,861
    3

 

Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Nomura VIP Limited Duration Bond Series 
    Principal
amount° 		Value (US $)
Non-Agency Collateralized Mortgage Obligations (continued)
Verus Securitization Trust Series 2023-6 A1 144A 6.665% 9/25/68 #, φ      50,373 $    50,384
Total Non-Agency Collateralized Mortgage Obligations
(cost $239,370) 		   239,920
 
US Treasury Obligations — 41.55%
US Treasury Floating Rate Notes      
3.875% (USBMMY3M + 0.10%) 1/31/28 •   1,170,000   1,170,313
3.879% (USBMMY3M + 0.10%) 4/30/28 •   1,345,000   1,345,042
US Treasury Notes      
3.875% 4/15/29   2,195,000   2,178,623
3.875% 5/15/29     485,000     481,306
4.125% 2/28/27     225,000     225,166
4.125% 5/31/31     820,000    817,117
Total US Treasury Obligations
(cost $6,235,567) 		 6,217,567
    Number of
shares 		 
Short-Term Investments — 4.86%
Money Market Mutual Funds — 4.86%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.54%)     181,709     181,709
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.53%)     181,709     181,709
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.59%)     181,709     181,709
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.56%)     181,708    181,708
Total Short-Term Investments
(cost $726,835) 		   726,835
Total Value of Securities—102.29%
(cost $15,339,667) 		    15,305,881
Liabilities Net of Receivables and Other Assets—(2.29%)       (342,944)
Net Assets Applicable to 1,688,351 Shares Outstanding—100.00%     $14,962,937
    
° Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
μ Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2026. Rate will reset at a future date.
ψ Perpetual security. Maturity date represents next call date.
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2026, the aggregate value of Rule 144A securities was $2,460,730, which represents 16.45% 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, 2026. 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.
φ Step coupon bond. Stated rate in effect at June 30, 2026 through maturity date.
 
4    

 

Table of Contents
The following futures contracts were outstanding at June 30, 2026:1
Futures Contracts
Exchange-Traded
Contracts to
Buy (Sell) 		  Notional
Amount 		  Notional
Cost
(Proceeds) 		  Expiration
Date 		  Value/
Unrealized
Depreciation 		  Variation
Margin
Due from
(Due to)
Brokers
Long Contracts:  
US Treasury 2 yr Notes  
   20     $4,122,656   $4,122,704   9/30/26   $(48)   $(2,344)
Short Contracts:  
US Treasury 5 yr Notes  
   (21)     (2,247,984)   (2,240,462)   9/30/26   (7,522)   3,607
US Treasury 10 yr Ultra Notes  
   (1)     (112,469)   (111,021)   9/21/26   (1,448)   391
US Treasury Long Bonds  
   (1)     (113,500)   (111,779)   9/21/26   (1,721)   656
    (2,463,262)       (10,691)   4,654
Total Futures Contracts   $1,659,442       $(10,739)   $2,310
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: 
DAC – Designated Activity Company
GNMA – Government National Mortgage Association
LNG – Liquefied Natural Gas
REMIC – Real Estate Mortgage Investment Conduit
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
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 — Nomura VIP Limited Duration Bond Series
June 30, 2026 (Unaudited)
Assets:  
Investments, at value* $15,305,881
Foreign currencies, at valueΔ 233
Cash 9,595
Cash collateral due from broker 38,735
Interest receivable 116,230
Receivable from investment manager 7,446
Receivable for series shares sold 5,564
Variation margin due from broker on futures contracts 2,310
Prepaid expenses 74
Other assets 171
Total Assets 15,486,239
Liabilities:  
Payable for securities purchased 463,085
Other accrued expenses 29,922
Accounting and administration expenses payable to non-affiliates 29,418
Accounting and administration expenses payable to affiliates 387
Payable for series shares redeemed 369
Dividend disbursing and transfer agent fees and expenses payable to affiliates 96
Legal fees payable to affiliates 25
Total Liabilities 523,302
Total Net Assets $14,962,937
 
Net Assets Consist of:  
Paid-in capital $18,155,634
Total distributable earnings (loss) (3,192,697)
Total Net Assets $14,962,937
 
Net Asset Value  
 
Standard Class:  
Net assets $14,962,937
Shares of beneficial interest outstanding, unlimited authorization, no par 1,688,351
Net asset value per share $8.86
*Investments, at cost 		$15,339,667
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  —  Nomura VIP Limited Duration Bond Series
Six months ended June 30, 2026 (Unaudited)
Investment Income:  
Interest $317,422
Dividends 6,336
  323,758
 
Expenses:  
Management fees 37,723
Accounting and administration expenses 32,463
Audit and tax fees 26,546
Reports and statements to shareholders expenses 7,044
Pricing fees 5,952
Custodian fees 1,255
Legal fees 785
Dividend disbursing, transfer agent and sub-transfer agent fees and expenses 635
Trustees’ fees 418
Other 2,308
  115,129
Less expenses waived and reimbursed (75,141)
Total operating expenses 39,988
Net Investment Income (Loss) 283,770
 
Net Realized and Unrealized Gain (Loss):  
Net realized gain (loss) on:  
Investments (40,456)
Futures contracts 11,567
Net realized gain (loss) (28,889)
Net change in unrealized appreciation (depreciation) on:  
Investments (108,509)
Foreign currencies (93)
Futures contracts (15,319)
Net change in unrealized appreciation (depreciation) (123,921)
Net Realized and Unrealized Gain (Loss) (152,810)
Net Increase (Decrease) in Net Assets Resulting from Operations $130,960
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 —  Nomura VIP Limited Duration Bond Series
  Six months
ended
6/30/26
(Unaudited) 		  Year ended
12/31/25
 
Increase (Decrease) in Net Assets from Operations:      
Net investment income (loss) $283,770   $640,671
Net realized gain (loss) (28,889)    3,176
Net change in unrealized appreciation (depreciation) (123,921)   162,267
Net increase (decrease) in net assets resulting from operations 130,960   806,114
 
Dividends and Distributions to Shareholders from:      
Distributable earnings:      
Standard Class (654,858)   (726,208)
 
Capital Share Transactions (See Note 4):      
Proceeds from shares sold:      
Standard Class 394,347   505,254
 
Net asset value of shares issued upon reinvestment of dividends and distributions:      
Standard Class 654,858   726,208
  1,049,205   1,231,462
Cost of shares redeemed:      
Standard Class (1,253,755)   (2,383,279)
Decrease in net assets derived from capital share transactions (204,550)   (1,151,817)
Net Decrease in Net Assets (728,448)   (1,071,911)
 
Net Assets:      
Beginning of period 15,691,385   16,763,296
End of period $14,962,937   $15,691,385
See accompanying notes, which are an integral part of the financial statements.
    8

 

Table of Contents
Financial highlights
Nomura 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
6/30/261
(Unaudited) 		  Year ended  
    12/31/25   12/31/24   12/31/23   12/31/22   12/31/21  
Net asset value, beginning of period   $9.18   $9.15   $9.12   $8.89   $9.47   $9.74
   
Income (loss) from investment operations:                        
Net investment income2   0.17   0.36   0.35   0.27   0.18   0.09
Net realized and unrealized gain (loss)   (0.09)   0.09   0.02   0.19   (0.57)   (0.15)
Total from investment operations   0.08   0.45   0.37   0.46   (0.39)   (0.06)
   
Less dividends and distributions from:                        
Net investment income   (0.40)   (0.42)   (0.34)   (0.23)   (0.19)   (0.21)
Total dividends and distributions   (0.40)   (0.42)   (0.34)   (0.23)   (0.19)   (0.21)
   
Net asset value, end of period   $8.86   $9.18   $9.15   $9.12   $8.89   $9.47
   
Total return3   0.89%   5.07%   4.23%   5.29%   (4.19%)   (0.68%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $14,963   $15,691   $16,763   $18,742   $19,595   $25,263
Ratio of expenses to average net assets4   0.53%   0.53%   0.53%   0.53%   0.53%   0.60%
Ratio of expenses to average net assets prior to fees waived4   1.53%   1.35%   1.13%   1.15%   1.14%   0.94%
Ratio of net investment income to average net assets   3.76%   3.99%   3.88%   3.07%   2.03%   0.90%
Ratio of net investment income to average net assets prior to fees waived   2.76%   3.17%   3.28%   2.45%   1.42%   0.56%
Portfolio turnover   105%   247%   186%   124%   157%   252%
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.
    9

 

Table of Contents
Notes to financial statements
Delaware VIP® Trust — Nomura VIP Limited Duration Bond Series  
June 30, 2026 (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 Nomura VIP Limited Duration Bond Series (formerly, Macquarie VIP Limited Duration Bond Series through November 30, 2025) (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 (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 certain 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. An adjustment factor may be applied to the daily vendor provided price for certain security/instrument types to arrive at a fair value for the applicable positions. The adjustment factor is determined by comparing the prices of trades with vendor prices over a time period deemed reasonable by DMC, calculating the weighted average differences, and using that difference to adjust vendor prices. US government and agency securities are valued at the mean between the bid and the ask prices, which approximates fair value. 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 to perform the fair value determination relating to all applicable Series investments. DMC has established a pricing committee (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, 2026, and for all open tax years (years ended December 31, 2022–December 31, 2025), and has concluded that no provision for federal income tax is required in the Series’ financial statements. If applicable, the Series recognizes interest and tax penalties on unrecognized tax benefits in “Interest and tax penalties” on the “Statement of operations.” During the six months ended June 30, 2026, 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
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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.” 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, forward 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 either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk.
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 Nomura Funds (formerly, Macquarie 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 such income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Series. Dividends and distributions, if any, are recorded on the ex-dividend date.
Segment Reporting — In November 2023, FASB issued Accounting Standards Update (ASU), ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for the reportable segment and the entity as a whole thereby enabling better understanding of how an entity’s segments impact overall performance. The Series' Chief Executive Officer and Chief Financial Officer act as the Series' chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that the Series has a single operating segment since the Series has a single investment strategy disclosed in the prospectus against which the CODM assesses performance. When assessing segment performance and making decisions about segment resources, the CODM relies on the Series' portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the Series' financial statements.
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Notes to financial statements
Delaware VIP® Trust — Nomura VIP Limited Duration Bond Series   
1. Significant Accounting Policies (continued)
The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. For the six months ended June 30, 2026, the Series had no earnings credits under this arrangement.
The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing, transfer agent and sub-transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2026, the Series had earnings credits less than $1 under this arrangement.
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates
In accordance with the terms of its investment management agreement, the Series pays DMC, a series of Nomura Investment Management Business Trust (NIMBT) 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 0.53% of the Series’ average daily net assets for the Standard Class from January 1, 2026 through April 29, 2027. 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.
Effective June 12, 2026, DMC appointed Nomura Corporate Research and Asset Management Inc. (NCRAM) to serve as a sub-advisor for the Series. NCRAM is responsible for the day-to-day investment management of the portion of the Series that invests in high-yield, fixed income securities. DMC may change this allocation at any time. For these services, DMC, not the Series, pays NCRAM 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 Nomura 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 Nomura 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, 2026, the Series paid $2,309 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, transfer agent and sub-transfer agent fees and expenses.” For the six months ended June 30, 2026, the Series paid $573 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon 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, transfer agent and sub-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, 2026, the Series paid $142 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, 2026, the Series made purchases and sales of investment securities other than short-term investments as follows:
   
Purchases other than US government securities $3,073,417
Purchases of US government securities 12,729,192
Sales other than US government securities 2,643,044
Sales of US government securities 13,887,570
At June 30, 2026, 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, 2026, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for the Series were as follows:
   
Cost of investments and derivatives $15,344,850
Aggregate unrealized appreciation of investments and derivatives $28,046
Aggregate unrealized depreciation of investments and derivatives (77,754)
Net unrealized appreciation of investments and derivatives $(49,708)
For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At December 31, 2025, the Series had capital loss carryforwards available to offset future realized capital gains as follows:
  Loss carryforward character*    
  Short-term   Long-term   Total
  $ 1,564,381   $1,830,469   $ 3,394,850
*A portion of the Series’ capital loss carryforward is subject to limitations 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. Each of the Series' investments are 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
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Notes to financial statements
Delaware VIP® Trust — Nomura VIP Limited Duration Bond Series   
3. Investments (continued)
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, 2026:
    Level 1 Level 2   Total  
Securities            
Assets:            
Agency Collateralized Mortgage Obligations   $— $100,183   $100,183  
Agency Mortgage-Backed Securities   — 1,006,747   1,006,747  
Corporate Bonds   — 5,285,447   5,285,447  
Non-Agency Asset-Backed Securities   — 1,729,182   1,729,182  
Non-Agency Collateralized Mortgage Obligations   — 239,920   239,920  
US Treasury Obligations   — 6,217,567   6,217,567  
Short-Term Investments   726,835 —   726,835  
Total Value of Securities   $726,835 $14,579,046   $15,305,881  
   
Derivatives1            
Liabilities:            
Futures Contracts   $(10,739) $—   $(10,739)  
 
1Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.
During the six months ended June 30, 2026, 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, 2026, there were no Level 3 investments.
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4. Capital Shares
Transactions in capital shares were as follows:
   
  Six months
ended 		  Year ended
  6/30/26   12/31/25
Shares sold:
Standard Class 43,456   55,633
 
Shares issued upon reinvestment of dividends and distributions:
Standard Class 74,078   81,872
  117,534   137,505
Shares redeemed:
Standard Class (137,635)   (261,466)
Net decrease (20,101)   (123,961)
5. Line of Credit
The Series, along with certain other funds in the Nomura 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 expired on October 27, 2025. This Agreement was extended to October 26, 2026.
The Series had no amounts outstanding as of June 30, 2026, 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 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, 2026, the Series posted $38,735 in cash as collateral for open futures contracts, which is included in “Cash collateral due from broker” on the “Statement of assets and liabilities.” Open futures contracts, if any, are disclosed on the “Schedule of investments.”
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Notes to financial statements
Delaware VIP® Trust — Nomura VIP Limited Duration Bond Series   
6. Derivatives (continued)
During the six months ended June 30, 2026, 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.
During the six months ended June 30, 2026, the Series experienced net realized and unrealized gains or losses attributable to futures contracts holdings, which are disclosed on the “Statement of operations” and “Statement of assets and liabilities.”
The table below summarizes the average daily balance of derivative holdings by the Series during the six months ended June 30, 2026:
  Long Derivative
Volume 		  Short Derivative
Volume
Futures contracts (average notional amount) $ 4,087,205   $ 2,547,821
7. Securities Lending
The Series, along with other funds in the Nomura Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (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, 2026, the Series had no securities out on loan.
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8. Credit and Market Risks
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. In addition, recent trade tensions and the imposition of tariffs may disrupt markets and lead to heightened market volatility.
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
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Notes to financial statements
Delaware VIP® Trust — Nomura VIP Limited Duration Bond Series   
8. Credit and Market Risks (continued)
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.”
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, 2026, that would require recognition or disclosure in the Series’ financial statements.
    18

 

