NPORT-EX 2 AFLA0DEL093021.htm
Schedule of investments
Delaware VIP® Trust  —  Delaware VIP Fund for Income Series
September 30, 2021 (Unaudited)
    Principal
amount° 		Value (US $)
Corporate Bonds — 87.99%
Banking — 2.84%
Barclays 6.125% 12/15/25 μ, ψ     465,000 $   515,280
Deutsche Bank 6.00% 10/30/25 μ, ψ     800,000     846,000
Popular 6.125% 9/14/23      555,000     596,625
SVB Financial Group 4.10% 2/15/31 μ, ψ     715,000    738,452
   2,696,357
Basic Industry — 9.12%
Allegheny Technologies      
4.875% 10/1/29      105,000     105,525
5.125% 10/1/31      105,000     105,957
5.875% 12/1/27      105,000     111,169
Artera Services 144A 9.033% 12/4/25 #     860,000    934,175
Chemours      
144A 4.625% 11/15/29 #     250,000     244,450
144A 5.75% 11/15/28 #     485,000     508,498
Eldorado Gold 144A 6.25% 9/1/29 #     460,000    456,525
First Quantum Minerals      
144A 6.875% 10/15/27 #     440,000     465,890
144A 7.25% 4/1/23 #     300,000     305,625
144A 7.50% 4/1/25 #     520,000     534,082
Freeport-McMoRan 5.45% 3/15/43      578,000    712,385
Hudbay Minerals 144A 6.125% 4/1/29 #     215,000     225,492
INEOS Quattro Finance 2 144A 3.375% 1/15/26 #     490,000     495,512
LSF11 A5 HoldCo 144A 6.625% 10/15/29 #     230,000     230,000
M/I Homes 4.95% 2/1/28      613,000     642,117
New Gold 144A 7.50% 7/15/27 #     455,000     468,896
NOVA Chemicals 144A 4.25% 5/15/29 #     490,000     490,612
Novelis      
144A 3.25% 11/15/26 #      95,000      96,471
144A 3.875% 8/15/31 #      95,000      94,079
144A 4.75% 1/30/30 #     130,000     137,013
Sylvamo 144A 7.00% 9/1/29 #     275,000    281,729
Vedanta Resources Finance II 144A 8.95% 3/11/25 #     225,000     225,000
Venator Finance 144A 5.75% 7/15/25 #     335,000     317,074
WR Grace Holdings 144A 5.625% 8/15/29 #     460,000    474,955
   8,663,231
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Capital Goods — 4.22%
ARD Finance 144A PIK 6.50% 6/30/27 #, >     425,000 $   452,030
Bombardier 144A 7.50% 12/1/24 #     275,000     286,344
Granite US Holdings 144A 11.00% 10/1/27 #     225,000     246,659
Intertape Polymer Group 144A 4.375% 6/15/29 #     520,000     529,287
Madison IAQ 144A 5.875% 6/30/29 #     455,000     459,006
Spirit AeroSystems 144A 5.50% 1/15/25 #     475,000     502,906
Terex 144A 5.00% 5/15/29 #     545,000     565,438
TK Elevator Holdco 144A 7.625% 7/15/28 #     215,000     230,050
TransDigm 144A 6.25% 3/15/26 #     706,000    736,887
   4,008,607
Communications — 7.58%
Altice France 144A 5.50% 10/15/29 #     690,000     683,906
Altice France Holding 144A 6.00% 2/15/28 #     705,000     678,154
Cincinnati Bell 144A 7.00% 7/15/24 #     300,000     305,694
Connect Finco 144A 6.75% 10/1/26 #     590,000     618,060
Consolidated Communications      
144A 5.00% 10/1/28 #     220,000     227,436
144A 6.50% 10/1/28 #     220,000     239,254
Frontier Communications Holdings 144A 5.875% 10/15/27 #     265,000    281,894
LCPR Senior Secured Financing DAC 144A 6.75% 10/15/27 #     310,000     328,987
Level 3 Financing 144A 4.25% 7/1/28 #     535,000     539,804
Sable International Finance 144A 5.75% 9/7/27 #     320,000     336,400
Sprint      
7.625% 3/1/26      450,000     545,839
7.875% 9/15/23      625,000     699,125
T-Mobile USA      
3.375% 4/15/29      260,000     271,570
3.50% 4/15/31      150,000     158,383
