# EDGAR Filing Document

**Accession Number:** 0000810016
**File Stem:** 0001133228-26-007273
**Filing Date:** 2026-4
**Character Count:** 2785475
**Document Hash:** a27015c2506b92e3c5f408297bcec3f8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-007273.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001133228-26-007273

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 76

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ivy Variable Insurance Portfolios
- **CENTRAL INDEX KEY:** 0000810016

**ORGANIZATION NAME:**
- **EIN:** 481146010
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05017
- **FILM NUMBER:** 26917979

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354
- **BUSINESS PHONE:** (800) 523-1918

**MAIL ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ivy Funds Variable Insurance Portfolios
- **DATE OF NAME CHANGE:** 20100301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ivy Funds Variable Insurance Portfolios, Inc.
- **DATE OF NAME CHANGE:** 20080819

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** W&R TARGET FUNDS INC
- **DATE OF NAME CHANGE:** 20001026
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ivy Variable Insurance Portfolios
- **CENTRAL INDEX KEY:** 0000810016

**ORGANIZATION NAME:**
- **EIN:** 481146010
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-11466
- **FILM NUMBER:** 26917978

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354
- **BUSINESS PHONE:** (800) 523-1918

**MAIL ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ivy Funds Variable Insurance Portfolios
- **DATE OF NAME CHANGE:** 20100301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ivy Funds Variable Insurance Portfolios, Inc.
- **DATE OF NAME CHANGE:** 20080819

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** W&R TARGET FUNDS INC
- **DATE OF NAME CHANGE:** 20001026

## Series and Classes Contracts Data

### Nomura VIP Asset Strategy Series (Series ID: S000006224)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017158 | Service      |  |
| C000190645 | Standard     |  |

### Nomura VIP International Core Equity Series (Series ID: S000006225)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017159 | Service      |  |
| C000246484 | Standard     |  |

### Nomura VIP Mid Cap Growth Series (Series ID: S000006228)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017162 | Service      |  |
| C000190647 | Standard     |  |

### Nomura VIP Science and Technology Series (Series ID: S000006232)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017166 | Service      |  |
| C000190648 | Standard     |  |

### Nomura VIP Small Cap Growth Series (Series ID: S000006233)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017167 | Service      |  |
| C000203521 | Standard     |  |

### Nomura VIP Smid Cap Core Series (Series ID: S000006234)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017168 | Service      |  |

### Nomura VIP Balanced Series (Series ID: S000006235)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017169 | Service      |  |

### Nomura VIP Value Series (Series ID: S000006236)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017170 | Service      |  |

### Nomura VIP Corporate Bond Series (Series ID: S000006237)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017171 | Service      |  |

### Nomura VIP Core Equity Series (Series ID: S000006238)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017172 | Service      |  |

### Nomura VIP Natural Resources Series (Series ID: S000006240)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017174 | Service      |  |

### Nomura VIP Growth Series (Series ID: S000006241)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017175 | Service      |  |

### Nomura VIP High Income Series (Series ID: S000006242)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017176 | Service      |  |
| C000190649 | Standard     |  |

### Nomura VIP Global Growth Series (Series ID: S000006243)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017177 | Service      |  |

### Nomura VIP Energy Series (Series ID: S000011749)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000032174 | Service      |  |
| C000190650 | Standard     |  |

### Nomura VIP Pathfinder Aggressive Series (Series ID: S000020588)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000057543 | Service      |  |

### Nomura VIP Pathfinder Moderately Aggressive Series (Series ID: S000020589)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000057544 | Service      |  |

### Nomura VIP Pathfinder Moderate Series (Series ID: S000020590)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000057545 | Service      |  |

### Nomura VIP Pathfinder Moderately Conservative Series (Series ID: S000020591)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000057546 | Service      |  |

### Nomura VIP Pathfinder Conservative Series (Series ID: S000020592)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000057547 | Service      |  |

### Nomura VIP Limited-Term Bond Series (Series ID: S000029766)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000091476 | Service      |  |

### Nomura VIP Pathfinder Moderate - Managed Volatility Series (Series ID: S000041732)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000129560 | Service      |  |

### Nomura VIP Pathfinder Moderately Aggressive - Managed Volatility Series (Series ID: S000041733)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000129561 | Service      |  |

### Nomura VIP Pathfinder Moderately Conservative - Managed Volatility Series (Series ID: S000041734)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000129562 | Service      |  |

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM N-1A**

File No. 033-11466

File No. 811-05017

---

| | |
|:---|:---|
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | ☒ |
| Pre-Effective Amendment No. <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> | ☐ |
| Post-Effective Amendment No. <u>105</u> | ☒ |
| and/or |  |
| REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | ☒ |
| Amendment No. <u>105</u> | ☒ |

---

(Check appropriate box or boxes)

**IVY VARIABLE INSURANCE PORTFOLIOS**

(Exact Name of Registrant as Specified in Charter)

100 Independence, 610 Market Street, Philadelphia, PA 19106-2354

(Address of Principal Executive Offices)

Registrant's Telephone Number, including Area Code: (800) 523-1918

David F. Connor, Esq., 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354

(Name and Address of Agent for Service)

Please send copies of all communications to:

Mark R. Greer, Esq.

Stradley, Ronon, Stevens & Young, LLP

191 North Wacker Drive, Suite 1601, Chicago, IL 60606

(312) 964-3505

Approximate Date of Proposed Public Offering: <u>April 30, 2026</u>

It is proposed that this filing will become effective (check appropriate box):

☐ immediately upon filing pursuant to paragraph (b)

☒ on April 30, 2026 pursuant to paragraph (b)

☐ 60 days after filing pursuant to paragraph (a)(1)

☐ on (date) pursuant to paragraph (a)(1)

☐ 75 days after filing pursuant to paragraph (a)(2)

☐ on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

☐ this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

---

 C O N T E N T S ---

This Post-Effective Amendment No. 105 to Registration File No. 033-11466 includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Facing Page

2. Contents Page

3. Part A – Prospectus (1)

4. Part B – Statement of Additional Information (1)

5. Part C – Other Information (1)

6. Signatures

7. Exhibits

This Post-Effective Amendment relates only to the Standard Class, as applicable, and Service Class shares of the Registrant's 24 series: Nomura VIP Core Equity Series, Nomura VIP Growth Series, Nomura VIP Mid Cap Growth Series, Nomura VIP Smid Cap Core Series, Nomura VIP Small Cap Growth Series, Nomura VIP Value Series, Nomura VIP Corporate Bond Series, Nomura VIP High Income Series, Nomura VIP Limited-Term Bond Series, Nomura VIP Global Growth Series, Nomura VIP International Core Equity Series, Nomura VIP Asset Strategy Series, Nomura VIP Balanced Series, Nomura VIP Energy Series, Nomura VIP Natural Resources Series, Nomura VIP Science and Technology Series, Nomura VIP Pathfinder Aggressive Series, Nomura VIP Pathfinder Moderately Aggressive Series, Nomura VIP Pathfinder Moderate Series, Nomura VIP Pathfinder Moderately Conservative Series, Nomura VIP Pathfinder Conservative Series, Nomura VIP Pathfinder Moderate – Managed Volatility Series, Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series and Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series ("Series of the Registrant").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) This Post-Effective Amendment contains a Prospectus and Statement of Additional
 Information for two registrants (each of which offers its shares in multiple series). A separate post-effective amendment, which includes
 the common Prospectus and Statement of Additional Information and its own Part C, is being filed separately for the other registrant.

The Prospectus and Statement of Additional Information contained in this Post-Effective Amendment relate to the Standard Class, as applicable, and Service Class shares of the Series of the Registrant and also to the nine series of Delaware VIP Trust. The Part C contained in this Post-Effective Amendment relates only to the Series of the Registrant. A separate post-effective amendment which includes the Prospectus and Statement of Additional Information as they relate to the nine series of Delaware VIP Trust and its own Part C is being filed separately for Delaware VIP Trust.

---

| |
|:---|
| ![image](pr2628img001.jpg) |
| Prospectus |

---

---

| | | |
|:---|:---|:---|
| Nomura VIP Core Equity Series (formerly, Macquarie VIP Core Equity Series) |  | Service Class |
| Nomura VIP Growth Series (formerly, Macquarie VIP Growth Series) |  | Service Class |
| Nomura VIP Growth and Income Series (formerly, Macquarie VIP Growth and Income Series) | Standard Class |  |
| Nomura VIP Growth Equity Series (formerly, Macquarie VIP Growth Equity Series) | Standard Class |  |
| Nomura VIP Mid Cap Growth Series (formerly, Macquarie VIP Mid Cap Growth Series) | Standard Class | Service Class |
| Nomura VIP Smid Cap Core Series (formerly, Macquarie VIP Smid Cap Core Series) |  | Service Class |
| Nomura VIP Small Cap Growth Series (formerly, Macquarie VIP Small Cap Growth Series) | Standard Class | Service Class |
| Nomura VIP Small Cap Value Series (formerly, Macquarie VIP Small Cap Value Series) | Standard Class | Service Class |
| Nomura VIP Opportunity Series (formerly, Macquarie VIP Opportunity Series) | Standard Class |  |
| Nomura VIP Value Series (formerly, Macquarie VIP Value Series) |  | Service Class |
| Nomura VIP Fund for Income Series (formerly, Macquarie VIP Fund for Income Series) | Standard Class | Service Class |
| Nomura VIP Investment Grade Series (formerly, Macquarie VIP Investment Grade Series) | Standard Class | Service Class |
| Nomura VIP Corporate Bond Series (formerly, Macquarie VIP Corporate Bond Series) |  | Service Class |
| Nomura VIP High Income Series (formerly, Macquarie VIP High Income Series) | Standard Class | Service Class |
| Nomura VIP Limited Duration Bond Series (formerly, Macquarie VIP Limited Duration Bond Series) | Standard Class |  |
| Nomura VIP Limited-Term Bond Series (formerly, Macquarie VIP Limited-Term Bond Series) |  | Service Class |
| Nomura VIP Global Growth Series (formerly, Macquarie VIP Global Growth Series) |  | Service Class |
| Nomura VIP International Core Equity Series (formerly, Macquarie VIP International Core Equity Series) | Standard Class | Service Class |
| Nomura VIP Emerging Markets Series (formerly, Macquarie VIP Emerging Markets Series) | Standard Class | Service Class |
| Nomura VIP Asset Strategy Series (formerly, Macquarie VIP Asset Strategy Series) | Standard Class | Service Class |
| Nomura VIP Balanced Series (formerly, Macquarie VIP Balanced Series) |  | Service Class |
| Nomura VIP Total Return Series (formerly, Macquarie VIP Total Return Series) | Standard Class | Service Class |
| Nomura VIP Energy Series (formerly, Macquarie VIP Energy Series) | Standard Class | Service Class |
| Nomura VIP Natural Resources Series (formerly, Macquarie VIP Natural Resources Series) |  | Service Class |
| Nomura VIP Science and Technology Series (formerly, Macquarie VIP Science and Technology Series) | Standard Class | Service Class |
| Nomura VIP Pathfinder Aggressive Series (formerly, Macquarie VIP Pathfinder Aggressive Series) |  | Service Class |
| Nomura VIP Pathfinder Moderately Aggressive Series (formerly, Macquarie VIP Pathfinder Moderately Aggressive Series) |  | Service Class |
| Nomura VIP Pathfinder Moderate Series (formerly, Macquarie VIP Pathfinder Moderate Series) |  | Service Class |
| Nomura VIP Pathfinder Moderately Conservative Series (formerly, Macquarie VIP Pathfinder Moderately Conservative Series) |  | Service Class |
| Nomura VIP Pathfinder Conservative Series (formerly, Macquarie VIP Pathfinder Conservative Series) |  | Service Class |
| Nomura VIP Pathfinder Moderate — Managed Volatility Series (formerly, Macquarie VIP Pathfinder Moderate — Managed Volatility Series) |  | Service Class |
| Nomura VIP Pathfinder Moderately Aggressive — Managed Volatility Series (formerly, Macquarie VIP Pathfinder Moderately Aggressive — Managed Volatility Series) |  | Service Class |
| Nomura VIP Pathfinder Moderately Conservative — Managed Volatility Series (formerly, Macquarie VIP Pathfinder Moderately Conservative — Managed Volatility Series) |  | Service Class |

---

April 30, 2026

**The US Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus.**

**Any representation to the contrary is a criminal offense.**

**Get shareholder reports and prospectuses online instead of in the mail.**

------

Table of contents

---

| | |
|:---|:---|
| [**Series summaries**.........................................................................................](#ref_chapter_2_2628)  | [1](#ref_chapter_2_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura VIP Core Equity Series.................................................................................](#ref_chapter_2-sect1_1_342466_2628)  | [1](#ref_chapter_2-sect1_1_342466_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura VIP Growth Series....................................................................................](#ref_chapter_2-sect1_2_342467_2628)  | [5](#ref_chapter_2-sect1_2_342467_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura VIP Growth and Income Series............................................................................](#ref_chapter_2-sect1_3_342468_2628)  | [9](#ref_chapter_2-sect1_3_342468_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura VIP Growth Equity Series................................................................................](#ref_chapter_2-sect1_4_345172_2628)  | [13](#ref_chapter_2-sect1_4_345172_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura VIP Mid Cap Growth Series...............................................................................](#ref_chapter_2-sect1_5_345174_2628)  | [17](#ref_chapter_2-sect1_5_345174_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura VIP Smid Cap Core Series...............................................................................](#ref_chapter_2-sect1_6_345176_2628)  | [21](#ref_chapter_2-sect1_6_345176_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura VIP Small Cap Growth Series.............................................................................](#ref_chapter_2-sect1_7_345178_2628)  | [25](#ref_chapter_2-sect1_7_345178_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura VIP Small Cap Value Series..............................................................................](#ref_chapter_2-sect1_8_345180_2628)  | [29](#ref_chapter_2-sect1_8_345180_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura VIP Opportunity Series.................................................................................](#ref_chapter_2-sect1_9_345182_2628)  | [33](#ref_chapter_2-sect1_9_345182_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura VIP Value Series.....................................................................................](#ref_chapter_2-sect1_10_345184_2628)  | [37](#ref_chapter_2-sect1_10_345184_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura VIP Fund for Income Series...............................................................................](#ref_chapter_2-sect1_11_345186_2628)  | [41](#ref_chapter_2-sect1_11_345186_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura VIP Investment Grade Series..............................................................................](#ref_chapter_2-sect1_12_345188_2628)  | [45](#ref_chapter_2-sect1_12_345188_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura VIP Corporate Bond Series...............................................................................](#ref_chapter_2-sect1_13_345190_2628)  | [49](#ref_chapter_2-sect1_13_345190_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura VIP High Income Series.................................................................................](#ref_chapter_2-sect1_14_345192_2628)  | [53](#ref_chapter_2-sect1_14_345192_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura VIP Limited Duration Bond Series...........................................................................](#ref_chapter_2-sect1_15_345194_2628)  | [57](#ref_chapter_2-sect1_15_345194_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura VIP Limited-Term Bond Series.............................................................................](#ref_chapter_2-sect1_16_345196_2628)  | [62](#ref_chapter_2-sect1_16_345196_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura VIP Global Growth Series................................................................................](#ref_chapter_2-sect1_17_345198_2628)  | [66](#ref_chapter_2-sect1_17_345198_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura VIP International Core Equity Series.........................................................................](#ref_chapter_2-sect1_18_345200_2628)  | [70](#ref_chapter_2-sect1_18_345200_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura VIP Emerging Markets Series.............................................................................](#ref_chapter_2-sect1_19_345202_2628)  | [74](#ref_chapter_2-sect1_19_345202_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura VIP Asset Strategy Series................................................................................](#ref_chapter_2-sect1_20_345204_2628)  | [78](#ref_chapter_2-sect1_20_345204_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura VIP Balanced Series...................................................................................](#ref_chapter_2-sect1_21_345206_2628)  | [83](#ref_chapter_2-sect1_21_345206_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura VIP Total Return Series.................................................................................](#ref_chapter_2-sect1_22_345208_2628)  | [88](#ref_chapter_2-sect1_22_345208_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura VIP Energy Series....................................................................................](#ref_chapter_2-sect1_23_345210_2628)  | [93](#ref_chapter_2-sect1_23_345210_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura VIP Natural Resources Series.............................................................................](#ref_chapter_2-sect1_24_345212_2628)  | [98](#ref_chapter_2-sect1_24_345212_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura VIP Science and Technology Series.........................................................................](#ref_chapter_2-sect1_25_345214_2628)  | [103](#ref_chapter_2-sect1_25_345214_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura VIP Pathfinder Aggressive Series...........................................................................](#ref_chapter_2-sect1_26_345216_2628)  | [107](#ref_chapter_2-sect1_26_345216_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura VIP Pathfinder Moderately Aggressive Series....................................................................](#ref_chapter_2-sect1_27_345218_2628)  | [111](#ref_chapter_2-sect1_27_345218_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura VIP Pathfinder Moderate Series............................................................................](#ref_chapter_2-sect1_28_345220_2628)  | [115](#ref_chapter_2-sect1_28_345220_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura VIP Pathfinder Moderately Conservative Series..................................................................](#ref_chapter_2-sect1_29_345222_2628)  | [119](#ref_chapter_2-sect1_29_345222_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura VIP Pathfinder Conservative Series..........................................................................](#ref_chapter_2-sect1_30_345224_2628)  | [123](#ref_chapter_2-sect1_30_345224_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura VIP Pathfinder Moderate — Managed Volatility Series..............................................................](#ref_chapter_2-sect1_31_345226_2628)  | [127](#ref_chapter_2-sect1_31_345226_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura VIP Pathfinder Moderately Aggressive — Managed Volatility Series......................................................](#ref_chapter_2-sect1_32_345228_2628)  | [132](#ref_chapter_2-sect1_32_345228_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura VIP Pathfinder Moderately Conservative — Managed Volatility Series.....................................................](#ref_chapter_2-sect1_33_345230_2628)  | [137](#ref_chapter_2-sect1_33_345230_2628)  |
| [**How we manage the Series**..................................................................................](#ref_chapter_3_2628)  | [142](#ref_chapter_3_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Our principal investment strategies................................................................................](#ref_chapter_3-sect1_1_342500_2628)  | [142](#ref_chapter_3-sect1_1_342500_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Other investment strategies....................................................................................](#ref_chapter_3-sect1_2_342501_2628)  | [170](#ref_chapter_3-sect1_2_342501_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [The risks of investing in the Series................................................................................](#ref_chapter_3-sect1_3_342502_2628)  | [171](#ref_chapter_3-sect1_3_342502_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Disclosure of portfolio holdings information...........................................................................](#ref_chapter_3-sect1_4_342503_2628)  | [195](#ref_chapter_3-sect1_4_342503_2628)  |
| [**Who manages the Series**....................................................................................](#ref_chapter_4_2628)  | [196](#ref_chapter_4_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Investment manager........................................................................................](#ref_chapter_4-sect1_1_342505_2628)  | [196](#ref_chapter_4-sect1_1_342505_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Sub-advisors.............................................................................................](#ref_chapter_4-sect1_2_342506_2628)  | [197](#ref_chapter_4-sect1_2_342506_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Portfolio managers.........................................................................................](#ref_chapter_4-sect1_3_342507_2628)  | [197](#ref_chapter_4-sect1_3_342507_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Manager of managers structure..................................................................................](#ref_chapter_4-sect1_4_342508_2628)  | [208](#ref_chapter_4-sect1_4_342508_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Who's who..............................................................................................](#ref_chapter_4-sect1_5_342509_2628)  | [208](#ref_chapter_4-sect1_5_342509_2628)  |
| [**Important information about the Series**.........................................................................](#ref_chapter_5_2628)  | [210](#ref_chapter_5_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Share classes............................................................................................](#ref_chapter_5-sect1_1_342512_2628)  | [210](#ref_chapter_5-sect1_1_342512_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Life insurance company compensation.............................................................................](#ref_chapter_5-sect1_2_342513_2628)  | [210](#ref_chapter_5-sect1_2_342513_2628)  |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; [Purchase and redemption of shares...............................................................................](#ref_chapter_5-sect1_3_342514_2628)  | [211](#ref_chapter_5-sect1_3_342514_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Payments to intermediaries....................................................................................](#ref_chapter_5-sect1_4_342518_2628)  | [211](#ref_chapter_5-sect1_4_342518_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Calculating share price.......................................................................................](#ref_chapter_5-sect1_5_342519_2628)  | [211](#ref_chapter_5-sect1_5_342519_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Fair valuation.............................................................................................](#ref_chapter_5-sect1_6_342520_2628)  | [212](#ref_chapter_5-sect1_6_342520_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Frequent trading of Series shares (market timing and disruptive trading).........................................................](#ref_chapter_5-sect1_7_342526_2628)  | [212](#ref_chapter_5-sect1_7_342526_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Dividends, distributions, and taxes................................................................................](#ref_chapter_5-sect1_8_342527_2628)  | [214](#ref_chapter_5-sect1_8_342527_2628)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Certain management considerations...............................................................................](#ref_chapter_5-sect1_9_342525_2628)  | [215](#ref_chapter_5-sect1_9_342525_2628)  |
| [**Financial highlights**........................................................................................](#ref_chapter_6_2628)  | [216](#ref_chapter_6_2628)  |

---

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---

| |
|:---|
| Series summary |
| **Nomura VIP Core Equity Series,** a series of Ivy Variable Insurance Portfolios<br>(formerly, Macquarie VIP Core Equity Series) |

---

**What is the Series' investment objective?**

Nomura VIP Core Equity Series seeks to provide capital growth and appreciation.

**What are the Series' fees and expenses?**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table and example do not reflect any fees or sales charges imposed by variable insurance contracts. If they did, the expenses would be higher.

**Annual series operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | |
|:---|:---|
| Class | Service |
| Management fees.................................................................................  | 0.70% |
| Distribution and service (12b-1) fees....................................................................  | 0.25% |
| Other expenses ..................................................................................  | 0.05% |
| Total annual series operating expenses.................................................................  | 1.00% |
| Fee waivers and expense reimbursements ...............................................................  | (0.05%)<sup>1</sup> |
| Total annual series operating expenses after fee waivers and expense reimbursements...............................  | 0.95% |

---

---

| | |
|:---|:---|
| 1 | The Series' investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual series operating expenses from exceeding 0.70% of the Series' average daily net assets from April 30, 2026 through April 29, 2027. These waivers and reimbursements may only be terminated by agreement of the Manager and the Series. |

---

**Example**

This example is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the Manager's expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| Class | Service |
| 1 year............................................................................................  | $97 |
| 3 years...........................................................................................  | $313 |
| 5 years...........................................................................................  | $548 |
| 10 years..........................................................................................  | $1220 |

---

**Portfolio turnover**

The Series pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in the annual series operating expenses or in the example, affect the Series' performance. During the most recent fiscal year, the Series' portfolio turnover rate was 39% of the average value of its portfolio.

**What are the Series' principal investment strategies?**

Nomura VIP Core Equity Series seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in equity securities, primarily in common stocks of large-capitalization companies. The Series seeks to invest in companies that the Manager believes are high-quality, have sustainable competitive advantages accompanied by financial strength and earnings stability, and have leading positions in their industries. Large-capitalization companies typically are companies with market capitalizations of at least $10 billion at the time of acquisition. The Series invests in securities that have the potential for capital appreciation, or that the Manager expects to resist market decline. Although the Series primarily invests in securities issued by large-capitalization companies, it may invest in securities issued by companies of any size. The Series may invest in securities of companies across the valuation spectrum, including securities issued by growth and value companies.

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Series summary

The Manager believes that long-term earnings potential relative to market expectations is an important component for stock performance. The Manager balances a top-down (assessing the market environment) approach with a bottom-up (researching individual issuers) analysis when selecting securities for the Series, and seeks to exploit what it believes to be catalysts for multi-year earnings growth in companies that it believes have strong or strengthening competitive advantages. Earnings catalysts are diversified across both thematic and company-specific projections.

From a top-down perspective, the Manager seeks to identify current trends or themes which indicate specific industries that have the potential to experience multi-year growth. The Manager considers various thematic catalysts in its analysis, including major macro-economic and political forces, cyclical inflections, changes in consumer behavior and technology shifts. Once a trend or theme is identified, the Manager seeks to invest for the Series in what it believes are dominant companies that will benefit from these trends or themes; including companies that the Manager believes have long-term earnings potential that exceeds market expectations. Through its bottom-up stock selection, the Manager searches for companies for which it believes market expectations are too low with regard to the ability of the companies to grow their businesses.

In selecting securities for the Series, the Manager may consider whether a company has new products to introduce, has undergone cost restructuring or a management change, or has improved its execution, among other factors.

The Series typically holds a limited number of stocks (generally 40 to 50).

The Manager attempts to select securities that it believes have growth possibilities by looking at many factors, which may include a company's: projected long-term earnings power compared to market expectations over a multi-year horizon, competitive position in the global economy, history of improving sales and profits, management strength, environmental. social and governance (ESG) characteristics, established brand, leadership position in its industry, stock price value, potential earnings catalyst, dividend payment history, anticipated future dividend yield, and prospects for capital return in the form of dividends and stock buybacks.

Many of the companies in which the Series may invest have diverse operations, with products or services in foreign markets. Therefore, the Series may have indirect exposure to various foreign markets through investments in these companies, even if the Series is not invested directly in such markets.

Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses in buying securities. Among other factors, the Manager considers whether, in its opinion, the security has fully appreciated according to the Manager's forecast, has ceased to offer the prospect of significant growth potential, has had its competitive barriers diminished, has seen its earnings catalyst lose its impact, or has performed below the Manager's expectations regarding the company's long-term earnings potential. The Manager also may sell a security to reduce the Series' holding in that security, if that issuer's competitive advantage has diminished or if the Series' portfolio manager loses conviction in a previously identified trend or theme, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

**What are the principal risks of investing in the Series?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Series will increase and decrease according to changes in the value of the securities in the Series' portfolio. An investment in the Series may not be appropriate for all investors. The Series' principal risks include:

**Market risk** — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**Large-capitalization company risk** — Large-capitalization companies tend to be less volatile than companies with smaller market capitalizations. This potentially lower risk means that the Series' share price may not rise as much as the share prices of funds that focus on smaller-capitalization companies.

**Growth stock risk** — Growth stocks reflect projections of future earnings and revenue. These prices may rise or fall dramatically depending on whether those projections are met. These companies' stock prices may be more volatile, particularly over the short term.

**Value stock risk** — The risk that the value of a security believed by the Manager to be undervalued may never reach what is believed to be its full value; such security's value may decrease or such security may be appropriately priced. Value stocks are stocks of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor and, in the opinion of the Manager, undervalued.

**Industry and sector risk** — The risk that the value of securities in a particular industry or sector (such as information technology) will decline because of changing expectations for the performance of that industry or sector.

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**Information technology sector risk** — The risk that investment risks associated with investing in the information technology sector, in addition to other risks, include the intense competition to which information technology companies may be subject; the dramatic and often unpredictable changes in growth rates and competition for qualified personnel among information technology companies; effects on profitability from being heavily dependent on patent and intellectual property rights and the loss or impairment of those rights; obsolescence of existing technology; general economic conditions; and government regulation.

**Foreign risk** — The risk that investments in foreign securities (particularly those of issuers in emerging markets) may be adversely affected by political instability, changes in currency exchange rates, inefficient markets and higher transaction costs, foreign economic conditions, the imposition of economic or trade sanctions, or inadequate or different regulatory and accounting standards.

**Limited number of securities risk** — The possibility that a single security's increase or decrease in value may have a greater impact on a series' value and total return because the series may hold larger positions in fewer securities than other series. In addition, a series that holds a limited number of securities may be more volatile than those series that hold a greater number of securities.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a series has valued them.

**Redemption risk** — If investors redeem more shares of a series than are purchased for an extended period of time, a series may be required to sell securities without regard to the investment merits of such actions. This could decrease a series' asset base, potentially resulting in a higher expense ratio.

**Active management and selection risk** — The risk that the securities selected by a series' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

**How has** **Nomura** **VIP Core Equity Series performed?**

The bar chart and table below provide some indication of the risks of investing in the Series. The bar chart shows changes in the Series' performance from year to year and the table shows how the Series' average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance. The Series' past performance is not necessarily an indication of how the Series will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

On April 30, 2021, Delaware Management Company became the Series' investment manager. The returns shown from before April 30, 2021 are from the Series' prior investment manager.

You may obtain the Series' most recently available month-end performance by calling 800 523-1918 or by visiting our website at nomuraassetmanagement.com/vip-performance.

Performance reflects all Series expenses but does not include any fees or sales charges imposed by variable insurance contracts. If they had been included, the returns shown below would be lower. Investors should consult the variable contract prospectus for more information.

**Calendar year-by-year total return (Service Class)**

![image](pr2628img002.jpg)

During the periods illustrated in this bar chart, Service Class's highest quarterly return was 20.25% for the quarter ended June 30, 2020, and its lowest quarterly return was -17.87% for the quarter ended March 31, 2020.

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Series summary

**Average annual total returns for periods ended December 31,** **2025**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years |
| Service Class...........................................................  | 15.30% | 13.79% | 13.78% |
| S&P 500<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes)....................  | 17.88% | 14.42% | 14.82% |

---

**Who manages the Series?**

**Investment manager**

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

---

| | | |
|:---|:---|:---|
|  **Portfolio manager**  | &nbsp;&nbsp; **Title with Delaware Management Company** | &nbsp;&nbsp; **Start date on the Series** |
|  Erik Becker, CFA  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager | &nbsp;&nbsp; July 2006 |

---

Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

**Purchase and redemption of Series shares**

Shares are sold, directly or indirectly, to separate accounts of life insurance companies at net asset value (NAV). Please refer to the variable annuity or variable life insurance product contract prospectus for more information about the purchase and redemption of shares.

**Tax information**

The dividends and distributions paid from the Series to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Series must be purchased through separate accounts used to fund variable annuity contracts or variable life insurance contracts (variable contracts), such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. You should refer to your variable contract prospectus for more information on these tax consequences.

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Series through a broker/dealer or other financial intermediary (such as an insurance company), the Series and its related companies may pay the intermediary for the sale of Series shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Series over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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---

| |
|:---|
| Series summary |
| **Nomura VIP Growth Series,** a series of Ivy Variable Insurance Portfolios<br>(formerly, Macquarie VIP Growth Series) |

---

**What is the Series' investment objective?**

Nomura VIP Growth Series seeks to provide growth of capital.

**What are the Series' fees and expenses?**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table and example do not reflect any fees or sales charges imposed by variable insurance contracts. If they did, the expenses would be higher.

**Annual series operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | |
|:---|:---|
| Class | Service |
| Management fees.................................................................................  | 0.70% |
| Distribution and service (12b-1) fees....................................................................  | 0.25% |
| Other expenses ..................................................................................  | 0.06% |
| Total annual series operating expenses.................................................................  | 1.01% |
| Fee waivers and expense reimbursements ...............................................................  | (0.00%)<sup>1</sup> |
| Total annual series operating expenses after fee waivers and expense reimbursements...............................  | 1.01% |

---

---

| | |
|:---|:---|
| 1 | The Series' investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual series operating expenses from exceeding 0.76% of the Series' average daily net assets from April 30, 2026 through April 29, 2027. These waivers and reimbursements may only be terminated by agreement of the Manager and the Series. |

---

**Example**

This example is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the Manager's expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| Class | Service |
| 1 year............................................................................................  | $103 |
| 3 years...........................................................................................  | $322 |
| 5 years...........................................................................................  | $558 |
| 10 years..........................................................................................  | $1236 |

---

**Portfolio turnover**

The Series pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in the annual series operating expenses or in the example, affect the Series' performance. During the most recent fiscal year, the Series' portfolio turnover rate was 26% of the average value of its portfolio.

**What are the Series' principal investment strategies?**

Nomura VIP Growth Series seeks to achieve its objective by investing primarily in a portfolio of common stocks issued by large-capitalization, growth-oriented companies that the Manager believes have a competitively advantaged business model, thereby eluding competition, and have the ability to sustain growth over the long term beyond investors' expectations. Large-capitalization companies typically are companies with market capitalizations of at least $10 billion at the time of acquisition. Growth-oriented companies are those whose earnings the Manager believes are likely to grow faster than the economy. The Series is nondiversified, meaning that it may invest a significant portion of its total assets in a limited number of issuers.

In selecting securities for the Series, the Manager begins its investment process by screening large-capitalization companies based on profitability (capital returns and margins) and growth (sales and earnings), while simultaneously utilizing fundamental analysis to assess any unique business attributes that validate those financial characteristics. The Manager uses a bottom-up (researching individual issuers) strategy in selecting securities for the Series. The Manager seeks to invest for the Series in companies that it believes possess a structural competitive advantage or durable

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Series summary

market leadership position. The Manager looks for companies which serve large addressable markets with a demonstrated ability to sustain unit growth and high profitability. The Manager also seeks to invest in companies that it believes have improving growth prospects or improving levels of profitability and returns.

A competitively advantaged business model can be defined by such factors as: brand loyalty, proprietary technology, cost structure, scale, exclusive access to data, or distribution advantages. Other factors considered include strength of management; environmental. social and governance (ESG) characteristics; level of competitive intensity; return of capital; strong balance sheets and cash flows; the threat of substitute products; and the interaction and bargaining power between a company, its customers, suppliers, and competitors. The Manager's process for selecting stocks is based primarily on fundamental research, but does utilize quantitative analysis during the screening process.

From a quantitative standpoint, the Manager concentrates on the level of profitability, capital intensity, cash flow and capital allocation measures, as well as earnings growth rates and valuations. The Manager's fundamental research effort tries to identify those companies that it believes possess a sustainable competitive advantage, an important characteristic which typically enables a company to generate above-average levels of profitability and the ability to sustain growth over the long term. The Series typically holds a limited number of stocks (generally 35 to 50).

Many of the companies in which the Series may invest have diverse operations, with products or services in foreign markets. Therefore, the Series may have indirect exposure to various foreign markets through investments in these companies, even if the Series is not invested directly in such markets.

In general, the Manager may sell a security when, in the Manager's opinion, a company experiences deterioration in its growth and/or profitability characteristics, or a fundamental breakdown of its sustainable competitive advantages. The Manager also may sell a security if it believes that the security no longer presents sufficient appreciation potential; this may be caused by, or be an effect of, changes in the industry or sector of the issuer, loss by the company of its competitive position, poor execution by management, the threat of technological disruption and/or poor use of resources. The Manager also may sell a security to reduce the Series' holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

**What are the principal risks of investing in the Series?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Series will increase and decrease according to changes in the value of the securities in the Series' portfolio. An investment in the Series may not be appropriate for all investors. The Series' principal risks include:

**Market risk** — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**Growth stock risk** — Growth stocks reflect projections of future earnings and revenue. These prices may rise or fall dramatically depending on whether those projections are met. These companies' stock prices may be more volatile, particularly over the short term.

**Large-capitalization company risk** — Large-capitalization companies tend to be less volatile than companies with smaller market capitalizations. This potentially lower risk means that the Series' share price may not rise as much as the share prices of funds that focus on smaller-capitalization companies.

**Limited number of securities risk** — The possibility that a single security's increase or decrease in value may have a greater impact on a series' value and total return because the series may hold larger positions in fewer securities than other series. In addition, a series that holds a limited number of securities may be more volatile than those series that hold a greater number of securities.

**Nondiversification risk** — A nondiversified series has the flexibility to invest as much as 50% of its assets in as few as two issuers with no single issuer accounting for more than 25% of the series. The remaining 50% of its assets must be diversified so that no more than 5% of its assets are invested in the securities of a single issuer. Because a nondiversified series may invest its assets in fewer issuers, the value of its shares may increase or decrease more rapidly than if it were fully diversified.

**Information technology sector risk** — The risk that investment risks associated with investing in the information technology sector, in addition to other risks, include the intense competition to which information technology companies may be subject; the dramatic and often unpredictable changes in growth rates and competition for qualified personnel among information technology companies; effects on profitability from being heavily dependent on patent and intellectual property rights and the loss or impairment of those rights; obsolescence of existing technology; general economic conditions; and government regulation.

**Industry and sector risk** — The risk that the value of securities in a particular industry or sector (such as information technology) will decline because of changing expectations for the performance of that industry or sector.

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**Government and regulatory risk** — The risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect series performance.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a series has valued them.

**Active management and selection risk** — The risk that the securities selected by a series' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

**How has** **Nomura** **VIP Growth Series performed?**

The bar chart and table below provide some indication of the risks of investing in the Series. The bar chart shows changes in the Series' performance from year to year and the table shows how the Series' average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Series. The Series' past performance is not necessarily an indication of how the Series will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

On April 30, 2021, Delaware Management Company became the Series' investment manager. The returns shown from before April 30, 2021 are from the Series' prior investment manager.

You may obtain the Series' most recently available month-end performance by calling 800 523-1918 or by visiting our website at nomuraassetmanagement.com/vip-performance.

Performance reflects all Series expenses but does not include any fees or sales charges imposed by variable insurance contracts. If they had been included, the returns shown below would be lower. Investors should consult the variable contract prospectus for more information.

**Calendar year-by-year total return (Service Class)**

![image](pr2628img003.jpg)

During the periods illustrated in this bar chart, Service Class's highest quarterly return was 25.41% for the quarter ended June 30, 2020, and its lowest quarterly return was -19.68% for the quarter ended June 30, 2022.

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Series summary

**Average annual total returns for periods ended December 31,** **2025**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years |
| Service Class...........................................................  | 8.41% | 11.89% | 15.40% |
| Russell 1000<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes).................  | 17.37% | 13.59% | 14.59% |
| Russell 1000<sup>®</sup> Growth Index (reflects no deduction for fees, expenses, or taxes)...........  | 18.56% | 15.32% | 18.13% |

---

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

**Who manages the Series?**

**Investment manager**

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

---

| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title with Delaware Management Company** | &nbsp;&nbsp; **Start date on the Series** |
|  Bradley Klapmeyer, CFA  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager | &nbsp;&nbsp; August 2016 |
|  Bradley Angermeier, CFA  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager | &nbsp;&nbsp; October 2021 |

---

Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

**Purchase and redemption of Series shares**

Shares are sold, directly or indirectly, to separate accounts of life insurance companies at net asset value (NAV). Please refer to the variable annuity or variable life insurance product contract prospectus for more information about the purchase and redemption of shares.

**Tax information**

The dividends and distributions paid from the Series to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Series must be purchased through separate accounts used to fund variable annuity contracts or variable life insurance contracts (variable contracts), such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. You should refer to your variable contract prospectus for more information on these tax consequences.

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Series through a broker/dealer or other financial intermediary (such as an insurance company), the Series and its related companies may pay the intermediary for the sale of Series shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Series over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

------

[Back to **Table of Contents**](#TOC_2628)

---

| |
|:---|
| Series summary |
| **Nomura VIP Growth and Income Series,** a series of Delaware VIP Trust<br>(formerly, Macquarie VIP Growth and Income Series) |

---

**What is the Series' investment objective?**

Nomura VIP Growth and Income Series seeks long-term growth of capital and current income.

**What are the Series' fees and expenses?**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table and example do not reflect any fees or sales charges imposed by variable insurance contracts. If they did, the expenses would be higher.

**Annual series operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | |
|:---|:---|
| Class | Standard |
| Management fees.................................................................................  | 0.63% |
| Distribution and service (12b-1) fees....................................................................  |  |
| Other expenses ..................................................................................  | 0.05% |
| Total annual series operating expenses.................................................................  | 0.68% |
| Fee waivers and expense reimbursements ...............................................................  | (0.00%)<sup>1</sup> |
| Total annual series operating expenses after fee waivers and expense reimbursements...............................  | 0.68% |

---

---

| | |
|:---|:---|
| 1 | The Series' investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual series operating expenses from exceeding 0.70% of the Series' average daily net assets from April 30, 2026 through April 29, 2027. These waivers and reimbursements may only be terminated by agreement of the Manager and the Series. |

---

**Example**

This example is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the Manager's expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| Class | Standard  |
| 1 year............................................................................................  | $69 |
| 3 years...........................................................................................  | $218 |
| 5 years...........................................................................................  | $379 |
| 10 years..........................................................................................  | $847 |

---

**Portfolio turnover**

The Series pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in the annual series operating expenses or in the example, affect the Series' performance. During the most recent fiscal year, the Series' portfolio turnover rate was 42% of the average value of its portfolio.

**What are the Series' principal investment strategies?**

Nomura VIP Growth and Income Series primarily invests in common stocks that offer the potential for capital growth, current income or both. The Series primarily invests in common stocks of large-size companies. The Series may also invest in mid- and small-size companies.

The Series seeks to generate income by investing primarily in dividend paying companies. The Series may also own convertible securities. Convertible securities are usually preferred stocks or corporate bonds that can be exchanged for a set number of shares of common stock at a predetermined price. These securities offer higher appreciation potential than nonconvertible bonds and greater income potential than nonconvertible preferred stocks. The Series may also invest in real estate investment trusts (REITs) and income-generating equity securities. REITs are pooled investment vehicles that invest primarily in income-producing real estate or real estate-related loans or interests.

Macquarie Investment Management Global Limited (MIMGL) serves as the Series' sub-advisor and manages the Series' assets.

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Series summary

Using a systematic bottom-up approach, the Series seeks to select securities that have above-average yields coupled with a demonstrated business quality, as seen through superior profitability, balance sheet strength, earnings stability and corporate sustainability. Stocks also need to have reasonable company valuations relative to their current growth prospects, and their peer group. All of these factors give insight into the outlook for a company, and identify companies poised for sustainable growth. Sustainable growth, if it occurs, may result in price appreciation for the company's stock.

**What are the principal risks of investing in the Series?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Series will increase and decrease according to changes in the value of the securities in the Series' portfolio. An investment in the Series may not be appropriate for all investors. The Series' principal risks include:

**Market risk** — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**Company size risk** — The risk that investments in small- and/or medium-sized companies may be more volatile than those of larger companies because of limited financial resources or dependence on narrow product lines.

**Real estate industry risk** — This risk includes, among others: possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; increases in competition, property taxes, and operating expenses; changes in zoning laws; costs resulting from the cleanup of, and liability to third parties resulting from, environmental problems; casualty for condemnation losses; uninsured damages from floods, earthquakes, or other natural disasters; limitations on and variations in rents; and changes in interest rates.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a series has valued them.

**Industry and sector risk** — The risk that the value of securities in a particular industry or sector will decline because of changing expectations for the performance of that industry or sector.

**Redemption risk** — If investors redeem more shares of a series than are purchased for an extended period of time, a series may be required to sell securities without regard to the investment merits of such actions. This could decrease a series' asset base, potentially resulting in a higher expense ratio.

**Active management and selection risk** — The risk that the securities selected by a series' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

**How has** **Nomura** **VIP Growth and Income Series performed?**

The bar chart and table below provide some indication of the risks of investing in the Series. The bar chart shows changes in the Series' performance from year to year and the table shows how the Series' average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Series. The Series' past performance is not necessarily an indication of how the Series will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

The Series adopted the performance of the First Investors Life Series Growth & Income Fund (Predecessor Series) as the result of a reorganization of the Predecessor Series into the Series, which was consummated after the close of business on October 4, 2019 (Reorganization). The Series had not yet commenced operations prior to the Reorganization. The returns shown for periods ending on or prior to October 4, 2019 reflect the performance and expenses of the Predecessor Series. The Predecessor Series was reorganized into the Series after the close of business on October 4, 2019. The returns shown for periods after October 4, 2019 reflect the performance and expenses of the Series.

You may obtain the Series' most recently available month-end performance by calling 800 523-1918 or by visiting our website at nomuraassetmanagement.com/vip-performance.

Performance reflects all Series expenses but does not include any fees or sales charges imposed by variable insurance contracts. If they had been included, the returns shown below would be lower. Investors should consult the variable contract prospectus for more information.

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**Calendar year-by-year total return (Standard Class)**

![image](pr2628img004.jpg)

During the periods illustrated in this bar chart, the Standard Class's highest quarterly return was 17.18% for the quarter ended December 31, 2022, and its lowest quarterly return was -26.66% for the quarter ended March 31, 2020.

**Average annual total returns for periods ended December 31,** **2025**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years |
| Standard Class..........................................................  | 29.23% | 16.22% | 11.96% |
| Russell 1000<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes).................  | 17.37% | 13.59% | 14.59% |
| Russell 1000<sup>®</sup> Value Index (reflects no deduction for fees, expenses, or taxes).............  | 15.91% | 11.33% | 10.53% |

---

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

**Who manages the Series?**

**Investment manager**

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

**Sub-advisor**

Macquarie Investment Management Global Limited serves as sub-advisor for the Series. MIMGL is primarily responsible for the day-to-day management of the Series' portfolio.

---

| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title with MIMGL** | &nbsp;&nbsp; **Start date on the Series** |
|  Benjamin Leung, CFA  | &nbsp;&nbsp; Senior Managing Director, Head of Systematic Investments, Portfolio Manager | &nbsp;&nbsp; January 2021 |
|  Samir Vanza  | &nbsp;&nbsp; Managing Director, Head of Quantitative Research, Portfolio Manager | &nbsp;&nbsp; August 2024 |

---

Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

**Purchase and redemption of Series shares**

Shares are sold, directly or indirectly, to separate accounts of life insurance companies at net asset value (NAV). Please refer to the variable annuity or variable life insurance product contract prospectus for more information about the purchase and redemption of shares.

**Tax information**

The dividends and distributions paid from the Series to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Series must be purchased through separate accounts used to fund variable annuity contracts or variable life insurance contracts (variable contracts), such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. You should refer to your variable contract prospectus for more information on these tax consequences.

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Series summary

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Series through a broker/dealer or other financial intermediary (such as an insurance company), the Series and its related companies may pay the intermediary for the sale of Series shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Series over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

------

[Back to **Table of Contents**](#TOC_2628)

---

| |
|:---|
| Series summary |
| **Nomura VIP Growth Equity Series,** a series of Delaware VIP Trust<br>(formerly, Macquarie VIP Growth Equity Series) |

---

**What is the Series' investment objective?**

Nomura VIP Growth Equity Series seeks long-term growth of capital.

**What are the Series' fees and expenses?**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table and example do not reflect any fees or sales charges imposed by variable insurance contracts. If they did, the expenses would be higher.

**Annual series operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | |
|:---|:---|
| Class | Standard |
| Management fees.................................................................................  | 0.65% |
| Distribution and service (12b-1) fees....................................................................  |  |
| Other expenses ..................................................................................  | 0.14% |
| Total annual series operating expenses.................................................................  | 0.79% |
| Fee waivers and expense reimbursements ...............................................................  | (0.00%)<sup>1</sup> |
| Total annual series operating expenses after fee waivers and expense reimbursements...............................  | 0.79% |

---

---

| | |
|:---|:---|
| 1 | The Series' investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual series operating expenses from exceeding 0.79% of the Series' average daily net assets from April 30, 2026 through April 29, 2027. These waivers and reimbursements may only be terminated by agreement of the Manager and the Series. |

---

**Example**

This example is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the Manager's expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| Class | Standard  |
| 1 year............................................................................................  | $81 |
| 3 years...........................................................................................  | $252 |
| 5 years...........................................................................................  | $439 |
| 10 years..........................................................................................  | $978 |

---

**Portfolio turnover**

The Series pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in the annual series operating expenses or in the example, affect the Series' performance. During the most recent fiscal year, the Series' portfolio turnover rate was 24% of the average value of its portfolio.

**What are the Series' principal investment strategies?**

Nomura VIP Growth Equity Series seeks to achieve its objective by investing primarily in a portfolio of common stocks issued by large-capitalization, growth-oriented companies that the Manager believes have a competitively advantaged business model, thereby eluding competition, and have the ability to sustain growth over the long term beyond investors' expectations. Under normal circumstances, the Series invests at least 80% of its net assets in large-capitalization companies, which typically are companies with market capitalizations of at least $10 billion at the time of acquisition. Growth-oriented companies are those whose earnings the Manager believes are likely to grow faster than the economy. The Series' portfolio of assets is diversified.

In selecting securities for the Series, the Manager begins its investment process by screening large-capitalization companies based on profitability (capital returns and margins) and growth (sales and earnings), while simultaneously utilizing fundamental analysis to assess any unique business attributes that validate those financial characteristics. The Manager uses a bottom-up (researching individual issuers) strategy in selecting securities

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Series summary

for the Series. The Manager seeks to invest for the Series in companies that it believes possess a structural competitive advantage or durable market leadership position. The Manager looks for companies which serve large addressable markets with a demonstrated ability to sustain unit growth and high profitability. The Manager also seeks to invest in companies that it believes have improving growth prospects or improving levels of profitability and returns.

A competitively advantaged business model can be defined by such factors as: brand loyalty, proprietary technology, cost structure, scale, exclusive access to data, or distribution advantages. Other factors considered include strength of management; environmental. social and governance (ESG) characteristics; level of competitive intensity; return of capital; strong balance sheets and cash flows; the threat of substitute products; and the interaction and bargaining power between a company, its customers, suppliers, and competitors. The Manager's process for selecting stocks is based primarily on fundamental research, but does utilize quantitative analysis during the screening process.

From a quantitative standpoint, the Manager concentrates on the level of profitability, capital intensity, cash flow and capital allocation measures, as well as earnings growth rates and valuations. The Manager's fundamental research effort tries to identify those companies that it believes possess a sustainable competitive advantage, an important characteristic which typically enables a company to generate above-average levels of profitability and the ability to sustain growth over the long term. The Series typically holds a limited number of stocks (generally 35 to 50).

Many of the companies in which the Series may invest have diverse operations, with products or services in foreign markets. Therefore, the Series may have indirect exposure to various foreign markets through investments in these companies, even if the Series is not invested directly in such markets.

In general, the Manager may sell a security when, in the Manager's opinion, a company experiences deterioration in its growth and/or profitability characteristics, or a fundamental breakdown of its sustainable competitive advantages. The Manager also may sell a security if it believes that the security no longer presents sufficient appreciation potential; this may be caused by, or be an effect of, changes in the industry or sector of the issuer, loss by the company of its competitive position, poor execution by management, the threat of technological disruption and/or poor use of resources. The Manager also may sell a security to reduce the Series' holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

**What are the principal risks of investing in the Series?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Series will increase and decrease according to changes in the value of the securities in the Series' portfolio. An investment in the Series may not be appropriate for all investors. The Series' principal risks include:

**Market risk** — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**Growth stock risk** — Growth stocks reflect projections of future earnings and revenue. These prices may rise or fall dramatically depending on whether those projections are met. These companies' stock prices may be more volatile, particularly over the short term.

**Large-capitalization company risk** — Large-capitalization companies tend to be less volatile than companies with smaller market capitalizations. This potentially lower risk means that the Series' share price may not rise as much as the share prices of funds that focus on smaller-capitalization companies.

**Limited number of securities risk** — The possibility that a single security's increase or decrease in value may have a greater impact on a series' value and total return because the series may hold larger positions in fewer securities than other series. In addition, a series that holds a limited number of securities may be more volatile than those series that hold a greater number of securities.

**Information technology sector risk** — The risk that investment risks associated with investing in the information technology sector, in addition to other risks, include the intense competition to which information technology companies may be subject; the dramatic and often unpredictable changes in growth rates and competition for qualified personnel among information technology companies; effects on profitability from being heavily dependent on patent and intellectual property rights and the loss or impairment of those rights; obsolescence of existing technology; general economic conditions; and government regulation.

**Industry and sector risk** — The risk that the value of securities in a particular industry or sector (such as information technology) will decline because of changing expectations for the performance of that industry or sector.

**Government and regulatory risk** — The risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect series performance.

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[Back to **Table of Contents**](#TOC_2628)

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a series has valued them.

**Active management and selection risk** — The risk that the securities selected by a series' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

**How has** **Nomura** **VIP Growth Equity Series performed?**

The bar chart and table below provide some indication of the risks of investing in the Series. The bar chart shows changes in the Series' performance from year to year and the table shows how the Series' average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Series. The Series' past performance is not necessarily an indication of how the Series will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

The Series adopted the performance of the First Investors Life Series Select Growth Fund (Predecessor Series) as the result of a reorganization of the Predecessor Series into the Series, which was consummated after the close of business on October 4, 2019 (Reorganization). The Series had not yet commenced operations prior to the Reorganization. The returns shown for periods ending on or prior to October 4, 2019 reflect the performance and expenses of the Predecessor Series. The Predecessor Series was reorganized into the Series after the close of business on October 4, 2019. The returns shown for periods after October 4, 2019 reflect the performance and expenses of the Series.

You may obtain the Series' most recently available month-end performance by calling 800 523-1918 or by visiting our website at nomuraassetmanagement.com/vip-performance.

Performance reflects all Series expenses but does not include any fees or sales charges imposed by variable insurance contracts. If they had been included, the returns shown below would be lower. Investors should consult the variable contract prospectus for more information.

**Calendar year-by-year total return (Standard Class)**

![image](pr2628img005.jpg)

During the periods illustrated in this bar chart, the Standard Class's highest quarterly return was 25.47% for the quarter ended June 30, 2020, and its lowest quarterly return was -17.85% for the quarter ended June 30, 2022.

**Average annual total returns for periods ended December 31,** **2025**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years |
| Standard Class..........................................................  | 8.72% | 13.67% | 15.05% |
| Russell 1000<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes).................  | 17.37% | 13.59% | 14.59% |
| Russell 1000<sup>®</sup> Growth Index (reflects no deduction for fees, expenses, or taxes)...........  | 18.56% | 15.32% | 18.13% |

---

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

------

[Back to **Table of Contents**](#TOC_2628)

Series summary

**Who manages the Series?**

**Investment manager**

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

---

| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title with Delaware Management Company** | &nbsp;&nbsp; **Start date on the Series** |
|  Bradley Klapmeyer, CFA  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager | &nbsp;&nbsp; May 2022 |
|  Bradley Angermeier, CFA  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager | &nbsp;&nbsp; May 2022 |

---

Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

**Purchase and redemption of Series shares**

Shares are sold, directly or indirectly, to separate accounts of life insurance companies at net asset value (NAV). Please refer to the variable annuity or variable life insurance product contract prospectus for more information about the purchase and redemption of shares.

**Tax information**

The dividends and distributions paid from the Series to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Series must be purchased through separate accounts used to fund variable annuity contracts or variable life insurance contracts (variable contracts), such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. You should refer to your variable contract prospectus for more information on these tax consequences.

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Series through a broker/dealer or other financial intermediary (such as an insurance company), the Series and its related companies may pay the intermediary for the sale of Series shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Series over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

------

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---

| |
|:---|
| Series summary |
| **Nomura VIP Mid Cap Growth Series,** a series of Ivy Variable Insurance Portfolios<br>(formerly, Macquarie VIP Mid Cap Growth Series) |

---

**What is the Series' investment objective?**

Nomura VIP Mid Cap Growth Series seeks to provide growth of capital.

**What are the Series' fees and expenses?**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table and example do not reflect any fees or sales charges imposed by variable insurance contracts. If they did, the expenses would be higher.

**Annual series operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | | |
|:---|:---|:---|
| Class | Standard | Service |
| Management fees.....................................................................  | 0.85% | 0.85% |
| Distribution and service (12b-1) fees........................................................  |  | 0.25% |
| Other expenses ......................................................................  | 0.07% | 0.07% |
| Total annual series operating expenses......................................................  | 0.92% | 1.17% |
| Fee waivers and expense reimbursements ...................................................  | (0.07%)<sup>1</sup> | (0.07%)<sup>1</sup> |
| Total annual series operating expenses after fee waivers and expense reimbursements...................  | 0.85% | 1.10% |

---

---

| | |
|:---|:---|
| 1 | The Series' investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual series operating expenses from exceeding 0.85% of the Series' average daily net assets from April 30, 2026 through April 29, 2027. These waivers and reimbursements may only be terminated by agreement of the Manager and the Series. |

---

**Example**

This example is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the Manager's expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | |
|:---|:---|:---|
| Class | Standard | Service |
| 1 year................................................................................  | $87 | $112 |
| 3 years...............................................................................  | $286 | $365 |
| 5 years...............................................................................  | $502 | $637 |
| 10 years..............................................................................  | $1125 | $1414 |

---

**Portfolio turnover**

The Series pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in the annual series operating expenses or in the example, affect the Series' performance. During the most recent fiscal year, the Series' portfolio turnover rate was 52% of the average value of its portfolio.

**What are the Series' principal investment strategies?**

Nomura VIP Mid Cap Growth Series seeks to achieve its objective by investing primarily in common stocks of mid-capitalization companies that the Manager believes are high quality and/or offer above-average growth potential. Under normal circumstances, the Series invests at least 80% of its net assets in the securities of mid-capitalization companies, which, for purposes of this Series, typically are companies with market capitalizations similar to those of issuers included in the Russell Midcap Growth Index<sup>®</sup> over the last 13 months at the time of acquisition. As of June 30, 2025, this range of market capitalizations was between approximately $831 million and $89.2 billion.

In selecting securities for the Series, the Manager primarily emphasizes a bottom-up (researching individual issuers) approach and focuses on companies it believes have the potential for strong growth, increasing profitability, stable and sustainable revenue and earnings streams, attractive valuations and sound capital structures. The Manager may look at a number of factors in its consideration of a company, such as: new or innovative products or services; adaptive or creative management; strong financial and operational capabilities to sustain multi-year growth; stable and

------

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Series summary

consistent revenue, earnings, and cash flow; strong balance sheet; market potential; and profit potential. Part of the Manager's investment process also includes a review of the macroeconomic environment, with a focus on factors such as interest rates, inflation, consumer confidence and corporate spending.

Generally, in determining whether to sell a security, the Manager considers many factors, including what it believes to be excessive valuation given company growth prospects, deterioration of fundamentals, weak cash flow to support shareholder returns, and unexpected and poorly explained management changes. The Manager also may sell a security to reduce the Series' holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

**What are the principal risks of investing in the Series?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Series will increase and decrease according to changes in the value of the securities in the Series' portfolio. An investment in the Series may not be appropriate for all investors. The Series' principal risks include:

**Market risk** — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**Growth stock risk** — Growth stocks reflect projections of future earnings and revenue. These prices may rise or fall dramatically depending on whether those projections are met. These companies' stock prices may be more volatile, particularly over the short term.

**Company size risk** — The risk that investments in small- and/or medium-sized companies may be more volatile than those of larger companies because of limited financial resources or dependence on narrow product lines.

**Industry and sector risk** — The risk that the value of securities in a particular industry or sector (such as information technology, consumer discretionary, health care, or industrials) will decline because of changing expectations for the performance of that industry or sector.

**Information technology sector risk** — The risk that investment risks associated with investing in the information technology sector, in addition to other risks, include the intense competition to which information technology companies may be subject; the dramatic and often unpredictable changes in growth rates and competition for qualified personnel among information technology companies; effects on profitability from being heavily dependent on patent and intellectual property rights and the loss or impairment of those rights; obsolescence of existing technology; general economic conditions; and government regulation.

**Healthcare sector risk** — The risk that the value of a series' shares will be affected by factors particular to the healthcare and related sectors (such as government regulation) and may fluctuate more widely than that of a series that invests in a broad range of sectors.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a series has valued them.

**Active management and selection risk** — The risk that the securities selected by a series' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

**How has** **Nomura** **VIP Mid Cap Growth Series performed?**

The bar chart and table below provide some indication of the risks of investing in the Series. The bar chart shows changes in the Series' performance from year to year and the table shows how the Series' average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Series. The Series' past performance is not necessarily an indication of how the Series will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

On April 30, 2021, Delaware Management Company became the Series' investment manager. The returns shown from before April 30, 2021 are from the Series' prior investment manager.

You may obtain the Series' most recently available month-end performance by calling 800 523-1918 or by visiting our website at nomuraassetmanagement.com/vip-performance.

Performance reflects all Series expenses but does not include any fees or sales charges imposed by variable insurance contracts. If they had been included, the returns shown below would be lower. Investors should consult the variable contract prospectus for more information.

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**Calendar year-by-year total return (Service Class)**

![image](pr2628img006.jpg)

During the periods illustrated in this bar chart, Service Class's highest quarterly return was 37.22% for the quarter ended June 30, 2020, and its lowest quarterly return was -21.86% for the quarter ended June 30, 2022.

**Average annual total returns for periods ended December 31,** **2025**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years or lifetime |
| Service Class...........................................................  | 1.18% | -0.08% | 10.66% |
| Standard Class (lifetime: 4/28/17-12/31/25)......................................  | 1.38% | 0.16% | 10.77% |
| Russell 3000<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes).................  | 17.15% | 13.15% | 14.29% |
| Russell Midcap<sup>®</sup> Growth Index (reflects no deduction for fees, expenses, or taxes)..........  | 8.66% | 6.65% | 12.49% |

---

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

**Who manages the Series?**

**Investment manager**

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

---

| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title with Delaware Management Company** | &nbsp;&nbsp; **Start date on the Series** |
|  Kimberly Scott, CFA  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager | &nbsp;&nbsp; February 2001 |
|  Bradley Halverson, CFA  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager | &nbsp;&nbsp; November 2021 |

---

Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

**Purchase and redemption of Series shares**

Shares are sold, directly or indirectly, to separate accounts of life insurance companies at net asset value (NAV). Please refer to the variable annuity or variable life insurance product contract prospectus for more information about the purchase and redemption of shares.

**Tax information**

The dividends and distributions paid from the Series to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Series must be purchased through separate accounts used to fund variable annuity contracts or variable life insurance contracts (variable contracts), such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. You should refer to your variable contract prospectus for more information on these tax consequences.

------

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Series summary

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Series through a broker/dealer or other financial intermediary (such as an insurance company), the Series and its related companies may pay the intermediary for the sale of Series shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Series over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

------

[Back to **Table of Contents**](#TOC_2628)

---

| |
|:---|
| Series summary |
| **Nomura VIP Smid Cap Core Series,** a series of Ivy Variable Insurance Portfolios<br>(formerly, Macquarie VIP Smid Cap Core Series) |

---

**What is the Series' investment objective?**

Nomura VIP Smid Cap Core Series seeks to provide capital appreciation.

**What are the Series' fees and expenses?**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table and example do not reflect any fees or sales charges imposed by variable insurance contracts. If they did, the expenses would be higher.

**Annual series operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | |
|:---|:---|
| Class | Service |
| Management fees.................................................................................  | 0.85% |
| Distribution and service (12b-1) fees....................................................................  | 0.25% |
| Other expenses ..................................................................................  | 0.10% |
| Total annual series operating expenses.................................................................  | 1.20% |
| Fee waivers and expense reimbursements ...............................................................  | (0.01%)<sup>1</sup> |
| Total annual series operating expenses after fee waivers and expense reimbursements...............................  | 1.19% |

---

---

| | |
|:---|:---|
| 1 | The Series' investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual series operating expenses from exceeding 0.94% of the Series' average daily net assets from April 30, 2026 through April 29, 2027. These waivers and reimbursements may only be terminated by agreement of the Manager and the Series. |

---

**Example**

This example is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the Manager's expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| Class | Service |
| 1 year............................................................................................  | $121 |
| 3 years...........................................................................................  | $380 |
| 5 years...........................................................................................  | $659 |
| 10 years..........................................................................................  | $1454 |

---

**Portfolio turnover**

The Series pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in the annual series operating expenses or in the example, affect the Series' performance. During the most recent fiscal year, the Series' portfolio turnover rate was 15% of the average value of its portfolio.

**What are the Series' principal investment strategies?**

Nomura VIP Smid Cap Core Series seeks to achieve its objective by investing primarily in various types of equity securities of small- and mid-capitalization companies that the Manager believes have the greatest potential for capital appreciation. Under normal circumstances, at least 80% of the Series' net assets will be invested, at the time of purchase, in common stocks of small- and mid-capitalization companies. For purposes of this Series, small-capitalization companies typically are companies with market capitalizations similar to those of issuers included in the Russell 2500<sup>TM</sup> Index at the time of purchase and mid-capitalization companies are those within the market capitalization range of the Russell Midcap<sup>®</sup> Index at the time of purchase.