Table of Contents
Other Series information (Unaudited)
Delaware VIP® Trust — Nomura VIP Limited Duration Bond Series
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers, and others is disclosed within the financial statements.
Statement Regarding Basis of Approval for Investment Advisory Contract
The Manager’s Recommendation and the Board’s Considerations Regarding the Sub-Advisory Agreement
At a Board Meeting held on May 19-20, 2026, Delaware Management Company (the “Manager”), the investment adviser for the Nomura Diversified Income Fund, Nomura Wealth Builder Fund, Nomura Strategic Income Fund, Nomura Corporate Bond Fund, Nomura Extended Duration Bond Fund, Nomura Limited-Term Diversified Income Fund, Nomura Global Listed Real Assets Fund, Nomura VIP Investment Grade Series, Nomura VIP Limited Duration Bond Series, Nomura VIP Total Return Series, Nomura Asset Strategy Fund, Nomura Balanced Fund, Nomura Global Bond Fund, Nomura VIP Asset Strategy Series, Nomura VIP Balanced Series, Nomura VIP Corporate Bond Series and Nomura VIP Limited-Term Bond Series Delaware Management Company (each a “Fund” and together, the “Funds”), recommended that the Board of Trustees approve the appointment of Nomura Corporate Research and Asset Management Inc. (“NCRAM”) as sub-advisor to the Funds and the approval of the amendment of the existing sub-advisory agreement between DMC and NCRAM (the “Amended Sub-Advisory Agreement”) to include the Funds. In reaching the decision to approve the amendment, The Board considered and reviewed information about NCRAM, including its personnel, operations and financial condition. The Board reviewed a memorandum responding to requests that the Board submitted in advance that discussed (without limitation): the Amended Sub-Advisory Agreement and the various services proposed to be rendered by NCRAM; information concerning NCRAM’s organizational structure and the experience of its investment management personnel; and various other material items in relation to NCRAM’s personnel, organization and policies. The Board also reviewed a copy of NCRAM’s Form ADV; and a copy of the Amended Sub-Advisory Agreement and fee schedules.
In considering such materials, the Independent Trustees received assistance and advice from and met separately with independent counsel. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s decision. This discussion of the information and factors considered by the Board (as well as the discussion above) is not intended to be exhaustive, but rather summarizes certain factors considered by the Board. In view of the wide variety of factors considered, the Board did not, unless otherwise noted, find it practicable to quantify or otherwise assign relative weights to the following factors. In addition, individual Trustees may have assigned different weights to various factors.
Nature, Extent and Quality of Services. The Board considered the nature, quality, and extent of services that NCRAM was expected to provide as a sub-advisor to the Funds. The Board took into account the investment process to be employed by NCRAM in connection with the sub-advisor’s responsibilities in conjunction with the Manager in managing the Funds, and the qualifications and experience of NCRAM’s team with regard to implementing the investment mandate of the Funds. The Board considered NCRAM’s personnel, operations, and its affiliation with the Manager, including that NCRAM was affiliated with the Manager. The Board also considered the Manager’s review and recommendation process with respect to NCRAM, and the Manager’s favorable assessment as to the nature, quality, and extent of the sub-advisory services expected to be provided by NCRAM to the Funds.
Investment Performance. In evaluating performance, the Board recognized that NCRAM had not yet managed the Funds. The Board then reviewed information on and considered NCRAM’s experience in managing other high income investment portfolios, noting that NCRAM had recently begun sub-advising several high-yield fixed income funds in the Nomura Funds complex. The Board also considered the Manager’s representation that the Manager would continue to provide oversight and monitor NCRAM’s services.
Profitability, Economies of Scale and Fall-Out Benefits. Information about NCRAM’s profitability from its relationship with the Funds was not available because it had not begun to provide services to the Funds. The Board was provided with pro forma profitability analyses of Nomura
    19

 

Table of Contents
Other Series information (Unaudited)
Delaware VIP® Trust — Nomura VIP Limited Duration Bond Series 
Statement Regarding Basis of Approval for Investment Advisory Contract (continued)
The Manager’s Recommendation and the Board’s Considerations Regarding the Sub-Advisory Agreement (continued)
Investment Management Business Trust, including the estimated sub-advisory fee that would be paid to NCRAM. The Trustees also noted that economies of scale are shared with each Fund and its shareholders through reduced proportionate costs for shareholders and the Manager’s investment management fee breakpoints paid to the Manager so that as a Fund grows in size, its effective investment management fee rate declines. They also noted that the Manager had put in place a fee waiver for each Fund that was currently in effect, other than for the Nomura Asset Strategy Fund which does not have a fee waiver.
The Board was also provided with information on potential fall-out benefits derived or to be derived by NCRAM in connection with its relationship to the Funds, including confirmation that NCRAM does not enter into soft dollar arrangements involving the receipt of third party research, and, therefore, does not expect to use soft dollar arrangements in the management of the Funds. The Board considered that NCRAM had recently begun sub-advising certain high-yield funds within the Nomura Funds complex and that it expects to receive the opportunity for wider distribution in the US retail market, which helps NCRAM grow and diversify its client base.
Sub-advisory Fees. The Board considered the appropriateness of the sub-advisory fees in light of the nature, extent, and quality of the sub-advisory services to be provided by NCRAM. The Board noted that the sub-advisory fees are paid by the Manager to NCRAM and are not additional fees borne by the Funds, and that the management fee paid by the Funds to the Manager would stay the same at current asset levels and are subject to breakpoints at higher asset levels. The Board concluded that the proposed advisory fee rates under the Amended Sub-Advisory Agreement are reasonable in relation to the services provided and that execution of the Amended Sub-Advisory Agreement is in the best interests of the Funds’ shareholders.
    20

 

Table of Contents
(5778512)
SA-VIPLDB-0826

Delaware VIP® Trust
Nomura VIP Opportunity Series
(formerly, Macquarie VIP Opportunity Series)
Financial statements and other information
For the six months ended June 30, 2026

 

Table of contents
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This report and the financial statements contained herein are submitted for the general information of the shareholders of the Series. This report is not authorized for distribution to prospective investors in the Series unless preceded or accompanied by an effective prospectus.
Form N-PORT and proxy voting information
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 nomuraassetmanagement.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 nomuraassetmanagement.com/proxy; and (ii) on the SEC’s website at sec.gov.
Nomura Asset Management, unless otherwise stated, refers to the Nomura Asset Management International business. Nomura Asset Management is part of the Investment Management Division of the Nomura Group, providing integrated public and private market asset management services across equities, fixed income, private credit and multi-asset solutions to intermediary and institutional clients. Nomura Asset Management primarily operates through several distinct investment managers, which includes Nomura Investment Management Business Trust (NIMBT), a Securities and Exchange Commission (SEC) registered investment adviser. Investment advisory services are provided to the Nomura Funds by Delaware Management Company, a series of NIMBT. The Nomura Funds mutual funds are distributed by Delaware Distributors, L.P., a registered broker/dealer and member of the Financial Industry Regulatory Authority (FINRA) and an affiliate of NIMBT. The Nomura Funds exchange-traded funds are distributed by Foreside Financial Services, LLC. Foreside Financial Services, LLC is not affiliated with any Nomura entity, including Delaware Management Company and Delaware Distributors, L.P.

 

Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Nomura VIP Opportunity Series
June 30, 2026 (Unaudited)
    Number of
shares 		Value (US $)
Common Stocks — 98.55%♣
Communication Services — 1.46%
IMAX †    22,937 $   914,269
Nexstar Media Group      2,016    360,037
   1,274,306
Consumer Discretionary — 8.31%
Aramark     11,209    637,792
BorgWarner     10,083    669,511
Brinker International †     3,397    570,696
Dick's Sporting Goods      4,920  1,115,905
KB Home      4,655    291,357
Life Time Group Holdings †    21,696    886,065
Steven Madden     17,513    737,297
Texas Roadhouse      2,813    543,556
Toll Brothers      5,336    879,106
YETI Holdings †    18,157    899,861
   7,231,146
Consumer Staples — 2.77%
BJ's Wholesale Club Holdings †     4,208    367,022
Casey's General Stores      1,984  1,576,863
Performance Food Group †     4,192    468,624
   2,412,509
Energy — 4.47%
Expand Energy      9,290    847,155
International Seaways      7,323    560,869
Liberty Energy     47,922  1,255,077
Permian Resources Class A     66,842  1,230,561
   3,893,662
Financials — 15.03%
Ally Financial     28,939  1,329,747
Axis Capital Holdings     12,804  1,375,662
East West Bancorp     11,952  1,542,884
Essent Group     11,605    745,969
Evercore Class A      2,067    705,757
Hamilton Lane Class A     13,048  1,028,574
Reinsurance Group of America      3,940    837,841
SouthState Bank     12,444  1,243,155
Stifel Financial     16,335  1,139,693
UMB Financial      2,111    301,366
Webster Financial     12,597    962,663
WSFS Financial      9,107    698,780
Zions Bancorp     16,840  1,165,160
  13,077,251
Healthcare — 12.46%
Axsome Therapeutics †     6,049  1,480,614
Bio-Techne      7,932    560,396
Blueprint Medicines =, †     5,124          0
Encompass Health      6,437    650,652
Glaukos †     3,761    525,637
Guardant Health †     4,538    680,836
Halozyme Therapeutics †    13,097  1,025,102
Insmed †     8,526    909,042
Lantheus Holdings †     6,743    748,068
Ligand Pharmaceuticals †     5,114  1,616,484
Natera †     1,990     540,186
    Number of
shares 		Value (US $)
Common Stocks♣ (continued)
Healthcare (continued)
Neurocrine Biosciences †     7,374 $ 1,242,777
OmniAb 12.5 =, †     1,789          0
OmniAb 15 =, †     1,789          0
Repligen †     2,977    406,182
Ultragenyx Pharmaceutical †    13,600    454,104
  10,840,080
Industrials — 26.26%
ABM Industries      6,752    298,708
API Group †    12,449    527,215
Applied Industrial Technologies      2,517    851,124
Arcosa      8,352  1,213,462
Bloom Energy Class A †       979    296,343
Boise Cascade      3,795    294,606
Carlisle        971    352,230
Carpenter Technology      1,227    756,863
Casella Waste Systems Class A †     5,103    494,838
Clean Harbors †     2,224    664,420
Dycom Industries †       955    482,838
ExlService Holdings †    24,004    620,743
Federal Signal      6,879    883,883
FTAI Aviation      1,345    363,863
Gates Industrial †    22,350    625,130
Graco      5,694    430,523
Kadant      1,350    424,211
KBR      8,256    285,080
Kirby †     7,828  1,064,373
Knight-Swift Transportation Holdings      8,416    655,354
Kratos Defense & Security Solutions †     4,668    232,746
Lincoln Electric Holdings      3,544    940,967
Mueller Industries      1,930    237,255
nVent Electric      4,528    767,994
Quanta Services      1,203    866,208
Regal Rexnord      3,925    934,896
Saia †       744    313,343
SPX Technologies †     2,475    606,796
Sterling Infrastructure †       490    411,286
Tecnoglass     11,185    523,570
Tetra Tech     18,157    524,556
Trex †    11,593    580,114
UL Solutions Class A      4,512    459,592
Vicor †       652    247,617
WESCO International      3,386  1,169,626
WillScot Holdings     28,559    824,213
X-Energy †    25,738    472,550
XPO †     1,448    297,260
Zurn Elkay Water Solutions     17,008    859,414
  22,855,810
Information Technology — 17.13%
Applied Digital †     5,280    196,944
Applied Optoelectronics †     2,185    323,730
Astera Labs †     3,042  1,469,347
Box Class A †    11,169     296,425
    1

 

Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Nomura VIP Opportunity Series 
    Number of
shares 		Value (US $)
Common Stocks♣ (continued)
Information Technology (continued)
Coherent †     2,761 $ 1,089,132
DigitalOcean Holdings †     2,083    327,094
Dynatrace †     9,662    424,258
Fabrinet †       544    305,772
Guidewire Software †     7,462    918,199
Hut 8 †     1,837    212,072
MACOM Technology Solutions Holdings †     4,433  1,686,180
MaxLinear †     2,289    293,061
MKS      2,424  1,078,195
Onto Innovation †     1,005    380,342
Procore Technologies †     7,052    286,452
PTC †     2,110    239,717
Q2 Holdings †    13,353    642,279
Rubrik Class A †     3,367    270,303
Semtech †    11,725  1,897,691
SiTime †       448    334,011
SPS Commerce †     5,433    310,605
Terawulf †     8,296    204,911
TTM Technologies †     1,848    345,613
Varonis Systems †    20,185    846,963
Viasat †     3,603    323,585
Viavi Solutions †     4,286    204,657
  14,907,538
Materials — 3.80%
Kaiser Aluminum      6,186  1,210,167
Minerals Technologies     16,458  1,217,398
Reliance      2,344    875,719
   3,303,284
Real Estate — 4.96%
Brixmor Property Group     19,404    611,808
Camden Property Trust      7,537    862,911
First Industrial Realty Trust     14,370    881,025
Healthpeak Properties     18,331    392,283
Jones Lang LaSalle †     2,188    678,171
Kite Realty Group Trust     31,301    888,322
   4,314,520
Utilities — 1.90%
Black Hills      9,078    675,403
Spire     12,543    979,483
   1,654,886
Total Common Stocks
(cost $54,169,522) 		85,764,992
    Number of
shares 		Value (US $)
Short-Term Investments — 1.48%
Money Market Mutual Funds — 1.48%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.54%)   322,142 $   322,142
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.53%)   322,143    322,143
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.59%)   322,143    322,143
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.56%)   322,141    322,141
Total Short-Term Investments
(cost $1,288,569) 		 1,288,569
Total Value of Securities—100.03%
(cost $55,458,091) 		    87,053,561
Liabilities Net of Receivables and Other Assets—(0.03%)        (24,178)
Net Assets Applicable to 3,855,660 Shares Outstanding—100.00%     $87,029,383
♣ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
† 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 — Nomura VIP Opportunity Series
June 30, 2026 (Unaudited)
Assets:  
Investments, at value* $87,053,561
Receivable for series shares sold 113,123
Dividends receivable 49,579
Prepaid expenses 386
Other assets 626
Total Assets 87,217,275
Liabilities:  
Payable for series shares redeemed 85,008
Investment management fees payable to affiliates 44,208
Accounting and administration expenses payable to non-affiliates 31,096
Audit and tax fees payable 15,304
Other accrued expenses 11,053
Accounting and administration expenses payable to affiliates 623
Dividend disbursing and transfer agent fees and expenses payable to affiliates 484
Legal fees payable to affiliates 116
Total Liabilities 187,892
Total Net Assets $87,029,383
 
Net Assets Consist of:  
Paid-in capital $45,799,026
Total distributable earnings (loss) 41,230,357
Total Net Assets $87,029,383
 
Net Asset Value  
 
Standard Class:  
Net assets $87,029,383
Shares of beneficial interest outstanding, unlimited authorization, no par 3,855,660
Net asset value per share $22.57
*Investments, at cost 		$55,458,091
See accompanying notes, which are an integral part of the financial statements.
    3

 

Table of Contents
Statement of operations
Delaware VIP® Trust  —  Nomura VIP Opportunity Series
Six months ended June 30, 2026 (Unaudited)
Investment Income:  
Dividends $475,197
 
Expenses:  
Management fees 296,411
Accounting and administration expenses 35,594
Audit and tax fees 23,699
Reports and statements to shareholders expenses 6,352
Legal fees 3,161
Dividend disbursing, transfer agent and sub-transfer agent fees and expenses 3,041
Trustees’ fees 1,950
Custodian fees 1,058
Other 2,022
  373,288
Less expenses waived (45,258)
Less expenses paid indirectly (1)
Total operating expenses 328,029
Net Investment Income (Loss) 147,168
 
Net Realized and Unrealized Gain (Loss):  
Net realized gain (loss) on investments 9,655,853
Net change in unrealized appreciation (depreciation) on investments 6,041,436
Net Realized and Unrealized Gain (Loss) 15,697,289
Net Increase (Decrease) in Net Assets Resulting from Operations $15,844,457
See accompanying notes, which are an integral part of the financial statements.
    4

