NPORT-EX 2 AIV0980DEL033122.htm
Schedule of investments
Delaware Ivy VIP Balanced
March 31, 2022 (Unaudited)
    Principal
amount° 		Value (US $)
Agency Collateralized Mortgage Obligations — 0.48%
Fannie Mae REMIC      
Series 2016-36 VB 3.50% 6/25/29     363,566 $     366,053
Series 2016-71 NB 3.00% 10/25/46     477,809       470,013
Freddie Mac REMIC
Series 4616 HW 3.00% 6/15/45 		    348,745       342,905
Vendee Mortgage Trust
Series 1997-1 3A 8.293% 12/15/26 		     14,433       15,458
Total Agency Collateralized Mortgage Obligations
(cost $1,256,397) 		   1,194,429
 
Agency Mortgage-Backed Securities — 5.67%
Fannie Mae S.F. 15 yr
2.50% 8/1/35 		    213,743       211,565
Fannie Mae S.F. 20 yr
2.00% 5/1/41 		    253,498       237,918
Fannie Mae S.F. 30 yr      
2.00% 1/1/51     545,316       507,946
2.00% 3/1/51     585,660       545,243
2.00% 4/1/51     253,670       236,071
2.50% 7/1/51     252,332       241,076
2.50% 10/1/51     198,931       190,058
2.50% 12/1/51     553,111       529,197
2.50% 1/1/52     851,064       813,102
3.00% 2/1/52     825,045       807,991
3.50% 12/1/47      70,595        71,206
3.50% 1/1/48      80,654        81,420
3.50% 8/1/51     537,650       539,134
3.50% 1/1/52     658,468       663,121
3.50% 4/1/52     448,000       450,890
4.50% 11/1/43     242,432       258,568
4.50% 10/1/44      86,569        92,069
5.50% 5/1/33      10,830        11,750
5.50% 5/1/33       5,053         5,529
5.50% 6/1/33      18,886        20,684
6.50% 10/1/28      35,422        38,075
6.50% 2/1/29      13,870        14,766
6.50% 2/1/32      91,556       100,212
7.00% 7/1/31      23,134        25,645
7.00% 9/1/31      21,796        24,047
7.00% 9/1/31      16,989        18,002
7.00% 2/1/32      20,189        21,402
7.00% 2/1/32      25,748        28,383
7.00% 3/1/32      19,749        21,972
7.00% 7/1/32      44,221        47,854
    Principal
amount° 		Value (US $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr      
7.50% 4/1/31      12,293 $      13,052
Freddie Mac S.F. 15 yr
2.00% 12/1/35 		    304,615       296,171
Freddie Mac S.F. 20 yr      
2.00% 3/1/41     933,751       876,262
2.50% 2/1/42     383,229       370,474
Freddie Mac S.F. 30 yr      
2.00% 1/1/52   1,098,782     1,021,137
2.50% 7/1/50     435,724       418,048
2.50% 1/1/52   1,101,743     1,053,473
3.00% 8/1/51      40,235        39,479
3.00% 12/1/51   1,107,023     1,084,143
3.00% 2/1/52   1,100,679     1,077,892
3.50% 10/1/51     884,348       891,847
GNMA II S.F. 30 yr
3.00% 12/20/51 		    190,940      189,022
Total Agency Mortgage-Backed Securities
(cost $14,836,302) 		  14,185,896
 