The Manager researches individual companies and analyzes economic and market conditions, seeking to identify the securities or market sectors that it believes are the best investments for the Series. The following are descriptions of how the portfolio management team pursues the Series' investment objective. The Manager strives to identify stocks of small companies that it believes offer above-average opportunities for long-term price appreciation based on: (1) attractive valuations, (2) growth prospects, and (3) strong cash flow. The Series employs bottom-up (stock-by-stock)

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Series summary

security selection utilizing quantitative screens, fundamental research, and risk control to evaluate stocks based on both growth and value characteristics. The Manager typically uses a quantitative screen that ranks the attractiveness of an investment based on a combination of valuation measures, earnings expectations, cash flow, and balance-sheet quality. In further evaluating the attractiveness of an investment, the Manager considers factors such as business conditions in the company's industry and its competitive position in that industry. The Manager conducts fundamental research on certain investments, which often includes reviewing US Securities and Exchange Commission (SEC) filings, examining financial statements, and meeting with top-level company executives. When constructing the portfolio, the Manager applies controls to ensure the portfolio has risk characteristics that it deems acceptable. These characteristics include, but are not limited to, size, valuation, growth, yield, and earnings consistency. This risk profile is then compared to the benchmark index to ensure the portfolio does not have any unintended risk exposure.

**What are the principal risks of investing in the Series?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Series will increase and decrease according to changes in the value of the securities in the Series' portfolio. An investment in the Series may not be appropriate for all investors. The Series' principal risks include:

**Market risk** — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**Company size risk** — The risk that investments in small- and/or medium-sized companies may be more volatile than those of larger companies because of limited financial resources or dependence on narrow product lines.

**Industry and sector risk** — The risk that the value of securities in a particular industry or sector (such as industrials) will decline because of changing expectations for the performance of that industry or sector.

**Industrials sector risk** — The risk that the value of a series' shares will be affected by factors particular to the industrials and related sectors (such as government regulation) and may fluctuate more widely than that of a series that invests in a broad range of sectors.

**Interest rate risk** — The risk that securities will decrease in value if interest rates rise. The risk is generally associated with bonds; however, because small- and medium-sized companies and companies in the real estate sector often borrow money to finance their operations, they may be adversely affected by rising interest rates. A series may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a series has valued them.

**Government and regulatory risk** — The risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect series performance.

**Redemption risk** — If investors redeem more shares of a series than are purchased for an extended period of time, a series may be required to sell securities without regard to the investment merits of such actions. This could decrease a series' asset base, potentially resulting in a higher expense ratio.

**Active management and selection risk** — The risk that the securities selected by a series' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

**How has** **Nomura** **VIP Smid Cap Core Series performed?**

The bar chart and table below provide some indication of the risks of investing in the Series. The bar chart shows changes in the Series' performance from year to year and the table shows how the Series' average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Series. The Series' past performance is not necessarily an indication of how the Series will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

Effective April 28, 2017, the Series changed its name and strategy to reflect a greater emphasis on core style companies. Performance prior to April 28, 2017 reflects the Series' former strategy and may have differed if the Series' current strategy had been in place.

On April 30, 2021, Delaware Management Company became the Series' investment manager. The returns shown from before April 30, 2021 are from the Series' prior investment manager.

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Effective November 15, 2021, the Series changed its investment strategy. Performance prior to November 15, 2021 reflects the Series' former strategy; its performance may have differed if the Series' current strategy had been in place.

You may obtain the Series' most recently available month-end performance by calling 800 523-1918 or by visiting our website at nomuraassetmanagement.com/vip-performance.

Performance reflects all Series expenses but does not include any fees or sales charges imposed by variable insurance contracts. If they had been included, the returns shown below would be lower. Investors should consult the variable contract prospectus for more information.

**Calendar year-by-year total return (Service Class)**

![image](pr2628img007.jpg)

During the periods illustrated in this bar chart, Service Class's highest quarterly return was 26.96% for the quarter ended December 31, 2020, and its lowest quarterly return was -29.04% for the quarter ended March 31, 2020.

**Average annual total returns for periods ended December 31,** **2025**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years |
| Service Class...........................................................  | 8.39% | 8.07% | 9.91% |
| Russell 3000<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes).................  | 17.15% | 13.15% | 14.29% |
| Russell 2500™ Index (reflects no deduction for fees, expenses, or taxes)................  | 11.91% | 7.26% | 10.40% |

---

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

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Series summary

**Who manages the Series?**

**Investment manager**

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

---

| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title with Delaware Management Company** | &nbsp;&nbsp; **Start date on the Series** |
|  David Reidinger  | &nbsp;&nbsp; Managing Director, Head of US Core Equity | &nbsp;&nbsp; November 2021 |
|  Christopher Adams, CFA  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager - US Core Equity | &nbsp;&nbsp; November 2021 |
|  Michael Morris, CFA  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager - US Core Equity | &nbsp;&nbsp; November 2021 |
|  Donald Padilla, CFA\*  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager - US Core Equity | &nbsp;&nbsp; November 2021 |
|  Christina Van Het Hoen, CFA  | &nbsp;&nbsp; Executive Director, Portfolio Manager - US Core Equity | &nbsp;&nbsp; July 2024 |
|  Chad Bolen, CFA  | &nbsp;&nbsp; Executive Director, Portfolio Manager - US Core Equity | &nbsp;&nbsp; March 2026 |
|  William Mitchell III  | &nbsp;&nbsp; Vice President, Portfolio Manager - US Core Equity | &nbsp;&nbsp; March 2026 |

---

\* Effective on or about July 1, 2026, Donald Padilla will be retiring from the Manager and will no longer be a portfolio manager of the Series.

Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

**Purchase and redemption of Series shares**

Shares are sold, directly or indirectly, to separate accounts of life insurance companies at net asset value (NAV). Please refer to the variable annuity or variable life insurance product contract prospectus for more information about the purchase and redemption of shares.

**Tax information**

The dividends and distributions paid from the Series to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Series must be purchased through separate accounts used to fund variable annuity contracts or variable life insurance contracts (variable contracts), such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. You should refer to your variable contract prospectus for more information on these tax consequences.

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Series through a broker/dealer or other financial intermediary (such as an insurance company), the Series and its related companies may pay the intermediary for the sale of Series shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Series over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

------

[Back to **Table of Contents**](#TOC_2628)

---

| |
|:---|
| Series summary |
| **Nomura VIP Small Cap Growth Series,** a series of Ivy Variable Insurance Portfolios<br>(formerly, Macquarie VIP Small Cap Growth Series) |

---

**What is the Series' investment objective?**

Nomura VIP Small Cap Growth Series seeks to provide growth of capital.

**What are the Series' fees and expenses?**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table and example do not reflect any fees or sales charges imposed by variable insurance contracts. If they did, the expenses would be higher.

**Annual series operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | | |
|:---|:---|:---|
| Class | Standard | Service |
| Management fees.....................................................................  | 0.85% | 0.85% |
| Distribution and service (12b-1) fees........................................................  |  | 0.25% |
| Other expenses ......................................................................  | 0.10% | 0.10% |
| Acquired fund fees and expenses..........................................................  | 0.01%<sup>1</sup> | 0.01%<sup>1</sup> |
| Total annual series operating expenses......................................................  | 0.96%<sup>2</sup> | 1.21%<sup>2</sup> |
| Fee waivers and expense reimbursements ...................................................  | (0.06%)<sup>3</sup> | (0.06%)<sup>3</sup> |
| Total annual series operating expenses after fee waivers and expense reimbursements...................  | 0.90% | 1.15% |

---

---

| | |
|:---|:---|
| 1 | Acquired fund fees and expenses sets forth the Series' pro rata portion of the cumulative expenses charged by the registered investment companies in which the Series invested during the last fiscal year. The actual acquired fund fees and expenses will vary with changes in the allocations of the Series' assets. These expenses are not direct costs paid by Series shareholders, and are not used to calculate the Series' NAV. |

---

---

| | |
|:---|:---|
| 2 | The total annual series operating expenses ratio shown above does not correlate to the expense ratio shown in the Financial Highlights table because that ratio does not include the acquired fund fees and expenses. |

---

---

| | |
|:---|:---|
| 3 | The Series' investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual series operating expenses from exceeding 0.89% of the Series' average daily net assets from April 30, 2026 through April 29, 2027. These waivers and reimbursements may only be terminated by agreement of the Manager and the Series. |

---

**Example**

This example is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the Manager's expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | |
|:---|:---|:---|
| Class | Standard | Service |
| 1 year................................................................................  | $92 | $117 |
| 3 years...............................................................................  | $300 | $378 |
| 5 years...............................................................................  | $525 | $659 |
| 10 years..............................................................................  | $1173 | $1461 |

---

**Portfolio turnover**

The Series pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in the annual series operating expenses or in the example, affect the Series' performance. During the most recent fiscal year, the Series' portfolio turnover rate was 74% of the average value of its portfolio.

**What are the Series' principal investment strategies?**

Nomura VIP Small Cap Growth Series seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in common stocks of small-capitalization companies. For purposes of this Series, small-capitalization companies typically are companies with market capitalizations similar to those of issuers included in the Russell 2000 Growth Index over the last 13 months at the time of acquisition. As of June 30,

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Series summary

2025, this range of market capitalizations was between approximately $59 million and $15.8 billion. The Series emphasizes smaller companies positioned in new or emerging industries where the Manager believes there is opportunity for higher growth than in established companies or industries. The Series' investments in equity securities may include common stocks that are offered in initial public offerings (IPOs).

The Manager utilizes a bottom-up (researching individual issuers) stock-picking process that considers quality of management and superior financial characteristics (e.g., return on assets, return on equity, operating margin) in its search for companies, thereby focusing on what it believes are higher-quality companies with sustainable growth prospects. The Manager seeks companies that it believes exhibit successful and scalable business models by having one or more of the following characteristics: serving markets that are growing at rates substantially in excess of the average industry and/or the general economy; a company that is a leader in its industry and that possesses an identifiable competitive advantage; that features strong and effective management; that demonstrates a strong commitment to shareholders; that is serving a large and/or fast-growing market opportunity; that is experiencing upward margin momentum, a growth in earnings, growth in revenue and sales and/or positive cash flows; that is increasing market share and/or creating increasing barriers to entry either through technological advancement, marketing, distribution or some other innovative means; or that emphasizes organic growth. The Manager believes that such companies generally have a replicable business model that allows for sustained growth.

Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses in buying securities. For example, the Manager may sell a security if it believes that the stock no longer offers significant growth potential, which may be due to a change in the business or management of the company or a change in the industry or sector of the company. The Manager also may sell a security to reduce the Series' holding in that security, if its analysis reveals evidence of a meaningful deterioration in operating trends, if it anticipates a decrease in the company's ability to grow, if it loses confidence in the management of the company and/or the company's founder departs, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

**What are the principal risks of investing in the Series?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Series will increase and decrease according to changes in the value of the securities in the Series' portfolio. An investment in the Series may not be appropriate for all investors. The Series' principal risks include:

**Market risk** — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**Company size risk** — The risk that investments in small- and/or medium-sized companies may be more volatile than those of larger companies because of limited financial resources or dependence on narrow product lines.

**Growth stock risk** — Growth stocks reflect projections of future earnings and revenue. These prices may rise or fall dramatically depending on whether those projections are met. These companies' stock prices may be more volatile, particularly over the short term.

**Information technology sector risk** — The risk that investment risks associated with investing in the information technology sector, in addition to other risks, include the intense competition to which information technology companies may be subject; the dramatic and often unpredictable changes in growth rates and competition for qualified personnel among information technology companies; effects on profitability from being heavily dependent on patent and intellectual property rights and the loss or impairment of those rights; obsolescence of existing technology; general economic conditions; and government regulation.

**Healthcare sector risk** — The risk that the value of a series' shares will be affected by factors particular to the healthcare and related sectors (such as government regulation) and may fluctuate more widely than that of a series that invests in a broad range of sectors.

**Industry and sector risk** — The risk that the value of securities in a particular industry or sector (such as information technology or healthcare) will decline because of changing expectations for the performance of that industry or sector.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a series has valued them.

**Initial public offering (IPO) risk** — The risk that any positive effect of investments in IPOs may not be sustainable because of a number of factors. Namely, a series may not be able to buy shares in some IPOs, or may be able to buy only a small number of shares. Also, the performance of IPOs generally is volatile, and is dependent on market psychology and economic conditions. To the extent that IPOs have a significant positive impact on a series' performance, this may not be able to be replicated in the future. The relative performance impact of IPOs also is likely to decline as a series grows.

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**Active management and selection risk** — The risk that the securities selected by a series' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

**How has** **Nomura** **VIP Small Cap Growth Series performed?**

The bar chart and table below provide some indication of the risks of investing in the Series. The bar chart shows changes in the Series' performance from year to year and the table shows how the Series' average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Series. The Series' past performance is not necessarily an indication of how the Series will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

On April 30, 2021, Delaware Management Company became the Series' investment manager. The returns shown from before April 30, 2021 are from the Series' prior investment manager.

You may obtain the Series' most recently available month-end performance by calling 800 523-1918 or by visiting our website at nomuraassetmanagement.com/vip-performance.

Performance reflects all Series expenses but does not include any fees or sales charges imposed by variable insurance contracts. If they had been included, the returns shown below would be lower. Investors should consult the variable contract prospectus for more information.

**Calendar year-by-year total return (Service Class)**

![image](pr2628img008.jpg)

During the periods illustrated in this bar chart, Service Class's highest quarterly return was 27.15% for the quarter ended June 30, 2020, and its lowest quarterly return was -21.59% for the quarter ended March 31, 2020.

**Average annual total returns for periods ended December 31,** **2025**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years or<br>lifetime |
| Service Class...........................................................  | 13.39% | 2.20% | 8.69% |
| Standard Class (lifetime: 11/2/18-12/31/25)......................................  | 13.73% | 2.47% | 7.62% |
| Russell 3000<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes).................  | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Growth Index (reflects no deduction for fees, expenses, or taxes)...........  | 13.01% | 3.18% | 9.57% |

---

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

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Series summary

**Who manages the Series?**

**Investment manager**

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

---

| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title with Delaware Management Company** | &nbsp;&nbsp; **Start date on the Series** |
|  Nathan Brown, CFA  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager | &nbsp;&nbsp; April 2026 |
|  Timothy Miller, CFA\*  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager | &nbsp;&nbsp; October 2016 |
|  Kenneth McQuade  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager | &nbsp;&nbsp; March 2006 |
|  Joshua Brown  | &nbsp;&nbsp; Managing Director, Portfolio Manager, Senior Equity Analyst | &nbsp;&nbsp; January 2024 |

---

\* Effective on or about June 30, 2026, Timothy Miller will be retiring from the Manager and will no longer be a portfolio manager of the Series.

Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

**Purchase and redemption of Series shares**

Shares are sold, directly or indirectly, to separate accounts of life insurance companies at net asset value (NAV). Please refer to the variable annuity or variable life insurance product contract prospectus for more information about the purchase and redemption of shares.

**Tax information**

The dividends and distributions paid from the Series to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Series must be purchased through separate accounts used to fund variable annuity contracts or variable life insurance contracts (variable contracts), such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. You should refer to your variable contract prospectus for more information on these tax consequences.

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Series through a broker/dealer or other financial intermediary (such as an insurance company), the Series and its related companies may pay the intermediary for the sale of Series shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Series over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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| |
|:---|
| Series summary |
| **Nomura VIP Small Cap Value Series,** a series of Delaware VIP Trust<br>(formerly, Macquarie VIP Small Cap Value Series) |

---

**What is the Series' investment objective?**

Nomura VIP Small Cap Value Series seeks capital appreciation.

**What are the Series' fees and expenses?**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table and example do not reflect any fees or sales charges imposed by variable insurance contracts. If they did, the expenses would be higher.

**Annual series operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | | |
|:---|:---|:---|
| Class | Standard | Service |
| Management fees.....................................................................  | 0.69% | 0.69% |
| Distribution and service (12b-1) fees........................................................  |  | 0.30% |
| Other expenses ......................................................................  | 0.05% | 0.05% |
| Total annual series operating expenses......................................................  | 0.74% | 1.04% |
| Fee waivers and expense reimbursements ...................................................  | (0.00%)<sup>1</sup> | (0.00%)<sup>1</sup> |
| Total annual series operating expenses after fee waivers and expense reimbursements...................  | 0.74% | 1.04% |

---

---

| | |
|:---|:---|
| 1 | The Series' investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual series operating expenses from exceeding 0.78% of the Series' average daily net assets from April 30, 2026 through April 29, 2027. These waivers and reimbursements may only be terminated by agreement of the Manager and the Series. |

---

**Example**

This example is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the Manager's expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | |
|:---|:---|:---|
| Class | Standard | Service |
| 1 year................................................................................  | $76 | $106 |
| 3 years...............................................................................  | $237 | $331 |
| 5 years...............................................................................  | $411 | $574 |
| 10 years..............................................................................  | $918 | $1271 |

---

**Portfolio turnover**

The Series pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in the annual series operating expenses or in the example, affect the Series' performance. During the most recent fiscal year, the Series' portfolio turnover rate was 24% of the average value of its portfolio.

**What are the Series' principal investment strategies?**

Nomura VIP Small Cap Value Series invests primarily in investments of small companies whose stock prices, in the portfolio managers' opinion, appear low relative to their underlying value or future potential. Among other factors, the Manager considers the financial strength of a company, its management, the prospects for its industry, and any anticipated changes within the company that might suggest a more favorable outlook going forward. The Manager focuses on free cash flow in its individual stock selection, seeking companies that the Manager believes have a sustainable ability to buy back shares, lower debt, and/or increase or initiate dividends. Under normal circumstances, at least 80% of the Series' net assets, plus the amount of any borrowings for investment purposes, will be in investments of small-capitalization companies (80% policy). The Series considers small-capitalization companies to be companies with a market capitalization generally less than 3.5 times the dollar-weighted, median market capitalization of the Russell 2000<sup>®</sup> Index at the time of purchase. The Series may invest up to 15% of its net assets in real estate investment trusts (REITs).

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Series summary

The Series' 80% policy is nonfundamental and may be changed without shareholder approval. Series shareholders would be given at least 60 days' notice prior to any such change.

**What are the principal risks of investing in the Series?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Series will increase and decrease according to changes in the value of the securities in the Series' portfolio. An investment in the Series may not be appropriate for all investors. The Series' principal risks include:

**Market risk** — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**Industry and sector risk** — The risk that the value of securities in a particular industry or sector (such as financial services) will decline because of changing expectations for the performance of that industry or sector.

**Company size risk** — The risk that investments in small- and/or medium-sized companies may be more volatile than those of larger companies because of limited financial resources or dependence on narrow product lines.

**Interest rate risk** — The risk that securities will decrease in value if interest rates rise. The risk is generally associated with bonds; however, because small- and medium-sized companies and companies in the real estate sector often borrow money to finance their operations, they may be adversely affected by rising interest rates. A series may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

**Real estate industry risk** — This risk includes, among others: possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; increases in competition, property taxes, and operating expenses; changes in zoning laws; costs resulting from the cleanup of, and liability to third parties resulting from, environmental problems; casualty for condemnation losses; uninsured damages from floods, earthquakes, or other natural disasters; limitations on and variations in rents; and changes in interest rates.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a series has valued them.

**Government and regulatory risk** — The risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect series performance.

**Active management and selection risk** — The risk that the securities selected by a series' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

**How has** **Nomura** **VIP Small Cap Value Series performed?**

The bar chart and table below provide some indication of the risks of investing in the Series. The bar chart shows changes in the Series' performance from year to year and the table shows how the Series' average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Series. The Series' past performance is not necessarily an indication of how the Series will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps. You may obtain the Series' most recently available month-end performance by calling 800 523-1918 or by visiting our website at nomuraassetmanagement.com/vip-performance.

Performance reflects all Series expenses but does not include any fees or sales charges imposed by variable insurance contracts. If they had been included, the returns shown below would be lower. Investors should consult the variable contract prospectus for more information.

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**Calendar year-by-year total return (Standard Class)**

![image](pr2628img009.jpg)

During the periods illustrated in this bar chart, the Standard Class's highest quarterly return was 32.61% for the quarter ended December 31, 2020, and its lowest quarterly return was -37.08% for the quarter ended March 31, 2020.

**Average annual total returns for periods ended December 31,** **2025**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years |
| Standard Class..........................................................  | 8.16% | 9.26% | 9.15% |
| Service Class...........................................................  | 7.83% | 8.93% | 8.84% |
| Russell 3000<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes).................  | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Value Index (reflects no deduction for fees, expenses, or taxes).............  | 12.59% | 8.88% | 9.27% |

---

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

**Who manages the Series?**

**Investment manager**

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

---

| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title with Delaware Management Company** | &nbsp;&nbsp; **Start date on the Series** |
|  Kelley Carabasi, CFA  | &nbsp;&nbsp; Managing Director, Co-Head of US Small-Mid Cap Value Equity | &nbsp;&nbsp; July 2012 |
|  Kent Madden, CFA  | &nbsp;&nbsp; Managing Director, Co-Head of US Small-Mid Cap Value Equity | &nbsp;&nbsp; July 2012 |
|  Michael Foley, CFA  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager - US Small-Mid Cap Value Equity | &nbsp;&nbsp; July 2019 |

---

Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

**Purchase and redemption of Series shares**

Shares are sold, directly or indirectly, to separate accounts of life insurance companies at net asset value (NAV). Please refer to the variable annuity or variable life insurance product contract prospectus for more information about the purchase and redemption of shares.

**Tax information**

The dividends and distributions paid from the Series to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Series must be purchased through separate accounts used to fund variable annuity contracts or variable life insurance contracts (variable contracts), such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. You should refer to your variable contract prospectus for more information on these tax consequences.

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Series summary

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Series through a broker/dealer or other financial intermediary (such as an insurance company), the Series and its related companies may pay the intermediary for the sale of Series shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Series over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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[Back to **Table of Contents**](#TOC_2628)

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| |
|:---|
| Series summary |
| **Nomura VIP Opportunity Series,** a series of Delaware VIP Trust<br>(formerly, Macquarie VIP Opportunity Series) |

---

**What is the Series' investment objective?**

Nomura VIP Opportunity Series seeks long-term capital growth.

**What are the Series' fees and expenses?**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table and example do not reflect any fees or sales charges imposed by variable insurance contracts. If they did, the expenses would be higher.

**Annual series operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | |
|:---|:---|
| Class | Standard |
| Management fees.................................................................................  | 0.75% |
| Distribution and service (12b-1) fees....................................................................  |  |
| Other expenses ..................................................................................  | 0.19% |
| Total annual series operating expenses.................................................................  | 0.94% |
| Fee waivers and expense reimbursements ...............................................................  | (0.11%)<sup>1</sup> |
| Total annual series operating expenses after fee waivers and expense reimbursements...............................  | 0.83% |

---

---

| | |
|:---|:---|
| 1 | The Series' investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual series operating expenses from exceeding 0.83% of the Series' average daily net assets from April 30, 2026 through April 29, 2027. These waivers and reimbursements may only be terminated by agreement of the Manager and the Series. |

---

**Example**

This example is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the Manager's expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| Class | Standard  |
| 1 year............................................................................................  | $85 |
| 3 years...........................................................................................  | $289 |
| 5 years...........................................................................................  | $509 |
| 10 years..........................................................................................  | $1145 |

---

**Portfolio turnover**

The Series pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in the annual series operating expenses or in the example, affect the Series' performance. During the most recent fiscal year, the Series' portfolio turnover rate was 14% of the average value of its portfolio.

**What are the Series' principal investment strategies?**

Nomura VIP Opportunity Series invests primarily in mid- and small-size companies that the Series' Manager believes offer attractive valuation and quality characteristics. Companies with attractive valuations are those that have a lower valuation than the company's historical average valuation and a lower valuation than the company's competitors. Companies with quality characteristics will make shareholder friendly use of its cash flow, which would include, but is not limited to: dividend payments or increases, share repurchases, and repayment of debt. The Series may also invest up to 15% of its net assets in real estate investment trusts (REITs). The Series may continue to hold stocks of mid-size companies that grow into larger companies and may also invest opportunistically in stocks of larger companies.

The Series uses a "bottom-up" approach to selecting investments. The Series uses fundamental research to search for companies that the Manager believes have one or more of the following: a strong balance sheet; experienced management; and stocks that are attractively priced. The Series attempts to stay broadly diversified, but it may emphasize certain industry sectors based upon economic and market conditions.

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Series summary

The Series may sell a stock if it becomes fully valued, its fundamentals have deteriorated or alternative investments become more attractive. The Series may also sell a stock if it grows into a large, well-established company, although it may also continue to hold such a stock irrespective of its size.

**What are the principal risks of investing in the Series?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Series will increase and decrease according to changes in the value of the securities in the Series' portfolio. An investment in the Series may not be appropriate for all investors. The Series' principal risks include:

**Market risk** — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**Company size risk** — The risk that investments in small- and/or medium-sized companies may be more volatile than those of larger companies because of limited financial resources or dependence on narrow product lines.

**Industry and sector risk** — The risk that the value of securities in a particular industry or sector (such as industrials) will decline because of changing expectations for the performance of that industry or sector.

**Industrials sector risk** — The risk that the value of a series' shares will be affected by factors particular to the industrials and related sectors (such as government regulation) and may fluctuate more widely than that of a series that invests in a broad range of sectors.

**Interest rate risk** — The risk that securities will decrease in value if interest rates rise. The risk is generally associated with bonds; however, because small- and medium-sized companies and companies in the real estate sector often borrow money to finance their operations, they may be adversely affected by rising interest rates. A series may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a series has valued them.

**Government and regulatory risk** — The risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect series performance.

**Active management and selection risk** — The risk that the securities selected by a series' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

**How has** **Nomura** **VIP Opportunity Series performed?**

The bar chart and table below provide some indication of the risks of investing in the Series. The bar chart shows changes in the Series' performance from year to year and the table shows how the Series' average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Series. The Series' past performance is not necessarily an indication of how the Series will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

The Series adopted the performance of the First Investors Life Series Opportunity Fund (Predecessor Series) as the result of a reorganization of the Predecessor Series into the Series, which was consummated after the close of business on October 4, 2019 (Reorganization). The Series had not yet commenced operations prior to the Reorganization. The returns shown for periods ending on or prior to October 4, 2019 reflect the performance and expenses of the Predecessor Series. The Predecessor Series was reorganized into the Series after the close of business on October 4, 2019. The returns shown for periods after October 4, 2019 reflect the performance and expenses of the Series.

You may obtain the Series' most recently available month-end performance by calling 800 523-1918 or by visiting our website at nomuraassetmanagement.com/vip-performance.

Performance reflects all Series expenses but does not include any fees or sales charges imposed by variable insurance contracts. If they had been included, the returns shown below would be lower. Investors should consult the variable contract prospectus for more information.

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**Calendar year-by-year total return (Standard Class)**

![image](pr2628img010.jpg)

During the periods illustrated in this bar chart, the Standard Class's highest quarterly return was 26.67% for the quarter ended December 31, 2020, and its lowest quarterly return was -30.36% for the quarter ended March 31, 2020.

**Average annual total returns for periods ended December 31,** **2025**

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| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years |
| Standard Class..........................................................  | 8.81% | 9.04% | 9.25% |
| Russell 3000<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes).................  | 17.15% | 13.15% | 14.29% |
| Russell 2500™ Index (reflects no deduction for fees, expenses, or taxes)................  | 11.91% | 7.26% | 10.40% |

---

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

**Who manages the Series?**

**Investment manager**

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

---

| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title with Delaware Management Company** | &nbsp;&nbsp; **Start date on the Series** |
|  David Reidinger  | &nbsp;&nbsp; Managing Director, Head of US Core Equity | &nbsp;&nbsp; October 2019 |
|  Christopher Adams, CFA  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager - US Core Equity | &nbsp;&nbsp; October 2019 |
|  Michael Morris, CFA  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager - US Core Equity | &nbsp;&nbsp; October 2019 |
|  Donald Padilla, CFA\*  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager - US Core Equity | &nbsp;&nbsp; October 2019 |
|  Christina Van Het Hoen, CFA  | &nbsp;&nbsp; Executive Director, Portfolio Manager - US Core Equity | &nbsp;&nbsp; July 2024 |
|  Chad Bolen, CFA  | &nbsp;&nbsp; Executive Director, Portfolio Manager - US Core Equity | &nbsp;&nbsp; March 2026 |
|  William Mitchell III  | &nbsp;&nbsp; Vice President, Portfolio Manager - US Core Equity | &nbsp;&nbsp; March 2026 |

---

\* Effective on or about July 1, 2026, Donald Padilla will be retiring from the Manager and will no longer be a portfolio manager of the Series.

Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

**Purchase and redemption of Series shares**

Shares are sold, directly or indirectly, to separate accounts of life insurance companies at net asset value (NAV). Please refer to the variable annuity or variable life insurance product contract prospectus for more information about the purchase and redemption of shares.

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Series summary

**Tax information**

The dividends and distributions paid from the Series to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Series must be purchased through separate accounts used to fund variable annuity contracts or variable life insurance contracts (variable contracts), such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. You should refer to your variable contract prospectus for more information on these tax consequences.

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Series through a broker/dealer or other financial intermediary (such as an insurance company), the Series and its related companies may pay the intermediary for the sale of Series shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Series over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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---

| |
|:---|
| Series summary |
| **Nomura VIP Value Series,** a series of Ivy Variable Insurance Portfolios<br>(formerly, Macquarie VIP Value Series) |

---

**What is the Series' investment objective?**

Nomura VIP Value Series seeks to provide capital appreciation.

**What are the Series' fees and expenses?**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table and example do not reflect any fees or sales charges imposed by variable insurance contracts. If they did, the expenses would be higher.

**Annual series operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | |
|:---|:---|
| Class | Service |
| Management fees.................................................................................  | 0.70% |
| Distribution and service (12b-1) fees....................................................................  | 0.25% |
| Other expenses ..................................................................................  | 0.09% |
| Total annual series operating expenses.................................................................  | 1.04% |
| Fee waivers and expense reimbursements ...............................................................  | (0.06%)<sup>1</sup> |
| Total annual series operating expenses after fee waivers and expense reimbursements...............................  | 0.98% |

---

---

| | |
|:---|:---|
| 1 | The Series' investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual series operating expenses from exceeding 0.73% of the Series' average daily net assets from April 30, 2026 through April 29, 2027. These waivers and reimbursements may only be terminated by agreement of the Manager and the Series. |

---

**Example**

This example is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the Manager's expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| Class | Service |
| 1 year............................................................................................  | $100 |
| 3 years...........................................................................................  | $325 |
| 5 years...........................................................................................  | $568 |
| 10 years..........................................................................................  | $1266 |

---

**Portfolio turnover**

The Series pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in the annual series operating expenses or in the example, affect the Series' performance. During the most recent fiscal year, the Series' portfolio turnover rate was 36% of the average value of its portfolio.

**What are the Series' principal investment strategies?**

Nomura VIP Value Series seeks to achieve its objective by investing in the common stocks of primarily large-capitalization companies that the Manager believes are undervalued, trading at a significant discount relative to the intrinsic value of the company as estimated by the Manager and/or are out of favor in the financial markets but have a favorable outlook for capital appreciation. Although the Series primarily invests in securities issued by large-capitalization companies (typically, companies with market capitalizations of at least $5 billion at the time of acquisition), it may invest in securities issued by companies of any size.

Typically, the Manager seeks to select securities that it believes are undervalued in relation to their intrinsic value, as indicated by multiple factors, including the earnings and cash flow potential or the asset value of the respective issuers. The Manager also considers a company's plans for future operations on a selective basis. The Manager may sell a security if it no longer believes the security will contribute to meeting the investment objective of the Series. The Series typically holds a limited number of stocks (generally 30 to 35).

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Series summary

**What are the principal risks of investing in the Series?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Series will increase and decrease according to changes in the value of the securities in the Series' portfolio. An investment in the Series may not be appropriate for all investors. The Series' principal risks include:

**Market risk** — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**Value stock risk** — The risk that the value of a security believed by the Manager to be undervalued may never reach what is believed to be its full value; such security's value may decrease or such security may be appropriately priced. Value stocks are stocks of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor and, in the opinion of the Manager, undervalued.

**Large-capitalization company risk** — Large-capitalization companies tend to be less volatile than companies with smaller market capitalizations. This potentially lower risk means that the Series' share price may not rise as much as the share prices of funds that focus on smaller-capitalization companies.

**Limited number of securities risk** — The possibility that a single security's increase or decrease in value may have a greater impact on a series' value and total return because the series may hold larger positions in fewer securities than other series. In addition, a series that holds a limited number of securities may be more volatile than those series that hold a greater number of securities.

**Industry and sector risk** — The risk that the value of securities in a particular industry or sector (such as financial services) will decline because of changing expectations for the performance of that industry or sector.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a series has valued them.

**Government and regulatory risk** — The risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect series performance.

**Redemption risk** — If investors redeem more shares of a series than are purchased for an extended period of time, a series may be required to sell securities without regard to the investment merits of such actions. This could decrease a series' asset base, potentially resulting in a higher expense ratio.

**Active management and selection risk** — The risk that the securities selected by a series' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

**How has** **Nomura** **VIP Value Series performed?**

The bar chart and table below provide some indication of the risks of investing in the Series. The bar chart shows changes in the Series' performance from year to year and the table shows how the Series' average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Series. The Series' past performance is not necessarily an indication of how the Series will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

On April 30, 2021, Delaware Management Company became the Series' investment manager. The returns shown from before April 30, 2021 are from the Series' prior investment manager.

You may obtain the Series' most recently available month-end performance by calling 800 523-1918 or by visiting our website at nomuraassetmanagement.com/vip-performance.

Performance reflects all Series expenses but does not include any fees or sales charges imposed by variable insurance contracts. If they had been included, the returns shown below would be lower. Investors should consult the variable contract prospectus for more information.

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**Calendar year-by-year total return (Service Class)**

![image](pr2628img011.jpg)

During the periods illustrated in this bar chart, Service Class's highest quarterly return was 18.82% for the quarter ended December 31, 2020, and its lowest quarterly return was -29.30% for the quarter ended March 31, 2020.

**Average annual total returns for periods ended December 31,** **2025**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years |
| Service Class...........................................................  | 9.41% | 9.49% | 8.92% |
| Russell 1000<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes).................  | 17.37% | 13.59% | 14.59% |
| Russell 1000<sup>®</sup> Value Index (reflects no deduction for fees, expenses, or taxes).............  | 15.91% | 11.33% | 10.53% |

---

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

**Who manages the Series?**

**Investment manager**

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

---

| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title with Delaware Management Company** | &nbsp;&nbsp; **Start date on the Series** |
|  Nikhil Lalvani, CFA  | &nbsp;&nbsp; Managing Director, Head of US Large Cap Value Equity | &nbsp;&nbsp; December 2022 |
|  Erin Ksenak  | &nbsp;&nbsp; Managing Director, Portfolio Manager - US Large Cap Value Equity | &nbsp;&nbsp; December 2022 |
|  Vincent Celentano, CFA  | &nbsp;&nbsp; Executive Director, Portfolio Manager - US Large Cap Value Equity | &nbsp;&nbsp; February 2025 |

---

Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

**Purchase and redemption of Series shares**

Shares are sold, directly or indirectly, to separate accounts of life insurance companies at net asset value (NAV). Please refer to the variable annuity or variable life insurance product contract prospectus for more information about the purchase and redemption of shares.

**Tax information**

The dividends and distributions paid from the Series to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Series must be purchased through separate accounts used to fund variable annuity contracts or variable life insurance contracts (variable contracts), such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. You should refer to your variable contract prospectus for more information on these tax consequences.

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Series summary

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Series through a broker/dealer or other financial intermediary (such as an insurance company), the Series and its related companies may pay the intermediary for the sale of Series shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Series over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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---

| |
|:---|
| Series summary |
| **Nomura VIP Fund for Income Series,** a series of Delaware VIP Trust<br>(formerly, Macquarie VIP Fund for Income Series) |

---

**What is the Series' investment objective?**

Nomura VIP Fund for Income Series seeks high current income.

**What are the Series' fees and expenses?**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table and example do not reflect any fees or sales charges imposed by variable insurance contracts. If they did, the expenses would be higher.

**Annual series operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | | |
|:---|:---|:---|
| Class | Standard | Service |
| Management fees.....................................................................  | 0.65% | 0.65% |
| Distribution and service (12b-1) fees........................................................  |  | 0.30% |
| Other expenses ......................................................................  | 0.23% | 0.23% |
| Acquired fund fees and expenses..........................................................  | 0.01%<sup>1</sup> | 0.01%<sup>1</sup> |
| Total annual series operating expenses......................................................  | 0.89%<sup>2</sup> | 1.19%<sup>2</sup> |
| Fee waivers and expense reimbursements ...................................................  | (0.14%)<sup>3</sup> | (0.14%)<sup>3</sup> |
| Total annual series operating expenses after fee waivers and expense reimbursements...................  | 0.75% | 1.05% |

---

---

| | |
|:---|:---|
| 1 | Acquired fund fees and expenses sets forth the Series' pro rata portion of the cumulative expenses charged by the registered investment companies in which the Series invested during the last fiscal year. The actual acquired fund fees and expenses will vary with changes in the allocations of the Series' assets. These expenses are not direct costs paid by Series shareholders, and are not used to calculate the Series' NAV. |

---

---

| | |
|:---|:---|
| 2 | The total annual series operating expenses ratio shown above does not correlate to the expense ratio shown in the Financial Highlights table because that ratio does not include the acquired fund fees and expenses. |

---

---

| | |
|:---|:---|
| 3 | The Series' investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual series operating expenses from exceeding 0.74% of the Series' average daily net assets from April 30, 2026 through April 29, 2027. These waivers and reimbursements may only be terminated by agreement of the Manager and the Series. |

---

**Example**

This example is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the Manager's expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | |
|:---|:---|:---|
| Class | Standard | Service |
| 1 year................................................................................  | $77 | $107 |
| 3 years...............................................................................  | $270 | $364 |
| 5 years...............................................................................  | $479 | $641 |
| 10 years..............................................................................  | $1083 | $1431 |

---

**Portfolio turnover**

The Series pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in the annual series operating expenses or in the example, affect the Series' performance. During the most recent fiscal year, the Series' portfolio turnover rate was 45% of the average value of its portfolio.

**What are the Series' principal investment strategies?**

Nomura VIP Fund for Income Series primarily invests in corporate bonds rated at the time of purchase lower than BBB- by Standard & Poor's Financial Services LLC (S&P) or lower than Baa3 by Moody's Investors Service, Inc. (Moody's), or similarly rated by another nationally recognized statistical rating organization (NRSRO) or, if unrated, determined by the Manager and Nomura Corporate Research and Asset Management Inc. (the "Sub-Advisor," and together with the Manager, the "Management Team") to be of comparable quality. These are commonly known as high yield bonds or "junk bonds" and involve greater risks than investment grade bonds. The Series may also invest in unrated bonds that the Management

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Series summary

Team judges to be of comparable quality. Unrated bonds may be more speculative in nature than rated bonds. The Series may also invest in US and foreign government securities and corporate bonds of foreign issuers. The Series may invest in bonds of any maturity or duration. The Series may invest up to 40% of its net assets in foreign securities; however, the Series' total non-US-dollar currency exposure will be limited, in the aggregate, to no more than 25% of the Series' net assets, and investments in emerging market securities will be limited to 20% of the Series' net assets. Emerging market countries include those currently considered to be developing or emerging countries by the World Bank, the United Nations, the countries' governments, or in the judgment of the Management Team. In selecting bonds for the portfolio, the Management Team evaluates the income provided by the bond and the bond's appreciation potential as well as the issuer's ability to make income and principal payments.

**What are the principal risks of investing in the Series?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Series will increase and decrease according to changes in the value of the securities in the Series' portfolio. An investment in the Series may not be appropriate for all investors. The Series' principal risks include:

**Market risk** — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**Interest rate risk** — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A series may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

**Credit risk** — The risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and/or repay principal in a timely manner.

**High yield (junk) bond risk** — The risk that high yield securities, commonly known as "junk bonds," are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities.

**Foreign and emerging markets risk** — The risk that investments in foreign securities (particularly those of issuers in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; the imposition of economic or trade sanctions; or inadequate or different regulatory and accounting standards. Securities of issuers in emerging markets may be subject to greater risks than securities of issuers in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments. In addition, there often is substantially less publicly available information about issuers and such information tends to be of a lesser quality. Economic markets and structures tend to be less mature and diverse and the securities markets may also be smaller, less liquid, and subject to greater price volatility.

**Loans and other direct indebtedness risk** — The risk that a series will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower and the lending institution. A series' ability to sell its loans or to realize their full value upon sale may also be impaired due to the lack of an active trading market, irregular trading activity, wide bid/ask spreads, contractual restrictions, and extended trade settlement periods. In addition, certain loans in which a series invests may not be considered securities. A series therefore may not be able to rely upon the anti-fraud provisions of the federal securities laws with respect to these investments.

**Valuation risk** — The risk that a less liquid secondary market may make it more difficult for a series to obtain precise valuations of certain securities in its portfolio.

**Redemption risk** — If investors redeem more shares of a series than are purchased for an extended period of time, a series may be required to sell securities without regard to the investment merits of such actions. This could decrease a series' asset base, potentially resulting in a higher expense ratio.

**Government and regulatory risk** — The risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect series performance.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a series has valued them.

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**Restricted securities risk —** The risk that restricted securities are subject to legal or contractual restrictions on resale and there can be no assurance of a ready market for resale. These securities include private placements or other unregistered securities, such as "Rule 144A Securities", which are securities that may be sold only to qualified institutional buyers pursuant to the Securities Act of 1933, as amended (1933 Act). Privately placed securities, Rule 144A securities and other restricted securities may have the effect of increasing the level of series illiquidity to the extent a series finds it difficult to sell these securities when the Manager believes it is desirable to do so, especially under adverse market or economic conditions or in the event of adverse changes in the financial condition of the issuer, and the prices realized could be less than those originally paid, or less than the fair market value. At times, the illiquidity of the market, as well as the lack of publicly available information regarding these securities also may make it difficult to determine the fair market value of such securities for purposes of computing the NAV of a series.

**New issue risk —** New issues may have limited markets, making valuation and selling difficult. The market value of newly issued securities may fluctuate considerably.

**Distressed securities risk —** The market for distressed securities and instruments is generally thinner and less active than other markets, which can adversely affect the prices at which distressed securities can be sold.

**Deferred payment securities risk** — These securities may be subject to greater price fluctuations when interest rates change than securities that currently pay interest. During the time that interest payments are not being made on these securities, holders are deemed to receive income annually, even though cash is not received.

**Payment-in-kind securities risk** — Payment-in-kind securities defer cash interest payments by treating them as additional principal. This results in higher total debt and the potential for increased default risk of the issuer.

**Active management and selection risk** — The risk that the securities selected by a series' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

**How has** **Nomura** **VIP Fund for Income Series performed?**

The bar chart and table below provide some indication of the risks of investing in the Series. The bar chart shows changes in the Series' performance from year to year and the table shows how the Series' average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Series. The Series' past performance is not necessarily an indication of how the Series will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

The Series adopted the performance of the First Investors Life Series Fund For Income (Predecessor Series) as the result of a reorganization of the Predecessor Series into the Series, which was consummated after the close of business on October 4, 2019 (Reorganization). The Series had not yet commenced operations prior to the Reorganization. The returns shown for periods ending on or prior to October 4, 2019 reflect the performance and expenses of the Predecessor Series. The Predecessor Series was reorganized into the Series after the close of business on October 4, 2019. The returns shown for periods after October 4, 2019 reflect the performance and expenses of the Series.

You may obtain the Series' most recently available month-end performance by calling 800 523-1918 or by visiting our website at nomuraassetmanagement.com/vip-performance.

Performance reflects all Series expenses but does not include any fees or sales charges imposed by variable insurance contracts. If they had been included, the returns shown below would be lower. Investors should consult the variable contract prospectus for more information.

**Calendar year-by-year total return (Standard Class)**

![image](pr2628img012.jpg)

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Series summary

During the periods illustrated in this bar chart, the Standard Class's highest quarterly return was 9.63% for the quarter ended June 30, 2020, and its lowest quarterly return was -11.16% for the quarter ended March 31, 2020.

**Average annual total returns for periods ended December 31,** **2025**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years or<br>lifetime |
| Standard Class..........................................................  | 9.15% | 4.20% | 5.63% |
| Service Class (lifetime: 3/31/22-12/31/25).......................................  | 8.80% | n/a | 5.24% |
| Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes).........  | 7.30% | -0.36% | 2.01% |
| ICE BofA US High Yield Constrained Index (reflects no deduction for fees, expenses, or taxes).  | 8.50% | 4.50% | 6.44% |

---

**Who manages the Series?**

**Investment manager**

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

---

| | | |
|:---|:---|:---|
|  **Portfolio manager**  | &nbsp;&nbsp; **Title with Delaware Management Company** | &nbsp;&nbsp; **Start date on the Series** |
|  John McCarthy, CFA  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager | &nbsp;&nbsp; October 2019 |

---

Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

**Sub-advisor**

Nomura Corporate Research and Asset Management Inc.

---

| | | |
|:---|:---|:---|
|  **Portfolio Managers**  | &nbsp;&nbsp; **Title with Nomura Corporate Research and Asset Management Inc.** | &nbsp;&nbsp; **Start date on the Series** |
|  David Crall, CFA  | &nbsp;&nbsp; President, Chief Executive Officer, Chief Investment Officer, and Managing Director | &nbsp;&nbsp; April 2026 |
|  Stephen Kotsen, CFA  | &nbsp;&nbsp; Managing Director, Portfolio Manager | &nbsp;&nbsp; April 2026 |
|  Amy Yu Chang, CFA  | &nbsp;&nbsp; Managing Director, Portfolio Manager | &nbsp;&nbsp; April 2026 |
|  Christopher Parham, CFA  | &nbsp;&nbsp; Executive Director, Assistant Portfolio Manager | &nbsp;&nbsp; April 2026 |

---

**Purchase and redemption of Series shares**

Shares are sold, directly or indirectly, to separate accounts of life insurance companies at net asset value (NAV). Please refer to the variable annuity or variable life insurance product contract prospectus for more information about the purchase and redemption of shares.

**Tax information**

The dividends and distributions paid from the Series to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Series must be purchased through separate accounts used to fund variable annuity contracts or variable life insurance contracts (variable contracts), such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. You should refer to your variable contract prospectus for more information on these tax consequences.

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Series through a broker/dealer or other financial intermediary (such as an insurance company), the Series and its related companies may pay the intermediary for the sale of Series shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Series over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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[Back to **Table of Contents**](#TOC_2628)

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| |
|:---|
| Series summary |
| **Nomura VIP Investment Grade Series,** a series of Delaware VIP Trust<br>(formerly, Macquarie VIP Investment Grade Series) |

---

**What is the Series' investment objective?**

Nomura VIP Investment Grade Series seeks to generate a maximum level of income consistent with investment primarily in investment grade debt securities.

**What are the Series' fees and expenses?**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table and example do not reflect any fees or sales charges imposed by variable insurance contracts. If they did, the expenses would be higher.

**Annual series operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | | |
|:---|:---|:---|
| Class | Standard | Service |
| Management fees.....................................................................  | 0.50% | 0.50% |
| Distribution and service (12b-1) fees........................................................  |  | 0.30% |
| Other expenses ......................................................................  | 0.48% | 0.48% |
| Total annual series operating expenses......................................................  | 0.98% | 1.28% |
| Fee waivers and expense reimbursements ...................................................  | (0.37%)<sup>1</sup> | (0.37%)<sup>1</sup> |
| Total annual series operating expenses after fee waivers and expense reimbursements...................  | 0.61% | 0.91% |

---

---

| | |
|:---|:---|
| 1 | The Series' investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual series operating expenses from exceeding 0.61% of the Series' average daily net assets from April 30, 2026 through April 29, 2027. These waivers and reimbursements may only be terminated by agreement of the Manager and the Series. |

---

**Example**

This example is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the Manager's expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | |
|:---|:---|:---|
| Class | Standard | Service |
| 1 year................................................................................  | $62 | $93 |
| 3 years...............................................................................  | $275 | $369 |
| 5 years...............................................................................  | $506 | $667 |
| 10 years..............................................................................  | $1168 | $1513 |

---

**Portfolio turnover**

The Series pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in the annual series operating expenses or in the example, affect the Series' performance. During the most recent fiscal year, the Series' portfolio turnover rate was 189% of the average value of its portfolio.

**What are the Series' principal investment strategies?**

Under normal circumstances, Nomura VIP Investment Grade Series invests at least 80% of its net assets (plus any borrowings for investment purposes) in investment grade debt securities. Investment grade debt securities include those that are rated within the four highest ratings categories by Moody's Investors Service, Inc. (Moody's) or Standard & Poor's Financial Services LLC (S&P) or that are unrated but determined by the Manager to be of equivalent quality.

The Series primarily invests in investment grade US corporate bonds. The Series may also invest in other investment grade securities, including securities issued or guaranteed by the US Government or US Government-sponsored enterprises (some of which are not backed by the full faith and credit of the US Government) and investment grade mortgage-backed and other asset-backed securities. In making investment decisions, the Manager considers the outlook for interest rates, economic forecasts and market conditions, credit ratings, and its own analysis of an issuer's

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Series summary

financial condition. The Manager attempts to stay broadly diversified, but may emphasize certain industries based on its outlook. The Manager usually will sell a security when it shows deteriorating fundamentals, it falls short of the portfolio manager's expectations, or a more attractive investment is available. The Manager will not necessarily sell an investment if its rating is reduced.

To a lesser extent, the Series also invests in high yield, below investment grade corporate bonds (commonly known as "high yield" or "junk bonds"). High yield bonds include bonds that are rated below Baa3 by Moody's or below BBB- by S&P as well as unrated bonds that are determined by the Manager to be of equivalent quality. The Manager will consider ratings assigned by ratings agencies in selecting high yield bonds, but relies principally on its own research and investment analysis. In managing its portion of the Series, the Manager focuses on investments it believes can generate attractive and consistent income. The Manager may sell a bond when it shows deteriorating fundamentals or it falls short of the Manager's expectations. In addition, the Manager may also invest in active or passive exchange-traded funds (ETFs) that could expose the Series to high yield securities.

The Series may invest in securities of any maturity or duration, but may adjust its average portfolio weighted duration or maturity in anticipation of interest rate changes. For example, if the Series expects interest rates to rise, it may seek to reduce its average portfolio weighted duration and maturity. The Series may also invest in US Treasury futures and options on US Treasury futures to hedge against changes in interest rates.

Additionally, from time to time, in pursuing its investment strategies, the Series may hold significant investments (25% or more of its assets) in a specific market sector, including the financials sector.

**What are the principal risks of investing in the Series?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Series will increase and decrease according to changes in the value of the securities in the Series' portfolio. An investment in the Series may not be appropriate for all investors. The Series' principal risks include:

**Market risk** — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**Interest rate risk** — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A series may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

**Prepayment risk** — The risk that the principal on a bond that is held by a series will be prepaid prior to maturity at a time when interest rates are lower than what that bond was paying. A series may then have to reinvest that money at a lower interest rate.

**Credit risk** — The risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and/or repay principal in a timely manner.

**Industry and sector risk** — The risk that the value of securities in a particular industry or sector (such as financials) will decline because of changing expectations for the performance of that industry or sector.

**Derivatives risk** — Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in an unanticipated direction. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a series may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).

**Mortgage-backed and asset-backed securities risk** — Mortgage-backed and asset-backed securities, like other fixed income securities, are subject to credit risk and interest rate risk, and may also be subject to prepayment risk and extension risk. Prepayment risk is the risk that the principal on mortgage-backed or asset-backed securities may be prepaid at any time, which will reduce the yield and market value of the securities and may cause the series to reinvest the proceeds in lower yielding securities. Extension risk is the risk that principal on mortgage-backed or asset-backed securities will be repaid more slowly than expected, which may reduce the proceeds available for reinvestment in higher yielding securities. In addition, mortgage-backed and asset-backed securities may decline in value, become more volatile, face difficulties in valuation, or experience reduced liquidity due to changes in interest rates or general economic conditions. Certain mortgage-backed or asset-backed securities, such as collateralized mortgage obligations, real estate mortgage investment conduits, and stripped mortgage-backed securities, may be more susceptible to these risks than other mortgage-backed, asset-backed, or fixed-income securities.

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**High yield (junk) bond risk** — The risk that high yield securities, commonly known as "junk bonds," are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a series has valued them.

**Active management and selection risk** — The risk that the securities selected by a series' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

**How has** **Nomura** **VIP Investment Grade Series performed?**

The bar chart and table below provide some indication of the risks of investing in the Series. The bar chart shows changes in the Series' performance from year to year and the table shows how the Series' average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Series. The Series' past performance is not necessarily an indication of how the Series will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

The Series adopted the performance of the First Investors Life Series Investment Grade Fund (Predecessor Series) as the result of a reorganization of the Predecessor Series into the Series, which was consummated after the close of business on October 4, 2019 (Reorganization). The Series had not yet commenced operations prior to the Reorganization. The returns shown for periods ending on or prior to October 4, 2019 reflect the performance and expenses of the Predecessor Series. The Predecessor Series was reorganized into the Series after the close of business on October 4, 2019. The returns shown for periods after October 4, 2019 reflect the performance and expenses of the Series.

You may obtain the Series' most recently available month-end performance by calling 800 523-1918 or by visiting our website at nomuraassetmanagement.com/vip-performance.

Performance reflects all Series expenses but does not include any fees or sales charges imposed by variable insurance contracts. If they had been included, the returns shown below would be lower. Investors should consult the variable contract prospectus for more information.

**Calendar year-by-year total return (Standard Class)**

![image](pr2628img013.jpg)

During the periods illustrated in this bar chart, the Standard Class's highest quarterly return was 10.90% for the quarter ended June 30, 2020, and its lowest quarterly return was -8.43% for the quarter ended June 30, 2022.

**Average annual total returns for periods ended December 31,** **2025**

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| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years or<br>lifetime |
| Standard Class..........................................................  | 6.75% | -0.56% | 2.78% |
| Service Class (lifetime: 10/31/19-12/31/25)......................................  | 6.43% | -0.86% | 1.14% |
| Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes).........  | 7.30% | -0.36% | 2.01% |
| Bloomberg US Corporate Bond Index (reflects no deduction for fees, expenses, or taxes).....  | 7.77% | -0.09% | 3.27% |

---

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Series summary

**Who manages the Series?**

**Investment manager**

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

---

| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title with Delaware Management Company** | &nbsp;&nbsp; **Start date on the Series** |
|  Michael Wildstein, CFA  | &nbsp;&nbsp; Managing Director, Head of US Credit and Insurance | &nbsp;&nbsp; October 2019 |
|  Kashif Ishaq  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager | &nbsp;&nbsp; October 2019 |

---

Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

**Purchase and redemption of Series shares**

Shares are sold, directly or indirectly, to separate accounts of life insurance companies at net asset value (NAV). Please refer to the variable annuity or variable life insurance product contract prospectus for more information about the purchase and redemption of shares.

**Tax information**

The dividends and distributions paid from the Series to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Series must be purchased through separate accounts used to fund variable annuity contracts or variable life insurance contracts (variable contracts), such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. You should refer to your variable contract prospectus for more information on these tax consequences.

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Series through a broker/dealer or other financial intermediary (such as an insurance company), the Series and its related companies may pay the intermediary for the sale of Series shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Series over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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| |
|:---|
| Series summary |
| **Nomura VIP Corporate Bond Series,** a series of Ivy Variable Insurance Portfolios<br>(formerly, Macquarie VIP Corporate Bond Series) |

---

**What is the Series' investment objective?**

Nomura VIP Corporate Bond Series seeks to provide current income consistent with preservation of capital.

**What are the Series' fees and expenses?**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table and example do not reflect any fees or sales charges imposed by variable insurance contracts. If they did, the expenses would be higher.

**Annual series operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

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| | |
|:---|:---|
| Class | Service |
| Management fees.................................................................................  | 0.48% |
| Distribution and service (12b-1) fees....................................................................  | 0.25% |
| Other expenses ..................................................................................  | 0.06% |
| Total annual series operating expenses.................................................................  | 0.79% |
| Fee waivers and expense reimbursements ...............................................................  | (0.01%)<sup>1</sup> |
| Total annual series operating expenses after fee waivers and expense reimbursements...............................  | 0.78% |

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| | |
|:---|:---|
| 1 | The Series' investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual series operating expenses from exceeding 0.53% of the Series' average daily net assets from April 30, 2026 through April 29, 2027. These waivers and reimbursements may only be terminated by agreement of the Manager and the Series. |

---

**Example**

This example is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the Manager's expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | |
|:---|:---|
| Class | Service |
| 1 year............................................................................................  | $80 |
| 3 years...........................................................................................  | $251 |
| 5 years...........................................................................................  | $438 |
| 10 years..........................................................................................  | $977 |

---

**Portfolio turnover**

The Series pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in the annual series operating expenses or in the example, affect the Series' performance. During the most recent fiscal year, the Series' portfolio turnover rate was 190% of the average value of its portfolio.

**What are the Series' principal investment strategies?**

Nomura VIP Corporate Bond Series seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in corporate bonds (also referred to as corporate "debt securities" or "fixed-income securities"). For this purpose, "corporate bonds" includes any debt security issued by a domestic or foreign company with an initial maturity greater than one year. The Series invests primarily in investment-grade debt securities (including bonds rated BBB- or higher by S&P Global Ratings, a division of S&P Global, Inc. (S&P), or comparably rated by another nationally recognized statistical rating organization (NRSRO) or, if unrated, determined by the Manager to be of comparable quality). The Series has no limitations regarding the duration or dollar-weighted average of its holdings, may invest in debt securities with varying maturities and can invest in debt securities issued by both domestic and foreign companies, in a variety of sectors and industries. The Series may invest significantly in debt securities payable from the same sector.

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Series summary

In selecting debt securities for the Series, the Manager looks at a number of factors, including both a top-down (assessing the market environment) and a bottom-up (researching individual issuers) analysis. The top-down analysis looks at broad economic and financial trends in an effort to anticipate their impact on the fixed-income market and seeks to identify certain criteria that contribute to the overall target portfolio characteristics such as duration, spread, ratings and liquidity. The bottom-up analysis seeks to identify securities that the Manager believes have favorable risk/reward characteristics and targets those securities for overweight positioning. From the sector level, the Manager identifies companies that have positive attributes and considers the issuer's past, present and estimated future: financial strength, cash flow, management, borrowing requirements, balance sheet policy and relative safety. Additional factors considered include leverage, interest coverage, revenue and margin stability, competition and industry trends, as well as relative value and liquidity.

Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses in buying securities. For example, the Manager may sell a holding if, in the Manager's opinion, the issuer's financial strength weakens and/or the yield and relative safety of the security decline. The Manager also may sell a security to reduce the Series' holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

**What are the principal risks of investing in the Series?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Series will increase and decrease according to changes in the value of the securities in the Series' portfolio. An investment in the Series may not be appropriate for all investors. The Series' principal risks include:

**Interest rate risk** — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A series may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

**Credit risk** — The risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and/or repay principal in a timely manner.

**Industry and sector risk** — The risk that the value of securities in a particular industry or sector (such as banking) will decline because of changing expectations for the performance of that industry or sector.

**Foreign risk** — The risk that investments in foreign securities (particularly those of issuers in emerging markets) may be adversely affected by political instability, changes in currency exchange rates, inefficient markets and higher transaction costs, foreign economic conditions, the imposition of economic or trade sanctions, or inadequate or different regulatory and accounting standards.

**High yield (junk) bond risk** — The risk that high yield securities, commonly known as "junk bonds," are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a series has valued them.

**Government and regulatory risk** — The risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect series performance.

**Redemption risk** — If investors redeem more shares of a series than are purchased for an extended period of time, a series may be required to sell securities without regard to the investment merits of such actions. This could decrease a series' asset base, potentially resulting in a higher expense ratio.

**Active management and selection risk** — The risk that the securities selected by a series' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

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**How has** **Nomura** **VIP Corporate Bond Series performed?**

The bar chart and table below provide some indication of the risks of investing in the Series. The bar chart shows changes in the Series' performance from year to year and the table shows how the Series' average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Series. The Series' past performance is not necessarily an indication of how the Series will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

Effective April 30, 2018, the Series changed its name and strategy to reflect a focus on corporate bonds, rather than in bonds generally. Performance prior to April 30, 2018 reflects the Series' former strategy and may have differed if the Series' current strategy had been in place.

On April 30, 2021, the Series became part of the Nomura Funds and Delaware Management Company became the Series' investment manager. The returns shown from before April 30, 2021 are from the Series' prior investment manager.

Effective November 15, 2021, the Series changed its investment strategy. Performance prior to November 15, 2021 reflects the Series' former strategy; its performance may have differed if the Series' current strategy had been in place.

You may obtain the Series' most recently available month-end performance by calling 800 523-1918 or by visiting our website at nomuraassetmanagement.com/vip-performance.

Performance reflects all Series expenses but does not include any fees or sales charges imposed by variable insurance contracts. If they had been included, the returns shown below would be lower. Investors should consult the variable contract prospectus for more information.

**Calendar year-by-year total return (Service Class)**

![image](pr2628img014.jpg)

During the periods illustrated in this bar chart, Service Class's highest quarterly return was 9.53% for the quarter ended June 30, 2020, and its lowest quarterly return was -7.47% for the quarter ended June 30, 2022.

**Average annual total returns for periods ended December 31,** **2025**

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| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years |
| Service Class...........................................................  | 6.48% | -0.48% | 2.58% |
| Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes).........  | 7.30% | -0.36% | 2.01% |
| Bloomberg US Corporate Bond Index (reflects no deduction for fees, expenses, or taxes).....  | 7.77% | -0.09% | 3.27% |

---

**Who manages the Series?**

**Investment manager**

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

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| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title with Delaware Management Company** | &nbsp;&nbsp; **Start date on the Series** |
|  Michael Wildstein, CFA  | &nbsp;&nbsp; Managing Director, Head of US Credit and Insurance | &nbsp;&nbsp; November 2021 |
|  Kashif Ishaq  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager | &nbsp;&nbsp; November 2021 |

---

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Series summary

Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

**Purchase and redemption of Series shares**

Shares are sold, directly or indirectly, to separate accounts of life insurance companies at net asset value (NAV). Please refer to the variable annuity or variable life insurance product contract prospectus for more information about the purchase and redemption of shares.

**Tax information**

The dividends and distributions paid from the Series to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Series must be purchased through separate accounts used to fund variable annuity contracts or variable life insurance contracts (variable contracts), such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. You should refer to your variable contract prospectus for more information on these tax consequences.

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Series through a broker/dealer or other financial intermediary (such as an insurance company), the Series and its related companies may pay the intermediary for the sale of Series shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Series over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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| |
|:---|
| Series summary |
| **Nomura VIP High Income Series,** a series of Ivy Variable Insurance Portfolios<br>(formerly, Macquarie VIP High Income Series) |

---

**What is the Series' investment objective?**

Nomura VIP High Income Series seeks to provide total return through a combination of high current income and capital appreciation.

**What are the Series' fees and expenses?**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table and example do not reflect any fees or sales charges imposed by variable insurance contracts. If they did, the expenses would be higher.