 

Table of Contents
Statements of changes in net assets
Delaware VIP® Trust —  Nomura VIP Opportunity Series
  Six months
ended
6/30/26
(Unaudited) 		  Year ended
12/31/25
 
Increase in Net Assets from Operations:      
Net investment income (loss) $147,168   $379,108
Net realized gain (loss) 9,655,853   4,049,344
Net change in unrealized appreciation (depreciation) 6,041,436   1,967,178
Net increase (decrease) in net assets resulting from operations 15,844,457   6,395,630
 
Dividends and Distributions to Shareholders from:      
Distributable earnings:      
Standard Class (4,447,583)   (2,865,347)
 
Capital Share Transactions (See Note 4):      
Proceeds from shares sold:      
Standard Class 563,513   1,970,136
 
Net asset value of shares issued upon reinvestment of dividends and distributions:      
Standard Class 4,447,583   2,865,347
  5,011,096   4,835,483
Cost of shares redeemed:      
Standard Class (5,660,613)   (9,661,089)
Decrease in net assets derived from capital share transactions (649,517)   (4,825,606)
Net Increase (Decrease) in Net Assets 10,747,357   (1,295,323)
 
Net Assets:      
Beginning of period 76,282,026   77,577,349
End of period $87,029,383   $76,282,026
See accompanying notes, which are an integral part of the financial statements.
    5

 

Table of Contents
Financial highlights
Nomura VIP Opportunity Series Standard Class
Selected data for the share of the Series outstanding throughout each period were as follows:
    Six months ended
6/30/261
(Unaudited) 		  Year ended  
    12/31/25   12/31/24   12/31/23   12/31/22   12/31/21  
Net asset value, beginning of period   $19.65   $18.87   $17.43   $16.33   $20.48   $17.10
   
Income (loss) from investment operations:                        
Net investment income2   0.04   0.09   0.09   0.11   0.10   0.04
Net realized and unrealized gain (loss)   4.07   1.40   2.33   2.38   (2.82)   3.88
Total from investment operations   4.11   1.49   2.42   2.49   (2.72)   3.92
   
Less dividends and distributions from:                        
Net investment income   (0.10)   (0.09)   (0.12)   (0.11)   (0.04)   (0.23)
Net realized gain   (1.09)   (0.62)   (0.86)   (1.28)   (1.39)   (0.31)
Total dividends and distributions   (1.19)   (0.71)   (0.98)   (1.39)   (1.43)   (0.54)
   
Net asset value, end of period   $22.57   $19.65   $18.87   $17.43   $16.33   $20.48
   
Total return3   21.56%   8.81%   14.63%   16.30%   (13.68%)   23.13%
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $87,029   $76,282   $77,577   $78,494   $71,995   $92,113
Ratio of expenses to average net assets4   0.83%   0.83%   0.83%   0.83%   0.83%   0.83%
Ratio of expenses to average net assets prior to fees waived4   0.94%   0.94%   0.88%   0.91%   0.93%   0.88%
Ratio of net investment income to average net assets   0.37%   0.51%   0.47%   0.69%   0.60%   0.19%
Ratio of net investment income to average net assets prior to fees waived   0.26%   0.40%   0.42%   0.61%   0.50%   0.14%
Portfolio turnover   22%   14%   10%   19%   22%   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 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.
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Notes to financial statements
Delaware VIP® Trust — Nomura VIP Opportunity Series  
June 30, 2026 (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 Nomura VIP Opportunity Series (formerly, Macquarie VIP Opportunity Series through November 30, 2025) (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 part of its duties as the Series' valuation designee (Valuation Designee) to perform the fair value determination relating to all applicable Series investments. DMC has established a pricing committee (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, 2026, and for all open tax years (years ended December 31, 2022–December 31, 2025), and has concluded that no provision for federal income tax is required in the Series’ financial statements. If applicable, the Series recognizes interest and tax penalties on unrecognized tax benefits in “Interest and tax penalties” on the “Statement of operations.” During the six months ended June 30, 2026, 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 Nomura Funds (formerly, Macquarie 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. Income and capital gain distributions from any investment companies
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Table of Contents
Notes to financial statements
Delaware VIP® Trust — Nomura VIP Opportunity Series   
1. Significant Accounting Policies (continued)
(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 such income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Series. Dividends and distributions, if any, are recorded on the ex-dividend date.
Segment Reporting — In November 2023, FASB issued Accounting Standards Update (ASU), ASU  2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for the reportable segment and the entity as a whole thereby enabling better understanding of how an entity’s segments impact overall performance. The Series’ Chief Executive Officer and Chief Financial Officer act as the Series' chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that the Series has a single operating segment since the Series has a single investment strategy disclosed in the prospectus against which the CODM assesses performance. When assessing segment performance and making decisions about segment resources, the CODM relies on the Series’ portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the Series’ financial statements.
The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. For the six months ended June 30, 2026, the Series had no earnings credits under this arrangement.
The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing, transfer agent and sub-transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2026, the Series earned $1 under this arrangement.
2.  Investment Management, Administration Agreements, and Other Transactions with Affiliates
In accordance with the terms of its investment management agreement, the Series pays DMC, a series of Nomura Investment Management Business Trust (NIMBT) 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, 2026 through April 29, 2027. 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.
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 Nomura 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 Nomura 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, 2026, the Series paid $3,718 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, transfer agent and sub-transfer agent fees and expenses.” For the six months ended June 30, 2026, the Series paid
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Table of Contents
$2,894 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon 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, transfer agent and sub-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, 2026, the Series paid $676 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, 2026, the Series made purchases and sales of investment securities other than short-term investments and US government securities as follows:
   
Purchases $17,707,941
Sales 22,649,517
At June 30, 2026, 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, 2026, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:
   
Cost of investments $55,458,091
Aggregate unrealized appreciation of investments $32,737,140
Aggregate unrealized depreciation of investments (1,141,670)
Net unrealized appreciation of investments $31,595,470
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. Each of the Series’ investments are 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
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Table of Contents
Notes to financial statements
Delaware VIP® Trust — Nomura VIP Opportunity Series   
3. Investments (continued)
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, 2026:
    Level 1   Level 3 Total  
Securities            
Assets:            
Common Stocks            
Communication Services   $1,274,306   $— $1,274,306  
Consumer Discretionary   7,231,146   — 7,231,146  
Consumer Staples   2,412,509   — 2,412,509  
Energy   3,893,662   — 3,893,662  
Financials   13,077,251   — 13,077,251  
Healthcare   10,840,080   —1 10,840,080  
Industrials   22,855,810   — 22,855,810  
Information Technology   14,907,538   — 14,907,538  
Materials   3,303,284   — 3,303,284  
Real Estate   4,314,520   — 4,314,520  
Utilities   1,654,886   — 1,654,886  
Short-Term Investments   1,288,569   — 1,288,569  
Total Value of Securities   $87,053,561   $— $87,053,561  
 
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, 2026, 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
  6/30/26   12/31/25
Shares sold:
Standard Class 26,987   111,679
 
Shares issued upon reinvestment of dividends and distributions:
Standard Class 217,168   180,665
  244,155   292,344
Shares redeemed:
Standard Class (271,486)   (521,220)
Net decrease (27,331)   (228,876)
5. Line of Credit
The Series, along with certain other funds in the Nomura 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 expired on October 27, 2025. This Agreement was extended to October 26, 2026.
The Series had no amounts outstanding as of June 30, 2026, or at any time during the period then ended.
6. Securities Lending
The Series, along with other funds in the Nomura Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (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 — Nomura 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, 2026, the Series had no securities out on loan.
7. Credit and Market Risks
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 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, 2026. 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, 2026, 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, 2026, that would require recognition or disclosure in the Series’ financial statements.
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Other Series information (Unaudited)
Delaware VIP® Trust — Nomura VIP Opportunity Series
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers, and others is disclosed within the financial statements.
Statement Regarding Basis of Approval for Investment Advisory Contract
Not applicable.
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(5778512)
SA-VIPOP-0826

Delaware VIP® Trust
Nomura VIP Investment Grade Series
(formerly, Macquarie VIP Investment Grade Series)
Financial statements and other information
For the six months ended June 30, 2026

 

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This report and the financial statements contained herein are submitted for the general information of the shareholders of the Series. This report is not authorized for distribution to prospective investors in the Series unless preceded or accompanied by an effective prospectus.
Form N-PORT and proxy voting information
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 nomuraassetmanagement.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 nomuraassetmanagement.com/proxy; and (ii) on the SEC’s website at sec.gov.
Nomura Asset Management, unless otherwise stated, refers to the Nomura Asset Management International business. Nomura Asset Management is part of the Investment Management Division of the Nomura Group, providing integrated public and private market asset management services across equities, fixed income, private credit and multi-asset solutions to intermediary and institutional clients. Nomura Asset Management primarily operates through several distinct investment managers, which includes Nomura Investment Management Business Trust (NIMBT), a Securities and Exchange Commission (SEC) registered investment adviser. Investment advisory services are provided to the Nomura Funds by Delaware Management Company, a series of NIMBT. The Nomura Funds mutual funds are distributed by Delaware Distributors, L.P., a registered broker/dealer and member of the Financial Industry Regulatory Authority (FINRA) and an affiliate of NIMBT. The Nomura Funds exchange-traded funds are distributed by Foreside Financial Services, LLC. Foreside Financial Services, LLC is not affiliated with any Nomura entity, including Delaware Management Company and Delaware Distributors, L.P.

 

Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Nomura VIP Investment Grade Series
June 30, 2026 (Unaudited)
    Principal
amount° 		Value (US $)
Collateralized Loan Obligations — 0.34%
Magnetite LI
Series 2025-51A A1 144A 4.867% (TSFR03M + 1.20%, Floor 1.20%) 10/25/38 #, • 		  100,000 $   100,119
Total Collateralized Loan Obligations
(cost $100,000) 		   100,119
       
Corporate Bonds — 97.18%
Automotive — 0.17%
Adient Global Holdings 144A 7.50% 2/15/33 #    50,000     51,608
      51,608
Banking — 23.45%
Banco Santander 7.25% 12/3/35 μ, ψ   200,000    203,388
Bank of America      
5.489% 4/23/37 μ   125,000    124,552
5.518% 10/25/35 μ    61,000     61,305
6.625% 5/1/30 μ, ψ    75,000     77,360
Banque Federative du Credit Mutuel 144A 4.541% 1/15/31 #   200,000    196,769
Barclays 9.625% 12/15/29 μ, ψ   200,000    222,018
Citibank 4.846% 6/18/32 μ   250,000    249,876
Citigroup      
6.875% 8/15/30 μ, ψ    40,000     40,987
7.00% 8/15/34 μ, ψ    70,000     73,044
Citizens Financial Group 5.299% 1/29/36 μ    55,000     54,480
Credit Agricole 144A 5.186% 8/1/32 #, μ   250,000    251,249
Deutsche Bank      
4.95% 8/4/31 μ   150,000    149,505
5.297% 5/9/31 μ   150,000    151,603
Goldman Sachs Group      
4.369% 10/21/31 μ   125,000    122,281
4.972% 6/3/32 μ   120,000    119,957
5.065% 1/21/37 μ    75,000     73,254
5.094% 4/20/34 μ   100,000     99,627
5.218% 4/23/31 μ   150,000    151,521
5.387% 2/2/41 μ   105,000    102,320
6.484% 10/24/29 μ    85,000     88,183
HSBC Holdings 4.711% 5/12/30 μ   605,000     602,511
JPMorgan Chase & Co.      
5.193% 2/5/37 μ   495,000    487,017
6.10% 7/1/31 μ, ψ   150,000    151,945
6.254% 10/23/34 μ    12,000     12,848
Morgan Stanley      
4.809% 4/16/32 μ   150,000    148,865
5.296% 4/10/37 μ   125,000    124,426
5.90% 3/13/47 μ    32,000     32,362
6.407% 11/1/29 μ   168,000    173,940
6.627% 11/1/34 μ   190,000    206,260
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Banking (continued)
National Australia Bank 144A 5.625% 6/4/37 #, μ   250,000 $   249,749
NatWest Markets 144A 4.893% 3/27/31 #   200,000    199,867
Northern Trust 5.117% 11/19/40 μ   195,000    190,725
Popular 7.25% 3/13/28    195,000    201,026
State Street 5.094% 4/24/37 μ   177,000    175,470
UBS Group      
144A 6.875% 6/5/32 #, μ, ψ   200,000    200,641
144A 9.25% 11/13/28 #, μ, ψ   200,000    215,359
Wells Fargo & Co.      
4.844% 5/20/32 μ   165,000    164,478
4.96% 1/23/37 μ    70,000     68,365
6.491% 10/23/34 μ   700,000    755,806
   6,974,939
Basic Industry — 2.11%
Anglo American Capital 144A 5.25% 3/19/36 #   200,000    197,993
Ashton Woods USA 144A 6.875% 8/1/33 #    50,000     49,620
Builders FirstSource      
144A 6.375% 3/1/34 #    50,000     50,608
144A 6.75% 5/15/35 #    25,000     25,520
Ecolab      
5.15% 6/15/33     60,000     60,847
5.35% 6/15/36     60,000     61,057
LYB International Finance III 5.875% 1/15/36     45,000      45,140
LyondellBasell Industries 4.625% 2/26/55    125,000     95,442
Novelis 144A 6.375% 8/15/33 #    40,000     40,317
     626,544
Brokerage — 2.68%
Blackstone Reg Finance 5.00% 12/6/34    105,000    103,365
Brookfield Asset Management 4.653% 11/15/30    155,000    153,025
Brookfield Finance 5.33% 1/15/36     70,000     68,896
Charles Schwab 5.493% 5/21/37 μ   105,000    106,457
Jefferies Financial Group      
5.125% 4/28/31    100,000     98,742
6.20% 4/14/34    165,000    168,931
TPG Operating Group II 4.875% 5/15/31    100,000     98,687
     798,103
Capital Goods — 4.56%
Boeing 6.858% 5/1/54    210,000    236,189
Bombardier 144A 6.75% 6/15/33 #    25,000     25,910
Honeywell Aerospace 144A 5.732% 3/16/56 #   225,000    225,148
Howmet Aerospace 4.75% 4/15/36    105,000    102,217
Hubbell 5.15% 6/15/36    145,000     144,414
    1

 

Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Nomura VIP Investment Grade Series 
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Capital Goods (continued)
Regal Rexnord 6.40% 4/15/33    210,000 $   223,006
Republic Services 5.00% 7/15/36    205,000    203,594
RTX      
4.625% 11/16/48     60,000     52,082
4.80% 12/15/43     85,000     77,570
TransDigm 144A 6.125% 7/31/34 #    65,000     64,998
   1,355,128
Communications — 8.01%
AT&T      
5.55% 11/1/45     65,000     61,118
5.70% 11/1/54    110,000    102,332
6.00% 4/30/56     65,000     62,863
6.30% 1/15/38    175,000    183,811
Meta Platforms      
5.625% 11/15/55    175,000    158,685
6.30% 5/15/56     80,000     79,687
Orange 144A 5.00% 1/13/36 #   200,000     195,449
Rogers Communications      
5.30% 2/15/34    105,000    104,124
6.875% 7/31/56 μ    75,000     75,911
Softbank Class B 144A 4.699% 7/9/30 #   305,000     301,531
Space Exploration Technologies      
144A 5.35% 7/15/31 #    85,000     84,800
144A 5.65% 7/15/33 #   105,000    104,404
144A 5.875% 7/15/36 #    70,000     69,113
Time Warner Cable      
6.55% 5/1/37    222,000    220,179
7.30% 7/1/38    100,000    102,899
T-Mobile USA      
5.50% 1/15/55     90,000     82,687
5.875% 11/15/55    185,000    180,277
Verizon Communications      
5.875% 11/30/55    115,000    111,647
6.20% 5/14/56 μ   100,000    101,135
   2,382,652
Consumer Cyclical — 4.88%
Amazon.com 5.80% 3/13/56    145,000    144,176
Ford Motor Credit 6.467% 5/22/36    200,000    203,295
General Motors 6.25% 4/15/35    245,000    256,854
General Motors Financial 5.10% 9/15/31    105,000    105,226
Gildan Activewear 144A 5.40% 10/7/35 #    65,000     63,147
Hyundai Capital America 144A 4.50% 9/18/30 #   265,000    260,311
Hyundai Capital America Class B 144A 5.00% 4/7/31 #   250,000    249,693
Royal Caribbean Cruises      
4.75% 5/15/33     50,000     48,686
5.375% 1/15/36    120,000    119,177
   1,450,565
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical — 8.94%
Abbott Laboratories 4.65% 3/15/36    255,000 $   247,703
Amgen 5.65% 2/19/56     55,000     53,735
Cigna Group 5.25% 1/15/36    150,000    150,439
CVS Health 6.75% 12/10/54 μ   144,000    150,085
Eli Lilly & Co. 5.60% 5/20/56     80,000     80,406
EMD Finance 144A 5.00% 10/15/35 #   300,000    294,805
HCA 5.30% 5/15/36    110,000    109,316
JBS      
3.625% 1/15/32    375,000    347,725
144A 5.625% 3/10/37 #    75,000     74,734
Medline Borrower      
144A 5.00% 6/15/31 #   195,000    194,179
144A 5.25% 6/15/33 #   115,000    114,387
Merck & Co.      
5.20% 5/22/36    155,000    156,981
5.85% 5/22/56    170,000    174,239
Molson Coors Beverage 5.50% 7/8/36    210,000     211,150
Novartis Capital 5.70% 3/18/56    125,000    127,467
Philip Morris International 4.875% 4/29/36    100,000     97,936
Thermo Fisher Scientific 4.55% 6/15/33     75,000     73,708
   2,658,995
Electric — 10.31%
American Electric Power 6.05% 3/15/56 μ   140,000    139,256
Capital Power US Holdings 144A 6.189% 6/1/35 #    70,000     72,576
Chpe      
144A 5.10% 6/30/33 #    95,000     94,778
144A 5.35% 6/30/36 #   110,000    109,696
Dominion Energy      
6.20% 2/15/56 μ    70,000     70,245
Series A 6.875% 2/1/55 μ   255,000    263,612
Duke Energy 3.30% 6/15/41     99,000      75,659
Duke Energy Carolinas      
5.15% 6/15/36    115,000    115,162
5.75% 6/15/56    115,000    114,940
Entergy Mississippi      
5.05% 4/15/36     55,000     54,095
5.80% 4/15/55    220,000    219,462
Kentucky Utilities 5.85% 8/15/55    145,000     145,705
National Grid 5.405% 6/9/36    180,000    179,300
NRG Energy      
144A 4.734% 10/15/30 #   135,000    133,425
144A 5.407% 10/15/35 #    45,000     44,257
144A 6.125% 5/15/36 #   100,000    100,089
Oglethorpe Power 5.25% 9/1/50    225,000     205,425
Pacific Gas & Electric 6.00% 5/1/56    178,000     170,412
 
2    

 

Table of Contents
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Electric (continued)
PSEG Power 144A 5.20% 5/15/30 #    90,000 $    91,045
San Diego Gas & Electric 5.20% 3/15/36    150,000    149,346
Southwestern Public Service 5.875% 8/15/56    145,000    144,178
Talen Energy Supply      
144A 6.25% 2/1/34 #    50,000     49,717
144A 6.375% 5/1/33 #    25,000     24,979
Union Electric 4.80% 3/15/36     55,000      53,531
Vistra Operations      
144A 4.70% 1/31/31 #    80,000     78,512
144A 5.35% 1/31/36 #   140,000    137,264
144A 5.55% 4/30/36 #    30,000     29,864
   3,066,530
Energy — 6.79%
APA 6.75% 2/15/55     80,000     83,549
Archrock Services 144A 6.00% 2/1/34 #    40,000     39,784
Cheniere Energy Partners      
144A 5.35% 11/30/36 #   165,000    164,220
144A 6.05% 11/30/56 #    55,000     55,595
Diamondback Energy 5.75% 4/18/54    180,000     175,129
Enbridge 5.55% 6/20/35     50,000     50,871
Energy Transfer      
6.30% 1/15/56    174,000    174,695
6.50% 2/15/56 μ   107,000    107,951
Global Partners 144A 7.125% 7/1/33 #    40,000      40,498
Occidental Petroleum 7.95% 6/15/39    110,000    131,561
ONEOK      
5.70% 11/1/54     48,000     44,600
6.25% 10/15/55    157,000    157,696
Rio Grande LNG 144A 5.25% 6/30/31 #    85,000      85,008
Schlumberger Investment      
4.80% 5/7/33     35,000     34,820
5.15% 5/7/36    100,000     99,592
Sunoco 144A 5.875% 3/15/34 #    75,000      74,016
Valero Energy 5.15% 3/10/36    270,000    265,880
Venture Global Calcasieu Pass 144A 6.00% 5/1/36 #    50,000     50,568
Western Midstream Operating      
5.50% 12/15/35     80,000     79,189
5.70% 7/1/36    105,000    105,229
   2,020,451
Finance Companies — 6.19%
Aercap Funding DAC 4.875% 7/7/31    200,000    199,098
AerCap Ireland Capital DAC      
4.75% 1/15/33    150,000    146,536
5.375% 12/15/31    235,000     239,237
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Finance Companies (continued)
Apollo Debt Solutions      
6.70% 7/29/31     18,000 $    18,357
6.90% 4/13/29     45,000     46,195
Ares Capital 5.10% 1/15/31    120,000     116,133
Avolon Holdings Funding      
144A 4.85% 4/1/33 #   120,000    116,194
144A 5.375% 5/30/30 #   100,000    101,035
Blackstone Private Credit Fund      
5.05% 9/10/30     80,000     76,589
5.35% 3/12/31     75,000     72,142
5.60% 11/22/29     35,000     34,543
Blackstone Secured Lending Fund 5.90% 5/21/31    120,000     118,264
Blue Owl Credit Income 6.60% 9/15/29    127,000    127,874
SMBC Aviation Capital Finance DAC 144A 5.25% 11/26/35 #   200,000    196,802
Sumisho Air Lease      
4.125% 12/15/26 μ, ψ   115,000    112,671
144A 4.85% 3/24/31 #    80,000     79,186
144A 5.50% 3/24/36 #    40,000     39,865
   1,840,721
Financial Services — 0.61%
Jane Street Group 144A 6.125% 11/1/32 #    25,000     25,017
OneMain Finance 6.125% 5/15/30     50,000     50,036
Rocket 144A 6.50% 6/15/34 #    50,000     51,347
SLM 6.495% 5/15/32 μ    55,000     55,005
     181,405
Healthcare — 0.17%
AMN Healthcare 144A 6.50% 1/15/31 #    50,000     50,333
      50,333
Insurance — 4.13%
Athene Holding 6.875% 6/28/55 μ    60,000     57,641
Corebridge Global Funding 144A 4.55% 1/9/31 #   160,000    157,456
Elevance Health 5.70% 2/15/55    218,000    212,056
Equitable America Global Funding 144A 4.70% 9/15/32 #   140,000    137,265
Nippon Life Insurance 144A 5.046% 4/2/33 #   200,000    200,571
Teachers Insurance & Annuity
Association of America 		     
144A 6.05% 6/15/56 #    26,000     26,256
144A 6.85% 12/16/39 #    78,000     86,379
UnitedHealth Group 5.625% 7/15/54    100,000      97,855
Western-Southern Global Funding 144A 4.90% 5/1/30 #   150,000     150,345
    3

 

Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Nomura VIP Investment Grade Series 
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Insurance (continued)
Willis North America 4.55% 3/15/31    105,000 $   103,148
   1,228,972
Media — 0.36%
CCO Holdings      
144A 6.375% 9/1/29 #    50,000     49,978
144A 7.00% 2/1/33 #     8,000      7,852
Versant Media Group 144A 7.25% 1/30/31 #    47,000     48,654
     106,484
Natural Gas — 1.04%
Sempra 5.25% 3/15/36    160,000    157,958
Spire 6.45% 6/1/56 μ   151,000    152,072
     310,030
Real Estate — 0.34%
Iron Mountain 144A 6.25% 1/15/35 #   100,000    100,515
     100,515
Real Estate Investment Trusts — 1.57%
Camden Property Trust 4.90% 2/28/36    215,000    209,939
Extra Space Storage 4.90% 2/1/32    200,000    199,297
Regency Centers 4.50% 3/15/33     60,000     58,403
     467,639
Retail — 0.16%
Albertsons 144A 5.75% 3/31/34 #    50,000     47,680
      47,680
Services — 1.17%
United Rentals North America 144A 6.125% 3/15/34 #   340,000    348,987
     348,987
Technology — 7.24%
Beacon Point 144A 6.129% 11/30/42 #    50,000     50,449
CoStar Group 144A 2.80% 7/15/30 #    75,000     67,500
Dell International      
4.75% 7/15/31    100,000     99,420
5.25% 2/15/37    160,000    157,573
Entegris 144A 4.75% 4/15/29 #    90,000      88,991
Foundry JV Holdco 144A 6.10% 1/25/36 #   200,000    211,069
Leidos 5.40% 3/15/32    455,000    461,017
NVIDIA      
4.50% 6/15/31    100,000     99,668
5.55% 6/15/46    120,000    119,180
5.625% 6/15/56    220,000     218,530
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Technology (continued)
Oracle      
4.70% 9/27/34    220,000 $   201,663
5.70% 2/4/36    135,000    130,789
5.875% 9/26/45    120,000    105,114
6.00% 8/3/55     40,000     34,083
6.70% 2/4/56     35,000     32,963
QTS Fayetteville I Dc1-2 144A 5.70% 4/15/36 #    80,000     76,092
   2,154,101
Technology & Electronics — 0.50%
Sensata Technologies 144A 3.75% 2/15/31 #   160,000    149,705
     149,705
Telecommunications — 0.17%
Meridian Arc Holdco 144A 6.25% 4/30/31 #    50,000     50,145
      50,145
Transportation — 1.63%
ERAC USA Finance 144A 5.25% 4/30/36 #   165,000    164,691
FedEx 3.25% 5/15/41    160,000    125,594
Fedex Freight Holding      
144A 4.95% 3/15/33 #   110,000    107,811
144A 5.25% 3/15/36 #    90,000     87,694
     485,790
Total Corporate Bonds
(cost $29,018,119) 		28,908,022
 
Government Agency Obligation — 0.65%
DAE Funding 144A 4.95% 1/15/33 #   200,000    193,364
Total Government Agency Obligation
(cost $197,945) 		   193,364
    Number of
shares 		 
Common Stock — 0.06%♣
Financials — 0.06%
MNSN Holdings  =, †       241     19,079
Total Common Stock
(cost $1,808) 		    19,079
 
Preferred Stock — 0.43%♣
Financials —0.43%      
SVB Financial Trust  †, ω       277    127,420
Total Preferred Stock
(cost $124,045) 		   127,420
 
4    

 

Table of Contents
    Number of
shares 		Value (US $)
Short-Term Investments — 1.77%
Money Market Mutual Funds — 1.77%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.54%)   131,533 $   131,533
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.53%)   131,533    131,533
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.59%)   131,533    131,533
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.56%)   131,533    131,533
Total Short-Term Investments
(cost $526,132) 		   526,132
Total Value of Securities—100.43%
(cost $29,968,049) 		    29,874,136
Liabilities Net of Receivables and Other Assets—(0.43%)       (127,763)
Net Assets Applicable to 3,573,221 Shares Outstanding—100.00%     $29,746,373
° 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, 2026, the aggregate value of Rule 144A securities was $8,897,147, which represents 29.91% 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, 2026. 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, 2026. Rate will reset at a future date.
ψ Perpetual security. Maturity date represents next call date.
♣ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
= 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.”
† Non-income producing security.
ω Perpetual security with no stated maturity date.
    5

 

Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Nomura VIP Investment Grade Series 
The following futures contracts were outstanding at June 30, 2026:1
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
Long Contracts:  
US Treasury 10 yr Notes  
   18     $1,978,031   $1,972,326   9/21/26   $5,705   $—   $(5,343)
US Treasury Long Bonds  
   19     2,156,500   2,127,261   9/21/26   29,239   —   (12,469)
US Treasury Ultra Bonds  
   6     696,937   689,797   9/21/26   7,140   —   (4,500)
    4,789,384       42,084   —   (22,312)
Short Contracts:  
US Treasury 5 yr Notes  
   (20)     (2,140,938)   (2,133,468)   9/30/26   —   (7,470)   3,750
US Treasury 10 yr Ultra Notes  
   (46)     (5,173,562)   (5,116,673)   9/21/26   —   (56,889)   17,969
    (7,250,141)       —   (64,359)   21,719
Total Futures Contracts   $(2,460,757)       $42,084   $(64,359)   $(593)
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: 
DAC – Designated Activity Company
LNG – Liquefied Natural Gas
SOFR01M – Secured Overnight Financing Rate 1 Month
SOFR03M – Secured Overnight Financing Rate 3 Month
TSFR03M – 3 Month Term Secured Overnight Financing Rate
USD – US Dollar
yr – Year
See accompanying notes, which are an integral part of the financial statements.
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Statement of assets and liabilities
Delaware VIP® Trust — Nomura VIP Investment Grade Series
June 30, 2026 (Unaudited)
Assets:  
Investments, at value* $29,874,136
Cash 29,959
Cash collateral due from broker 60,041
Interest receivable 363,276
Receivable from investment manager 609
Prepaid expenses 149
Other assets 366
Total Assets 30,328,536
Liabilities:  
Payable for securities purchased 483,484
Other accrued expenses 37,195
Payable for series shares redeemed 30,931
Accounting and administration expenses payable to non-affiliates 29,269
Variation margin due to broker on futures contracts 593
Accounting and administration expenses payable to affiliates 443
Dividend disbursing and transfer agent fees and expenses payable to affiliates 188
Legal fees payable to affiliates 57
Distribution fees payable to affiliates 3
Total Liabilities 582,163
Total Net Assets $29,746,373
 
Net Assets Consist of:  
Paid-in capital $38,798,625
Total distributable earnings (loss) (9,052,252)
Total Net Assets $29,746,373
 
Net Asset Value  
 
Standard Class:  
Net assets $29,735,547
Shares of beneficial interest outstanding, unlimited authorization, no par 3,571,914
Net asset value per share $8.32
 
Service Class:  
Net assets $10,826
Shares of beneficial interest outstanding, unlimited authorization, no par 1,307
Net asset value per share $8.29**
*Investments, at cost 		$29,968,049
**Net asset value per share does not recalculate exactly, due to rounding.  
See accompanying notes, which are an integral part of the financial statements.
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Statement of operations
Delaware VIP® Trust  —  Nomura VIP Investment Grade Series
Six months ended June 30, 2026 (Unaudited)
Investment Income:  
Interest $807,365
Dividends 17,311
  824,676
 