Vmed O2 UK Financing I 144A 4.75% 7/15/31 #     485,000    496,121
NQ-FLA [9/21] 11/21 (1918425)    1
Schedule of investments
Delaware VIP® Trust  —  Delaware VIP Fund for Income Series 
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Communications (continued)
Zayo Group Holdings 144A 6.125% 3/1/28 #     785,000 $   796,916
   7,207,543
Consumer Cyclical — 13.43%
Allison Transmission 144A 5.875% 6/1/29 #     410,000     446,613
Bath & Body Works      
6.875% 11/1/35      295,000     370,594
6.95% 3/1/33      330,000     389,817
144A 9.375% 7/1/25 #     116,000     147,319
Bloomin' Brands 144A 5.125% 4/15/29 #     495,000    515,822
Boyd Gaming 4.75% 12/1/27      505,000     521,132
Caesars Entertainment      
144A 6.25% 7/1/25 #     290,000     305,662
144A 8.125% 7/1/27 #     245,000     275,741
Carnival      
144A 4.00% 8/1/28 #     335,000     338,769
144A 5.75% 3/1/27 #   1,155,000  1,195,425
144A 7.625% 3/1/26 #     355,000     379,406
Foot Locker 144A 4.00% 10/1/29 #     260,000    260,975
Ford Motor      
8.50% 4/21/23      350,000     385,417
9.00% 4/22/25      110,000     132,416
Ford Motor Credit      
3.375% 11/13/25      260,000     267,475
4.542% 8/1/26      270,000     291,487
5.584% 3/18/24      470,000     505,762
General Motors Financial 5.70% 9/30/30 μ, ψ     170,000    196,138
Jaguar Land Rover Automotive      
144A 4.50% 10/1/27 #     200,000     194,370
144A 5.875% 1/15/28 #     255,000     256,408
Levi Strauss & Co. 144A 3.50% 3/1/31 #     454,000    459,108
MGM Growth Properties Operating Partnership 144A 3.875% 2/15/29 #     385,000     410,506
MGM Resorts International 4.75% 10/15/28      445,000     469,475
Murphy Oil USA 144A 3.75% 2/15/31 #     450,000     453,375
PetSmart 144A 7.75% 2/15/29 #     540,000     589,980
Rent-A-Center 144A 6.375% 2/15/29 #     450,000     486,000
Royal Caribbean Cruises 144A 5.50% 4/1/28 #   1,170,000  1,198,406
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
Scientific Games International      
144A 7.25% 11/15/29 #     230,000 $   258,724
144A 8.25% 3/15/26 #     460,000     488,750
Six Flags Entertainment 144A 4.875% 7/31/24 #     295,000    298,134
XHR 144A 4.875% 6/1/29 #     270,000    277,652
  12,766,858
Consumer Non-Cyclical — 1.66%
Energizer Holdings 144A 4.375% 3/31/29 #     380,000     377,625
JBS USA LUX 144A 5.50% 1/15/30 #     625,000     695,919
Kraft Heinz Foods 5.20% 7/15/45      400,000    501,854
   1,575,398
Energy — 13.40%
Ascent Resources Utica Holdings      
144A 5.875% 6/30/29 #     495,000     506,373
144A 7.00% 11/1/26 #     230,000     238,048
Callon Petroleum 6.125% 10/1/24      335,000    329,774
CNX Midstream Partners 144A 4.75% 4/15/30 #     240,000     244,014
CNX Resources      
144A 6.00% 1/15/29 #     485,000     513,494
144A 7.25% 3/14/27 #     225,000     239,839
Crestwood Midstream Partners 144A 6.00% 2/1/29 #     522,000    546,911
DCP Midstream Operating 5.125% 5/15/29      685,000     772,123
EQM Midstream Partners      
144A 4.75% 1/15/31 #     290,000     301,968
144A 6.50% 7/1/27 #     195,000     219,570
Genesis Energy      
5.625% 6/15/24      100,000      99,875
7.75% 2/1/28      375,000     375,150
8.00% 1/15/27      775,000     785,707
Murphy Oil 6.375% 7/15/28      815,000    862,881
NuStar Logistics      
5.625% 4/28/27      185,000     197,389
6.00% 6/1/26      267,000     288,857
6.375% 10/1/30      530,000     583,663
Occidental Petroleum      
