Delaware VIP Trust
Delaware VIP International Series
(the “Series”)
Supplement to the Series’ Standard and Service Class Summary Prospectuses, dated May 1, 2023, as amended
Changes Effective August 31, 2023
Effective August 31, 2023, Charles (Trey) Schorgl is added as an additional portfolio manager of the Series and will serve as a portfolio
manager of the Series with Aditya Kapoor and Charles John. References to any other portfolio managers of the Series are removed.
Effective August 31, 2023, the following is added to the
information in the section entitled “Who manages the Series? – Investment Manager”:
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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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Charles (Trey) Schorgl
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Managing Director, Senior Portfolio Manager
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August 2023
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Changes Effective October 31, 2023
Effective October 31, 2023, the Series will change its benchmark index from the MSCI EAFE (Europe, Australasia, Far East) Index to the MSCI
ACWI (All Country World Index) ex USA Index.
Effective October 31, 2023, the second paragraph in the
section entitled “What are the Series’ principal investment strategies?” is deleted in its entirety and is replaced with:
To a limited degree, the Series may also invest in companies based in the United States. The Series may rely on the country where the issuer is
incorporated, is headquartered or has its principal place of business in determining the location of an issuer. The Series’ investment in emerging market companies will not exceed the greater of (a) 35% of the Series’ net assets or (b) the weight of
emerging markets in the Series’ benchmark index, the MSCI ACWI ex USA Index. Additionally, in pursuing its investment strategies, the Series may hold significant investments (25% or more of its assets) in a specific market sector, including the
consumer staples sector. The Series is a nondiversified fund.
Effective October 31, 2023, the following risk
disclosures are added to the section entitled “What are the principal risks of investing in the Series?”:
Currency risk — The risk that fluctuations in exchange rates between the US dollar and foreign currencies and between various foreign currencies may cause the value of an investment to decline.
Foreign currency exchange transactions and forward foreign
currency contracts risk — The risk that a series’ use of foreign currency exchange transactions and forward foreign currency contracts to hedge certain market risks
(such as interest rates, currency exchange rates and broad or specific market movement) may increase the possibility of default by the counterparty to the transaction and, to the extent the Manager's judgment as to certain market movements is
incorrect, the risk of losses that are greater than if the investment technique had not been used.
Derivatives risk — Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if
a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the Manager anticipated. When used for
hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in
which case a series may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a
bankruptcy or reorganization).
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 the Series or acting on a distribution check (if applicable).
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 August 15, 2023.