NPORT-EX 2 AFLA0DelVIPFdforIncSer.htm
Schedule of investments
Delaware VIP® Trust  —  Delaware VIP Fund for Income Series
March 31, 2021 (Unaudited)
    Principal amount° Value (US $)
Corporate Bonds — 85.41%
Banking — 2.72%
Barclays 6.125% 12/15/25 μ, ψ   465,000 $508,361
Deutsche Bank 6.00% 10/30/25 μ, ψ   800,000 814,000
Popular 6.125% 9/14/23    555,000 601,423
SVB Financial Group 4.10% 2/15/31 μ, ψ   715,000 717,235
  2,641,019
Basic Industry — 9.07%
Allegheny Technologies      
5.875% 12/1/27    180,000 186,638
7.875% 8/15/23    475,000 516,470
Arcosa 144A 4.375% 4/15/29 #   205,000 205,000
Avient 144A 5.75% 5/15/25 #   457,000 486,134
Blue Cube Spinco 10.00% 10/15/25    65,000 68,656
Chemours 144A 5.75% 11/15/28 #   485,000 511,573
First Quantum Minerals      
144A 6.875% 10/15/27 #   440,000 472,450
144A 7.25% 4/1/23 #   300,000 305,708
144A 7.50% 4/1/25 #   520,000 537,550
Freeport-McMoRan 5.45% 3/15/43    578,000 696,409
Hudbay Minerals 144A 6.125% 4/1/29 #   215,000 230,050
INEOS Quattro
Finance 2 144A 3.375% 1/15/26 # 		  490,000 490,612
M/I Homes 4.95% 2/1/28    613,000 635,987
Mattamy Group 144A 5.25% 12/15/27 #   405,000 424,997
New Gold 144A 7.50% 7/15/27 #   455,000 472,665
Novelis      
144A 4.75% 1/30/30 #   130,000 134,235
144A 5.875% 9/30/26 #   95,000 99,275
Olin 5.00% 2/1/30    240,000 251,952
PowerTeam Services 144A 9.033% 12/4/25 #   860,000 950,300
    Principal amount° Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
United States Steel 6.875% 3/1/29    315,000 $322,481
Vedanta Resources Finance II 144A 8.95% 3/11/25 #   225,000 215,300
Venator Finance 144A 5.75% 7/15/25 #   335,000 325,788
VM Consolidated 144A 5.50% 4/15/29 #   270,000 277,001
  8,817,231
Capital Goods — 5.05%
ARD Finance PIK 144A 6.50% 6/30/27 #, >   425,000 446,781
Bombardier      
144A 7.50% 12/1/24 #   275,000 275,172
144A 7.875% 4/15/27 #   240,000 235,733
Granite US Holdings 144A 11.00% 10/1/27 #   435,000 491,550
Reynolds Group Issuer 144A 4.00% 10/15/27 #   475,000 466,094
Spirit AeroSystems 144A 5.50% 1/15/25 #   475,000 502,906
Terex      
144A 5.00% 5/15/29 #   545,000 564,865
144A 5.625% 2/1/25 #   265,000 272,455
Titan Acquisition 144A 7.75% 4/15/26 #   180,000 187,416
TransDigm 144A 6.25% 3/15/26 #   706,000 749,387
Vertical Holdco 144A 7.625% 7/15/28 #   435,000 468,549
Welbilt 9.50% 2/15/24    238,000 245,586
  4,906,494
Communications — 7.34%
Altice Financing 144A 5.00% 1/15/28 #   320,000 316,400
Altice France Holding 144A 6.00% 2/15/28 #   705,000 695,937
Cincinnati Bell 144A 7.00% 7/15/24 #   300,000 310,125
Connect Finco 144A 6.75% 10/1/26 #   590,000 629,111
 
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Schedule of investments
Delaware VIP® Trust  —  Delaware VIP Fund for Income Series 
    Principal amount° Value (US $)
Corporate Bonds (continued)
Communications (continued)
Consolidated
Communications 		     
144A 5.00% 10/1/28 #   220,000 $222,266
144A 6.50% 10/1/28 #   220,000 237,959
Frontier Communications      
144A 5.875% 10/15/27 #   265,000 281,397
144A 6.75% 5/1/29 #   205,000 216,598
LCPR Senior Secured Financing DAC 144A 6.75% 10/15/27 #   310,000 330,894
Level 3 Financing 144A 4.25% 7/1/28 #   535,000 541,586
Sable International Finance 144A 5.75% 9/7/27 #   320,000 338,200
Sprint      
7.625% 3/1/26    450,000 551,797