Expenses:  
Management fees 74,328
Distribution expenses — Service Class 16
Accounting and administration expenses 33,582
Audit and tax fees 31,024
Reports and statements to shareholders expenses 7,288
Pricing fees 6,804
Custodian fees 2,197
Legal fees 1,444
Dividend disbursing, transfer agent and sub-transfer agent fees and expenses 1,228
Trustees’ fees 805
Other 2,476
  161,192
Less expenses waived (68,530)
Less expenses paid indirectly (1)
Total operating expenses 92,661
Net Investment Income (Loss) 732,015
 
Net Realized and Unrealized Gain (Loss):  
Net realized gain (loss) on:  
Investments (167,639)
Futures contracts 55,218
Options purchased (10,712)
Options written 3,413
Net realized gain (loss) (119,720)
Net change in unrealized appreciation (depreciation) on:  
Investments (286,861)
Futures contracts (3,848)
Net change in unrealized appreciation (depreciation) (290,709)
Net Realized and Unrealized Gain (Loss) (410,429)
Net Increase (Decrease) in Net Assets Resulting from Operations $321,586
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 —  Nomura VIP Investment Grade Series
  Six months
ended
6/30/26
(Unaudited) 		  Year ended
12/31/25
 
Increase (Decrease) in Net Assets from Operations:      
Net investment income (loss) $732,015   $1,450,280
Net realized gain (loss) (119,720)    (817,604)1
Net increase from payment by affiliates —   1822
Net change in unrealized appreciation (depreciation) (290,709)   1,392,649
Net increase (decrease) in net assets resulting from operations 321,586   2,025,507
 
Dividends and Distributions to Shareholders from:      
Distributable earnings:      
Standard Class (1,464,294)   (1,614,741)
Service Class (507)   (519)
  (1,464,801)   (1,615,260)
 
Capital Share Transactions (See Note 4):      
Proceeds from shares sold:      
Standard Class 590,158   720,191
 
Net asset value of shares issued upon reinvestment of dividends and distributions:      
Standard Class 1,464,294   1,614,741
Service Class 507   519
  2,054,959   2,335,451
Cost of shares redeemed:      
Standard Class (1,823,065)   (4,115,777)
Increase (decrease) in net assets derived from capital share transactions 231,894   (1,780,326)
Net Decrease in Net Assets (911,321)   (1,370,079)
 
Net Assets:      
Beginning of period 30,657,694   32,027,773
End of period $29,746,373   $30,657,694
1 Excludes net increase from payment by affiliates.
2 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
Nomura VIP Investment Grade Series Standard Class
Selected data for each share of the Series outstanding throughout each period were as follows:
    Six months ended
6/30/261
(Unaudited) 		  Year ended  
    12/31/25   12/31/24   12/31/23   12/31/22   12/31/21  
Net asset value, beginning of period   $8.66   $8.57   $8.77   $8.50   $10.80   $11.60
   
Income (loss) from investment operations:                        
Net investment income2   0.21   0.40   0.40   0.36   0.31   0.27
Net realized and unrealized gain (loss)   (0.12)   0.15   (0.17)   0.27   (2.13)   (0.37)
Payment by affiliates   —   —3   —   —   —   —
Total from investment operations   0.09   0.55   0.23   0.63   (1.82)   (0.10)
   
Less dividends and distributions from:                        
Net investment income   (0.43)   (0.46)   (0.43)   (0.36)   (0.34)   (0.34)
Net realized gain   —   —   —   —   (0.14)   (0.36)
Total dividends and distributions   (0.43)   (0.46)   (0.43)   (0.36)   (0.48)   (0.70)
   
Net asset value, end of period   $8.32   $8.66   $8.57   $8.77   $8.50   $10.80
   
Total return4   1.02%   6.75%3   2.85%   7.57%   (17.06%)   (0.72%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $29,735   $30,647   $32,018   $36,687   $39,243   $54,069
Ratio of expenses to average net assets5   0.62%   0.63%   0.63%   0.63%   0.63%   0.65%
Ratio of expenses to average net assets prior to fees waived5   1.08%   0.98%   0.85%   0.85%   0.87%   0.74%
Ratio of net investment income to average net assets   4.92%   4.68%   4.66%   4.33%   3.44%   2.45%
Ratio of net investment income to average net assets prior to fees waived   4.46%   4.33%   4.44%   4.11%   3.20%   2.36%
Portfolio turnover   118%   189%   116%   93%   99%   110%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."
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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Nomura VIP Investment Grade Series Service Class
Selected data for each share of the Series outstanding throughout each period were as follows:
    Six months ended
6/30/261
(Unaudited) 		  Year ended  
    12/31/25   12/31/24   12/31/23   12/31/22   12/31/21  
Net asset value, beginning of period   $8.61   $8.53   $8.75   $8.47   $10.76   $11.56
   
Income (loss) from investment operations:                        
Net investment income2   0.19   0.37   0.38   0.34   0.29   0.23
Net realized and unrealized gain (loss)   (0.10)   0.15   (0.19)   0.27   (2.13)   (0.36)
Payment by affiliates   —   —3   —   —   —   —
Total from investment operations   0.09   0.52   0.19   0.61   (1.84)   (0.13)
   
Less dividends and distributions from:                        
Net investment income   (0.41)   (0.44)   (0.41)   (0.33)   (0.31)   (0.31)
Net realized gain   —   —   —   —   (0.14)   (0.36)
Total dividends and distributions   (0.41)   (0.44)   (0.41)   (0.33)   (0.45)   (0.67)
   
Net asset value, end of period   $8.29   $8.61   $8.53   $8.75   $8.47   $10.76
   
Total return4   1.02%   6.43%3   2.41%   7.37%   (17.32%)   (1.03%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $11   $11   $10   $10   $9   $11
Ratio of expenses to average net assets5   0.92%   0.93%   0.93%   0.93%   0.93%   0.95%
Ratio of expenses to average net assets prior to fees waived5   1.38%   1.28%   1.15%   1.15%   1.15%   1.04%
Ratio of net investment income to average net assets   4.62%   4.38%   4.36%   4.03%   3.16%   2.15%
Ratio of net investment income to average net assets prior to fees waived   4.16%   4.03%   4.14%   3.81%   2.94%   2.06%
Portfolio turnover   118%   189%   116%   93%   99%   110%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."
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.
See accompanying notes, which are an integral part of the financial statements.
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Notes to financial statements
Delaware VIP® Trust — Nomura VIP Investment Grade Series  
June 30, 2026 (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 Nomura VIP Investment Grade Series (formerly, Macquarie VIP Investment Grade Series through November 30, 2025) (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. 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 (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 certain US government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. Open-end investment companies, other than ETFs, are valued at their published net asset value (NAV). Futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and the ask prices, which approximates fair value. 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 to perform the fair value determination relating to all applicable Series investments. DMC has established a pricing committee (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, 2026, and for all open tax years (years ended December 31, 2022–December 31, 2025), and has concluded that no provision for federal income tax is
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required in the Series’ financial statements. If applicable, the Series recognizes interest and tax penalties on unrecognized tax benefits in “Interest and tax penalties” on the “Statement of operations.” During the six months ended June 30, 2026, 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.
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, forward 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 either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk.
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 Nomura Funds (formerly, Macquarie 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. 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 such income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Series. Dividends and distributions, if any, are recorded on the ex-dividend date.
Segment Reporting — In November 2023, FASB issued Accounting Standards Update (ASU), ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for the reportable segment and the entity as a whole thereby enabling better understanding of how an entity’s segments impact overall performance. The Series' Chief Executive Officer and Chief Financial Officer act as the Series' chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that the Series has a single operating segment since the Series has a single investment strategy disclosed in the prospectus against which the CODM assesses performance. When assessing segment performance and making decisions about segment resources, the CODM relies on the Series' portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the Series' financial statements.
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Notes to financial statements
Delaware VIP® Trust — Nomura VIP Investment Grade Series   
1. Significant Accounting Policies (continued)
The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. For the six months ended June 30, 2026, the Series had no earnings credits under this arrangement.
The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing, transfer agent and sub-transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2026, the Series earned $1 under this arrangement.
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates
In accordance with the terms of its investment management agreement, the Series pays DMC, a series of Nomura Investment Management Business Trust (NIMBT) 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.
Effective April 30, 2026, 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 0.61% of the Series’ average daily net assets through April 29, 2027. Prior to April 30, 2026, DMC contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses in order to prevent total annual series operating expenses from exceeding 0.63% 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 (but excluding acquired fund fees and expenses), the class level operating expense limitation as a percentage of average daily net assets from April 30, 2026 through April 29, 2027, 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
  0.61%*   0.91%*
* Effective April 30, 2026. Prior to April 30, 2026, these amounts for Standard Class and Service Class were 0.63% and 0.93%, respectively..
Effective June 12, 2026, DMC appointed Nomura Corporate Research and Asset Management Inc. (NCRAM) to serve as a sub-advisor for the Series. NCRAM is responsible for the day-to-day investment management of the portion of the Series that invests in high-yield, fixed income securities. DMC may change this allocation at any time. For these services, DMC, not the Series, pays NCRAM 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 Nomura 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 Nomura 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, 2026, the Series paid $2,643 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, transfer agent and sub-transfer agent fees and expenses.” For the six months ended June 30, 2026, the Series paid $1,122 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc.
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(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, transfer agent and sub-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, 2026, the Series paid $329 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.
During the year ended December 31, 2025, DMC reimbursed the Series $182 in connection with trade errors. These amounts are included in “Net increase from payment by affiliates” in the “Statements of changes in net assets.” Payment by affiliates had no impact on total return.
3. Investments
For the six months ended June 30, 2026, the Series made purchases and sales of investment securities other than short-term investments and US government securities as follows:
   
Purchases $34,842,774
Sales 35,252,794
At June 30, 2026, 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, 2026, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for the Series were as follows:
   
Cost of investments and derivatives $29,978,798
Aggregate unrealized appreciation of investments and derivatives $237,636
Aggregate unrealized depreciation of investments and derivatives (364,573)
Net unrealized appreciation of investments and derivatives $(126,937)
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Notes to financial statements
Delaware VIP® Trust — Nomura VIP Investment Grade 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, 2025, the Series had capital loss carryforwards available to offset future realized capital gains as follows:
  Loss carryforward character    
  Short-term   Long-term   Total
  $2,767,487   $6,767,499   $ 9,534,986
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. Each of the Series' investments are 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, 2026:
    Level 1   Level 2   Level 3   Total  
Securities                  
Assets:                  
Collateralized Loan Obligations   $—   $100,119   $—   $100,119  
Common Stock   —   —   19,079   19,079  
Corporate Bonds   —   28,908,022   —   28,908,022  
Government Agency Obligation   —   193,364   —   193,364  
Preferred Stock   —   127,420   —   127,420  
Short-Term Investments   526,132   —   —   526,132  
Total Value of Securities   $526,132   $29,328,925   $19,079   $29,874,136  
   
Derivatives1                  
Assets:                  
Futures Contracts   $42,084   $—   $—   $42,084  
                   
Liabilities:                  
Futures Contracts   $(64,359)   $—   $—   $(64,359)  
 
1Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.
During the six months ended June 30, 2026, 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 reporting period.
4. Capital Shares
Transactions in capital shares were as follows:
   
  Six months
ended 		  Year ended
  6/30/26   12/31/25
Shares sold:
Standard Class 69,257   84,480
 
Shares issued upon reinvestment of dividends and distributions:
Standard Class 176,421   199,597
Service Class 62   64
  245,740   284,141
Shares redeemed:
Standard Class (212,782)   (482,235)
Net increase (decrease) 32,958   (198,094)
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Notes to financial statements
Delaware VIP® Trust — Nomura VIP Investment Grade Series   
5. Line of Credit
The Series, along with certain other funds in the Nomura 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 expired on October 27, 2025. This Agreement was extended to October 26, 2026.
The Series had no amounts outstanding as of June 30, 2026, 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 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, 2026, the Series posted $60,041 in cash as collateral for open futures contracts, which is included in “Cash collateral due from broker” 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, 2026, 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, 2026.
During the six months ended June 30, 2026, the Series used options 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, 2026 were as follows:   
    Asset Derivatives Fair Value
Statement of assets and
liabilities location 		  Interest
Rate
Contracts
Variation margin due to broker on futures contracts*   $42,084
    Liability Derivatives Fair Value
Statement of assets and
liabilities location 		  Interest
Rate
Contracts
Variation margin due to broker on futures contracts*   $(64,359)
*Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2026. 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, 2026 was as follows:
               
