IVY VARIABLE INSURANCE PORTFOLIOS
Macquarie VIP Limited-Term Bond Series
(formerly, Delaware Ivy VIP Limited-Term Bond) (the “Series”)
Supplement to the Series’ Service Class Summary Prospectus dated May 1, 2024
Effective immediately, the following replaces the information in the section entitled “Who manages the Series? — Investment manager”:
Investment manager
Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)
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Portfolio managers
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Title with Delaware Management Company
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Start date on the Series
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Janaki Rao
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Managing Director, Head of US Multisector
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May 2024
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Andrew Vonthethoff, CFA
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Managing Director, Senior Portfolio Manager
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May 2024
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Because everyone’s tax situation is unique, you should consult your tax professional about federal, state, local, or
foreign tax consequences before making an investment in a Series or acting on a distribution check.
Delaware Management Company is an indirect wholly owned subsidiary of Macquarie Group Limited (MGL). None of the
entities noted in this document is an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia) and the obligations of these entities do not represent deposits or other liabilities of Macquarie Bank
Limited ABN 46 008 583 542 (Macquarie Bank). Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these entities. In addition, if this document relates to an investment (a) each investor is subject to
investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group company guarantees any particular rate of return on or the performance of the investment, nor
do they guarantee repayment of capital in respect of the investment.
Please keep this Supplement for future reference.
This Supplement is dated May 6, 2024.