Summary Prospectus by Investment Company (Form 497K)

DELAWARE VIP TRUST

Macquarie VIP Emerging Markets Series

Macquarie VIP Fund for Income Series

Macquarie VIP Growth and Income Series

Macquarie VIP Growth Equity Series

Macquarie VIP Investment Grade Series

Macquarie VIP Limited Duration Bond Series

Macquarie VIP Opportunity Series

Macquarie VIP Small Cap Value Series

Macquarie VIP Total Return Series

IVY VARIABLE INSURANCE PORTFOLIOS

Macquarie VIP Asset Strategy Series

Macquarie VIP Balanced Series

Macquarie VIP Core Equity Series

Macquarie VIP Corporate Bond Series

Macquarie VIP Global Growth Series

Macquarie VIP Growth Series

Macquarie VIP High Income Series

Macquarie VIP International Core Equity Series

Macquarie VIP Limited-Term Bond Series

Macquarie VIP Mid Cap Growth Series

Macquarie VIP Pathfinder Aggressive Series

Macquarie VIP Pathfinder Conservative Series

Macquarie VIP Pathfinder Moderate Series

Macquarie VIP Pathfinder Moderately Aggressive Series

Macquarie VIP Pathfinder Moderately Conservative Series

Macquarie VIP Pathfinder Moderately Aggressive - Managed Volatility Series

Macquarie VIP Pathfinder Moderately Conservative - Managed Volatility Series

Macquarie VIP Pathfinder Moderate - Managed Volatility Series

Macquarie VIP Science and Technology Series

Macquarie VIP Small Cap Growth Series

Macquarie VIP Smid Cap Core Series

Macquarie VIP Value Series

(each, a "Series")

Supplement to the current Summary Prospectus, Statutory Prospectus, and Statement of Additional Information ("SAI") dated May 1, 2025 for each Series, as may be amended

Notice of Joint Special Shareholder Meeting Results

At the joint special shareholder meeting held on September 10, 2025, shareholders of each Series approved the proposal to approve a new investment advisory agreement for each Series.

As noted in the supplements dated June 12, 2025 and April 21, 2025, Macquarie Group Limited, the parent company of Delaware Management Company ("DMC"), a series of Macquarie Investment Management Business Trust ("MIMBT"), together with certain of its affiliates, and Nomura Holding America Inc. ("Nomura"), announced that they had entered into an agreement for Nomura to acquire Macquarie Asset Management's US and European public investments business. The closing of this transaction is anticipated to close on or about November 1, 2025, subject to legal and regulatory approvals, client consents, and customary closing conditions.

Upon the closing of the transaction, the following changes are anticipated to take effect:

Table legend:

MIMAK is Macquarie Investment Management Austria Kapitalanlage AG.

MIMEL is Macquarie Investment Management Europe Limited.

MIMGL is Macquarie Investment Management Global Limited.

Employees of DMC's affiliates outside the US participate in the management of certain Series as "associated persons" of DMC under DMC's oversight, in accordance with SEC guidance as

to "participating affiliate" arrangements. These associated persons may, on behalf of DMC, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

The foregoing is not a solicitation of any proxy. Please read the proxy statement carefully because it contains important information regarding the proposed new advisory agreement and the transaction. The proxy statement is available for free on the website of the US Securities and Exchange Commission (www.sec.gov).

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 (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 September 10, 2025.