Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Delaware VIP Small Cap Value Series 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 457 Small Value Funds Morningstar® Style Box™ What is this? As of 2024-02-29 Total Fund Assets ($ Mil) 1,741.65 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks capital appreciation. Under normal circumstances, at least 80% of the Series' net assets, plus the amount of any borrowings for investment purposes, will be in investments of small-capitalization companies (80% policy). The manager considers small-capitalization companies to be companies with a market capitalization generally less than 3.5 times the dollar-weighted, median market capitalization of the Russell 2000 ® Index at the time of purchase.

Morningstar Category: Small Value Small-value portfolios invest in small U.S. companies with valuations and growth rates below other small-cap peers. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow).

Investment Risks Small Cap Funds: Smaller companies typically have higher risk of failure, and are not as well established as larger blue-chip companies. Historically, the smaller company stocks have experienced a greater degree of market volatility than the overall market average.

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 96.0 Non-U.S. Stocks 2.5 Bonds 0.0 Cash 1.5 Other 0.0 Data through 2024-02-29 Morningstar Equity Sectors % of Stocks Cyclical 49.16 Basic Materials 5.42 Consumer Cyclical 11.86 Financial Services 25.22 Real Estate 6.66 Sensitive 40.98 Communication Services 0.00 Energy 9.17 Industrials 20.12 Technology 11.69 Defensive 9.86 Consumer Defensive 2.71 Healthcare 3.93 Utilities 3.22 Data through 2024-02-29 Holding Status Total Number of Stock Holdings 105 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 16.69 Turnover % (as of 2023-12-31) 29.00 30 Day SEC Yield % 0.00 Top Holdings Sector P/E % of Net Assets Atkore Inc 11.41 2.06 Stifel Financial Corp 18.26 1.93 ITT Inc 27.37 1.77 Webster Financial Corp 10.34 1.76 East West Bancorp Inc 9.67 1.69 Hancock Whitney Corp 10.23 1.66 Flex Ltd --- 1.55 F N B Corp 10.76 1.54 Synovus Financial Corp 11.58 1.37 MasTec Inc --- 1.36 Data through 2024-02-29

Principal Risks    Foreign Securities, Loss of Money, Not FDIC Insured, Capitalization, Active Management, Interest Rate, Market/Market Volatility, Industry and Sector Investing, Other, Restricted/Illiquid Securities, Regulation/Government Intervention, Suitability, Real Estate/REIT Sector Show Risk Definitions

Other Information Inception Date: 1993-12-27 Portfolio Manager(s) Kelley McKee Carabasi   (2012-07-01) Kelley McKee Carabasi is a senior portfolio manager for the US Small-Mid Cap Value Equity team. She assumed portfolio management responsibilities in July 2012. She joined the team in July 2005 as an equity analyst. She is responsible for the analysis, purchase, and sale recommendations of basic industry, capital spending, and utilities securities for the firm's US Small-Mid Cap Value Equity portfolios. Prior to joining Macquarie Investment Management (MIM) she participated in Lincoln Financial Group's rotational Professional Development Program for three years. Carabasi earned a bachelor's degree in finance from Georgetown University and an MBA from The Wharton School of the University of Pennsylvania. Michael Foley   (2019-07-01) Michael Foley is a senior portfolio manager for the US Small-Mid Cap Value Equity team. He assumed portfolio management responsibilities in July 2019. He joined Macquarie Investment Management (MIM) in February 2015 as a senior equity analyst for the US Small-Mid Cap Value Equity team. Foley is responsible for the analysis, purchase, and sale recommendations of financial services and real estate investment trust (REIT) securities for the firm's US Small-Mid Cap Value Equity portfolios. Prior to joining the firm, Foley was an associate at Patriot Financial Partners, a private equity firm, from August 2011 to February 2015, focusing on the analysis of companies in the financial services sector. He started his career with Janney Montgomery Scott where he worked as an investment banking analyst within the financial institutions group from August 2009 to August 2011. Foley earned a bachelor's degree in economics with dual concentrations in finance and accounting from The Wharton School of the University of Pennsylvania. Foley is on the board of directors of the McNamee Scholars Program. Kent P. Madden   (2012-07-01) Kent P. Madden is a senior portfolio manager for the US Small-Mid Cap Value Equity team. He assumed portfolio management responsibilities in July 2012. He joined the team in December 2004 as an equity analyst and was promoted to senior equity analyst in October 2010. He is responsible for the analysis, purchase, and sale recommendations of consumer services, consumer cyclicals, consumer staples, healthcare, and transportation stocks for the firm's US Small-Mid Cap Value Equity portfolios. Prior to joining Macquarie Investment Management (MIM) he was an equity analyst at Gartmore Global Investments, where he specialized in technology and telecommunications. He has also worked as an equity analyst for Federated Investors, where he gained experience covering small-capitalization consumer stocks, and Lehman Brothers as a corporate finance analyst. Madden holds a bachelor's degree in economics from DePauw University and an MBA from the University of Chicago. Investment Advisor(s) Delaware Management Company Issuer Delaware Funds by Macquarie Subadvisor(s) Macquarie Investment Management Global Limited

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