Variable Insurance Product

As of Feb. 24, 2012, Delaware VIP Smid Cap Growth Series is closed to new investors. The Series will continue to be available in the products in which it is currently utilized, and the Series will remain open to new and existing contract holders of current insurance company products that include the Series. Contract holders of existing insurance companies that offer the Series will be able to continue to make purchases of shares, including purchases through reinvestment of dividends or capital gains distributions, and exchanges, regardless of whether they own, or have owned in the past, shares of the Series. The Series reserves the right to modify this policy at any time. Please read the latest prospectus and summary prospectus for more information concerning this event. Please request a prospectus.

Carefully consider the Series' investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series' prospectus and its summary prospectus, which may be obtained by visiting or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Investing involves risk, including the possible loss of principal.

The Series are distributed by Delaware Distributors L.P., an affiliate of Macquarie Management Holdings, Inc., and Macquarie Group Limited. Macquarie Investment Management (MIM), a member of Macquarie Group, refers to the companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide.