Variable Insurance Product

Delaware VIP® Trust - Service Class

Delaware VIP Investment Grade Series*

(formerly, First Investors Life Series
Investment Grade Fund)

Delaware VIP Total Return Series*

(formerly, First Investors Life Series
Total Return Fund)

Delaware VIP® Trust - Standard Class

Delaware VIP Covered Call Strategy Series*

(formerly, First Investors Life Series
Covered Call Strategy Fund)

Delaware VIP Equity Income Series*

(formerly, First Investors Life Series
Equity Income Fund)

Delaware VIP Fund for Income Series*

(formerly, First Investors Life Series
Fund for Income)

Delaware VIP Government Cash Management Series*

(formerly, First Investors Life Series
Government Cash Management Fund)

Delaware VIP Growth and Income Series*

(formerly, First Investors Life Series
Growth & Income Fund)

Delaware VIP Growth Equity Series*

(formerly, First Investors Life Series
Select Growth Fund)

Delaware VIP International Series*

(formerly, First Investors Life Series
International Fund)

Delaware VIP Investment Grade Series*

(formerly, First Investors Life Series
Investment Grade Fund)

Delaware VIP Limited Duration Bond Series*

(formerly, First Investors Life Series
Limited Duration Bond Fund)

Delaware VIP Opportunity Series*

(formerly, First Investors Life Series
Opportunity Fund)

Delaware VIP Special Situations Series*

(formerly, First Investors Life Series
Special Situations Fund)

Delaware VIP Total Return Series*

(formerly, First Investors Life Series
Total Return Fund)

6/14 (12696)

*April 6, 2019, Foresters Investment Management Company, Inc. (FIMCO), the investment adviser to the First Investors Funds, entered into an agreement with Macquarie Management Holdings, Inc. (MMHI), a leading global investment management company, whereby MMHI, on behalf of its affiliate Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust (Macquarie), would acquire FIMCO's asset management business (the “Transaction”). In connection with the Transaction, the Board of Trustees of the First Investors Trusts approved, pursuant to an Agreement and Plan of Reorganization (the “Agreement”), the transfer of all assets and liabilities of each First Investors Fund to a corresponding, newly formed fund (each, an “Acquiring Fund,” and collectively, the “Acquiring Funds”) in the Delaware Funds by Macquarie family of funds (each, a “Reorganization” and together, the “Reorganizations”). Following the requisite approval of each Reorganization from shareholders of each First Investors Fund, each Acquiring Fund will be managed by DMC and each Acquiring Fund will have the same or substantially the same investment objective and the same or similar principal investment strategies and principal risks as the corresponding First Investors Fund. The Transaction closed on Oct. 4, 2019 (the “Closing Date”). Information, including without limitation historical holdings and performance information, relating to the Acquiring Funds for periods prior to the Closing Date has been provided by FIMCO and is attributable to the Acquired Funds.

Effective April 28, 2017, the investment strategies for Delaware VIP Smid Cap Growth Series changed and the Series was repositioned as a diversified small- and mid-capitalization core style fund. In connection with the repositioning, the Series name changed to Delaware VIP Smid Cap Core Series. These changes may result in a higher portfolio turnover in the near future. For more complete information, please request a prospectus by calling 800 523-1918 or by reading the latest prospectus and summary prospectus (found above) for more information concerning this event.

Delaware VIP Series refers to Delaware VIP Funds. Delaware VIP Funds are not available for direct investment except for issuers of variable insurance product contracts. They are only available through the purchase of certain variable insurance products.

available through the purchase of certain variable insurance products.

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 delawarefunds.com/vip/literature 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.