7.875% 9/15/23    625,000 715,156
Sprint Capital 8.75% 3/15/32    175,000 258,956
T-Mobile USA      
2.625% 4/15/26    260,000 265,375
3.375% 4/15/29    260,000 262,438
3.50% 4/15/31    150,000 151,313
Zayo Group Holdings 144A 6.125% 3/1/28 #   785,000 806,956
  7,132,464
Consumer Cyclical — 11.75%
Allison Transmission 144A 5.875% 6/1/29 #   410,000 448,823
Boyd Gaming 4.75% 12/1/27    505,000 515,658
Caesars Entertainment      
144A 6.25% 7/1/25 #   290,000 309,508
144A 8.125% 7/1/27 #   245,000 270,492
Carnival      
144A 5.75% 3/1/27 #   245,000 251,738
144A 7.625% 3/1/26 #   1,225,000 1,317,549
    Principal amount° Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
Ford Motor      
8.50% 4/21/23    350,000 $390,687
9.00% 4/22/25    110,000 133,364
Ford Motor Credit      
3.37% 11/17/23    265,000 271,956
3.375% 11/13/25    260,000 264,745
4.542% 8/1/26    270,000 286,051
5.584% 3/18/24    470,000 507,901
General Motors Financial 5.70% 9/30/30 μ, ψ   170,000 184,025
Jaguar Land Rover
Automotive 		     
144A 4.50% 10/1/27 #   200,000 190,299
144A 5.875% 1/15/28 #   255,000 259,303
L Brands      
6.875% 11/1/35    295,000 352,021
6.95% 3/1/33    330,000 368,775
144A 9.375% 7/1/25 #   200,000 249,250
Levi Strauss & Co. 144A 3.50% 3/1/31 #   517,000 499,551
MGM Growth Properties Operating Partnership 144A 3.875% 2/15/29 #   385,000 384,230
MGM Resorts International 4.75% 10/15/28    445,000 460,462
Murphy Oil USA 144A 3.75% 2/15/31 #   450,000 443,160
New Red Finance 144A 3.50% 2/15/29 #   305,000 297,184
PetSmart 144A 7.75% 2/15/29 #   540,000 585,198
Rent-A-Center 144A 6.375% 2/15/29 #   450,000 478,125
Royal Caribbean Cruises 144A 5.50% 4/1/28 #   535,000 538,344
Scientific Games
International 		     
144A 7.25% 11/15/29 #   230,000 249,939
144A 8.25% 3/15/26 #   460,000 494,134
Six Flags Entertainment 144A 4.875% 7/31/24 #   295,000 298,319
 
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    Principal amount° Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
Station Casinos 144A 5.00% 10/1/25 #   123,000 $124,768
  11,425,559
Consumer Non-Cyclical — 4.04%
Chobani 144A 4.625% 11/15/28 #   305,000 311,862
Energizer Holdings 144A 4.375% 3/31/29 #   380,000 381,900
JBS USA LUX 144A 5.50% 1/15/30 #   625,000 692,969
Kraft Heinz Foods      
5.00% 7/15/35    240,000 276,652
5.20% 7/15/45    400,000 463,619
Pilgrim's Pride 144A 5.875% 9/30/27 #   495,000 531,110
Post Holdings      
144A 5.50% 12/15/29 #   250,000 268,019
144A 5.75% 3/1/27 #   400,000 421,454
United Natural Foods 144A 6.75% 10/15/28 #   540,000 577,800
  3,925,385
Energy — 13.06%
Apache      
4.75% 4/15/43    301,000 279,629
4.875% 11/15/27    230,000 236,095
Ascent Resources Utica Holdings 144A 7.00% 11/1/26 #   480,000 480,600
CNX Resources      
144A 6.00% 1/15/29 #   485,000 504,912
144A 7.25% 3/14/27 #   225,000 241,956
Crestwood Midstream
Partners 		     
5.75% 4/1/25    220,000 221,764
144A 6.00% 2/1/29 #   384,000 378,960
DCP Midstream Operating 5.125% 5/15/29    685,000 729,621
EQM Midstream Partners      
144A 4.75% 1/15/31 #   290,000 281,662
144A 6.50% 7/1/27 #   195,000 212,290
    Principal amount° Value (US $)
Corporate Bonds (continued)
Energy (continued)
Genesis Energy      
5.625% 6/15/24    100,000 $97,938
7.75% 2/1/28    375,000 375,581
8.00% 1/15/27    775,000 786,156