**Annual series operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

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| | | |
|:---|:---|:---|
| Class | Standard | Service |
| Management fees.....................................................................  | 0.62% | 0.62% |
| Distribution and service (12b-1) fees........................................................  |  | 0.25% |
| Other expenses ......................................................................  | 0.07% | 0.07% |
| Acquired fund fees and expenses..........................................................  | 0.03%<sup>1</sup> | 0.03%<sup>1</sup> |
| Total annual series operating expenses......................................................  | 0.72%<sup>2</sup> | 0.97%<sup>2</sup> |

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| | |
|:---|:---|
| 1 | Acquired fund fees and expenses sets forth the Series' pro rata portion of the cumulative expenses charged by the registered investment companies in which the Series invested during the last fiscal year. The actual acquired fund fees and expenses will vary with changes in the allocations of the Series' assets. These expenses are not direct costs paid by Series shareholders, and are not used to calculate the Series' NAV. |

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| | |
|:---|:---|
| 2 | The total annual series operating expenses ratio shown above does not correlate to the expense ratio shown in the Financial Highlights table because that ratio does not include the acquired fund fees and expenses. |

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**Example**

This example is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | |
|:---|:---|:---|
| Class | Standard | Service |
| 1 year................................................................................  | $74 | $99 |
| 3 years...............................................................................  | $230 | $309 |
| 5 years...............................................................................  | $401 | $536 |
| 10 years..............................................................................  | $894 | $1190 |

---

**Portfolio turnover**

The Series pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in the annual series operating expenses or in the example, affect the Series' performance. During the most recent fiscal year, the Series' portfolio turnover rate was 42% of the average value of its portfolio.

**What are the Series' principal investment strategies?**

Nomura VIP High Income Series seeks to achieve its objective by investing primarily in a diversified portfolio of high-yield, high-risk, fixed-income securities, including secured and unsecured loan assignments, loan participations and other loan instruments (loans), of US and foreign issuers, the risks of which are, in the judgment of Delaware Management Company (Manager), the Series' investment manager, and Nomura Corporate Research and Asset Management Inc (the "Sub-Advisor", together the "Management Team") consistent with the Series' objective. The Series invests primarily in lower-quality debt securities, which include debt securities rated BB+ or lower by S&P Global Ratings, a division of S&P Global, Inc. (S&P), or comparably rated by another nationally recognized statistical rating organization (NRSRO) or, if unrated, determined by the Management Team to be of comparable quality. The Series may invest up to 100% of its total assets in non-investment-grade debt securities, commonly called "high-yield" or "junk" bonds, which include debt securities rated BB+ or lower by S&P, or comparably rated by another NRSRO or, if unrated, determined by the Management Team to be of comparable quality. The Series may invest in fixed-income securities of any maturity.

The Series may invest up to 100% of its total assets in foreign securities that are denominated in U.S. dollars or foreign currencies. Many of the companies in which the Series may invest have diverse operations, with products or services in foreign markets. Therefore, the Series may have indirect exposure to various foreign markets through investments in these companies, even if the Series is not invested directly in such markets.

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Series summary

The Series may invest in restricted securities.

At times, the Series may invest in a wholly-owned company acting as an investment vehicle for the Series to effect certain investments consistent with the Series' investment objectives (Subsidiary). The Series' investment in the Subsidiary is expected to provide the Series with exposure to certain investments in accordance with the limits of the federal tax laws. The Series complies with the provisions of the Investment Company Act of 1940, as amended (1940 Act), that govern investment policies, capital structure and leverage on an aggregate basis with the Subsidiary. The Subsidiary complies with the 1940 Act's provisions relating to affiliated transactions and custody of assets.

**What are the principal risks of investing in the Series?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Series will increase and decrease according to changes in the value of the securities in the Series' portfolio. An investment in the Series may not be appropriate for all investors. The Series' principal risks include:

**Foreign risk** — The risk that investments in foreign securities (particularly those of issuers in emerging markets) may be adversely affected by political instability, changes in currency exchange rates, inefficient markets and higher transaction costs, foreign economic conditions, the imposition of economic or trade sanctions, or inadequate or different regulatory and accounting standards.

**High yield (junk) bond risk** — The risk that high yield securities, commonly known as "junk bonds," are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities.

**Credit risk** — The risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and/or repay principal in a timely manner.

**Loans and other direct indebtedness risk** — The risk that a series will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower and the lending institution. A series' ability to sell its loans or to realize their full value upon sale may also be impaired due to the lack of an active trading market, irregular trading activity, wide bid/ask spreads, contractual restrictions, and extended trade settlement periods. In addition, certain loans in which a series invests may not be considered securities. A series therefore may not be able to rely upon the anti-fraud provisions of the federal securities laws with respect to these investments.

**Currency risk** — The risk that fluctuations in exchange rates between the US dollar and foreign currencies and between various foreign currencies may cause the value of an investment to decline.

**Interest rate risk** — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A series may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a series has valued them.

**Prepayment risk** — The risk that the principal on a bond that is held by a series will be prepaid prior to maturity at a time when interest rates are lower than what that bond was paying. A series may then have to reinvest that money at a lower interest rate.

**Subsidiary risk** — The Subsidiary is not registered, nor subject to the investor protections, under the Investment Company Act of 1940 (1940 Act), and does not benefit from all the investor protections that apply to 1940 Act-registered funds. Changes in applicable tax laws could result in the inability of the Series and/or the Subsidiary to operate as described herein, which could adversely affect the Series and its shareholders.

**Restricted securities risk —** The risk that restricted securities are subject to legal or contractual restrictions on resale and there can be no assurance of a ready market for resale. These securities include private placements or other unregistered securities, such as "Rule 144A Securities", which are securities that may be sold only to qualified institutional buyers pursuant to the Securities Act of 1933, as amended (1933 Act). Privately placed securities, Rule 144A securities and other restricted securities may have the effect of increasing the level of series illiquidity to the extent a series finds it difficult to sell these securities when the Manager believes it is desirable to do so, especially under adverse market or economic conditions or in the event of adverse changes in the financial condition of the issuer, and the prices realized could be less than those originally paid, or less than the fair market value. At times, the illiquidity of the market, as well as the lack of publicly available information regarding these securities also may make it difficult to determine the fair market value of such securities for purposes of computing the NAV of a series.

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**New issue risk —** New issues may have limited markets, making valuation and selling difficult. The market value of newly issued securities may fluctuate considerably.

**Distressed securities risk —** The market for distressed securities and instruments is generally thinner and less active than other markets, which can adversely affect the prices at which distressed securities can be sold.

**Deferred payment securities risk** — These securities may be subject to greater price fluctuations when interest rates change than securities that currently pay interest. During the time that interest payments are not being made on these securities, holders are deemed to receive income annually, even though cash is not received.

**Payment-in-kind securities risk** — Payment-in-kind securities defer cash interest payments by treating them as additional principal. This results in higher total debt and the potential for increased default risk of the issuer.

**Redemption risk** — If investors redeem more shares of a series than are purchased for an extended period of time, a series may be required to sell securities without regard to the investment merits of such actions. This could decrease a series' asset base, potentially resulting in a higher expense ratio.

**Active management and selection risk** — The risk that the securities selected by a series' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

**How has** **Nomura** **VIP High Income Series performed?**

The bar chart and table below provide some indication of the risks of investing in the Series. The bar chart shows changes in the Series' performance from year to year and the table shows how the Series' average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Series. The Series' past performance is not necessarily an indication of how the Series will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

On April 30, 2021, Delaware Management Company became the Series' investment manager. The returns shown from before April 30, 2021 are from the Series' prior investment manager.

Effective November 15, 2021, the Series changed its investment strategy. Performance prior to November 15, 2021 reflects the Series' former strategy; its performance may have differed if the Series' current strategy had been in place.

You may obtain the Series' most recently available month-end performance by calling 800 523-1918 or by visiting our website at nomuraassetmanagement.com/vip-performance.

Performance reflects all Series expenses but does not include any fees or sales charges imposed by variable insurance contracts. If they had been included, the returns shown below would be lower. Investors should consult the variable contract prospectus for more information.

**Calendar year-by-year total return (Service Class)**

![image](pr2628img015.jpg)

During the periods illustrated in this bar chart, Service Class's highest quarterly return was 8.56% for the quarter ended June 30, 2020, and its lowest quarterly return was -14.50% for the quarter ended March 31, 2020.

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Series summary

**Average annual total returns for periods ended December 31,** **2025**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years or<br>lifetime |
| Service Class...........................................................  | 7.17% | 3.73% | 5.56% |
| Standard Class (lifetime: 4/28/17-12/31/25)......................................  | 7.41% | 3.98% | 4.47% |
| Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes).........  | 7.30% | -0.36% | 2.01% |
| ICE BofA US High Yield Constrained Index (reflects no deduction for fees, expenses, or taxes).  | 8.50% | 4.50% | 6.44% |

---

**Who manages the Series?**

**Investment manager**

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

---

| | | |
|:---|:---|:---|
|  **Portfolio manager**  | &nbsp;&nbsp; **Title with Delaware Management Company** | &nbsp;&nbsp; **Start date on the Series** |
|  John McCarthy, CFA  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager | &nbsp;&nbsp; November 2021 |

---

Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

**Sub-advisor**

Nomura Corporate Research and Asset Management Inc.

---

| | | |
|:---|:---|:---|
|  **Portfolio Managers**  | &nbsp;&nbsp; **Title with Nomura Corporate Research and Asset Management Inc.** | &nbsp;&nbsp; **Start date on the Series** |
|  David Crall, CFA  | &nbsp;&nbsp; President, Chief Executive Officer, Chief Investment Officer, and Managing Director | &nbsp;&nbsp; April 2026 |
|  Stephen Kotsen, CFA  | &nbsp;&nbsp; Managing Director, Portfolio Manager | &nbsp;&nbsp; April 2026 |
|  Amy Yu Chang, CFA  | &nbsp;&nbsp; Managing Director, Portfolio Manager | &nbsp;&nbsp; April 2026 |
|  Christopher Parham, CFA  | &nbsp;&nbsp; Executive Director, Assistant Portfolio Manager | &nbsp;&nbsp; April 2026 |

---

**Purchase and redemption of Series shares**

Shares are sold, directly or indirectly, to separate accounts of life insurance companies at net asset value (NAV). Please refer to the variable annuity or variable life insurance product contract prospectus for more information about the purchase and redemption of shares.

**Tax information**

The dividends and distributions paid from the Series to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Series must be purchased through separate accounts used to fund variable annuity contracts or variable life insurance contracts (variable contracts), such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. You should refer to your variable contract prospectus for more information on these tax consequences.

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Series through a broker/dealer or other financial intermediary (such as an insurance company), the Series and its related companies may pay the intermediary for the sale of Series shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Series over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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---

| |
|:---|
| Series summary |
| **Nomura VIP Limited Duration Bond Series,** a series of Delaware VIP Trust<br>(formerly, Macquarie VIP Limited Duration Bond Series) |

---

**What is the Series' investment objective?**

Nomura VIP Limited Duration Bond Series seeks current income consistent with low volatility of principal.

**What are the Series' fees and expenses?**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table and example do not reflect any fees or sales charges imposed by variable insurance contracts. If they did, the expenses would be higher.

**Annual series operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | |
|:---|:---|
| Class | Standard |
| Management fees.................................................................................  | 0.50% |
| Distribution and service (12b-1) fees....................................................................  |  |
| Other expenses ..................................................................................  | 0.85% |
| Total annual series operating expenses.................................................................  | 1.35% |
| Fee waivers and expense reimbursements ...............................................................  | (0.82%)<sup>1</sup> |
| Total annual series operating expenses after fee waivers and expense reimbursements...............................  | 0.53% |

---

---

| | |
|:---|:---|
| 1 | The Series' investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual series operating expenses from exceeding 0.53% of the Series' average daily net assets from April 30, 2026 through April 29, 2027. These waivers and reimbursements may only be terminated by agreement of the Manager and the Series. |

---

**Example**

This example is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the Manager's expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| Class | Standard  |
| 1 year............................................................................................  | $54 |
| 3 years...........................................................................................  | $347 |
| 5 years...........................................................................................  | $661 |
| 10 years..........................................................................................  | $1552 |

---

**Portfolio turnover**

The Series pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in the annual series operating expenses or in the example, affect the Series' performance. During the most recent fiscal year, the Series' portfolio turnover rate was 247% of the average value of its portfolio.

**What are the Series' principal investment strategies?**

Under normal circumstances, Nomura VIP Limited Duration Bond Series will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investment grade bonds (80% policy). For purposes of this 80% policy, investment grade bonds also include other investment grade fixed-income securities.

Investment grade debt securities include those that are rated within the four highest ratings categories by Moody's Investors Service, Inc. (Moody's) or Standard & Poor's Financial Services LLC (S&P) or that are unrated but determined by the Manager to be of equivalent quality. The Series will maintain an average effective duration from one to three years. The Manager will determine how much of the Series' assets to allocate among the different types of fixed income securities in which the Series may invest based on the Manager's evaluation of economic and market conditions and its assessment of the returns and potential for appreciation that can be achieved from various sectors of the fixed income market.

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Series summary

The corporate debt obligations in which the Series may invest include bonds, notes, debentures, and commercial paper of US companies and, subject to the limitations described below, non-US companies. The Series may also invest in a variety of securities that are issued or guaranteed as to the payment of principal and interest by the US government, and by various agencies or instrumentalities, which have been established or are sponsored by the US government, and, subject to the limitations described below, securities issued by foreign governments.

Additionally, the Series may invest in mortgage-backed securities issued or guaranteed by the US government, its agencies or instrumentalities, government-sponsored corporations, and mortgage-backed securities issued by certain private, nongovernment entities. The Series may also invest in securities that are backed by assets such as receivables on home equity and credit card loans, automobile, mobile home, recreational vehicle and other loans, wholesale dealer floor plans, and leases.

The Series may invest up to 20% of its net assets in below-investment-grade securities (also known as high yield or "junk" bonds).

The Series may also invest up to 20% of its net assets in foreign securities, including up to 10% of its net assets in securities of issuers located in emerging markets. The Series' total non-US dollar currency will be limited, in the aggregate, to no more than 10% of its net assets.

The Series may use a wide range of derivatives instruments, typically including options, futures contracts, options on futures contracts, forward foreign currency contracts, and swaps. The Series will use derivatives for both hedging and nonhedging purposes. For example, the Series may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; interest rate swaps to neutralize the impact of interest rate changes; credit default swaps to hedge against a credit event, to manage credit exposure, or to enhance total return; and index swaps to enhance return or to effect diversification. The Series will not use derivatives for reasons inconsistent with its investment objective and will limit its investments in derivatives instruments to 20% of its net assets.

**What are the principal risks of investing in the Series?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Series will increase and decrease according to changes in the value of the securities in the Series' portfolio. An investment in the Series may not be appropriate for all investors. The Series' principal risks include:

**Market risk** — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**Interest rate risk** — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A series may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

**Credit risk** — The risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and/or repay principal in a timely manner.

**High yield (junk) bond risk** — The risk that high yield securities, commonly known as "junk bonds," are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities.

**Prepayment risk** — The risk that the principal on a bond that is held by a series will be prepaid prior to maturity at a time when interest rates are lower than what that bond was paying. A series may then have to reinvest that money at a lower interest rate.

**Derivatives risk** — Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in an unanticipated direction. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a series may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).

**Leveraging risk** — The risk that certain portfolio transactions, such as reverse repurchase agreements, short sales, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivatives instruments, may give rise to leverage, causing a series to be more volatile than if it had not been leveraged, which may result in increased losses to the series.

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**Foreign risk** — The risk that investments in foreign securities (particularly those of issuers in emerging markets) may be adversely affected by political instability, changes in currency exchange rates, inefficient markets and higher transaction costs, foreign economic conditions, the imposition of economic or trade sanctions, or inadequate or different regulatory and accounting standards.

**Loans and other direct indebtedness risk** — The risk that a series will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower and the lending institution. A series' ability to sell its loans or to realize their full value upon sale may also be impaired due to the lack of an active trading market, irregular trading activity, wide bid/ask spreads, contractual restrictions, and extended trade settlement periods. In addition, certain loans in which a series invests may not be considered securities. A series therefore may not be able to rely upon the anti-fraud provisions of the federal securities laws with respect to these investments.

**Mortgage-backed and asset-backed securities risk** — Mortgage-backed and asset-backed securities, like other fixed income securities, are subject to credit risk and interest rate risk, and may also be subject to prepayment risk and extension risk. Prepayment risk is the risk that the principal on mortgage-backed or asset-backed securities may be prepaid at any time, which will reduce the yield and market value of the securities and may cause the series to reinvest the proceeds in lower yielding securities. Extension risk is the risk that principal on mortgage-backed or asset-backed securities will be repaid more slowly than expected, which may reduce the proceeds available for reinvestment in higher yielding securities. In addition, mortgage-backed and asset-backed securities may decline in value, become more volatile, face difficulties in valuation, or experience reduced liquidity due to changes in interest rates or general economic conditions. Certain mortgage-backed or asset-backed securities, such as collateralized mortgage obligations, real estate mortgage investment conduits, and stripped mortgage-backed securities, may be more susceptible to these risks than other mortgage-backed, asset-backed, or fixed-income securities.

**Valuation risk** — The risk that a less liquid secondary market may make it more difficult for a series to obtain precise valuations of certain securities in its portfolio.

**Government and regulatory risk** — The risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect series performance.

**Portfolio turnover risk** — High portfolio turnover rates may increase a series' transaction costs and lower returns.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a series has valued them.

**Active management and selection risk** — The risk that the securities selected by a series' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

**How has** **Nomura** **VIP Limited Duration Bond Series performed?**

The bar chart and table below provide some indication of the risks of investing in the Series. The bar chart shows changes in the Series' performance from year to year and the table shows how the Series' average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Series. The Series' past performance is not necessarily an indication of how the Series will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

The Series adopted the performance of the First Investors Life Series Limited Duration Bond Fund (Predecessor Series) as the result of a reorganization of the Predecessor Series into the Series, which was consummated after the close of business on October 4, 2019 (Reorganization). The Series had not yet commenced operations prior to the Reorganization. The returns shown for periods ending on or prior to October 4, 2019 reflect the performance and expenses of the Predecessor Series. The Predecessor Series was reorganized into the Series after the close of business on October 4, 2019. The returns shown for periods after October 4, 2019 reflect the performance and expenses of the Series.

You may obtain the Series' most recently available month-end performance by calling 800 523-1918 or by visiting our website at nomuraassetmanagement.com/vip-performance.

Performance reflects all Series expenses but does not include any fees or sales charges imposed by variable insurance contracts. If they had been included, the returns shown below would be lower. Investors should consult the variable contract prospectus for more information.

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Series summary

**Calendar year-by-year total return (Standard Class)**

![image](pr2628img016.jpg)

During the periods illustrated in this bar chart, the Standard Class's highest quarterly return was 3.05% for the quarter ended December 31, 2023, and its lowest quarterly return was -2.64% for the quarter ended March 31, 2022.

**Average annual total returns for periods ended December 31,** **2025**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years |
| Standard Class..........................................................  | 5.07% | 1.87% | 1.89% |
| Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes).........  | 7.30% | -0.36% | 2.01% |
| Bloomberg 1-3 Year US Government/Credit Index (reflects no deduction for fees, expenses, or <br>taxes)...............................................................  | 5.35% | 1.97% | 2.09% |

---

**Who manages the Series?**

**Investment manager**

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

---

| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title with Delaware Management Company** | &nbsp;&nbsp; **Start date on the Series** |
|  Janaki Rao  | &nbsp;&nbsp; Managing Director, Head of US Multisector | &nbsp;&nbsp; May 2024 |
|  Kashif Ishaq  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager | &nbsp;&nbsp; December 2025 |
|  Mansur Rasul  | &nbsp;&nbsp; Executive Director, Head of Emerging Markets Debt | &nbsp;&nbsp; December 2025 |

---

Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

**Purchase and redemption of Series shares**

Shares are sold, directly or indirectly, to separate accounts of life insurance companies at net asset value (NAV). Please refer to the variable annuity or variable life insurance product contract prospectus for more information about the purchase and redemption of shares.

**Tax information**

The dividends and distributions paid from the Series to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Series must be purchased through separate accounts used to fund variable annuity contracts or variable life insurance contracts (variable contracts), such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. You should refer to your variable contract prospectus for more information on these tax consequences.

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**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Series through a broker/dealer or other financial intermediary (such as an insurance company), the Series and its related companies may pay the intermediary for the sale of Series shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Series over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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[Back to **Table of Contents**](#TOC_2628)

---

| |
|:---|
| Series summary |
| **Nomura VIP Limited-Term Bond Series,** a series of Ivy Variable Insurance Portfolios<br>(formerly, Macquarie VIP Limited-Term Bond Series) |

---

**What is the Series' investment objective?**

Nomura VIP Limited-Term Bond Series seeks to provide current income consistent with preservation of capital.

**What are the Series' fees and expenses?**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table and example do not reflect any fees or sales charges imposed by variable insurance contracts. If they did, the expenses would be higher.

**Annual series operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | |
|:---|:---|
| Class | Service |
| Management fees.................................................................................  | 0.50% |
| Distribution and service (12b-1) fees....................................................................  | 0.25% |
| Other expenses ..................................................................................  | 0.12% |
| Total annual series operating expenses.................................................................  | 0.87% |
| Fee waivers and expense reimbursements ...............................................................  | (0.08%)<sup>1</sup> |
| Total annual series operating expenses after fee waivers and expense reimbursements...............................  | 0.79% |

---

---

| | |
|:---|:---|
| 1 | The Series' investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual series operating expenses from exceeding 0.54% of the Series' average daily net assets from April 30, 2026 through April 29, 2027. These waivers and reimbursements may only be terminated by agreement of the Manager and the Series. |

---

**Example**

This example is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the Manager's expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| Class | Service |
| 1 year............................................................................................  | $81 |
| 3 years...........................................................................................  | $270 |
| 5 years...........................................................................................  | $474 |
| 10 years..........................................................................................  | $1065 |

---

**Portfolio turnover**

The Series pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in the annual series operating expenses or in the example, affect the Series' performance. During the most recent fiscal year, the Series' portfolio turnover rate was 262% of the average value of its portfolio.

**What are the Series' principal investment strategies?**

Under normal circumstances, Nomura VIP Limited-Term Bond Series will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in investment grade fixed income securities (80% policy), including, but not limited to, fixed income securities issued or guaranteed by the US government, its agencies or instrumentalities, and by US corporations. The Series may also invest up to 30% of its net assets in foreign securities, including up to 10% of its net assets in securities of issuers located in emerging markets. The Series may invest up to 20% of its net assets in below-investment-grade securities (also known as high yield or "junk" bonds). Additionally, the Series may invest in mortgage-backed securities issued or guaranteed by the US government, its agencies or instrumentalities, government-sponsored corporations, and mortgage-backed securities issued by certain private, nongovernment entities. The Series may also invest in securities that are backed by assets such as receivables on home equity and credit card loans, automobile, mobile home, recreational vehicle and other loans, wholesale dealer floor plans, and leases. The Series will maintain an average effective duration from one to three years.

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Investment grade debt securities include those that are rated within the four highest ratings categories by Moody's Investors Service, Inc. (Moody's) or Standard & Poor's Financial Services LLC (S&P) or that are unrated but determined by the Manager to be of equivalent quality.

The Series may use a wide range of derivatives instruments, typically including options, futures contracts, options on futures contracts, forward foreign currency contracts, and swaps. The Series will use derivatives for both hedging and nonhedging purposes. For example, the Series may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; interest rate swaps to neutralize the impact of interest rate changes; credit default swaps to hedge against a credit event, to gain exposure to certain securities or markets, or to enhance total return; and index swaps to enhance return or to effect diversification. The Series will not use derivatives for reasons inconsistent with its investment objective and will limit its investments in derivatives instruments to 20% of its net assets.

The Manager may look at a number of factors in selecting securities for the Series' holdings, beginning with a top-down (assessing the market environment) review of the broad economic and financial trends in the US and world markets. This process aids in the determination of economic fundamentals, which leads to sector allocation. Within a sector, the Manager typically considers the maturity and perceived liquidity of the security, the relative value of the security based on historical yield information, the creditworthiness of the particular issuer (if not backed by the full faith and credit of the Treasury), and prepayment risks for mortgage-backed securities and other debt securities with call provisions.

Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses in buying securities, including review of the security's valuation and the issuer's creditworthiness. The Manager also may sell a security to take advantage of what it believes are more attractive investment opportunities, to reduce the Series' holding in that security or to raise cash.

**What are the principal risks of investing in the Series?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Series will increase and decrease according to changes in the value of the securities in the Series' portfolio. An investment in the Series may not be appropriate for all investors. The Series' principal risks include:

**Interest rate risk** — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A series may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

**US government securities risk** — The risk that certain US government securities, such as securities issued by Fannie Mae, Freddie Mac and the Federal Home Loan Bank system (FHLB), are not backed by the "faith and credit" of the US government and, instead, may be supported only by the credit of the issuer or by the right of the issuer to borrow from the US Treasury.

**Mortgage-backed and asset-backed securities risk** — Mortgage-backed and asset-backed securities, like other fixed income securities, are subject to credit risk and interest rate risk, and may also be subject to prepayment risk and extension risk. Prepayment risk is the risk that the principal on mortgage-backed or asset-backed securities may be prepaid at any time, which will reduce the yield and market value of the securities and may cause the series to reinvest the proceeds in lower yielding securities. Extension risk is the risk that principal on mortgage-backed or asset-backed securities will be repaid more slowly than expected, which may reduce the proceeds available for reinvestment in higher yielding securities. In addition, mortgage-backed and asset-backed securities may decline in value, become more volatile, face difficulties in valuation, or experience reduced liquidity due to changes in interest rates or general economic conditions. Certain mortgage-backed or asset-backed securities, such as collateralized mortgage obligations, real estate mortgage investment conduits, and stripped mortgage-backed securities, may be more susceptible to these risks than other mortgage-backed, asset-backed, or fixed-income securities.

**Credit risk** — The risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and/or repay principal in a timely manner.

**Prepayment risk** — The risk that the principal on a bond that is held by a series will be prepaid prior to maturity at a time when interest rates are lower than what that bond was paying. A series may then have to reinvest that money at a lower interest rate.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a series has valued them.

**Redemption risk** — If investors redeem more shares of a series than are purchased for an extended period of time, a series may be required to sell securities without regard to the investment merits of such actions. This could decrease a series' asset base, potentially resulting in a higher expense ratio.

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Series summary

**Portfolio turnover risk** — High portfolio turnover rates may increase a series' transaction costs and lower returns.

**Active management and selection risk** — The risk that the securities selected by a series' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

**How has** **Nomura** **VIP Limited-Term Bond Series performed?**

The bar chart and table below provide some indication of the risks of investing in the Series. The bar chart shows changes in the Series' performance from year to year and the table shows how the Series' average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Series. The Series' past performance is not necessarily an indication of how the Series will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

On April 30, 2021, Delaware Management Company became the Series' investment manager. The returns shown from before April 30, 2021 are from the Series' prior investment manager.

Effective November 15, 2021, the Series changed its investment strategy. Performance prior to November 15, 2021 reflects the Series' former strategy; its performance may have differed if the Series' current strategy had been in place.

You may obtain the Series' most recently available month-end performance by calling 800 523-1918 or by visiting our website at nomuraassetmanagement.com/vip-performance.

Performance reflects all Series expenses but does not include any fees or sales charges imposed by variable insurance contracts. If they had been included, the returns shown below would be lower. Investors should consult the variable contract prospectus for more information.

**Calendar year-by-year total return (Service Class)**

![image](pr2628img017.jpg)

During the periods illustrated in this bar chart, Service Class's highest quarterly return was 3.06% for the quarter ended December 31, 2023, and its lowest quarterly return was -2.70% for the quarter ended March 31, 2022.

**Average annual total returns for periods ended December 31,** **2025**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years |
| Service Class...........................................................  | 4.70% | 1.75% | 2.12% |
| Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes).........  | 7.30% | -0.36% | 2.01% |
| Bloomberg 1-3 Year US Government/Credit Index (reflects no deduction for fees, expenses, or <br>taxes)...............................................................  | 5.35% | 1.97% | 2.09% |

---

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**Who manages the Series?**

**Investment manager**

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

---

| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title with Delaware Management Company** | &nbsp;&nbsp; **Start date on the Series** |
|  Janaki Rao  | &nbsp;&nbsp; Managing Director, Head of US Multisector | &nbsp;&nbsp; May 2024 |
|  Kashif Ishaq  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager | &nbsp;&nbsp; December 2025 |
|  Mansur Rasul  | &nbsp;&nbsp; Executive Director, Head of Emerging Markets Debt | &nbsp;&nbsp; December 2025 |

---

Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

**Purchase and redemption of Series shares**

Shares are sold, directly or indirectly, to separate accounts of life insurance companies at net asset value (NAV). Please refer to the variable annuity or variable life insurance product contract prospectus for more information about the purchase and redemption of shares.

**Tax information**

The dividends and distributions paid from the Series to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Series must be purchased through separate accounts used to fund variable annuity contracts or variable life insurance contracts (variable contracts), such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. You should refer to your variable contract prospectus for more information on these tax consequences.

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Series through a broker/dealer or other financial intermediary (such as an insurance company), the Series and its related companies may pay the intermediary for the sale of Series shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Series over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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---

| |
|:---|
| Series summary |
| **Nomura VIP Global Growth Series,** a series of Ivy Variable Insurance Portfolios<br>(formerly, Macquarie VIP Global Growth Series) |

---

**What is the Series' investment objective?**

Nomura VIP Global Growth Series seeks to provide growth of capital.

**What are the Series' fees and expenses?**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table and example do not reflect any fees or sales charges imposed by variable insurance contracts. If they did, the expenses would be higher.

**Annual series operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | |
|:---|:---|
| Class | Service |
| Management fees.................................................................................  | 0.85% |
| Distribution and service (12b-1) fees....................................................................  | 0.25% |
| Other expenses ..................................................................................  | 0.14% |
| Total annual series operating expenses.................................................................  | 1.24% |
| Fee waivers and expense reimbursements ...............................................................  | (0.20%)<sup>1</sup> |
| Total annual series operating expenses after fee waivers and expense reimbursements...............................  | 1.04% |

---

---

| | |
|:---|:---|
| 1 | The Series' investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual series operating expenses from exceeding 0.79% of the Series' average daily net assets from April 30, 2026 through April 29, 2027. These waivers and reimbursements may only be terminated by agreement of the Manager and the Series. |

---

**Example**

This example is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the Manager's expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| Class | Service |
| 1 year............................................................................................  | $106 |
| 3 years...........................................................................................  | $374 |
| 5 years...........................................................................................  | $662 |
| 10 years..........................................................................................  | $1482 |

---

**Portfolio turnover**

The Series pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in the annual series operating expenses or in the example, affect the Series' performance. During the most recent fiscal year, the Series' portfolio turnover rate was 37% of the average value of its portfolio.

**What are the Series' principal investment strategies?**

Nomura VIP Global Growth Series seeks to achieve its objective by investing primarily in common stocks of US and foreign companies (including depositary receipts of foreign issuers) that the Manager believes are competitively well-positioned, gaining market share, have the potential for long-term growth and/or operate in regions or countries that the Manager believes possess attractive growth characteristics. The Series primarily invests in issuers of developed countries, including the US, although the Series has the ability to invest in issuers domiciled in or doing business in any country or region around the globe, including emerging markets. While the Series primarily invests in securities issued by large-capitalization companies (typically, companies with market capitalizations of at least $10 billion at the time of acquisition), it may invest in securities issued by companies of any size, in a variety of sectors and industries. Under normal circumstances, the Series invests at least 40% (or, if the portfolio manager deems it warranted by market conditions, at least 30%) of its total assets in foreign securities. The Series may invest up to 80% of its total assets in foreign securities, including securities denominated in currencies other than the US dollar. The Series typically holds a limited number of stocks (generally 50 to 70).

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The Manager utilizes a research-based investment process that focuses on bottom-up (researching individual issuers) stock selection. The Manager seeks strong companies that possess a unique, sustainable competitive advantage that the Manager believes will allow them to withstand competitive pressures, sustain margins and cash flow, and grow faster than the general economy. The Manager may look at a number of factors in selecting securities for the Series, including: a company's competitive position and its sustainability; a company's growth and earnings potential and valuation; a company's financials, including cash flow and balance sheet; management of the company; strength of the industry; size of the company's total addressable market; margin trends; switching costs; control of distribution channels; brand equity; scale; patent protection; and applicable economic, market and political conditions of the country in which the company is located and/or in which it is doing business. As an overlay to its bottom-up analysis, the Manager considers factors such as the geographical economic environment, the political environment, regulatory policy, geopolitical risk and currency risk.

Many of the companies in which the Series may invest have diverse operations, with products or services in foreign markets. Therefore, the Series may have indirect exposure to various foreign markets through investments in these companies, even if the Series is not invested directly in such markets.

Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses in buying securities. For example, the Manager may sell a security issued by a company if it believes the company has experienced a fundamental breakdown of its sustainable competitive advantage or no longer offers significant growth potential, if it believes the management of the company has weakened or its margin and/or its valuation appears unsustainable, if it believes there are macro-economic factors that override a company's fundamentals, and/or there exists political or economic instability in the issuer's country. The Manager also may sell a security to reduce the Series' holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

**What are the principal risks of investing in the Series?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Series will increase and decrease according to changes in the value of the securities in the Series' portfolio. An investment in the Series may not be appropriate for all investors. The Series' principal risks include:

**Market risk** — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**Growth stock risk** — Growth stocks reflect projections of future earnings and revenue. These prices may rise or fall dramatically depending on whether those projections are met. These companies' stock prices may be more volatile, particularly over the short term.

**Foreign and emerging markets risk** — The risk that investments in foreign securities (particularly those of issuers in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; the imposition of economic or trade sanctions; or inadequate or different regulatory and accounting standards. Securities of issuers in emerging markets may be subject to greater risks than securities of issuers in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments. In addition, there often is substantially less publicly available information about issuers and such information tends to be of a lesser quality. Economic markets and structures tend to be less mature and diverse and the securities markets may also be smaller, less liquid, and subject to greater price volatility.

**Large-capitalization company risk** — Large-capitalization companies tend to be less volatile than companies with smaller market capitalizations. This potentially lower risk means that the Series' share price may not rise as much as the share prices of funds that focus on smaller-capitalization companies.

**Industry and sector risk** — The risk that the value of securities in a particular industry or sector (such as information technology) will decline because of changing expectations for the performance of that industry or sector.

**Information technology sector risk** — The risk that investment risks associated with investing in the information technology sector, in addition to other risks, include the intense competition to which information technology companies may be subject; the dramatic and often unpredictable changes in growth rates and competition for qualified personnel among information technology companies; effects on profitability from being heavily dependent on patent and intellectual property rights and the loss or impairment of those rights; obsolescence of existing technology; general economic conditions; and government regulation.

**Currency risk** — The risk that fluctuations in exchange rates between the US dollar and foreign currencies and between various foreign currencies may cause the value of an investment to decline.

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Series summary

**Limited number of securities risk** — The possibility that a single security's increase or decrease in value may have a greater impact on a series' value and total return because the series may hold larger positions in fewer securities than other series. In addition, a series that holds a limited number of securities may be more volatile than those series that hold a greater number of securities.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a series has valued them.

**Active management and selection risk** — The risk that the securities selected by a series' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

**How has** **Nomura** **VIP Global Growth Series performed?**

The bar chart and table below provide some indication of the risks of investing in the Series. The bar chart shows changes in the Series' performance from year to year and the table shows how the Series' average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance. The Series' past performance is not necessarily an indication of how the Series will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

On April 30, 2021, Delaware Management Company became the Series' investment manager. The returns shown from before April 30, 2021 are from the Series' prior investment manager.

Effective November 15, 2021, the Series changed its investment strategy. Performance prior to November 15, 2021 reflects the Series' former strategy; its performance may have differed if the Series' current strategy had been in place.

You may obtain the Series' most recently available month-end performance by calling 800 523-1918 or by visiting our website at nomuraassetmanagement.com/vip-performance.

Performance reflects all Series expenses but does not include any fees or sales charges imposed by variable insurance contracts. If they had been included, the returns shown below would be lower. Investors should consult the variable contract prospectus for more information.

**Calendar year-by-year total return (Service Class)**

![image](pr2628img018.jpg)

During the periods illustrated in this bar chart, Service Class's highest quarterly return was 22.38% for the quarter ended June 30, 2020, and its lowest quarterly return was -20.55% for the quarter ended March 31, 2020.

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**Average annual total returns for periods ended December 31,** **2025**

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| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years |
| Service Class...........................................................  | 17.93% | 9.99% | 10.71% |
| MSCI ACWI (All Country World Index) (net) (reflects no deduction for fees or expenses)......  | 22.34% | 11.19% | 11.72% |
| MSCI ACWI (All Country World Index) (gross) (reflects no deduction for fees, expenses, or <br>taxes)...............................................................  | 22.87% | 11.70% | 12.28% |

---

**Who manages the Series?**

**Investment manager**

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

---

| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title with Delaware Management Company** | &nbsp;&nbsp; **Start date on the Series** |
|  Aditya Kapoor, CFA  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager | &nbsp;&nbsp; November 2021 |
|  Charles John, CFA  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager | &nbsp;&nbsp; November 2021 |
|  Charles (Trey) Schorgl, CFA  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager | &nbsp;&nbsp; July 2023 |

---

Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

**Purchase and redemption of Series shares**

Shares are sold, directly or indirectly, to separate accounts of life insurance companies at net asset value (NAV). Please refer to the variable annuity or variable life insurance product contract prospectus for more information about the purchase and redemption of shares.

**Tax information**

The dividends and distributions paid from the Series to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Series must be purchased through separate accounts used to fund variable annuity contracts or variable life insurance contracts (variable contracts), such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. You should refer to your variable contract prospectus for more information on these tax consequences.

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Series through a broker/dealer or other financial intermediary (such as an insurance company), the Series and its related companies may pay the intermediary for the sale of Series shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Series over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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---

| |
|:---|
| Series summary |
| **Nomura VIP International Core Equity Series,** a series of Ivy Variable Insurance Portfolios<br>(formerly, Macquarie VIP International Core Equity Series) |

---

**What is the Series' investment objective?**

Nomura VIP International Core Equity Series seeks to provide capital growth and appreciation.

**What are the Series' fees and expenses?**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table and example do not reflect any fees or sales charges imposed by variable insurance contracts. If they did, the expenses would be higher.

**Annual series operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | | |
|:---|:---|:---|
| Class | Standard | Service |
| Management fees.....................................................................  | 0.85% | 0.85% |
| Distribution and service (12b-1) fees........................................................  |  | 0.25% |
| Other expenses ......................................................................  | 0.08% | 0.08% |
| Total annual series operating expenses......................................................  | 0.93% | 1.18% |
| Fee waivers and expense reimbursements ...................................................  | (0.07%)<sup>1</sup> | (0.07%)<sup>1</sup> |
| Total annual series operating expenses after fee waivers and expense reimbursements...................  | 0.86% | 1.11% |

---

---

| | |
|:---|:---|
| 1 | The Series' investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual series operating expenses from exceeding 0.86% of the Series' average daily net assets from April 30, 2026 through April 29, 2027. These waivers and reimbursements may only be terminated by agreement of the Manager and the Series. |

---

**Example**

This example is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the Manager's expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | |
|:---|:---|:---|
| Class | Standard | Service |
| 1 year................................................................................  | $88 | $113 |
| 3 years...............................................................................  | $289 | $368 |
| 5 years...............................................................................  | $508 | $642 |
| 10 years..............................................................................  | $1137 | $1426 |

---

**Portfolio turnover**

The Series pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in the annual series operating expenses or in the example, affect the Series' performance. During the most recent fiscal year, the Series' portfolio turnover rate was 90% of the average value of its portfolio.

**What are the Series' principal investment strategies?**

Nomura VIP International Core Equity Series seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in equity securities. The Series will invest primarily in common stocks of non-U.S. companies, which may include companies located or operating in developed or emerging markets. The Series' investment in emerging market companies will not exceed the greater of (a) 35% of the Series' net assets or (b) the weight of emerging markets in the Series' benchmark index, the MSCI ACWI ex USA Index. The Series also may invest in depositary receipts of foreign issuers.

The Manager believes that there are often dislocations and valuation discrepancies in the international financial markets and, therefore, it seeks to find and invest in what it believes are mispriced countries, sectors, currencies and, ultimately, stocks with attractive valuations relative to their potential and to their global peer group. The Manager uses a disciplined approach while looking for investment opportunities around the world, preferring companies that it believes to have strong and growing competitive positions and reasonable valuations.

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The Manager begins its investment process through bottom-up fundamental analysis with a global perspective which is built by constantly assessing developments in the global landscape, business and product cycles, relative valuations and an awareness of politics around the world. The Manager follows a bottom-up approach to its stock selection and evaluates individual companies based on various factors, including: free cash flow, sales growth, financial leverage, and return on invested capital along with various valuation metrics. The Manager uses various data and screening services as part of its stock-selection process, primarily to assess return on invested capital and relative valuation.

Although the Series primarily invests in securities issued by large-capitalization companies (typically, companies with capitalizations of at least $10 billion at the time of acquisition), it may invest in securities issued by companies of any size. The Series may invest up to 100% of its total assets in foreign securities. In an effort to manage foreign currency exposure, the Series may use forward contracts to either increase or decrease exposure to a given currency.

Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses in buying securities of that type. For example, the Manager may sell a security if it believes the security no longer offers significant return potential, if there exists political or economic instability in the issuer's country, if it believes the security is showing signs of deteriorating fundamentals, if there is weak cash flow to support shareholder returns, and/or if there is a change in the Manager's macroeconomic perspective. The Manager also may sell a security to reduce the Series' holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

**What are the principal risks of investing in the Series?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Series will increase and decrease according to changes in the value of the securities in the Series' portfolio. An investment in the Series may not be appropriate for all investors. The Series' principal risks include:

**Market risk** — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**Foreign and emerging markets risk** — The risk that investments in foreign securities (particularly those of issuers in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; the imposition of economic or trade sanctions; or inadequate or different regulatory and accounting standards. Securities of issuers in emerging markets may be subject to greater risks than securities of issuers in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments. In addition, there often is substantially less publicly available information about issuers and such information tends to be of a lesser quality. Economic markets and structures tend to be less mature and diverse and the securities markets may also be smaller, less liquid, and subject to greater price volatility.

**Currency risk** — The risk that fluctuations in exchange rates between the US dollar and foreign currencies and between various foreign currencies may cause the value of an investment to decline.

**Geographic focus risk** — The risk that local political and economic conditions could adversely affect the performance of a series investing a substantial amount of assets in securities of issuers located in a single country or a limited number of countries.

**Value stock risk** — The risk that the value of a security believed by the Manager to be undervalued may never reach what is believed to be its full value; such security's value may decrease or such security may be appropriately priced. Value stocks are stocks of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor and, in the opinion of the Manager, undervalued.

**Growth stock risk** — Growth stocks reflect projections of future earnings and revenue. These prices may rise or fall dramatically depending on whether those projections are met. These companies' stock prices may be more volatile, particularly over the short term.

**Large-capitalization company risk** — Large-capitalization companies tend to be less volatile than companies with smaller market capitalizations. This potentially lower risk means that the Series' share price may not rise as much as the share prices of funds that focus on smaller-capitalization companies.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a series has valued them.

**Limited number of securities risk** — The possibility that a single security's increase or decrease in value may have a greater impact on a series' value and total return because the series may hold larger positions in fewer securities than other series. In addition, a series that holds a limited number of securities may be more volatile than those series that hold a greater number of securities.

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Series summary

**Redemption risk** — If investors redeem more shares of a series than are purchased for an extended period of time, a series may be required to sell securities without regard to the investment merits of such actions. This could decrease a series' asset base, potentially resulting in a higher expense ratio.

**Active management and selection risk** — The risk that the securities selected by a series' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

**How has** **Nomura** **VIP International Core Equity Series performed?**

The bar chart and table below provide some indication of the risks of investing in the Series. The bar chart shows changes in the Series' performance from year to year and the table shows how the Series' average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance. The Series' past performance is not necessarily an indication of how the Series will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

On April 30, 2021, Delaware Management Company became the Series' investment manager. The returns shown from before April 30, 2021 are from the Series' prior investment manager.

Effective November 15, 2021, the Series changed its investment strategy. Performance prior to November 15, 2021 reflects the Series' former strategy; its performance may have differed if the Series' current strategy had been in place.

You may obtain the Series' most recently available month-end performance by calling 800 523-1918 or by visiting our website at nomuraassetmanagement.com/vip-performance.

Performance reflects all Series expenses but does not include any fees or sales charges imposed by variable insurance contracts. If they had been included, the returns shown below would be lower. Investors should consult the variable contract prospectus for more information.

**Calendar year-by-year total return (Service Class)**

![image](pr2628img019.jpg)

During the periods illustrated in this bar chart, Service Class's highest quarterly return was 18.89% for the quarter ended December 31, 2022, and its lowest quarterly return was -24.54% for the quarter ended March 31, 2020.

**Average annual total returns for periods ended December 31,** **2025**

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| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years |
| Service Class...........................................................  | 24.17% | 7.83% | 6.62% |
| Standard Class (lifetime): 3/28/24-12/31/25......................................  | 24.55% | n/a | 12.07% |
| MSCI ACWI (All Country World Index) ex USA (net) (reflects no deduction for fees or <br>expenses)............................................................  | 32.39% | 7.91% | 8.41% |
| MSCI ACWI (All Country World Index) ex USA (gross) (reflects no deduction for fees, <br>expenses, or taxes)......................................................  | 33.11% | 8.46% | 8.95% |

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**Who manages the Series?**

**Investment manager**

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

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| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title with Delaware Management Company** | &nbsp;&nbsp; **Start date on the Series** |
|  Aditya Kapoor, CFA  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager | &nbsp;&nbsp; November 2021 |
|  Charles John, CFA  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager | &nbsp;&nbsp; November 2021 |
|  Charles (Trey) Schorgl, CFA  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager | &nbsp;&nbsp; July 2023 |

---

Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

**Purchase and redemption of Series shares**

Shares are sold, directly or indirectly, to separate accounts of life insurance companies at net asset value (NAV). Please refer to the variable annuity or variable life insurance product contract prospectus for more information about the purchase and redemption of shares.

**Tax information**

The dividends and distributions paid from the Series to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Series must be purchased through separate accounts used to fund variable annuity contracts or variable life insurance contracts (variable contracts), such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. You should refer to your variable contract prospectus for more information on these tax consequences.

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Series through a broker/dealer or other financial intermediary (such as an insurance company), the Series and its related companies may pay the intermediary for the sale of Series shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Series over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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| |
|:---|
| Series summary |
| **Nomura VIP Emerging Markets Series,** a series of Delaware VIP Trust<br>(formerly, Macquarie VIP Emerging Markets Series) |

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**What is the Series' investment objective?**

Nomura VIP Emerging Markets Series seeks long-term capital appreciation.

**What are the Series' fees and expenses?**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table and example do not reflect any fees or sales charges imposed by variable insurance contracts. If they did, the expenses would be higher.

**Annual series operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

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| | | |
|:---|:---|:---|
| Class | Standard | Service |
| Management fees.....................................................................  | 1.24% | 1.24% |
| Distribution and service (12b-1) fees........................................................  |  | 0.30% |
| Other expenses ......................................................................  | 0.07% | 0.07% |
| Total annual series operating expenses......................................................  | 1.31% | 1.61% |
| Fee waivers and expense reimbursements ...................................................  | (0.15%)<sup>1</sup> | (0.15%)<sup>1</sup> |
| Total annual series operating expenses after fee waivers and expense reimbursements...................  | 1.16% | 1.46% |

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| | |
|:---|:---|
| 1 | The Series' investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual series operating expenses from exceeding 1.16% of the Series' average daily net assets from April 30, 2026 through April 29, 2027. These waivers and reimbursements may only be terminated by agreement of the Manager and the Series. |

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**Example**

This example is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the Manager's expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | |
|:---|:---|:---|
| Class | Standard | Service |
| 1 year................................................................................  | $118 | $149 |
| 3 years...............................................................................  | $400 | $493 |
| 5 years...............................................................................  | $704 | $862 |
| 10 years..............................................................................  | $1566 | $1898 |

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**Portfolio turnover**

The Series pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in the annual series operating expenses or in the example, affect the Series' performance. During the most recent fiscal year, the Series' portfolio turnover rate was 3% of the average value of its portfolio.

**What are the Series' principal investment strategies?**

Nomura VIP Emerging Markets Series invests primarily in a broad range of equity securities of companies located in emerging market countries. Emerging market countries include those currently considered to be developing by the World Bank, the United Nations, or the countries' governments. These countries typically are located in the Asia-Pacific region, Eastern Europe, the Middle East, Central America, South America, and Africa. Under normal circumstances, at least 80% of the Series' net assets, plus the amount of any borrowings for investment purposes, will be invested in emerging market issuers (80% policy). The Series may invest in companies of any size and may invest more than 25% of its total assets in the securities of issuers located in the same country. The Series will primarily invest in countries included in the MSCI Emerging Markets Index. Benchmark weightings may result in the Series investing over 25% in any one country. The Series may invest significantly in the Asia-Pacific region, which consists of Hong Kong, the People's Republic of China, Republic of Korea, Taiwan, and India, among other countries. As a result, the Series' investments in the region may be particularly susceptible to risks in that region.

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Although the Series invests primarily in companies from countries considered to be emerging, the Series will also invest in companies that are not in emerging countries: (1) if the Manager believes that the performance of a company or its industry will be influenced by opportunities in the emerging markets; (2) to maintain exposure to industry segments where the Manager believes there are not satisfactory investment opportunities in emerging countries; and (3) if the Manager believes there is the potential for significant benefit to the Series.

The Manager believes that although market price and intrinsic business value are positively correlated in the long run, short-term divergences can emerge. The Series seeks to take advantage of these divergences through a fundamental, bottom-up approach. The Series invests in securities of companies that the Manager believes have durable franchises when they are trading at a discount to the Manager's intrinsic value estimate for that security.

The Manager defines durable franchises as those companies with potential to earn excess returns above their cost of capital over the long run. Durability analysis involves identification of a company's source of competitive advantage and the ability of its management to maximize its return potential. The Manager prefers companies with large market opportunities in which to deploy capital, providing opportunities to grow faster than the overall economy.

Intrinsic value assessment is quantitatively determined through a variety of valuation methods including discounted cash flow, replacement cost, private market transaction, and multiples analysis.

The Series' 80% policy is nonfundamental and may be changed without shareholder approval. Series shareholders would be given at least 60 days' notice prior to any such change.

**What are the principal risks of investing in the Series?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Series will increase and decrease according to changes in the value of the securities in the Series' portfolio. An investment in the Series may not be appropriate for all investors. The Series' principal risks include:

**Market risk** — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**Foreign and emerging markets risk** — The risk that investments in foreign securities (particularly those of issuers in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; the imposition of economic or trade sanctions; or inadequate or different regulatory and accounting standards. Securities of issuers in emerging markets may be subject to greater risks than securities of issuers in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments. In addition, there often is substantially less publicly available information about issuers and such information tends to be of a lesser quality. Economic markets and structures tend to be less mature and diverse and the securities markets may also be smaller, less liquid, and subject to greater price volatility.

**Geographic focus risk** — The risk that local political and economic conditions could adversely affect the performance of a series investing a substantial amount of assets in securities of issuers located in a single country or a limited number of countries. Adverse events in any one country within the Asia-Pacific region may impact the other countries in the region or Asia as a whole. As a result, adverse events in the region will generally have a greater effect on the Series than if the Series were more geographically diversified, which could result in greater volatility in the Series' net asset value and losses. Markets in the greater China region can experience significant volatility due to social, economic, regulatory, and political uncertainties.

**Industry and sector risk** — The risk that the value of securities in a particular industry or sector (such as information technology) will decline because of changing expectations for the performance of that industry or sector.

**Company size risk** — The risk that investments in small- and/or medium-sized companies may be more volatile than those of larger companies because of limited financial resources or dependence on narrow product lines.

**Focused portfolio risk** — Increases in the value of certain investments made by the Series may result in the Series holding a substantial percentage of its assets in a limited number of securities, as is the case as of the date of this prospectus. As a result, the Series may be exposed to greater risk and volatility than funds with a more diversified portfolio. A decline in the value of any significant holding could have a material adverse effect on the Series' net asset value and performance. This risk is further magnified if two or more of the Series' large holdings are closely correlated, as is the case as of the date of this prospectus. In such cases, a single negative event or market development could cause simultaneous declines in multiple holdings, leading to greater losses for the Series and its shareholders.

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Series summary

**Limited number of securities risk** — The possibility that a single security's increase or decrease in value may have a greater impact on a series' value and total return because the series may hold larger positions in fewer securities than other series. In addition, a series that holds a limited number of securities may be more volatile than those series that hold a greater number of securities.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a series has valued them.

**Government and regulatory risk** — The risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect series performance.

**Growth stock risk** — Growth stocks reflect projections of future earnings and revenue. These prices may rise or fall dramatically depending on whether those projections are met. These companies' stock prices may be more volatile, particularly over the short term.

**Active management and selection risk** — The risk that the securities selected by a series' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

**How has** **Nomura** **VIP Emerging Markets Series performed?**

The bar chart and table below provide some indication of the risks of investing in the Series. The bar chart shows changes in the Series' performance from year to year and the table shows how the Series' average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance. The Series' past performance is not necessarily an indication of how the Series will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps. You may obtain the Series' most recently available month-end performance by calling 800 523-1918 or by visiting our website at nomuraassetmanagement.com/vip-performance.

Performance reflects all Series expenses but does not include any fees or sales charges imposed by variable insurance contracts. If they had been included, the returns shown below would be lower. Investors should consult the variable contract prospectus for more information.

**Calendar year-by-year total return (Standard Class)**

![image](pr2628img020.jpg)

During the periods illustrated in this bar chart, the Standard Class's highest quarterly return was 26.85% for the quarter ended June 30, 2020, and its lowest quarterly return was -26.33% for the quarter ended March 31, 2020.

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**Average annual total returns for periods ended December 31,** **2025**

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| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years |
| Standard Class..........................................................  | 81.26% | 8.81% | 12.17% |
| Service Class...........................................................  | 80.77% | 8.48% | 11.85% |
| MSCI Emerging Markets Index (net) (reflects no deduction for fees or expenses)...........  | 33.57% | 4.20% | 8.42% |
| MSCI Emerging Markets Index (gross) (reflects no deduction for fees, expenses, or taxes)....  | 34.36% | 4.67% | 8.86% |

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**Who manages the Series?**

**Investment manager**

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

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| | | |
|:---|:---|:---|
|  **Portfolio manager**  | &nbsp;&nbsp; **Title with Delaware Management Company** | &nbsp;&nbsp; **Start date on the Series** |
|  Liu-Er Chen, CFA  | &nbsp;&nbsp; Managing Director, Head of Emerging Markets Equity | &nbsp;&nbsp; September 2006 |

---

Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

**Purchase and redemption of Series shares**

Shares are sold, directly or indirectly, to separate accounts of life insurance companies at net asset value (NAV). Please refer to the variable annuity or variable life insurance product contract prospectus for more information about the purchase and redemption of shares.

**Tax information**

The dividends and distributions paid from the Series to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Series must be purchased through separate accounts used to fund variable annuity contracts or variable life insurance contracts (variable contracts), such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. You should refer to your variable contract prospectus for more information on these tax consequences.

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Series through a broker/dealer or other financial intermediary (such as an insurance company), the Series and its related companies may pay the intermediary for the sale of Series shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Series over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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| |
|:---|
| Series summary |
| **Nomura VIP Asset Strategy Series,** a series of Ivy Variable Insurance Portfolios<br>(formerly, Macquarie VIP Asset Strategy Series) |

---

**What is the Series' investment objective?**

Nomura VIP Asset Strategy Series seeks to provide total return.

**What are the Series' fees and expenses?**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table and example do not reflect any fees or sales charges imposed by variable insurance contracts. If they did, the expenses would be higher.

**Annual series operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

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| | | |
|:---|:---|:---|
| Class | Standard | Service |
| Management fees.....................................................................  | 0.70% | 0.70% |
| Distribution and service (12b-1) fees........................................................  |  | 0.25% |
| Other expenses ......................................................................  | 0.09%<sup>1</sup> | 0.09%<sup>1</sup> |
| Total annual series operating expenses......................................................  | 0.79% | 1.04% |
| Fee waivers and expense reimbursements ...................................................  | (0.27%)<sup>2</sup> | (0.27%)<sup>2</sup> |
| Total annual series operating expenses after fee waivers and expense reimbursements...................  | 0.52% | 0.77% |

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1 Other expenses includes the expenses of Ivy VIP ASF II, Ltd., a wholly-owned subsidiary of the Series organized in the Cayman Islands.

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| | |
|:---|:---|
| 2 | The Series' investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual series operating expenses from exceeding 0.52% of the Series' average daily net assets from April 30, 2026 through April 29, 2027. These waivers and reimbursements may only be terminated by agreement of the Manager and the Series. |

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**Example**

This example is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the Manager's expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | |
|:---|:---|:---|
| Class | Standard | Service |
| 1 year................................................................................  | $53 | $79 |
| 3 years...............................................................................  | $225 | $304 |
| 5 years...............................................................................  | $412 | $548 |
| 10 years..............................................................................  | $953 | $1247 |

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**Portfolio turnover**

The Series pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in the annual series operating expenses or in the example, affect the Series' performance. During the most recent fiscal year, the Series' portfolio turnover rate was 76% of the average value of its portfolio.

**What are the Series' principal investment strategies?**

Nomura VIP Asset Strategy Series seeks to achieve its objective by allocating its assets among different asset classes of varying correlation around the globe. The Manager primarily invests a portion of the Series' assets in global equity securities that the Manager believes can outperform the Series' benchmark index, the MSCI ACWI Index, over a full market cycle before taking into account fund expenses (the Equity portion). The Manager then invests the Series' remaining assets (the Diversifying portion) in various additional asset classes that may have a lower correlation or volatility than the Equity portion, including but not limited to global fixed-income securities, United States Treasury (Treasury) instruments, precious metals, commodities and cash. The Manager may allocate the Series' investments among these different asset classes in different proportions at different times, but generally seeks to invest 55%-65% of the Series' total assets in equities or equity-like securities and 35%-45% of the Series' total assets in the Diversifying portion. In connection with the active allocation among these different asset classes, the Manager will also manage a tactical/completion sleeve. The tactical/completion sleeve will typically vary from 0% to 20% of the Series' total assets and primarily hold derivatives

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and exchange-traded funds (ETFs). If applicable, the derivatives and ETFs within the tactical/completion sleeve will also be counted towards the asset classes noted above. The Manager uses a dynamic asset-allocation framework to determine the proportion of the Series' assets that will be allocated to the various asset classes noted above, based on the market assessment and portfolio risk contribution for such asset classes.

In selecting securities for the Series, the Manager primarily emphasizes a bottom-up (researching individual issuers) approach and seeks to find relative value across the asset classes noted above. Part of the Manager's investment process also includes a top-down (assessing the market and economic environment) analysis.

With respect to the Equity portion, the Manager seeks what it believes are well-positioned companies with a strong and/or growing sustainable competitive advantage in attractive industries across the globe which the Manager believes can exceed current earnings estimates. The Manager looks for companies that are taking market share within their industries, which results in high levels of cash flow, as well as stable to improving margins and returns. The Manager generally focuses on companies that are growing, innovating, improving margins, returning capital through dividend growth or share buybacks and/or offering what the Manager believes to be sustainable high free cash flow.

The Series has the flexibility to invest in both growth and value companies. Although the Series primarily invests in securities issued by large, well-established companies, it may invest in securities issued by companies of any size.

Within the Diversifying portion, the Series has the flexibility to invest in a wide range of assets that, in the Manager's view, present attractive risk-adjusted returns as compared to the Equity portion, and/or reduce the Series' overall risk profile. Diversifying assets may be comprised of global fixed-income instruments, including investment-grade and high-yield bonds, as well as emerging market, corporate and sovereign bonds, mortgage-backed securities, asset-backed securities, and bank loans, although the Manager anticipates that a majority of the assets within the Diversifying portion will consist of investment-grade securities. As noted, such fixed-income instruments may include high-yield/high-risk bonds, or junk bonds, which include bonds rated BB+ or below by S&P Global Ratings, a division of S&P Global, Inc. (S&P), or comparably rated by another nationally recognized statistical rating organization (NRSRO) or, if unrated, determined by the Manager to be of comparable quality; although the Manager anticipates that investments in junk bonds will be minimal within the Diversifying portion, and, in no event, will such investments exceed 10% of the Series' total assets. When selecting these instruments, the Manager focuses heavily on free cash flow and an issuer's ability to de-lever itself (in other words to reduce debt) through the credit cycle. The Series also can invest in government securities issued by the Treasury (such as Treasury bills, notes or bonds), obligations issued or guaranteed as to principal and interest (but not as to market value) by the US government, its agencies or instrumentalities, international and supranational bonds issued or guaranteed by other governments and mortgage-backed securities issued or guaranteed by government agencies or government-sponsored enterprises, as well as Treasury inflation-protected securities (TIPs), and cash.

The Series may use a wide range of derivatives instruments, typically including forward foreign currency contracts, options, futures contracts, options on futures contracts, and credit default swaps. The Series will use derivatives for both hedging and non-hedging purposes; as a substitute for purchasing or selling securities; and to manage the Series' portfolio characteristics. For example, the Series may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; and credit default swaps to hedge against a credit event, to gain exposure to certain securities or markets, or to enhance total return.

Within each of the Equity and the Diversifying portions, the Series may invest in US and foreign securities. The Equity portion of the Series generally will invest at least 30% of its assets, and may invest up to 75%, in foreign securities and in securities denominated in currencies other than the US dollar, including issuers located in and/or generating revenue from emerging markets. Many of the companies in which the Series may invest have diverse operations, with products or services in foreign markets. Therefore, the Series may have indirect exposure to various foreign markets through investments in these companies, even if the Series is not invested directly in such markets.

The Manager may allocate the Series' investments among the different types of assets noted above in different proportions at different times (keeping in mind the general percentages noted above) and may exercise a flexible strategy in selecting investments. The Manager does not intend to concentrate the Series in any geographical region or industry sector; however, it is not limited by investment style or by the issuer's location or industry sector.

Subject to diversification limits, the Series also may invest up to 10% of its total assets at the time of investment in precious metals.

At times, the Series may invest in a wholly-owned company acting as an investment vehicle for the Series to effect certain investments consistent with the Series' investment objective (Subsidiary). The Series' investment in the Subsidiary is expected to provide the Series with exposure to certain investments in accordance with the limits of the federal tax laws. The Series complies with the provisions of the Investment Company Act of 1940 (1940 Act) governing investment policies, capital structure and leverage on an aggregate basis with the Subsidiary. The Subsidiary complies with the 1940 Act's provisions relating to affiliated transactions and custody of assets.

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Series summary

**What are the principal risks of investing in the Series?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Series will increase and decrease according to changes in the value of the securities in the Series' portfolio. An investment in the Series may not be appropriate for all investors. The Series' principal risks include:

**Market risk** — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**Foreign and emerging markets risk** — The risk that investments in foreign securities (particularly those of issuers in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; the imposition of economic or trade sanctions; or inadequate or different regulatory and accounting standards. Securities of issuers in emerging markets may be subject to greater risks than securities of issuers in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments. In addition, there often is substantially less publicly available information about issuers and such information tends to be of a lesser quality. Economic markets and structures tend to be less mature and diverse and the securities markets may also be smaller, less liquid, and subject to greater price volatility.

**Exchange-traded fund risk** — The risks of investing in an ETF typically reflect the risks of the instruments in which the ETF invests. Because ETFs are investment companies, a series will bear its proportionate share of the fees and expenses of an investment in an ETF. As a result, a series' expenses may be higher and performance may be lower.

**Commodity-related investments risk** — The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, which may include weather, embargoes, tariffs, and economic health, political, international regulatory and other developments. Exposure to the commodities markets may subject a series to greater volatility than investments in traditional securities.

**Credit risk** — The risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and/or repay principal in a timely manner.

**High yield (junk) bond risk** — The risk that high yield securities, commonly known as "junk bonds," are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities.

**Loans and other direct indebtedness risk** — The risk that a series will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower and the lending institution. A series' ability to sell its loans or to realize their full value upon sale may also be impaired due to the lack of an active trading market, irregular trading activity, wide bid/ask spreads, contractual restrictions, and extended trade settlement periods. In addition, certain loans in which a series invests may not be considered securities. A series therefore may not be able to rely upon the anti-fraud provisions of the federal securities laws with respect to these investments.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a series has valued them.