  Net Realized Gain (Loss) on:
  Futures
Contracts 		  Options
Purchased 		  Options
Written 		  Total
Interest rate contracts $55,218   $—   $—   $55,218
Equity contracts —   (10,712)   3,413   (7,299)
Total $55,218   $(10,712)   $3,413   $47,919
  Net Change in Unrealized Appreciation (Depreciation) on:
  Futures
Contracts
Interest rate contracts $(3,848)
The table below summarizes the average daily balance of derivative holdings by the Series during the six months ended June 30, 2026:
  Long Derivative
Volume 		  Short Derivative
Volume
Futures contracts (average notional amount) $ 5,015,430   $ 6,832,342
Options contracts (average value)*   2,686     368
*Long represents purchased options and short represents written options.
7. Securities Lending
The Series, along with other funds in the Nomura Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (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
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Notes to financial statements
Delaware VIP® Trust — Nomura VIP Investment Grade Series   
7. Securities Lending (continued)
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, 2026, the Series had no securities out on loan.
8. Credit and Market Risks
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 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.
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
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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, 2026.
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 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.”
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Notes to financial statements
Delaware VIP® Trust — Nomura VIP Investment Grade 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, 2026, that would require recognition or disclosure in the Series’ financial statements.
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Other Series information (Unaudited)
Delaware VIP® Trust — Nomura VIP Investment Grade Series
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers, and others is disclosed within the financial statements.
Statement Regarding Basis of Approval for Investment Advisory Contract
The Manager’s Recommendation and the Board’s Considerations Regarding the Sub-Advisory Agreement
At a Board Meeting held on May 19-20, 2026, Delaware Management Company (the “Manager”), the investment adviser for the Nomura Diversified Income Fund, Nomura Wealth Builder Fund, Nomura Strategic Income Fund, Nomura Corporate Bond Fund, Nomura Extended Duration Bond Fund, Nomura Limited-Term Diversified Income Fund, Nomura Global Listed Real Assets Fund, Nomura VIP Investment Grade Series, Nomura VIP Limited Duration Bond Series, Nomura VIP Total Return Series, Nomura Asset Strategy Fund, Nomura Balanced Fund, Nomura Global Bond Fund, Nomura VIP Asset Strategy Series, Nomura VIP Balanced Series, Nomura VIP Corporate Bond Series and Nomura VIP Limited-Term Bond Series Delaware Management Company (each a “Fund” and together, the “Funds”), recommended that the Board of Trustees approve the appointment of Nomura Corporate Research and Asset Management Inc. (“NCRAM”) as sub-advisor to the Funds and the approval of the amendment of the existing sub-advisory agreement between DMC and NCRAM (the “Amended Sub-Advisory Agreement”) to include the Funds. In reaching the decision to approve the amendment, The Board considered and reviewed information about NCRAM, including its personnel, operations and financial condition. The Board reviewed a memorandum responding to requests that the Board submitted in advance that discussed (without limitation): the Amended Sub-Advisory Agreement and the various services proposed to be rendered by NCRAM; information concerning NCRAM’s organizational structure and the experience of its investment management personnel; and various other material items in relation to NCRAM’s personnel, organization and policies. The Board also reviewed a copy of NCRAM’s Form ADV; and a copy of the Amended Sub-Advisory Agreement and fee schedules.
In considering such materials, the Independent Trustees received assistance and advice from and met separately with independent counsel. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s decision. This discussion of the information and factors considered by the Board (as well as the discussion above) is not intended to be exhaustive, but rather summarizes certain factors considered by the Board. In view of the wide variety of factors considered, the Board did not, unless otherwise noted, find it practicable to quantify or otherwise assign relative weights to the following factors. In addition, individual Trustees may have assigned different weights to various factors.
Nature, Extent and Quality of Services. The Board considered the nature, quality, and extent of services that NCRAM was expected to provide as a sub-advisor to the Funds. The Board took into account the investment process to be employed by NCRAM in connection with the sub-advisor’s responsibilities in conjunction with the Manager in managing the Funds, and the qualifications and experience of NCRAM’s team with regard to implementing the investment mandate of the Funds. The Board considered NCRAM’s personnel, operations, and its affiliation with the Manager, including that NCRAM was affiliated with the Manager. The Board also considered the Manager’s review and recommendation process with respect to NCRAM, and the Manager’s favorable assessment as to the nature, quality, and extent of the sub-advisory services expected to be provided by NCRAM to the Funds.
Investment Performance. In evaluating performance, the Board recognized that NCRAM had not yet managed the Funds. The Board then reviewed information on and considered NCRAM’s experience in managing other high income investment portfolios, noting that NCRAM had recently begun sub-advising several high-yield fixed income funds in the Nomura Funds complex. The Board also considered the Manager’s representation that the Manager would continue to provide oversight and monitor NCRAM’s services.
Profitability, Economies of Scale and Fall-Out Benefits. Information about NCRAM’s profitability from its relationship with the Funds was not available because it had not begun to provide services to the Funds. The Board was provided with pro forma profitability analyses of Nomura
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Other Series information (Unaudited)
Delaware VIP® Trust — Nomura VIP Investment Grade Series 
Statement Regarding Basis of Approval for Investment Advisory Contract (continued)
The Manager’s Recommendation and the Board’s Considerations Regarding the Sub-Advisory Agreement (continued)
Investment Management Business Trust, including the estimated sub-advisory fee that would be paid to NCRAM.   The Trustees also noted that economies of scale are shared with each Fund and its shareholders through reduced proportionate costs for shareholders and the Manager’s investment management fee breakpoints paid to the Manager so that as a Fund grows in size, its effective investment management fee rate declines. They also noted that the Manager had put in place a fee waiver for each Fund that was currently in effect, other than for the Nomura Asset Strategy Fund which does not have a fee waiver.
The Board was also provided with information on potential fall-out benefits derived or to be derived by NCRAM in connection with its relationship to the Funds, including confirmation that NCRAM does not enter into soft dollar arrangements involving the receipt of third party research, and, therefore, does not expect to use soft dollar arrangements in the management of the Funds. The Board considered that NCRAM had recently begun sub-advising certain high-yield funds within the Nomura Funds complex and that it expects to receive the opportunity for wider distribution in the US retail market, which helps NCRAM grow and diversify its client base.
Sub-advisory Fees. The Board considered the appropriateness of the sub-advisory fees in light of the nature, extent, and quality of the sub-advisory services to be provided by NCRAM. The Board noted that the sub-advisory fees are paid by the Manager to NCRAM and are not additional fees borne by the Funds, and that the management fee paid by the Funds to the Manager would stay the same at current asset levels and are subject to breakpoints at higher asset levels. The Board concluded that the proposed advisory fee rates under the Amended Sub-Advisory Agreement are reasonable in relation to the services provided and that execution of the Amended Sub-Advisory Agreement is in the best interests of the Funds’ shareholders.
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(5778512)
SA-VIPIG-0826

Delaware VIP® Trust
Nomura VIP Emerging Markets Series
(formerly, Macquarie VIP Emerging Markets Series)
Financial statements and other information
For the six months ended June 30, 2026

 

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This report and the financial statements contained herein are submitted for the general information of the shareholders of the Series. This report is not authorized for distribution to prospective investors in the Series unless preceded or accompanied by an effective prospectus.
Form N-PORT and proxy voting information
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 nomuraassetmanagement.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 nomuraassetmanagement.com/proxy; and (ii) on the SEC’s website at sec.gov.
Nomura Asset Management, unless otherwise stated, refers to the Nomura Asset Management International business. Nomura Asset Management is part of the Investment Management Division of the Nomura Group, providing integrated public and private market asset management services across equities, fixed income, private credit and multi-asset solutions to intermediary and institutional clients. Nomura Asset Management primarily operates through several distinct investment managers, which includes Nomura Investment Management Business Trust (NIMBT), a Securities and Exchange Commission (SEC) registered investment adviser. Investment advisory services are provided to the Nomura Funds by Delaware Management Company, a series of NIMBT. The Nomura Funds mutual funds are distributed by Delaware Distributors, L.P., a registered broker/dealer and member of the Financial Industry Regulatory Authority (FINRA) and an affiliate of NIMBT. The Nomura Funds exchange-traded funds are distributed by Foreside Financial Services, LLC. Foreside Financial Services, LLC is not affiliated with any Nomura entity, including Delaware Management Company and Delaware Distributors, L.P.

 

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Schedule of investments
Delaware VIP® Trust  —  Nomura VIP Emerging Markets Series
June 30, 2026 (Unaudited)
    Number of
shares 		Value (US $)
Common Stocks — 95.05%Δ
Argentina — 0.53%
Cablevision Holding GDR      262,838 $    1,577,716
Cresud ADR      231,511      2,595,238
Grupo Clarin GDR Class B 144A #       77,680        458,330
IRSA Inversiones y Representaciones ADR      194,351     3,000,779
      7,632,063
Bahrain — 0.08%
Aluminium Bahrain GDR
144A # 		      91,200     1,185,354
      1,185,354
Brazil — 1.68%
Axia Energia      238,457      2,511,458
Banco Bradesco ADR    1,394,871      4,840,202
Banco Santander Brasil ADR       93,728        492,072
Itau Unibanco Holding ADR      734,482      6,000,718
MBRF Global Foods ADR      396,087      1,374,422
Petroleo Brasileiro ADR      285,509      4,179,852
Rumo      217,473        564,504
Sitios Latinoamerica †      186,178         53,338
Telefonica Brasil ADR       99,212      1,305,630
TIM ADR       69,428      1,487,148
Vale ADR      105,027     1,579,606
     24,388,950
China — 3.45%
Alibaba Group Holding      739,100      8,860,665
Alibaba Group Holding ADR       63,676      6,111,623
Baidu ADR †       61,600      7,040,264
BeOne Medicines Class H †      167,800      3,657,339
DiDi Global ADR †       81,500        273,025
PDD Holdings ADR †       59,743      4,557,196
Sohu.com ADR †      324,704      3,935,412
Tencent Holdings      247,500     13,657,683
Tencent Music Entertainment Group ADR          159          1,328
Tianjin Development Holdings       35,950          9,594
Uni-President China Holdings    1,429,000      1,229,878
Weibo ADR       40,000        290,400
Weibo Class A       65,500       473,549
     50,097,956
India — 3.16%
Natco Pharma      185,519      1,827,124
Reliance Industries    1,456,212     19,948,090
Reliance Industries GDR
144A # 		     420,657     23,342,510
Sify Technologies ADR †       13,000        215,930
    Number of
shares 		Value (US $)
Common StocksΔ (continued)
India (continued)
Zee Entertainment Enterprises      450,000 $      493,112
     45,826,766
Indonesia — 0.33%
Astra International   11,254,400      2,845,072
Unilever Indonesia   20,000,000     2,021,504
      4,866,576
Malaysia — 0.05%
UEM Sunrise    4,748,132       690,417
        690,417
Mexico — 1.49%
America Movil ADR      110,349      2,867,971
Cemex ADR      421,537      5,058,444
Coca-Cola Femsa ADR       38,604      4,101,675
Fomento Economico Mexicano ADR       19,186      2,453,889
Grupo Financiero Banorte Class O      428,271      4,535,571
Grupo Televisa ADR      656,458      1,779,001
Ollamani SAB †      164,114       774,233
     21,570,784
Peru — 0.38%
Credicorp       14,177     5,523,076
      5,523,076
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 IPJSC GDR =, †       71,300             0
              0
South Africa — 0.00%
Tongaat Hulett =, †      182,915             0
              0
South Korea — 66.82%
Samsung C&T       60,000     18,577,481
Samsung Electronics      596,263    132,309,116
Samsung Life Insurance       53,526     14,094,616
Shinhan Financial Group       38,000      2,382,587
SK hynix **      156,831    276,741,244
SK Square **      461,684    522,100,206
SK Telecom ADR      115,265     3,706,922
    969,912,172
    1

 

Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Nomura VIP Emerging Markets Series 
    Number of
shares 		Value (US $)
Common StocksΔ (continued)
Taiwan — 16.49%
MediaTek      319,000 $   43,468,446
Taiwan Semiconductor Manufacturing    2,483,864   195,952,729
    239,421,175
Türkiye — 0.59%
Akbank    4,192,860      6,940,500
D-MARKET Elektronik Hizmetler ve Ticaret ADR †       15,200         44,232
Turkcell Iletisim Hizmetleri      677,165     1,563,171
      8,547,903
Total Common Stocks
(cost $277,725,514) 		1,379,663,192
 
Convertible Preferred Stock — 0.03%Δ
South Korea — 0.03%
CJ 2.23% ω        4,204       409,675
Total Convertible Preferred Stock
(cost $470,722) 		      409,675
 
Preferred Stocks — 4.98%Δ
Brazil — 0.04%
Axia Energia †, ω       56,923        587,940
Centrais Eletricas
Brasileiras †, ω 		          54           571
        588,511
Russia — 0.00%
Transneft PJSC =, †, ω      360,600             0
              0
South Korea — 4.94%
CJ 5.03% ω       28,030      1,219,877
Samsung Electronics 0.84% ω      499,750    70,475,919
     71,695,796
Total Preferred Stocks
(cost $9,802,056) 		   72,284,307
 
Participation Notes — 0.00%Δ
Lehman Indian Oil
CW 12 LEPO =, † 		     100,339              0
Lehman Oil & Natural Gas
CW 12 LEPO =, † 		     146,971             0
Total Participation Notes
(cost $4,952,197) 		            0
    
    Number ofshares Value (US $)
Short-Term Investments — 0.24%
Money Market Mutual Funds — 0.24%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.54%)      865,751 $      865,751
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.53%)      865,751        865,751
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.59%)      865,751        865,751
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.56%)      865,751       865,751
Total Short-Term Investments
(cost $3,463,004) 		    3,463,004
Total Value of Securities—100.30%
(cost $296,413,493) 		    1,455,820,178
Liabilities Net of Receivables and Other Assets — (0.30%)        (4,397,427)
Net Assets Applicable to 19,362,031 Shares Outstanding — 100.00%     $1,451,422,751
Δ Securities have been classified by country of risk.
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2026, the aggregate value of Rule 144A securities was $24,986,194, which represents 1.72% of the Series’ net assets. See Note 7 in “Notes to financial statements.”
† Non-income producing security.
= The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
** Because SK Square invests most of its assets in SK hynix, these two holdings are likely to perform similarly.
ω Perpetual security with no stated maturity date.
Summary of abbreviations: 
ADR – American Depositary Receipt
GDR – Global Depositary Receipt
IPJSC – International Public Joint Stock Company
 
2    

 

Table of Contents
Summary of abbreviations:  (continued)
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 — Nomura VIP Emerging Markets Series
June 30, 2026 (Unaudited)
Assets:  
Investments, at value* $1,455,820,178
Foreign currencies, at valueΔ 2,473,682
Dividends receivable 1,482,883
Receivable for series shares sold 59,263
Foreign tax reclaims receivable 6,390
Prepaid expenses 5,543
Other assets 4,951
Total Assets 1,459,852,890
Liabilities:  
Due to custodian 25,026
Payable for series shares redeemed 5,419,911
Accrued capital gains taxes on appreciated securities 1,357,961
Investment management fees payable to affiliates 1,294,616
Other accrued expenses 202,888
Distribution fees payable to affiliates 119,345
Dividend disbursing and transfer agent fees and expenses payable to affiliates 5,459
Accounting and administration expenses payable to affiliates 3,643
Legal fees payable to affiliates 1,290
Total Liabilities 8,430,139
Total Net Assets $1,451,422,751
 
Net Assets Consist of:  
Paid-in capital $196,449,269
Total distributable earnings (loss) 1,254,973,482
Total Net Assets $1,451,422,751
 
Net Asset Value  
 
Standard Class:  
Net assets $955,885,376
Shares of beneficial interest outstanding, unlimited authorization, no par 12,761,115
Net asset value per share $74.91
 
Service Class:  
Net assets $495,537,375
Shares of beneficial interest outstanding, unlimited authorization, no par 6,600,916
Net asset value per share $75.07
*Investments, at cost 		$296,413,493
ΔForeign currencies, at cost 2,479,473
See accompanying notes, which are an integral part of the financial statements.
    4

 

Table of Contents
Statement of operations
Delaware VIP® Trust  —  Nomura VIP Emerging Markets Series
Six months ended June 30, 2026 (Unaudited)
Investment Income:  
Dividends $6,440,106
Foreign tax withheld (945,881)
  5,494,225
 
Expenses:  
Management fees 6,471,419
Distribution expenses — Service Class 554,283
Accounting and administration expenses 75,266
Custodian fees 69,750
Audit and tax fees 34,889
Dividend disbursing, transfer agent and sub-transfer agent fees and expenses 33,144
Legal fees 28,964
Trustees’ fees 18,152
Reports and statements to shareholders expenses 16,315
Other 12,781
  7,314,963
Less expenses waived (596,495)
Less expenses paid indirectly (5)
Total operating expenses 6,718,463
Net Investment Income (Loss) (1,224,238)
 
Net Realized and Unrealized Gain (Loss):  
Net realized gain (loss) on:  
Investments1 232,591,503
Foreign currencies (1,453,308)
Net realized gain (loss) 231,138,195
Net change in unrealized appreciation (depreciation) on:  
Investments2 732,503,292
Foreign currencies 7,812
Net change in unrealized appreciation (depreciation) 732,511,104
Net Realized and Unrealized Gain (Loss) 963,649,299
Net Increase (Decrease) in Net Assets Resulting from Operations $962,425,061
1 Includes $(833,601) capital gains taxes paid.
2 Includes net change of $2,316,085 on 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 —  Nomura VIP Emerging Markets Series
  Six months
ended
6/30/26
(Unaudited) 		  Year ended
12/31/25
 
Increase (Decrease) in Net Assets from Operations:      
Net investment income (loss) $(1,224,238)   $4,471,581
Net realized gain (loss) 231,138,195   82,901,941
Net change in unrealized appreciation (depreciation) 732,511,104   338,545,285
Net increase (decrease) in net assets resulting from operations 962,425,061   425,918,807
 
Dividends and Distributions to Shareholders from:      
Distributable earnings:      
Standard Class (140,543,386)   (7,561,341)
Service Class (73,893,036)   (3,627,835)
  (214,436,422)   (11,189,176)
 
Capital Share Transactions (See Note 4):      
Proceeds from shares sold:      
Standard Class 36,900,295   18,482,115
Service Class 11,087,823   11,647,257
 