Corporate Bonds — 12.20%
Banking — 1.55%
Bank of America      
2.482% 9/21/36 μ     400,000       344,536
2.551% 2/4/28 μ      35,000        33,476
2.972% 2/4/33 μ      15,000        14,071
4.375% 1/27/27 μ, ψ      45,000        42,404
Citigroup      
3.057% 1/25/33 μ      50,000        46,770
3.07% 2/24/28 μ      40,000        39,003
6.25% 8/15/26 μ, ψ     648,000       678,262
Goldman Sachs Group      
1.542% 9/10/27 μ      25,000        22,883
3.102% 2/24/33 μ     375,000       353,869
3.615% 3/15/28 μ      65,000        64,990
JPMorgan Chase & Co.      
2.963% 1/25/33 μ      60,000        56,627
3.769% ((LIBOR03M + 3.47%)) 7/30/22 ψ, •     194,000       194,001
4.287% ((LIBOR03M + 3.32%)) 7/1/22 *, ψ, •     750,000       750,000
5.00% 8/1/24 μ, ψ     337,000       336,090
Morgan Stanley      
2.475% 1/21/28 μ      25,000        23,870
2.484% 9/16/36 μ     120,000       103,082
National Securities Clearing 144A 1.50% 4/23/25 #     350,000       335,393
State Street 2.203% 2/7/28 *, μ      50,000        47,969
US Bancorp      
2.215% 1/27/28 μ      45,000        43,035
2.677% 1/27/33 μ      45,000        42,831
NQ-IV098 [3/22] 5/22 (2218517)    1
Schedule of investments
Delaware Ivy VIP Balanced (Unaudited)
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Banking (continued)
Wells Fargo & Co.      
2.572% 2/11/31 μ     290,000 $     269,777
3.526% 3/24/28 μ      35,000       34,958
     3,877,897
Basic Industry — 0.01%
Newmont 2.60% 7/15/32       25,000       23,032
        23,032
Capital Goods — 0.64%
Boeing      
3.25% 2/1/28       25,000        24,131
3.75% 2/1/50      265,000       236,793
General Dynamics 2.85% 6/1/41      240,000       218,769
Raytheon Technologies      
2.25% 7/1/30 *     300,000       278,269
3.125% 7/1/50      175,000       157,820
Republic Services      
1.45% 2/15/31      490,000       416,855
2.30% 3/1/30       72,000        66,430
Standard Industries 144A 4.375% 7/15/30 #     219,000      200,867
     1,599,934
Communications — 1.71%
AT&T      
3.10% 2/1/43       45,000        38,964
3.50% 9/15/53      500,000       440,632
Bell Canada 4.30% 7/29/49      120,000       126,966
Charter Communications Operating 3.85% 4/1/61      305,000       246,167
Comcast      
3.45% 2/1/50      675,000       634,369
4.25% 10/15/30      450,000       480,718
Expedia Group 144A 6.25% 5/1/25 #     159,000       170,118
Rogers Communications      
144A 3.80% 3/15/32 #      35,000        34,773
144A 4.55% 3/15/52 #      35,000        34,897
Sprint 7.875% 9/15/23      315,000       335,080
Thomson Reuters 3.35% 5/15/26      425,000       426,977
T-Mobile USA 3.875% 4/15/30      290,000       291,526
Verizon Communications      
3.875% 3/1/52 *      50,000        50,393
4.50% 8/10/33      500,000       537,788
Walt Disney 2.75% 9/1/49      500,000      427,400
     4,276,768
Consumer Cyclical — 1.12%
Aptiv 3.25% 3/1/32 *      15,000        14,236
AutoNation      
2.40% 8/1/31      300,000       261,684
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
AutoNation      
3.85% 3/1/32       35,000 $      33,931
Carnival 144A 4.00% 8/1/28 #     105,000        97,787
General Motors Financial      
3.10% 1/12/32 *      15,000        13,500
3.45% 4/10/22 ψ     250,000       250,087
3.70% 5/9/23      150,000       151,571
Home Depot 3.35% 4/15/50      700,000       662,485
Lowe's 4.25% 4/1/52       40,000        41,437
Magallanes      
144A 3.755% 3/15/27 #     115,000       114,982
144A 4.054% 3/15/29 #      15,000        15,092
144A 4.279% 3/15/32 #      15,000        15,085
144A 5.141% 3/15/52 #      65,000        66,656
MGM Resorts International 4.75% 10/15/28 *     209,000       202,503
NIKE 3.25% 3/27/40      120,000       117,107
NVR 3.00% 5/15/30      400,000       373,901
PVH 4.625% 7/10/25      350,000      357,443
     2,789,487
Consumer Non-Cyclical — 1.71%
Amgen 3.375% 2/21/50      350,000       316,874
Anheuser-Busch InBev Worldwide 4.70% 2/1/36      150,000       161,284
Bristol-Myers Squibb 3.70% 3/15/52       25,000        25,200
Coca-Cola 2.25% 1/5/32      600,000       560,387
CVS Health 5.05% 3/25/48      180,000       204,383
Dentsply Sirona 3.25% 6/1/30      365,000       352,257
HCA 144A 3.125% 3/15/27 #      25,000        24,467
Hormel Foods 3.05% 6/3/51      535,000       482,814
JBS USA LUX 144A 3.00% 2/2/29 #      80,000        74,162
Johnson & Johnson 3.40% 1/15/38    1,000,000     1,021,864
Merck & Co. 2.45% 6/24/50      250,000       208,507
Nestle Holdings 144A 4.00% 9/24/48 #     380,000       409,265
PayPal Holdings 2.30% 6/1/30 *     230,000       214,408
UnitedHealth Group 3.05% 5/15/41      250,000      233,419
     4,289,291
Energy — 0.42%
BP Capital Markets America 2.721% 1/12/32       80,000        75,385
Cheniere Energy Partners 144A 3.25% 1/31/32 #     120,000       109,307
ConocoPhillips 3.80% 3/15/52       85,000        86,700
Continental Resources 4.375% 1/15/28      240,000       243,677
 
