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DELAWARE VIP® TRUST

Delaware VIP Small Cap Value Series
(the “Series”)

Supplement to the Series’ Standard Class and Service Class
Statutory Prospectuses and Statement of Additional Information dated May 1, 2023

Effective immediately, the following replaces the section in the Series’ statutory prospectuses entitled, “Series summary – Delaware VIP® Small Cap Value Series – Who manages the Series? – Investment manager:”

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)

Portfolio managers
Title with Delaware Management Company
Start date on the Series
Kelley M. Carabasi, CFA
Co-Chief Investment Officer – US Small-Mid Cap Value Equity
July 2012
Kent P. Madden, CFA
Co-Chief Investment Officer – US Small-Mid Cap Value Equity
July 2012
Michael Foley, CFA
Senior Portfolio Manager
July 2019

Effective immediately, the following replaces the section in the Series’ statutory prospectus entitled “Who manages the Series – Portfolio managers:”

Kelley M. Carabasi and Kent P. Madden have primary responsibility for making day-to-day investment decisions for the Series. Ms. Carabasi and Mr. Madden regularly consult with Michael Foley.

Kelley M. Carabasi, CFA Co-Chief Investment Officer — US Small-Mid Cap Value Equity
Kelley M. Carabasi, CFA, is a Co-Chief Investment Officer for the US Small-Mid Cap Value Equity team, a role she assumed in January 2022. She assumed portfolio management responsibilities in July 2012. She joined the team in July 2005 as an equity analyst.

Kent P. Madden, CFA Co-Chief Investment Officer — US Small-Mid Cap Value Equity
Kent P. Madden, CFA, is a Co-Chief Investment Officer for the US Small-Mid Cap Value Equity team, a role he assumed in January 2022. 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.

Michael Foley, CFA Senior Portfolio Manager
Michael Foley, CFA, is a Senior Portfolio Manager for the US Small-Mid Cap Value Equity team. He assumed portfolio management responsibilities in July 2019. He joined the team in February 2015 as a senior equity analyst.

The SAI provides additional information about each portfolio manager's compensation, other accounts managed by each portfolio manager, and each portfolio manager's ownership of Series shares.


Effective immediately, the following replaces the chart in the section of the Series’ statement of additional information entitled, “Portfolio Managers – Other Accounts Managed:”

The following chart lists certain information about types of other accounts for which each portfolio manager is primarily responsible as of December 31, 2022 unless otherwise noted. Any accounts managed in a personal capacity appear under “Other Accounts” along with the other accounts managed on a professional basis.

 
No. of
Accounts
Total Assets
Managed
No. of Accounts
with
Performance
Based-Fees
Total Assets in
Accounts with
Performance-
Based Fees
Kelley M. Carabasi
        
Registered investment companies:
7
$9.3 billion
0
$0
Other pooled investment vehicles:
0
$0
0
$0
Other accounts:
5
$164.3 million
0
$0
Kent P. Madden
        
Registered investment companies:
7
$9.3 billion
0
$0
Other pooled investment vehicles:
0
$0
0
$0
Other accounts:
5
$164.3 million
0
$0
Michael Foley
        
Registered investment companies:
7
$9.3 billion
0
$0
Other pooled investment vehicles:
0
$0
0
$0
Other accounts:
5
$164.3 million
0
$0
Liu-Er Chen
        
Registered investment companies:
6
$6.2 billion
0
$0
Other pooled investment vehicles:
3
$598.4 million
0
$0
Other accounts:
4
$591.0 million
0
$0

Effective immediately, the following replaces the section in the Series’ statement of additional information entitled "Portfolio Managers – Compensation Structure – Bonus – US Small-Mid Cap Value Equity Portfolio Managers:”

Bonus — US Small-Mid Cap Value Equity Portfolio Managers (Madden, Carabasi, Foley). Each named portfolio manager is eligible to receive an annual cash bonus. The bonus pool is determined by the revenues associated with the products a portfolio manager manages. Macquarie Asset Management keeps a percentage of the revenues and the remaining percentage of revenues (minus appropriate expenses associated with relevant product and the investment management team) creates the “bonus pool” for the product. Various members of the team have the ability to earn a percentage of the bonus pool with the most senior contributor generally having the largest share. The pool is allotted based on subjective factors (50%) and objective factors (50%). The primary objective factor is the 1-, 3-, and 5-year performance of the funds managed relative to the performance of the appropriate Morningstar, Inc. peer groups and the performance of institutional composites relative to the appropriate indices. Three- and five-year performance is weighted more heavily and there is no objective award for a fund whose performance falls below the 50th percentile for a given time period.

Individual allocations of the bonus pool are based on individual performance measurements, both objective and subjective, as determined by senior management.



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.

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 October 25, 2023.