DELAWARE VIP® TRUST
Delaware VIP Small Cap Value Series
(the “Series”)
Supplement to the Series’ Standard Class and Service Class
Summary Prospectuses dated May 1, 2023
Effective immediately, the following replaces the section in the Series’ summary prospectuses entitled, “Who manages the Series? –
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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Kelley M. Carabasi, CFA
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Co-Chief Investment Officer – US Small-Mid Cap Value Equity
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July 2012
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Kent P. Madden, CFA
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Co-Chief Investment Officer – US Small-Mid Cap Value Equity
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July 2012
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Michael Foley, CFA
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Senior Portfolio Manager
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July 2019
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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 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.