3.50% 8/15/29      500,000     509,185
6.125% 1/1/31      490,000     588,845
6.45% 9/15/36      225,000     283,359
6.60% 3/15/46      190,000     238,807
6.625% 9/1/30      340,000     419,475
PDC Energy 5.75% 5/15/26      588,000    612,990
 
2    NQ-FLA [9/21] 11/21 (1918425)
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Energy (continued)
Southwestern Energy      
5.375% 3/15/30      275,000 $   297,131
7.75% 10/1/27      455,000     492,105
Targa Resources Partners      
144A 4.00% 1/15/32 #     360,000     372,492
6.50% 7/15/27      535,000     577,522
TechnipFMC 144A 6.50% 2/1/26 #     885,000    949,419
Western Midstream Operating 4.75% 8/15/28      265,000    289,441
  12,736,407
Financial Services — 4.52%
AerCap Holdings 5.875% 10/10/79 μ     600,000     626,970
Air Lease 4.65% 6/15/26 μ, ψ     450,000     471,938
Ally Financial      
4.70% 5/15/26 μ, ψ     470,000     490,668
8.00% 11/1/31      330,000     476,378
Credit Suisse Group 144A 4.50% 9/3/30 #, μ, ψ     470,000    461,775
Hightower Holding 144A 6.75% 4/15/29 #     300,000     307,875
Midcap Financial Issuer Trust      
144A 5.625% 1/15/30 #     295,000     292,571
144A 6.50% 5/1/28 #     410,000     428,827
UBS Group 144A 4.375% 2/10/31 #, μ, ψ     730,000     739,271
   4,296,273
Healthcare — 7.40%
180 Medical 144A 3.875% 10/15/29 #     200,000     200,000
Bausch Health 144A 6.25% 2/15/29 #     685,000     678,794
Cheplapharm Arzneimittel 144A 5.50% 1/15/28 #     425,000     440,861
CHS      
144A 4.75% 2/15/31 #     470,000     473,525
144A 8.00% 3/15/26 #     240,000     254,814
DaVita 144A 4.625% 6/1/30 #     405,000    417,094
Encompass Health 4.75% 2/1/30      330,000     347,490
Hadrian Merger Sub 144A 8.50% 5/1/26 #     504,000     522,903
HCA      
3.50% 9/1/30      170,000     180,266
5.375% 2/1/25      155,000     173,406
5.875% 2/15/26      125,000     143,438
5.875% 2/1/29      255,000     306,749
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Healthcare (continued)
Jaguar Holding II 144A 5.00% 6/15/28 #     252,000 $   271,573
ModivCare Escrow Issuer 144A 5.00% 10/1/29 #     185,000     191,993
Mozart Debt Merger Sub      
144A 3.875% 4/1/29 #     385,000     385,000
144A 5.25% 10/1/29 #     170,000     170,000
Organon & Co. 144A 5.125% 4/30/31 #     235,000    247,126
Ortho-Clinical Diagnostics      
144A 7.25% 2/1/28 #     229,000     245,428
144A 7.375% 6/1/25 #     294,000     310,627
Surgery Center Holdings 144A 10.00% 4/15/27 #     245,000    264,906
Tenet Healthcare      
144A 6.125% 10/1/28 #     265,000     278,716
6.75% 6/15/23      255,000     275,209
6.875% 11/15/31      223,000    256,275
   7,036,193
Insurance — 2.50%
AmWINS Group 144A 4.875% 6/30/29 #     615,000     624,410
GTCR AP Finance 144A 8.00% 5/15/27 #     156,000     164,824
Roller Bearing Co. of America 144A 4.375% 10/15/29 #     735,000     754,294
USI 144A 6.875% 5/1/25 #     821,000    836,574
   2,380,102
Media — 8.24%
AMC Networks 4.25% 2/15/29      375,000     373,594
Beasley Mezzanine Holdings 144A 8.625% 2/1/26 #     475,000     485,262
CCO Holdings      
144A 4.50% 8/15/30 #     875,000     903,849
4.50% 5/1/32      120,000     123,750
144A 5.375% 6/1/29 #     365,000     394,656
Clear Channel Outdoor Holdings      
144A 7.50% 6/1/29 #     290,000     301,963
144A 7.75% 4/15/28 #     230,000     242,383
CSC Holdings      