Net asset value of shares issued upon reinvestment of dividends and distributions:      
Standard Class 140,543,386   7,561,341
Service Class 73,893,036   3,627,835
  262,424,540   41,318,548
Cost of shares redeemed:      
Standard Class (241,045,389)   (123,119,621)
Service Class (140,471,725)   (107,564,362)
  (381,517,114)   (230,683,983)
Decrease in net assets derived from capital share transactions (119,092,574)   (189,365,435)
Net Increase in Net Assets 628,896,065   225,364,196
 
Net Assets:      
Beginning of period 822,526,686   597,162,490
End of period $1,451,422,751   $822,526,686
See accompanying notes, which are an integral part of the financial statements.
    6

 

Table of Contents
Financial highlights
Nomura VIP Emerging Markets Series Standard Class
Selected data for each share of the Series outstanding throughout each period were as follows:
    Six months ended
6/30/261
(Unaudited) 		  Year ended  
    12/31/25   12/31/24   12/31/23   12/31/22   12/31/21  
Net asset value, beginning of period   $40.00   $22.55   $22.05   $19.70   $28.37   $29.42
   
Income (loss) from investment operations:                        
Net investment income (loss)2   (0.03)   0.21   0.24   0.54   0.35   1.00
Net realized and unrealized gain (loss)   47.03   17.71   0.88   2.14   (8.06)   (1.81)
Total from investment operations   47.00   17.92   1.12   2.68   (7.71)   (0.81)
   
Less dividends and distributions from:                        
Net investment income   (8.20)   (0.42)   (0.62)   (0.33)   (0.96)   (0.10)
Net realized gain   (3.89)   (0.05)   —   —   —   (0.14)
Total dividends and distributions   (12.09)   (0.47)   (0.62)   (0.33)   (0.96)   (0.24)
   
Net asset value, end of period   $74.91   $40.00   $22.55   $22.05   $19.70   $28.37
   
Total return3   136.09%   81.26%   5.09%   13.79%   (27.58%)   (2.84%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $955,886   $530,411   $365,776   $351,600   $294,244   $377,296
Ratio of expenses to average net assets4   1.16%   1.17%   1.18%   1.18%   1.20%   1.25%
Ratio of expenses to average net assets prior to fees waived4   1.27%   1.31%   1.34%   1.30%   1.41%   1.34%
Ratio of net investment income (loss) to average net assets   (0.13%)   0.77%   1.02%   2.62%   1.59%   3.34%
Ratio of net investment income (loss) to average net assets prior to fees waived   (0.24%)   0.63%   0.86%   2.50%   1.38%   3.25%
Portfolio turnover   —%5   3%   11%   4%   2%   2%
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.
5 Amount is less than 0.50%.
See accompanying notes, which are an integral part of the financial statements.
    7

 

Table of Contents
Financial highlights
Nomura VIP Emerging Markets Series Service Class 
Selected data for each share of the Series outstanding throughout each period were as follows:
    Six months ended
6/30/261
(Unaudited) 		  Year ended  
    12/31/25   12/31/24   12/31/23   12/31/22   12/31/21  
Net asset value, beginning of period   $40.01   $22.51   $21.98   $19.63   $28.25   $29.31
   
Income (loss) from investment operations:                        
Net investment income (loss)2   (0.11)   0.13   0.17   0.48   0.28   0.90
Net realized and unrealized gain (loss)   47.09   17.74   0.88   2.13   (8.03)   (1.80)
Total from investment operations   46.98   17.87   1.05   2.61   (7.75)   (0.90)
   
Less dividends and distributions from:                        
Net investment income   (8.03)   (0.32)   (0.52)   (0.26)   (0.87)   (0.02)
Net realized gain   (3.89)   (0.05)   —   —   —   (0.14)
Total dividends and distributions   (11.92)   (0.37)   (0.52)   (0.26)   (0.87)   (0.16)
   
Net asset value, end of period   $75.07   $40.01   $22.51   $21.98   $19.63   $28.25
   
Total return3   135.70%   80.77%   4.77%   13.45%   (27.81%)   (3.13%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $495,537   $292,116   $231,386   $254,564   $252,936   $360,332
Ratio of expenses to average net assets4   1.46%   1.47%   1.48%   1.48%   1.50%   1.55%
Ratio of expenses to average net assets prior to fees waived4   1.57%   1.61%   1.64%   1.60%   1.71%   1.64%
Ratio of net investment income (loss) to average net assets   (0.43%)   0.47%   0.72%   2.32%   1.29%   3.04%
Ratio of net investment income (loss) to average net assets prior to fees waived   (0.54%)   0.33%   0.56%   2.20%   1.08%   2.95%
Portfolio turnover   —%5   3%   11%   4%   2%   2%
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.
5 Amount is less than 0.50%.
See accompanying notes, which are an integral part of the financial statements.
8    

 

Table of Contents
Notes to financial statements
Delaware VIP® Trust — Nomura VIP Emerging Markets Series  
June 30, 2026 (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 Nomura VIP Emerging Markets Series (formerly, Macquarie VIP Emerging Markets Series through November 30, 2025) (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 part of its duties as the Series' valuation designee (Valuation Designee) to perform the fair value determination relating to all applicable Series investments. DMC has established a pricing committee (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. 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, 2026, and for all open tax years (years ended December 31, 2022–December 31, 2025), 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 and tax penalties on unrecognized tax benefits in “Interest and tax penalties” on the “Statement of operations.” During the six months ended June 30, 2026, 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.
    9

 

Table of Contents
Notes to financial statements
Delaware VIP® Trust — Nomura 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 Nomura Funds (formerly, Macquarie 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. 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 such income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Series. Dividends and distributions, if any, are recorded on the ex-dividend date.
Segment Reporting — In November 2023, FASB issued Accounting Standards Update (ASU), ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for the reportable segment and the entity as a whole thereby enabling better understanding of how an entity’s segments impact overall performance. The Series’ Chief Executive Officer and Chief Financial Officer act as the Series’ chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that the Series has a single operating segment since the Series has a single investment strategy disclosed in the prospectus against which the CODM assesses performance. When assessing segment performance and making decisions about segment resources, the CODM relies on the Series’ portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the Series’ financial statements.
The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. For the six months ended June 30, 2026, the Series had no earnings credits under this arrangement.
The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing, transfer agent and sub-transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2026, the Series earned $5 under this arrangement.
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2. Investment Management, Administration Agreements, and Other Transactions with Affiliates
In accordance with the terms of its investment management agreement, the Series pays DMC, a series of Nomura Investment Management Business Trust (NIMBT) 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 1.16% of the Series’ average daily net assets from January 1, 2026 through April 29, 2027. 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 (but excluding acquired fund fees and expenses), the class level operating expense limitation as a percentage of average daily net assets from January 1, 2026 through April 29, 2027, 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
  1.16%   1.46%
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 Nomura 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 Nomura 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, 2026, the Series paid $22,152 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, transfer agent and sub-transfer agent fees and expenses.” For the six months ended June 30, 2026, the Series paid $33,255 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon 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, transfer agent and sub-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, 2026, the Series paid $8,310 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”
Trustees’ fees include expenses accrued by the Series for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.
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Notes to financial statements
Delaware VIP® Trust — Nomura VIP Emerging Markets Series   
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
In addition to the management fees and other expenses of the Series, the Series indirectly bears the investment management fees and other expenses of any Underlying Funds, including ETFs, in which it invests. The amount of these fees and expenses incurred indirectly by the Series will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.
3. Investments
For the six months ended June 30, 2026, the Series made purchases and sales of investment securities other than short-term investments and US government securities as follows:
   
Purchases $2,500,053
Sales 340,460,665
At June 30, 2026, 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, 2026, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:
   
Cost of investments $296,413,493
Aggregate unrealized appreciation of investments $1,275,838,021
Aggregate unrealized depreciation of investments (116,431,336)
Net unrealized appreciation of investments $1,159,406,685
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. Each of the Series’ investments are 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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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, 2026:
    Level 1   Level 2   Level 3 Total  
Securities                
Assets:                
Common Stocks                
Argentina   $5,596,017   $2,036,046   $— $7,632,063  
Bahrain   —   1,185,354   — 1,185,354  
Brazil   24,388,950   —   — 24,388,950  
China   23,439,126   26,658,830   — 50,097,956  
India   215,930   45,610,836   — 45,826,766  
Indonesia   2,845,072   2,021,504   — 4,866,576  
Malaysia   —   690,417   — 690,417  
Mexico   21,570,784   —   — 21,570,784  
Peru   5,523,076   —   — 5,523,076  
Russia   —   —   —1,2 —  
South Africa   —   —   —2 —  
South Korea   3,706,922   966,205,250   — 969,912,172  
Taiwan   —   239,421,175   — 239,421,175  
Türkiye   44,232   8,503,671   — 8,547,903  
Convertible Preferred Stock   —   409,675   — 409,675  
Participation Notes   —   —   —2 —  
Preferred Stocks   587,940   71,696,367   —2 72,284,307  
Short-Term Investments   3,463,004   —   — 3,463,004  
Total Value of Securities   $91,381,053   $1,364,439,125   $— $1,455,820,178  
 
1The value represents valuations of Russian securities for which management has determined include significant unobservable inputs as of June 30, 2026.
2The 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, 2026, 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.
As a result of utilizing international fair value pricing at June 30, 2026, a majority of the common stock in the portfolio was categorized as Level 2.
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 — Nomura VIP Emerging Markets Series   
4. Capital Shares
Transactions in capital shares were as follows:
   
  Six months
ended 		  Year ended
  6/30/26   12/31/25
Shares sold:
Standard Class 647,074   666,810
Service Class 207,231   400,860
 
Shares issued upon reinvestment of dividends and distributions:
Standard Class 3,028,952   346,533
Service Class 1,588,073   165,882
  5,471,330   1,580,085
Shares redeemed:
Standard Class (4,174,360)   (3,977,659)
Service Class (2,495,545)   (3,544,374)
  (6,669,905)   (7,522,033)
Net decrease (1,198,575)   (5,941,948)
5. Line of Credit
The Series, along with certain other funds in the Nomura 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 expired on October 27, 2025. This Agreement was extended to October 26, 2026.
The Series had no amounts outstanding as of June 30, 2026, or at any time during the period then ended.
6. Securities Lending
The Series, along with other funds in the Nomura Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (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, 2026, the Series had no securities out on loan.
7. Credit and Market Risks
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.
Investments in foreign securities (particularly those of issuers in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; the imposition of economic or trade sanctions; or inadequate or different regulatory and accounting standards. Securities of issuers in emerging markets may be subject to greater risks than securities of issuers in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments. In addition, there often is substantially less publicly available information about issuers and such information tends to be of a lesser quality. Economic markets and structures tend to be less mature and diverse and the securities markets may also be smaller, less liquid, and subject to greater price volatility. As a result of increasingly interconnected global economies and financial markets, armed conflict between countries or armed conflict in a geographic region has the potential to adversely impact the Series' investments. Such conflicts and other corresponding events could result in increased volatility, reduced liquidity, and overall uncertainty. The negative impacts may be particularly acute in certain sectors or in markets for certain securities and commodities. Such conflicts also may result in a negative impact on the Series' investments, even beyond any direct investment exposure a Series may have to issuers located in or with significant exposure to an impacted country or geographic region.
The Series invests a significant portion of its assets in the greater China region, which consists of Hong Kong, the People’s Republic of China and Taiwan, among other countries. As a result, the Series’ investments in the region are particularly susceptible to risks in that region. Adverse events in any one country within the region may impact the other countries in the region or Asia as a whole. As a result, adverse events in the region will generally have a greater effect on the Series than if the Series were more geographically diversified, which could result in greater volatility in the Series’ net asset value and losses. Markets in the greater China region can experience significant volatility due to social, economic, regulatory, and political uncertainties.
Some countries in which the Series may invest require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.
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Notes to financial statements
Delaware VIP® Trust — Nomura VIP Emerging Markets Series   
7. Credit and Market Risks (continued)
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. In addition, recent trade tensions and the imposition of tariffs may disrupt markets and lead to heightened market volatility.
The Series may invest in securities of issuers in a particular industry or sector (such as information technology) whose value may decline because of changing expectations for the performance of that industry or sector.
The Series may invest 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 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. Rule 144A securities have been identified on the “Schedule of investments.”
Performance for the current period and prior year reflects notable contributions from a select number of portfolio holdings that may operate in similar or related end markets where favorable industry dynamics have recently contributed to outperformance. In addition, SK Square Co., Ltd. invests most of its assets in SK hynix Inc., meaning that these two holdings are likely to perform similarly. Investors should note that these market conditions may not persist, and a decline in the value of any significant holding could have a material adverse effect on the Series' net asset value and performance. Accordingly, past performance is not indicative of future results.
The Series may invest in securities of foreign companies that may be classified under the Internal Revenue Code as passive foreign investment companies (PFICs). In general, a foreign company is classified as a PFIC if at least one-half of its assets constitute investment-type assets or 75% or more of its gross income is investment-type income. When investing in PFIC securities, the Series intends to mark-to-market these securities under certain provisions of the Internal Revenue Code and will recognize any unrealized gains as ordinary income at the end of the Series’ fiscal and excise tax years. These gains are treated as ordinary income that the Fund is required to distribute to shareholders, even though it has not sold or received dividends from these securities. In order to meet this distribution requirement, the Series may have to sell portfolio securities or borrow cash at inopportune times or prices, which could harm the value of the Series and its performance. Mark-to-market gains may be magnified by foreign currency fluctuations, potentially increasing the Series’ required distributions. In addition, income dividends from PFICs will fall outside of the definition of qualified foreign corporation dividends. These dividends generally will not qualify for the reduced rate of taxation on qualified dividends when distributed to shareholders by the Series. Foreign companies are not required to identify themselves as PFICs. Due to various complexities in identifying PFICs, the Series can give no assurances that it will be able to identify portfolio securities in foreign corporations that are PFICs in time for the Series to make a mark-to-market election. If the Series is unable to identify an investment as a PFIC and thus does not make a mark-to-market election, the Series may be subject to US federal income tax on a portion of any “excess distribution” or gain from the disposition of such shares even if such income is distributed as a taxable dividend by the Series to its shareholders. Additional charges in the nature of interest may be imposed on the Series in respect of deferred taxes arising from such distributions or gains. Such consequences could impact the value of your investment in the Series or the Series performance.
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, 2026, that would require recognition or disclosure in the Series’ financial statements.
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Other Series information (Unaudited)
Delaware VIP® Trust — Nomura VIP Emerging Markets Series
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers, and others is disclosed within the financial statements.
Statement Regarding Basis of Approval for Investment Advisory Contract
Not applicable.
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(5778512)
SA-VIPEM-0826

Delaware VIP® Trust
Nomura VIP Growth and Income Series
(formerly, Macquarie VIP Growth and Income Series)
Financial statements and other information
For the six months ended June 30, 2026

 

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This report and the financial statements contained herein are submitted for the general information of the shareholders of the Series. This report is not authorized for distribution to prospective investors in the Series unless preceded or accompanied by an effective prospectus.
Form N-PORT and proxy voting information
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 nomuraassetmanagement.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 nomuraassetmanagement.com/proxy; and (ii) on the SEC’s website at sec.gov.
Nomura Asset Management, unless otherwise stated, refers to the Nomura Asset Management International business. Nomura Asset Management is part of the Investment Management Division of the Nomura Group, providing integrated public and private market asset management services across equities, fixed income, private credit and multi-asset solutions to intermediary and institutional clients. Nomura Asset Management primarily operates through several distinct investment managers, which includes Nomura Investment Management Business Trust (NIMBT), a Securities and Exchange Commission (SEC) registered investment adviser. Investment advisory services are provided to the Nomura Funds by Delaware Management Company, a series of NIMBT. The Nomura Funds mutual funds are distributed by Delaware Distributors, L.P., a registered broker/dealer and member of the Financial Industry Regulatory Authority (FINRA) and an affiliate of NIMBT. The Nomura Funds exchange-traded funds are distributed by Foreside Financial Services, LLC. Foreside Financial Services, LLC is not affiliated with any Nomura entity, including Delaware Management Company and Delaware Distributors, L.P.