Murphy Oil      
5.875% 12/1/27    391,000 383,548
6.375% 7/15/28    815,000 817,119
NuStar Logistics      
5.625% 4/28/27    350,000 366,789
6.00% 6/1/26    267,000 288,307
6.375% 10/1/30    530,000 574,056
Occidental Petroleum      
3.00% 2/15/27    270,000 254,563
3.40% 4/15/26    255,000 247,924
3.50% 8/15/29    260,000 244,283
6.125% 1/1/31    490,000 541,977
6.45% 9/15/36    225,000 248,684
6.625% 9/1/30    340,000 382,602
PDC Energy      
5.75% 5/15/26    588,000 610,638
6.125% 9/15/24    185,000 190,180
Southwestern Energy      
7.50% 4/1/26    100,000 105,952
7.75% 10/1/27    455,000 487,134
Targa Resources Partners      
144A 4.00% 1/15/32 #   360,000 339,037
6.50% 7/15/27    535,000 582,711
TechnipFMC 144A 6.50% 2/1/26 #   885,000 926,637
Western Midstream Operating 4.75% 8/15/28    265,000 277,587
  12,696,892
Financial Services — 2.76%
AerCap Holdings 5.875% 10/10/79 μ   600,000 618,180
Air Lease 4.65% 6/15/26 μ, ψ   450,000 445,500
Ally Financial 8.00% 11/1/31    330,000 460,116
Credit Suisse Group 144A 4.50% 9/3/30 #, μ, ψ   470,000 441,800
UBS Group 144A 4.375% 2/10/31 #, μ, ψ   730,000 721,970
  2,687,566
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Schedule of investments
Delaware VIP® Trust  —  Delaware VIP Fund for Income Series 
    Principal amount° Value (US $)
Corporate Bonds (continued)
Healthcare — 6.48%
Bausch Health 144A 6.25% 2/15/29 #   685,000 $729,114
Cheplapharm Arzneimittel 144A 5.50% 1/15/28 #   425,000 442,008
CHS      
144A 4.75% 2/15/31 #   225,000 220,084
144A 8.00% 3/15/26 #   240,000 259,752
DaVita 144A 4.625% 6/1/30 #   405,000 413,145
Encompass Health 4.75% 2/1/30    330,000 340,029
Hadrian Merger Sub 144A 8.50% 5/1/26 #   504,000 524,694
HCA      
3.50% 9/1/30    170,000 171,636
5.375% 2/1/25    155,000 173,135
5.875% 2/15/26    125,000 143,437
5.875% 2/1/29    255,000 297,510
Jaguar Holding II      
144A 4.625% 6/15/25 #   240,000 250,783
144A 5.00% 6/15/28 #   435,000 453,596
Ortho-Clinical
Diagnostics 		     
144A 7.25% 2/1/28 #   229,000 251,336
144A 7.375% 6/1/25 #   294,000 316,631
Surgery Center Holdings 144A 10.00% 4/15/27 #   245,000 270,572
Tenet Healthcare      
144A 6.125% 10/1/28 #   265,000 276,925
6.75% 6/15/23    255,000 276,649
6.875% 11/15/31    443,000 494,029
  6,305,065
Insurance — 1.53%
GTCR AP Finance 144A 8.00% 5/15/27 #   156,000 167,895
HUB International 144A 7.00% 5/1/26 #   461,000 479,170
USI 144A 6.875% 5/1/25 #   821,000 837,925
  1,484,990
    Principal amount° Value (US $)
Corporate Bonds (continued)
Media — 6.05%
AMC Networks 4.25% 2/15/29    375,000 $365,156
Beasley Mezzanine Holdings 144A 8.625% 2/1/26 #   475,000 478,563
CCO Holdings      
144A 4.50% 8/15/30 #   875,000 892,898
144A 4.50% 5/1/32 #   120,000 121,650
144A 5.375% 6/1/29 #   365,000 391,879
Clear Channel Outdoor Holdings 144A 7.75% 4/15/28 #   230,000 227,901
Clear Channel Worldwide Holdings 9.25% 2/15/24    250,000 260,544
CSC Holdings 144A 4.625% 12/1/30 #   900,000 886,500
Cumulus Media New Holdings 144A 6.75% 7/1/26 #   484,000 493,905
Gray Television      
144A 4.75% 10/15/30 #   275,000 273,109
144A 7.00% 5/15/27 #   210,000 228,638
Netflix 4.875% 4/15/28    190,000 215,247
Nexstar Broadcasting 144A 4.75% 11/1/28 #   345,000 349,281
Terrier Media Buyer 144A 8.875% 12/15/27 #   645,000 695,262
