Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Delaware VIP Emerging Markets Std Release date as of 2024-03-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2024-03-31 Out of 721 Diversified Emerging Mkts Funds Morningstar® Style Box™ What is this? As of 2024-02-29 Total Fund Assets ($ Mil) 640.65 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks long-term capital appreciation. The fund invests primarily in a broad range of equity securities of companies located in emerging market countries. Under normal circumstances, at least 80% of the fund' net assets, plus the amount of any borrowings for investment purposes, will be invested in emerging market issuers (80% policy). The fund may invest in companies of any size and may invest more than 25% of its total assets in the securities of issuers located in the same country.

Morningstar Category: Diversified Emerging Mkts Diversified emerging-markets portfolios tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These portfolios invest predominantly in emerging market equities, but some funds also invest in both equities and fixed income investments from emerging markets.

Investment Risks Foreign Securities Funds/Emerging Market Funds: Risks include, but are not limited to, currency risk, political risk, and risk associated with varying accounting standards. Investing in emerging markets may accentuate these risks.

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 0.0 Non-U.S. Stocks 100.0 Bonds 0.1 Cash 0.0 Other 0.0 Data through 2024-02-29 Morningstar Equity Sectors % of Stocks Cyclical 21.37 Basic Materials 4.17 Consumer Cyclical 6.77 Financial Services 9.70 Real Estate 0.73 Sensitive 66.78 Communication Services 9.01 Energy 11.65 Industrials 0.91 Technology 45.21 Defensive 11.86 Consumer Defensive 9.95 Healthcare 1.47 Utilities 0.44 Data through 2024-02-29 Morningstar World Regions % Fund Americas 14.5 North America 0.0 Latin America 14.5 Greater Europe 3.2 United Kingdom 0.0 Europe Developed 0.0 Europe Emerging 2.5 Africa/Middle East 0.8 Greater Asia 82.3 Japan 0.0 Australasia 0.0 Asia Developed 46.0 Asia Emerging 36.3 Data through 2024-02-29 Holding Status Total Number of Stock Holdings 94 Total Number of Bond Holdings 1 % of Net Assets in Top 10 Holdings 57.38 Turnover % (as of 2023-12-31) 4.00 30 Day SEC Yield % 0.00 Top Holdings Sector Country % of Net Assets Taiwan Semiconductor Manufacturing Co Ltd Taiwan 13.24 SK Hynix Inc South Korea 6.82 MediaTek Inc Taiwan 6.12 SK Square South Korea 6.03 Samsung Electronics Co Ltd South Korea 5.96 Reliance Industries Ltd GDR - 144A India 5.05 Reliance Industries Ltd India 4.87 Samsung Electronics Co Ltd Participating Preferred South Korea 3.85 Kweichow Moutai Co Ltd Class A China 3.17 Tencent Holdings Ltd China 2.27 Data through 2024-02-29

Principal Risks    Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Country or Region, Capitalization, Growth Investing, Active Management, Market/Market Volatility, Industry and Sector Investing, Other, Restricted/Illiquid Securities, Regulation/Government Intervention, Suitability, Portfolio Diversification Show Risk Definitions

Other Information Inception Date: 1997-05-01 Portfolio Manager(s) Liu-Er Chen   (2006-09-25) Liu-Er Chen, CFA, Senior Vice President, Chief Investment Officer — Emerging Markets and Healthcare, is a Portfolio Manager in Delaware Investments Fund Advisers, a series of Macquarie Investment Management Business Trust. Mr. Chen heads the firm's global Emerging Markets team. Prior to joining Macquarie Investment Management (MIM) in September 2006 in his current position, Mr. Chen spent nearly 11 years at Evergreen Investment Management Company, where he most recently served as Managing Director and Senior Portfolio Manager. Mr. Chen began his career at Evergreen in 1995 as an analyst. Investment Advisor(s) Delaware Management Company Issuer Delaware Funds by Macquarie Subadvisor(s) Macquarie Investment Management Global Limited

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