**Interest rate risk** — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A series may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

**Mortgage-backed and asset-backed securities risk** — Mortgage-backed and asset-backed securities, like other fixed income securities, are subject to credit risk and interest rate risk, and may also be subject to prepayment risk and extension risk. Prepayment risk is the risk that the principal on mortgage-backed or asset-backed securities may be prepaid at any time, which will reduce the yield and market value of the securities and may cause the series to reinvest the proceeds in lower yielding securities. Extension risk is the risk that principal on mortgage-backed or asset-backed securities will be repaid more slowly than expected, which may reduce the proceeds available for reinvestment in higher yielding securities. In addition, mortgage-backed and asset-backed securities may decline in value, become more volatile, face difficulties in valuation, or experience reduced liquidity due to changes in interest rates or general economic conditions. Certain mortgage-backed or asset-backed securities, such as collateralized mortgage obligations, real estate mortgage investment conduits, and stripped mortgage-backed securities, may be more susceptible to these risks than other mortgage-backed, asset-backed, or fixed-income securities.

**US government securities risk** — The risk that certain US government securities, such as securities issued by Fannie Mae, Freddie Mac and the Federal Home Loan Bank system (FHLB), are not backed by the "faith and credit" of the US government and, instead, may be supported only by the credit of the issuer or by the right of the issuer to borrow from the US Treasury.

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**Derivatives risk** — Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in an unanticipated direction. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a series may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).

**Subsidiary risk** — The Subsidiary is not registered, nor subject to the investor protections, under the Investment Company Act of 1940 (1940 Act), and does not benefit from all the investor protections that apply to 1940 Act-registered funds. Changes in applicable tax laws could result in the inability of the Series and/or the Subsidiary to operate as described herein, which could adversely affect the Series and its shareholders.

**Active management and selection risk** — The risk that the securities selected by a series' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

**How has** **Nomura** **VIP Asset Strategy Series performed?**

The bar chart and table below provide some indication of the risks of investing in the Series. The bar chart shows changes in the Series' performance from year to year and the table shows how the Series' average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance. The Series' past performance is not necessarily an indication of how the Series will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

On April 30, 2021, Delaware Management Company became the Series' investment manager. The returns shown from before April 30, 2021 are from the Series' prior investment manager.

Effective November 15, 2021, the Series changed its investment strategy. Performance prior to November 15, 2021 reflects the Series' former strategy; its performance may have differed if the Series' current strategy had been in place.

You may obtain the Series' most recently available month-end performance by calling 800 523-1918 or by visiting our website at nomuraassetmanagement.com/vip-performance.

Performance reflects all Series expenses but does not include any fees or sales charges imposed by variable insurance contracts. If they had been included, the returns shown below would be lower. Investors should consult the variable contract prospectus for more information.

**Calendar year-by-year total return (Service Class)**

![image](pr2628img021.jpg)

During the periods illustrated in this bar chart, Service Class's highest quarterly return was 17.70% for the quarter ended June 30, 2020, and its lowest quarterly return was -19.16% for the quarter ended March 31, 2020.

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Series summary

**Average annual total returns for periods ended December 31,** **2025**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years or<br>lifetime |
| Service Class...........................................................  | 16.66% | 7.07% | 7.84% |
| Standard Class (lifetime: 4/28/17-12/31/25)......................................  | 16.87% | 7.33% | 8.88% |
| MSCI ACWI (All Country World Index) (gross) (reflects no deduction for fees, expenses, or <br>taxes)...............................................................  | 22.87% | 11.70% | 12.28% |
| MSCI ACWI (All Country World Index) (net) (reflects no deduction for fees or expenses)......  | 22.34% | 11.19% | 11.72% |

---

**Who manages the Series?**

**Investment manager**

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

---

| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title** | &nbsp;&nbsp; **Start date on the Series** |
|  Stefan Löwenthal, CFA  | &nbsp;&nbsp; Managing Director, Chief Investment Officer of Global Multi-Asset | &nbsp;&nbsp; November 2021 |
|  Jürgen Wurzer, CFA  | &nbsp;&nbsp; Managing Director, Deputy Head of Global Multi-Asset | &nbsp;&nbsp; November 2021 |
|  Aaron Young  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager - Global Multi-Asset | &nbsp;&nbsp; November 2021 |

---

Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

**Sub-advisor**

Macquarie Investment Management Global Limited (MIMGL)

**Purchase and redemption of Series shares**

Shares are sold, directly or indirectly, to separate accounts of life insurance companies at net asset value (NAV). Please refer to the variable annuity or variable life insurance product contract prospectus for more information about the purchase and redemption of shares.

**Tax information**

The dividends and distributions paid from the Series to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Series must be purchased through separate accounts used to fund variable annuity contracts or variable life insurance contracts (variable contracts), such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. You should refer to your variable contract prospectus for more information on these tax consequences.

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Series through a broker/dealer or other financial intermediary (such as an insurance company), the Series and its related companies may pay the intermediary for the sale of Series shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Series over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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---

| |
|:---|
| Series summary |
| **Nomura VIP Balanced Series,** a series of Ivy Variable Insurance Portfolios<br>(formerly, Macquarie VIP Balanced Series) |

---

**What is the Series' investment objective?**

Nomura VIP Balanced Series seeks to provide total return through a combination of capital appreciation and current income.

**What are the Series' fees and expenses?**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table and example do not reflect any fees or sales charges imposed by variable insurance contracts. If they did, the expenses would be higher.

**Annual series operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | |
|:---|:---|
| Class | Service |
| Management fees.................................................................................  | 0.70% |
| Distribution and service (12b-1) fees....................................................................  | 0.25% |
| Other expenses..................................................................................  | 0.12% |
| Acquired fund fees and expenses......................................................................  | 0.01%<sup>1</sup> |
| Total annual series operating expenses.................................................................  | 1.08%<sup>2</sup> |
| Fee waivers and expense reimbursements ...............................................................  | (0.05%)<sup>3</sup> |
| Total annual series operating expenses after fee waivers and expense reimbursements...............................  | 1.03% |

---

---

| | |
|:---|:---|
| 1 | Acquired fund fees and expenses sets forth the Series' pro rata portion of the cumulative expenses charged by the registered investment companies in which the Series invested during the last fiscal year. The actual acquired fund fees and expenses will vary with changes in the allocations of the Series' assets. These expenses are not direct costs paid by Series shareholders, and are not used to calculate the Series' NAV. |

---

---

| | |
|:---|:---|
| 2 | The total annual series operating expenses ratio shown above does not correlate to the expense ratio shown in the Financial Highlights table because that ratio does not include the acquired fund fees and expenses. |

---

---

| | |
|:---|:---|
| 3 | The Series' investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual series operating expenses from exceeding 0.77% of the Series' average daily net assets from April 30, 2026 through April 29, 2027. These waivers and reimbursements may only be terminated by agreement of the Manager and the Series. |

---

**Example**

This example is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the Manager's expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| Class | Service |
| 1 year............................................................................................  | $105 |
| 3 years...........................................................................................  | $339 |
| 5 years...........................................................................................  | $591 |
| 10 years..........................................................................................  | $1313 |

---

**Portfolio turnover**

The Series pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in the annual series operating expenses or in the example, affect the Series' performance. During the most recent fiscal year, the Series' portfolio turnover rate was 69% of the average value of its portfolio.

**What are the Series' principal investment strategies?**

Nomura VIP Balanced Series seeks to achieve its objective by investing primarily in a diversified mix of stocks, debt securities and short-term instruments, depending on market conditions. Regarding its income-generating equity investments, including convertible securities, the Series invests primarily in medium to large, well-established companies, although it may invest in securities issued by companies of any size. The Series invests at least 50% of its total assets in equity securities including convertible securities. The Series may invest in preferred stocks and real estate investment trusts (REITs).

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Series summary

The Series invests at least 30% of its total assets in debt securities with the objective of providing income and diversification although such diversification may not protect against market risk. The Series' debt securities may include US government securities or investment-grade corporate bonds rated BBB- or higher by S&P Global Ratings, a division of S&P Global, Inc. (S&P), or comparably rated by another nationally recognized statistical rating organization (NRSRO) or, if unrated, determined by the Manager to be of comparable quality. The Series may also invest up to 20% of its total assets in non-investment-grade debt securities. The Series may invest in debt securities of any maturity or duration. The Series has no limitations on the range of maturities of the debt securities in which it may invest.

The Manager uses a dynamic asset-allocation framework to determine the proportion of the Series' assets that will be allocated to the various asset classes noted above, based on the market assessment and portfolio risk contribution for such asset classes. In addition, the Manager will also manage a tactical / completion sleeve and such sleeve will typically vary from 0% to 20% of the Series' total assets and primarily hold derivatives and exchange-traded funds (ETFs).

In evaluating investments for the Series, the Manager focuses on companies with resilient business models characterized by stable growth rates; strong balance sheets; relative strength in earnings; attractive return profiles and valuation; and strong free cash flow generation. In so doing, the Manager evaluates a company's management team, its financial position, its competitive position and the condition of its respective industry in addition to other factors. The Manager utilizes financial statements, independent research by its investment management personnel, third party research, brand studies done by outside parties and other tools and processes to identify what it believes to be attractive investment opportunities with a focus on the trajectory and sustainability of a company's business model. The Manager also focuses on companies that possess a sustainable competitive advantage by evaluating factors such as brand equity/loyalty, proprietary technology, switching costs, access to distribution channels, capital requirements, economies of scale, and barriers to entry. In addition, the Manager's analysis informs its view of an appropriate valuation for each potential investment.

The Series may use a wide range of derivatives instruments, typically including forward foreign currency contracts, options, futures contracts, options on futures contracts, and credit default swaps. The Series will use derivatives for both hedging and non-hedging purposes; as a substitute for purchasing or selling securities; and to manage the Series' portfolio characteristics. For example, the Series may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; and credit default swaps to hedge against a credit event, to gain exposure to certain securities or markets, or to enhance total return.

In selecting debt securities for the Series, the Manager focuses on current income and capital preservation and generally seeks to invest in investment-grade securities. The Series may invest up to 30% of its total assets in foreign securities, including equity and fixed-income securities. Additionally, many of the companies in which the Series may invest have diverse operations, with products or services in foreign markets. Therefore, the Series may have indirect exposure to various foreign markets through investments in these companies, even if the Series is not invested directly in such markets.

Generally, in determining whether to sell a security, the Manager uses the same analysis as identified above in order to determine if the security is appropriately valued or has met its anticipated price. The Manager also may sell a security if the security ceases to produce income, to reduce the Series' holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

**What are the principal risks of investing in the Series?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Series will increase and decrease according to changes in the value of the securities in the Series' portfolio. An investment in the Series may not be appropriate for all investors. The Series' principal risks include:

**Market risk** — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**Preferred stock risk** — The risk that preferred stocks may be subordinated to bonds in terms of rights to their share of the company's assets, may be less liquid than many other securities, and generally offer no voting rights with respect to the issuer. Preferred stocks may also be adversely affected by interest rates and may be callable by the issuer.

**Exchange-traded fund risk** — The risks of investing in an ETF typically reflect the risks of the instruments in which the ETF invests. Because ETFs are investment companies, a series will bear its proportionate share of the fees and expenses of an investment in an ETF. As a result, a series' expenses may be higher and performance may be lower.

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**Foreign risk** — The risk that investments in foreign securities (particularly those of issuers in emerging markets) may be adversely affected by political instability, changes in currency exchange rates, inefficient markets and higher transaction costs, foreign economic conditions, the imposition of economic or trade sanctions, or inadequate or different regulatory and accounting standards.

**US government securities risk** — The risk that certain US government securities, such as securities issued by Fannie Mae, Freddie Mac and the Federal Home Loan Bank system (FHLB), are not backed by the "faith and credit" of the US government and, instead, may be supported only by the credit of the issuer or by the right of the issuer to borrow from the US Treasury.

**Interest rate risk** — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A series may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

**Credit risk** — The risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and/or repay principal in a timely manner.

**High yield (junk) bond risk** — The risk that high yield securities, commonly known as "junk bonds," are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities.

**REIT-related risk** — The risk that the value of a series' investments in a REIT may be adversely affected by (1) changes in the value of the REIT's underlying property or the property secured by mortgages the REIT holds; (2) loss of REIT federal tax status (and the resulting inability to qualify for modified pass-through tax treatment under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code" or the "Code")) or changes in laws and/or rules related to that status; or (3) the REIT's failure to maintain its exemption from registration under the Investment Company Act of 1940 (1940 Act). In addition, a series may experience a decline in its income from REIT securities due to falling interest rates or decreasing dividend payments.

**Company size risk** — The risk that investments in small- and/or medium-sized companies may be more volatile than those of larger companies because of limited financial resources or dependence on narrow product lines.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a series has valued them.

**Active management and selection risk** — The risk that the securities selected by a series' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

**How has** **Nomura** **VIP Balanced Series performed?**

The bar chart and table below provide some indication of the risks of investing in the Series. The bar chart shows changes in the Series' performance from year to year and the table shows how the Series' average annual total returns for the 1-, 5-, and 10-year periods compare with those of broad measures of market performance. The Series' past performance is not necessarily an indication of how the Series will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

On April 30, 2021, Delaware Management Company became the Series' investment manager. The returns shown from before April 30, 2021 are from the Series' prior investment manager.

Effective November 15, 2021, the Series changed its investment strategy. Performance prior to November 15, 2021 reflects the Series' former strategy; its performance may have differed if the Series' current strategy had been in place.

You may obtain the Series' most recently available month-end performance by calling 800 523-1918 or by visiting our website at nomuraassetmanagement.com/vip-performance.

Performance reflects all Series expenses but does not include any fees or sales charges imposed by variable insurance contracts. If they had been included, the returns shown below would be lower. Investors should consult the variable contract prospectus for more information.

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Series summary

**Calendar year-by-year total return (Service Class)**

![image](pr2628img022.jpg)

During the periods illustrated in this bar chart, Service Class's highest quarterly return was 15.52% for the quarter ended June 30, 2020, and its lowest quarterly return was -16.23% for the quarter ended March 31, 2020.

**Average annual total returns for periods ended December 31,** **2025**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years |
| Service Class...........................................................  | 11.79% | 7.85% | 8.38% |
| S&P 500<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes)....................  | 17.88% | 14.42% | 14.82% |
| Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes).........  | 7.30% | -0.36% | 2.01% |

---

**Who manages the Series?**

**Investment manager**

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

---

| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title** | &nbsp;&nbsp; **Start date on the Series** |
|  Stefan Löwenthal, CFA  | &nbsp;&nbsp; Managing Director, Chief Investment Officer of Global Multi-Asset | &nbsp;&nbsp; November 2021 |
|  Jürgen Wurzer, CFA  | &nbsp;&nbsp; Managing Director, Deputy Head of Global Multi-Asset | &nbsp;&nbsp; November 2021 |
|  Aaron Young  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager - Global Multi-Asset | &nbsp;&nbsp; November 2021 |

---

Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

**Sub-advisor**

Macquarie Investment Management Global Limited (MIMGL)

**Purchase and redemption of Series shares**

Shares are sold, directly or indirectly, to separate accounts of life insurance companies at net asset value (NAV). Please refer to the variable annuity or variable life insurance product contract prospectus for more information about the purchase and redemption of shares.

**Tax information**

The dividends and distributions paid from the Series to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Series must be purchased through separate accounts used to fund variable annuity contracts or variable life insurance contracts (variable contracts), such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. You should refer to your variable contract prospectus for more information on these tax consequences.

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**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Series through a broker/dealer or other financial intermediary (such as an insurance company), the Series and its related companies may pay the intermediary for the sale of Series shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Series over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

------

[Back to **Table of Contents**](#TOC_2628)

---

| |
|:---|
| Series summary |
| **Nomura VIP Total Return Series,** a series of Delaware VIP Trust<br>(formerly, Macquarie VIP Total Return Series) |

---

**What is the Series' investment objective?**

Nomura VIP Total Return Series seeks to provide sustainable current income with potential for capital appreciation with moderate investment risk.

**What are the Series' fees and expenses?**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table and example do not reflect any fees or sales charges imposed by variable insurance contracts. If they did, the expenses would be higher.

**Annual series operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | | |
|:---|:---|:---|
| Class | Standard | Service |
| Management fees.....................................................................  | 0.65% | 0.65% |
| Distribution and service (12b-1) fees........................................................  |  | 0.30% |
| Other expenses......................................................................  | 0.46% | 0.46% |
| Acquired fund fees and expenses..........................................................  | 0.02%<sup>1</sup> | 0.02%<sup>1</sup> |
| Total annual series operating expenses......................................................  | 1.13%<sup>2</sup> | 1.43%<sup>2</sup> |
| Fee waivers and expense reimbursements ...................................................  | (0.37%)<sup>3</sup> | (0.37%)<sup>3</sup> |
| Total annual series operating expenses after fee waivers and expense reimbursements...................  | 0.76% | 1.06% |

---

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| | |
|:---|:---|
| 1 | Acquired fund fees and expenses sets forth the Series' pro rata portion of the cumulative expenses charged by the registered investment companies in which the Series invested during the last fiscal year. The actual acquired fund fees and expenses will vary with changes in the allocations of the Series' assets. These expenses are not direct costs paid by Series shareholders, and are not used to calculate the Series' NAV. |

---

---

| | |
|:---|:---|
| 2 | The total annual series operating expenses ratio shown above does not correlate to the expense ratio shown in the Financial Highlights table because that ratio does not include the acquired fund fees and expenses. |

---

---

| | |
|:---|:---|
| 3 | The Series' investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual series operating expenses from exceeding 0.74% of the Series' average daily net assets from April 30, 2026 through April 29, 2027. These waivers and reimbursements may only be terminated by agreement of the Manager and the Series. |

---

**Example**

This example is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the Manager's expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | |
|:---|:---|:---|
| Class | Standard | Service |
| 1 year................................................................................  | $78 | $108 |
| 3 years...............................................................................  | $322 | $416 |
| 5 years...............................................................................  | $586 | $746 |
| 10 years..............................................................................  | $1342 | $1681 |

---

**Portfolio turnover**

The Series pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in the annual series operating expenses or in the example, affect the Series' performance. During the most recent fiscal year, the Series' portfolio turnover rate was 77% of the average value of its portfolio.

**What are the Series' principal investment strategies?**

Nomura VIP Total Return Series allocates its assets among stocks (US and foreign companies), bonds and money market instruments. The Series does not use a fixed formula for allocating investments between stocks and bonds. While the percentage of assets allocated to each asset class is flexible rather than fixed, the Series normally invests at least 50% of its net assets in stocks, stock equivalents, and convertible securities with the remainder in bonds, cash and money market instruments.

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The percentage allocations within the above ranges may change due to, among other things, market fluctuations or reallocation decisions by the Manager. The Manager uses a dynamic asset-allocation framework to determine the proportion of the Series' assets that will be allocated to the various asset classes, based on the market assessment and portfolio risk contribution for such asset classes. Reallocations outside of the above ranges are expected to occur infrequently.

The Series may also invest in high yield, below investment grade corporate bonds (commonly known as high yield or "junk bonds"). High yield bonds include bonds that are rated below Baa3 by Moody's Investors Service, Inc. (Moody's) or below BBB- by Standard & Poor's Financial Services LLC (S&P) as well as unrated bonds that are determined by the Manager to be of equivalent quality. The Manager will consider ratings assigned by ratings agencies in selecting high yield bonds but relies principally on its own research and investment analysis. In managing its portion of the Series, the Manager primarily focuses on investments it believes can generate attractive and consistent income. The Manager may sell a bond when it shows deteriorating fundamentals or it falls short of the Manager's expectations. The Series may invest in credit-linked securities, provided that no more than 10% of the Series' net assets are invested in credit-linked securities.

The Series may also invest in real estate related companies and real estate investment trusts (REITs).

In connection with its dynamic asset-allocation framework, the Manager will also manage a tactical/completion sleeve and such sleeve will typically vary from 0% to 20% of the Series' total assets and primarily hold derivatives and exchange-traded funds (ETFs).

The Series may use a wide range of derivatives instruments, typically including forward foreign currency contracts, options, futures contracts, options on futures contracts, and credit default swaps. The Series will use derivatives for both hedging and non-hedging purposes; as a substitute for purchasing or selling securities; and to manage the Series' portfolio characteristics. For example, the Series may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; and credit default swaps to hedge against a credit event, to gain exposure to certain securities or markets, or to enhance total return.

The Series' 80% policy is nonfundamental and may be changed without shareholder approval. Series shareholders would be given at least 60 days' notice prior to any such change.

**What are the principal risks of investing in the Series?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Series will increase and decrease according to changes in the value of the securities in the Series' portfolio. An investment in the Series may not be appropriate for all investors. The Series' principal risks include:

**Market risk** — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**Credit risk** — The risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and/or repay principal in a timely manner.

**Interest rate risk** — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A series may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

**High yield (junk) bond risk** — The risk that high yield securities, commonly known as "junk bonds," are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities.

**Mortgage-backed and asset-backed securities risk** — Mortgage-backed and asset-backed securities, like other fixed income securities, are subject to credit risk and interest rate risk, and may also be subject to prepayment risk and extension risk. Prepayment risk is the risk that the principal on mortgage-backed or asset-backed securities may be prepaid at any time, which will reduce the yield and market value of the securities and may cause the series to reinvest the proceeds in lower yielding securities. Extension risk is the risk that principal on mortgage-backed or asset-backed securities will be repaid more slowly than expected, which may reduce the proceeds available for reinvestment in higher yielding securities. In addition, mortgage-backed and asset-backed securities may decline in value, become more volatile, face difficulties in valuation, or experience reduced liquidity due to changes in interest rates or general economic conditions. Certain mortgage-backed or asset-backed securities, such as collateralized mortgage obligations, real estate mortgage investment conduits, and stripped mortgage-backed securities, may be more susceptible to these risks than other mortgage-backed, asset-backed, or fixed-income securities.

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Series summary

**Company size risk** — The risk that investments in small- and/or medium-sized companies may be more volatile than those of larger companies because of limited financial resources or dependence on narrow product lines.

**Derivatives risk** — Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in an unanticipated direction. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a series may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).

**Foreign risk** — The risk that investments in foreign securities (particularly those of issuers in emerging markets) may be adversely affected by political instability, changes in currency exchange rates, inefficient markets and higher transaction costs, foreign economic conditions, the imposition of economic or trade sanctions, or inadequate or different regulatory and accounting standards.

**Real estate industry risk** — This risk includes, among others: possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; increases in competition, property taxes, and operating expenses; changes in zoning laws; costs resulting from the cleanup of, and liability to third parties resulting from, environmental problems; casualty for condemnation losses; uninsured damages from floods, earthquakes, or other natural disasters; limitations on and variations in rents; and changes in interest rates.

**Exchange-traded fund risk** — The risks of investing in an ETF typically reflect the risks of the instruments in which the ETF invests. Because ETFs are investment companies, a series will bear its proportionate share of the fees and expenses of an investment in an ETF. As a result, a series' expenses may be higher and performance may be lower.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a series has valued them.

**Active management and selection risk** — The risk that the securities selected by a series' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

**How has** **Nomura** **VIP Total Return Series performed?**

The bar chart and table below provide some indication of the risks of investing in the Series. The bar chart shows changes in the Series' performance from year to year and the table shows how the Series' average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measures of market performance and an additional index with characteristics relevant to the Series. The Series' past performance is not necessarily an indication of how the Series will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

The Series adopted the performance of the First Investors Life Series Total Return Fund (Predecessor Series) as the result of a reorganization of the Predecessor Series into the Series, which was consummated after the close of business on October 4, 2019 (Reorganization). The Series had not yet commenced operations prior to the Reorganization. The returns shown for periods ending on or prior to October 4, 2019 reflect the performance and expenses of the Predecessor Series. The Predecessor Series was reorganized into the Series after the close of business on October 4, 2019. The returns shown for periods after October 4, 2019 reflect the performance and expenses of the Series.

You may obtain the Series' most recently available month-end performance by calling 800 523-1918 or by visiting our website at nomuraassetmanagement.com/vip-performance.

Performance reflects all Series expenses but does not include any fees or sales charges imposed by variable insurance contracts. If they had been included, the returns shown below would be lower. Investors should consult the variable contract prospectus for more information.

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**Calendar year-by-year total return (Standard Class)**

![image](pr2628img023.jpg)

During the periods illustrated in this bar chart, the Standard Class's highest quarterly return was 10.86% for the quarter ended December 31, 2020, and its lowest quarterly return was -20.43% for the quarter ended March 31, 2020.

**Average annual total returns for periods ended December 31,** **2025**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years or<br>lifetime |
| Standard Class..........................................................  | 12.97% | 7.97% | 6.83% |
| Service Class (lifetime 10/31/19-12/31/25).......................................  | 12.62% | 7.64% | 6.86% |
| S&P 500<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes)....................  | 17.88% | 14.42% | 14.82% |
| Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes).........  | 7.30% | -0.36% | 2.01% |
| 60% S&P 500 Index/40% Bloomberg US Aggregate Index (reflects no deduction for fees, <br>expenses, or taxes)......................................................  | 13.70% | 8.47% | 9.78% |

---

**Who manages the Series?**

**Investment manager**

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

---

| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title** | &nbsp;&nbsp; **Start date on the Series** |
|  Stefan Löwenthal, CFA  | &nbsp;&nbsp; Managing Director, Chief Investment Officer of Global Multi-Asset | &nbsp;&nbsp; June 2020 |
|  Jürgen Wurzer, CFA  | &nbsp;&nbsp; Managing Director, Deputy Head of Global Multi-Asset | &nbsp;&nbsp; June 2020 |
|  Aaron Young  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager - Global Multi-Asset | &nbsp;&nbsp; May 2022 |

---

Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

**Sub-advisor**

Macquarie Investment Management Global Limited (MIMGL)

**Purchase and redemption of Series shares**

Shares are sold, directly or indirectly, to separate accounts of life insurance companies at net asset value (NAV). Please refer to the variable annuity or variable life insurance product contract prospectus for more information about the purchase and redemption of shares.

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Series summary

**Tax information**

The dividends and distributions paid from the Series to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Series must be purchased through separate accounts used to fund variable annuity contracts or variable life insurance contracts (variable contracts), such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. You should refer to your variable contract prospectus for more information on these tax consequences.

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Series through a broker/dealer or other financial intermediary (such as an insurance company), the Series and its related companies may pay the intermediary for the sale of Series shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Series over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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| |
|:---|
| Series summary |
| **Nomura VIP Energy Series,** a series of Ivy Variable Insurance Portfolios<br>(formerly, Macquarie VIP Energy Series) |

---

**What is the Series' investment objective?**

Nomura VIP Energy Series seeks to provide capital growth and appreciation.

**What are the Series' fees and expenses?**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table and example do not reflect any fees or sales charges imposed by variable insurance contracts. If they did, the expenses would be higher.

**Annual series operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | | |
|:---|:---|:---|
| Class | Standard | Service |
| Management fees.....................................................................  | 0.85% | 0.85% |
| Distribution and service (12b-1) fees........................................................  |  | 0.25% |
| Other expenses ......................................................................  | 0.20% | 0.20% |
| Acquired fund fees and expenses..........................................................  | 0.01%<sup>1</sup> | 0.01%<sup>1</sup> |
| Total annual series operating expenses......................................................  | 1.06%<sup>2</sup> | 1.31%<sup>2</sup> |
| Fee waivers and expense reimbursements ...................................................  | (0.21%)<sup>3</sup> | (0.21%)<sup>3</sup> |
| Total annual series operating expenses after fee waivers and expense reimbursements...................  | 0.85% | 1.10% |

---

---

| | |
|:---|:---|
| 1 | Acquired fund fees and expenses sets forth the Series' pro rata portion of the cumulative expenses charged by the registered investment companies in which the Series invested during the last fiscal year. The actual acquired fund fees and expenses will vary with changes in the allocations of the Series' assets. These expenses are not direct costs paid by Series shareholders, and are not used to calculate the Series' NAV. |

---

---

| | |
|:---|:---|
| 2 | The total annual series operating expenses ratio shown above does not correlate to the expense ratio shown in the Financial Highlights table because that ratio does not include the acquired fund fees and expenses. |

---

---

| | |
|:---|:---|
| 3 | The Series' investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual series operating expenses from exceeding 0.84% of the Series' average daily net assets from April 30, 2026 through April 29, 2027. These waivers and reimbursements may only be terminated by agreement of the Manager and the Series. |

---

**Example**

This example is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the Manager's expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | |
|:---|:---|:---|
| Class | Standard | Service |
| 1 year................................................................................  | $87 | $112 |
| 3 years...............................................................................  | $316 | $395 |
| 5 years...............................................................................  | $564 | $698 |
| 10 years..............................................................................  | $1275 | $1561 |

---

**Portfolio turnover**

The Series pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in the annual series operating expenses or in the example, affect the Series' performance. During the most recent fiscal year, the Series' portfolio turnover rate was 59% of the average value of its portfolio.

**What are the Series' principal investment strategies?**

Nomura VIP Energy Series seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in securities of companies within the energy sector, which includes all aspects of the energy industry, such as exploration, discovery, production, distribution or infrastructure of energy and/or alternative energy sources.

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Series summary

These companies may include, but are not limited to, oil companies; oil and gas drilling, equipment, and services companies; oil and gas exploration and production companies; oil and gas storage and transportation companies; natural gas pipeline companies; refinery companies; energy conservation companies; coal companies; transporters; utilities; alternative energy companies; and innovative energy technology companies. The Series also may invest in companies that are not within the energy sector but that are engaged in the development of products and services to enhance energy efficiency in the manufacturing, development, and/or providing of products and services.

The Series is nondiversified, meaning that it may invest a significant portion of its total assets in a limited number of issuers.

After conducting a top-down (assessing the market environment) market analysis of the energy industry and geopolitical issues and then identifying trends and sectors, the Van Eck Associates Corporation (the "Sub-advisor") uses a research-oriented, bottom-up (researching individual issuers) investment approach when selecting securities for the Series, focusing on company fundamentals and growth prospects. The Series invests in a blend of value and growth companies across the capitalization spectrum, which may include companies that are offered in initial public offerings (IPOs), and emphasizes companies that the Sub-advisor believes are strongly managed and can generate above average capital growth and appreciation. While the Sub-advisor typically seeks to invest a majority of the Series' assets in U.S. securities, the Series may invest up to 100% of its total assets in foreign securities. The Series typically holds a limited number of stocks (generally 35 to 50).

Many of the companies in which the Series may invest have diverse operations, with products or services in foreign markets. Therefore, the Series may have indirect exposure to various foreign markets through investments in these companies, potentially including companies domiciled or traded or doing business in emerging markets, even if the Series is not invested directly in such markets.

Generally, in determining whether to sell a security, the Sub-advisor uses the same type of analysis that it uses in buying securities to determine whether the security has ceased to offer significant growth potential, has sufficiently exceeded its target price, has become overvalued and/or whether the prospects of the issuer have deteriorated. The Sub-advisor also will consider the effect of commodity price trends on certain holdings, poor capital management or whether a company has experienced a change or deterioration in its fundamentals, its valuation or its competitive advantage. The Sub-advisor also may sell a security to take advantage of what it believes are more attractive investment opportunities, to reduce the Series' holding in that security or to raise cash.

**What are the principal risks of investing in the Series?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Series will increase and decrease according to changes in the value of the securities in the Series' portfolio. An investment in the Series may not be appropriate for all investors. The Series' principal risks include:

**Energy sector risk** — The risk that investment risks associated with investing in energy securities, in addition to other risks, include price fluctuation caused by real and perceived inflationary trends and political developments, the cost assumed in complying with environmental safety regulations, demand of energy fuels, energy conservation, the success of exploration projects, and tax and other governmental regulations.

**Market risk** — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**Value stock risk** — The risk that the value of a security believed by the Manager to be undervalued may never reach what is believed to be its full value; such security's value may decrease or such security may be appropriately priced. Value stocks are stocks of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor and, in the opinion of the Manager, undervalued.

**Growth stock risk** — Growth stocks reflect projections of future earnings and revenue. These prices may rise or fall dramatically depending on whether those projections are met. These companies' stock prices may be more volatile, particularly over the short term.

**Nondiversification risk** — A nondiversified series has the flexibility to invest as much as 50% of its assets in as few as two issuers with no single issuer accounting for more than 25% of the series. The remaining 50% of its assets must be diversified so that no more than 5% of its assets are invested in the securities of a single issuer. Because a nondiversified series may invest its assets in fewer issuers, the value of its shares may increase or decrease more rapidly than if it were fully diversified.

**Limited number of securities risk** — The possibility that a single security's increase or decrease in value may have a greater impact on a series' value and total return because the series may hold larger positions in fewer securities than other series. In addition, a series that holds a limited number of securities may be more volatile than those series that hold a greater number of securities.

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**Concentration risk** — The risk that a concentration in a particular industry will cause a series to be more exposed to developments affecting that single industry or industry group than a more broadly diversified series would be. A series could experience greater volatility or may perform poorly during a downturn in the industry or industry group because it is more susceptible to the economic, regulatory, political, legal and other risks associated with those industries than a series that invests more broadly.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a series has valued them.

**Initial public offering (IPO) risk** — The risk that any positive effect of investments in IPOs may not be sustainable because of a number of factors. Namely, a series may not be able to buy shares in some IPOs, or may be able to buy only a small number of shares. Also, the performance of IPOs generally is volatile, and is dependent on market psychology and economic conditions. To the extent that IPOs have a significant positive impact on a series' performance, this may not be able to be replicated in the future. The relative performance impact of IPOs also is likely to decline as a series grows.

**Foreign risk** — The risk that investments in foreign securities (particularly those of issuers in emerging markets) may be adversely affected by political instability, changes in currency exchange rates, inefficient markets and higher transaction costs, foreign economic conditions, the imposition of economic or trade sanctions, or inadequate or different regulatory and accounting standards.

**MLP risk** — The risk related to the Series' investment in MLPs. Energy infrastructure MLPs are subject to a variety of industry specific risk factors that may adversely affect their business or operations, including those due to commodity production, volumes, commodity prices, weather conditions, terrorist attacks, etc. They are also subject to significant federal, state and local government regulation. Investment in MLPs may also have tax consequences for shareholders. If the Series retains its investment until its basis is reduced to zero, subsequent distributions will be taxable at ordinary income rates and shareholders may receive corrected 1099s.

**Foreign currency exchange transactions and forward foreign currency contracts risk** — The risk that a series' use of foreign currency exchange transactions and forward foreign currency contracts to hedge certain market risks (such as interest rates, currency exchange rates and broad or specific market movement) may increase the possibility of default by the counterparty to the transaction and, to the extent the Manager's judgment as to certain market movements is incorrect, the risk of losses that are greater than if the investment technique had not been used.

**Currency risk** — The risk that fluctuations in exchange rates between the US dollar and foreign currencies and between various foreign currencies may cause the value of an investment to decline.

**US government securities risk** — The risk that certain US government securities, such as securities issued by Fannie Mae, Freddie Mac and the Federal Home Loan Bank system (FHLB), are not backed by the "faith and credit" of the US government and, instead, may be supported only by the credit of the issuer or by the right of the issuer to borrow from the US Treasury.

**Active management and selection risk** — The risk that the securities selected by a series' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

**How has** **Nomura** **VIP Energy Series performed?**

The bar chart and table below provide some indication of the risks of investing in the Series. The bar chart shows changes in the Series' performance from year to year and the table shows how the Series' average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Series. The Series' past performance is not necessarily an indication of how the Series will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

On April 30, 2021, Delaware Management Company became the Series' investment manager. The returns shown from before April 30, 2021 are from the Series' prior investment manager.

Effective November 15, 2021, the Series changed its investment strategy. Performance prior to November 15, 2021 reflects the Series' former strategy; its performance may have differed if the Series' current strategy had been in place.

You may obtain the Series' most recently available month-end performance by calling 800 523-1918 or by visiting our website at nomuraassetmanagement.com/vip-performance.

Performance reflects all Series expenses but does not include any fees or sales charges imposed by variable insurance contracts. If they had been included, the returns shown below would be lower. Investors should consult the variable contract prospectus for more information.

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Series summary

**Calendar year-by-year total return (Service Class)**

![image](pr2628img024.jpg)

During the periods illustrated in this bar chart, Service Class's highest quarterly return was 37.65% for the quarter ended December 31, 2020, and its lowest quarterly return was -59.78% for the quarter ended March 31, 2020.

**Average annual total returns for periods ended December 31,** **2025**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years or<br>lifetime |
| Service Class...........................................................  | 11.89% | 18.61% | 1.74% |
| Standard Class (lifetime: 4/28/17-12/31/25)......................................  | 12.41% | 18.94% | 0.55% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes).....................  | 17.88% | 14.42% | 14.82% |
| S&P 1500 Energy Sector Index (reflects no deduction for fees, expenses, or taxes).........  | 7.69% | 23.58% | 7.77% |

---

**Who manages the Series?**

**Investment manager**

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

Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

**Sub-advisor**

Van Eck Associates Corporation (VanEck)

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| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title with Van Eck Associates Corporation** | &nbsp;&nbsp; **Start date on the Series** |
|  Sam Halpert  | &nbsp;&nbsp; Portfolio Manager | &nbsp;&nbsp; October 2025 |
|  Geoffrey King, CFA  | &nbsp;&nbsp; Portfolio Manager | &nbsp;&nbsp; October 2025 |

---

**Purchase and redemption of Series shares**

Shares are sold, directly or indirectly, to separate accounts of life insurance companies at net asset value (NAV). Please refer to the variable annuity or variable life insurance product contract prospectus for more information about the purchase and redemption of shares.

**Tax information**

The dividends and distributions paid from the Series to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Series must be purchased through separate accounts used to fund variable annuity contracts or variable life insurance contracts (variable contracts), such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. You should refer to your variable contract prospectus for more information on these tax consequences.

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**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Series through a broker/dealer or other financial intermediary (such as an insurance company), the Series and its related companies may pay the intermediary for the sale of Series shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Series over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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[Back to **Table of Contents**](#TOC_2628)

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| |
|:---|
| Series summary |
| **Nomura VIP Natural Resources Series,** a series of Ivy Variable Insurance Portfolios<br>(formerly, Macquarie VIP Natural Resources Series) |

---

**What is the Series' investment objective?**

Nomura VIP Natural Resources Series seeks to provide capital growth and appreciation.

**What are the Series' fees and expenses?**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table and example do not reflect any fees or sales charges imposed by variable insurance contracts. If they did, the expenses would be higher.

**Annual series operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | |
|:---|:---|
| Class | Service |
| Management fees.................................................................................  | 0.85% |
| Distribution and service (12b-1) fees....................................................................  | 0.25% |
| Other expenses ..................................................................................  | 0.18% |
| Acquired fund fees and expenses......................................................................  | 0.01%<sup>1</sup> |
| Total annual series operating expenses.................................................................  | 1.29%<sup>2</sup> |
| Fee waivers and expense reimbursements...............................................................  | (0.17%)<sup>3</sup> |
| Total annual series operating expenses after fee waivers and expense reimbursement................................  | 1.12% |

---

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| | |
|:---|:---|
| 1 | Acquired fund fees and expenses sets forth the Series' pro rata portion of the cumulative expenses charged by the registered investment companies in which the Series invested during the last fiscal year. The actual acquired fund fees and expenses will vary with changes in the allocations of the Series' assets. These expenses are not direct costs paid by Series shareholders, and are not used to calculate the Series' NAV. |

---

---

| | |
|:---|:---|
| 2 | The total annual series operating expenses ratio shown above does not correlate to the expense ratio shown in the Financial Highlights table because that ratio does not include the acquired fund fees and expenses. |

---

---

| | |
|:---|:---|
| 3 | The Series' investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual series operating expenses from exceeding 0.86% of the Series' average daily net assets from April 30, 2026 through April 29, 2027. These waivers and reimbursements may only be terminated by agreement of the Manager and the Series. |

---

**Example**

This example is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the Manager's expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | |
|:---|:---|
| Class | Service |
| 1 year............................................................................................  | $114 |
| 3 years...........................................................................................  | $392 |
| 5 years...........................................................................................  | $691 |
| 10 years..........................................................................................  | $1542 |

---

**Portfolio turnover**

The Series pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in the annual series operating expenses or in the example, affect the Series' performance. During the most recent fiscal year, the Series' portfolio turnover rate was 47% of the average value of its portfolio.

**What are the Series' principal investment strategies?**

Nomura VIP Natural Resources Series seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in equity securities of companies with operations throughout the world that own, explore or develop natural resources and other basic commodities or supply goods and services to such companies.

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For these purposes, "natural resources" generally includes, but is not limited to: energy (such as electricity and gas utilities, producers/developers, equipment/services, storage/transportation, gas/oil refining and marketing, service/drilling, pipelines and master limited partnerships (MLPs)), alternative energy (such as uranium, coal, nuclear, hydrogen, wind, solar, and fuel cells), industrial products (such as building materials, cement, packaging, chemicals, materials infrastructure, supporting transport and machinery), forest products (such as lumber, plywood, pulp, paper, newsprint, and tissue), base metals (such as aluminum, copper, nickel, zinc, iron ore, and steel), precious metals and minerals (such as gold, silver, platinum, and diamonds), and agricultural products (such as grains and other foods, seeds, fertilizers, and water). The Series also may invest in companies that are not within the energy sector but that are engaged in the development of products and services to enhance energy efficiency in the manufacturing, development, and/or providing of products and services.

After conducting a top-down (assessing the market environment) market analysis of the natural resources industry and identifying trends and sectors, Van Eck Associates Corporation (the "Sub-advisor") uses a research-oriented, bottom-up (researching individual issuers) investment approach when selecting securities for the Series, focusing on company fundamentals and growth prospects. The Series invests in a blend of value and growth companies across the capitalization spectrum, and emphasizes companies that the Sub-advisor believes are strongly managed and can generate above-average capital growth and appreciation. The Sub-advisor focuses on companies that it believes are high quality, have the potential for sustainable long-term growth and that are low-cost leaders that possess historically strong-producing assets. The Series typically holds a limited number of stocks (generally 30 to 60).

Under normal circumstances, the Sub-advisor anticipates that a significant portion of the Series' holdings will consist of issuers in the energy and materials sectors.

The Series seeks to be diversified internationally, and therefore, the Sub-advisor invests in foreign companies and U.S. companies that have principal operations in foreign jurisdictions. While the Sub-advisor typically seeks to invest a majority of the Series' assets in the U.S., the Series may invest up to 100% of its total assets in foreign securities. Exposure to companies in any one particular foreign country will generally be less than 15% of the Series' total assets or two times the weight of the S&P Global Natural Resources Index, whichever is greater. The Series also may have exposure to companies located in, and/or doing business in, emerging markets.

An investment in foreign securities presents additional risks such as currency fluctuations and political or economic conditions affecting the foreign country. Many of the companies in which the Series may invest have diverse operations, with products or services in foreign markets. Therefore, the Series may have indirect exposure to various foreign markets through investments in these companies, even if the Series is not invested directly in such markets.

The Series may use forward currency contracts in an effort to manage foreign currency exposure.

Generally, in determining whether to sell a security, the Sub-advisor uses the same type of analysis that it uses in buying securities to determine whether the security has ceased to offer significant growth potential, has sufficiently exceeded its target price, has become overvalued and/or whether the prospects of the issuer have deteriorated. The Sub-advisor also will consider the effect of commodity price trends on certain holdings, poor capital management or whether a company has experienced a change or deterioration in its fundamentals, its valuation or its competitive advantage. The Sub-advisor also may sell a security to take advantage of what it believes are more attractive investment opportunities, to reduce the Series' holding in that security or to raise cash.

**What are the principal risks of investing in the Series?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Series will increase and decrease according to changes in the value of the securities in the Series' portfolio. An investment in the Series may not be appropriate for all investors. The Series' principal risks include:

**Market risk** — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**Natural resources industry risk** — Investment risks associated with investing in securities of natural resources companies, in addition to other risks, include price fluctuation caused by real and perceived inflationary trends and political developments, the cost assumed by natural resource companies in complying with environmental and safety regulations, changes in supply of, or demand for, various natural resources, changes in energy prices, environmental incidents, energy conservation, the success of exploration projects, changes in commodity prices, and special risks associated with natural or man-made disasters. Securities of natural resource companies that are dependent on a single commodity, or are concentrated in a single commodity sector, may exhibit high volatility attributable to commodity prices.

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Series summary

**Energy sector risk** — The risk that investment risks associated with investing in energy securities, in addition to other risks, include price fluctuation caused by real and perceived inflationary trends and political developments, the cost assumed in complying with environmental safety regulations, demand of energy fuels, energy conservation, the success of exploration projects, and tax and other governmental regulations.

**Commodity-related investments risk** — The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, which may include weather, embargoes, tariffs, and economic health, political, international regulatory and other developments. Exposure to the commodities markets may subject a series to greater volatility than investments in traditional securities. The investment team does not plan to always implement exposure to commodities in the Series, however they will consider holding commodity exchange traded funds in market scenarios where inflation is running higher than normal and their asset allocation model signals for additional commodity exposure. In addition, the Series may use futures and options on commodities for a variety of purposes such as hedging against adverse changes in the market prices of securities, as a substitute for purchasing or selling securities, to increase the Series' return as a non-hedging strategy that may be considered speculative and to manage the Series' portfolio characteristics.

**Industry and sector risk** — The risk that the value of securities in a particular industry or sector (such as natural resources) will decline because of changing expectations for the performance of that industry or sector.

**Growth stock risk** — Growth stocks reflect projections of future earnings and revenue. These prices may rise or fall dramatically depending on whether those projections are met. These companies' stock prices may be more volatile, particularly over the short term.

**Value stock risk** — The risk that the value of a security believed by the Manager to be undervalued may never reach what is believed to be its full value; such security's value may decrease or such security may be appropriately priced. Value stocks are stocks of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor and, in the opinion of the Manager, undervalued.

**Limited number of securities risk** — The possibility that a single security's increase or decrease in value may have a greater impact on a series' value and total return because the series may hold larger positions in fewer securities than other series. In addition, a series that holds a limited number of securities may be more volatile than those series that hold a greater number of securities.

**Concentration risk** — The risk that a concentration in a particular industry will cause a series to be more exposed to developments affecting that single industry or industry group than a more broadly diversified series would be. A series could experience greater volatility or may perform poorly during a downturn in the industry or industry group because it is more susceptible to the economic, regulatory, political, legal and other risks associated with those industries than a series that invests more broadly.

**Foreign and emerging markets risk** — The risk that investments in foreign securities (particularly those of issuers in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; the imposition of economic or trade sanctions; or inadequate or different regulatory and accounting standards. Securities of issuers in emerging markets may be subject to greater risks than securities of issuers in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments. In addition, there often is substantially less publicly available information about issuers and such information tends to be of a lesser quality. Economic markets and structures tend to be less mature and diverse and the securities markets may also be smaller, less liquid, and subject to greater price volatility.

**Currency risk** — The risk that fluctuations in exchange rates between the US dollar and foreign currencies and between various foreign currencies may cause the value of an investment to decline.

**Foreign currency exchange transactions and forward foreign currency contracts risk** — The risk that a series' use of foreign currency exchange transactions and forward foreign currency contracts to hedge certain market risks (such as interest rates, currency exchange rates and broad or specific market movement) may increase the possibility of default by the counterparty to the transaction and, to the extent the Manager's judgment as to certain market movements is incorrect, the risk of losses that are greater than if the investment technique had not been used.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a series has valued them.

**Active management and selection risk** — The risk that the securities selected by a series' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

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**How has** **Nomura** **VIP Natural Resources Series performed?**

The bar chart and table below provide some indication of the risks of investing in the Series. The bar chart shows changes in the Series' performance from year to year and the table shows how the Series' average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Series. The Series' past performance is not necessarily an indication of how the Series will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

Waddell & Reed Investment Management Company (WRIMCO) served as the Series' investment adviser until October 1, 2016, when Ivy Investment Management Company, an affiliate of WRIMCO, became the Series' investment adviser. On April 30, 2021, Delaware Management Company became the Series' investment manager. The returns shown from before April 30, 2021 are from the Series' prior investment managers.

Effective November 15, 2021, the Series changed its investment strategy. Performance prior to November 15, 2021 reflects the Series' former strategy; its performance may have differed if the Series' current strategy had been in place.

You may obtain the Series' most recently available month-end performance by calling 800 523-1918 or by visiting our website at nomuraassetmanagement.com/vip-performance.

Performance reflects all Series expenses but does not include any fees or sales charges imposed by variable insurance contracts. If they had been included, the returns shown below would be lower. Investors should consult the variable contract prospectus for more information.

**Calendar year-by-year total return (Service Class)**

![image](pr2628img025.jpg)

During the periods illustrated in this bar chart, Service Class's highest quarterly return was 25.22% for the quarter ended June 30, 2020, and its lowest quarterly return was -38.30% for the quarter ended March 31, 2020.

**Average annual total returns for periods ended December 31,** **2025**

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| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years |
| Service Class...........................................................  | 37.75% | 15.73% | 6.94% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes).....................  | 17.88% | 14.42% | 14.82% |
| S&P Global Natural Resources Index (reflects no deduction for fees, expenses, or taxes).....  | 28.86% | 10.60% | 10.38% |

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**Who manages the Series?**

**Investment manager**

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

Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

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Series summary

**Sub-advisor**

Van Eck Associates Corporation (VanEck)

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| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title with Van Eck Associates Corporation** | &nbsp;&nbsp; **Start date on the Series** |
|  Sam Halpert  | &nbsp;&nbsp; Portfolio Manager | &nbsp;&nbsp; October 2025 |
|  Geoffrey King, CFA  | &nbsp;&nbsp; Portfolio Manager | &nbsp;&nbsp; October 2025 |

---

**Purchase and redemption of Series shares**

Shares are sold, directly or indirectly, to separate accounts of life insurance companies at net asset value (NAV). Please refer to the variable annuity or variable life insurance product contract prospectus for more information about the purchase and redemption of shares.

**Tax information**

The dividends and distributions paid from the Series to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Series must be purchased through separate accounts used to fund variable annuity contracts or variable life insurance contracts (variable contracts), such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. You should refer to your variable contract prospectus for more information on these tax consequences.

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Series through a broker/dealer or other financial intermediary (such as an insurance company), the Series and its related companies may pay the intermediary for the sale of Series shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Series over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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| |
|:---|
| Series summary |
| **Nomura VIP Science and Technology Series,** a series of Ivy Variable Insurance Portfolios<br>(formerly, Macquarie VIP Science and Technology Series) |

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**What is the Series' investment objective?**

Nomura VIP Science and Technology Series seeks to provide growth of capital.

**What are the Series' fees and expenses?**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table and example do not reflect any fees or sales charges imposed by variable insurance contracts. If they did, the expenses would be higher.

**Annual series operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

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| | | |
|:---|:---|:---|
| Class | Standard | Service |
| Management fees.....................................................................  | 0.85% | 0.85% |
| Distribution and service (12b-1) fees........................................................  |  | 0.25% |
| Other expenses ......................................................................  | 0.05% | 0.05% |
| Total annual series operating expenses......................................................  | 0.90% | 1.15% |

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**Example**

This example is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | |
|:---|:---|:---|
| Class | Standard | Service |
| 1 year................................................................................  | $92 | $117 |
| 3 years...............................................................................  | $287 | $365 |
| 5 years...............................................................................  | $498 | $633 |
| 10 years..............................................................................  | $1108 | $1398 |

---

**Portfolio turnover**

The Series pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in the annual series operating expenses or in the example, affect the Series' performance. During the most recent fiscal year, the Series' portfolio turnover rate was 77% of the average value of its portfolio.

**What are the Series' principal investment strategies?**

Nomura VIP Science and Technology Series invests primarily in the equity securities of science and technology companies around the globe. Under normal circumstances, the Series invests at least 80% of its net assets in securities of science or technology companies. Such companies may include companies that, in the opinion of Delaware Management Company (Manager), the Series' investment manager, derive a competitive advantage by the application of scientific or technological developments or discoveries to grow their business or increase their competitive advantage. Science and technology companies are companies whose products, processes or services, in the opinion of the Manager, are being, or are expected to be, significantly benefited by the use or commercial application of scientific or technological developments or discoveries. The Series also may invest in companies that utilize science and/or technology as an agent of change to significantly enhance their business opportunities (applied science and technology companies). The Series may invest in securities issued by companies of any size, and may invest without limitation in foreign securities, including securities of issuers within emerging markets.

The Series is nondiversified, meaning that it may invest a significant portion of its total assets in a limited number of issuers.

The Manager typically emphasizes growth potential in selecting stocks; that is, the Manager seeks companies in which earnings are likely to grow faster than the economy. The Manager aims to identify strong secular trends within industries and then applies a largely bottom-up (researching individual issuers) stock selection process by considering a number of factors in selecting securities for the Series. These may include but are not limited to a company's growth potential, earnings potential, quality of management, valuation, financial statements, industry position/market size potential and applicable economic and market conditions, as well as whether a company's products and services have high barriers to entry. The Series typically holds a limited number of stocks (generally 35 to 60).

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Series summary

Many of the companies in which the Series may invest have diverse operations, with products or services in foreign markets. Therefore, the Series may have indirect exposure to various foreign markets through investments in these companies, even if the Series is not invested directly in such markets.

Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses in buying securities in order to determine whether the security has ceased to offer significant growth potential, has become overvalued and/or whether the company prospects of the issuer have deteriorated due to a change in management, change in strategy and/or a change in its financial characteristics. The Manager also may sell a security to reduce the Series' holding in that security, to take advantage of what it believes are more attractive investment opportunities, when a security's valuation reaches the Manager's fair value targets, or to raise cash.

**What are the principal risks of investing in the Series?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Series will increase and decrease according to changes in the value of the securities in the Series' portfolio. An investment in the Series may not be appropriate for all investors. The Series' principal risks include:

**Market risk** — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**Information technology sector risk** — The risk that investment risks associated with investing in the information technology sector, in addition to other risks, include the intense competition to which information technology companies may be subject; the dramatic and often unpredictable changes in growth rates and competition for qualified personnel among information technology companies; effects on profitability from being heavily dependent on patent and intellectual property rights and the loss or impairment of those rights; obsolescence of existing technology; general economic conditions; and government regulation.

**Science and technology industry risk —** The risk that investment risks associated with investing in science and technology securities, in addition to other risks, include: operating in rapidly changing fields, abrupt or erratic market movements, limited product lines, markets or financial resources, management that is dependent on a limited number of people, short product cycles, aggressive pricing of products and services, new market entrants and obsolescence of existing technology. In addition, these securities may be impacted by commodity and energy prices, which can be volatile, and may increase the volatility of these securities.

**Growth stock risk** — Growth stocks reflect projections of future earnings and revenue. These prices may rise or fall dramatically depending on whether those projections are met. These companies' stock prices may be more volatile, particularly over the short term.

**Nondiversification risk** — A nondiversified series has the flexibility to invest as much as 50% of its assets in as few as two issuers with no single issuer accounting for more than 25% of the series. The remaining 50% of its assets must be diversified so that no more than 5% of its assets are invested in the securities of a single issuer. Because a nondiversified series may invest its assets in fewer issuers, the value of its shares may increase or decrease more rapidly than if it were fully diversified.

**Concentration risk** — The risk that a concentration in a particular industry will cause a series to be more exposed to developments affecting that single industry or industry group than a more broadly diversified series would be. A series could experience greater volatility or may perform poorly during a downturn in the industry or industry group because it is more susceptible to the economic, regulatory, political, legal and other risks associated with those industries than a series that invests more broadly.

**Limited number of securities risk** — The possibility that a single security's increase or decrease in value may have a greater impact on a series' value and total return because the series may hold larger positions in fewer securities than other series. In addition, a series that holds a limited number of securities may be more volatile than those series that hold a greater number of securities.

**Foreign and emerging markets risk** — The risk that investments in foreign securities (particularly those of issuers in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; the imposition of economic or trade sanctions; or inadequate or different regulatory and accounting standards. Securities of issuers in emerging markets may be subject to greater risks than securities of issuers in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments. In addition, there often is substantially less publicly available information about issuers and such information tends to be of a lesser quality. Economic markets and structures tend to be less mature and diverse and the securities markets may also be smaller, less liquid, and subject to greater price volatility.

**Company size risk** — The risk that investments in small- and/or medium-sized companies may be more volatile than those of larger companies because of limited financial resources or dependence on narrow product lines.

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**Large-capitalization company risk** — Large-capitalization companies tend to be less volatile than companies with smaller market capitalizations. This potentially lower risk means that the Series' share price may not rise as much as the share prices of funds that focus on smaller-capitalization companies.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a series has valued them.

**Redemption risk** — If investors redeem more shares of a series than are purchased for an extended period of time, a series may be required to sell securities without regard to the investment merits of such actions. This could decrease a series' asset base, potentially resulting in a higher expense ratio.

**Active management and selection risk** — The risk that the securities selected by a series' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

**How has** **Nomura** **VIP Science and Technology Series performed?**

The bar chart and table below provide some indication of the risks of investing in the Series. The bar chart shows changes in the Series' performance from year to year and the table shows how the Series' average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Series. The Series' past performance is not necessarily an indication of how the Series will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

On April 30, 2021, Delaware Management Company became the Series' investment manager. The returns shown from before April 30, 2021 are from the Series' prior investment manager.

You may obtain the Series' most recently available month-end performance by calling 800 523-1918 or by visiting our website at nomuraassetmanagement.com/vip-performance.

Performance reflects all Series expenses but does not include any fees or sales charges imposed by variable insurance contracts. If they had been included, the returns shown below would be lower. Investors should consult the variable contract prospectus for more information.

**Calendar year-by-year total return (Service Class)**

![image](pr2628img026.jpg)

During the periods illustrated in this bar chart, Service Class's highest quarterly return was 27.96% for the quarter ended June 30, 2025, and its lowest quarterly return was -23.42% for the quarter ended June 30, 2022.

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Series summary

**Average annual total returns for periods ended December 31,** **2025**

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| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years or<br>lifetime |
| Service Class...........................................................  | 33.36% | 13.71% | 17.20% |
| Standard Class (lifetime: 4/28/17-12/31/25)......................................  | 33.69% | 13.99% | 18.49% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes).....................  | 17.88% | 14.42% | 14.82% |
| S&P North American Technology Sector Index (reflects no deduction for fees, expenses, or <br>taxes)...............................................................  | 27.82% | 18.02% | 22.54% |

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**Who manages the Series?**

**Investment manager**

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

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| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title with Delaware Management Company** | &nbsp;&nbsp; **Start date on the Series** |
|  Bradley Warden, CFA  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager | &nbsp;&nbsp; October 2016 |
|  Gus Zinn, CFA  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager | &nbsp;&nbsp; November 2021 |

---

Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

**Purchase and redemption of Series shares**

Shares are sold, directly or indirectly, to separate accounts of life insurance companies at net asset value (NAV). Please refer to the variable annuity or variable life insurance product contract prospectus for more information about the purchase and redemption of shares.

**Tax information**

The dividends and distributions paid from the Series to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Series must be purchased through separate accounts used to fund variable annuity contracts or variable life insurance contracts (variable contracts), such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. You should refer to your variable contract prospectus for more information on these tax consequences.

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Series through a broker/dealer or other financial intermediary (such as an insurance company), the Series and its related companies may pay the intermediary for the sale of Series shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Series over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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| |
|:---|
| Series summary |
| **Nomura VIP Pathfinder Aggressive Series,** a series of Ivy Variable Insurance Portfolios<br>(formerly, Macquarie VIP Pathfinder Aggressive Series) |

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**What is the Series' investment objective?**

Nomura VIP Pathfinder Aggressive Series seeks to provide growth of capital consistent with a more aggressive level of risk as compared to the other Nomura VIP Pathfinder Series.

**What are the Series' fees and expenses?**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table and example do not reflect any fees or sales charges imposed by variable insurance contracts. If they did, the expenses would be higher.

**Annual series operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

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| | |
|:---|:---|
| Class | Service |
| Management fees.................................................................................  | 0.00% |
| Distribution and service (12b-1) fees....................................................................  |  |
| Other expenses ..................................................................................  | 0.15% |
| Acquired fund fees and expenses......................................................................  | 0.86%<sup>1</sup> |
| Total annual series operating expenses .................................................................  | 1.01%<sup>2</sup> |

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| | |
|:---|:---|
| 1 | Acquired fund fees and expenses sets forth the Series' pro rata portion of the cumulative expenses charged by the Underlying Funds (defined below) in which the Series invested during the last fiscal year. The actual acquired fund fees and expenses will vary with changes in the allocations of the Series' assets. These expenses are not direct costs paid by Series shareholders, and are not used to calculate the Series' NAV. |

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| | |
|:---|:---|
| 2 | The total annual series operating expenses ratio shown above does not correlate to the expense ratio shown in the Financial Highlights table because that ratio does not include the acquired fund fees and expenses. |

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**Example**

This example is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | |
|:---|:---|
| Class | Service |
| 1 year............................................................................................  | $103 |
| 3 years...........................................................................................  | $322 |
| 5 years...........................................................................................  | $558 |
| 10 years..........................................................................................  | $1236 |

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**Portfolio turnover**

The Series does not incur transaction costs, such as commissions, when it buys and sells shares of underlying funds, but it could pay transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in the annual series operating expenses or in the example, affect the Series' performance. During the most recent fiscal year, the Series' portfolio turnover rate was 46% of the average value of its portfolio.

**What are the Series' principal investment strategies?**

Nomura VIP Pathfinder Aggressive Series seeks to achieve its objective by allocating its assets among asset classes so that approximately 75-95% of the value of the Series' assets are in equities (with a maximum of 35% allocated to international/global stocks) and approximately 5-25% of the Series' assets are in fixed income (including cash). The Series implements this allocation by investing primarily in other Nomura Funds (Underlying Funds). The Series typically will invest in Standard Class shares of an Underlying Fund. To the extent an Underlying Fund does not offer Standard Class shares, the Series generally will invest in Service Class shares of such Underlying Fund. Shorter-term allocations may vary from the target ranges described above. For the most current list of Underlying Funds in which the Series invests, please see the Series' most recent shareholder report or Series holdings disclosures. For more information about the investment strategies and risks of an Underlying Fund, see such Underlying Fund's prospectus.

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Series summary

These allocations are projections only and may be changed by Delaware Management Company (Manager), the Series' investment manager, from time to time. Actual allocations are not limited to the ranges described above and may vary. The Manager monitors the Series' holdings and cash flow and will periodically adjust the Series' asset allocation to realign it with the Series' risk profile and investment strategies. The Manager evaluates the Series' asset allocation on an ongoing basis in view of its risk profile and strategies. This means that allocation changes will be made as needed in the view of the Manager. The Manager applies a long-term investment horizon with respect to the Series; therefore, allocation changes may not be made in response to short-term market conditions. The Series does not intend to actively trade among the Underlying Funds, nor does it intend to attempt to capture short-term market opportunities.

By owning shares of the Underlying Funds, the Series indirectly holds a well-diversified mixture of both growth-oriented and value-oriented US and international/global stocks and, to a lesser extent, a mixture of investment-grade and non-investment-grade corporate bonds and US government securities, and money market instruments. Although the majority of the Series' indirect stock holdings are of US and foreign large-capitalization companies, the Series may have potentially significant exposure to mid-capitalization companies and small-capitalization companies.

The Series is intended for aggressive investors comfortable with incurring the risk associated with growth investing and investing in a high percentage of stocks, including foreign stocks, investors with long-term time horizons or investors who want to maximize long-term returns and who have a higher tolerance for possible short-term losses.

**What are the principal risks of investing in the Series?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Series will increase and decrease according to changes in the value of the securities in the Series' portfolio. An investment in the Series may not be appropriate for all investors. The Series' principal risks include:

**Market risk** — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**Asset allocation risk** — The risk associated with the allocation of a series' assets amongst varying underlying styles. Portfolio managers may make investment decisions independently of one another, and may make conflicting investment decisions which could be detrimental to a series' performance. There is a risk that the allocation of assets may skew toward a category or underlying fund that performs poorly relative to other categories or funds, or to the market as a whole, which could result in a series performing poorly.

**Derivatives risk** — Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in an unanticipated direction. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a series may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).

**Fund of funds risk** — The ability of a fund of funds to meet its investment objective is directly related to its investments in underlying funds and the ability of those funds to meet their investment objectives. A fund of funds' share price will likely change daily based on the performance of the underlying funds in which it invests. In general, a fund of funds is subject to the same risks as those of the underlying funds it holds.

<u>Equity funds risk</u>. The Series invests in underlying equity funds that are subject to market risk. Market risk is the risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

<u>Bond funds risk</u>. The Series invests in underlying fixed income funds that are subject to fixed income risk. Fixed income risk is the risk that bonds may decrease in value if interest rates increase; an issuer may not be able to make principal and interest payments when due; a bond may be prepaid prior to maturity; and, in the case of high yield bonds ("junk bonds"), such bonds may be subject to an increased risk of default, a more limited secondary market than investment grade bonds, and greater price volatility. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A series may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

**Foreign risk** — The risk that investments in foreign securities (particularly those of issuers in emerging markets) may be adversely affected by political instability, changes in currency exchange rates, inefficient markets and higher transaction costs, foreign economic conditions, the imposition of economic or trade sanctions, or inadequate or different regulatory and accounting standards.

------

[Back to **Table of Contents**](#TOC_2628)

**Investment company securities risk** — The risk that when a series invests in another investment company, shareholders of the series bear their proportionate share of the other investment company's fees and expenses as well as their share of the series' fees and expenses, which could result in the duplication of certain fees. Investment in other investment companies also typically reflects the risks of the types of securities in which the investment companies invest.

**Leveraging risk** — The risk that certain portfolio transactions, such as reverse repurchase agreements, short sales, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivatives instruments, may give rise to leverage, causing a series to be more volatile than if it had not been leveraged, which may result in increased losses to the series.

**Other risks applicable to a fund of funds structure** — There are other risks associated with a fund of funds structure. The Manager has the authority to select and replace underlying funds. The Manager is subject to a potential conflict of interest in doing so because the Manager serves as the investment manager to the affiliated underlying funds and the advisory fees paid by some of the affiliated underlying funds are higher than fees paid by other underlying funds. It is important to note, however, that the Manager has a fiduciary duty to the Series and must act in the Series' best interests.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a series has valued them.

**Active management and selection risk** — The risk that the securities selected by a series' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

**How has** **Nomura** **VIP Pathfinder Aggressive Series performed?**

The bar chart and table below provide some indication of the risks of investing in the Series. The bar chart shows changes in the Series' performance from year to year and the table shows how the Series' average annual total returns for the 1-, 5-, and 10-year periods compare with those of broad measures of market performance and additional indexes with characteristics relevant to the Series. The Series' past performance is not necessarily an indication of how the Series will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

On April 30, 2021, Delaware Management Company became the Series' investment manager. The returns shown from before April 30, 2021 are from the Series' prior investment manager.

You may obtain the Series' most recently available month-end performance by calling 800 523-1918 or by visiting our website at nomuraassetmanagement.com/vip-performance.

Performance reflects all Series expenses but does not include any fees or sales charges imposed by variable insurance contracts. If they had been included, the returns shown below would be lower. Investors should consult the variable contract prospectus for more information.

**Calendar year-by-year total return (Service Class)**

![image](pr2628img027.jpg)

During the periods illustrated in this bar chart, Service Class's highest quarterly return was 18.87% for the quarter ended June 30, 2020, and its lowest quarterly return was -18.62% for the quarter ended March 31, 2020.

------

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Series summary

**Average annual total returns for periods ended December 31,** **2025**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years |
| Service Class...........................................................  | 15.86% | 8.40% | 9.88% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes).....................  | 17.88% | 14.42% | 14.82% |
| Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes).........  | 7.30% | -0.36% | 2.01% |
| Current Blended Benchmark (reflects no deduction for fees, expenses, or taxes)\*...........  | 19.90% | 9.97% | 10.89% |
| Russell 3000 Index (reflects no deduction for fees, expenses, or taxes)..................  | 17.15% | 13.15% | 14.29% |
| MSCI EAFE Index (net) (reflects no deduction for fees or expenses)....................  | 31.22% | 8.92% | 8.18% |
| MSCI EAFE Index (gross) (reflects no deduction for fees, expenses, or taxes).............  | 31.89% | 9.47% | 8.72% |
| Bloomberg US Credit Index (reflects no deduction for fees, expenses, or taxes)............  | 7.83% | -0.05% | 3.15% |

---

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

\* The Current Blended Benchmark is computed using a combination of 55% Russell 3000 Index + 30% MSCI EAFE Index + 15% Bloomberg US Credit Index.

**Who manages the Series?**

**Investment manager**

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

---

| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title** | &nbsp;&nbsp; **Start date on the Series** |
|  Stefan Löwenthal, CFA  | &nbsp;&nbsp; Managing Director, Chief Investment Officer of Global Multi-Asset | &nbsp;&nbsp; November 2021 |
|  Jürgen Wurzer, CFA  | &nbsp;&nbsp; Managing Director, Deputy Head of Global Multi-Asset | &nbsp;&nbsp; November 2021 |
|  Aaron Young  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager - Global Multi-Asset | &nbsp;&nbsp; October 2016 |

---

Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

**Purchase and redemption of Series shares**

Shares are sold, directly or indirectly, to separate accounts of life insurance companies at net asset value (NAV). Please refer to the variable annuity or variable life insurance product contract prospectus for more information about the purchase and redemption of shares.

**Tax information**

The dividends and distributions paid from the Series to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Series must be purchased through separate accounts used to fund variable annuity contracts or variable life insurance contracts (variable contracts), such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. You should refer to your variable contract prospectus for more information on these tax consequences.

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Series through a broker/dealer or other financial intermediary (such as an insurance company), the Series and its related companies may pay the intermediary for the sale of Series shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Series over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

------

[Back to **Table of Contents**](#TOC_2628)

---

| |
|:---|
| Series summary |
| **Nomura VIP Pathfinder Moderately Aggressive Series,** a series of Ivy Variable Insurance Portfolios<br>(formerly, Macquarie VIP Pathfinder Moderately Aggressive Series) |

---

**What is the Series' investment objective?**

Nomura VIP Pathfinder Moderately Aggressive Series seeks to provide growth of capital, but also to seek income consistent with a moderately aggressive level of risk as compared to the other Nomura VIP Pathfinder Series.

**What are the Series' fees and expenses?**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table and example do not reflect any fees or sales charges imposed by variable insurance contracts. If they did, the expenses would be higher.

**Annual series operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | |
|:---|:---|
| Class | Service |
| Management fees.................................................................................  | 0.00% |
| Distribution and service (12b-1) fees....................................................................  |  |
| Other expenses ..................................................................................  | 0.05% |
| Acquired fund fees and expenses......................................................................  | 0.85%<sup>1</sup> |
| Total annual series operating expenses.................................................................  | 0.90%<sup>2</sup> |

---

---

| | |
|:---|:---|
| 1 | Acquired fund fees and expenses sets forth the Series' pro rata portion of the cumulative expenses charged by the Underlying Funds (defined below) in which the Series invested during the last fiscal year. The actual acquired fund fees and expenses will vary with changes in the allocations of the Series' assets. These expenses are not direct costs paid by Series shareholders, and are not used to calculate the Series' NAV. |

---

---

| | |
|:---|:---|
| 2 | The total annual series operating expenses ratio shown above does not correlate to the expense ratio shown in the Financial Highlights table because that ratio does not include the acquired fund fees and expenses. |

---

**Example**

This example is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| Class | Service |
| 1 year............................................................................................  | $92 |
| 3 years...........................................................................................  | $287 |
| 5 years...........................................................................................  | $498 |
| 10 years..........................................................................................  | $1108 |

---

**Portfolio turnover**

The Series does not incur transaction costs, such as commissions, when it buys and sells shares of underlying funds, but it could pay transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in the annual series operating expenses or in the example, affect the Series' performance. During the most recent fiscal year, the Series' portfolio turnover rate was 41% of the average value of its portfolio.

**What are the Series' principal investment strategies?**

Nomura VIP Pathfinder Moderately Aggressive Series seeks to achieve its objective by allocating its assets among asset classes so that approximately 65-85% of the value of the Series' assets are in equities (with a maximum of 30% allocated to international/global stocks) and approximately 15-35% of the Series' assets are in fixed income (including cash). The Series implements this allocation by investing primarily in other Nomura Funds (Underlying Funds). The Series typically will invest in Standard Class shares of an Underlying Fund. To the extent an Underlying Fund does not offer Standard Class shares, the Series generally will invest in Service Class shares of such Underlying Fund. Shorter-term allocations may vary from the target ranges described above. For the most current list of Underlying Funds in which the Series invests, please see the Series' most recent shareholder report or series holdings disclosures. For more information about the investment strategies and risks of an Underlying Fund, see such Underlying Fund's prospectus.

------

[Back to **Table of Contents**](#TOC_2628)

Series summary

These allocations are projections only and may be changed by Delaware Management Company (Manager), the Series' investment manager, from time to time. Actual allocations are not limited to the ranges described above and may vary. The Manager monitors the Series' holdings and cash flow and will periodically adjust the Series' asset allocation to realign it with the Series' risk profile and investment strategies. The Manager evaluates the Series' asset allocation on an ongoing basis in view of its risk profile and strategies. This means that allocation changes will be made as needed in the view of the Manager. The Manager applies a long-term investment horizon with respect to the Series; therefore, allocation changes may not be made in response to short-term market conditions. The Series does not intend to actively trade among the Underlying Funds, nor does it intend to attempt to capture short-term market opportunities.

By owning shares of the Underlying Funds, the Series indirectly holds a well-diversified mixture of both growth-oriented and value-oriented US and international/global stocks and, to a lesser extent, a mixture of investment-grade and non-investment-grade corporate bonds, US government securities and money market instruments. Although the majority of the Series' indirect stock holdings are of US and foreign large-capitalization companies, the Series is likely to have some exposure to mid- and small-capitalization companies.

The Series is intended for investors who want to maximize returns over the long term but who have a tolerance for possible short-term losses or who are looking for some additional diversification.

**What are the principal risks of investing in the Series?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Series will increase and decrease according to changes in the value of the securities in the Series' portfolio. An investment in the Series may not be appropriate for all investors. The Series' principal risks include:

**Market risk** — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**Asset allocation risk** — The risk associated with the allocation of a series' assets amongst varying underlying styles. Portfolio managers may make investment decisions independently of one another, and may make conflicting investment decisions which could be detrimental to a series' performance. There is a risk that the allocation of assets may skew toward a category or underlying fund that performs poorly relative to other categories or funds, or to the market as a whole, which could result in a series performing poorly.

**Derivatives risk** — Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in an unanticipated direction. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a series may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).

**Fund of funds risk** — The ability of a fund of funds to meet its investment objective is directly related to its investments in underlying funds and the ability of those funds to meet their investment objectives. A fund of funds' share price will likely change daily based on the performance of the underlying funds in which it invests. In general, a fund of funds is subject to the same risks as those of the underlying funds it holds.

<u>Equity funds risk</u>. The Series invests in underlying equity funds that are subject to market risk. Market risk is the risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

<u>Bond funds risk</u>. The Series invests in underlying fixed income funds that are subject to fixed income risk. Fixed income risk is the risk that bonds may decrease in value if interest rates increase; an issuer may not be able to make principal and interest payments when due; a bond may be prepaid prior to maturity; and, in the case of high yield bonds ("junk bonds"), such bonds may be subject to an increased risk of default, a more limited secondary market than investment grade bonds, and greater price volatility. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A series may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

**Foreign risk** — The risk that investments in foreign securities (particularly those of issuers in emerging markets) may be adversely affected by political instability, changes in currency exchange rates, inefficient markets and higher transaction costs, foreign economic conditions, the imposition of economic or trade sanctions, or inadequate or different regulatory and accounting standards.

------

[Back to **Table of Contents**](#TOC_2628)

**Investment company securities risk** — The risk that when a series invests in another investment company, shareholders of the series bear their proportionate share of the other investment company's fees and expenses as well as their share of the series' fees and expenses, which could result in the duplication of certain fees. Investment in other investment companies also typically reflects the risks of the types of securities in which the investment companies invest.

**Leveraging risk** — The risk that certain portfolio transactions, such as reverse repurchase agreements, short sales, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivatives instruments, may give rise to leverage, causing a series to be more volatile than if it had not been leveraged, which may result in increased losses to the series.

**Other risks applicable to a fund of funds structure** — There are other risks associated with a fund of funds structure. The Manager has the authority to select and replace underlying funds. The Manager is subject to a potential conflict of interest in doing so because the Manager serves as the investment manager to the affiliated underlying funds and the advisory fees paid by some of the affiliated underlying funds are higher than fees paid by other underlying funds. It is important to note, however, that the Manager has a fiduciary duty to the Series and must act in the Series' best interests.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a series has valued them.

**Active management and selection risk** — The risk that the securities selected by a series' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

**How has** **Nomura** **VIP Pathfinder Moderately Aggressive Series performed?**

The bar chart and table below provide some indication of the risks of investing in the Series. The bar chart shows changes in the Series' performance from year to year and the table shows how the Series' average annual total returns for the 1-, 5-, and 10-year periods compare with those of broad measures of market performance and additional indexes with characteristics relevant to the Series. The Series' past performance is not necessarily an indication of how the Series will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

On April 30, 2021, Delaware Management Company became the Series' investment manager. The returns shown from before April 30, 2021 are from the Series' prior investment manager.

You may obtain the Series' most recently available month-end performance by calling 800 523-1918 or by visiting our website at nomuraassetmanagement.com/vip-performance.

Performance reflects all Series expenses but does not include any fees or sales charges imposed by variable insurance contracts. If they had been included, the returns shown below would be lower. Investors should consult the variable contract prospectus for more information.

**Calendar year-by-year total return (Service Class)**

![image](pr2628img028.jpg)

During the periods illustrated in this bar chart, Service Class's highest quarterly return was 17.27% for the quarter ended June 30, 2020, and its lowest quarterly return was -16.61% for the quarter ended March 31, 2020.

------

[Back to **Table of Contents**](#TOC_2628)

Series summary

**Average annual total returns for periods ended December 31,** **2025**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years |
| Service Class...........................................................  | 14.59% | 7.67% | 8.92% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes).....................  | 17.88% | 14.42% | 14.82% |
| Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes).........  | 7.30% | -0.36% | 2.01% |
| Current Blended Benchmark (reflects no deduction for fees, expenses, or taxes)\*...........  | 18.11% | 8.97% | 10.05% |
| Russell 3000 Index (reflects no deduction for fees, expenses, or taxes)..................  | 17.15% | 13.15% | 14.29% |
| MSCI EAFE Index (net) (reflects no deduction for fees or expenses)....................  | 31.22% | 8.92% | 8.18% |
| MSCI EAFE Index (gross) (reflects no deduction for fees, expenses, or taxes).............  | 31.89% | 9.47% | 8.72% |
| Bloomberg US Credit Index (reflects no deduction for fees, expenses, or taxes)............  | 7.83% | -0.05% | 3.15% |
| Bloomberg 1-3 Year US Government/Credit Index (reflects no deduction for fees, expenses, or <br>taxes)...............................................................  | 5.35% | 1.97% | 2.09% |

---

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

\* The Current Blended Benchmark is computed using a combination of 50% Russell 3000 Index + 25% MSCI EAFE Index + 20% Bloomberg US Credit Index + 5% Bloomberg 1-3 Year US Government/Credit Index.

**Who manages the Series?**

**Investment manager**

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

---

| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title** | &nbsp;&nbsp; **Start date on the Series** |
|  Stefan Löwenthal, CFA  | &nbsp;&nbsp; Managing Director, Chief Investment Officer of Global Multi-Asset | &nbsp;&nbsp; November 2021 |
|  Jürgen Wurzer, CFA  | &nbsp;&nbsp; Managing Director, Deputy Head of Global Multi-Asset | &nbsp;&nbsp; November 2021 |
|  Aaron Young  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager - Global Multi-Asset | &nbsp;&nbsp; October 2016 |

---

Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

**Purchase and redemption of Series shares**

Shares are sold, directly or indirectly, to separate accounts of life insurance companies at net asset value (NAV). Please refer to the variable annuity or variable life insurance product contract prospectus for more information about the purchase and redemption of shares.

**Tax information**

The dividends and distributions paid from the Series to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Series must be purchased through separate accounts used to fund variable annuity contracts or variable life insurance contracts (variable contracts), such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. You should refer to your variable contract prospectus for more information on these tax consequences.

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Series through a broker/dealer or other financial intermediary (such as an insurance company), the Series and its related companies may pay the intermediary for the sale of Series shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Series over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

------

[Back to **Table of Contents**](#TOC_2628)

---

| |
|:---|
| Series summary |
| **Nomura VIP Pathfinder Moderate Series,** a series of Ivy Variable Insurance Portfolios<br>(formerly, Macquarie VIP Pathfinder Moderate Series) |

---

**What is the Series' investment objective?**

Nomura VIP Pathfinder Moderate Series seeks to provide total return consistent with a moderate level of risk as compared to the other Nomura VIP Pathfinder Series.

**What are the Series' fees and expenses?**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table and example do not reflect any fees or sales charges imposed by variable insurance contracts. If they did, the expenses would be higher.

**Annual series operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | |
|:---|:---|
| Class | Service |
| Management fees.................................................................................  | 0.00% |
| Distribution and service (12b-1) fees....................................................................  |  |
| Other expenses ..................................................................................  | 0.05% |
| Acquired fund fees and expenses......................................................................  | 0.84%<sup>1</sup> |
| Total annual series operating expenses.................................................................  | 0.89%<sup>2</sup> |

---

---

| | |
|:---|:---|
| 1 | Acquired fund fees and expenses sets forth the Series' pro rata portion of the cumulative expenses charged by the Underlying Funds (defined below) in which the Series invested during the last fiscal year. The actual acquired fund fees and expenses will vary with changes in the allocations of the Series' assets. These expenses are not direct costs paid by Series shareholders, and are not used to calculate the Series' NAV. |

---

---

| | |
|:---|:---|
| 2 | The total annual series operating expenses ratio shown above does not correlate to the expense ratio shown in the Financial Highlights table because that ratio does not include the acquired fund fees and expenses. |

---

**Example**

This example is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| Class | Service |
| 1 year............................................................................................  | $91 |
| 3 years...........................................................................................  | $284 |
| 5 years...........................................................................................  | $493 |
| 10 years..........................................................................................  | $1096 |

---

**Portfolio turnover**

The Series does not incur transaction costs, such as commissions, when it buys and sells shares of underlying funds, but it could pay transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in the annual series operating expenses or in the example, affect the Series' performance. During the most recent fiscal year, the Series' portfolio turnover rate was 39% of the average value of its portfolio.

**What are the Series' principal investment strategies?**

Nomura VIP Pathfinder Moderate Series seeks to achieve its objective by allocating its assets among asset classes so that approximately 55-75% of the value of the Series' assets are in equities (with a maximum of 25% allocated to international/global stocks) and approximately 25-45% of the Series' assets are in fixed income (including cash). The Series implements this allocation by investing primarily in other Nomura Funds (Underlying Funds). The Series typically will invest in Standard Class shares of an Underlying Fund. To the extent an Underlying Fund does not offer Standard Class shares, the Series generally will invest in Service Class shares of such Underlying Fund. Shorter-term allocations may vary from the target ranges described above. For the most current list of Underlying Funds in which the Series invests, please see the Series' most recent shareholder report or Series holdings disclosures. For more information about the investment strategies and risks of an Underlying Fund, see such Underlying Fund's prospectus.

------

[Back to **Table of Contents**](#TOC_2628)

Series summary

These allocations are projections only and may be changed by Delaware Management Company (Manager), the Series' investment manager, from time to time. Actual allocations are not limited to the ranges described above and may vary. The Manager monitors the Series' holdings and cash flow and will periodically adjust the Series' asset allocation to realign it with the Series' risk profile and investment strategies. The Manager evaluates the Series' asset allocation on an ongoing basis in view of its risk profile and strategies. This means that allocation changes will be made as needed in the view of the Manager. The Manager applies a long-term investment horizon with respect to the Series; therefore, allocation changes may not be made in response to short-term market conditions. The Series does not intend to actively trade among the Underlying Funds, nor does it intend to attempt to capture short-term market opportunities.

By owning shares of the Underlying Funds, the Series indirectly holds a well-diversified mixture of both growth-oriented and value-oriented, primarily large-capitalization, US and, to a lesser extent, international/global stocks, as well as a mixture of investment-grade and non-investment-grade corporate bonds, US government securities and money market instruments.

The Series is intended for investors who have a lower tolerance for risk than more aggressive investors and who are seeking both growth and income, who have a longer time horizon, or who are willing to accept moderate short-term price fluctuations in exchange for potential longer-term returns.

**What are the principal risks of investing in the Series?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Series will increase and decrease according to changes in the value of the securities in the Series' portfolio. An investment in the Series may not be appropriate for all investors. The Series' principal risks include:

**Market risk** — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**Asset allocation risk** — The risk associated with the allocation of a series' assets amongst varying underlying styles. Portfolio managers may make investment decisions independently of one another, and may make conflicting investment decisions which could be detrimental to a series' performance. There is a risk that the allocation of assets may skew toward a category or underlying fund that performs poorly relative to other categories or funds, or to the market as a whole, which could result in a series performing poorly.

**Derivatives risk** — Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in an unanticipated direction. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a series may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).

**Fund of funds risk** — The ability of a fund of funds to meet its investment objective is directly related to its investments in underlying funds and the ability of those funds to meet their investment objectives. A fund of funds' share price will likely change daily based on the performance of the underlying funds in which it invests. In general, a fund of funds is subject to the same risks as those of the underlying funds it holds.

<u>Equity funds risk</u>. The Series invests in underlying equity funds that are subject to market risk. Market risk is the risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

<u>Bond funds risk</u>. The Series invests in underlying fixed income funds that are subject to fixed income risk. Fixed income risk is the risk that bonds may decrease in value if interest rates increase; an issuer may not be able to make principal and interest payments when due; a bond may be prepaid prior to maturity; and, in the case of high yield bonds ("junk bonds"), such bonds may be subject to an increased risk of default, a more limited secondary market than investment grade bonds, and greater price volatility. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A series may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

**Foreign risk** — The risk that investments in foreign securities (particularly those of issuers in emerging markets) may be adversely affected by political instability, changes in currency exchange rates, inefficient markets and higher transaction costs, foreign economic conditions, the imposition of economic or trade sanctions, or inadequate or different regulatory and accounting standards.

------

[Back to **Table of Contents**](#TOC_2628)

**Investment company securities risk** — The risk that when a series invests in another investment company, shareholders of the series bear their proportionate share of the other investment company's fees and expenses as well as their share of the series' fees and expenses, which could result in the duplication of certain fees. Investment in other investment companies also typically reflects the risks of the types of securities in which the investment companies invest.

**Leveraging risk** — The risk that certain portfolio transactions, such as reverse repurchase agreements, short sales, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivatives instruments, may give rise to leverage, causing a series to be more volatile than if it had not been leveraged, which may result in increased losses to the series.

**Other risks applicable to a fund of funds structure** — There are other risks associated with a fund of funds structure. The Manager has the authority to select and replace underlying funds. The Manager is subject to a potential conflict of interest in doing so because the Manager serves as the investment manager to the affiliated underlying funds and the advisory fees paid by some of the affiliated underlying funds are higher than fees paid by other underlying funds. It is important to note, however, that the Manager has a fiduciary duty to the Series and must act in the Series' best interests.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a series has valued them.

**Active management and selection risk** — The risk that the securities selected by a series' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

**How has** **Nomura** **VIP Pathfinder Moderate Series performed?**

The bar chart and table below provide some indication of the risks of investing in the Series. The bar chart shows changes in the Series' performance from year to year and the table shows how the Series' average annual total returns for the 1-, 5-, and 10-year periods compare with those of broad measures of market performance and additional indexes with characteristics relevant to the Series. The Series' past performance is not necessarily an indication of how the Series will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

On April 30, 2021, Delaware Management Company became the Series' investment manager. The returns shown from before April 30, 2021 are from the Series' prior investment manager.

You may obtain the Series' most recently available month-end performance by calling 800 523-1918 or by visiting our website at nomuraassetmanagement.com/vip-performance.

Performance reflects all Series expenses but does not include any fees or sales charges imposed by variable insurance contracts. If they had been included, the returns shown below would be lower. Investors should consult the variable contract prospectus for more information.

**Calendar year-by-year total return (Service Class)**

![image](pr2628img029.jpg)

During the periods illustrated in this bar chart, Service Class's highest quarterly return was 15.60% for the quarter ended June 30, 2020, and its lowest quarterly return was -14.48% for the quarter ended March 31, 2020.

------

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Series summary

**Average annual total returns for periods ended December 31,** **2025**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years |
| Service Class...........................................................  | 13.50% | 6.81% | 8.01% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes).....................  | 17.88% | 14.42% | 14.82% |
| Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes).........  | 7.30% | -0.36% | 2.01% |
| Current Blended Benchmark (reflects no deduction for fees, expenses, or taxes)\*...........  | 16.35% | 7.97% | 9.21% |
| Russell 3000 Index (reflects no deduction for fees, expenses, or taxes)..................  | 17.15% | 13.15% | 14.29% |
| Bloomberg US Credit Index (reflects no deduction for fees, expenses, or taxes)............  | 7.83% | -0.05% | 3.15% |
| MSCI EAFE Index (net) (reflects no deduction for fees or expenses)....................  | 31.22% | 8.92% | 8.18% |
| MSCI EAFE Index (gross) (reflects no deduction for fees, expenses, or taxes).............  | 31.89% | 9.47% | 8.72% |
| Bloomberg 1-3 Year US Government/Credit Index (reflects no deduction for fees, expenses, or <br>taxes)...............................................................  | 5.35% | 1.97% | 2.09% |

---

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

\* The Current Blended Benchmark is computed using a combination of 45% Russell 3000 Index + 25% Bloomberg US Credit Index + 20% MSCI EAFE Index + 10% Bloomberg 1-3 Year US Government/Credit Index.

**Who manages the Series?**

**Investment manager**

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

---

| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title** | &nbsp;&nbsp; **Start date on the Series** |
|  Stefan Löwenthal, CFA  | &nbsp;&nbsp; Managing Director, Chief Investment Officer of Global Multi-Asset | &nbsp;&nbsp; November 2021 |
|  Jürgen Wurzer, CFA  | &nbsp;&nbsp; Managing Director, Deputy Head of Global Multi-Asset | &nbsp;&nbsp; November 2021 |
|  Aaron Young  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager - Global Multi-Asset | &nbsp;&nbsp; October 2016 |

---

Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

**Purchase and redemption of Series shares**

Shares are sold, directly or indirectly, to separate accounts of life insurance companies at net asset value (NAV). Please refer to the variable annuity or variable life insurance product contract prospectus for more information about the purchase and redemption of shares.

**Tax information**

The dividends and distributions paid from the Series to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Series must be purchased through separate accounts used to fund variable annuity contracts or variable life insurance contracts (variable contracts), such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. You should refer to your variable contract prospectus for more information on these tax consequences.

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Series through a broker/dealer or other financial intermediary (such as an insurance company), the Series and its related companies may pay the intermediary for the sale of Series shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Series over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

------

[Back to **Table of Contents**](#TOC_2628)

---

| |
|:---|
| Series summary |
| **Nomura VIP Pathfinder Moderately Conservative Series,** a series of Ivy Variable Insurance Portfolios<br>(formerly, Macquarie VIP Pathfinder Moderately Conservative Series) |

---

**What is the Series' investment objective?**

Nomura VIP Pathfinder Moderately Conservative Series seeks to provide total return consistent with a moderately conservative level of risk as compared to the other Nomura VIP Pathfinder Series.

**What are the Series' fees and expenses?**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table and example do not reflect any fees or sales charges imposed by variable insurance contracts. If they did, the expenses would be higher.

**Annual series operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | |
|:---|:---|
| Class | Service |
| Management fees.................................................................................  | 0.00% |
| Distribution and service (12b-1) fees....................................................................  |  |
| Other expenses ..................................................................................  | 0.08% |
| Acquired fund fees and expenses......................................................................  | 0.83%<sup>1</sup> |
| Total annual series operating expenses.................................................................  | 0.91%<sup>2</sup> |

---

---

| | |
|:---|:---|
| 1 | Acquired fund fees and expenses sets forth the Series' pro rata portion of the cumulative expenses charged by the Underlying Funds (defined below) in which the Series invested during the last fiscal year. The actual acquired fund fees and expenses will vary with changes in the allocations of the Series' assets. These expenses are not direct costs paid by Series shareholders, and are not used to calculate the Series' NAV. |

---

---

| | |
|:---|:---|
| 2 | The total annual series operating expenses ratio shown above does not correlate to the expense ratio shown in the Financial Highlights table because that ratio does not include the acquired fund fees and expenses. |

---

**Example**

This example is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| Class | Service |
| 1 year............................................................................................  | $93 |
| 3 years...........................................................................................  | $290 |
| 5 years...........................................................................................  | $504 |
| 10 years..........................................................................................  | $1120 |

---

**Portfolio turnover**

The Series does not incur transaction costs, such as commissions, when it buys and sells shares of underlying funds, but it could pay transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in the annual series operating expenses or in the example, affect the Series' performance. During the most recent fiscal year, the Series' portfolio turnover rate was 37% of the average value of its portfolio.

**What are the Series' principal investment strategies?**

Nomura VIP Pathfinder Moderately Conservative Series seeks to achieve its objective by allocating its assets among asset classes so that approximately 45-65% of the value of the Series' assets are in equities (with a maximum of 20% allocated to international/global stocks) and approximately 35-55% of the Series' assets are in fixed income (including cash). The Series implements this allocation by investing primarily in other Nomura Funds (Underlying Funds). The Series typically will invest in Standard Class shares of an Underlying Fund. To the extent an Underlying Fund does not offer Standard Class shares, the Series generally will invest in Service Class shares of such Underlying Fund. Shorter-term allocations may vary from the target ranges described above. For the most current list of Underlying Funds in which the Series invests, please see the Series' most recent shareholder report or Series holdings disclosures. For more information about the investment strategies and risks of an Underlying Fund, see such Underlying Fund's prospectus.

------

[Back to **Table of Contents**](#TOC_2628)

Series summary

These allocations are projections only and may be changed by Delaware Management Company (Manager), the Series' investment manager, from time to time. Actual allocations are not limited to the ranges described above and may vary. The Manager monitors the Series' holdings and cash flow and will periodically adjust the Series' asset allocation to realign it with the Series' risk profile and investment strategies. The Manager evaluates the Series' asset allocation on an ongoing basis in view of its risk profile and strategies. This means that allocation changes will be made as needed in the view of the Manager. The Manager applies a long-term investment horizon with respect to the Series; therefore, allocation changes may not be made in response to short-term market conditions. The Series does not intend to actively trade among the Underlying Funds, nor does it intend to attempt to capture short-term market opportunities.

By owning shares of the Underlying Funds, the Series indirectly holds a diversified mixture of stocks of US and, to a lesser extent, international/global stocks that typically are large-capitalization; the Series also indirectly holds a mixture of investment-grade corporate bonds, US government securities and, to a lesser extent, a mixture of non-investment-grade corporate bonds and money market instruments.

The Series is intended for investors who have a lower tolerance for risk and whose primary goal is income, who have a shorter time horizon or who are willing to accept some amount of market volatility in exchange for greater potential income and growth.

**What are the principal risks of investing in the Series?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Series will increase and decrease according to changes in the value of the securities in the Series' portfolio. An investment in the Series may not be appropriate for all investors. The Series' principal risks include:

**Market risk** — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**Asset allocation risk** — The risk associated with the allocation of a series' assets amongst varying underlying styles. Portfolio managers may make investment decisions independently of one another, and may make conflicting investment decisions which could be detrimental to a series' performance. There is a risk that the allocation of assets may skew toward a category or underlying fund that performs poorly relative to other categories or funds, or to the market as a whole, which could result in a series performing poorly.

**Derivatives risk** — Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in an unanticipated direction. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a series may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).

**Fund of funds risk** — The ability of a fund of funds to meet its investment objective is directly related to its investments in underlying funds and the ability of those funds to meet their investment objectives. A fund of funds' share price will likely change daily based on the performance of the underlying funds in which it invests. In general, a fund of funds is subject to the same risks as those of the underlying funds it holds.

<u>Equity funds risk</u>. The Series invests in underlying equity funds that are subject to market risk. Market risk is the risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

<u>Bond funds risk</u>. The Series invests in underlying fixed income funds that are subject to fixed income risk. Fixed income risk is the risk that bonds may decrease in value if interest rates increase; an issuer may not be able to make principal and interest payments when due; a bond may be prepaid prior to maturity; and, in the case of high yield bonds ("junk bonds"), such bonds may be subject to an increased risk of default, a more limited secondary market than investment grade bonds, and greater price volatility. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A series may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

**Foreign risk** — The risk that investments in foreign securities (particularly those of issuers in emerging markets) may be adversely affected by political instability, changes in currency exchange rates, inefficient markets and higher transaction costs, foreign economic conditions, the imposition of economic or trade sanctions, or inadequate or different regulatory and accounting standards.

------

[Back to **Table of Contents**](#TOC_2628)

**Investment company securities risk** — The risk that when a series invests in another investment company, shareholders of the series bear their proportionate share of the other investment company's fees and expenses as well as their share of the series' fees and expenses, which could result in the duplication of certain fees. Investment in other investment companies also typically reflects the risks of the types of securities in which the investment companies invest.

**Leveraging risk** — The risk that certain portfolio transactions, such as reverse repurchase agreements, short sales, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivatives instruments, may give rise to leverage, causing a series to be more volatile than if it had not been leveraged, which may result in increased losses to the series.

**Other risks applicable to a fund of funds structure** — There are other risks associated with a fund of funds structure. The Manager has the authority to select and replace underlying funds. The Manager is subject to a potential conflict of interest in doing so because the Manager serves as the investment manager to the affiliated underlying funds and the advisory fees paid by some of the affiliated underlying funds are higher than fees paid by other underlying funds. It is important to note, however, that the Manager has a fiduciary duty to the Series and must act in the Series' best interests.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a series has valued them.

**Active management and selection risk** — The risk that the securities selected by a series' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

**How has** **Nomura** **VIP Pathfinder Moderately Conservative Series performed?**

The bar chart and table below provide some indication of the risks of investing in the Series. The bar chart shows changes in the Series' performance from year to year and the table shows how the Series' average annual total returns for the 1-, 5-, and 10-year periods compare with those of broad measures of market performance and additional indexes with characteristics relevant to the Series. The Series' past performance is not necessarily an indication of how the Series will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

On April 30, 2021, Delaware Management Company became the Series' investment manager. The returns shown from before April 30, 2021 are from the Series' prior investment manager.

You may obtain the Series' most recently available month-end performance by calling 800 523-1918 or by visiting our website at nomuraassetmanagement.com/vip-performance.

Performance reflects all Series expenses but does not include any fees or sales charges imposed by variable insurance contracts. If they had been included, the returns shown below would be lower. Investors should consult the variable contract prospectus for more information.

**Calendar year-by-year total return (Service Class)**

![image](pr2628img030.jpg)

During the periods illustrated in this bar chart, Service Class's highest quarterly return was 14.04% for the quarter ended June 30, 2020, and its lowest quarterly return was -12.43% for the quarter ended March 31, 2020.

------

[Back to **Table of Contents**](#TOC_2628)

Series summary

**Average annual total returns for periods ended December 31,** **2025**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years |
| Service Class...........................................................  | 12.08% | 5.87% | 7.16% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes).....................  | 17.88% | 14.42% | 14.82% |
| Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes).........  | 7.30% | -0.36% | 2.01% |
| Current Blended Benchmark (reflects no deduction for fees, expenses, or taxes)\*...........  | 14.60% | 6.96% | 8.35% |
| Russell 3000 Index (reflects no deduction for fees, expenses, or taxes)..................  | 17.15% | 13.15% | 14.29% |
| Bloomberg US Credit Index (reflects no deduction for fees, expenses, or taxes)............  | 7.83% | -0.05% | 3.15% |
| MSCI EAFE Index (net) (reflects no deduction for fees or expenses)....................  | 31.22% | 8.92% | 8.18% |
| MSCI EAFE Index (gross) (reflects no deduction for fees, expenses, or taxes).............  | 31.89% | 9.47% | 8.72% |
| Bloomberg 1-3 Year US Government/Credit Index (reflects no deduction for fees, expenses, or <br>taxes)...............................................................  | 5.35% | 1.97% | 2.09% |

---

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

\* The Current Blended Benchmark is computed using a combination of 40% Russell 3000 Index + 30% Bloomberg US Credit Index + 15% MSCI EAFE Index + 15% Bloomberg 1-3 Year US Government/Credit Index.

**Who manages the Series?**

**Investment manager**

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

---

| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title** | &nbsp;&nbsp; **Start date on the Series** |
|  Stefan Löwenthal, CFA  | &nbsp;&nbsp; Managing Director, Chief Investment Officer of Global Multi-Asset | &nbsp;&nbsp; November 2021 |
|  Jürgen Wurzer, CFA  | &nbsp;&nbsp; Managing Director, Deputy Head of Global Multi-Asset | &nbsp;&nbsp; November 2021 |
|  Aaron Young  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager - Global Multi-Asset | &nbsp;&nbsp; October 2016 |

---

Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

**Purchase and redemption of Series shares**

Shares are sold, directly or indirectly, to separate accounts of life insurance companies at net asset value (NAV). Please refer to the variable annuity or variable life insurance product contract prospectus for more information about the purchase and redemption of shares.

**Tax information**

The dividends and distributions paid from the Series to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Series must be purchased through separate accounts used to fund variable annuity contracts or variable life insurance contracts (variable contracts), such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. You should refer to your variable contract prospectus for more information on these tax consequences.

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Series through a broker/dealer or other financial intermediary (such as an insurance company), the Series and its related companies may pay the intermediary for the sale of Series shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Series over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

------

[Back to **Table of Contents**](#TOC_2628)

---

| |
|:---|
| Series summary |
| **Nomura VIP Pathfinder Conservative Series,** a series of Ivy Variable Insurance Portfolios<br>(formerly, Macquarie VIP Pathfinder Conservative Series) |

---

**What is the Series' investment objective?**

Nomura VIP Pathfinder Conservative Series seeks to provide total return consistent with a conservative level of risk as compared to the other Nomura VIP Pathfinder Series.

**What are the Series' fees and expenses?**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table and example do not reflect any fees or sales charges imposed by variable insurance contracts. If they did, the expenses would be higher.

**Annual series operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | |
|:---|:---|
| Class | Service |
| Management fees.................................................................................  | 0.00% |
| Distribution and service (12b-1) fees....................................................................  |  |
| Other expenses ..................................................................................  | 0.14% |
| Acquired fund fees and expenses......................................................................  | 0.82%<sup>1</sup> |
| Total annual series operating expenses.................................................................  | 0.96%<sup>2</sup> |
| Fee waivers and expense reimbursements...............................................................  | (0.00%)<sup>3</sup> |
| Total annual series operating expenses after fee waivers and expense reimbursement................................  | 0.96% |

---

---

| | |
|:---|:---|
| 1 | Acquired fund fees and expenses sets forth the Series' pro rata portion of the cumulative expenses charged by the Underlying Funds (defined below) in which the Series invested during the last fiscal year. The actual acquired fund fees and expenses will vary with changes in the allocations of the Series' assets. These expenses are not direct costs paid by Series shareholders, and are not used to calculate the Series' NAV. |

---

---

| | |
|:---|:---|
| 2 | The total annual series operating expenses ratio shown above does not correlate to the expense ratio shown in the Financial Highlights table because that ratio does not include the acquired fund fees and expenses. |

---

---

| | |
|:---|:---|
| 3 | The Series' investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual series operating expenses from exceeding 0.14% of the Series' average daily net assets from April 30, 2026 through April 29, 2027. These waivers and reimbursements may only be terminated by agreement of the Manager and the Series. |

---

**Example**

This example is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the Manager's expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| Class | Service |
| 1 year............................................................................................  | $98 |
| 3 years...........................................................................................  | $306 |
| 5 years...........................................................................................  | $531 |
| 10 years..........................................................................................  | $1178 |

---

**Portfolio turnover**

The Series does not incur transaction costs, such as commissions, when it buys and sells shares of underlying funds, but it could pay transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in the annual series operating expenses or in the example, affect the Series' performance. During the most recent fiscal year, the Series' portfolio turnover rate was 35% of the average value of its portfolio.

**What are the Series' principal investment strategies?**

Nomura VIP Pathfinder Conservative Series seeks to achieve its objective by allocating its assets among asset classes so that approximately 35-55% of the value of the Series' assets are in equities (in stocks of various capitalization levels, but primarily large-capitalization stocks and with a maximum of 15% allocated to international/global stocks) and approximately 45-65% of the Series' assets are in fixed income (including cash). The

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Series summary

Series implements this allocation by investing primarily in other Nomura Funds (Underlying Funds). The Series typically will invest in Standard Class shares of an Underlying Fund. To the extent an Underlying Fund does not offer Standard Class shares, the Series generally will invest in Service Class shares of such Underlying Fund. Shorter-term allocations may vary from the target ranges described above. For the most current list of Underlying Funds in which the Series invests, please see the Series' most recent shareholder report or Series holdings disclosures. For more information about the investment strategies and risks of an Underlying Fund, see such Underlying Fund's prospectus.

These allocations are projections only and may be changed by Delaware Management Company (Manager), the Series' investment manager, from time to time. Actual allocations are not limited to the ranges described above and may vary. The Manager monitors the Series' holdings and cash flow and will periodically adjust the Series' asset allocation to realign it with the Series' risk profile and investment strategies. The Manager evaluates the Series' asset allocation on an ongoing basis in view of its risk profile and strategies. This means that allocation changes will be made as needed in the view of the Manager. The Manager applies a long-term investment horizon with respect to the Series; therefore, allocation changes may not be made in response to short-term market conditions. The Series does not intend to actively trade among the Underlying Funds, nor does it intend to attempt to capture short-term market opportunities.

By owning shares of the Underlying Funds, the Series indirectly holds a diversified mixture of money market instruments, investment-grade corporate bonds, US government securities, and, to a lesser extent, stocks of primarily large-capitalization companies.

The Series is intended for investors who have a low tolerance for risk and whose primary goal is income, or who have a short time horizon.

**What are the principal risks of investing in the Series?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Series will increase and decrease according to changes in the value of the securities in the Series' portfolio. An investment in the Series may not be appropriate for all investors. The Series' principal risks include:

**Market risk** — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**Asset allocation risk** — The risk associated with the allocation of a series' assets amongst varying underlying styles. Portfolio managers may make investment decisions independently of one another, and may make conflicting investment decisions which could be detrimental to a series' performance. There is a risk that the allocation of assets may skew toward a category or underlying fund that performs poorly relative to other categories or funds, or to the market as a whole, which could result in a series performing poorly.

**Derivatives risk** — Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in an unanticipated direction. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a series may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).

**Fund of funds risk** — The ability of a fund of funds to meet its investment objective is directly related to its investments in underlying funds and the ability of those funds to meet their investment objectives. A fund of funds' share price will likely change daily based on the performance of the underlying funds in which it invests. In general, a fund of funds is subject to the same risks as those of the underlying funds it holds.

<u>Equity funds risk</u>. The Series invests in underlying equity funds that are subject to market risk. Market risk is the risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

<u>Bond funds risk</u>. The Series invests in underlying fixed income funds that are subject to fixed income risk. Fixed income risk is the risk that bonds may decrease in value if interest rates increase; an issuer may not be able to make principal and interest payments when due; a bond may be prepaid prior to maturity; and, in the case of high yield bonds ("junk bonds"), such bonds may be subject to an increased risk of default, a more limited secondary market than investment grade bonds, and greater price volatility. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A series may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

**Foreign risk** — The risk that investments in foreign securities (particularly those of issuers in emerging markets) may be adversely affected by political instability, changes in currency exchange rates, inefficient markets and higher transaction costs, foreign economic conditions, the imposition of economic or trade sanctions, or inadequate or different regulatory and accounting standards.

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**Investment company securities risk** — The risk that when a series invests in another investment company, shareholders of the series bear their proportionate share of the other investment company's fees and expenses as well as their share of the series' fees and expenses, which could result in the duplication of certain fees. Investment in other investment companies also typically reflects the risks of the types of securities in which the investment companies invest.

**Leveraging risk** — The risk that certain portfolio transactions, such as reverse repurchase agreements, short sales, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivatives instruments, may give rise to leverage, causing a series to be more volatile than if it had not been leveraged, which may result in increased losses to the series.

**Other risks applicable to a fund of funds structure** — There are other risks associated with a fund of funds structure. The Manager has the authority to select and replace underlying funds. The Manager is subject to a potential conflict of interest in doing so because the Manager serves as the investment manager to the affiliated underlying funds and the advisory fees paid by some of the affiliated underlying funds are higher than fees paid by other underlying funds. It is important to note, however, that the Manager has a fiduciary duty to the Series and must act in the Series' best interests.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a series has valued them.

**Active management and selection risk** — The risk that the securities selected by a series' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

**How has** **Nomura** **VIP Pathfinder Conservative Series performed?**

The bar chart and table below provide some indication of the risks of investing in the Series. The bar chart shows changes in the Series' performance from year to year and the table shows how the Series' average annual total returns for the 1-, 5-, and 10-year periods compare with those of broad measures of market performance and additional indexes with characteristics relevant to the Series. The Series' past performance is not necessarily an indication of how the Series will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

On April 30, 2021, Delaware Management Company became the Series' investment manager. The returns shown from before April 30, 2021 are from the Series' prior investment manager.

You may obtain the Series' most recently available month-end performance by calling 800 523-1918 or by visiting our website at nomuraassetmanagement.com/vip-performance.

Performance reflects all Series expenses but does not include any fees or sales charges imposed by variable insurance contracts. If they had been included, the returns shown below would be lower. Investors should consult the variable contract prospectus for more information.

**Calendar year-by-year total return (Service Class)**

![image](pr2628img031.jpg)

During the periods illustrated in this bar chart, Service Class's highest quarterly return was 12.39% for the quarter ended June 30, 2020, and its lowest quarterly return was -10.22% for the quarter ended March 31, 2020.

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Series summary

**Average annual total returns for periods ended December 31,** **2025**

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| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years |
| Service Class...........................................................  | 10.44% | 4.91% | 6.23% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes).....................  | 17.88% | 14.42% | 14.82% |
| Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes).........  | 7.30% | -0.36% | 2.01% |
| Current Blended Benchmark (reflects no deduction for fees, expenses, or taxes)\*...........  | 12.86% | 5.95% | 7.49% |
| Russell 3000 Index (reflects no deduction for fees, expenses, or taxes)..................  | 17.15% | 13.15% | 14.29% |
| Bloomberg US Credit Index (reflects no deduction for fees, expenses, or taxes)............  | 7.83% | -0.05% | 3.15% |
| Bloomberg 1-3 Year US Government/Credit Index (reflects no deduction for fees, expenses, or <br>taxes)...............................................................  | 5.35% | 1.97% | 2.09% |
| MSCI EAFE Index (net) (reflects no deduction for fees or expenses)....................  | 31.22% | 8.92% | 8.18% |
| MSCI EAFE Index (gross) (reflects no deduction for fees, expenses, or taxes).............  | 31.89% | 9.47% | 8.72% |

---

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

\* The Current Blended Benchmark is computed using a combination of 35% Russell 3000 Index + 35% Bloomberg US Credit Index + 20% Bloomberg 1-3 Year US Government/Credit Index + 10% MSCI EAFE Index.

**Who manages the Series?**

**Investment manager**

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

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| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title** | &nbsp;&nbsp; **Start date on the Series** |
|  Stefan Löwenthal, CFA  | &nbsp;&nbsp; Managing Director, Chief Investment Officer of Global Multi-Asset | &nbsp;&nbsp; November 2021 |
|  Jürgen Wurzer, CFA  | &nbsp;&nbsp; Managing Director, Deputy Head of Global Multi-Asset | &nbsp;&nbsp; November 2021 |
|  Aaron Young  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager - Global Multi-Asset | &nbsp;&nbsp; October 2016 |

---

Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

**Purchase and redemption of Series shares**

Shares are sold, directly or indirectly, to separate accounts of life insurance companies at net asset value (NAV). Please refer to the variable annuity or variable life insurance product contract prospectus for more information about the purchase and redemption of shares.

**Tax information**

The dividends and distributions paid from the Series to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Series must be purchased through separate accounts used to fund variable annuity contracts or variable life insurance contracts (variable contracts), such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. You should refer to your variable contract prospectus for more information on these tax consequences.

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Series through a broker/dealer or other financial intermediary (such as an insurance company), the Series and its related companies may pay the intermediary for the sale of Series shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Series over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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| |
|:---|
| Series summary |
| **Nomura VIP Pathfinder Moderate — Managed Volatility Series,** a series of Ivy Variable Insurance Portfolios<br>(formerly, Macquarie VIP Pathfinder Moderate — Managed Volatility Series) |

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**What is the Series' investment objective?**

Nomura VIP Pathfinder Moderate — Managed Volatility Series seeks to provide total return consistent with a moderate level of risk as compared to the other Nomura VIP Pathfinder Managed Volatility Series, while seeking to manage volatility of investment return.

**What are the Series' fees and expenses?**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table and example do not reflect any fees or sales charges imposed by variable insurance contracts. If they did, the expenses would be higher.

**Annual series operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

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| | |
|:---|:---|
| Class | Service |
| Management fees.................................................................................  | 0.20% |
| Distribution and service (12b-1) fees....................................................................  |  |
| Other expenses ..................................................................................  | 0.05% |
| Acquired fund fees and expenses......................................................................  | 0.83%<sup>1</sup> |
| Total annual series operating expenses.................................................................  | 1.08%<sup>2</sup> |
| Fee waivers and expense reimbursements ...............................................................  | (0.09%)<sup>3</sup> |
| Total annual series operating expenses after fee waivers and expense reimbursements...............................  | 0.99% |

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| | |
|:---|:---|
| 1 | Acquired fund fees and expenses sets forth the Series' pro rata portion of the cumulative expenses charged by the Underlying Funds (defined below) in which the Series invested during the last fiscal year. The actual acquired fund fees and expenses will vary with changes in the allocations of the Series' assets. These expenses are not direct costs paid by Series shareholders, and are not used to calculate the Series' NAV. |

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| | |
|:---|:---|
| 2 | The total annual series operating expenses ratio shown above does not correlate to the expense ratio shown in the Financial Highlights table because that ratio does not include the acquired fund fees and expenses. |

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| | |
|:---|:---|
| 3 | The Series' investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual series operating expenses from exceeding 0.16% of the Series' average daily net assets from April 30, 2026 through April 29, 2027. These waivers and reimbursements may only be terminated by agreement of the Manager and the Series. |

---

**Example**

This example is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the Manager's expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | |
|:---|:---|
| Class | Service |
| 1 year............................................................................................  | $101 |
| 3 years...........................................................................................  | $335 |
| 5 years...........................................................................................  | $587 |
| 10 years..........................................................................................  | $1309 |

---

**Portfolio turnover**

The Series does not incur transaction costs, such as commissions, when it buys and sells shares of underlying funds, but it could pay transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in the annual series operating expenses or in the example, affect the Series' performance. During the most recent fiscal year, the Series' portfolio turnover rate was 42% of the average value of its portfolio.

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Series summary

**What are the Series' principal investment strategies?**

Nomura VIP Pathfinder Moderate — Managed Volatility Series seeks to achieve its objective by investing primarily in various Nomura Funds (Underlying Funds) and by utilizing a volatility management strategy that is intended to manage volatility of the Series' equity returns. The Manager manages the Series' investments in the Underlying Funds and other assets that are not part of the volatility management strategy. An investment subadviser, Securian Asset Management, Inc. (Securian AM), manages the volatility management strategy of the Series.

Under normal circumstances, the Manager allocates approximately 90-98% (although such amounts may be higher than 98%, depending upon market conditions) of the Series' assets among asset classes so that approximately 45-75% of the value of this portion of the Series' assets are in equities (with a maximum of 25% allocated to international/global stocks) and approximately 25-55% of this portion of the Series' assets are in fixed income (including cash). The Series implements this allocation by investing primarily in the Underlying Funds. The Series typically will invest in Standard Class shares of an Underlying Fund. To the extent an Underlying Fund does not offer Standard Class shares, the Series generally will invest in Service Class shares of such Underlying Fund. Shorter-term allocations may vary from the target ranges described above. For the most current list of Underlying Funds in which the Series invests, please see the Series' most recent shareholder report or Series holdings disclosures. For more information about the investment strategies and risks of an Underlying Fund, see such Underlying Fund's prospectus.

The Series allocates its remaining assets to a volatility management strategy that is intended to manage the volatility of the Series' equity returns in an attempt to stabilize the equity returns of the Series. Securian AM does not intend to attempt to manage the volatility of the Series' fixed-income returns. Securian AM executes this volatility management strategy by increasing or reducing, through the use of exchange-traded futures contracts on certain equity indexes, the Series' exposure to equity assets. For example, when the recent historical volatility of the equity portion of the Series is relatively high, Securian AM will seek to reduce the Series' exposure to equity assets by either selling exchange-traded futures contracts (taking short positions in such contracts) or reducing its long positions in exchange-traded futures contracts. When the recent historical volatility of the equity portion of the Series is relatively low, Securian AM will seek to increase the Series' exposure to equity assets by either purchasing exchange-traded futures contracts (taking long positions in such contracts) or reducing its short positions in exchange-traded futures contracts. Volatility is a statistical measurement of the magnitude of fluctuations in the value of a financial instrument or index over time. Volatility may result in rapid and dramatic price swings.

The amount of Series assets allocated to the volatility management strategy typically will, under normal circumstances, range between 2-10% (although such amounts may be lower than 2%, depending upon market conditions) of the market value of the Series' assets, which will consist primarily of assets maintained as margin for those futures contracts and also may include cash held for use in the strategy. Shorter-term allocations may vary from this 2-10% range. In order to maintain its derivatives positions in the volatility management strategy, the Manager may, from time to time, sell certain Series assets, which may include redemption of shares of Underlying Funds.

The use of exchange-traded futures contracts may have the effect of introducing leverage into the Series, since the amount required to enter into such contracts is small in relation to the investment exposure of such contracts. Although the amount of the Series' assets allocated to the volatility management strategy typically will range between 2-10%, the volatility management strategy may seek to increase or decrease the Series' exposure to equity assets by a substantial amount when the recent historical volatility in the equity portion of the Series is relatively high or low and create investment exposure greater than the amount of assets used to implement the strategy. However, the Series' overall exposure to equity assets as a result of investing in exchange-traded futures contracts within the volatility management strategy typically will not exceed the maximum equity allocation described above or decrease the Series' overall exposure to equity assets below 10% of the Series' assets.

These allocations are projections only and may be changed by the Manager from time to time. Actual allocations are not limited to the ranges described above and may vary. The Manager monitors the Series' holdings and cash flow and will periodically adjust the Series' asset allocation to realign it with the Series' risk profile and investment strategies. The Manager evaluates the Series' asset allocation on an ongoing basis in view of its risk profile and strategies. This means that allocation changes will be made as needed in the view of the Manager. The Manager applies a long-term investment horizon with respect to the Series; therefore, allocation changes may not be made in response to short-term market conditions. The Series does not intend to actively trade among the Underlying Funds, nor does it intend to attempt to capture short-term market opportunities.

By owning shares of the Underlying Funds, the Series indirectly holds a well-diversified mixture of both growth-oriented and value-oriented, primarily large-capitalization, US and, to a lesser extent, international/global stocks, as well as a mixture of investment-grade and non-investment-grade corporate bonds, US government securities and money market instruments.

The Series is intended for investors who have a lower tolerance for risk than more aggressive investors but seek to manage the volatility of their investment and who are seeking both growth and income, who have a longer time horizon, or who are willing to accept moderate short-term price fluctuations in exchange for potential longer-term returns.

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**What are the principal risks of investing in the Series?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Series will increase and decrease according to changes in the value of the securities in the Series' portfolio. An investment in the Series may not be appropriate for all investors. The Series' principal risks include:

**Market risk** — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**Asset allocation risk** — The risk associated with the allocation of a series' assets amongst varying underlying styles. Portfolio managers may make investment decisions independently of one another, and may make conflicting investment decisions which could be detrimental to a series' performance. There is a risk that the allocation of assets may skew toward a category or underlying fund that performs poorly relative to other categories or funds, or to the market as a whole, which could result in a series performing poorly.

**Derivatives risk** — Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in an unanticipated direction. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a series may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).

**Fund of funds risk** — The ability of a fund of funds to meet its investment objective is directly related to its investments in underlying funds and the ability of those funds to meet their investment objectives. A fund of funds' share price will likely change daily based on the performance of the underlying funds in which it invests. In general, a fund of funds is subject to the same risks as those of the underlying funds it holds.

<u>Equity funds risk</u>. The Series invests in underlying equity funds that are subject to market risk. Market risk is the risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

<u>Bond funds risk</u>. The Series invests in underlying fixed income funds that are subject to fixed income risk. Fixed income risk is the risk that bonds may decrease in value if interest rates increase; an issuer may not be able to make principal and interest payments when due; a bond may be prepaid prior to maturity; and, in the case of high yield bonds ("junk bonds"), such bonds may be subject to an increased risk of default, a more limited secondary market than investment grade bonds, and greater price volatility. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A series may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

**Foreign risk** — The risk that investments in foreign securities (particularly those of issuers in emerging markets) may be adversely affected by political instability, changes in currency exchange rates, inefficient markets and higher transaction costs, foreign economic conditions, the imposition of economic or trade sanctions, or inadequate or different regulatory and accounting standards.

**Investment company securities risk** — The risk that when a series invests in another investment company, shareholders of the series bear their proportionate share of the other investment company's fees and expenses as well as their share of the series' fees and expenses, which could result in the duplication of certain fees. Investment in other investment companies also typically reflects the risks of the types of securities in which the investment companies invest.

**Leveraging risk** — The risk that certain portfolio transactions, such as reverse repurchase agreements, short sales, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivatives instruments, may give rise to leverage, causing a series to be more volatile than if it had not been leveraged, which may result in increased losses to the series.

**Managed volatility strategy risk** — The risk that the investment manager may be unsuccessful in managing volatility and that the portfolio may experience a high level of volatility in its returns. The series' holdings are subject to price volatility, and the series may not be any less volatile than the market as a whole and could be more volatile. In addition, there can be no guarantee that the series will achieve its goal of managing the volatility of its equity returns. Furthermore, while the management of volatility seeks competitive returns with more consistent volatility, the management of volatility does not ensure that the series will deliver competitive returns. Additionally, even if successful, the series' management of volatility also may generally result in the series' NAV increasing to a lesser degree than the markets (e.g., in a rising market with relatively high volatility) or decreasing to a greater degree than the market (e.g., in a declining market with relatively low volatility). The series' managed volatility strategy may expose the series to losses (some of which may be sudden) to which it would not have otherwise been exposed if it invested only in Underlying Funds. Additionally, the derivatives used by the investment manager to hedge the value of the series are not identical to the Underlying Funds, and as a

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Series summary

result, the series' investment in derivatives may decline in value at the same time as the series' investment in Underlying Funds. The investment manager does not intend to attempt to manage the volatility of the series' fixed-income returns. It is possible that the fixed-income portion of the series, whose volatility would not be managed by the volatility management strategy, could become more volatile than the equity portion of the series.

**Other risks applicable to a fund of funds structure** — There are other risks associated with a fund of funds structure. The Manager has the authority to select and replace underlying funds. The Manager is subject to a potential conflict of interest in doing so because the Manager serves as the investment manager to the affiliated underlying funds and the advisory fees paid by some of the affiliated underlying funds are higher than fees paid by other underlying funds. It is important to note, however, that the Manager has a fiduciary duty to the Series and must act in the Series' best interests.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a series has valued them.

**Active management and selection risk** — The risk that the securities selected by a series' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

**How has** **Nomura** **VIP Pathfinder Moderate — Managed Volatility Series performed?**

The bar chart and table below provide some indication of the risks of investing in the Series. The bar chart shows changes in the Series' performance from year to year and the table shows how the Series' average annual total returns for the 1-, 5-, and 10-year periods compare with those of broad measures of market performance and additional indexes with characteristics relevant to the Series. The Series' past performance is not necessarily an indication of how the Series will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

On April 30, 2021, Delaware Management Company became the Series' investment manager. The returns shown from before April 30, 2021 are from the Series' prior investment manager.

You may obtain the Series' most recently available month-end performance by calling 800 523-1918 or by visiting our website at nomuraassetmanagement.com/vip-performance.

Performance reflects all Series expenses but does not include any fees or sales charges imposed by variable insurance contracts. If they had been included, the returns shown below would be lower. Investors should consult the variable contract prospectus for more information.

**Calendar year-by-year total return (Service Class)**

![image](pr2628img032.jpg)

During the periods illustrated in this bar chart, Service Class's highest quarterly return was 9.04% for the quarter ended December 31, 2020, and its lowest quarterly return was -11.06% for the quarter ended March 31, 2020.

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**Average annual total returns for periods ended December 31,** **2025**

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| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years |
| Service Class...........................................................  | 10.72% | 5.98% | 6.64% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes).....................  | 17.88% | 14.42% | 14.82% |
| Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes).........  | 7.30% | -0.36% | 2.01% |
| Current Blended Benchmark (reflects no deduction for fees, expenses, or taxes)\*...........  | 16.35% | 7.97% | 9.21% |
| Russell 3000 Index (reflects no deduction for fees, expenses, or taxes)..................  | 17.15% | 13.15% | 14.29% |
| Bloomberg US Credit Index (reflects no deduction for fees, expenses, or taxes)............  | 7.83% | -0.05% | 3.15% |
| MSCI EAFE Index (net) (reflects no deduction for fees or expenses)....................  | 31.22% | 8.92% | 8.18% |
| MSCI EAFE Index (gross) (reflects no deduction for fees, expenses, or taxes).............  | 31.89% | 9.47% | 8.72% |
| Bloomberg 1-3 Year US Government/Credit Index (reflects no deduction for fees, expenses, or <br>taxes)...............................................................  | 5.35% | 1.97% | 2.09% |

---

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

\* The Current Blended Benchmark is computed using a combination of 45% Russell 3000 Index + 25% Bloomberg US Credit Index + 20% MSCI EAFE Index + 10% Bloomberg 1-3 Year US Government/Credit Index.

**Who manages the Series?**

**Investment manager**

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

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| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title** | &nbsp;&nbsp; **Start date on the Series** |
|  Stefan Löwenthal, CFA  | &nbsp;&nbsp; Managing Director, Chief Investment Officer of Global Multi-Asset | &nbsp;&nbsp; November 2021 |
|  Jürgen Wurzer, CFA  | &nbsp;&nbsp; Managing Director, Deputy Head of Global Multi-Asset | &nbsp;&nbsp; November 2021 |
|  Aaron Young  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager - Global Multi-Asset | &nbsp;&nbsp; October 2016 |

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Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

**Sub-advisor**

Securian Asset Management, Inc. (Securian AM)

**Purchase and redemption of Series shares**

Shares are sold, directly or indirectly, to separate accounts of life insurance companies at net asset value (NAV). Please refer to the variable annuity or variable life insurance product contract prospectus for more information about the purchase and redemption of shares.

**Tax information**

The dividends and distributions paid from the Series to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Series must be purchased through separate accounts used to fund variable annuity contracts or variable life insurance contracts (variable contracts), such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. You should refer to your variable contract prospectus for more information on these tax consequences.

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Series through a broker/dealer or other financial intermediary (such as an insurance company), the Series and its related companies may pay the intermediary for the sale of Series shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Series over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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| |
|:---|
| Series summary |
| **Nomura VIP Pathfinder Moderately Aggressive — Managed Volatility Series,** a series of Ivy Variable Insurance Portfolios<br>(formerly, VIP Pathfinder Moderately Aggressive — Managed Volatility Series) |

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**What is the Series' investment objective?**

Nomura VIP Pathfinder Moderately Aggressive — Managed Volatility Series seeks to provide growth of capital, but also to seek income consistent with a moderately aggressive level of risk as compared to the other Nomura VIP Pathfinder Managed Volatility Series, while seeking to manage volatility of investment return.