  5,880,533
Real Estate — 0.10%
Global Net Lease 144A 3.75% 12/15/27 #   105,000 102,466
  102,466
Services — 5.55%
BCPE Ulysses Intermediate 144A PIK 7.75% 4/1/27 #, «   270,000 280,631
Gartner 144A 4.50% 7/1/28 #   395,000 407,838
 
4    NQ-FLA [3/21] 5/21 (1643639)
    Principal amount° Value (US $)
Corporate Bonds (continued)
Services (continued)
Iron Mountain      
144A 5.25% 3/15/28 #   460,000 $478,687
144A 5.25% 7/15/30 #   260,000 268,593
LBM Acquisition 144A 6.25% 1/15/29 #   180,000 185,625
Legends Hospitality Holding 144A 5.00% 2/1/26 #   290,000 295,438
Prime Security Services
Borrower 		     
144A 5.75% 4/15/26 #   530,000 574,149
144A 6.25% 1/15/28 #   650,000 677,560
Sabre GLBL      
144A 7.375% 9/1/25 #   340,000 371,552
144A 9.25% 4/15/25 #   290,000 346,188
Tms International Holding 144A 7.25% 8/15/25 #   310,000 316,975
United Rentals North America 5.25% 1/15/30    430,000 467,485
White Cap Buyer 144A 6.875% 10/15/28 #   680,000 723,224
  5,393,945
Technology — 4.86%
Austin BidCo 144A 7.125% 12/15/28 #   180,000 183,488
Banff Merger Sub 144A 9.75% 9/1/26 #   530,000 565,192
Black Knight InfoServ 144A 3.625% 9/1/28 #   410,000 403,383
BY Crown Parent 144A 4.25% 1/31/26 #   420,000 436,666
Camelot Finance 144A 4.50% 11/1/26 #   445,000 460,929
CommScope Technologies 144A 5.00% 3/15/27 #   430,000 426,777
Go Daddy Operating 144A 3.50% 3/1/29 #   475,000 467,578
Microchip Technology 144A 4.25% 9/1/25 #   465,000 485,907
    Principal amount° Value (US $)
Corporate Bonds (continued)
Technology (continued)
Sensata Technologies 144A 4.00% 4/15/29 #   575,000 $586,445
SS&C Technologies 144A 5.50% 9/30/27 #   665,000 709,089
  4,725,454
Transportation — 3.51%
Delta Air Lines 7.375% 1/15/26    1,145,000 1,340,196
Mileage Plus Holdings 144A 6.50% 6/20/27 #   310,000 340,225
Spirit Loyalty Cayman 144A 8.00% 9/20/25 #   215,000 243,469
Stena International 144A 6.125% 2/1/25 #   200,000 202,724
United Airlines Holdings 4.875% 1/15/25    650,000 663,328
VistaJet Malta Finance 144A 10.50% 6/1/24 #   575,000 628,188
  3,418,130
Utilities — 1.54%
Calpine      
144A 4.625% 2/1/29 #   85,000 82,942
144A 5.00% 2/1/31 #   510,000 498,525
Edison International 5.375% 3/15/26 μ, ψ   440,000 447,172
PG&E 5.25% 7/1/30    440,000 466,950
  1,495,589
Total Corporate Bonds
(cost $80,145,783) 		83,038,782
 
Loan Agreements — 10.25%
Applied Systems 2nd Lien 6.25% (LIBOR03M + 5.50%) 9/19/25 •   1,470,000 1,481,025
Apro 5.00% (LIBOR03M + 4.00%) 11/14/26 •   483,646 483,948
Blue Ribbon 1st Lien 5.137% (LIBOR03M + 3.00%) 11/15/21 •   116,000 113,789
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Schedule of investments
Delaware VIP® Trust  —  Delaware VIP Fund for Income Series 
    Principal amount° Value (US $)
Loan Agreements (continued)
BW Gas & Convenience Holdings 6.37% (LIBOR01M + 6.25%) 11/18/24 •   479,917 $484,866
Calpine 2.62% (LIBOR01M + 2.50%) 12/2/27 •   643 641
Epicor Software 2nd Lien 8.75% (LIBOR01M + 7.75%) 7/31/28 •   368,200 381,701
Frontier Communications 5.75% (LIBOR01M + 4.75%) 10/8/21 •   195,000 195,609
Global Medical Response 5.75% (LIBOR03M + 4.75%) 10/2/25 •   733,162 731,902
Green Energy Partners Tranche B-1 6.50% (LIBOR03M + 5.50%) 11/13/21 •   186,202 175,495
Green Energy Partners Tranche B-2 6.50% (LIBOR03M + 5.50%) 11/13/21 •   65,622 61,849