144A 4.625% 12/1/30 #     900,000     854,352
144A 5.00% 11/15/31 #     440,000     422,268
Cumulus Media New Holdings 144A 6.75% 7/1/26 #     484,000    501,545
Gray Television      
144A 4.75% 10/15/30 #     275,000     270,531
144A 7.00% 5/15/27 #     210,000     225,488
Netflix 4.875% 4/15/28      190,000    219,213
Nexstar Media 144A 4.75% 11/1/28 #     345,000     358,329
NQ-FLA [9/21] 11/21 (1918425)    3
Schedule of investments
Delaware VIP® Trust  —  Delaware VIP Fund for Income Series 
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Media (continued)
Nielsen Finance      
144A 4.50% 7/15/29 #     125,000 $   122,381
144A 4.75% 7/15/31 #     410,000     399,360
Sirius XM Radio 144A 4.00% 7/15/28 #     935,000    951,947
Terrier Media Buyer 144A 8.875% 12/15/27 #     645,000    682,855
   7,833,726
Services — 4.48%
ADT Security 144A 4.125% 8/1/29 #     470,000     467,716
Gartner 144A 4.50% 7/1/28 #     395,000     415,244
Iron Mountain      
144A 5.25% 3/15/28 #     460,000     481,275
144A 5.25% 7/15/30 #     260,000     276,245
Prime Security Services Borrower      
144A 5.75% 4/15/26 #     265,000     286,998
144A 6.25% 1/15/28 #     920,000     952,338
Sotheby's 144A 5.875% 6/1/29 #     455,000    468,654
United Rentals North America 5.25% 1/15/30      430,000     471,387
White Cap Buyer 144A 6.875% 10/15/28 #     415,000    438,377
   4,258,234
Technology — 1.65%
Camelot Finance 144A 4.50% 11/1/26 #     445,000     462,800
Clarivate Science Holdings 144A 4.875% 7/1/29 #     640,000     642,048
MSCI 144A 3.625% 11/1/31 #     440,000    458,425
   1,563,273
Technology & Electronics — 2.30%
Black Knight InfoServ 144A 3.625% 9/1/28 #     410,000     412,563
Go Daddy Operating 144A 3.50% 3/1/29 #     475,000     471,437
Qorvo 144A 3.375% 4/1/31 #     240,000     253,356
Sensata Technologies 144A 4.00% 4/15/29 #     575,000     586,040
SS&C Technologies 144A 5.50% 9/30/27 #     440,000    465,163
   2,188,559
Transportation — 3.25%
Air Canada 144A 3.875% 8/15/26 #     310,000     313,193
Carriage Purchaser 144A 7.875% 10/15/29 #     175,000     174,704
Delta Air Lines 7.375% 1/15/26      224,000     264,013
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Transportation (continued)
Seaspan 144A 5.50% 8/1/29 #     730,000 $   745,673
Stena International 144A 6.125% 2/1/25 #     200,000     207,160
United Airlines Holdings 4.875% 1/15/25      965,000     990,331
VistaJet Malta Finance 144A 10.50% 6/1/24 #     360,000    391,500
   3,086,574
Utilities — 1.40%
Calpine      
144A 4.625% 2/1/29 #      85,000      83,831
144A 5.00% 2/1/31 #     510,000     510,638
PG&E 5.25% 7/1/30      240,000    246,000
Vistra Operations 144A 4.375% 5/1/29 #     485,000    488,579
   1,329,048
Total Corporate Bonds
(cost $80,746,596) 		83,626,383
 
Loan Agreements — 10.73%
Air Canada 4.25% (LIBOR03M + 3.50%) 8/11/28 •     176,000     176,990
Applied Systems 2nd Lien 6.25% (LIBOR03M + 5.50%) 9/19/25 •   1,454,124  1,477,451
Calpine 2.59% (LIBOR01M + 2.50%) 12/16/27 •         640         639
DIRECTV Financing 5.75% (LIBOR03M + 5.00%) 8/2/27 •     335,000     335,663
Epicor Software 2nd Lien 8.75% (LIBOR01M + 7.75%) 7/31/28 •     368,200     379,591
Frontier Communications Tranche B 4.50% (LIBOR03M + 3.75%) 5/1/28 •     194,513     194,695
Gainwell Acquisition Tranche B 4.75% (LIBOR03M + 4.00%) 10/1/27 •     524,358     526,325
