NPORT-EX 2 AFL40DEL093021.htm
Schedule of investments
Delaware VIP® Trust  —  Delaware VIP Opportunity Series
September 30, 2021 (Unaudited)
    Number of
shares 		Value (US $)
Common Stock — 98.99%
Basic Materials — 7.59%
Balchem      2,303 $   334,096
Boise Cascade      9,789     528,410
Huntsman     39,949  1,182,091
Kaiser Aluminum      8,626     939,889
Minerals Technologies     13,560     947,030
Neenah      9,863     459,715
Reliance Steel & Aluminum      8,079  1,150,611
Westrock     12,029     599,405
Worthington Industries     14,623    770,632
   6,911,879
Business Services — 4.18%
ABM Industries     12,073     543,406
Aramark     23,693     778,552
ASGN †     8,385     948,679
Casella Waste Systems Class A †     4,831     366,866
US Ecology †     8,435     272,872
WillScot Mobile Mini Holdings †    28,130    892,284
   3,802,659
Capital Goods — 11.85%
Ameresco Class A †     6,675     390,020
Barnes Group      5,088     212,322
BWX Technologies     10,123     545,225
Carlisle      2,009     399,369
Columbus McKinnon      3,178     153,656
ESCO Technologies      4,016     309,232
Federal Signal      9,037     349,009
Gates Industrial †    19,411     315,817
Generac Holdings †       942     384,967
Graco      7,531     526,944
Jacobs Engineering Group      6,777     898,156
Kadant      1,954     398,812
KBR     12,363     487,102
Lincoln Electric Holdings      4,651     599,002
MasTec †     6,013     518,802
Oshkosh      6,472     662,539
Quanta Services     12,427  1,414,441
Tetra Tech      3,082     460,266
WESCO International †     3,471     400,276
Woodward      2,997     339,260
Zurn Water Solutions     15,906  1,022,597
  10,787,814
Consumer Discretionary — 5.99%
American Eagle Outfitters     29,965     773,097
BJ's Wholesale Club Holdings †     8,422     462,536
Dick's Sporting Goods      9,851  1,179,854
Five Below †     5,609     991,727
Malibu Boats Class A †    12,680     887,347
Sonic Automotive Class A      3,468     182,209
    Number of
shares 		Value (US $)
Common Stock (continued)
Consumer Discretionary (continued)
Steven Madden     24,354 $   978,057
   5,454,827
Consumer Services — 3.50%
Allegiant Travel †     3,592     702,164
Brinker International †    10,045     492,707
Chuy's Holdings †     8,664     273,176
Jack in the Box      5,999     583,883
Texas Roadhouse      6,248     570,630
Wendy's     25,918    561,902
   3,184,462
Consumer Staples — 2.98%
Casey's General Stores      4,961     934,900
Helen of Troy †     1,887     423,971
J & J Snack Foods      5,108     780,605
YETI Holdings †     6,666    571,210
   2,710,686
Credit Cyclicals — 2.58%
BorgWarner     14,627     632,033
KB Home      9,508     370,051
La-Z-Boy      9,660     311,342
Taylor Morrison Home †    13,390     345,194
Toll Brothers     12,494    690,793
   2,349,413
Energy — 3.13%
Diamondback Energy     23,224  2,198,616
Patterson-UTI Energy      7,199      64,791
PDC Energy     12,300    582,897
   2,846,304
Financial Services — 15.02%
Axis Capital Holdings     13,476     620,435
Comerica      9,020     726,110
East West Bancorp     15,822  1,226,838
Essent Group     15,959     702,356
First Horizon     34,581     563,324
Hamilton Lane Class A      4,040     342,673
Independent Bank Group      6,994     496,854
Kemper      8,759     585,014
NMI Holdings Class A †    19,341     437,300
Primerica      4,947     760,008
Reinsurance Group of America      5,586     621,498
Selective Insurance Group      8,155     615,947
SouthState      8,710     650,376
Sterling Bancorp     26,998     673,870
Stifel Financial     14,195     964,692
Umpqua Holdings     40,359     817,270
Valley National Bancorp     46,727     621,936
Webster Financial     16,864     918,413
Western Alliance Bancorp      7,284     792,645
NQ-FL4 [9/21] 11/21 (1918253)    1
Schedule of investments
Delaware VIP® Trust  —  Delaware VIP Opportunity Series 
    Number of
shares 		Value (US $)
Common Stock (continued)
Financial Services (continued)