2    NQ-IV098 [3/22] 5/22 (2218517)
(Unaudited)
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Energy (continued)
Diamondback Energy 4.25% 3/15/52       15,000 $      14,863
EQT 6.625% 2/1/25      500,000      528,750
     1,058,682
Finance Companies — 0.16%
AerCap Ireland Capital DAC 6.50% 7/15/25 *     250,000       264,951
Air Lease 2.875% 1/15/32 *     160,000      143,447
       408,398
Financials — 0.77%
Apollo Management Holdings 144A 2.65% 6/5/30 #     425,000       397,400
Blackstone Holdings Finance 144A 2.00% 1/30/32 #     325,000       283,646
Intercontinental Exchange 2.10% 6/15/30      260,000       238,121
KKR Group Finance VIII 144A 3.50% 8/25/50 #     350,000       306,662
LSEGA Financing 144A 2.50% 4/6/31 #     350,000       324,282
Owl Rock Capital 4.25% 1/15/26      375,000      365,944
     1,916,055
Information Technology — 0.16%
Visa 2.70% 4/15/40      440,000      401,018
       401,018
Insurance — 0.42%
Aon 2.80% 5/15/30      525,000       500,770
Brown & Brown 4.95% 3/17/52       50,000        53,537
Northwestern Mutual Life Insurance 144A 3.85% 9/30/47 #     500,000      490,076
     1,044,383
Real Estate Investment Trusts — 0.41%
American Homes 4 Rent 3.625% 4/15/32       35,000        34,131
EPR Properties 4.95% 4/15/28      265,000       265,458
Extra Space Storage 2.35% 3/15/32      600,000       527,610
Iron Mountain 144A 5.25% 7/15/30 #      54,000        52,994
Iron Mountain Information Management Services 144A 5.00% 7/15/32 #     165,000      154,934
     1,035,127
Technology — 1.75%
Apple      
2.65% 5/11/50      175,000       152,900
2.95% 9/11/49      500,000       460,291
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Technology (continued)
Autodesk      
2.40% 12/15/31       60,000 $      53,601
2.85% 1/15/30      500,000       471,539
Broadcom 144A 3.419% 4/15/33 #     300,000       280,548
CDW 3.276% 12/1/28       35,000        33,032
Fortinet 2.20% 3/15/31      350,000       309,477
Infor 144A 1.75% 7/15/25 #     125,000       117,668
Intel 3.25% 11/15/49      300,000       277,959
Microsoft 3.45% 8/8/36      365,000       380,470
Nuance Communications 5.625% 12/15/26      500,000       514,065
Salesforce      
2.70% 7/15/41 *     175,000       155,492
2.90% 7/15/51      255,000       227,208
ServiceNow 1.40% 9/1/30      435,000       370,202
TSMC Global 144A 1.75% 4/23/28 #, *     600,000       546,628
Workday      
3.50% 4/1/27       10,000        10,004
3.70% 4/1/29       15,000        15,047
3.80% 4/1/32       15,000       14,990
     4,391,121
Transportation — 0.16%
Kansas City Southern 2.875% 11/15/29      350,000       336,844
Union Pacific      
2.80% 2/14/32 *      35,000        33,647
3.375% 2/14/42       10,000         9,686
3.50% 2/14/53       15,000       14,720
       394,897
Utilities — 1.21%
Alabama Power 3.125% 7/15/51      375,000       327,669
American Water Capital 3.75% 9/1/47      375,000       367,576
Commonwealth Edison 2.20% 3/1/30      350,000       323,847
Duke Energy 3.15% 8/15/27      500,000       495,418
Duke Energy Indiana 3.75% 5/15/46      120,000       118,217
Duke Energy Ohio 4.30% 2/1/49      115,000       121,860
Entergy      
2.80% 6/15/30      235,000       220,598
3.75% 6/15/50      125,000       117,728
Eversource Energy 2.90% 3/1/27       50,000        49,079
Florida Power & Light 3.15% 10/1/49      425,000       398,006
NextEra Energy Capital Holdings 3.00% 1/15/52       65,000        55,654
 