Global Medical Response 5.75% (LIBOR03M + 4.75%) 10/2/25 •     729,487     732,614
Green Energy Partners Tranche B-1 6.50% (LIBOR03M + 5.50%) 11/13/21 •     247,028     233,750
Green Energy Partners Tranche B-2 6.50% (LIBOR03M + 5.50%) 11/13/21 •      65,452      61,934
Hamilton Projects Acquiror 5.75% (LIBOR03M + 4.75%) 6/17/27 •     493,750     495,833
 
4    NQ-FLA [9/21] 11/21 (1918425)
    Principal
amount° 		Value (US $)
Loan Agreements (continued)
Informatica 2nd Lien 7.125% 2/25/25      535,000 $   543,694
Peraton Tranche B 1st Lien 4.50% (LIBOR01M + 3.75%) 2/1/28 •     482,575     483,609
Precisely Software 2nd Lien 8.00% (LIBOR03M + 7.25%) 4/23/29 •     250,000     251,458
Schweitzer-Mauduit International Tranche B 4.50% (LIBOR03M + 3.75%) 2/9/28 •     242,393     241,938
Solenis International 2nd Lien 8.584% (LIBOR01M + 8.50%) 6/26/26 •     768,588     770,125
Sovos Compliance 1st Lien 5.00% (LIBOR03M + 4.50%) 8/11/28 •     115,120     115,965
Surgery Center Holdings 4.50% (LIBOR01M + 3.75%) 8/31/26 •     490,950     492,348
Tecta America 2nd Lien 9.25% (LIBOR01M + 8.50%) 4/9/29 •     275,000     275,000
Ultimate Software Group 2nd Lien 7.50% (LIBOR03M + 6.75%) 5/3/27 •     914,000     931,899
Vantage Specialty Chemicals 1st Lien 4.50% (LIBOR03M + 3.50%) 10/28/24 •     342,332     336,170
Vantage Specialty Chemicals 2nd Lien 9.25% (LIBOR03M + 8.25%) 10/27/25 •     169,000     163,698
Verscend Holding Tranche B 4.084% (LIBOR01M + 4.00%) 8/27/25 •     972,347    975,021
Total Loan Agreements
(cost $10,066,908) 		10,196,410
    Number of
shares 		 
Short-Term Investments — 2.71%
Money Market Mutual Funds — 2.71%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.03%)     644,283    644,283
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%)     644,284    644,284
    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%)     644,284 $   644,284
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.03%)     644,284    644,284
Total Short-Term Investments
(cost $2,577,135) 		 2,577,135
Total Value of Securities—101.43%
(cost $93,390,639) 		    96,399,928
Liabilities Net of Receivables and Other Assets—(1.43%)     (1,354,576)
Net Assets Applicable to 14,926,872 Shares Outstanding—100.00%     $95,045,352
° 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 September 30, 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 September 30, 2021, the aggregate value of Rule 144A securities was $58,505,035, which represents 61.55% of the Series' net assets.
> PIK. 100% of the income received was in the form of cash.
• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 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.
NQ-FLA [9/21] 11/21 (1918425)    5
Schedule of investments
Delaware VIP® Trust  —  Delaware VIP Fund for Income Series 
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 were outstanding at September 30, 2021:
Borrower   Principal
Amount 		  Commitment   Value   Unrealized
Appreciation
(Depreciation)
Sovos Compliance 1st Lien TBD 8/11/28   $19,880   $19,880   $20,026   $146
Summary of abbreviations: 
DAC – Designated Activity Company
GS – Goldman Sachs
ICE – Intercontinental Exchange, Inc.
LIBOR01M – ICE LIBOR USD 1 Month
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
MSCI – Morgan Stanley Capital International
PIK – Payment-in-kind
TBD – To be determined
USD – US Dollar
6    NQ-FLA [9/21] 11/21 (1918425)