WSFS Financial     10,484 $   537,934
  13,675,493
Healthcare — 14.95%
Agios Pharmaceuticals †    10,004     461,685
Amicus Therapeutics †    41,075     392,266
Biohaven Pharmaceutical Holding †     4,793     665,796
Bio-Techne      2,093  1,014,205
Blueprint Medicines †     8,446     868,333
Catalent †     9,052  1,204,550
Encompass Health     10,592     794,824
Exact Sciences †     2,726     260,197
Halozyme Therapeutics †    16,078     654,053
ICON †     3,355     879,077
Insmed †    14,944     411,558
Inspire Medical Systems †     2,579     600,597
Ligand Pharmaceuticals †     5,540     771,833
Natera †     7,365     820,755
NeoGenomics †     9,018     435,028
Neurocrine Biosciences †     7,979     765,266
Quidel †     3,214     453,656
Repligen †     3,697  1,068,396
Supernus Pharmaceuticals †    14,593     389,195
Ultragenyx Pharmaceutical †     7,832    706,368
  13,617,638
Media — 1.30%
Cinemark Holdings †    18,864     362,377
Interpublic Group of Companies     22,388    820,968
   1,183,345
Real Estate Investment Trusts — 6.51%
American Assets Trust      6,772     253,408
Brixmor Property Group     29,730     657,330
Camden Property Trust      6,159     908,268
Cousins Properties     19,616     731,481
DiamondRock Hospitality †    31,298     295,766
First Industrial Realty Trust     11,279     587,410
Kite Realty Group Trust     19,604     399,138
Lexington Realty Trust     35,094     447,449
Life Storage      6,161     706,913
Pebblebrook Hotel Trust     19,108     428,210
Physicians Realty Trust     29,271    515,755
   5,931,128
Technology — 15.28%
Blackline †     2,505     295,740
Box Class A †     9,978     236,179
Brooks Automation      6,365     651,458
Bumble Class A †        74       3,699
Chegg †     6,395     434,988
    Number of
shares 		Value (US $)
Common Stock (continued)
Technology (continued)
ExlService Holdings †    10,074 $ 1,240,311
Guidewire Software †     3,981     473,221
Ichor Holdings †     4,577     188,069
II-VI †    11,624     690,001
J2 Global †     6,243     852,919
LendingTree †     2,316     323,846
MACOM Technology Solutions Holdings †     9,469     614,254
MaxLinear †    16,292     802,381
Medallia †    13,693     463,782
NETGEAR †     9,046     288,658
ON Semiconductor †    10,093     461,957
Paycom Software †       513     254,320
PTC †     8,866  1,062,058
Rapid7 †     6,502     734,856
Semtech †     7,879     614,326
Silicon Laboratories †     1,759     246,541
Sprout Social Class A †     3,073     374,752
SS&C Technologies Holdings      5,655     392,457
Tyler Technologies †       403     184,836
Upwork †     4,142     186,514
Varonis Systems †     6,080     369,968
WNS Holdings ADR †    11,928     975,710
Yelp †    13,368    497,824
  13,915,625
Transportation — 1.79%
Knight-Swift Transportation Holdings     21,977  1,124,123
Werner Enterprises     11,495    508,884
   1,633,007
Utilities — 2.34%
Black Hills      7,872     494,047
NorthWestern      9,468     542,516
South Jersey Industries     23,518     499,993
Spire      9,652    590,509
   2,127,065
Total Common Stock
(cost $67,239,938) 		90,131,345
 
Short-Term Investments — 1.25%
Money Market Mutual Funds — 1.25%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.03%)   285,415     285,415
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%)   285,417     285,417
 
2    NQ-FL4 [9/21] 11/21 (1918253)
    Number of
shares 		Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.03%)   285,417 $   285,417
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.03%)   285,416    285,416
Total Short-Term Investments
(cost $1,141,665) 		 1,141,665
Total Value of Securities—100.24%
(cost $68,381,603) 		    91,273,010
Liabilities Net of Receivables and Other Assets—(0.24%)       (219,620)
Net Assets Applicable to 4,698,957 Shares Outstanding—100.00%     $91,053,390
† Non-income producing security.
Summary of abbreviations: 
ADR – American Depositary Receipt
GS – Goldman Sachs
NQ-FL4 [9/21] 11/21 (1918253)    3