NQ-IV098 [3/22] 5/22 (2218517)    3
Schedule of investments
Delaware Ivy VIP Balanced (Unaudited)
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Utilities (continued)
Oncor Electric Delivery 2.75% 5/15/30      450,000 $     429,418
     3,025,070
Total Corporate Bonds
(cost $32,782,278) 		  30,531,160
 
Non-Agency Commercial Mortgage-Backed Securities — 2.73%
BANK      
Series 2021-BN32 A5 2.643% 4/15/54     730,000       689,932
Series 2021-BN36 A5 2.47% 9/15/64     860,000       804,063
Series 2022-BNK39 A4 2.928% 2/15/55     862,000       831,620
Series 2022-BNK39 B 3.239% 2/15/55 •      30,000        28,407
Series 2022-BNK39 C 3.27% 2/15/55 •      45,000        41,928
Series 2022-BNK40 A4 3.507% 3/15/64 •     850,000       855,880
Series 2022-BNK40 B 3.507% 3/15/64 •     100,000        97,437
Benchmark Mortgage Trust      
Series 2022-B32 A5 3.002% 1/15/55 •   1,000,000       970,873
Series 2022-B32 B 3.202% 1/15/55 •     100,000        92,901
Series 2022-B32 C 3.455% 1/15/55 •     125,000       116,140
Series 2022-B33 A5 3.458% 3/15/55     900,000       908,566
Series 2022-B33 B 3.736% 3/15/55 •      50,000        48,898
Series 2022-B33 C 3.736% 3/15/55 •      50,000        47,260
BMO Mortgage Trust
Series 2022-C1 A5 3.374% 2/15/55 		    500,000       497,149
Wells Fargo Commercial Mortgage Trust
Series 2021-C61 A4 2.658% 11/15/54 		    865,000      807,831
Total Non-Agency Commercial Mortgage-Backed Securities
(cost $7,205,388) 		   6,838,885
 
US Treasury Obligations — 9.80%
US Treasury Bonds      
1.75% 8/15/41   1,565,000     1,357,393
1.875% 11/15/51 *     540,000       473,850
    Principal
amount° 		Value (US $)
US Treasury Obligations (continued)
US Treasury Notes      
0.125% 12/15/23   4,205,000 $   4,057,414
0.375% 4/15/24   4,885,000     4,693,226
1.125% 2/28/25     640,000       615,350
1.50% 11/30/24   1,700,000     1,656,371
1.50% 1/31/27 *   1,460,000     1,395,441
1.625% 6/30/24 *   1,400,000     1,380,039
2.875% 5/31/25   8,795,000    8,886,729
Total US Treasury Obligations
(cost $25,762,180) 		  24,515,813
    Number of
shares 		 
Common Stocks — 63.83%
Banking — 0.80%
Morgan Stanley      22,841    1,996,304
     1,996,304
Capital Goods — 3.34%
Airbus ADR †     101,749    3,074,855
Caterpillar      10,247    2,283,237
Deere       7,205    2,993,389
     8,351,481
Communications — 7.20%
Alphabet Class A †, Ω       1,640    4,561,414
Alphabet Class C †, Ω       1,138    3,178,423
Amazon.com †         931    3,035,013
Booking Holdings †       1,233    2,895,639
VeriSign †      19,494    4,336,635
    18,007,124
Consumer Cyclical — 4.84%
Aptiv †      24,933    2,984,729
AutoZone †       1,388    2,837,877
Costco Wholesale       9,486    5,462,513
NIKE Class B       6,192      833,196
    12,118,315
Consumer Non-Cyclical — 12.92%
Danaher      16,776    4,920,904
Eli Lilly & Co.      16,765    4,800,993
Sysco      47,763    3,899,849
TransUnion      20,810    2,150,505
United Rentals †      13,065    4,640,819
UnitedHealth Group      16,851    8,593,504
Zoetis      17,681    3,334,460
    32,341,034
Energy — 1.16%
ConocoPhillips      29,139    2,913,900
     2,913,900
 