**What are the Series' fees and expenses?**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table and example do not reflect any fees or sales charges imposed by variable insurance contracts. If they did, the expenses would be higher.

**Annual series operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

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| | |
|:---|:---|
| Class | Service |
| Management fees.................................................................................  | 0.20% |
| Distribution and service (12b-1) fees....................................................................  |  |
| Other expenses ..................................................................................  | 0.15% |
| Acquired fund fees and expenses......................................................................  | 0.84%<sup>1</sup> |
| Total annual series operating expenses.................................................................  | 1.19%<sup>2</sup> |
| Fee waivers and expense reimbursements ...............................................................  | (0.19%)<sup>3</sup> |
| Total annual series operating expenses after fee waivers and expense reimbursements...............................  | 1.00% |

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| | |
|:---|:---|
| 1 | Acquired fund fees and expenses sets forth the Series' pro rata portion of the cumulative expenses charged by the Underlying Funds (defined below) in which the Series invested during the last fiscal year. The actual acquired fund fees and expenses will vary with changes in the allocations of the Series' assets. These expenses are not direct costs paid by Series shareholders, and are not used to calculate the Series' NAV. |

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| | |
|:---|:---|
| 2 | The total annual series operating expenses ratio shown above does not correlate to the expense ratio shown in the Financial Highlights table because that ratio does not include the acquired fund fees and expenses. |

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| | |
|:---|:---|
| 3 | The Series' investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual series operating expenses from exceeding 0.16% of the Series' average daily net assets from April 30, 2026 through April 29, 2027. These waivers and reimbursements may only be terminated by agreement of the Manager and the Series. |

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**Example**

This example is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the Manager's expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | |
|:---|:---|
| Class | Service |
| 1 year............................................................................................  | $102 |
| 3 years...........................................................................................  | $359 |
| 5 years...........................................................................................  | $636 |
| 10 years..........................................................................................  | $1426 |

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**Portfolio turnover**

The Series does not incur transaction costs, such as commissions, when it buys and sells shares of underlying funds, but it could pay transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in the annual series operating expenses or in the example, affect the Series' performance. During the most recent fiscal year, the Series' portfolio turnover rate was 45% of the average value of its portfolio.

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**What are the Series' principal investment strategies?**

Nomura VIP Pathfinder Moderately Aggressive — Managed Volatility Series seeks to achieve its objective by investing primarily in various Nomura Funds (Underlying Funds) and by utilizing a volatility management strategy that is intended to manage volatility of the Series' equity returns. The Manager manages the Series' investments in the Underlying Funds and other assets that are not part of the volatility management strategy. An investment subadviser, Securian Asset Management, Inc. (Securian AM), manages the volatility management strategy of the Series.

Under normal circumstances, the Manager allocates approximately 90-98% (although such amounts may be higher than 98%, depending upon market conditions) of the Series' assets among asset classes so that approximately 55-85% of the value of this portion of the Series' assets are in equities (with a maximum of 30% allocated to international/global stocks) and approximately 15-45% of this portion of the Series' assets are in fixed income (including cash). The Series implements this allocation by investing primarily in the Underlying Funds. The Series typically will invest in Standard Class shares of an Underlying Fund. To the extent an Underlying Fund does not offer Standard Class shares, the Series generally will invest in Service Class shares of such Underlying Fund. Shorter-term allocations may vary from the target ranges described above. For the most current list of Underlying Funds in which the Series invests, please see the Series' most recent shareholder report or Series holdings disclosures. For more information about the investment strategies and risks of an Underlying Fund, see such Underlying Fund's prospectus.

The Series allocates its remaining assets to a volatility management strategy that is intended to manage the volatility of the Series' equity returns in an attempt to stabilize the equity returns of the Series. Securian AM does not intend to attempt to manage the volatility of the Series' fixed-income returns. Securian AM executes this volatility management strategy by increasing or reducing, through the use of exchange-traded futures contracts on certain equity indexes, the Series' exposure to equity assets. For example, when the recent historical volatility of the equity portion of the Series is relatively high, Securian AM will seek to reduce the Series' exposure to equity assets by either selling exchange-traded futures contracts (taking short positions in such contracts) or reducing its long positions in exchange-traded futures contracts. When the recent historical volatility of the equity portion of the Series is relatively low, Securian AM will seek to increase the Series' exposure to equity assets by either purchasing exchange-traded futures contracts (taking long positions in such contracts) or reducing its short positions in exchange-traded futures contracts. Volatility is a statistical measurement of the magnitude of fluctuations in the value of a financial instrument or index over time. Volatility may result in rapid and dramatic price swings.

The amount of Series assets allocated to the volatility management strategy typically will, under normal circumstances, range between 2-10% (although such amounts may be lower than 2%, depending upon market conditions) of the market value of the Series' assets, which will consist primarily of assets maintained as margin for those futures contracts and also may include cash held for use in the strategy. Shorter-term allocations may vary from this 2-10% range. In order to maintain its derivatives positions in the volatility management strategy, the Manager may, from time to time, sell certain Series assets, which may include redemption of shares of Underlying Funds.

The use of exchange-traded futures contracts may have the effect of introducing leverage into the Series, since the amount required to enter into such contracts is small in relation to the investment exposure of such contracts. Although the amount of the Series' assets allocated to the volatility management strategy typically will range between 2-10%, the volatility management strategy may seek to increase or decrease the Series' exposure to equity assets by a substantial amount when the recent historical volatility in the equity portion of the Series is relatively high or low and create investment exposure greater than the amount of assets used to implement the strategy. However, the Series' overall exposure to equity assets as a result of investing in exchange-traded futures contracts within the volatility management strategy typically will not exceed the maximum equity allocation described above or decrease the Series' overall exposure to equity assets below 20% of the Series' assets.

These allocations are projections only and may be changed by the Manager from time to time. Actual allocations are not limited to the ranges described above and may vary. The Manager monitors the Series' holdings and cash flow and will periodically adjust the Series' asset allocation to realign it with the Series' risk profile and investment strategies. The Manager evaluates the Series' asset allocation on an ongoing basis in view of its risk profile and strategies. This means that allocation changes will be made as needed in the view of the Manager. The Manager applies a long-term investment horizon with respect to the Series; therefore, allocation changes may not be made in response to short-term market conditions. The Series does not intend to actively trade among the Underlying Funds, nor does it intend to attempt to capture short-term market opportunities.

By owning shares of the Underlying Funds, the Series indirectly holds a well-diversified mixture of both growth-oriented and value-oriented US and international/global stocks and, to a lesser extent, a mixture of investment-grade and non-investment-grade corporate bonds, US government securities and money market instruments. Although the majority of the Series' indirect stock holdings are of US and foreign large-capitalization companies, the Series is likely to have some exposure to mid- and small-capitalization companies.

The Series is intended for investors who want to maximize returns over the long term, who have a tolerance for possible short-term losses and who seek some additional diversification but also seek to manage the volatility of their investment.

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Series summary

**What are the principal risks of investing in the Series?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Series will increase and decrease according to changes in the value of the securities in the Series' portfolio. An investment in the Series may not be appropriate for all investors. The Series' principal risks include:

**Market risk** — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**Asset allocation risk** — The risk associated with the allocation of a series' assets amongst varying underlying styles. Portfolio managers may make investment decisions independently of one another, and may make conflicting investment decisions which could be detrimental to a series' performance. There is a risk that the allocation of assets may skew toward a category or underlying fund that performs poorly relative to other categories or funds, or to the market as a whole, which could result in a series performing poorly.

**Derivatives risk** — Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in an unanticipated direction. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a series may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).

**Fund of funds risk** — The ability of a fund of funds to meet its investment objective is directly related to its investments in underlying funds and the ability of those funds to meet their investment objectives. A fund of funds' share price will likely change daily based on the performance of the underlying funds in which it invests. In general, a fund of funds is subject to the same risks as those of the underlying funds it holds.

<u>Equity funds risk</u>. The Series invests in underlying equity funds that are subject to market risk. Market risk is the risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

<u>Bond funds risk</u>. The Series invests in underlying fixed income funds that are subject to fixed income risk. Fixed income risk is the risk that bonds may decrease in value if interest rates increase; an issuer may not be able to make principal and interest payments when due; a bond may be prepaid prior to maturity; and, in the case of high yield bonds ("junk bonds"), such bonds may be subject to an increased risk of default, a more limited secondary market than investment grade bonds, and greater price volatility. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A series may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

**Foreign risk** — The risk that investments in foreign securities (particularly those of issuers in emerging markets) may be adversely affected by political instability, changes in currency exchange rates, inefficient markets and higher transaction costs, foreign economic conditions, the imposition of economic or trade sanctions, or inadequate or different regulatory and accounting standards.

**Investment company securities risk** — The risk that when a series invests in another investment company, shareholders of the series bear their proportionate share of the other investment company's fees and expenses as well as their share of the series' fees and expenses, which could result in the duplication of certain fees. Investment in other investment companies also typically reflects the risks of the types of securities in which the investment companies invest.

**Leveraging risk** — The risk that certain portfolio transactions, such as reverse repurchase agreements, short sales, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivatives instruments, may give rise to leverage, causing a series to be more volatile than if it had not been leveraged, which may result in increased losses to the series.

**Managed volatility strategy risk** — The risk that the investment manager may be unsuccessful in managing volatility and that the portfolio may experience a high level of volatility in its returns. The series' holdings are subject to price volatility, and the series may not be any less volatile than the market as a whole and could be more volatile. In addition, there can be no guarantee that the series will achieve its goal of managing the volatility of its equity returns. Furthermore, while the management of volatility seeks competitive returns with more consistent volatility, the management of volatility does not ensure that the series will deliver competitive returns. Additionally, even if successful, the series' management of volatility also may generally result in the series' NAV increasing to a lesser degree than the markets (e.g., in a rising market with relatively high volatility) or decreasing to a greater degree than the market (e.g., in a declining market with relatively low volatility). The series' managed volatility strategy may expose the series to losses (some of which may be sudden) to which it would not have otherwise been exposed if it invested only in Underlying Funds. Additionally, the derivatives used by the investment manager to hedge the value of the series are not identical to the Underlying Funds, and as a

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result, the series' investment in derivatives may decline in value at the same time as the series' investment in Underlying Funds. The investment manager does not intend to attempt to manage the volatility of the series' fixed-income returns. It is possible that the fixed-income portion of the series, whose volatility would not be managed by the volatility management strategy, could become more volatile than the equity portion of the series.

**Other risks applicable to a fund of funds structure** — There are other risks associated with a fund of funds structure. The Manager has the authority to select and replace underlying funds. The Manager is subject to a potential conflict of interest in doing so because the Manager serves as the investment manager to the affiliated underlying funds and the advisory fees paid by some of the affiliated underlying funds are higher than fees paid by other underlying funds. It is important to note, however, that the Manager has a fiduciary duty to the Series and must act in the Series' best interests.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a series has valued them.

**Active management and selection risk** — The risk that the securities selected by a series' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

**How has** **Nomura** **VIP Pathfinder Moderately Aggressive — Managed Volatility Series performed?**

The bar chart and table below provide some indication of the risks of investing in the Series. The bar chart shows changes in the Series' performance from year to year and the table shows how the Series' average annual total returns for the 1-, 5-, and 10-year periods compare with those of broad measures of market performance and additional indexes with characteristics relevant to the Series. The Series' past performance is not necessarily an indication of how the Series will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

On April 30, 2021, Delaware Management Company became the Series' investment manager. The returns shown from before April 30, 2021 are from the Series' prior investment manager.

You may obtain the Series' most recently available month-end performance by calling 800 523-1918 or by visiting our website at nomuraassetmanagement.com/vip-performance.

Performance reflects all Series expenses but does not include any fees or sales charges imposed by variable insurance contracts. If they had been included, the returns shown below would be lower. Investors should consult the variable contract prospectus for more information.

**Calendar year-by-year total return (Service Class)**

![image](pr2628img033.jpg)

During the periods illustrated in this bar chart, Service Class's highest quarterly return was 10.47% for the quarter ended December 31, 2020, and its lowest quarterly return was -13.29% for the quarter ended March 31, 2020.

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Series summary

**Average annual total returns for periods ended December 31,** **2025**

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| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years |
| Service Class...........................................................  | 12.08% | 6.87% | 7.48% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes).....................  | 17.88% | 14.42% | 14.82% |
| Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes).........  | 7.30% | -0.36% | 2.01% |
| Current Blended Benchmark (reflects no deduction for fees, expenses, or taxes)\*...........  | 18.11% | 8.97% | 10.05% |
| Russell 3000 Index (reflects no deduction for fees, expenses, or taxes)..................  | 17.15% | 13.15% | 14.29% |
| MSCI EAFE Index (net) (reflects no deduction for fees or expenses)....................  | 31.22% | 8.92% | 8.18% |
| MSCI EAFE Index (gross) (reflects no deduction for fees, expenses, or taxes).............  | 31.89% | 9.47% | 8.72% |
| Bloomberg US Credit Index (reflects no deduction for fees, expenses, or taxes)............  | 7.83% | -0.05% | 3.15% |
| Bloomberg 1-3 Year US Government/Credit Index (reflects no deduction for fees, expenses, or <br>taxes)...............................................................  | 5.35% | 1.97% | 2.09% |

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Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

\* The Current Blended Benchmark is computed using a combination of 50% Russell 3000 Index +25% MSCI EAFE Index + 20% Bloomberg US Credit Index + 5% Bloomberg 1-3 Year US Government/Credit Index.

**Who manages the Series?**

**Investment manager**

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

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| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title** | &nbsp;&nbsp; **Start date on the Series** |
|  Stefan Löwenthal, CFA  | &nbsp;&nbsp; Managing Director, Chief Investment Officer of Global Multi-Asset | &nbsp;&nbsp; November 2021 |
|  Jürgen Wurzer, CFA  | &nbsp;&nbsp; Managing Director, Deputy Head of Global Multi-Asset | &nbsp;&nbsp; November 2021 |
|  Aaron Young  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager - Global Multi-Asset | &nbsp;&nbsp; October 2016 |

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Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

**Sub-advisor**

Securian Asset Management, Inc. (Securian AM)

**Purchase and redemption of Series shares**

Shares are sold, directly or indirectly, to separate accounts of life insurance companies at net asset value (NAV). Please refer to the variable annuity or variable life insurance product contract prospectus for more information about the purchase and redemption of shares.

**Tax information**

The dividends and distributions paid from the Series to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Series must be purchased through separate accounts used to fund variable annuity contracts or variable life insurance contracts (variable contracts), such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. You should refer to your variable contract prospectus for more information on these tax consequences.

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Series through a broker/dealer or other financial intermediary (such as an insurance company), the Series and its related companies may pay the intermediary for the sale of Series shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Series over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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|:---|
| Series summary |
| **Nomura VIP Pathfinder Moderately Conservative — Managed Volatility Series,** a series of Ivy Variable Insurance Portfolios<br>(formerly, Macquarie VIP Pathfinder Moderately Conservative — Managed Volatility Series) |

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**What is the Series' investment objective?**

Nomura VIP Pathfinder Moderately Conservative — Managed Volatility Series seeks to provide total return consistent with a moderately conservative level of risk as compared to the other Nomura VIP Pathfinder Managed Volatility Series, while seeking to manage volatility of investment return.

**What are the Series' fees and expenses?**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table and example do not reflect any fees or sales charges imposed by variable insurance contracts. If they did, the expenses would be higher.

**Annual series operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

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| | |
|:---|:---|
| Class | Service |
| Management fees.................................................................................  | 0.20% |
| Distribution and service (12b-1) fees....................................................................  |  |
| Other expenses ..................................................................................  | 0.30% |
| Acquired fund fees and expenses......................................................................  | 0.82%<sup>1</sup> |
| Total annual series operating expenses.................................................................  | 1.32%<sup>2</sup> |
| Fee waivers and expense reimbursements ...............................................................  | (0.34%)<sup>3</sup> |
| Total annual series operating expenses after fee waivers and expense reimbursements...............................  | 0.98% |

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| | |
|:---|:---|
| 1 | Acquired fund fees and expenses sets forth the Series' pro rata portion of the cumulative expenses charged by the Underlying Funds (defined below) in which the Series invested during the last fiscal year. The actual acquired fund fees and expenses will vary with changes in the allocations of the Series' assets. These expenses are not direct costs paid by Series shareholders, and are not used to calculate the Series' NAV. |

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| | |
|:---|:---|
| 2 | The total annual series operating expenses ratio shown above does not correlate to the expense ratio shown in the Financial Highlights table because that ratio does not include the acquired fund fees and expenses. |

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|:---|:---|
| 3 | The Series' investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual series operating expenses from exceeding 0.16% of the Series' average daily net assets from April 30, 2026 through April 29, 2027. These waivers and reimbursements may only be terminated by agreement of the Manager and the Series. |

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**Example**

This example is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the Manager's expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | |
|:---|:---|
| Class | Service |
| 1 year............................................................................................  | $100 |
| 3 years...........................................................................................  | $385 |
| 5 years...........................................................................................  | $691 |
| 10 years..........................................................................................  | $1561 |

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**Portfolio turnover**

The Series does not incur transaction costs, such as commissions, when it buys and sells shares of underlying funds, but it could pay transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in the annual series operating expenses or in the example, affect the Series' performance. During the most recent fiscal year, the Series' portfolio turnover rate was 46% of the average value of its portfolio.

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Series summary

**What are the Series' principal investment strategies?**

Nomura VIP Pathfinder Moderately Conservative — Managed Volatility Series seeks to achieve its objective by investing primarily in various Nomura Funds (Underlying Funds) and by utilizing a volatility management strategy that is intended to manage volatility of the Series' equity returns. The Manager manages the Series' investments in the Underlying Funds and other assets that are not part of the volatility management strategy. An investment subadviser, Securian Asset Management, Inc. (Securian AM), manages the volatility management strategy of the Series.

Under normal circumstances, the Manager allocates approximately 90-98% (although such amounts may be higher than 98%, depending upon market conditions) of the Series' assets among asset classes so that approximately 35-65% of the value of this portion of the Series' assets are in equities (with a maximum of 20% allocated to international/global stocks) and approximately 35-65% of this portion of the Series' assets are in fixed income (including cash). The Series implements this allocation by investing primarily in the Underlying Funds. The Series typically will invest in Standard Class shares of an Underlying Fund. To the extent an Underlying Fund does not offer Standard Class shares, the Series generally will invest in Service Class shares of such Underlying Fund. Shorter-term allocations may vary from the target ranges described above. For the most current list of Underlying Funds in which the Series invests, please see the Series' most recent shareholder report or Series holdings disclosures. For more information about the investment strategies and risks of an Underlying Fund, see such Underlying Fund's prospectus.

The Series allocates its remaining assets to a volatility management strategy that is intended to manage the volatility of the Series' equity returns in an attempt to stabilize the equity returns of the Series. Securian AM does not intend to attempt to manage the volatility of the Series' fixed-income returns. Securian AM executes this volatility management strategy by increasing or reducing, through the use of exchange-traded futures contracts on certain equity indexes, the Series' exposure to equity assets. For example, when the recent historical volatility of the equity portion of the Series is relatively high, Securian AM will seek to reduce the Series' exposure to equity assets by either selling exchange-traded futures contracts (taking short positions in such contracts) or reducing its long positions in exchange-traded futures contracts. When the recent historical volatility of the equity portion of the Series is relatively low, Securian AM will seek to increase the Series' exposure to equity assets by either purchasing exchange-traded futures contracts (taking long positions in such contracts) or reducing its short positions in exchange-traded futures contracts. Volatility is a statistical measurement of the magnitude of fluctuations in the value of a financial instrument or index over time. Volatility may result in rapid and dramatic price swings.

The amount of Series assets allocated to the volatility management strategy typically will, under normal circumstances, range between 2-10% (although such amounts may be lower than 2%, depending upon market conditions) of the market value of the Series' assets, which will consist primarily of assets maintained as margin for those futures contracts and also may include cash held for use in the strategy. Shorter-term allocations may vary from this 2-10% range. In order to maintain its derivatives positions in the volatility management strategy, the Manager may, from time to time, sell certain Series assets, which may include redemption of shares of Underlying Funds.

The use of exchange-traded futures contracts may have the effect of introducing leverage into the Series, since the amount required to enter into such contracts is small in relation to the investment exposure of such contracts. Although the amount of the Series' assets allocated to the volatility management strategy typically will range between 2-10%, the volatility management strategy may seek to increase or decrease the Series' exposure to equity assets by a substantial amount when the recent historical volatility in the equity portion of the Series is relatively high or low and create investment exposure greater than the amount of assets used to implement the strategy. However, the Series' overall exposure to equity assets as a result of investing in exchange-traded futures contracts within the volatility management strategy typically will not exceed the maximum equity allocation described above or decrease the Series' overall exposure to equity assets below 10% of the Series' assets.

These allocations are projections only and may be changed by the Manager from time to time. Actual allocations are not limited to the ranges described above and may vary. The Manager monitors the Series' holdings and cash flow and will periodically adjust the Series' asset allocation to realign it with the Series' risk profile and investment strategies. The Manager evaluates the Series' asset allocation on an ongoing basis in view of its risk profile and strategies. This means that allocation changes will be made as needed in the view of the Manager. The Manager applies a long-term investment horizon with respect to the Series; therefore, allocation changes may not be made in response to short-term market conditions. The Series does not intend to actively trade among the Underlying Funds, nor does it intend to attempt to capture short-term market opportunities.

By owning shares of the Underlying Funds, the Series indirectly holds a diversified mixture of stocks of US and, to a lesser extent, international/global stocks that typically are large-capitalization; the Series also indirectly holds a mixture of investment-grade corporate bonds, US government securities and, to a lesser extent, a mixture of non-investment-grade corporate bonds and money market instruments.

The Series is intended for investors who have a lower tolerance for risk but seek to manage volatility of their investment and whose primary goal is income, who have a shorter time horizon or who are willing to accept some amount of market volatility in exchange for greater potential income and growth.

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**What are the principal risks of investing in the Series?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Series will increase and decrease according to changes in the value of the securities in the Series' portfolio. An investment in the Series may not be appropriate for all investors. The Series' principal risks include:

**Market risk** — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**Asset allocation risk** — The risk associated with the allocation of a series' assets amongst varying underlying styles. Portfolio managers may make investment decisions independently of one another, and may make conflicting investment decisions which could be detrimental to a series' performance. There is a risk that the allocation of assets may skew toward a category or underlying fund that performs poorly relative to other categories or funds, or to the market as a whole, which could result in a series performing poorly.

**Derivatives risk** — Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in an unanticipated direction. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a series may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).

**Fund of funds risk** — The ability of a fund of funds to meet its investment objective is directly related to its investments in underlying funds and the ability of those funds to meet their investment objectives. A fund of funds' share price will likely change daily based on the performance of the underlying funds in which it invests. In general, a fund of funds is subject to the same risks as those of the underlying funds it holds.

<u>Equity funds risk</u>. The Series invests in underlying equity funds that are subject to market risk. Market risk is the risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

<u>Bond funds risk</u>. The Series invests in underlying fixed income funds that are subject to fixed income risk. Fixed income risk is the risk that bonds may decrease in value if interest rates increase; an issuer may not be able to make principal and interest payments when due; a bond may be prepaid prior to maturity; and, in the case of high yield bonds ("junk bonds"), such bonds may be subject to an increased risk of default, a more limited secondary market than investment grade bonds, and greater price volatility. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A series may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

**Foreign risk** — The risk that investments in foreign securities (particularly those of issuers in emerging markets) may be adversely affected by political instability, changes in currency exchange rates, inefficient markets and higher transaction costs, foreign economic conditions, the imposition of economic or trade sanctions, or inadequate or different regulatory and accounting standards.

**Investment company securities risk** — The risk that when a series invests in another investment company, shareholders of the series bear their proportionate share of the other investment company's fees and expenses as well as their share of the series' fees and expenses, which could result in the duplication of certain fees. Investment in other investment companies also typically reflects the risks of the types of securities in which the investment companies invest.

**Leveraging risk** — The risk that certain portfolio transactions, such as reverse repurchase agreements, short sales, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivatives instruments, may give rise to leverage, causing a series to be more volatile than if it had not been leveraged, which may result in increased losses to the series.

**Managed volatility strategy risk** — The risk that the investment manager may be unsuccessful in managing volatility and that the portfolio may experience a high level of volatility in its returns. The series' holdings are subject to price volatility, and the series may not be any less volatile than the market as a whole and could be more volatile. In addition, there can be no guarantee that the series will achieve its goal of managing the volatility of its equity returns. Furthermore, while the management of volatility seeks competitive returns with more consistent volatility, the management of volatility does not ensure that the series will deliver competitive returns. Additionally, even if successful, the series' management of volatility also may generally result in the series' NAV increasing to a lesser degree than the markets (e.g., in a rising market with relatively high volatility) or decreasing to a greater degree than the market (e.g., in a declining market with relatively low volatility). The series' managed volatility strategy may expose the series to losses (some of which may be sudden) to which it would not have otherwise been exposed if it invested only in Underlying Funds. Additionally, the derivatives used by the investment manager to hedge the value of the series are not identical to the Underlying Funds, and as a

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Series summary

result, the series' investment in derivatives may decline in value at the same time as the series' investment in Underlying Funds. The investment manager does not intend to attempt to manage the volatility of the series' fixed-income returns. It is possible that the fixed-income portion of the series, whose volatility would not be managed by the volatility management strategy, could become more volatile than the equity portion of the series.

**Other risks applicable to a fund of funds structure** — There are other risks associated with a fund of funds structure. The Manager has the authority to select and replace underlying funds. The Manager is subject to a potential conflict of interest in doing so because the Manager serves as the investment manager to the affiliated underlying funds and the advisory fees paid by some of the affiliated underlying funds are higher than fees paid by other underlying funds. It is important to note, however, that the Manager has a fiduciary duty to the Series and must act in the Series' best interests.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a series has valued them.

**Active management and selection risk** — The risk that the securities selected by a series' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

**How has Nomura VIP Pathfinder Moderately Conservative — Managed Volatility Series performed?**

The bar chart and table below provide some indication of the risks of investing in the Series. The bar chart shows changes in the Series' performance from year to year and the table shows how the Series' average annual total returns for the 1-, 5-, and 10-year periods compare with those of broad measures of market performance and additional indexes with characteristics relevant to the Series. The Series' past performance is not necessarily an indication of how the Series will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

On April 30, 2021, Delaware Management Company became the Series' investment manager. The returns shown from before April 30, 2021 are from the Series' prior investment manager.

You may obtain the Series' most recently available month-end performance by calling 800 523-1918 or by visiting our website at nomuraassetmanagement.com/vip-performance.

Performance reflects all Series expenses but does not include any fees or sales charges imposed by variable insurance contracts. If they had been included, the returns shown below would be lower. Investors should consult the variable contract prospectus for more information.

**Calendar year-by-year total return (Service Class)**

![image](pr2628img034.jpg)

During the periods illustrated in this bar chart, Service Class's highest quarterly return was 8.62% for the quarter ended December 31, 2023, and its lowest quarterly return was -8.68% for the quarter ended March 31, 2020.

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**Average annual total returns for periods ended December 31,** **2025**

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| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years |
| Service Class...........................................................  | 9.26% | 4.95% | 5.83% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes).....................  | 17.88% | 14.42% | 14.82% |
| Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes).........  | 7.30% | -0.36% | 2.01% |
| Current Blended Benchmark (reflects no deduction for fees, expenses, or taxes)\*...........  | 14.60% | 6.96% | 8.35% |
| Russell 3000 Index (reflects no deduction for fees, expenses, or taxes)..................  | 17.15% | 13.15% | 14.29% |
| Bloomberg US Credit Index (reflects no deduction for fees, expenses, or taxes)............  | 7.83% | -0.05% | 3.15% |
| MSCI EAFE Index (net) (reflects no deduction for fees or expenses)....................  | 31.22% | 8.92% | 8.18% |
| MSCI EAFE Index (gross) (reflects no deduction for fees, expenses, or taxes).............  | 31.89% | 9.47% | 8.72% |
| Bloomberg 1-3 Year US Government/Credit Index (reflects no deduction for fees, expenses, or <br>taxes)...............................................................  | 5.35% | 1.97% | 2.09% |

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Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

\* The Current Blended Benchmark is computed using a combination of 40% Russell 3000 Index + 30% Bloomberg U.S. Credit Index + 15% MSCI EAFE Index + 15% Bloomberg 1-3 Year US Government/Credit Index.

**Who manages the Series?**

**Investment manager**

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

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| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title** | &nbsp;&nbsp; **Start date on the Series** |
|  Stefan Löwenthal, CFA  | &nbsp;&nbsp; Managing Director, Chief Investment Officer of Global Multi-Asset | &nbsp;&nbsp; November 2021 |
|  Jürgen Wurzer, CFA  | &nbsp;&nbsp; Managing Director, Deputy Head of Global Multi-Asset | &nbsp;&nbsp; November 2021 |
|  Aaron Young  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager - Global Multi-Asset | &nbsp;&nbsp; October 2016 |

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Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

**Sub-advisor**

Securian Asset Management, Inc. (Securian AM)

**Purchase and redemption of Series shares**

Shares are sold, directly or indirectly, to separate accounts of life insurance companies at net asset value (NAV). Please refer to the variable annuity or variable life insurance product contract prospectus for more information about the purchase and redemption of shares.

**Tax information**

The dividends and distributions paid from the Series to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Series must be purchased through separate accounts used to fund variable annuity contracts or variable life insurance contracts (variable contracts), such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. You should refer to your variable contract prospectus for more information on these tax consequences.

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Series through a broker/dealer or other financial intermediary (such as an insurance company), the Series and its related companies may pay the intermediary for the sale of Series shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Series over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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How we manage the Series

**Our principal investment strategies**

**Nomura** **VIP Core Equity Series**

The Series seeks to achieve its objective to provide capital growth and appreciation by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities (80% policy), primarily in common stocks of large-capitalization, US and, to a lesser extent, foreign companies. The Manager seeks to invest the Series in companies that it believes are high-quality, have sustainable competitive advantages accompanied by financial strength and earnings stability, and have leading positions in their industries. There is no guarantee, however, that the Series will achieve its objective. Although the Series invests primarily in securities issued by large-capitalization companies, it may invest in securities issued by companies of any size. The Series may invest in securities of companies across the valuation spectrum, including securities issued by growth and value companies.

The Manager begins its investment process by screening the 1,500 largest domestic companies, using a series of quantitative screens for earnings quality and trends, valuation, management quality and capital usage. Following this initial screening, the Manager balances a top-down (assessing the market environment) approach with a bottom-up (researching individual issuers) analysis when selecting securities for the Series, and seeks to exploit what it believes to be catalysts for multi-year earnings growth in companies that it believes have strong or strengthening competitive advantages. Earnings catalysts are diversified across both thematic and company-specific projections.

From a top-down perspective, the Manager seeks to identify current trends or themes which indicate specific industries that have the potential to experience multi-year growth. The Manager considers various thematic catalysts in its analysis, including major macro-economic and political forces, cyclical inflections, changes in consumer behavior and technology shifts. Once a trend or theme is identified, the Manager seeks to invest for the Series in what it believes are dominant companies that will benefit from these trends or themes, including companies that the Manager believes have long-term earnings potential that exceeds market expectations. Through its bottom-up stock selection, the Manager searches for companies for which it believes market expectations are too low with regard to the ability of the companies to grow their businesses.

In selecting securities for the Series, the Manager may consider whether a company has new products to introduce, has undergone cost restructuring or a management change, or has improved its execution, among other factors.

The Series typically holds a limited number of stocks (generally 40 to 50).

The Manager attempts to select securities that it believes have growth possibilities by looking at many factors, which may include a company's: projected long-term earnings power compared to market expectations over a multi-year horizon, competitive position in the global economy, history of improving sales and profits, management strength, ESG characteristics, established brand, leadership position in its industry, stock price value, potential earnings catalyst, dividend payment history, anticipated future dividend yield, and prospects for capital return in the form of dividends and stock buybacks.

The Series also may invest up to 25% of its total assets in foreign securities. An investment in foreign securities presents additional risks such as currency fluctuations and political or economic conditions affecting the foreign country. Many of the companies in which the Series may invest have diverse operations, with products or services in foreign markets. Therefore, the Series may have indirect exposure to various foreign markets through investments in these companies, even if the Series is not invested directly in such markets.

The Series may lend its portfolio securities to brokers, dealers and other financial institutions. In connection with such loans, the Series receives liquid collateral equal to at least 102% (105% for international securities) of the value of the loaned portfolio securities. This collateral is marked-to-market on a daily basis.

The Series may use a variety of derivatives instruments for various purposes. The Series may, at any given time, use futures contracts, options contracts or other instruments, in an attempt to hedge broad or specific US equity index movements or to otherwise manage the risks of the Series' investments. In an effort to manage foreign currency exposure, the Series may use forward currency contracts to either increase or decrease exposure to a given currency.

When the Manager believes that a temporary defensive position is desirable, the Series may invest up to all of its assets in cash or cash equivalents. The "cash equivalents" in which the Series may invest include, but are not limited to: short-term obligations such as rated commercial paper and variable amount master demand notes; US dollar-denominated time and savings deposits (including certificates of deposit); bankers' acceptances; obligations of the US government or its agencies or instrumentalities; repurchase agreements (which investments also are subject to their own fees and expenses); and other similar short-term US dollar-denominated obligations which the Manager believes are of comparable high quality. Subject to the Series' investment policies and restrictions, the Series also may utilize derivatives instruments, including, but not limited to, futures contracts, options and other types of derivatives, for defensive purposes. However, by taking a temporary defensive position, the Series may not achieve its investment objective.

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The 80% policy is non-fundamental and may be changed without shareholder approval, but the Series will provide shareholders with at least 60 days' notice before changing this 80% policy.

**Nomura** **VIP Growth Series**

The Series seeks to achieve its objective by investing primarily in a portfolio of common stocks issued by growth-oriented, large-capitalization (and, to a lesser extent, mid-capitalization) US (and, to a lesser extent, foreign) companies that the Manager believes have a competitively advantaged business model, thereby eluding competition, and have the ability to sustain growth over the long term beyond investors' expectations. Large-capitalization companies typically are companies with market capitalizations of at least $10 billion at the time of acquisition. The Series is nondiversified, meaning that it may invest a significant portion of its total assets in a limited number of issuers. There is no guarantee, however, that the Series will achieve its objective.

In selecting securities for the Series, the Manager begins its investment process by screening large-capitalization companies based on profitability (capital returns and margins) and growth (sales and earnings), while simultaneously utilizing fundamental analysis to assess any unique business attributes that validate those financial characteristics. The Manager uses a bottom-up (researching individual issuers) strategy in selecting securities for the Series. The Manager seeks to invest for the Series in companies that it believes possess a structural competitive advantage or durable market leadership position. The Manager looks for companies which serve large addressable markets with a demonstrated ability to sustain unit growth and high profitability. The Manager also seeks to invest in companies that it believes have improving growth prospects or improving levels of profitability and returns.

A competitively advantaged business model can be defined by such factors as: brand loyalty, proprietary technology, cost structure, scale, exclusive access to data, or distribution advantages. Other factors considered include strength of management; ESG characteristics; level of competitive intensity; return of capital; strong balance sheets and cash flows; the threat of substitute products; and the interaction and bargaining power between a company, its customers, suppliers, and competitors. The Manager's process for selecting stocks is based primarily on fundamental research, but does utilize quantitative analysis during the screening process.

From a quantitative standpoint, the Manager concentrates on the level of profitability, capital intensity, cash flow and capital allocation measures, as well as earnings growth rates and valuations. The Manager's fundamental research effort tries to identify those companies that it believes possess a sustainable competitive advantage, an important characteristic which typically enables a company to generate above-average levels of profitability and the ability to sustain growth over the long term. The Series typically holds a limited number of stocks (generally 35 to 50).

The Series invests primarily in common stocks but also may own, to a lesser extent, debt securities, typically of investment-grade and of any maturity. Additionally, the Series may invest up to 25% of its total assets in foreign securities. An investment in foreign securities presents additional risks such as currency fluctuations and political or economic conditions affecting the foreign country. Many of the companies in which the Series may invest have diverse operations, with products or services in foreign markets. Therefore, the Series may have indirect exposure to various foreign markets through investments in these companies, even if the Series is not invested directly in such markets.

The Series may lend its portfolio securities to brokers, dealers and other financial institutions. In connection with such loans, the Series receives liquid collateral equal to at least 102% (105% for international securities) of the value of the loaned portfolio securities. This collateral is marked-to-market on a daily basis.

When the Manager believes that a temporary defensive position is desirable, the Series may invest up to all of its assets in cash or cash equivalents. The "cash equivalents" in which the Series may invest include, but are not limited to: short-term obligations such as rated commercial paper and variable amount master demand notes; US dollar-denominated time and savings deposits (including certificates of deposit); bankers' acceptances; obligations of the US government or its agencies or instrumentalities; repurchase agreements (which investments also are subject to their own fees and expenses); and other similar short-term US dollar-denominated obligations which the Manager believes are of comparable high quality. Subject to the Series' investment policies and restrictions, the Series may utilize derivatives instruments, including, but not limited to, futures contracts, options and other types of derivatives, for defensive purposes. However, by taking a temporary defensive position, the Series may not achieve its investment objective.

**Nomura** **VIP Growth and Income Series**

The Series primarily invests in common stocks that offer the potential for capital growth, current income or both. The Series primarily invests in common stocks of large-size companies. The Series may also invest in mid- and small-size companies.

The Series seeks to generate income by investing primarily in dividend paying companies. The Series may also own convertible securities. Convertible securities are usually preferred stocks or corporate bonds that can be exchanged for a set number of shares of common stock at a predetermined price. These securities offer higher appreciation potential than nonconvertible bonds and greater income potential than nonconvertible preferred stocks.

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How we manage the Series

The Series may also invest in real estate investment trusts (REITs) and income-generating equity securities. REITs are pooled investment vehicles that invest primarily in income-producing real estate or real estate-related loans or interests.

MIMGL serves as the Series' sub-advisor and manages the Series' assets.

Using a systematic bottom-up approach, the Series seeks to select securities that have above-average yields coupled with a demonstrated business quality, as seen thought superior profitability, balance sheet strength, earnings stability and corporate sustainability. Stocks also need to have reasonable company valuations relative to their current growth prospects, and their peer group. All of these factors give insight into the outlook for a company, and identify companies poised for sustainable growth. Sustainable growth, if it occurs, may result in price appreciation for the company's stock.

The Series may invest in privately placed securities, including those that are eligible for resale only among certain institutional buyers without registration, which are commonly known as "Rule 144A Securities."

The Series may invest up to 10% of its net assets in illiquid investments.

The Series' investment objective is nonfundamental. This means that the Series' Board of Trustees may change the objective without obtaining shareholder approval. If the objective were changed, the Series would notify shareholders at least 60 days before the change became effective.

**Nomura** **VIP Growth Equity Series**

The Series seeks to achieve its objective by investing primarily in a portfolio of common stocks issued by growth-oriented, large-capitalization (and, to a lesser extent, mid-capitalization) US (and, to a lesser extent, foreign) companies that the Manager believes have a competitively advantaged business model, thereby eluding competition, and have the ability to sustain growth over the long term beyond investors' expectations. Under normal circumstances, the Series invests at least 80% of its net assets in large-capitalization companies, which typically are companies with market capitalizations of at least $10 billion at the time of acquisition. Growth-oriented companies are those whose earnings the Manager believes are likely to grow faster than the economy. The Series' portfolio of assets is diversified.

In selecting securities for the Series, the Manager begins its investment process by screening large-capitalization companies based on profitability (capital returns and margins) and growth (sales and earnings), while simultaneously utilizing fundamental analysis to assess any unique business attributes that validate those financial characteristics. The Manager uses a bottom-up (researching individual issuers) strategy in selecting securities for the Series. The Manager seeks to invest for the Series in companies that it believes possess a structural competitive advantage or durable market leadership position. The Manager looks for companies which serve large addressable markets with a demonstrated ability to sustain unit growth and high profitability. The Manager also seeks to invest in companies that it believes have improving growth prospects or improving levels of profitability and returns.

A competitively advantaged business model can be defined by such factors as: brand loyalty, proprietary technology, cost structure, scale, exclusive access to data, or distribution advantages. Other factors considered include strength of management; ESG characteristics; level of competitive intensity; return of capital; strong balance sheets and cash flows; the threat of substitute products; and the interaction and bargaining power between a company, its customers, suppliers, and competitors. The Manager's process for selecting stocks is based primarily on fundamental research, but does utilize quantitative analysis during the screening process.

From a quantitative standpoint, the Manager concentrates on the level of profitability, capital intensity, cash flow and capital allocation measures, as well as earnings growth rates and valuations. The Manager's fundamental research effort tries to identify those companies that it believes possess a sustainable competitive advantage, an important characteristic which typically enables a company to generate above-average levels of profitability and the ability to sustain growth over the long term. The Series typically holds a limited number of stocks (generally 35 to 50).

The Series may invest up to 25% of its total assets in foreign securities, including sponsored and unsponsored American depositary receipts. An investment in foreign securities presents additional risks such as currency fluctuations and political or economic conditions affecting the foreign country. Many of the companies in which the Series may invest have diverse operations, with products or services in foreign markets. Therefore, the Series may have indirect exposure to various foreign markets through investments in these companies, even if the Series is not invested directly in such markets.

When the Manager believes that a temporary defensive position is desirable, the Series may invest up to all of its assets in cash or cash equivalents. The "cash equivalents" in which the Series may invest include, but are not limited to: short-term obligations such as rated commercial paper and variable amount master demand notes; US dollar-denominated time and savings deposits (including certificates of deposit); bankers' acceptances; obligations of the US government or its agencies or instrumentalities; repurchase agreements (which investments also are subject to their own fees and expenses); and other similar short-term US dollar-denominated obligations which the Manager believes are of comparable high quality. Subject

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to the Series' investment policies and restrictions, the Series may utilize derivatives instruments, including, but not limited to, futures contracts, options and other types of derivatives, for defensive purposes. However, by taking a temporary defensive position, the Series may not achieve its investment objective.

The Series may invest up to 10% of its net assets in illiquid investments.

The Series' investment objective is nonfundamental. This means that the Series' Board of Trustees may change the objective without obtaining shareholder approval. If the objective were changed, the Series would notify shareholders at least 60 days before the change became effective.

**Nomura** **VIP Mid Cap Growth Series**

The Series seeks to achieve its objective to provide growth of capital by investing primarily in a diversified portfolio of US and, to a lesser extent, foreign mid-capitalization companies that the Manager believes are high quality and/or offer above-average growth potential. Under normal circumstances, the Series invests at least 80% of its net assets, plus any borrowings for investment purposes, in the securities of mid-capitalization companies (80% policy). There is no guarantee, however, that the Series will achieve its objective.

The Series primarily focuses on mid-capitalization growth companies that the Manager believes have the potential to become large-capitalization companies, which may include companies that are offered in IPOs. For purposes of this Series, mid-capitalization companies typically are companies with market capitalizations similar to those of issuers included in the Russell Midcap Growth Index over the last 13 months at the time of acquisition. As of June 30, 2025, this range of market capitalizations was between approximately $831 million and $89.2 billion. Securities of a company whose capitalization exceeds the mid-capitalization range after purchase will not be sold solely because of the company's increased capitalization.

The Manager primarily emphasizes a bottom-up (researching individual issuers) approach in its selection of securities for the Series, and focuses on companies it believes have the potential for strong growth, increasing profitability, stable and sustainable revenue and earnings streams, attractive valuations and sound capital structures. The Manager may look at a number of factors in its consideration of a company, such as: new or innovative products or services; adaptive or creative management; strong financial and operational capabilities to sustain multi-year growth; stable and consistent revenue, earnings, and cash flow; strong balance sheet; market potential; and profit potential. Other desired characteristics may include a leading market position, the active involvement of the founder or entrepreneur, management that is strong and demonstrates commitment to stakeholders, and a high gross margin and return on equity with low debt. The Manager also may consider a company's dividend yield. Part of the Manager's investment process includes a review of the macroeconomic environment, with a focus on factors such as interest rates, inflation, consumer confidence and corporate spending.

The Series' holdings tend to be allocated across a spectrum of growth companies comprised of three major categories: greenfield growth (companies that possess innovative products or services that the Manager believes have the ability to maintain growth over the longer term); stable growth (companies that the Manager believes are well-managed, have durable business models and are producing moderated, yet reliable, earnings growth but that are not the fastest growth companies within the mid-capitalization growth universe); and unrecognized growth (companies, in the Manager's view, whose future growth prospects are either distrusted or misunderstood, or whose growth has slowed from historical levels, but still have the potential to deliver or reassert growth).

The Series may invest up to 25% of its total assets in foreign securities. An investment in foreign securities presents additional risks, such as currency fluctuations and political or economic conditions affecting the foreign country. Many of the companies in which the Series may invest have diverse operations, with products or services in foreign markets. Therefore, the Series may have indirect exposure to various foreign markets through investments in these companies, even if the Series is not invested directly in such markets.

In addition to common stocks, the Series may invest in debt securities of any maturity and mostly of investment-grade, that is, rated BBB- or higher by S&P, or comparably rated by another NRSRO or, if unrated, determined by the Manager to be of comparable quality.

The Series may lend its portfolio securities to brokers, dealers and other financial institutions. In connection with such loans, the Series receives liquid collateral equal to at least 102% (105% for international securities) of the value of the loaned portfolio securities. This collateral is marked-to-market on a daily basis.

The Series may use a variety of derivatives instruments for various purposes. The Series may, at any given time, use futures contracts on domestic indexes and options, both written and purchased, on an index or on individual or baskets of equity securities, in an attempt to gain exposure to certain sectors or securities, to enhance income, and/or to hedge certain event risks on positions held by the Series and to hedge market risk on equity securities. In addition, the Series may use total return swaps in an attempt to increase exposure to various equity sectors and markets or individual or baskets of equity securities. The Series also may invest in exchange-traded funds (ETFs) as a means of gaining market exposure and/or to manage fund flows.

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How we manage the Series

When the Manager believes that a temporary defensive position is desirable, the Series may invest up to all of its assets in cash or cash equivalents. The "cash equivalents" in which the Series may invest include, but are not limited to: short-term obligations such as rated commercial paper and variable amount master demand notes; US dollar-denominated time and savings deposits (including certificates of deposit); bankers' acceptances; obligations of the US government or its agencies or instrumentalities; repurchase agreements (which investments also are subject to their own fees and expenses); and other similar short-term US dollar-denominated obligations which the Manager believes are of comparable high quality. Subject to the Series' investment policies and restrictions, the Series may utilize derivatives instruments, including, but not limited to, futures contracts, options and other types of derivatives, for defensive purposes. Moreover, the Series may choose to invest in companies whose sales and earnings growth generally are stable through a variety of economic conditions. However, by taking a temporary defensive position, the Series may not achieve its investment objective.

The 80% policy is non-fundamental and may be changed without shareholder approval, but the Series will provide shareholders with at least 60 days' notice before changing this 80% policy.

**Nomura** **VIP Smid Cap Core Series**

The Series seeks to achieve its objective to provide capital appreciation by investing primarily in various types of equity securities of small- and mid-capitalization companies that the Manager believes have the greatest potential for capital appreciation. Under normal circumstances, at least 80% of the Series' net assets, plus any borrowings for investment purposes, will be invested, at the time of purchase, in common stocks of small- and mid-capitalization companies (80% policy). There is no guarantee, however, that the Series will achieve its objective. For purposes of this Series, small-capitalization companies typically are companies with market capitalizations similar to those of issuers included in the Russell 2500<sup>TM</sup> Index at the time of purchase and mid-capitalization companies are those within the market capitalization range of the Russell Midcap<sup>®</sup> Index at the time of purchase.

The Manager researches individual companies and analyzes economic and market conditions, seeking to identify the securities or market sectors that it believes are the best investments for the Series. The following are descriptions of how the portfolio management team pursues the Series' investment objective. The Manager strives to identify stocks of small companies that it believes offer above-average opportunities for long-term price appreciation based on: (1) attractive valuations, (2) growth prospects, and (3) strong cash flow. The Series employs bottom-up (stock-by-stock) security selection utilizing quantitative screens, fundamental research, and risk control to evaluate stocks based on both growth and value characteristics. The Manager typically uses a quantitative screen that ranks the attractiveness of an investment based on a combination of valuation measures, earnings expectations, cash flow, and balance-sheet quality. In further evaluating the attractiveness of an investment, the Manager considers factors such as business conditions in the company's industry and its competitive position in that industry. The Manager conducts fundamental research on certain investments, which often includes reviewing US Securities and Exchange Commission (SEC) filings, examining financial statements, and meeting with top-level company executives. When constructing the portfolio, the Manager applies controls to ensure the portfolio has risk characteristics that it deems acceptable. These characteristics include, but are not limited to, size, valuation, growth, yield, and earnings consistency. This risk profile is then compared to the benchmark index to ensure the portfolio does not have any unintended risk exposure.

The Series may invest up to 25% of its total assets in foreign securities. Investing in foreign securities may present additional risks such as currency fluctuations and political or economic conditions affecting the foreign country. Many of the companies in which the Series may invest have diverse operations, with products or services in foreign markets. Therefore, the Series may have indirect exposure to various foreign markets through investments in these companies, even if the Series is not invested directly in such markets.

The Series may lend its portfolio securities to brokers, dealers and other financial institutions. In connection with such loans, the Series receives liquid collateral equal to at least 102% (105% for international securities) of the value of the loaned portfolio securities. This collateral is marked-to-market on a daily basis.

The Series may invest in ETFs as a means of gaining exposure to a particular segment of the market and/or to invest cash effectively.

When the Manager believes that a temporary defensive position is desirable, the Series may invest up to all of its assets in cash or cash equivalents. The "cash equivalents" in which the Series may invest include, but are not limited to: short-term obligations such as rated commercial paper and variable amount master demand notes; US dollar-denominated time and savings deposits (including certificates of deposit); bankers' acceptances; obligations of the US government or its agencies or instrumentalities; repurchase agreements (which investments also are subject to their own fees and expenses); and other similar short-term US dollar-denominated obligations which the Manager believes are of comparable high quality. The Series also may invest in more established companies, such as those with longer operating histories than many small-capitalization companies. Additionally, it may increase the number of issuers in which it invests and thereby limit the Series' position size in any particular security. Subject to the Series' investment policies and restrictions, the Series may utilize derivatives instruments, including, but not limited to, futures contracts, options and other types of derivatives, for defensive purposes. Other defensive tactics that may be used by the Manager include holding smaller position sizes in individual holdings and/or being more broadly diversified across sectors and industries. However, by taking a temporary defensive position, the Series may not achieve its investment objective.

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The 80% policy is non-fundamental and may be changed without shareholder approval, but the Series will provide shareholders with at least 60 days' notice before changing this 80% policy.

**Nomura** **VIP Small Cap Growth Series**

The Series seeks to achieve its objective to provide growth of capital by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in common stocks of small-capitalization companies (80% policy). The Series invests primarily in common stocks of small-capitalization companies that are relatively new or unseasoned companies in their early stages of development, or smaller companies positioned in new or emerging industries where the Manager believes there is an opportunity for higher growth than in established companies or industries. For purposes of this Series, small-capitalization companies typically are companies with market capitalizations similar to those of issuers included in the Russell 2000 Growth Index over the last 13 months at the time of acquisition. As of June 30, 2025, this range of market capitalizations was between approximately $59 million and $15.8 billion. Equity securities of a company whose capitalization exceeds the small-capitalization range after purchase will not be sold solely because of the company's increased capitalization. The Series' investments in equity securities may include common stocks that are offered in IPOs. There is no guarantee, however, that the Series will achieve its objective.

The emphasis on portfolio risk diversification is an important contributor to the ability to effectively manage risk, as a desired goal is to have a portfolio of securities that tend not to react in high correlation to one another under any economic or market condition. This emphasis is intended to result in a higher degree of diversification, reduced portfolio volatility, and a smoother more consistent pattern of portfolio returns over the long term.

The Manager begins its investment process by screening the small-capitalization universe for companies with accelerating revenue growth and improving returns on invested capital. Following this initial screening, the Manager utilizes a bottom-up (researching individual issuers) stock-picking process that considers quality of management and superior financial characteristics (e.g., return on assets, return on equity, operating margin) in its search for companies, thereby focusing on what it believes are higher-quality companies with sustainable growth prospects. The Manager seeks companies that it believes exhibit successful and scalable business models by having one or more of the following characteristics: serving markets that are growing at rates substantially in excess of the average industry and/or the general economy; a company that is a leader in its industry and that possesses an identifiable competitive advantage; that features strong and effective management; that demonstrates a strong commitment to shareholders; that is serving a large and/or fast-growing market opportunity; that is experiencing upward margin momentum, a growth in earnings, growth in revenue and sales and/or positive cash flows; that is increasing market share and/or creating increasing barriers to entry either through technological advancement, marketing, distribution or some other innovative means; or that emphasizes organic growth. The Manager believes that such companies generally have a replicable business model that allows for sustained growth.

The Series' holdings tend to be allocated across a spectrum of growth companies comprised of four major categories: aggressive growth (often young companies that are early entrants to new industries or market opportunities); accelerating growth (companies growing somewhat quickly but less aggressively and delivering solid margin expansion); consistent growth (companies that are growing still more slowly but remain stable, reliable competitors in attractive industries), and out of favor growth (companies whose valuations have been reduced but that the Manager believes continue to possess potential growth prospects). The focus on holding an investment is intermediate to long-term.

From time to time, the Series also may invest a lesser portion of its assets in securities of mid- and large-capitalization companies (that is, companies with market capitalizations larger than that defined above) that, in the Manager's opinion, are being fundamentally changed or revitalized, have a position that is considered strong relative to the market as a whole or otherwise offer unusual opportunities for above-average growth.

The Series may invest up to 25% of its total assets in foreign securities. Investing in foreign securities may present additional risks such as currency fluctuations and political or economic conditions affecting the foreign country. Many of the companies in which the Series may invest have diverse operations, with products or services in foreign markets. Therefore, the Series may have indirect exposure to various foreign markets through investments in these companies, even if the Series is not invested directly in such markets.

The Series may lend its portfolio securities to brokers, dealers and other financial institutions. In connection with such loans, the Series receives liquid collateral equal to at least 102% (105% for international securities) of the value of the loaned portfolio securities. This collateral is marked-to-market on a daily basis.

The Series may invest in ETFs to gain industry exposure not otherwise available through direct investments in small-capitalization securities. The Series also may use a variety of derivatives instruments for various purposes. The Series may, at any given time, use total return swaps, futures contracts on domestic equity indexes and options, both written and purchased, in an attempt to hedge various market risks and/or individual securities or to gain or increase exposure to various equity sectors and markets or to enhance income.

When the Manager believes that a temporary defensive position is desirable, the Series may invest up to all of its assets in cash or cash equivalents. The "cash equivalents" in which the Series may invest include, but are not limited to: short-term obligations such as rated commercial paper and variable amount master demand notes; US dollar-denominated time and savings deposits (including certificates of deposit); bankers' acceptances; obligations of the US government or its agencies or instrumentalities; repurchase agreements (which investments also are subject to their own fees

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How we manage the Series

and expenses); and other similar short-term US dollar-denominated obligations which the Manager believes are of comparable high quality. The Series also may invest in more established companies, such as those with longer operating histories than many small-capitalization companies. Additionally, it may increase the number of issuers in which it invests and thereby limit the Series' position size in any particular security. Subject to the Series' investment policies and restrictions, the Series may utilize derivatives instruments, including, but not limited to, futures contracts, options and other types of derivatives, for defensive purposes. However, by taking a temporary defensive position, the Series may not achieve its investment objective.

The 80% policy is non-fundamental and may be changed without shareholder approval, but the Series will provide shareholders with at least 60 days' notice before changing this 80% policy.

**Nomura** **VIP Small Cap Value Series**

Generally, the Series invests 90% to 100% of its net assets in common stocks. The Manager researches individual companies and analyzes economic and market conditions, seeking to identify the securities or market sectors that the Manager believes are the best investments for the Series. The following are descriptions of how the portfolio management team pursues the Series' investment objective.

The Manager strives to identify small companies that it believes offer above-average opportunities for long-term price appreciation because their current stock prices do not appear to accurately reflect the companies' underlying value or future earnings potential.

The Manager's focus will be on value stocks, defined as stocks whose prices are historically low based on a given financial measure such as profit, book value, or cash flow. Companies may be undervalued for many reasons. They may be unknown to stock analysts, they may have experienced poor earnings, or their industry may be in the midst of a period of weak growth.

The Manager will carefully evaluate the financial strength of a company, the nature of its management, any developments affecting the company or its industry, anticipated new products or services, possible management changes, projected takeovers, or technological breakthroughs. Using this extensive analysis, the Manager's goal is to pinpoint the companies within the universe of undervalued stocks whose true value is likely to be recognized and rewarded with a rising stock price in the future.

Because there is added risk when investing in smaller companies, which may still be in their early developmental stages, the portfolio managers seek to maintain a well-diversified portfolio, typically holding a mix of different stocks, representing a wide array of industries.

The Series may invest up to 25% of its net assets in foreign securities, including American depositary receipts denominated in US dollars.

The Series may also invest in privately placed securities, including those that are eligible for resale only among certain institutional buyers without registration, which are commonly known as "Rule 144A Securities."

The Series may invest up to 10% of its net assets in illiquid investments.

The Series' investment objective is nonfundamental. This means that the Series' Board of Trustees may change the objective without obtaining shareholder approval. If the objective were changed, the Series would notify shareholders at least 60 days before the change became effective.

**Nomura** **VIP Opportunity Series**

The Series invests primarily in the stocks of mid- and small-size companies that the Series' Manager believes offer attractive valuation and quality characteristics. Companies with attractive valuations are those that have a lower valuation than the company's historical average valuation and a lower valuation than the company's competitors. Companies with quality characteristics will make shareholder friendly use of its cash flow, which would include, but is not limited to: dividend payments or increases, share repurchases, and repayment of debt. The Series also may invest in investment company securities, including ETFs, to gain exposure to such securities and may invest up to 15% of its net assets in REITs. The Series may continue to hold stocks of mid- and small-size companies that grow into large companies and may also invest opportunistically in stocks of larger companies.

The Series uses a "bottom-up" approach to selecting investments. The Series uses fundamental research to search for companies that have one or more of the following: a strong balance sheet; experienced management; and stocks that are attractively priced. The Series attempts to stay broadly diversified, but it may emphasize certain industry sectors based upon economic and market conditions.

The Series may sell a stock if it becomes fully valued, its fundamentals have deteriorated, or alternative investments become more attractive. The Series may also sell a stock if it grows into a large, well-established company, although it may also continue to hold such a stock irrespective of its size.

The Series may invest in securities of foreign companies traded in the United States, and may invest in sponsored and unsponsored ADRs. The ADRs in which the Series may invest will be those that are actively traded in the United States.

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The Series may invest up to 10% of its net assets in illiquid investments.

The Series' investment objective is nonfundamental. This means that the Series' Board of Trustees may change the objective without obtaining shareholder approval. If the objective were changed, the Series would notify shareholders at least 60 days before the change became effective.

**Nomura** **VIP Value Series**

The Series seeks to achieve its objective to provide capital appreciation by primarily investing, for the long term, in the common stocks of large-capitalization US companies that the Manager believes are undervalued. Large-capitalization companies typically are companies with market capitalizations of at least $5 billion at the time of acquisition. The Series seeks to invest in stocks that are, in the opinion of the Manager, undervalued, trading at a significant discount relative to the intrinsic value of the company as estimated by the Manager and/or are out of favor in the financial markets but have a favorable outlook for capital appreciation. There is no guarantee, however, that the Series will achieve its objective.

The Manager researches individual companies and analyzes economic and market conditions, seeking to identify the securities that it believes are the best investments for the Series. The following are descriptions of how the portfolio management team pursues the Series' investment objective.

The Series invests primarily in securities of large-capitalization companies that the Manager believes have long-term capital appreciation potential. The Manager follows a value-oriented investment philosophy in selecting stocks for the Series using a research-intensive approach that considers factors such as:

● a
 security price that reflects a market valuation that is judged to be below the estimated present or future value of the company;

● favorable
 earnings prospects and dividend yield potential;

● the
 financial condition of the issuer; and

● various
 qualitative factors.

The Manager may sell a security if it no longer believes the security will contribute to meeting the investment objective of the Series. In considering whether to sell a security, the Manager may evaluate, among other things, the factors listed above, the condition of the US economy, the condition of non-US economies, and changes in the condition and outlook in the issuer's industry sector. The Series typically holds a limited number of stocks (generally 30 to 35).

The Series may lend its portfolio securities to brokers, dealers and other financial institutions. In connection with such loans, the Series receives liquid collateral equal to at least 102% (105% for international securities) of the value of the loaned portfolio securities. This collateral is marked-to-market on a daily basis.

The Series may invest up to 10% of its net assets in real estate investment trusts (REITs) and up to 15% of its net assets in illiquid investments.

The Series may use a variety of derivatives instruments for various purposes. The Series may, at any given time, use options on individual equity securities, in seeking to gain or increase exposure to, or facilitate trading in, certain securities or market sectors. The Series also may use written options contracts on individual equity securities to enhance return. In addition, the Series may use futures contracts on domestic equity indexes in an attempt to hedge market risk on equity securities.

When the Manager believes that a temporary defensive position is desirable, the Series may invest up to all of its assets in cash or cash equivalents. The "cash equivalents" in which the Series may invest include, but are not limited to: short-term obligations such as rated commercial paper and variable amount master demand notes; US dollar-denominated time and savings deposits (including certificates of deposit); bankers' acceptances; obligations of the US government or its agencies or instrumentalities; repurchase agreements (which investments also are subject to their own fees and expenses); and other similar short-term US dollar-denominated obligations which the Manager believes are of comparable high quality. Subject to the Series' investment policies and restrictions, the Series may utilize derivatives instruments, including, but not limited to, futures contracts, options and other types of derivatives, for defensive purposes. However, by taking a temporary defensive position, the Series may not achieve its investment objective.

**Nomura** **VIP Fund for Income Series**

The Management Team expects to invest the majority of the Series' net assets primarily in high yield bonds (also called "junk bonds"), which involve greater risks than investment grade bonds. The Series may also invest in unrated bonds that the Management Team considers to have comparable credit characteristics. Unrated bonds may be more speculative in nature than rated bonds.

The Management Team believes that a total return strategy driven by credit research and a team effort is the best way to generate alpha in high yield. The core of this strategy is a "Strong Horse" investment philosophy. The goal of the Management Team is to find Strong Horse companies that can carry their debt loads through the economic cycle, generating strong, sustainable cash flows that enable them to de-lever their balance sheets and improve their ratings. As their credit quality improves, bond income is supplemented by capital appreciation. The Management Team believes

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Strong Horse companies are less likely to default on payments of principal or interest. In addition to spread compression and income, the Management Team believes that a significant amount of alpha in high yield is to be found by avoiding problems throughout the cycle. The approach is collaborative, with ideas generated by the whole team. Analysts are organized on a sector basis and focus on the return being offered for the risk being taken. Trading is proactive and is a potential source of additional alpha.

The Management Team follows an investment decision making process that follows three basic steps:

**Idea Generation:** Idea generation can come from analysts, portfolio managers, or other investment professionals. In the idea generation process, the Management Team seeks to identify trends in the market or situations where bond prices differ from fundamental risks. Portfolio managers and analysts communicate openly, and ideas regarding market or issuer developments are shared among members of the investment team. During these discussions, analysts and portfolio managers will jointly decide which ideas have merit, and at that point the analyst will research the idea thoroughly.

**Credit Research:** The Management Team's credit research process is founded on a diligent fundamental analysis. The process seeks to analyze business risk, financial risk, bond deal structure, and sustainability risk. In analyzing business risk, the Management Team studies the company's cash flows and its industry dynamics. The Management Team frequently communicates with issuers. In analyzing financial risk, the Management Team examines the leverage applied to the cash flows, as well as financing needs. The Management Team also studies an investment's covenants to protect the investor's rights as bondholders. Dedicated high yield analysts perform the vast majority of the research utilized in the management of high yield portfolios. Rating agencies, sell-side analysts, independent research providers, and other experts may be utilized as additional sources of information. Data may be sourced from the issuer and via specialty vendors.