Hamilton Projects Acquiror 5.75% (LIBOR03M + 4.75%) 6/17/27 •   496,250 498,483
Informatica 2nd Lien 7.125% 2/25/25    535,000 548,152
Milano Acquisition Tranche B TBD 10/1/27 X   527,000 525,683
Peraton Tranche B 1st Lien 4.50% (LIBOR03M + 3.75%) 2/1/28 •   175,731 175,804
Schweitzer-Mauduit International Tranche B TBD 1/27/28 X   243,000 242,393
Solenis International 2nd Lien 8.69% (LIBOR03M + 8.50%) 6/26/26 •   768,588 771,470
Surgery Center Holdings 4.86% (LIBOR01M + 3.25%) 9/2/24 •   493,417 489,716
Syncsort 1st Lien TBD 3/19/29 X   210,000 211,050
Ultimate Software Group 2nd Lien 7.50% (LIBOR03M + 6.75%) 5/3/27 •   914,000 940,277
    Principal amount° Value (US $)
Loan Agreements (continued)
Vantage Specialty Chemicals 1st lien TBD 10/28/24 X   345,000 $326,169
Vantage Specialty Chemicals 2nd Lien 9.25% (LIBOR03M + 8.25%) 10/27/25 •   169,000 158,464
Verscend Holding Tranche B 4.614% (LIBOR01M + 4.50%) 8/27/25 •   367,347 368,790
Verscend Holding Tranche B TBD 8/27/25 X   605,000 605,000
Total Loan Agreements
(cost $9,863,155) 		9,972,276
    Number of shares  
Short-Term Investments — 5.13%
Money Market Mutual Funds — 5.13%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.01%)   1,245,991 1,245,991
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%)   1,245,991 1,245,991
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.03%)   1,245,992 1,245,992
 
6    NQ-FLA [3/21] 5/21 (1643639)
    Number of shares Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.00%)   1,245,991 $1,245,991
Total Short-Term Investments
(cost $4,983,965) 		4,983,965
Total Value of Securities—100.79%
(cost $94,992,903) 		    97,995,023
Liabilities Net of Receivables and Other Assets—(0.79%)     (767,767)
Net Assets Applicable to 15,012,396 Shares Outstanding—100.00%     $97,227,256
° 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, 2021. 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 March 31, 2021, the aggregate value of Rule 144A securities was $53,815,496, which represents 55.35% of the Series' net assets.
> PIK. 100% of the income received was in the form of cash.
« PIK. The first payment of cash and/or principal will be made after October 1, 2021.
• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2021. 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.
X This loan will settle after March 31, 2021, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.
Unfunded Loan Commitments
The Fund may invest in floating rate loans. In connection with these investments, the Fund may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the Fund to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Fund earns a commitment fee, typically set as a percentage of the commitment amount. The following unfunded loan commitment were outstanding at March 31, 2021:
Borrower   Principal
Amount 		  Commitment   Value   Unrealized
Appreciation
(Depreciation)
Peraton TBD 2/24/28   $309,269   $307,723   $309,398   $1,675
Summary of abbreviations: 
DAC – Designated Activity Company
GS – Goldman Sachs
ICE – Intercontinental Exchange, Inc.
LIBOR – London interbank offered rate
LIBOR01M – ICE LIBOR USD 1 Month
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
PIK – Payment-in-kind
TBD – To be determined
USD – US Dollar
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