4    NQ-IV098 [3/22] 5/22 (2218517)
(Unaudited)
    Number of
shares 		Value (US $)
Common Stocks (continued)
Financials — 13.48%
American Express      16,508 $   3,086,996
Aon Class A       6,940     2,259,872
Artisan Partners Asset Management Class A      52,581     2,069,062
Blackstone      25,174     3,195,588
Charles Schwab      43,877     3,699,270
CME Group      21,754     5,174,407
Intercontinental Exchange      27,011     3,568,693
KKR & Co.      54,009     3,157,906
Mastercard Class A      12,403     4,432,584
Progressive      27,202    3,100,756
    33,745,134
Information Technology — 1.67%
TE Connectivity      31,856    4,172,499
     4,172,499
Materials — 2.01%
Linde      10,981     3,507,661
Sherwin-Williams       6,096    1,521,683
     5,029,344
Technology — 12.83%
Apple      43,349     7,569,169
Applied Materials         829       109,262
Fiserv †      30,632     3,106,085
Microchip Technology      33,727     2,534,247
Microsoft      47,594    14,673,706
Taiwan Semiconductor Manufacturing ADR      19,107     1,992,096
Take-Two Interactive Software †      13,892    2,135,756
    32,120,321
Transportation — 1.70%
Union Pacific      15,565    4,252,514
     4,252,514
Utilities — 1.88%
NextEra Energy      55,585    4,708,605
     4,708,605
Total Common Stocks
(cost $146,360,343) 		 159,756,575
 
Exchange-Traded Fund — 0.92%
iShares Core S&P 500 ETF       5,100    2,313,819
Total Exchange-Traded Fund
(cost $2,402,237) 		   2,313,819
    Number of
shares 		Value (US $)
Short-Term Investments — 2.68%
Money Market Mutual Fund — 2.68%
State Street Institutional US Government Money Market Fund – Premier Class (seven-day effective yield 0.17%)   6,712,611 $   6,712,611
Total Short-Term Investments
(cost $6,712,611) 		   6,712,611
Total Value of Securities Before
Securities Lending Collateral—98.31%
(cost $237,317,736) 		 246,049,188
 
Securities Lending Collateral — 0.08%
Money Market Mutual Fund — 0.08%
Dreyfus Institutional Preference Government Money Market Fund - Institutional Shares (seven-day effective yield 0.30%)     186,000      186,000
Total Securities Lending Collateral
(cost $186,000) 		     186,000
Total Value of Securities—98.39%
(cost $237,503,736) 		    246,235,188■
Obligation to Return
Securities Lending
Collateral — (0.07%) 		        (186,000)
Receivables and Other Assets Net of Liabilities — 1.69%        4,220,699
Net Assets Applicable to 28,353,422 Shares Outstanding—100.00%      $250,269,887
° 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 March 31, 2022. Rate will reset at a future date.
ψ Perpetual security. Maturity date represents next call date.
• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
* Fully or partially on loan.
 
NQ-IV098 [3/22] 5/22 (2218517)    5
Schedule of investments
Delaware Ivy VIP Balanced (Unaudited)
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2022, the aggregate value of Rule 144A securities was $4,657,689, which represents 1.86% of the Fund's net assets.
† Non-income producing security.
Ω Principal only security. A principal only security is the principal only portion of a fixed income security which is separated and sold individually from the interest portion of the security.
■ Includes $7,182,173 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $7,165,404.
Summary of abbreviations: 
ADR – American Depositary Receipt
DAC – Designated Activity Company
Summary of abbreviations:  (continued)
ETF – Exchange-Traded Fund
GNMA – Government National Mortgage Association
ICE – Intercontinental Exchange, Inc.
LIBOR – London Interbank Offered Rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
REMIC – Real Estate Mortgage Investment Conduit
S&P – Standard & Poor’s Financial Services LLC
S.F. – Single Family
USD – US Dollar
yr – Year
 
6    NQ-IV098 [3/22] 5/22 (2218517)