**Portfolio Construction:** As portfolio managers build the portfolios, they will consider the top-down attributes of the portfolios, especially the ratings, industry, and duration posture. The portfolio managers and other investment professionals discuss macro factors such as economic growth, central bank policy, currencies, and commodity prices, as well as market factors such as default rates, technical trends, and new issue trends. They will discuss what scenarios are incorporated into high yield market prices, and the risk/reward outlook for sectors and segments of the high yield market. Bottom-up information from analysts will also contribute to top-down views. The portfolio managers will monitor their ratings, industry, and duration posture on an ongoing basis, seeking the best bottom-up opportunities that create the desired top-down posture.

The Series maintains a well-diversified portfolio of high yield bonds that represents many different sectors and industries. Through diversification, the Management Team can help to reduce the impact that any individual bond might have on the portfolio should the issuer have difficulty making payments.

The Series may invest up to 40% of its net assets in foreign securities, including those that trade in foreign and emerging markets; however, the Series' total non-US-dollar currency exposure will be limited, in the aggregate, to no more than 25% of the Series' net assets, and investments in emerging market securities will be limited to 20% of the Series' net assets. The Series may invest in foreign securities issued by foreign governments.

The Series may invest in privately placed securities, including those that are eligible for resale only among certain institutional buyers without registration, which are commonly known as "Rule 144A Securities."

The Series may invest without restriction in bank loans that meet the credit standards established by the Management Team in order to enhance total return, to effect diversification, or to earn additional income. The Series may also invest in senior loans, including covenant light loans.

The Series may invest in convertible securities and select them on the basis of the common stocks into which they can be converted, not on the basis of the debt ratings of the convertible securities.

The Series may invest without limit in US government securities, though they typically only represent a small percentage of the Series' portfolio because they generally do not offer as high a level of current income as high yield bonds.

The Series may invest up to 10% of its net assets in illiquid investments.

The Series' investment objective is nonfundamental. This means that the Series' Board of Trustees may change the objective without obtaining shareholder approval. If the objective were changed, the Series would notify shareholders at least 60 days before the change became effective.

**Nomura** **VIP Investment Grade Series**

Under normal circumstances, the Series invests at least 80% of its net assets (plus any borrowings for investment purposes) in investment grade debt securities (80% policy). The 80% policy is nonfundamental and may be changed without shareholder approval, but the Series will provide shareholders with at least 60 days notice before changing this 80% policy. The Series defines investment grade debt securities as those that are rated within the four highest ratings categories by Moody's Investors Service, Inc. (Moody's) or Standard & Poor's Financial Services LLC (S&P) or that are unrated but determined by the Manager to be of equivalent quality. The Series will not necessarily sell an investment if its rating is reduced.

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The Series invests primarily in investment grade corporate bonds. The Series may also invest in other investment grade securities, including securities issued or guaranteed by the US Government or US Government-sponsored enterprises (some of which are not backed by the full faith and credit of the US Government) and investment grade mortgage-backed and other asset-backed securities.

The Manager attempts to stay broadly diversified, but it may emphasize certain industries based on the outlook for interest rates, economic forecasts and market conditions. In selecting investments, the Manager considers, among other things, the issuer's earnings and cash flow generating capabilities, asset quality, debt levels, industry characteristics and management strength. The Manager also considers ratings assigned by ratings services in addition to its own research and investment analysis. The Manager usually will sell a security when it shows deteriorating fundamentals, it falls short of the Manager's expectations, or a more attractive investment is available.

The Manager may adjust the average weighted maturity of the securities in its portfolio based on its interest rate outlook. If it believes that interest rates are likely to fall, it may attempt to buy securities with longer maturities. By contrast, if it believes interest rates are likely to rise, it may attempt to buy securities with shorter maturities or sell securities with longer maturities.

To a lesser extent, the Series also invests in high yield, below investment grade corporate bonds (commonly known as "high yield" or "junk bonds"). High yield bonds include both bonds that are rated below Baa3 by Moody's or below BBB- by S&P as well as unrated bonds that are determined by the Manager to be of equivalent quality. The Series may also be exposed to high yield securities through the Manager's investments in exchange-traded funds (ETFs). Additionally, from time to time, in pursuing its investment strategies, the Series may hold significant investments (25% or more of its assets) in a specific market sector, including the financials sector.

High yield bonds generally provide higher income than investment grade bonds to compensate investors for their higher risk of default (i.e., failure to make required interest or principal payments). High yield securities may be backed by receivables or other assets. The Manager attempts to invest in bonds that have stable to improving credit quality and potential for capital appreciation because of a credit rating upgrade or an improvement in the outlook for a particular company, industry or the economy as a whole.

Although the Manager will consider ratings assigned by ratings agencies in selecting high yield bonds, it relies principally on its own research and investment analysis. The Manager may sell a bond when it shows deteriorating fundamentals or it falls short of the Manager's expectations. It may also decide to continue to hold a bond (or related securities, such as stocks or warrants) after its issuer defaults or is subject to a bankruptcy.

The Series may invest in securities of any maturity or duration, but may adjust its average portfolio weighted duration or maturity in anticipation of interest rate changes. For example, if the Series expects interest rates to increase, it may seek to reduce its average portfolio weighted duration and maturity. The Series may also invest in US Treasury futures and options on US Treasury futures to hedge against changes in interest rates.

While the Series may use derivatives for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, to neutralize the impact of interest rate changes, or to effect diversification, the Series will use derivatives to manage duration, to earn additional income, or to gain exposure to a market (or segment of a market). The Series may purchase and write call and put options and may engage in option strategies for hedging and/or speculative purposes. The Series will not use derivatives for reasons inconsistent with its investment objective. The Manager also researches and continually monitors the creditworthiness of current or potential counterparties to its derivatives transactions.

The Series may invest without restriction in bank loans that meet the credit standards established by the Manager.

The Series may invest in securities of foreign companies traded in the United States, as well as securities issued by foreign governments.

The Series may also invest in privately placed securities, including those that are eligible for resale only among certain institutional buyers without registration, which are commonly known as "Rule 144A Securities."

The Series may invest up to 10% of its net assets in illiquid investments.

The Series' investment objective is nonfundamental. This means that the Series' Board of Trustees may change the objective without obtaining shareholder approval. If the objective were changed, the Series would notify shareholders at least 60 days before the change became effective.

**Nomura** **VIP Corporate Bond Series**

The Series seeks to achieve its objective to provide current income consistent with preservation of capital by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in corporate bonds (also referred to as corporate "debt securities" or "fixed-income securities") (80% policy). For this purpose, "corporate bonds" includes any debt security issued by a domestic or foreign company with an initial maturity greater than one year. The Series invests primarily in investment-grade debt securities, and, to a lesser extent, in non-investment-grade debt securities and convertible securities. The Series may invest up to 20% of its net assets in other types of debt securities, including mortgage-backed securities, debt securities issued or guaranteed by the US government or any of its agencies or instrumentalities (US government securities), other asset-backed securities, and to a lesser extent, debt securities issued by foreign governments or municipal issuers.

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How we manage the Series

The Manager may use various techniques to manage the duration of the Series' holdings. The Manager typically determines sector allocation by fundamental analysis and a comparison of relative value between sectors. The Series may invest significantly in debt securities payable from the same sector. There is no guarantee, however, that the Series will achieve its objective.

In selecting debt securities for the Series, the Manager looks at a number of factors, including both a top-down (assessing the market environment) and a bottom-up (researching individual issuers) analysis. The top-down analysis looks at broad economic and financial trends in an effort to anticipate their impact on the fixed-income market and seeks to identify certain criteria that contribute to the overall target portfolio characteristics such as duration, spread, ratings and liquidity. The bottom-up analysis seeks to identify securities that the Manager believes have favorable risk/reward characteristics and targets those securities for overweight positioning. From the sector level, the Manager identifies companies that have positive attributes and considers the issuer's past, present and estimated future: financial strength, cash flow, management, borrowing requirements, balance sheet policy and relative safety. Additional factors considered include leverage, interest coverage, revenue and margin stability, competition and industry trends, as well as relative value and liquidity.

The Series may invest a portion of its assets in mortgage-backed securities, including US government or US government-related mortgage loan pools or private mortgage loan pools. In US government or US government-related mortgage loan pools, the US government or certain agencies guarantee to mortgage pool security holders the payment of principal and interest. The principal US government-related guarantors of mortgage-related securities are Fannie Mae and Freddie Mac. Fannie Mae and Freddie Mac generally guarantee payment of principal and interest on mortgage loan pool securities issued by certain preapproved institutions (such as savings and loan institutions, commercial banks and mortgage bankers). However, securities issued by Fannie Mae, Freddie Mac and the FHLB are not backed by the "faith and credit" of the US government, are not insured or guaranteed by the US government and, instead, may be supported only by the right of the issuer to borrow from the Treasury or by the credit of the issuer. In addition, the Series purchases securities issued by non-government related entities which may be backed only by the pool of assets pledged as security for the transaction.

The Series may invest up to 20% of its total assets in non-investment-grade debt securities, commonly called "high-yield" or "junk" bonds, which are more susceptible to the risk of non-payment or default, and their prices may be more volatile than higher-rated bonds.

The Series also may invest up to 40% of its total assets in foreign securities. An investment in foreign securities presents additional risks such as currency fluctuations and political or economic conditions affecting the foreign country. Many of the companies in which the Series may invest have diverse operations, with products or services in foreign markets. Therefore, the Series may have indirect exposure to various foreign markets through investments in these companies, even if the Series is not invested directly in such markets. In addition, the Series may invest in secured and unsecured loan assignments, loan participations and other loan instruments.

The Series may lend its portfolio securities to brokers, dealers and other financial institutions. In connection with such loans, the Series receives liquid collateral equal to at least 102% (105% for international securities) of the value of the loaned portfolio securities. This collateral is marked-to-market on a daily basis.

The Series may invest in Rule 144A Securities.

When the Manager believes that a temporary defensive position is desirable, due to present or anticipated market or economic conditions, it may invest up to all of the Series' assets in cash or cash equivalents. The "cash equivalents" in which the Series may invest include: short-term obligations such as rated commercial paper and variable amount master demand notes; US dollar-denominated time and savings deposits (including certificates of deposit); bankers' acceptances; obligations of the US government or its agencies or instrumentalities; repurchase agreements (which investments also are subject to their own fees and expenses); and other similar short-term US dollar-denominated obligations which the Manager believes are of comparable high quality. Subject to the Series' investment policies and restrictions, the Series may utilize derivatives instruments, including, but not limited to, futures contracts, options, credit default swaps and other types of derivatives, when taking a position for defensive purposes. By taking a temporary hedging position, the Series may not achieve its investment objective.

The 80% policy is non-fundamental and may be changed without shareholder approval, but the Series will provide shareholders with at least 60 days' notice before changing this 80% policy.

**Nomura** **VIP High Income Series**

The Series seeks to achieve its objective to provide total return through a combination of high current income and capital appreciation by investing primarily in a diversified portfolio of high-yield, high-risk, fixed-income securities, including secured and unsecured loan assignments, loan participations and other loan instruments (loans), of US and foreign issuers, the risks of which are, in the judgment of the Management Team, consistent with the Series' objective. There is no guarantee, however, that the Series will achieve its objective.

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In general, the high level of income that the Series seeks is paid by debt securities rated in the lower rating categories of the NRSROs or unrated securities that are determined by the Management Team to be of comparable quality; these include debt securities rated BB+ or lower by S&P, or comparably rated by another NRSRO or, if unrated, determined by the Management Team to be of comparable quality. The Series may invest up to 100% of its total assets in non-investment-grade debt securities, commonly called "high-yield" or "junk" bonds, which include debt securities rated BB+ or lower by S&P, or comparably rated by another NRSRO or, if unrated, determined by the Management Team to be of comparable quality. Lower-quality debt securities (which include junk bonds) are considered to be speculative and involve greater risk of default or price changes due to changes in the issuer's creditworthiness. The market prices of these securities may fluctuate more than higher-quality securities and may decline significantly in periods of general economic difficulty.

The Management Team believes that a total return strategy driven by credit research and a team effort is the best way to generate alpha in high yield. The core of this strategy is a "Strong Horse" investment philosophy. The goal of the Management Team is to find Strong Horse companies that can carry their debt loads through the economic cycle, generating strong, sustainable cash flows that enable them to de-lever their balance sheets and improve their ratings. As their credit quality improves, bond income is supplemented by capital appreciation. The Management Team believes Strong Horse companies are less likely to default on payments of principal or interest. In addition to spread compression and income, the Management Team believes that a significant amount of alpha in high yield is to be found by avoiding problems throughout the cycle. The approach is collaborative, with ideas generated by the whole team. Analysts are organized on a sector basis and focus on the return being offered for the risk being taken. Trading is proactive and is a potential source of additional alpha.

The Management Team follows an investment decision making process that follows three basic steps:

**Idea Generation:** Idea generation can come from analysts, portfolio managers, or other investment professionals. In the idea generation process, the Management Team seeks to identify trends in the market or situations where bond prices differ from fundamental risks. Portfolio managers and analysts communicate openly, and ideas regarding market or issuer developments are shared among members of the investment team. During these discussions, analysts and portfolio managers will jointly decide which ideas have merit, and at that point the analyst will research the idea thoroughly.

**Credit Research:** The Management Team's credit research process is founded on a diligent fundamental analysis. The process seeks to analyze business risk, financial risk, bond deal structure, and sustainability risk. In analyzing business risk, the Management Team studies the company's cash flows and its industry dynamics. The Management Team frequently communicates with issuers. In analyzing financial risk, the Management Team examines the leverage applied to the cash flows, as well as financing needs. The Management Team also studies an investment's covenants to protect the investor's rights as bondholders. Dedicated high yield analysts perform the vast majority of the research utilized in the management of high yield portfolios. Rating agencies, sell-side analysts, independent research providers, and other experts may be utilized as additional sources of information. Data may be sourced from the issuer and via specialty vendors.

**Portfolio Construction:** As portfolio managers build the portfolios, they will consider the top-down attributes of the portfolios, especially the ratings, industry, and duration posture. The portfolio managers and other investment professionals discuss macro factors such as economic growth, central bank policy, currencies, and commodity prices, as well as market factors such as default rates, technical trends, and new issue trends. They will discuss what scenarios are incorporated into high yield market prices, and the risk/reward outlook for sectors and segments of the high yield market. Bottom-up information from analysts will also contribute to top-down views. The portfolio managers will monitor their ratings, industry, and duration posture on an ongoing basis, seeking the best bottom-up opportunities that create the desired top-down posture.

The Series strives to provide total return, with high current income as a secondary objective.

The Management Team maintains a well-diversified portfolio of high yield bonds that represents many different sectors and industries. Through diversification the Management Team can help to reduce the impact that any individual bond might have on the portfolio should the issuer have difficulty making payments.

The Series may own, to a lesser degree, preferred stocks, common stocks and convertible securities and other equity securities or warrants generally incidental to the purchase or ownership of a fixed-income instrument or in connection with a reorganization of an issuer. The prices of common stocks and other equity securities tend to fluctuate in the short term, particularly those of smaller companies. The Series may invest in restricted securities, including Rule 144A Securities. The Series may purchase shares of other investment companies subject to the restrictions and limitations of the 1940 Act.

The Series may invest up to 100% of its total assets in foreign securities, including securities of issuers in emerging markets. Investments in foreign securities also present additional risks such as currency fluctuations and political or economic conditions affecting the foreign country. Many of the companies in which the Series may invest have diverse operations, with products or services in foreign markets. Therefore, the Series may have indirect exposure to various foreign markets through investments in these companies, even if the Series is not invested directly in such markets.

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How we manage the Series

The Series may lend its portfolio securities to brokers, dealers and other financial institutions. In connection with such loans, the Series receives liquid collateral equal to at least 102% (105% for international securities) of the value of the loaned portfolio securities. This collateral is marked-to-market on a daily basis.

The Series may use a variety of derivatives instruments for various purposes. The Series may, at any given time, use futures contracts and swaps (including credit default swaps and total return swaps). The Series may use these derivatives in an attempt to enhance return, to hedge broad or specific fixed-income market movements, to gain or increase exposure to specific securities, sectors and/or geographical areas, to invest in foreign currencies or securities not otherwise readily available, to mitigate the impact of rising interest rates or to otherwise manage the risks of the Series. In an effort to manage foreign currency exposure, the Series may use forward currency contracts to either increase or decrease exposure to a given currency. With credit default swaps, the Series either may sell or buy credit protection with respect to bonds, loans or other debt securities pursuant to the terms of these contracts.

When the Management Team believes that a full or partial temporary defensive position is desirable, due to present or anticipated market or economic conditions and to attempt to reduce the price volatility of the Series, the Management Team may invest up to 100% of the Series' assets in cash or cash equivalents. The "cash equivalents" in which the Series may invest include, but are not limited to: short-term obligations such as rated commercial paper and variable amount master demand notes; US dollar-denominated time and savings deposits (including certificates of deposit); bankers' acceptances; obligations of the US government or its agencies or instrumentalities; repurchase agreements (which investments also are subject to their own fees and expenses); and other similar short-term US dollar-denominated obligations which the Management Team believes are of comparable quality. Subject to the Series' investment policies and restrictions, the Series may utilize derivatives instruments, including, but not limited to, futures contracts, options and other types of derivatives, for defensive purposes. It also may shorten the average maturity of the Series' debt holdings or emphasize investment-grade debt securities.

By taking a temporary defensive position in any one or more of these manners, the Series may not achieve its investment objective.

At times, the Series may invest in the Subsidiary, which is a wholly owned company acting as an investment vehicle for the Series, in order to effect certain investments consistent with the Series' investment objectives. The Series' investment in the Subsidiary is expected to provide the Series with exposure to certain investments in accordance with the limits of the federal tax laws.

**Nomura** **VIP Limited Duration Bond Series**

The Manager analyzes economic and market conditions, seeking to identify the securities or market sectors that the Manager believes are the best investments for the Series. Securities in which the Series may invest include, but are not limited to, the following:

● securities
 issued or guaranteed by the US government, such as US Treasurys;

● securities
 issued by US government agencies or instrumentalities, such as securities of Ginnie Mae;

● investment
 grade and below-investment-grade corporate bonds; non-agency mortgage-backed securities, asset-backed securities, commercial mortgage-backed
 securities (CMBS), collateralized mortgage obligations (CMOs), and real estate mortgage investment conduits (REMICs);

● securities
 of foreign issuers in both developed and emerging markets, denominated in foreign currencies and US dollars;

● bank
 loans; and

● short-term
 investments.

Under normal circumstances, the Series will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investment grade bonds (80% policy). For purposes of this 80% policy, investment grade bonds also include other investment grade fixed-income securities. The 80% policy is nonfundamental and may be changed without shareholder approval, but the Series will provide shareholders with at least 60 days' notice before changing this 80% policy.

The Series defines investment grade debt securities as those that are rated within the four highest ratings categories by Moody's Investors Service, Inc. (Moody's) or Standard & Poor's Financial Services LLC (S&P) or that are unrated but determined by the Series' Manager to be of equivalent quality.

The Series may invest in debt obligations issued or guaranteed by the US government, its agencies or instrumentalities, and by US corporations. The corporate debt obligations in which the Series may invest include bonds, notes, debentures, and commercial paper of US companies. The US government securities in which the Series may invest include a variety of securities that are issued or guaranteed as to the payment of principal and interest by the US government, and by various agencies or instrumentalities, which have been established or are sponsored by the US government.

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The Series may also invest in mortgage-backed securities issued or guaranteed by the US government, its agencies or instrumentalities, or by government-sponsored corporations. Other mortgage-backed securities, CMOs, and REMICs in which the Series may invest are issued by certain private, nongovernment entities. These securities may not be collateralized by securities issued or guaranteed by the US government, its agencies, or instrumentalities. The Series may also invest in securities that are backed by assets such as receivables on home equity and credit card loans, automobile, mobile home, recreational vehicle and other loans, wholesale dealer floor plans, and leases.

The Series maintains an average effective duration from one to three years.

The Series may also invest up to 20% of its net assets in below-investment-grade securities (commonly known as high yield or "junk bonds"). The Series may invest in domestic corporate debt obligations, including notes, which may be convertible or nonconvertible, commercial paper, units consisting of bonds with stock or warrants to buy stock attached, debentures and convertible debentures. The Series may invest in both rated and unrated bonds. Unrated bonds may be more speculative in nature than rated bonds.

These fixed income securities may include foreign government securities, debt obligations of foreign companies, and securities issued by supranational entities. A supranational entity is an entity established or financially supported by the national governments of one or more countries to promote reconstruction or development. Examples of supranational entities include, among others, the International Bank for Reconstruction and Development (more commonly known as the World Bank), the European Economic Community, the European Investment Bank, the Inter-American Development Bank, and the Asian Development Bank. The Series may also invest up to 20% of its net assets in foreign securities, including up to 10% of its net assets in securities of issuers located in emerging markets. The Series' total non-US-dollar currency will be limited, in the aggregate, to no more than 10% of its net assets.

The Series may invest in sponsored and unsponsored ADRs, European depositary receipts, or global depositary receipts. It may also invest in zero coupon bonds and payment-in-kind bonds. Further, it may purchase shares of other investment companies, which includes securities of exchange-traded funds (ETFs).

The Series may invest in both rated and unrated foreign securities.

The Series may invest in securities issued in any currency and may hold foreign currencies. Securities of issuers within a given country may be denominated in the currency of another country or in multinational currency units, such as the euro. The Series may, from time to time, purchase or sell foreign currencies and/ or engage in forward foreign currency contracts in order to facilitate or expedite settlement of Series transactions and to minimize currency value fluctuations. Currency considerations carry a special risk for a portfolio that allocates a significant portion of its assets to foreign securities.

The Series may invest in privately placed securities, including those that are eligible for resale only among certain institutional buyers without registration, which are commonly known as "Rule 144A Securities."

In addition to the investments discussed above, the Series may use a wide range of derivatives instruments, typically including options, futures contracts, options on futures contracts, forward foreign currency contracts, and swaps. The Series will use derivatives for both hedging and non-hedging purposes. For example, the Series may purchase and write call and put options and may engage in option strategies for hedging and/or speculative purposes. The Series will not invest in swaps with maturities of more than 10 years. The Series will not use derivatives for reasons inconsistent with its investment objective and will limit its investments in derivatives instruments to 20% of its net assets.

The Series may invest up to 10% of its net assets in illiquid investments.

The Series' investment objective is nonfundamental. This means that the Series' Board of Trustees may change the objective without obtaining shareholder approval. If the objective were changed, the Series would notify shareholders at least 60 days before the change became effective.

**Nomura** **VIP Limited-Term Bond Series**

Under normal circumstances, the Series will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in investment grade fixed income securities (80% policy), including, but not limited to, fixed income securities issued or guaranteed by the US government, its agencies or instrumentalities, and by US corporations. The Series may also invest up to 30% of its net assets in foreign securities, including up to 10% of its net assets in securities of issuers located in emerging markets. The Series may invest up to 20% of its net assets in below-investment-grade securities (also known as high yield or "junk" bonds). Additionally, the Series may invest in mortgage-backed securities issued or guaranteed by the US government, its agencies or instrumentalities, government-sponsored corporations, and mortgage-backed securities issued by certain private, nongovernment entities. The Series may also invest in securities that are backed by assets such as receivables on home equity and credit card loans, automobile, mobile home, recreational vehicle and other loans, wholesale dealer floor plans, and leases. The Series will maintain an average effective duration from one to three years.

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How we manage the Series

The Manager analyzes economic and market conditions, seeking to identify the securities or market sectors that the Manager believes are the best investments for the Series. Securities in which the Series may invest include, but are not limited to, the following:

● securities
 issued or guaranteed by the US government, such as US Treasurys;

● securities
 issued by US government agencies or instrumentalities, such as securities of Ginnie Mae;

● investment
 grade and below-investment-grade corporate bonds; nonagency mortgage-backed securities (MBS), asset-backed securities (ABS), commercial
 mortgage-backed securities (CMBS), collateralized mortgage obligations (CMOs), and real estate mortgage investment conduits (REMICs);

● securities
 of foreign issuers in both developed and emerging markets, denominated in foreign currencies and US dollars;

● bank
 loans; and

● short-term
 investments.

The Series may use a variety of derivatives instruments for various purposes. The Series may, at any given time, use futures contracts, options on futures contracts, Treasury swaps and OTC options, in an attempt to hedge broad or specific fixed-income market movements, to take a directional position on interest rates, to mitigate the impact of rising interest rates, to manage or adjust the duration of its investments or to otherwise manage the risks of the Series' investments.

The Series may invest in Rule 144A Securities. The Series may lend its portfolio securities to brokers, dealers and other financial institutions. In connection with such loans, the Series receives liquid collateral equal to at least 102% (105% for international securities) of the value of the loaned portfolio securities. This collateral is marked-to-market on a daily basis.

Many of the companies in which the Series may invest have diverse operations, with products or services in foreign markets. Therefore, the Series may have indirect exposure to various foreign markets through investments in these companies, even if the Series is not invested directly in such markets. The Manager will limit the Series' investments in total non-US dollar currency to no more than 10% of its net assets. The Series may hedge its total foreign currency exposure.

The Series' investments in these fixed income securities may include foreign government securities, debt obligations of foreign companies, and securities issued by supranational entities. A supranational entity is an entity established or financially supported by the national governments of one or more countries to promote reconstruction or development. Examples of supranational entities include, among others, the International Bank for Reconstruction and Development (more commonly known as the World Bank), the European Economic Community, the European Investment Bank, the Inter-Development Bank, and the Asian Development Bank.

The Series may invest in sponsored and unsponsored American depositary receipts (ADRs), European depositary receipts (EDRs), or global depositary receipts (GDRs). The Series may also invest in zero coupon bonds and may purchase shares of other investment companies. The Series will invest in both rated and unrated foreign securities.

The Series may invest in securities issued in any currency and may hold foreign currencies. Securities of issuers within a given country may be denominated in the currency of another country or in multinational currency units, such as the euro. The Series may, from time to time, purchase or sell foreign currencies and/or engage in forward foreign currency contracts in order to facilitate or expedite settlement of portfolio transactions and to minimize currency value fluctuations.

When the Manager believes that a defensive position is desirable, due to present or anticipated market or economic conditions, it may take a number of actions. For example, the Series may sell longer-term debt securities and buy shorter-term debt securities or invest in money market instruments. By taking a temporary defensive position, the Series may not achieve its investment objective.

The 80% policy is non-fundamental and may be changed without shareholder approval, but the Series will provide shareholders with at least 60 days' notice before changing this 80% policy.

**Nomura** **VIP Global Growth Series**

The Series seeks to achieve its objective to provide growth of capital by investing primarily in common stocks of US and foreign companies (including depositary receipts of foreign issuers) that the Manager believes are competitively well-positioned, gaining market share, have the potential for long-term growth, and/or operate in regions or countries that the Manager believes possess attractive growth characteristics. The Series primarily invests in issuers of developed countries, including the US, although the Series has the ability to invest in issuers domiciled in or doing business in any country or region around the globe, including emerging markets. Growth securities are those whose earnings, the Manager believes, are likely to have strong growth over several years. A depositary receipt generally is issued by a bank or other financial institution and represents an ownership interest in the common stock or other equity securities of a foreign company. The Manager seeks profitable companies with a sustainable competitive advantage in their industry as well as the ability to sustain their growth rates. There is no guarantee, however, that the Series will achieve its objective.

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The Manager utilizes a research-based investment process that focuses on bottom-up (researching individual issuers) stock selection. The Manager seeks strong companies that possess a unique, sustainable competitive advantage that the Manager believes will allow them to withstand competitive pressures, sustain margins and cash flow, and grow faster than the general economy. The Manager may look at a number of factors in selecting securities for the Series, including: a company's competitive position and its sustainability; a company's growth and earnings potential and valuation; a company's financials, including cash flow and balance sheet; management of the company; strength of the industry; size of the company's total addressable market; margin trends; switching costs; control of distribution channels; brand equity; scale; patent protection; and applicable economic, market and political conditions of the country in which the company is located and/or in which it is doing business. As an overlay to its bottom-up analysis, the Manager considers factors such as the geographical economic environment, the political environment, regulatory policy, geopolitical risk and currency risk.

Although the Series primarily invests in securities issued by large-capitalization companies, it may invest in securities issued by companies of any size and in any geographical area, including the US, and within various sectors, which may include companies that are offered in IPOs. Under normal circumstances, the Series invests at least 40% (or, if the portfolio manager deems it warranted by market conditions, at least 30%) of its total assets in foreign securities. The Series may invest up to 80% of its total assets in foreign securities, including securities denominated in currencies other than the US dollar. Many of the companies in which the Series may invest have diverse operations, with products or services in foreign markets. Therefore, the Series may have indirect exposure to various additional foreign markets through investments in these companies, even if the Series is not invested directly in such markets. The Series typically holds a limited number of stocks (generally 50 to 70).

The Series may lend its portfolio securities to brokers, dealers and other financial institutions. In connection with such loans, the Series receives liquid collateral equal to at least 102% (105% for international securities) of the value of the loaned portfolio securities. This collateral is marked-to-market on a daily basis.

The Series may use a variety of derivatives instruments for various purposes. The Series may, at any given time, use options, total return swaps or other derivatives. The Series may use derivatives in an attempt to hedge broad or specific equity market movements, to gain or increase exposure to specific securities, sectors and/or geographical areas or to otherwise manage the risks of the Series' investments. In an effort to manage foreign currency exposure, the Series may use forward currency contracts to either increase or decrease exposure to a given currency. The Series also may invest in ETFs as a means of gaining exposure to a particular segment of the market, which may include seeking to gain exposure to precious metals and other commodities. The Series may invest in restricted securities. In addition, the Series may invest in "A-shares" of certain Chinese companies — which otherwise are not eligible to be directly purchased by US mutual funds — through various trading programs with Chinese-based stock exchanges.

When the Manager believes that a temporary defensive position is desirable, the Series may invest up to all of its assets in cash or cash equivalents. The "cash equivalents" in which the Series may invest include, but are not limited to: short-term obligations such as rated commercial paper and variable amount master demand notes; US dollar-denominated time and savings deposits (including certificates of deposit); bankers' acceptances; obligations of the US government or its agencies or instrumentalities; repurchase agreements (which investments also are subject to their own fees and expenses); and other similar short-term US dollar-denominated obligations which the Manager believes are of comparable high quality. Subject to the Series' investment policies and restrictions, the Series may utilize derivatives instruments, including, but not limited to, futures contracts, options and other types of derivatives, for defensive purposes. The Manager also may avoid investment in volatile emerging markets and increase investments in more stable, developed countries and industries, including investments in long-term US or foreign government bonds; and it also may invest all of its assets in US securities. However, by taking a temporary defensive position, the Series may not achieve its investment objective.

**Nomura** **VIP International Core Equity Series**

The Series seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in equity securities. The Series will invest primarily in common stocks of non-U.S. companies, which may include companies located or operating in developed or emerging markets. The Series' investment in emerging market companies will not exceed the greater of (a) 35% of the Series' net assets or (b) the weight of emerging markets in the Series' benchmark index, the MSCI ACWI ex USA Index. The Series also may invest in depositary receipts of foreign issuers.

The Manager believes that there are often dislocations and valuation discrepancies in the international financial markets and, therefore, it seeks to find and invest in what it believes are mispriced countries, sectors, currencies and, ultimately, stocks with attractive valuations relative to their potential and to their global peer group. The Manager uses a disciplined approach while looking for investment opportunities around the world, preferring companies that it believes to have strong and growing competitive positions and reasonable valuations.

The Manager begins its investment process through bottom-up fundamental analysis with a global perspective which is built by constantly assessing developments in the global landscape, business and product cycles, relative valuations and an awareness of politics around the world. The Manager follows a bottom-up approach to its stock selection and evaluates individual companies based on various factors, including: free cash flow, sales growth, financial leverage, and return on invested capital along with various valuation metrics. The Manager uses various data and screening services as part of its stock-selection process, primarily to assess return on invested capital and relative valuation.

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How we manage the Series

Although the Series primarily invests in securities issued by large-capitalization companies (typically, companies with capitalizations of at least $10 billion at the time of acquisition), it may invest in securities issued by companies of any size. The Series may invest up to 100% of its total assets in foreign securities.

The Series may lend its portfolio securities to brokers, dealers, and other financial institutions. In connection with such loans, the Series receives liquid collateral equal to at least 102% (105% for international securities) of the value of the loaned portfolio securities. This collateral is marked-to-market on a daily basis.

The Series may use a variety of derivatives instruments for various purposes. In an effort to manage foreign currency exposure, the Series may use forward currency contracts to either increase or decrease exposure to a given currency. The Series also may use a range of other derivatives instruments, including total return swaps, in seeking to hedge or manage broad or specific equity market movements, to facilitate trading in certain securities, or to manage exposure to specific securities, sectors and/or geographical areas. In addition, the Series may use written options on individual equity securities to enhance return.

The Series also may invest in ETFs as a means of gaining exposure to a particular segment of the market, which may include seeking to gain exposure to commodities. In addition, the Series may invest in "A-shares" of certain Chinese companies – which otherwise are not eligible to be directly purchased by US mutual funds – through various trading programs with Chinese-based stock exchanges.

When the Manager believes that a temporary defensive position is desirable, the Series may invest up to all of its assets in cash or cash equivalents. The Manager aims to remain fully invested over the market cycle. The "cash equivalents" in which the Series may invest include, but are not limited to: short-term obligations such as rated commercial paper and variable amount master demand notes; US dollar-denominated time and savings deposits (including certificates of deposit); bankers' acceptances; obligations of the US government or its agencies or instrumentalities; repurchase agreements (which investments also are subject to their own fees and expenses); and other similar short-term US dollar-denominated obligations which the Manager believes are of comparable high quality. Subject to the Series' investment policies and restrictions, the Series may utilize derivatives instruments, including, but not limited to, futures contracts, options, and other types of derivatives, for defensive purposes. However, by taking a temporary defensive position the Series may not achieve its investment objective.

The 80% policy is non-fundamental and may be changed without shareholder approval, but the Series will provide shareholders with at least 60 days' notice before changing this 80% policy.

**Nomura** **VIP Emerging Markets Series**

The Series seeks long-term capital appreciation. The Series may invest in a broad range of equity securities, including common or ordinary stocks, preferred stocks, and securities convertible into common or ordinary stocks. The Series may also invest in foreign companies through sponsored or unsponsored depositary receipts, which are receipts typically issued by a bank or trust company evidencing ownership of underlying securities issued by a foreign company. The Series may invest in securities issued in any currency and may hold foreign currency. The Series invests primarily in equity securities of issuers from emerging market countries. These countries are generally recognized to be an emerging or developing country by the international financial community. The Series will primarily invest in countries included in the MSCI Emerging Markets Index. Benchmark weightings may result in the Series investing over 25% in any one country.

The Manager believes that although market price and intrinsic business value are positively correlated in the long run, short-term divergences can emerge. The Manager seeks to take advantage of these divergences through a fundamental, bottom-up approach. The Series invests in securities of companies that the Manager believes have durable franchises when they are trading at a discount to the Manager's intrinsic value estimate for that security.

The Manager defines durable franchises as those companies with potential to earn excess returns above their cost of capital over the long run. Durability analysis involves identification of a company's source of competitive advantage and the ability of its management to maximize its return potential. The Manager prefers companies with large market opportunities in which to deploy capital, providing opportunities to grow faster than the overall economy.

Intrinsic value assessment is quantitatively determined through a variety of valuation methods including discounted cash flow, replacement cost, private market transaction, and multiples analysis.

The Series may also invest in China A shares and N shares.

Although the Manager values the Series' assets daily in terms of US dollars, it does not intend to convert the Series' holdings of foreign currencies into US dollars on a daily basis. The Series is permitted to, however, from time to time, purchase or sell foreign currencies and/or engage in forward foreign currency contracts in order to facilitate or expedite settlement of portfolio transactions and to minimize currency fluctuations. The Manager may conduct the Series' foreign currency transactions on a cash basis at the spot rate prevailing in the foreign currency exchange market or through

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a forward foreign currency contract. The Series will not use forward contracts for speculative purposes. The Manager will not enter into forward contracts or maintain a net exposure to such contracts where the consummation of the contracts would obligate the Series to deliver an amount of foreign currency in excess of the value of the Series' securities or other assets denominated in that currency.

The Series may invest in options and futures. For example, if the Series owns securities that have unrealized gains, the Manager may want to protect those gains when it anticipates adverse conditions. The Manager might use options or futures to seek to neutralize the effect of any anticipated price declines, without selling the security. The Manager may also use options or futures to gain exposure to a particular market segment without purchasing individual securities in that segment, particularly if the Series has excess cash that the Manager wants to invest quickly.

The Series may hold securities of investment companies, including open-end funds, closed-end funds, and exchange-traded funds.

The Series may invest up to 10% of its net assets in REITs.

The Series may also invest in privately placed securities, including those that are eligible for resale only among certain institutional buyers without registration, which are commonly known as "Rule 144A Securities."

The Series may invest up to 10% of its net assets in illiquid investments.

The Series' investment objective is nonfundamental. This means that the Series' Board of Trustees may change the objective without obtaining shareholder approval. If the objective were changed, the Series would notify shareholders at least 60 days before the change became effective.

**Nomura** **VIP Asset Strategy Series**

The Series seeks to achieve its objective by allocating its assets among different asset classes of varying correlation around the globe. The Manager primarily invests a portion of the Series' assets in global equity securities that the Manager believes can outperform the Series' benchmark index, the MSCI ACWI Index, over a full market cycle before taking into account fund expenses (the Equity portion). The Manager then invests the Series' remaining assets (the Diversifying portion) in various additional asset classes that may have a lower correlation or volatility than the Equity portion, including but not limited to global fixed-income securities, Treasury instruments, precious metals, commodities and cash. The Manager may allocate the Series' investments among these different asset classes in different proportions at different times, but generally seeks to invest 55% — 65% of the Series' total assets in equities or equity-like securities and 35% — 45% of the Series' total assets in the Diversifying portion. In connection with the active allocation among these different asset classes, the Manager will also manage a tactical/completion sleeve. The tactical/completion sleeve will typically vary from 0% to 20% of the Series' total assets and primarily hold derivatives and ETFs. If applicable, the derivatives and ETFs within the tactical/completion sleeve will also be counted towards the asset classes noted above. The Manager uses a dynamic asset-allocation framework to determine the proportion of the Series' assets that will be allocated to the various asset classes noted above, based on the market assessment and portfolio risk contribution for such asset classes.

Within this tactical/completion sleeve the Series may invest in ETFs managed by the Manager and/or its affiliates ("Affiliated ETFs") and ETFs that are managed by unaffiliated investment advisers ("Unaffiliated ETFs"). In selecting underlying ETFs, the Manager may select certain Affiliated ETFs, even if there may (or may not) be one or more Unaffiliated ETFs that investors might regard as equally or more attractive to the Series.

In selecting securities for the Series, the Manager primarily emphasizes a bottom-up (researching individual issuers) approach and seeks to find relative value across the asset classes noted above. Part of the Manager's investment process also includes a top-down (assessing the market and economic environment) analysis.

With respect to the Equity portion, the Manager seeks what it believes are well-positioned companies with a strong and / or growing sustainable competitive advantage in attractive industries across the globe which the Manager believes can exceed current earnings estimates. The Manager looks for companies that are taking market share within their industries, which results in high levels of cash flow, as well as stable to improving margins and returns. The Manager generally focuses on companies that are growing, innovating, improving margins, returning capital through dividend growth or share buybacks and / or offering what the Manager believes to be sustainable high free cash flow.

The Series has the flexibility to invest in both growth and value companies. The Series will tend to emphasize growth-oriented companies, but will typically shift towards value-oriented companies when it feels growth stocks are too expensive on a relative basis or during an economic cycle where the Manager believes that cyclical companies have become oversold. Although the Series primarily invests in securities issued by large, well-established companies, it may invest in securities issued by companies of any size.

Within the Diversifying portion, the Series has the flexibility to invest in a wide range of assets that, in the Manager's view, present attractive risk-adjusted returns as compared to the Equity portion, and/or reduce the Series' overall risk profile. Diversifying assets may be comprised of global fixed-income instruments, including investment-grade and high-yield bonds, as well as emerging market, corporate and sovereign bonds, mortgage-backed securities, asset-backed securities, and bank loans, although the Manager anticipates that a majority of the assets within the Diversifying portion will consist of investment-grade securities. As noted, such fixed-income instruments may include high-yield/high-risk bonds, or

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How we manage the Series

junk bonds, which include bonds rated BB+ or below by S&P, or comparably rated by another NRSRO or, if unrated, determined by the Manager to be of comparable quality; although the Manager anticipates that investments in junk bonds will be minimal within the Diversifying portion, and, in no event, will such investments exceed 10% of the Series' total assets. When selecting these instruments, the Manager focuses heavily on free cash flow and an issuer's ability to de-lever itself (in other words to reduce debt) through the credit cycle. The Series also can invest in government securities issued by the Treasury (such as Treasury bills, notes or bonds), obligations issued or guaranteed as to principal and interest (but not as to market value) by the US government, its agencies or instrumentalities, international and supranational bonds issued or guaranteed by other governments and mortgage-backed securities issued or guaranteed by government agencies or government-sponsored enterprises, as well as TIPs, REITs, precious metals, commodities and cash.

The Series may use a wide range of derivatives instruments, typically including forward foreign currency contracts, options, futures contracts, options on futures contracts, and credit default swaps. The Series will use derivatives for both hedging and non-hedging purposes; as a substitute for purchasing or selling securities; and to manage the Series' portfolio characteristics. For example, the Series may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; and credit default swaps to hedge against a credit event, to gain exposure to certain securities or markets, or to enhance total return.

Within each of the Equity and the Diversifying portions, the Series may invest in US and foreign securities. The Equity portion of the Series generally will invest at least 30% of its assets, and may invest up to 75%, in foreign securities and in securities denominated in currencies other than the US dollar, including issuers located in and/or generating revenue from emerging markets. Many of the companies in which the Series may invest have diverse operations, with products or services in foreign markets. Therefore, the Series may have indirect exposure to various foreign markets through investments in these companies, even if the Series is not invested directly in such markets.

The Manager may allocate the Series' investments among the different types of assets noted above in different proportions at different times (keeping in mind the general percentages noted above) and may exercise a flexible strategy in selecting investments. The Manager does not intend to concentrate the Series in any geographical region or industry sector; however, it is not limited by investment style or by the issuer's location or industry sector.

Subject to diversification limits, the Series also may invest up to 10% of its total assets at the time of investment in precious metals.

The Series previously invested in private placements and other restricted securities in an amount up to 15% of its net assets, in accordance with its investment restrictions. Private placements and other restricted securities may be difficult to resell because a ready market for resale may not exist at any given time. While the Series may continue to invest in various types of restricted securities, including Rule 144A Securities, the Series does not intend to further invest in private placements and seeks to sell its remaining holdings of such private placement securities as opportunities arise for such sale. Many such securities lack readily available market prices which requires the Series to determine a fair value for such investments in accordance with valuation guidelines adopted by the Board. The more limited financial information may make it more difficult to value such investments and may make it difficult to accurately determine the Series' exposure to privately issued securities. The Series' NAV could be adversely affected if the Series' determinations regarding the fair value of the Series' investments were materially higher than the values that the Series ultimately realizes upon the disposal of such investments.

The Series may purchase shares of another investment company subject to the restrictions and limitations of the 1940 Act. The Series also may invest in exchange-traded funds (ETFs). The Series may invest in companies that are offered in IPOs. The Series also may invest in separately traded principal and interest components of securities issued or guaranteed by the Treasury under the Separate Trading of Registered Interest and Principal of Securities (STRIPS) program. In addition, the Series may invest in "A-shares" of certain Chinese companies — which otherwise are not eligible to be directly purchased by US mutual funds — through various trading programs with Chinese-based stock exchanges. The Series may lend its portfolio securities to brokers, dealers and other financial institutions. In connection with such loans, the Series receives liquid collateral equal to at least 102% (105% for international securities) of the value of the loaned portfolio securities. This collateral is marked-to-market on a daily basis.

At times, the Series may invest in the Subsidiary, which is a wholly owned company acting as an investment vehicle for the Series, in order to effect certain investments consistent with the Series' investment objective. The Series' investment in the Subsidiary is expected to provide the Series with exposure to certain investments in accordance with the limits of the federal tax laws.

The Series' Board of Trustees has approved Macquarie Investment Management Global Limited (MIMGL) to serve as a sub-advisor for the Series. To the extent the Manager allocates any of the Series' assets to MIMGL to manage, MIMGL will have primary responsibility for the day-to-day management of those assets.

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**Nomura** **VIP Balanced Series**

The Series seeks to achieve its objective to provide total return through a combination of capital appreciation and current income by investing primarily in a diversified mix of stocks, debt securities and short-term instruments, depending on market conditions. There is no guarantee, however, that the Series will achieve its objective.

The Series invests at least 50% of its total assets in equity securities with the objective of providing potential capital appreciation and some dividend income. The Series invests at least 30% of its total assets in debt securities, with the objective of providing income and relative stability of capital. The Series also may invest in convertible securities and preferred stocks.

The Manager uses a dynamic asset-allocation framework to determine the proportion of the Series' assets that will be allocated to the various asset classes noted above, based on the market assessment and portfolio risk contribution for such asset classes. In addition, the Manager will also manage a tactical/completion sleeve and such sleeve will typically vary from 0% to 20% of the Series' total assets and primarily hold derivatives and ETFs.

Within this tactical/completion sleeve the Series may invest in ETFs managed by the Manager and/or its affiliates ("Affiliated ETFs") and ETFs that are managed by unaffiliated investment advisers ("Unaffiliated ETFs"). In selecting underlying ETFs, the Manager may select certain Affiliated ETFs, even if there may (or may not) be one or more Unaffiliated ETFs that investors might regard as equally or more attractive to the Series.

The Series invests primarily in medium to large, well-established companies, most of which pay a regular dividend, although it may invest in securities issued by companies of any size. In evaluating investments for the Series, the Manager focuses on companies with resilient business models characterized by stable growth rates; strong balance sheets; relative strength in earnings; attractive return profiles and valuation; and strong free cash flow generation. In so doing, the Manager evaluates a company's management team, its financial position, its competitive position and the condition of its respective industry in addition to other factors. The Manager utilizes financial statements, independent research by its investment management personnel, third party research, brand studies done by outside parties and other tools and processes to identify what it believes to be attractive investment opportunities with a focus on the trajectory and sustainability of a company's business model. The Manager also focuses on companies that possess a sustainable competitive advantage, by evaluating factors such as brand equity/loyalty, proprietary technology, switching costs, access to distribution channels, capital requirements, economies of scale, and barriers to entry.

The Series may use a wide range of derivatives instruments, typically including forward foreign currency contracts, options, futures contracts, options on futures contracts, and credit default swaps. The Series will use derivatives for both hedging and non-hedging purposes; as a substitute for purchasing or selling securities; and to manage the portfolio characteristics. For example, the Series may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; and credit default swaps to hedge against a credit event, to gain exposure to certain securities or markets, or to enhance total return. The Series may also invest in exchange-traded funds (ETFs).

In its fixed-income investments, the Manager focuses on current income and capital preservation. The majority of the Series' debt securities are either US government securities, investment-grade corporate bonds, mortgage-backed securities, or asset-backed securities rated BBB- or higher by S&P, or comparably rated by another NRSRO or, if unrated, determined by the Manager to be of comparable quality. The Series may invest up to 20% of its total assets in non-investment-grade debt securities, which may include floating rate notes or secured bank loans. The Series may invest in debt securities of any maturity or duration. The Series has no limitations on coupon type (i.e., fixed, floating, zero), the range of maturities of the debt securities in which it may invest or on the size of companies in which it may invest.

In selecting debt securities for the Series, the Manager focuses on current income and capital preservation and generally seeks to invest in investment-grade securities. The Series may invest up to 30% of its total assets in foreign securities, including equity and fixed-income securities. An investment in foreign securities presents additional risks such as currency fluctuations and political or economic conditions affecting the foreign country. Additionally, many of the companies in which the Series may invest have diverse operations, with products or services in foreign markets. Therefore, the Series may have indirect exposure to various foreign markets through investments in these companies, even if the Series is not invested directly in such markets.

Generally, in determining whether to sell a security, the Manager uses the same analysis as identified above in order to determine if the security is appropriately valued or has met its anticipated price. The Manager also may sell a security if the security ceases to produce income, to reduce the Series' holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

The Series may lend its portfolio securities to brokers, dealers and other financial institutions. In connection with such loans, the Series receives liquid collateral equal to at least 102% (105% for international securities) of the value of the loaned portfolio securities. This collateral is marked-to-market on a daily basis.

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How we manage the Series

When the Manager believes that a temporary defensive position is desirable, the Series may invest up to all of its assets in cash or cash equivalents. The "cash equivalents" in which the Series may invest include, but are not limited to: short-term obligations such as rated commercial paper and variable amount master demand notes; US dollar-denominated time and savings deposits (including certificates of deposit); bankers' acceptances; obligations of the US government or its agencies or instrumentalities; repurchase agreements (which investments also are subject to their own fees and expenses); and other similar short-term US dollar-denominated obligations which the Manager believes are of comparable high quality. Subject to the Series' investment policies and restrictions, the Series may utilize derivatives instruments, including, but not limited to, futures contracts, options and other types of derivatives, for defensive purposes. However, by taking a temporary defensive position, the Series may not achieve its investment objective.

The Series' Board of Trustees has approved Macquarie Investment Management Global Limited (MIMGL) to serve as a sub-advisor for the Series. To the extent the Manager allocates any of the Series' assets to MIMGL to manage, MIMGL will have primary responsibility for the day-to-day management of those assets.

**Nomura** **VIP Total Return Series**

The Series allocates its assets among stocks (US and foreign companies), bonds and money market instruments. The Series does not use a fixed formula for allocating investments between stocks and bonds. While the percentage of assets allocated to each asset class is flexible rather than fixed, the Series normally invests at least 50% of its net assets in stocks, stock equivalents, and convertible securities with the remainder in bonds, such as corporate bonds, government bonds, mortgage-backed securities, asset-backed securities, secured and unsecured loan assignments, loan participations and other loan instruments, cash and money market instruments. The percentages may change due to, among other things, market fluctuations or reallocation decisions by the Series' portfolio managers.

The percentage allocations within the above ranges may change due to, among other things, market fluctuations or reallocation decisions by the Sub-advisor. Reallocations outside of the above ranges are expected to occur infrequently.

In allocating assets, the Manager will apply a dedicated yield focus for existing asset classes, use systematic strategies to expand the investment universe and implement a systematic yield-enhancing security selection process.

The Manager expresses its asset allocation convictions across 25 directional, relative asset class decisions (pairwise views). The pairwise approach allows the Manager to uniquely focus on the direction, rather than the degree, of returns. The result of this approach is to deliver an optimal asset allocation construct in the current and projected economic environment. Proprietary tools deliver additional insights that provide unique inputs into fundamental decision making.

The Manager uses a dynamic asset-allocation framework to determine the proportion of the Series' assets that will be allocated to the various asset classes, based on the market assessment and portfolio risk contribution for such asset classes.

The Series may invest in direct US government securities, as well as securities issued by US government-sponsored enterprises. The Series may invest in mortgage-backed securities issued or guaranteed by the US government, its agencies or instrumentalities, or by government-sponsored corporations, and may also invest in mortgage-backed securities issued by certain private, nongovernment entities. The Series may also invest in asset-backed securities.

The Series may also invest in high yield, below investment grade corporate bonds (commonly known as "high yield" or "junk bonds"). High yield bonds include both bonds that are rated below Baa3 by Moody's or below BBB- by S&P as well as unrated bonds that are determined by the Manager to be of equivalent quality.

High yield bonds generally provide higher income than investment grade bonds to compensate investors for their higher risk of default (i.e., failure to make required interest or principal payments). High yield securities may be backed by receivables or other assets. The Manager primarily focus on investments they believe can generate attractive and consistent income. In addition, the manager may seek investments that have stable to improving credit quality and potential for capital appreciation because of a credit rating upgrade or an improvement in the outlook for a particular company, industry or the economy as a whole. Although the Manager will consider ratings assigned by ratings agencies in selecting high yield bonds, they rely principally on their own research and investment analysis. The Manager may sell a bond when it shows deteriorating fundamentals or it falls short of the portfolio manager's expectations. They may also decide to continue to hold a bond (or related securities, such as stocks or warrants) after its issuer defaults or is subject to a bankruptcy.

The Series may also invest in real estate related companies and REITs.

In connection with its dynamic asset-allocation framework, the Manager will also manage a tactical/completion sleeve and such sleeve will typically vary from 0% to 20% of the Series' total assets and primarily hold derivatives and ETFs.

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Within this tactical/completion sleeve the Series may invest in ETFs managed by the Manager and/or its affiliates ("Affiliated ETFs") and ETFs that are managed by unaffiliated investment advisers ("Unaffiliated ETFs"). In selecting underlying ETFs, the Manager may select certain Affiliated ETFs, even if there may (or may not) be one or more Unaffiliated ETFs that investors might regard as equally or more attractive to the Series.

The Series may use a wide range of derivatives instruments, typically including forward foreign currency contracts, options, futures contracts, options on futures contracts, and credit default swaps. The Series will use derivatives for both hedging and non-hedging purposes;. For example, the Series may purchase and write call and put options and may engage in option strategies for hedging and/or speculative purposes. In addition, the Series will use derivatives as a substitute for purchasing or selling securities; and to manage the Series' portfolio characteristics. For example, the Series may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; and credit default swaps to hedge against a credit event, to gain exposure to certain securities or markets, or to enhance total return.

The Series may invest in securities of foreign companies traded in the United States, including sponsored and unsponsored American depositary receipts, as well as foreign securities traded in foreign and emerging markets. The fixed income securities in which the Series may invest include those issued by foreign governments.

The Series is permitted, from time to time, to purchase or sell foreign currencies and/or engage in forward foreign currency contracts in order to facilitate or expedite settlement of Series transactions and to minimize currency value fluctuations. However, although the Manager values the Series' assets daily in terms of US dollars, it does not intend to convert the Series' holdings of foreign currencies into US dollars on a daily basis. The Series may also enter into forward contracts to "lock in" the price of a security it has agreed to purchase or sell, in terms of US dollars or other currencies in which the transaction will be consummated.

The Series may invest without restriction in bank loans that meet the credit standards established by the Manager.

The Series may invest in privately placed securities, including those that are eligible for resale only among certain institutional buyers without registration, which are commonly known as "Rule 144A Securities."

The Series may invest up to 10% of its net assets in illiquid investments.

The Series' Board of Trustees has approved Macquarie Investment Management Global Limited (MIMGL) to serve as a sub-advisor for the Series. To the extent the Manager allocates any of the Series' assets to MIMGL to manage, MIMGL will have primary responsibility for the day-to-day management of those assets.

The Series' investment objective is nonfundamental. This means that the Series' Board of Trustees may change the objective without obtaining shareholder approval. If the objective were changed, the Series would notify shareholders at least 60 days before the change became effective.

**Nomura** **VIP Energy Series**

The Series seeks to achieve its objective to provide capital growth and appreciation by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in securities of companies within the energy sector, which includes all aspects of the energy industry, such as exploration, discovery, production, distribution or infrastructure of energy and/or alternative energy sources (80% policy). These companies may include, but are not limited to, oil companies; oil and gas drilling, equipment, and services companies; oil and gas exploration and production companies; oil and gas storage and transportation companies; natural gas pipeline companies; refinery companies; energy conservation companies; coal companies; transporters; utilities; alternative energy companies; and innovative energy technology companies. The Series also may invest in companies that are not within the energy sector but that are engaged in the development of products and services to enhance energy efficiency in the manufacturing, development, and/or providing of products and services.

The Series is nondiversified, meaning that it may invest a significant portion of its total assets in a limited number of issuers.

After conducting a top-down (assessing the market environment) market analysis of the energy industry and geopolitical issues and then identifying trends and sectors, Van Eck Associates Corporation (the "Sub-Advisor") uses a research-oriented, bottom-up (researching individual issuers) investment approach when selecting securities for the Series, focusing on company fundamentals and growth prospects. The Sub-Advisor searches for what it believes are well-managed companies with strong balance sheets; low cost structure; capital discipline; business model; barriers to entry, competitive advantage; high incremental returns and margins; profitable growth; and strong assets and management. The Series invests in a blend of value and growth companies across the capitalization spectrum, which may include companies that are offered in IPOs, and emphasizes companies that the Sub-Advisor believes are strongly managed and can generate above average capital growth and appreciation. The Series typically holds a limited number of stocks (generally 35 to 50). There is no guarantee, however, that the Series will achieve its objective.

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How we manage the Series

While the Sub-Advisor typically seeks to invest a majority of the Series' assets in US securities, the Series may invest up to 100% of its total assets in foreign securities. An investment in foreign securities presents additional risks such as currency fluctuations and political or economic conditions affecting the foreign country. Many of the companies in which the Series may invest have diverse operations, with products or services in foreign markets. Therefore, the Series may have indirect exposure to various foreign markets through investments in these companies, potentially including companies domiciled or traded or doing business in emerging markets, even if the Series is not invested directly in such markets.

Primarily investing in the energy sector can be riskier than other types of investment activities because of a range of factors, including price fluctuation caused by real or perceived inflationary trends and political developments, and the cost assumed by energy companies in complying with environmental and safety regulations.

The Series also is subject to the risk that the earnings, dividends and securities prices of energy companies will be greatly affected by changes in the prices and supplies of oil and other energy fuels. Prices and supplies of energy may fluctuate significantly over any time period due to many factors, including:

● international
 political developments

● production
 and distribution policies of the Organization of Petroleum Exporting Countries (OPEC) and other oil-producing countries

● relationships
 among OPEC members and other oil-producing countries and between those countries and oil-importing nations

● energy
 conservation

● the
 regulatory environment

● tax
 policies

● the
 economic growth and political stability of the key energy-consuming countries

The Series may use a range of other investment techniques, including investing in MLPs. An MLP is an entity that combines the tax benefits of a partnership with the liquidity of publicly traded securities. The MLPs in which the Series may invest are primarily engaged in investing in oil and gas-related businesses, including energy processing and distribution. The Series' investments in MLPs will be limited by tax considerations.

The Series may lend its portfolio securities to brokers, dealers and other financial institutions. In connection with such loans, the Series receives liquid collateral equal to at least 102% (105% for international securities) of the value of the loaned portfolio securities. This collateral is marked-to-market on a daily basis.

The Series may use forward currency contracts in an effort to manage foreign currency exposure.

When the Sub-Advisor believes that a temporary defensive position is desirable, the Series may invest up to all of its assets in cash or cash equivalents. The "cash equivalents" in which the Series may invest include, but are not limited to: short-term obligations such as rated commercial paper and variable amount master demand notes; US dollar-denominated time and savings deposits (including certificates of deposit); bankers' acceptances; obligations of the US government or its agencies or instrumentalities; repurchase agreements (which investments also are subject to their own fees and expenses); and other similar short-term US dollar-denominated obligations which the Sub-Advisor believes are of comparable high quality. Subject to the Series' investment policies and restrictions, the Series may utilize derivatives instruments, including, but not limited to, futures contracts, options and other types of derivatives, for defensive purposes. However, by taking a temporary defensive position, the Series may not achieve its investment objective.

The 80% policy is non-fundamental and may be changed without shareholder approval, but the Series will provide shareholders with at least 60 days' notice before changing this 80% policy.

**Nomura** **VIP Natural Resources Series**

The Series seeks to achieve its objective to provide capital growth and appreciation by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies with operations throughout the world that own, explore or develop natural resources and other basic commodities or supply goods and services to such companies (80% policy). There is no guarantee, however, that the Series will achieve its objective.

Van Eck Associates Corporation (the "Sub-Advisor") attempts to manage risk through diversifying the Series' holdings by commodity, country, issuer, and market capitalization of companies; however, such diversification may not necessarily reduce Series volatility.

After conducting a top-down (assessing the market environment) market analysis of the natural resources industry and identifying trends and sectors, the Sub-Advisor uses a research-oriented, bottom-up (researching individual issuers) investment approach when selecting securities for the Series, focusing on company fundamentals and growth prospects. The Sub-Advisor searches for what it believes are well-managed companies with strong balance sheets; low cost structure; capital discipline; business model; barriers to entry; competitive advantage; high incremental returns and margins; profitable growth; strong management; and the technological capability and expertise to grow independently of commodity prices. The Series invests

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in a blend of value and growth companies across the capitalization spectrum, which may include companies that are offered in IPOs, and emphasizes companies that the Sub-Advisor believes are strongly managed and can generate above-average capital growth and appreciation. In addition, the Sub-Advisor focuses on companies that it believes are high quality, have the potential for sustainable long-term growth and that are low-cost leaders that possess historically strong-producing assets. From a macro perspective, the Sub-Advisor monitors demand expectations for various commodities and utilizes this information to adjust the level of sector exposure and individual security holdings in the Series. The Series also may invest in companies that are not within the energy sector but that are engaged in the development of products and services to enhance energy efficiency in the manufacturing, development, and/or providing of products and services.

The Series seeks to be diversified Internationally, and therefore, the Sub-Advisor invests in foreign companies and US companies that have principal operations in foreign jurisdictions. While the Sub-Advisor typically seeks to invest a majority of the Series' assets in the US, the Series may invest up to 100% of its total assets in foreign securities. Exposure to companies in any one particular foreign country will generally be less than 15% of the Series' total assets or two times the weight of the S&P Global Natural Resources Index, whichever is greater. The Series also may have exposure to companies located in, and/or doing business in, emerging markets.

Many of the companies in which the Series may invest have diverse operations, with products or services in foreign markets. Therefore, the Series may have indirect exposure to various foreign markets through investments in these companies, even if the Series is not invested directly in such markets. The Series typically holds a limited number of stocks (generally 30 to 60). Under normal circumstances, the Sub-Advisor anticipates that a significant portion of the Series' holdings will consist of issuers in the energy and materials sectors.

The Series may use a variety of derivatives Instruments for various purposes. The Series may use forward currency contracts in an effort to manage foreign currency exposure. In seeking to manage the Series' exposure to precious metals, the Series may use futures contracts, both long and short positions, as well as options, both written and purchased, on precious metals.

The Series may use a range of other investment techniques, including investing in publicly traded partnerships (often referred to as MLPs). An MLP is an entity that combines the tax benefits of a partnership with the liquidity of publicly traded securities. The MLPs in which the Series may invest are primarily engaged in investing in oil and gas-related businesses, including energy processing and distribution. The Series' investments in MLPs will be limited by tax considerations.

The Series may lend its portfolio securities to brokers, dealers and other financial institutions. In connection with such loans, the Series receives liquid collateral equal to at least 102% (105% for international securities) of the value of the loaned portfolio securities. This collateral is marked-to-market on a daily basis.

When the Sub-Advisor believes that a temporary defensive position is desirable, the Series may invest up to all of its assets in cash or cash equivalents. The "cash equivalents" in which the Series may invest include, but are not limited to: short-term obligations such as rated commercial paper and variable amount master demand notes; US dollar-denominated time and savings deposits (including certificates of deposit); bankers' acceptances; obligations of the US government or its agencies or instrumentalities; repurchase agreements (which investments also are subject to their own fees and expenses); and other similar short-term US dollar-denominated obligations which the Sub-Advisor believes are of comparable high quality. Subject to the Series' investment policies and restrictions, the Series may utilize derivatives instruments, including, but not limited to, futures contracts, options and other types of derivatives, for defensive purposes. However, by taking a temporary defensive position, the Series may not achieve its investment objective.

The Series' 80% policy is nonfundamental and may be changed without shareholder approval. Series shareholders would be given at least 60 days' notice prior to any change.