 

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Schedule of investments
Delaware VIP® Trust  —  Nomura VIP Growth and Income Series
June 30, 2026 (Unaudited)
    Number of
shares 		Value (US $)
Common Stocks — 96.05%♣
Communication Services — 6.38%
Alphabet Class A       26,183 $  9,357,019
AT&T      699,583   14,481,368
Comcast Class A      527,261   12,944,257
Verizon Communications      562,687  23,824,168
   60,606,812
Consumer Discretionary — 8.95%
Amazon.com †      79,740   19,005,232
Booking Holdings       64,197   11,442,473
BorgWarner      134,585    8,936,444
Dillard's Class A       15,098    7,978,085
Macy's      583,149   13,733,159
TJX      157,892  23,920,638
   85,016,031
Consumer Staples — 5.85%
Altria Group      263,289   18,943,644
Philip Morris International      184,759   33,424,751
Smithfield Foods      131,279   3,184,828
   55,553,223
Energy — 9.04%
Chevron      118,236   19,598,799
ConocoPhillips      115,671   12,025,157
Expand Energy       51,830    4,726,378
Exxon Mobil      252,550   34,528,636
HF Sinclair      189,795   13,219,222
Marathon Petroleum        7,182   1,836,222
   85,934,414
Financials — 22.28%
Bank of New York Mellon       18,262    2,640,868
Capital One Financial       37,675    7,558,359
Citigroup      261,876   36,652,165
CME Group       44,118    9,742,578
Evercore Class A       11,437    3,905,049
Invesco    1,031,627   27,224,637
Old Republic International      174,420    7,137,266
OneMain Holdings      276,888   16,881,861
PNC Financial Services Group       21,554    5,307,026
Popular      162,984   26,758,713
Rithm Capital      413,022    3,878,277
Synchrony Financial       47,902    3,642,947
TPG      219,418    8,897,400
Truist Financial      386,633   19,262,056
Wells Fargo & Co.      292,732   24,191,372
Western Union    1,038,393   7,995,626
  211,676,200
Healthcare — 16.66%
AbbVie       23,774    5,982,489
Bristol-Myers Squibb      469,440   27,049,133
Cardinal Health        8,331    1,979,112
    Number of
shares 		Value (US $)
Common Stocks♣ (continued)
Healthcare (continued)
CVS Health      325,561 $ 33,679,285
Gilead Sciences      239,596   30,270,559
McKesson       31,672   23,931,363
Merck & Co.      180,447   23,187,440
Pfizer      508,907  12,254,481
  158,333,862
Industrials — 8.45%
Comfort Systems USA       12,568   24,909,148
General Dynamics       27,879    9,875,857
Johnson Controls International       40,067    5,854,189
Lockheed Martin        9,446    4,812,359
ManpowerGroup      239,266    8,080,013
Trane Technologies       15,724    7,723,000
United Parcel Service Class B      177,350  19,065,125
   80,319,691
Information Technology — 15.82%
Accenture Class A       59,500    7,404,180
Apple      107,014   30,965,571
Cisco Systems      433,035   50,864,291
Lam Research       26,870   11,643,577
Micron Technology       10,334   11,928,433
Microsoft       38,167   14,237,054
Salesforce       10,802    1,692,241
Sandisk †       2,964    6,739,336
Western Digital       23,290  14,875,789
  150,350,472
Materials — 2.62%
AngloGold Ashanti       10,246      828,799
Newmont      257,505  24,050,967
   24,879,766
Total Common Stocks
(cost $712,632,649) 		912,670,471
 
Short-Term Investments — 3.96%
Money Market Mutual Funds — 3.96%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.54%)   9,394,214    9,394,214
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.53%)   9,394,214    9,394,214
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.59%)   9,394,214    9,394,214
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Table of Contents
Schedule of investments
Delaware VIP® Trust  —  Nomura 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 3.56%)   9,394,215 $  9,394,215
Total Short-Term Investments
(cost $37,576,857) 		 37,576,857
Total Value of Securities—100.01%
(cost $750,209,506) 		    950,247,328
Liabilities Net of Receivables and Other Assets—(0.01%)         (53,140)
Net Assets Applicable to 22,721,036 Shares Outstanding—100.00%     $950,194,188
♣ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
† Non-income producing security.
See accompanying notes, which are an integral part of the financial statements.
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Statement of assets and liabilities
Delaware VIP® Trust — Nomura VIP Growth and Income Series
June 30, 2026 (Unaudited)
Assets:  
Investments, at value* $950,247,328
Cash 16,510
Dividends receivable 1,033,918
Prepaid expenses 5,774
Other assets 4,339
Total Assets 951,307,869
Liabilities:  
Payable for series shares redeemed 516,253
Investment management fees payable to affiliates 500,965
Accounting and administration expenses payable to non-affiliates 54,070
Other accrued expenses 31,585
Dividend disbursing and transfer agent fees and expenses payable to affiliates 5,731
Accounting and administration expenses payable to affiliates 3,808
Legal fees payable to affiliates 1,269
Total Liabilities 1,113,681
Total Net Assets $950,194,188
 
Net Assets Consist of:  
Paid-in capital $534,196,303
Total distributable earnings (loss) 415,997,885
Total Net Assets $950,194,188
 
Net Asset Value  
 
Standard Class:  
Net assets $950,194,188
Shares of beneficial interest outstanding, unlimited authorization, no par 22,721,036
Net asset value per share $41.82
*Investments, at cost 		$750,209,506
See accompanying notes, which are an integral part of the financial statements.
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Statement of operations
Delaware VIP® Trust  —  Nomura VIP Growth and Income Series
Six months ended June 30, 2026 (Unaudited)
Investment Income:  
Dividends $13,450,209
Foreign tax withheld (48,844)
  13,401,365
 
Expenses:  
Management fees 2,953,118
Accounting and administration expenses 78,226
Dividend disbursing, transfer agent and sub-transfer agent fees and expenses 35,556
Legal fees 33,171
Audit and tax fees 25,421
Trustees’ fees 21,618
Reports and statements to shareholders expenses 8,040
Custodian fees 3,672
Other 12,028
  3,170,850
Less expenses paid indirectly (1)
Total operating expenses 3,170,849
Net Investment Income (Loss) 10,230,516
 
Net Realized and Unrealized Gain (Loss):  
Net realized gain (loss) on investments 208,173,380
Net change in unrealized appreciation (depreciation) on investments (45,521,564)
Net Realized and Unrealized Gain (Loss) 162,651,816
Net Increase (Decrease) in Net Assets Resulting from Operations $172,882,332
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 —  Nomura VIP Growth and Income Series
  Six months
ended
6/30/26
(Unaudited) 		  Year ended
12/31/25
 
Increase (Decrease) in Net Assets from Operations:      
Net investment income (loss) $10,230,516   $17,685,026
Net realized gain (loss) 208,173,380   62,713,744
Net change in unrealized appreciation (depreciation) (45,521,564)   141,355,016
Net increase (decrease) in net assets resulting from operations 172,882,332   221,753,786
 
Dividends and Distributions to Shareholders from:      
Distributable earnings:      
Standard Class (82,240,777)   (98,546,299)
 
Capital Share Transactions (See Note 4):      
Proceeds from shares sold:      
Standard Class 4,132,633   114,288,048
 
Net asset value of shares issued upon reinvestment of dividends and distributions:      
Standard Class 82,240,777   98,546,299
  86,373,410   212,834,347
Cost of shares redeemed:      
Standard Class (132,561,433)   (149,890,151)
Increase (decrease) in net assets derived from capital share transactions (46,188,023)   62,944,196
Net Increase in Net Assets 44,453,532   186,151,683
 
Net Assets:      
Beginning of period 905,740,656   719,588,973
End of period $950,194,188   $905,740,656
See accompanying notes, which are an integral part of the financial statements.
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Financial highlights
Nomura 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
6/30/261
(Unaudited) 		  Year ended  
    12/31/25   12/31/24   12/31/23   12/31/22   12/31/21  
Net asset value, beginning of period   $38.20   $34.61   $32.06   $30.89   $33.80   $28.17
   
Income from investment operations:                        
Net investment income2   0.44   0.74   0.84   0.80   0.79   0.70
Net realized and unrealized gain   6.82   7.77   4.01   2.61   0.30   5.49
Total from investment operations   7.26   8.51   4.85   3.41   1.09   6.19
   
Less dividends and distributions from:                        
Net investment income   (0.80)   (0.80)   (0.81)   (0.82)   (0.75)   (0.56)
Net realized gain   (2.84)   (4.12)   (1.49)   (1.42)   (3.25)   —
Total dividends and distributions   (3.64)   (4.92)   (2.30)   (2.24)   (4.00)   (0.56)
   
Net asset value, end of period   $41.82   $38.20   $34.61   $32.06   $30.89   $33.80
   
Total return3   19.90%   29.23%   15.71%   12.11%4   3.53%   22.20%
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $950,194   $905,741   $719,589   $594,849   $484,007   $516,250
Ratio of expenses to average net assets5   0.67%   0.68%   0.68%   0.72%   0.71%   0.70%
Ratio of expenses to average net assets prior to fees waived5   0.67%   0.68%   0.68%   0.75%   0.71%   0.70%
Ratio of net investment income to average net assets   2.17%   2.17%   2.50%   2.71%   2.58%   2.22%
Ratio of net investment income to average net assets prior to fees waived   2.17%   2.17%   2.50%   2.68%   2.58%   2.22%
Portfolio turnover   26%   42%   45%   31%   22%   49%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.
4 Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
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 — Nomura VIP Growth and Income Series  
June 30, 2026 (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 Nomura VIP Growth and Income Series (formerly, Macquarie VIP Growth and Income Series through November 30, 2025) (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 part of its duties as the Series' valuation designee (Valuation Designee) to perform the fair value determination relating to all applicable Series investments. DMC has established a pricing committee (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. 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, 2026, and for all open tax years (years ended December 31, 2022–December 31, 2025), and has concluded that no provision for federal income tax is required in the Series’ financial statements. If applicable, the Series recognizes interest and tax penalties on unrecognized tax benefits in “Interest and tax penalties” on the “Statement of operations.” During the six months ended June 30, 2026, 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.
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Table of Contents
Notes to financial statements
Delaware VIP® Trust — Nomura VIP Growth and Income Series   
1. Significant Accounting Policies (continued)
Other — Expenses directly attributable to the Series are charged directly to the Series. Other expenses common to various funds within the Nomura Funds (formerly, Macquarie 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. 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. 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 such income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Series. Dividends and distributions, if any, are recorded on the ex-dividend date.
Segment Reporting — In November 2023, FASB issued Accounting Standards Update (ASU), ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for the reportable segment and the entity as a whole thereby enabling better understanding of how an entity’s segments impact overall performance. The Series’ Chief Executive Officer and Chief Financial Officer act as the Series’ chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that the Series has a single operating segment since the Series has a single investment strategy disclosed in the prospectus against which the CODM assesses performance. When assessing segment performance and making decisions about segment resources, the CODM relies on the Series’ portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the Series’ financial statements.
The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. For the six months ended June 30, 2026, the Series had no earnings credits under this arrangement.
The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing, transfer agent and sub-transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2026, the Series earned $1 under this arrangement.
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates
In accordance with the terms of its investment management agreement, the Series pays DMC, a series of Nomura Investment Management Business Trust (NIMBT) 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 0.70% of the Series’ average daily net assets for the Standard Class from January 1, 2026 through April 29, 2027. 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.
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Table of Contents
DMC entered into a Sub-Advisory Agreement on behalf of the Series with Macquarie Investment Management Global Limited (MIMGL). MIMGL is primarily responsible for the day-to-day management of the Series’  portfolio. Pursuant to the terms of the relevant sub-advisory agreement, an investment sub-advisory fee is paid by DMC.
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 Nomura 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 Nomura 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, 2026, the Series paid $22,869 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, transfer agent and sub-transfer agent fees and expenses.” For the six months ended June 30, 2026, the Series paid $34,437 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon 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, transfer agent and sub-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, 2026, the Series paid $7,629 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, 2026, the Series made purchases and sales of investment securities other than short-term investments and US government securities as follows:
   
Purchases $248,251,864
Sales 399,941,517
At June 30, 2026, 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, 2026, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:
   
Cost of investments $750,209,506
Aggregate unrealized appreciation of investments $232,286,729
Aggregate unrealized depreciation of investments (32,248,907)
Net unrealized appreciation of investments $200,037,822
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Table of Contents
Notes to financial statements
Delaware VIP® Trust — Nomura VIP Growth and Income Series   
3. Investments (continued)
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. Each of the Series' investments are 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, 2026:
  Level 1
Securities  
Assets:  
Common Stocks $912,670,471
Short-Term Investments 37,576,857
Total Value of Securities $950,247,328
During the six months ended June 30, 2026, 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, 2026, there were no Level 3 investments.
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Table of Contents
4. Capital Shares
Transactions in capital shares were as follows:
   
  Six months
ended 		  Year ended
  6/30/26   12/31/25
Shares sold:
Standard Class 100,431   3,840,461
 
Shares issued upon reinvestment of dividends and distributions:
Standard Class 2,151,210   3,419,372
  2,251,641   7,259,833
Shares redeemed:
Standard Class (3,238,133)   (4,344,812)
Net increase (decrease) (986,492)   2,915,021
5. Line of Credit
The Series, along with certain other funds in the Nomura 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 expired on October 27, 2025. This Agreement was extended to October 26, 2026.
The Series had no amounts outstanding as of June 30, 2026, or at any time during the period then ended.
6. Securities Lending
The Series, along with other funds in the Nomura Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (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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Table of Contents
Notes to financial statements
Delaware VIP® Trust — Nomura VIP Growth and Income 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, 2026, the Series had no securities out on loan.
7. Credit and Market Risks
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, 2026. 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, 2026, 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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Table of Contents
9. Subsequent Events
Management has determined that no material events or transactions occurred subsequent to June 30, 2026, that would require recognition or disclosure in the Series’ financial statements.
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Table of Contents
Other Series information (Unaudited)
Delaware VIP® Trust — Nomura VIP Growth and Income Series
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers, and others is disclosed within the financial statements.
Statement Regarding Basis of Approval for Investment Advisory Contract
Not applicable.
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(5778512)
SA-VIPGI-0826

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.

 

   

This information is included as part of materials filed under Item 7 of this form.

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

 

   

This information is included as part of materials filed under Item 7 of this form.

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)(4)   

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)(5)   

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

 

/s/SHAWN K. LYTLE     
By:   Shawn K. Lytle
Title:   President and Principal Executive Officer
Date:  

August 31, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

/s/SHAWN K. LYTLE     
By:   Shawn K. Lytle
Title:   President and Principal Executive Officer
Date:  

August 31, 2026

/s/RICHARD SALUS     
By:   Richard Salus
Title:   Principal Financial Officer
Date:   

August 31, 2026

 

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906 CERTIFICATION

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