**Nomura** **VIP Science and Technology Series**

The Series seeks to achieve its objective to provide growth of capital by investing primarily in the equity securities of science and technology companies around the globe. Under normal circumstances, the Series invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities of science or technology companies (80% policy). Such companies may include those that, in the opinion of the Manager, derive a competitive advantage by the application of scientific or technological developments or discoveries to grow their business or increase their competitive advantage. Science and technology companies are companies whose products, processes or services, in the Manager's opinion, are being, or are expected to be, significantly benefited by the use or commercial application of scientific or technological developments or discoveries. Additionally, the Series may invest in companies that utilize science and/or technology as an agent of change to significantly enhance their business opportunities (applied science and technology companies).

The Series is nondiversified, meaning that it may invest a significant portion of its total assets in a limited number of issuers.

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How we manage the Series

The Series may invest in securities issued by companies of any size, which may include companies that are offered in IPOs, and may invest without limitation in foreign securities, including securities of issuers within emerging markets. The Series may invest in any geographical area. The Series typically holds a limited number of stocks (generally 35 to 60). Many of the companies in which the Series may invest have diverse operations, with products or services in foreign markets. Therefore, the Series may have indirect exposure to various additional foreign markets through investments in these companies, even if the Series is not invested directly in such markets. There is no guarantee, however, that the Series will achieve its objective.

In its selection of securities for investment by the Series, the Manager aims to identify companies that it believes are benefiting from the world's strongest secular economic trends, and then applies its largely bottom-up (researching individual issuers) research to identify what it believes are the best holdings for the Series. The Manager considers, among other factors, a company's growth potential, earnings potential, quality of management, valuation, financial statements, industry position/market size potential and applicable economic and market conditions, as well as whether a company's products and services have high barriers to entry. The Manager carefully monitors the macroeconomic environment, but its focus remains primarily on security-specific fundamental research.

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The Series may invest in, but is not limited to, areas such as:

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| | | |
|:---|:---|:---|
| *Science:* | *Technology:* | *Applied Science and Technology:* |
| &nbsp;&nbsp;&nbsp;&nbsp; pharmaceuticals<br>| &nbsp;&nbsp;&nbsp;&nbsp; semiconductors<br>| &nbsp;&nbsp;&nbsp;&nbsp; agriculture<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; medical technology equipment<br>| &nbsp;&nbsp;&nbsp;&nbsp; computer hardware<br>| &nbsp;&nbsp;&nbsp;&nbsp; financial services<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; biotechnology<br>| &nbsp;&nbsp;&nbsp;&nbsp; IT services<br>| &nbsp;&nbsp;&nbsp;&nbsp; consumer discretionary<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; genomics<br>| &nbsp;&nbsp;&nbsp;&nbsp; software<br>| &nbsp;&nbsp;&nbsp;&nbsp; industrials<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; proteomics<br>| &nbsp;&nbsp;&nbsp;&nbsp; networking<br>| &nbsp;&nbsp;&nbsp;&nbsp; energy<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; healthcare services<br>| &nbsp;&nbsp;&nbsp;&nbsp; telecommunication services<br>| &nbsp;&nbsp;&nbsp;&nbsp; transportation<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; entertainment<br>| &nbsp;&nbsp;&nbsp;&nbsp; retail<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; content media<br>|  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; data processing<br>|  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; internet<br>|  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; energy efficiency<br>|  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; alternative energy<br>|  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; defense electronics<br>|  |

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The Series primarily owns common stocks; however, it may invest, to a lesser extent, in debt securities. The Series may invest up to 20% of its total assets in non-investment-grade fixed-income securities, which are securities rated BB+ or lower by S&P, or comparably rated by another NRSRO or, if unrated, determined by the Manager to be of comparable quality. The Series may invest in restricted securities.

The Series may lend its portfolio securities to brokers, dealers and other financial institutions. In connection with such loans, the Series receives liquid collateral equal to at least 102% (105% for international securities) of the value of the loaned portfolio securities. This collateral is marked-to-market on a daily basis.

The Series may use a variety of derivatives instruments for various purposes. The Series may, at any given time, use options, both written and purchased, on individual equity securities owned by the Series, baskets of equity securities and equity indexes, as well as futures contracts on equity indexes. The Series may use derivatives in an attempt to enhance return, to hedge broad or specific equity market movements, to gain or increase exposure to specific securities, sectors and/or geographical areas, to gain exposure more efficiently than through a direct purchase of the security or to otherwise manage the risks of the Series' investments. In an effort to manage foreign currency exposure, the Series may use forward currency contracts to either increase or decrease exposure to a given currency. Additionally, the Series may invest in ETFs as a means of gaining exposure to a particular segment of the market and/or to invest cash effectively. In addition, the Series may invest in "A-shares" of certain Chinese companies — which otherwise are not eligible to be directly purchased by US mutual funds — through various trading programs with Chinese-based stock exchanges.

When the Manager believes that a temporary defensive position is desirable, the Series may invest up to all of its assets in cash or cash equivalents. The "cash equivalents" in which the Series may invest include, but are not limited to: short-term obligations such as rated commercial paper and variable amount master demand notes; US dollar-denominated time and savings deposits (including certificates of deposit); bankers' acceptances; obligations of the US government or its agencies or instrumentalities; repurchase agreements (which investments also are subject to their own fees and expenses); and other similar short-term US dollar-denominated obligations which the Manager believes are of comparable high quality. Subject to the Series' investment policies and restrictions, the Series may utilize derivatives instruments, including, but not limited to, futures contracts, options and other types of derivatives, for defensive purposes. However, by taking a temporary defensive position, the Series may not achieve its investment objective.

The 80% policy is non-fundamental and may be changed without shareholder approval, but the Series will provide shareholders with at least 60 days' notice before changing this 80% policy.

**Nomura** **VIP Pathfinder Aggressive Series,** **Nomura** **VIP Pathfinder Moderately Aggressive Series,** **Nomura** **VIP Pathfinder Moderate Series,** **Nomura** **VIP Pathfinder Moderately Conservative Series, and** **Nomura** **VIP Pathfinder Conservative Series**

**Purpose of the** **Nomura** **VIP Pathfinder Series**

The Nomura VIP Pathfinder Series (Pathfinder Series) are intended to provide various levels of potential capital appreciation at various levels of risk. Each of the five Pathfinder Series is designed to provide a different asset allocation option corresponding to different investment goals ranging from the highest potential for growth with the highest amount of tolerance for risk, to the lowest potential for growth with the lowest amount of tolerance for

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How we manage the Series

risk, and the highest potential for income. Each Pathfinder Series is a "fund of funds," which means that each Pathfinder Series will seek to achieve its particular level of risk/return by investing primarily in other Nomura Funds and Nomura ETFs (Underlying Funds) and short-term investments (including cash) in varying combinations and percentage amounts to achieve each Pathfinder Series' particular investment objective.

Each Pathfinder Series may invest in ETFs managed by the Manager and/or its affiliates ("Affiliated ETFs") and ETFs that are managed by unaffiliated investment advisers ("Unaffiliated ETFs"). In selecting underlying ETFs, the Manager may select certain Affiliated ETFs, even if there may (or may not) be one or more Unaffiliated ETFs that investors might regard as equally or more attractive to the Pathfinder Series.

The Pathfinder Series are primarily designed:

● To
 help achieve an investor's financial objectives through a professionally developed asset allocation program.

● To
 maximize long-term total returns at a given level of risk through broad diversification among several traditional asset classes.

In selecting a Pathfinder Series, investors should consider their personal objectives, investment time horizons, risk tolerances, and financial circumstances.

An asset class is a specific category of assets or investments. Examples of asset classes are equities, fixed income, and cash. Within each asset class there may be several different types of assets. For example, the equity asset class may contain: common stock and/or preferred stocks; large-, mid- and/or small-capitalization stocks; US or international stocks; and growth or value stocks. Each asset class, and each type of asset within that asset class, offers a different type of potential benefit and risk level. For example, equities may generally be expected to provide a higher potential growth rate than fixed income investments, but may require a longer time horizon and more risk than you would expect from most fixed income investments. By combining these various asset classes in different percentage combinations, each Pathfinder Series seeks to provide a different level of potential risk and reward.

**Investment Process**

The Manager establishes for each Pathfinder Series a target allocation range among different classes based on each Pathfinder Series' risk profile and investment strategies. Within each target asset class allocation range, the Manager selects the Underlying Funds and the percentage of the Pathfinder Series' assets that will be allocated to each such Underlying Fund. The Manager also is the investment manager of each of the Underlying Funds. The asset classes in which each Pathfinder Series currently may invest and the target allocation ranges within those asset classes that have been established by the Manager are set forth in each Pathfinder Series' summary section of this Prospectus and are current as of the date of this Prospectus.

The Manager reviews the allocations among both asset classes and Underlying Funds on a periodic basis. The Manager may make changes to the allocation range for any Pathfinder Series from time to time as appropriate given the risk profile and investment strategies of each Pathfinder Series and in order to achieve each Pathfinder Series' investment objective. Even where the target allocation ranges themselves do not change, actual allocations may vary from an established target over the short term. Until a target allocation range is itself changed, day-to-day market activity may cause a Pathfinder Series' asset allocations to drift from the target. Under ordinary circumstances, the Manager will rebalance the assets of each Pathfinder Series each quarter to conform its actual allocations to the target allocations applicable at that time. The Pathfinder Series do not necessarily invest in every asset class.

Each Pathfinder Series reserves the right to change its target allocation ranges at any time and without notice. For the most current list of Underlying Funds in which a Pathfinder Series invests, please see that Pathfinder Series' most recent shareholder report or portfolio holdings disclosures. For more information about the investment strategies and risks of an Underlying Fund, see such Underlying Fund's prospectus.

**Nomura** **VIP Pathfinder Moderate — Managed Volatility Series,** **Nomura** **VIP Pathfinder Moderately Aggressive — Managed Volatility Series,** **and** **Nomura** **VIP Pathfinder Moderately Conservative — Managed Volatility Series**

**Purpose of the** **Nomura** **VIP Pathfinder Managed Volatility Series**

The Nomura VIP Pathfinder Managed Volatility Series (Managed Volatility Series) are intended to provide various levels of potential capital appreciation at various levels of risk. Each of the three Managed Volatility Series is designed to provide a different asset allocation option corresponding to different investment goals. Each Managed Volatility Series seeks to achieve its particular investment objective by investing approximately 90-98% (although such amounts may be higher than 98%, depending upon market conditions) of its assets in other Nomura Funds and Nomura ETFs (Underlying Funds) and short-term investments (including cash) in varying combinations and percentage amounts. With respect to the portion of its assets that is not invested in Underlying Funds and short-term instruments (including cash), each Managed Volatility Series will invest in exchange-traded futures contracts in an attempt to manage the volatility of the Series' equity returns.

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The Manager is each Managed Volatility Series' investment manager and manages the portion of each Managed Volatility Series invested in Underlying Funds and certain short-term instruments (including cash). The Manager has engaged Securian AM as investment subadviser to manage the portion of each Managed Volatility Series that is dedicated to the volatility management strategy.

Each Managed Volatility Series may invest in ETFs managed by the Manager and/or its affiliates ("Affiliated ETFs") and ETFs that are managed by unaffiliated investment advisers ("Unaffiliated ETFs"). In selecting underlying ETFs, the Manager may select certain Affiliated ETFs, even if there may (or may not) be one or more Unaffiliated ETFs that investors might regard as equally or more attractive to the Managed Volatility Series.

The Managed Volatility Series are primarily designed:

● To
 help achieve an investor's financial objectives through a professionally developed asset allocation program.

● To
 maximize long-term total returns at a given level of risk through broad diversification among several traditional asset classes and through
 a volatility management strategy that is
 intended to manage the volatility of the Series' equity returns.

In selecting a Managed Volatility Series, investors should consider their personal objectives, investment time horizons, risk tolerances, and financial circumstances.

An asset class is a specific category of assets or investments. Examples of asset classes are equities, fixed income, and cash. Within each asset class there may be several different types of assets. For example, the equity asset class may contain: common stock and/or preferred stocks; large-, mid- and/or small-capitalization stocks; US or international stocks; and growth or value stocks. Each asset class, and each type of asset within that asset class, offers a different type of potential benefit and risk level. For example, equities may generally be expected to provide a higher potential growth rate than fixed income investments, but may require a longer time horizon and more risk than you would expect from most fixed income investments. By combining these various asset classes in different percentage combinations, each Managed Volatility Series seeks to provide a different level of potential risk and reward.

**Investment Process**

The Manager establishes for each Managed Volatility Series a target allocation range among different classes based on each Managed Volatility Series' risk profile and investment strategies. Within each target asset class allocation range, the Manager selects the Underlying Funds and the percentage of the Managed Volatility Series' assets that will be allocated to each such Underlying Fund. The Manager also is the investment manager of each of the Underlying Funds. The asset classes in which each Managed Volatility Series currently may invest and the target allocation ranges within those asset classes that have been established by the Manager are set forth in each Managed Volatility Series' summary section of this Prospectus and are current as of the date of this Prospectus.

The Manager reviews the allocations among both asset classes and Underlying Funds on a periodic basis. The Manager may make changes to the allocation range for any Managed Volatility Series from time to time as appropriate given the risk profile and investment strategies of each Managed Volatility Series and in order to achieve each Managed Volatility Series' investment objective. Even where the target allocation ranges themselves do not change, actual allocations may vary from an established target over the short term. Until a target allocation range is itself changed, day-to-day market activity may cause a Managed Volatility Series' asset allocations to drift from the target. Under ordinary circumstances, the Manager will rebalance the assets of each Managed Volatility Series each quarter to conform its actual allocations to the target allocations applicable at that time. The Managed Volatility Series do not necessarily invest in every asset class.

Each Managed Volatility Series reserves the right to change its target allocation ranges at any time and without notice. For the most current list of Underlying Funds in which a Managed Volatility Series invests, please see that Managed Volatility Series' most recent shareholder report or portfolio holdings disclosures. For more information about the investment strategies and risks of an Underlying Fund, see such Underlying Fund's prospectus.

**All Series** **—** **Additional Investment Considerations**

The objective(s) and investment policies of each Series may be changed by the Board without a vote of the Series' shareholders, unless a policy or restriction is otherwise described as a fundamental policy in the Statement of Additional Information (SAI). Shareholders, however, will be given prior written notice, typically at least 60 days in advance, of any material change in a Series' objective(s).

Because the Series own different types of investments, their performance will be affected by a variety of factors. The value of a Series' investments and the income it generates will vary from day to day, generally reflecting changes in interest rates, market conditions, and other company and economic news. From time to time, based on market or economic conditions, a Series may have significant positions in one or more sectors of the market and may be overweight or underweight sectors as compared to its benchmark index.

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How we manage the Series

To the extent a Series invests more heavily in particular sectors, its performance will be sensitive to developments that significantly affect those sectors. Alternatively, the lack of exposure to one or more sectors may adversely affect performance. Performance also will depend on the Manager's skill or that of a Series' investment sub-advisor, as applicable (hereinafter referred to collectively as the Manager), in selecting investments. As with any mutual fund, you could lose money on your investment. There is no guarantee that a Series will achieve its objective(s).

Each Series also may invest in and use certain other types of securities and instruments in seeking to achieve its objective(s). For example, each Series may invest in options, futures contracts and other derivatives instruments if it is permitted to invest in the type of asset by which the return on, or value of, the derivative is measured. Certain types of each Series' authorized investments and strategies, such as derivatives instruments, foreign securities, junk bonds and commodities, including precious metals, involve special risks. Depending on how much a Series invests or uses these strategies, these special risks may become significant and thus affect the performance of a Series.

Certain types of mortgage-backed and asset-backed securities backed by pools of subprime loans may experience significant valuation uncertainties, greater volatility, and significantly less liquidity. Subprime mortgages have a higher credit risk than prime mortgages, as the credit criteria for obtaining a subprime mortgage is more flexible than that used with prime borrowers. To the extent that a Series invests in securities that are backed by pools of mortgage loans, the risk to that Series may be significant. Other asset-backed securities also may experience significant valuation uncertainties, increased volatility, and significantly reduced liquidity.

Each Series may actively trade securities in seeking to achieve its objective(s). Factors that can lead to active trading include market volatility, a significant positive or negative development concerning a security, an attempt to maintain a Series' market capitalization target of the securities in each such Series' holdings and the need to sell a security to meet redemption activity. Actively trading securities may increase transaction costs (which may reduce performance) and increase net realized gains that a Series must distribute for federal tax purposes, the distribution of which would increase your taxable income.

Each Series generally seeks to be fully invested, except to the extent that it takes a temporary defensive position. In addition, at times, the Manager may invest a portion of a Series' assets in cash or cash equivalents if the Manager is unable to identify and acquire a sufficient number of securities that meet its selection criteria for implementing the Series' investment objective(s), strategies and policies, or for other reasons.

Please see the Series' SAI for additional information about the Series' investments and risks.

**Other investment strategies**

**Lending Securities** <br>

The Series may lend up to 25% of its assets to qualified broker/dealers or institutional investors for their use in securities transactions. Borrowers of the Series' securities must provide collateral to the Series and adjust the amount of collateral each day to reflect changes in the value of the loaned securities. These transactions, if any, may generate additional income for the Series.

**Borrowing from banks** <br>

The Series may borrow money from banks as a temporary measure for extraordinary or emergency purposes or to facilitate redemptions. Nomura VIP Emerging Markets Series may borrow money from banks to purchase investments for the Series, which is a form of leverage. If the Series borrows money to purchase securities and the Series' investments decrease in value, the Series' losses will be greater than if the Series did not borrow money for investment purposes. The Series will be required to pay interest to the lending banks on the amount borrowed. As a result, borrowing money could result in a Series being unable to meet its investment objective. The Series will not borrow money in excess of one-third of the value of its total assets.

**Purchasing securities on a when-issued or delayed-delivery basis** <br>

Nomura VIP Fund for Income Series, Nomura VIP Limited Duration Bond Series, Nomura VIP Total Return Series, and Nomura VIP Investment Grade Series may buy or sell securities on a when-issued or delayed-delivery basis (i.e., paying for securities before delivery or taking delivery at a later date).

**Initial public offerings (IPOs)** <br>

Under certain market conditions, the Series may invest in companies at the times of their IPOs. Companies involved in IPOs generally have limited operating histories, and prospects for future profitability are uncertain. Prices of IPOs may also be unstable because of the absence of a prior public market, the small number of shares available for trading, and limited investor information. IPOs may be sold within 12 months of purchase. This may result in increased short-term capital gains, which will be distributed to shareholders as ordinary income.

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**Temporary defensive positions** <br>

In response to unfavorable market conditions, the Series may make temporary investments in cash or cash equivalents or other high-quality, short-term instruments. These investments may not be consistent with the Series' investment objectives. To the extent that a Series holds such instruments, it may be unable to achieve its investment objectives.

**The risks of investing in the Series**

Investing in any mutual fund involves risk, including the risk that you may receive little or no return on your investment, and the risk that you may lose part or all of the money you invest. Before you invest in the Series, you should carefully evaluate the risks. Because of the nature of the Series, you should consider your investment to be a long-term investment that typically provides the best results when held for a number of years. The tables below identify the principal (P) and non-principal risks (NP) you assume when investing in a Series. These risks are described in more detail below. Please see the SAI for a further discussion of these risks and other risks not discussed here.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | <u>Nomura VIP Series</u> | <u>Nomura VIP Series</u> | <u>Nomura VIP Series</u> | <u>Nomura VIP Series</u> | <u>Nomura VIP Series</u> |
| <u>Risk</u> | <u>Core<br>Equity</u> | <u>Growth</u> | <u>Growth<br>Equity</u> | <u>Growth<br>and Income</u> | <u>Value</u> |
| Active management and selection risk | P | P | P | P | P |
| Counterparty risk | - | - | - | - | NP |
| Currency risk | NP | - | - | - | - |
| Derivatives risk | NP | NP | NP | - | NP |
| Foreign currency exchange transactions and forward foreign currency contracts risk | NP | - | - | - | - |
| Foreign risk | P | NP | NP | - | - |
| Government and regulatory risk | - | P | P | P | P |
| Growth stock risk | P | P | P | - | - |
| IBOR risk | NP | NP | NP | NP | NP |
| Industry and sector risk | P | P | P | P | P |
| Information technology sector risk | P | P | P | - | - |
| Interest rate risk | NP | - | - | - | - |
| Large-capitalization company risk | P | P | P | - | P |
| Limited number of securities risk | P | P | P | - | P |
| Liquidity risk | P | P | P | P | P |
| Market risk | P | P | P | P | P |
| Natural disaster and epidemic risk | NP | NP | NP | NP | NP |
| Nondiversification risk | - | P | - | - | - |
| Real estate industry risk | - | - | - | P | NP |
| Redemption risk | P | - | - | P | P |
| REIT-related risk | - | - | - | - | NP |
| Securities lending risk | NP | NP | NP | - | - |
| Small- and mid-market capitalization company risk | NP | NP | NP | P | NP |
| Value stock risk | P | - | - | - | P |

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How we manage the Series

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | <u>Nomura VIP Series</u> | <u>Nomura VIP Series</u> | <u>Nomura VIP Series</u> | <u>Nomura VIP Series</u> | <u>Nomura VIP Series</u> |
| <u>Risk</u> | <u>Mid Cap<br>Growth</u> | <u>Opportunity</u> | <u>Small Cap<br>Growth</u> | <u>Small Cap<br>Value</u> | <u>Smid Cap<br>Core</u> |
| Active management and selection risk | P | P | P | P | P |
| Counterparty risk | - | - | - | NP | NP |
| Derivatives risk | NP | NP | NP | NP | NP |
| Exchange-traded funds risk | - | NP | - | - | - |
| Foreign risk | NP | NP | NP | NP | NP |
| Government and regulatory risk | - | P | - | P | P |
| Growth stock risk | P | - | P | - | - |
| Healthcare sector risk | P | - | P | - | - |
| IBOR risk | NP | NP | NP | NP | NP |
| Industrials sector risk | - | P | - | - | P |
| Industry and sector risk | P | P | P | P | P |
| Information technology sector risk | P | - | P | - | - |
| Initial public offering (IPO) risk | NP | - | P | - | - |
| Interest rate risk | - | P | - | P | P |
| Investment company securities risk | NP | - | NP | - | - |
| Large-capitalization company risk | NP | - | NP | - | - |
| Liquidity risk | P | P | P | P | P |
| Market risk | P | P | P | P | P |
| Natural disaster and epidemic risk | NP | NP | NP | NP | NP |
| Real estate industry risk | - | NP | - | P | NP |
| Redemption risk | NP | - | NP | - | P |
| Securities lending risk | NP | - | NP | - | - |
| Small- and mid-market capitalization company risk | P | P | P | P | P |
| Value stock risk | - | - | - | P | - |

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| | | | |
|:---|:---|:---|:---|
|  | <u>Nomura VIP Series</u> | <u>Nomura VIP Series</u> | <u>Nomura VIP Series</u> |
| <u>Risk</u> | <u>Emerging<br>Markets</u> | <u>Global<br>Growth</u> | <u>International<br>Core Equity</u> |
| Active management and selection risk | P | P | P |
| China investment risk | P | NP | NP |
| Commodity-related investments risk | - | NP | NP |
| Convertible security risk | NP | - | - |
| Counterparty risk | P | - | - |
| Currency risk | P | P | P |
| Derivatives risk | P | NP | NP |
| Emerging markets risk | P | P | P |
| Focused portfolio risk | P | - | - |
| Foreign currency exchange transactions and forward foreign currency contracts risk | - | NP | NP |
| Foreign risk | P | P | P |
| Geographic focus risk | P | - | P |
| Government and regulatory risk | P | - | - |
| Growth stock risk | P | P | P |
| IBOR risk | NP | NP | NP |
| Industry and sector risk | P | P | - |
| Information technology sector risk | - | P | - |
| Initial public offering (IPO) risk | NP | NP | NP |
| Interest rate risk | - | NP | - |
| Investment company securities risk | - | NP | NP |
| Large-capitalization company risk | - | P | P |
| Leveraging risk | P | - | - |
| Limited number of securities risk | P | P | P |
| Liquidity risk | P | P | P |
| Market risk | P | P | P |
| Natural disaster and epidemic risk | NP | NP | NP |
| Preferred stock risk | NP | - | - |
| Real estate industry risk | NP | - | - |
| Redemption risk | - | NP | P |
| Restricted securities risk | - | NP | - |
| Securities lending risk | - | NP | NP |
| Small- and mid-market capitalization company risk | P | NP | NP |
| Value stock risk | - | - | P |

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| | | | |
|:---|:---|:---|:---|
|  | <u>Nomura VIP Series</u> | <u>Nomura VIP Series</u> | <u>Nomura VIP Series</u> |
| <u>Risk</u> | <u>Energy</u> | <u>Natural<br>Resources</u> | <u>Science and<br>Technology</u> |
| Active management and selection risk | P | P | P |
| China investment risk | - | - | NP |
| Commodity-related investments risk | - | P | - |
| Concentration risk | P | P | P |
| Currency risk | P | P | NP |
| Derivatives risk | NP | NP | NP |
| Emerging markets risk | NP | P | P |
| Energy sector risk | P | P | - |
| Foreign currency exchange transactions and forward foreign currency contracts risk | P | P | NP |
| Foreign risk | P | P | P |
| Growth stock risk | P | P | P |
| IBOR risk | NP | NP | NP |
| Industry and sector risk | - | P | - |
| Information technology sector risk | - | - | P |
| Initial public offering (IPO) risk | P | NP | NP |
| Investment company securities risk | - | - | NP |
| Large-capitalization company risk | NP | NP | P |
| Limited number of securities risk | P | P | P |
| Liquidity risk | P | P | P |
| Market risk | P | P | P |
| Master limited partnership (MLP) risk | P | NP | - |
| Materials sector risk | - | NP | - |
| Metals investment risk | - | NP | - |
| Natural disaster and epidemic risk | NP | NP | NP |
| Natural resources industry risk | - | P | - |
| Nondiversification risk | P | - | P |
| Redemption risk | NP | NP | P |
| Restricted securities risk | - | - | NP |
| Science and technology industry risk | - | - | P |
| Securities lending risk | NP | NP | NP |
| Small- and mid-market capitalization company risk | NP | NP | P |
| US government securities risk | P | - | - |
| Value stock risk | P | P | - |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | <u>Nomura VIP Series</u> | <u>Nomura VIP Series</u> | <u>Nomura VIP Series</u> | <u>Nomura VIP Series</u> | <u>Nomura VIP Series</u> | <u>Nomura VIP Series</u> |
| <u>Risk</u> | <u>Corporate<br>Bond</u> | <u>Fund for<br>Income</u> | <u>High<br>Income</u> | <u>Investment<br>Grade</u> | <u>Limited<br>Duration<br>Bond</u> | <u>Limited-<br>Term Bond</u> |
| Active management and selection risk | P | P | P | P | P | P |
| Convertible security risk | NP | - | NP | - | - | - |
| Counterparty risk | - | - | - | P | P | - |
| Credit risk | P | P | P | P | P | P |
| Currency risk | - | - | P | - | P | - |
| Deferred payment securities risk | - | P | P | - | - | - |
| Derivatives risk | NP | - | NP | P | P | NP |
| Distressed securities risk | - | P | P | - | - | - |
| Emerging markets risk | - | P | NP | - | P | - |
| Exchange-traded funds risk | - | - | - | NP | - | - |
| Financials sector risk | P | - | - | - | - | - |
| Fixed income risk | P | P | P | P | P | P |
| Foreign currency exchange transactions and forward foreign currency contracts risk | - | - | - | NP | - | - |
| Foreign government and supranational securities risk | NP | - | - | - | P | - |
| Foreign risk | P | P | P | - | P | NP |
| Government and regulatory risk | P | P | NP | - | P | - |
| High yield (junk) bond risk | P | P | P | P | P | NP |
| IBOR risk | NP | NP | NP | NP | NP | NP |
| Industry and sector risk | P | - | - | P | P | NP |
| Interest rate risk | P | P | P | P | P | P |
| Investment company securities risk | - | - | NP | - | - | - |
| Leveraging risk | - | - | - | P | P | - |
| Liquidity risk | P | P | P | P | P | P |
| Loans and other direct indebtedness risk | NP | P | P | - | P | - |
| Market risk | - | P | - | P | P | - |
| Mortgage-backed and asset-backed securities risk | NP | - | - | P | P | P |
| Natural disaster and epidemic risk | NP | NP | NP | NP | NP | NP |
| New issue risk | - | P | P | - | - | - |
| Non-agency securities risk | NP | - | - | - | - | - |
| Portfolio turnover risk | NP | - | - | NP | P | P |
| Preferred stock risk | - | - | NP | - | - | - |
| Prepayment risk | - | - | P | P | P | P |
| Redemption risk | P | P | P | - | - | P |
| Restricted securities risk | NP | P | P | - | - | NP |
| Securities lending risk | NP | - | NP | - | - | NP |
| Senior loan risk | - | P | - | - | - | - |
| Short sales risk | - | - | - | - | P | - |
| Subsidiary risk | - | - | P | - | - | - |
| US government securities risk | P | - | - | - | - | P |
| Valuation risk | - | P | - | - | P | - |
| Zero coupon and payment-in-kind (PIK) bonds risk | - | P | P | - | P | - |

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How we manage the Series

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| | | | |
|:---|:---|:---|:---|
|  | <u>Nomura VIP Series</u> | <u>Nomura VIP Series</u> | <u>Nomura VIP Series</u> |
| <u>Risk</u> | <u>Asset Strategy</u> | <u>Balanced</u> | <u>Total Return</u> |
| Active management and selection risk | P | P | P |
| China investment risk | NP | NP | NP |
| Commodity-related investments risk | P | – | – |
| Convertible security risk | – | NP | – |
| Counterparty risk | P | NP | P |
| Credit risk | P | P | P |
| Currency risk | NP | NP | NP |
| Derivatives risk | P | NP | P |
| Dividend-paying stock risk | NP | NP | NP |
| Emerging markets risk | P | NP | NP |
| Exchange-traded funds risk | P | P | P |
| Fixed income risk | P | P | P |
| Foreign currency exchange transactions and forward foreign currency contracts risk | NP | NP | NP |
| Foreign risk | P | P | P |
| Growth stock risk | NP | NP | NP |
| High yield (junk) bond risk | P | P | P |
| IBOR risk | NP | NP | NP |
| Industry and sector risk | NP | NP | NP |
| Initial public offering (IPO) risk | NP | NP | NP |
| Interest rate risk | P | P | P |
| Investment company securities risk | P | P | P |
| Large-capitalization company risk | P | P | P |
| Liquidity risk | P | P | P |
| Loans and other direct indebtedness risk | P | NP | – |
| Market risk | P | P | P |
| Mortgage-backed and asset-backed securities risk | P | NP | P |
| Natural disaster and epidemic risk | NP | NP | NP |
| Preferred stock risk | NP | P | NP |
| Prepayment risk | NP | NP | NP |
| Real estate industry risk | NP | NP | P |
| Redemption risk | NP | NP | NP |
| REIT-related risk | NP | P | NP |
| Restricted securities risk | NP | NP | NP |
| Securities lending risk | NP | NP | NP |
| Small- and mid-market capitalization company risk | NP | P | NP |
| Subsidiary risk | P | – | – |
| US government securities risk | P | P | NP |
| Value stock risk | NP | NP | NP |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | <u>Nomura VIP Pathfinder Series</u> | <u>Nomura VIP Pathfinder Series</u> | <u>Nomura VIP Pathfinder Series</u> | <u>Nomura VIP Pathfinder Series</u> | <u>Nomura VIP Pathfinder Series</u> |
| <u>Risk</u> | <u>Aggressive</u> | <u>Moderately Aggressive</u> | <u>Moderate</u> | <u>Moderately Conservative</u> | <u>Conservative</u> |
| Active management and selection risk | P | P | P | P | P |
| Derivatives risk | P | P | P | P | P |
| Exchange-traded funds risk | NP | NP | NP | NP | NP |
| Foreign risk | P | P | P | P | P |
| Fund of funds risks | P | P | P | P | P |
| IBOR risk | NP | NP | NP | NP | NP |
| Investment company securities risk | P | P | P | P | P |
| Leveraging risk | P | P | P | P | P |
| Liquidity risk | P | P | P | P | P |
| Market risk | P | P | P | P | P |

---

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| | | | |
|:---|:---|:---|:---|
|  | <u>Nomura VIP Pathfinder Managed Volatility Series</u> | <u>Nomura VIP Pathfinder Managed Volatility Series</u> | <u>Nomura VIP Pathfinder Managed Volatility Series</u> |
| <u>Risk</u> | <u>Moderately Aggressive</u> | <u>Moderate</u> | <u>Moderately Conservative</u> |
| Active management and selection risk | P | P | P |
| Derivatives risk | P | P | P |
| Exchange-traded funds risk | NP | NP | NP |
| Foreign risk | P | P | P |
| Fund of funds risks | P | P | P |
| IBOR risk | NP | NP | NP |
| Investment company securities risk | P | P | P |
| Leveraging risk | P | P | P |
| Liquidity risk | P | P | P |
| Market risk | P | P | P |

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**Active management and selection risk** <br>

The Manager applies a Series' investment strategies and selects securities for the Series in seeking to achieve the Series' investment objective(s). There can be no guarantee that its decisions will produce the desired results, and securities selected by a Series may not perform as well as the securities held by other mutual funds with investment objectives that are similar to the investment objective(s) of the Series. In general, investment decisions made by the Manager may not produce the anticipated returns, may cause a Series' shares to lose value or may cause a Series to perform less favorably than other mutual funds with similar investment objectives.

**China** **investment risk** <br>

Certain Series may invest in "A-Shares" of certain Chinese companies through various "connect programs" with local stock exchanges in China, such as the Shanghai-Hong Kong Stock Connect Program with the Shanghai Stock Exchange that was launched in 2014 or the Shenzhen-Hong Kong Stock Exchange Connect Program with the Shenzhen Stock Exchange that was launched in 2016, or other similar programs (collectively these are referred to as Connect Programs). Connect Programs serve to link local Chinese stock markets (such as those in Shanghai or Shenzhen) with the Hong Kong stock exchange. Under the Connect Programs, investors in Hong Kong and China can trade and settle shares listed on the other market via the exchange and clearing house in their home market. This means that international investors, who previously were prohibited from investing directly in A-shares on local Chinese exchanges, can access this market.

Connect Programs are subject to quota limitations, and an investor cannot purchase and sell the same security on the same trading day, which may restrict a Series' ability to invest in China A-shares through the Connect Programs and to enter into or exit trades on a timely basis. Connect Programs can operate only when both markets are open for trading and when banking services are available in both markets on the corresponding settlement days. As such, if one or both markets are closed on a US trading day, a Series may not be able to dispose of its China A-shares in a timely manner, which could adversely affect the Series' performance. Only certain China A-shares are eligible to be accessed through the Connect Programs. Such securities may lose their eligibility at any time, in which case they could be sold, but could no longer be purchased through the Connect Programs. Because the Connect Programs are relatively new, the actual effect on the market for trading China A-shares with the introduction of large numbers of foreign investors is unknown. In addition, there is no assurance that the necessary systems required to operate the Connect Programs will function properly or will continue to be adapted to changes and developments in both markets. In the event that the relevant systems do not function properly, trading through the Connect Programs could be disrupted.

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How we manage the Series

Connect Programs are subject to regulations promulgated by regulatory authorities for participating exchanges and further regulations or restrictions, such as limitations on redemptions or suspension of trading, may adversely impact a Connect Program, if the authorities believe it necessary to assure orderly markets or for other reasons. The relevant regulations are relatively new and untested; they are subject to change and there is no certainty as to how they will be applied. Investments in China A-shares may not be covered by the securities investor protection programs of a participating exchange and, without the protection of such programs, will be subject to the risk of default by the broker. In the event that the depository, the China Securities Depository and Clearing Corporation Limited (ChinaClear), defaulted, a Series may not be able to recover fully its losses from ChinaClear or may be delayed in receiving proceeds as part of any recovery process. Because of the way in which China A-shares are held in a Connect Program, a Series may not be able to exercise the rights of a shareholder and may be limited in its ability to pursue claims against the issuer of a security. A Series may not be able to participate in corporate actions affecting China A-shares held through the Connect Programs due to time constraints or for other operational reasons. Similarly, a Series may not be able to appoint proxies or participate in shareholders' meetings due to current limitations on the use of multiple proxies in China.

Because all trades of eligible China A-shares must be settled in Renminbi (RMB), the Chinese currency, investors must have timely access to a reliable supply of offshore RMB, which cannot be guaranteed. The value of the RMB may be subject to a high degree of fluctuation due to changes in interest rates, the imposition of currency controls, or the effects of monetary policies of China, other foreign governments, the US, central banks or supranational entities. Furthermore, because dividends declared by a Series will be declared in US dollars and underlying payments received by a Series from the China A-shares will be made in RMB, fluctuations in exchange rates may adversely affect the dividends that the Series would pay.

In addition, certain investments in Chinese companies may be made through a special structure known as a variable interest entity ("VIE") that is designed to provide foreign investors with exposure to Chinese companies that operate in certain sectors in which China restricts or prohibits foreign investment. Investments in VIEs may pose additional risks because the investment is made through an intermediary shell company that has entered into service and other contracts with the underlying Chinese operating company to provide investors with exposure to the operating company, but does not represent equity ownership in the operating company. As a result, such investment may limit the rights of an investor with respect to the underlying Chinese operating company. VIEs are not formally recognized under Chinese law and investors face uncertainty about future actions by the Chinese government that could significantly affect the operating company's financial performance and the enforceability of the contractual arrangements underlying the VIE structure.

**Commodity related investments risk** <br>

Investments in certain issuers, such as resource extraction and production companies, are sensitive to fluctuations in certain commodity markets, and changes in those markets may cause a Series' holdings to lose value. Commodity trading, including trading in precious metals, generally is considered speculative because of the significant potential for investment loss. Among the factors that could affect the value of a Series' investments in commodities are resource availability, commodity price volatility, speculation in the commodities markets, cyclical economic conditions, weather, embargoes, tariffs, regulatory developments, sudden political events and adverse international monetary policies. Markets for commodities are likely to be volatile and there may be sharp price fluctuations even during periods when prices overall are rising. The prices of commodities also can fluctuate widely due to supply and demand disruptions in major producing or consuming regions. Certain commodities may be produced in a limited number of countries and may be controlled by a small number of producers. As a result, political, economic and supply-related events in such countries could have a disproportionate impact on the prices of such commodities. Also, a Series may pay more to store and accurately value its commodity holdings than it does with its other portfolio investments. Moreover, under the federal tax law, a Series may not derive more than 10% of its annual gross income from gains (without regard to losses) resulting from selling or otherwise disposing of commodities (and other "non-qualifying" income). Accordingly, a Series may be required to hold its commodities and/or interests in ETFs that hold commodities or sell them at a loss, or to sell portfolio securities at a gain, when, for investment reasons, it would not otherwise do so.

**Concentration risk** <br>

If a Series invests more than 25% of its total assets in a particular industry, the Series' performance may be more susceptible to a single economic, regulatory or technological occurrence than a Series that does not concentrate its investments in a single industry. Securities of companies within specific industries or sectors of the economy may periodically perform differently than the overall market. This may be due to changes in such things as the regulatory or competitive environment or to changes in investor perceptions regarding a sector or company.

**Convertible security risk** <br>

A convertible security is a bond, debenture, note, preferred stock or other security that may be converted or exchanged for a prescribed amount of common stock of the same or different issuer within a particular period of time at a specified price or formula. The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit

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standing of the issuer and other factors also may have an effect on the convertible security's investment value. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security also is subject to the same types of market and issuer risks that apply to the underlying common stock. Convertible securities issued by smaller capitalized companies may be more volatile.

**Counterparty risk** <br>

Counterparty risk is the risk that if a Series enters into a derivatives contract (such as a futures, options, or swap contract) or a repurchase agreement, the counterparty to such a contract or agreement may fail to perform its obligations under the contract or agreement due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization). As a result, a Series may experience significant delays in obtaining any recovery, may obtain only a limited recovery, or may obtain no recovery at all.

**Credit risk** <br>

An issuer of a fixed-income obligation (including a mortgage-backed security) or a REIT may not make payments on the obligation when due, or the other party to a contract may default on its obligation. There also is the risk that an issuer could suffer adverse changes in its financial condition that could lower the credit quality of a security. This could lead to greater volatility in the price of the security, could affect the security's liquidity, and could make it more difficult to sell. A downgrade or default affecting any of a Series' securities could affect the Series' performance. In general, the longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk. If a Series purchases unrated securities and obligations, it will depend on the Manager's analysis of credit risk more heavily than usual.

**Currency risk** <br>

Foreign securities may be denominated in foreign currencies. The value of a Series' investments, as measured in US dollars, may be unfavorably affected by changes in foreign currency exchange rates and exchange control regulations. Domestic issuers that hold substantial foreign assets may be similarly affected. The value of an investment denominated in a foreign currency could change significantly as foreign currencies strengthen or weaken relative to the US dollar. Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by US or foreign governments or central banks or by currency controls or political developments in the US or abroad. Devaluations of a currency by a government or banking authority also may have significant impact on the value of any investments denominated in that currency. Risks related to foreign currencies also include those related to economic or political developments, market inefficiencies or a higher risk that essential investment information may be incomplete, unavailable or inaccurate. A US dollar investment in an investment denominated in a foreign currency is subject to currency risk. Foreign currency losses could offset or exceed any potential gains, or add to losses, in the related investments. Currency markets also are generally not as regulated as securities markets. In addition, in order to transact in foreign investments, a Series may exchange and hold foreign currencies. Regulatory fees or higher custody fees may be imposed on foreign currency holdings. A Series may use derivatives to manage its foreign currency risk. Derivatives on non-US currencies involve a risk of loss if currency exchange rates move against a Series, unless the derivative is a currency forward to hedge against the non-US currency movement.

**Deferred payment securities risk** <br>

These securities may be subject to greater price fluctuations when interest rates change than securities that currently pay interest. During the time that interest payments are not being made on these securities, holders are deemed to receive income annually, even though cash is not received.

**Derivatives risk** <br>

A derivative is a financial instrument whose value or return is "derived," in some manner, from the price of an underlying security, index, asset, rate or event. Derivatives are traded either on an organized exchange or over-the-counter (OTC) (privately negotiated between two parties). Forward foreign currency contracts, futures contracts, options and swaps are common types of derivatives that a Series occasionally may use. Forward foreign currency contracts ("forward contracts") are purchases or sales of a foreign currency at a negotiated rate to be settled at a future date. A futures contract is a standardized contract listed on an exchange to buy or sell a specific quantity of an underlying reference instrument, such as a security or other instrument, index, currency or commodity at a specific price on a specific date. An option can be entered either exchange-traded or OTC and is a contract that gives the purchaser the right to buy or sell an underlying reference instrument, such as a security or other instrument, index, or commodity at a specific price on or before a specific date. A swap is an OTC agreement involving the exchange by a Series with another party of their respective commitments to pay or receive payments at specified dates on the basis of a specified notional amount. The statutory definition under the Commodity Exchange Act (CEA), as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) of the term "Swap" includes options on commodities (excluding equities listed on exchanges), caps, floors, collars and certain forward contracts. The statutory definition of a swap also includes an instrument that is dependent on the occurrence, nonoccurrence or the extent of the occurrence of an event or contingency associated with a potential financial, economic or commercial consequence, such as a credit default swap. A swap agreement

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How we manage the Series

may be privately negotiated bilaterally and traded OTC between the two parties or, in some instances, must be transacted through a futures commission merchant (FCM) and cleared through a clearinghouse that serves as a central counterparty (for an OTC swap required to be cleared). Certain standardized swaps are, and more OTC derivatives in the future may be, subject to mandatory OTC central clearing.

The use of derivatives presents several risks, including the risk that these instruments may change in value in a manner that adversely affects a Series' NAV and the risk that fluctuations in the value of the derivatives may not correlate with the reference instrument underlying the derivative. Derivatives can be highly complex, can create investment leverage, may perform in unanticipated ways and may be highly volatile, and a Series could lose more than the amount it invests. Derivatives may be difficult to value and, depending on the instrument, may at times be highly illiquid, and a Series may not be able to close out or sell a derivative position at a particular time or at an anticipated price. Moreover, some derivatives are more sensitive to interest rate changes and market price fluctuations than other instruments. To the extent the judgment of the Manager as to certain anticipated price movements is incorrect, the risk of loss may be greater than if the derivative technique(s) had not been used. When used for hedging, the change in value of the derivative also may not correlate perfectly with the security or other risk being hedged. Appropriate derivatives may not be available in all circumstances, and there can be no assurance that a Series will be able to use derivatives to reduce exposure to other risks when that might be beneficial. Derivatives also may be subject to counterparty credit risk, which includes the risk that a Series may sustain a loss as a result of the insolvency or bankruptcy of, or other non-compliance with the terms in the agreement for the derivatives documentation by, another party to the transaction. Certain derivatives can create leverage, which may amplify or otherwise increase a Series' investment loss, possibly in an amount that could exceed the cost of that instrument or, under certain circumstances, that could be unlimited. Derivatives may involve fees, commissions, or other costs that may reduce a Series' gains (if any) from utilizing derivatives. Derivatives that have margin requirements involve the risk that if a Series has insufficient cash or eligible margin securities to meet daily variation margin requirements, it may have to sell securities from its portfolio at a time when it may be disadvantageous to do so. A Series also may remain obligated to meet margin requirements until a derivative position is closed.

When a Series uses derivatives, it will likely be required to provide margin or collateral in a manner that satisfies its contractual undertakings. The need to provide margin or collateral could limit a Series' ability to pursue other opportunities as they arise.

Although a Series may attempt to hedge against certain risks, the hedging instruments may not perform as expected and could produce losses. Hedging instruments also may reduce or eliminate gains that may otherwise have been available had the Series not used the hedging instruments. A Series may decide not to hedge certain risks in particular situations, even if appropriate instruments are available.

Swap instruments may shift a Series' investment exposure from one type of investment to another. Swap agreements also may have a leverage component, and adverse changes in the value or level of the reference instrument, such as an underlying asset, reference rate or index, can result in gains or losses that are substantially greater than the amount invested in the swap itself. Certain swaps have the potential for unlimited loss, regardless of the size of the initial investment. The use of swap agreements entails certain risks that may be different from, or possibly greater than, the risks associated with investing directly in the reference instrument that underlies the swap agreement. Swaps are highly specialized instruments that require investment techniques and risk analyses different from those associated with stocks, bonds, and other traditional investments. A Series may enter into credit default swap contracts for hedging or investment purposes. A Series may either sell or buy credit protection under these contracts.

Certain derivatives transactions are not entered into or traded on organized exchanges or cleared by clearing organizations. Instead, such derivatives may be entered into directly with the counterparty and may be traded only through financial institutions acting as market makers.

There may be risk that no liquid secondary market in the trading of OTC derivatives will exist, in which case a Series may be required to hold such instruments until exercise, expiration or maturity. Certain of the protections afforded to exchange-traded participants will not be available to participants in OTC derivatives transactions. OTC derivatives transactions are not subject to the guarantee of an exchange or clearinghouse and, as a result, a Series would bear greater risk of default by the counterparties to such transactions. For some counterparties, a Series has put in place a guarantee of the counterparty's payment obligations under OTC derivative transactions issued by its parent holding company, which provides some protection to a Series from a payment or delivery default by such counterparties. When traded on foreign exchanges, derivatives may not be regulated as rigorously as they would be if traded on or subject to the rules of an exchange located in the US, may not involve a clearing mechanism and related guarantees, and will be subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities, currencies and other instruments.

The counterparty risk for exchange-traded derivatives is significantly less than for privately negotiated or OTC derivatives, since generally an exchange or clearinghouse, which is the issuer or counterparty to each exchange-traded instrument, provides a guarantee of performance. For privately negotiated instruments, there is not a similar exchange or clearinghouse guaranteeing the performance on both sides of the transaction. In all such transactions, the Series bears the risk that the counterparty could default, and this could result in a loss of the expected benefit of the derivative transactions and possibly other losses to the Series. A Series will enter into transactions in derivatives instruments only with counterparties

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that the Manager reasonably believes are capable of performing under the contract. The Manager manages counterparty risk in an OTC derivative transaction by entering into bilateral collateral documentation, such as a Credit Support Annex and an accompanying Account Control Agreement, where it is market practice and/or required by law to do so for OTC derivatives.

The enactment in June 2010 of the Dodd-Frank Act resulted in historic and comprehensive change in how OTC derivatives are regulated, including the manner in which OTC derivatives are customized, derivatives documentation is negotiated, and trades are reported, executed and cleared. The Dodd-Frank Act and implementing rules ultimately may require the clearing and exchange-trading of many swaps.

Specifically, the Commodity Futures Trading Commission (CFTC) has adopted rules to require certain standardized swaps, previously settled OTC, be settled by means of a central clearinghouse. Central clearing is intended to reduce the risk of default by the counterparty. There also may be risks introduced of a possible default by the derivatives clearing organization or by a clearing member or FCM through which a swap is submitted for clearing.

Ongoing changes to regulation of the derivatives markets and potential changes in the regulation of mutual funds using derivatives instruments could limit a Series' ability to pursue its investment strategies. The extent and impact of the new regulations or proposed regulations are not yet fully known and may not be for some time. Any such changes may, among various possible effects, increase the cost of entering into derivative transactions, require more assets of a Series to be used for collateral in support of those derivatives than is currently the case, or restrict the ability of a Series to enter into certain types of derivative transactions, or could limit a Series' ability to pursue its investment strategies. In addition, changes in government regulation of derivatives could affect the character, timing and amount of a Series' taxable income or gains.

In addition, pursuant to the Dodd-Frank Act, the CFTC in 2012 made substantial amendments to the permissible exemptions, and to the conditions for reliance on the permissible exclusions, from registration as a commodity pool operator (CPO) under the CEA. Under these amendments, if a Series uses commodity interests (such as futures contracts, options on futures contracts and most swaps) other than for bona fide hedging purposes (as defined by the CFTC), the aggregate initial margin and premiums required to establish these positions (after taking into account unrealized profits and unrealized losses on any such positions and excluding the amount by which options are "in-the-money" at the time of purchase) may not exceed 5% of the Series' liquidation value, or alternatively, the aggregate net notional value of those positions, determined at the time the most recent position was established, may not exceed 100% of the Series' liquidation value (after taking into account unrealized profits and unrealized losses on any such positions) unless the Manager has registered as a CPO. The Manager, in its management of a Series, currently is complying, and intends to continue to comply, with at least one of the two alternative limitations described above.

Complying with those de minimis trading limitations may restrict the Manager's ability to use derivatives as part of a Series' investment strategies. Although the Manager believes that it will be able to execute a Series' investment strategies within the de minimis trading limitations, the Series' performance could be adversely affected. In addition, the CFTC recently has proposed changes to the de minimis trading rules and limitations that could potentially change a Series' ability to trade derivatives. Also, a Series' ability to use certain derivatives instruments may be limited by tax considerations.

The Manager has claimed an exclusion from the definition of the term "commodity pool operator" with respect to each Series under the Commodity Exchange Act (CEA) and, therefore, is not subject to registration or regulation as a commodity pool operator under the CEA.

**Distressed securities risk** <br>

The market for distressed securities and instruments is generally thinner and less active than other markets, which can adversely affect the prices at which distressed securities can be sold.

**Dividend paying stock risk** <br>

Dividend-paying stocks may fall out of favor with investors and underperform non-dividend paying stocks and the market as a whole over any period of time. In addition, there is no guarantee that the companies in which a Series invests will declare dividends in the future or that dividends, if declared, will remain at current levels or increase over time. The amount of any dividend a company may pay may fluctuate significantly. In addition, the value of dividend-paying common stocks can decline when interest rates rise as other investments become more attractive to investors. This risk may be greater when interest rates are low or inflation rates are high or rising.

**Emerging markets risk** <br>

Investments in countries with emerging economies or securities markets may carry greater risk than investments in more developed countries or markets. Emerging markets may experience political instability. Political and economic structures in many such countries may be undergoing significant evolution and rapid development, and such countries may lack the social, political and economic stability characteristics of more developed countries. Certain of those countries may have failed in the past to recognize private property rights and have nationalized or expropriated the assets of private companies. As a result, the risks described above, including the risks of nationalization or expropriation of assets, may be

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How we manage the Series

heightened. In addition, unanticipated political or social developments may affect the value of a Series investments in those countries and the availability of additional investments in those countries. The costs of buying, selling, and holding securities in emerging markets, including brokerage, tax, and custody costs, may be higher. The small size and inexperience of the securities markets in such countries and the limited volume of trading in securities in those countries may make a Series' investments in such countries more volatile and less liquid than investments in more developed countries, and the Series may be required to establish special custodial or other arrangements before making certain investments in those countries. Economic markets and structures in emerging markets tend to be less mature and diverse than more developed markets. Regulatory oversight of issuers in emerging markets may be less stringent or inconsistently applied, and securities markets may be subject to less government regulation or supervision. The economies of emerging market countries may suffer from extreme and volatile debt burdens or inflation rates. The repatriation of capital with regard to investments made in certain securities or countries may be restricted during certain times or even indefinitely. There may be substantially less financial or accounting information available about issuers in emerging markets than in more developed markets than domestic issuers. Information that is available may be of a lesser quality as issuers may be subject to different accounting, auditing, and financial reporting standards than issuers in more developed markets. As a result, it may be difficult to assess the value or prospects of an investment in such issuers. In times of market stress, regulatory authorities of different emerging market countries may apply varying techniques and degrees of intervention, which can have an effect on prices and may require that a Series fair value its holdings in those countries. Emerging market securities may also be subject to greater fluctuations in value and liquidity due to changes in currency exchange rates.

**Energy sector risk** <br>

Investment risks associated with investing in energy securities, in addition to other risks, include price fluctuation caused by real and perceived inflationary trends and political developments, the cost assumed in complying with environmental safety regulations, demand of energy fuels, energy conservation, the success of exploration projects, and tax and other government regulations.

**Exchange-traded funds risk** <br>

The risks of investing in an ETF typically reflect the risks of the instruments in which the underlying ETF invests. The price of an ETF can fluctuate, and a Series could lose money investing in an ETF.

ETFs typically charge their shareholders certain expenses, including management and administrative fees. As a shareholder in an ETF, a Series would bear its pro rata share of the ETF's expenses (which are in addition to the expenses that shareholders pay when investing in the Series). As a result, the Series may bear additional expenses when investing in an ETF, which could reduce the Series' performance.

In addition, ETFs are subject to the following risks that do not apply to conventional mutual funds: (i) the market price of an ETF's shares may trade at a premium or discount to its NAV; (ii) an active trading market for an ETF's shares may not develop or be maintained; or (iii) trading of an ETF's shares may be halted if the listing exchange officials determine such action to be appropriate, the shares are delisted from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally.

As with other equity securities transactions, brokers generally charge a commission in connection with the purchase and sale of shares of ETFs. To the extent that a Series invests in an ETF, it may bear these transaction costs, which could reduce the Series' performance.

Enhanced or inverse return ETFs present greater opportunities for investment gains, but also present correspondingly greater risk of loss. Inverse or "short" ETFs seek to deliver performance that is opposite of the performance of a market benchmark (e.g., if the benchmark goes down by 1%, the ETF will go up by 1%), typically using a combination of derivative strategies. Inverse ETFs seek to profit from falling market prices and will lose money if the market benchmark index goes up in value. Leveraged ETFs seek to provide returns that are a multiple of a stated benchmark, typically using a combination of derivative strategies. Like other forms of leverage, leveraged ETFs increase risk exposure relative to the amount invested and can lead to significantly greater losses than a comparable unleveraged portfolio. These ETFs are complex, carry substantial risk, and generally are used by investors to increase or decrease their exposure to the underlying index on a short-term basis. Most leveraged ETFs reset daily and seek to achieve their objectives on a daily basis and holding these ETFs for longer than one day may produce unexpected results. Due to compounding, performance over longer periods can differ significantly from the performance of the underlying index, particularly when the benchmark index experiences large ups and downs.

With respect to Series that invest in Affiliated ETFs, because the Manager or its affiliates provide services to and receive fees from the Affiliated ETFs, the Series' investments in Affiliated ETFs may benefit the Manager and/or its affiliates. In addition, it is possible that the Series may hold a significant percentage of the shares of an Affiliated ETF. As a result, the Series' investments in Affiliated ETFs may create a conflict of interest. In addition, the Manager's authority to allocate investments among Affiliated and Unaffiliated ETFs creates conflicts of interest. For example, investing in Affiliated ETFs could lead to increased assets under management or help support particular investment strategies or the Affiliated ETFs.

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**Financials sector risk** <br>

Investment risks associated with investing in securities in the financials sector, in addition to other risks, include extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain; adverse effects from increases in interest rates; effects on profitability by loan losses, which usually increase in economic downturns; the severe competition to which banks, insurance, and financial services companies may be subject; and increased interindustry consolidation and competition in the financials sector. The impact of more stringent capital requirements, recent or future regulation on any individual financial company or recent or future regulation on the financials economic sector as a whole cannot be predicted.

**Fixed income risk** <br>

The prices of a Series' fixed-income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers. Generally, a Series' fixed-income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Rising interest rates tend to decrease liquidity, increase trading costs and increase volatility, all of which may make portfolio management more difficult and costly to a Series and its shareholders. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the US dollar. Other factors may materially and adversely affect the market price and yield of such fixed-income securities, including investor demand, changes in the financial condition of the applicable issuer, government fiscal policy and domestic or worldwide economic conditions. In addition, certain events, such as natural disasters, terrorist attacks, war, regional or global instability and other geopolitical events, have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally.

**Focused portfolio risk** <br>

Although Nomura VIP Emerging Markets Series is classified as a diversified management company under the Investment Company Act of 1940, increases in the value of certain investments made by the Series may, from time to time, result in the Series holding a substantial percentage of its assets in a limited number of securities, as is the case as of the date of this prospectus. As a result, the Series may be subject to a higher degree of risk and volatility compared to funds with a more broadly diversified portfolio. A decline in the value of any of these significant investments could have a material adverse effect on the Series' net asset value and performance. Periods of poor performance may be more pronounced and prolonged than in funds with greater diversification, as losses from one or more large holdings may not be offset by gains in other investments. This risk may be magnified if two or more of the Series' significant investments are closely correlated, as is the case as of the date of this prospectus, meaning their values tend to move in the same direction due to similar financial, economic, industry, or other factors. In such circumstances, a single negative event or adverse market development could cause simultaneous declines in multiple holdings, leading to a greater reduction in the Series' net asset value and increased losses for the Series and its shareholders. In addition, if the Series sells all or a portion of these investments after they have appreciated significantly, the Series may realize substantial capital gains. These gains may be required to be distributed to shareholders, who may be subject to tax on such distributions, regardless of whether they elect to reinvest them in additional shares of the Series.

**Foreign currency exchange transactions and forward foreign currency contracts risk** <br>

A Series may use foreign currency exchange transactions and forward foreign currency contracts to hedge certain market risks (such as interest rates, currency exchange rates and broad or specific market movement). These investment techniques involve a number of risks, including the possibility of default by the counterparty to the transaction and, to the extent the Manager's judgment as to certain market movements is incorrect, the risk of losses that are greater than if the investment technique had not been used. For example, there may be an imperfect correlation between a Series' holdings of securities denominated in a particular currency and the forward contracts entered into by the Series. An imperfect correlation of this type may prevent a Series from achieving the intended hedge or expose the Series to the risk of currency exchange loss. These investment techniques also tend to limit any potential gain that might result from an increase in the value of the hedged position.

**Foreign government and supranational securities risk** <br>

Investing in foreign government obligations creates exposure to the direct or indirect consequences of political, social or economic changes in the countries that issue the securities or in which the issuers are located. Such investments are subject to the risk that a government entity may delay payment, restructure its debt, or refuse to pay interest or repay principal. Factors which may influence the ability or willingness of a foreign government or country to service debt include a country's cash flow situation, the availability of sufficient foreign exchange on the date a payment is due, the relative size of its debt service burden to the economy as a whole and its government's policy towards the International Monetary Fund, the International Bank for Reconstruction and Development and other international agencies, the obligor's balance of payments, including export performance, its access to international credits and investments, fluctuations in interest rates and the extent of its foreign reserves. There may be no legal or bankruptcy process for collecting sovereign debt.

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How we manage the Series

**Foreign risk** <br>

Investing in foreign securities involves a number of economic, financial, legal, and political considerations that are not associated with the US markets and that could affect a Series' performance unfavorably, depending upon prevailing conditions at any given time. For example, the securities markets of many foreign countries may be smaller, less liquid and subject to greater price volatility than those in the US. The costs of buying, selling, and holding foreign securities, including brokerage, tax, and custody costs, may be higher than those involved in domestic transactions. Foreign investing also may involve tax considerations that usually are not present in the US markets.

Other factors that can affect the value of a Series' foreign investments include the comparatively weak supervision and regulation by some foreign governments of securities exchanges, brokers and issuers; the fact that many foreign companies may not be subject to uniform and/or stringent accounting, auditing and financial reporting standards; fluctuations in foreign currency exchange rates and related conversion costs or currency redenomination; nationalization or expropriation of assets; and custodial or other operational delays. It also may be difficult to obtain reliable information about the securities and business operations of certain foreign issuers. Settlement of portfolio transactions also may be delayed due to local restrictions or communication problems, which can cause a Series to miss attractive investment opportunities or impair its ability to dispose of securities in a timely fashion (resulting in a loss if the value of the securities subsequently declines). World markets, or those in a particular region, all may react in similar fashion to important economic or political developments. In addition, foreign markets may perform differently than the US market. Over a given period of time, foreign securities may underperform US securities — sometimes for years.

As a result of increasingly interconnected global economies and financial markets, armed conflict between countries or armed conflict in a geographic region has the potential to adversely impact a Series' investments. Such conflicts and other corresponding events could result in increased volatility, reduced liquidity, and overall uncertainty. The negative impacts may be particularly acute in certain sectors or in markets for certain securities and commodities. Such conflicts also may result in a negative impact on a Series' investments, even beyond any direct investment exposure a Series may have to issuers located in or with significant exposure to an impacted country or geographic region.

Securities of issuers traded on exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. The likelihood of such suspensions may be higher for securities of issuers in emerging markets than in more developed markets. Trading suspensions may be applied from time to time to the securities of individual issuers for reasons specific to that issuer, or may be applied broadly by exchanges or governmental authorities in response to market events. Suspensions may last for significant periods of time, during which trading in the securities and in instruments that reference the securities, such as derivatives instruments, may be halted. In the event that a Series holds material positions in such suspended securities, the Series' ability to liquidate its positions or provide liquidity to investors may be compromised and the Series could incur significant losses.

To the extent that a Series invests in sovereign debt instruments, the Series is subject to the risk that a government or agency issuing the debt may be unable to pay interest and/or repay principal due to cash flow problems, insufficient foreign currency reserves or political concerns. In such instance, a Series may have limited recourse against the issuing government or agency. Financial markets have experienced, and may continue to experience, increased volatility due to the uncertainty surrounding the sovereign debt of certain countries.

Moreover, in pursuing its investment objective, a Series, at times, may concentrate its investment in securities of companies located in a specific geographical region. To the extent a Series does so, it may face more risks than mutual funds with investments that are diversified around the globe. The economies and financial markets of certain regions can be interdependent and all may decline at the same time, and certain regions may face risks unique to that area. In particular:

*Asia Pacific Investments.* The level of development of the economies of countries in the Asia Pacific region varies greatly. Certain economies in the region may be adversely affected by increased competition, high inflation rates, undeveloped financial services sectors, currency fluctuations or restrictions, political and social instability and increased economic volatility. Natural disasters frequently occur in the region, which could drastically impact particular business operations of companies in the region or its overall economy. In addition, certain countries in the Asia Pacific region are large debtors to commercial banks and to foreign governments. It is possible that certain lenders at times may be unwilling to extend credit to Asia Pacific countries, which could make it more difficult for such borrowers to obtain financing on attractive terms, or at all. Due to heavy reliance on international trade, a decrease in demand would adversely affect economic performance in the region. In addition, ongoing political issues and heightened trade tensions between the US and China, including the possibility of a reduction in spending on Chinese products or services, the institution of additional tariffs or other trade barriers may have an adverse impact on the Chinese economy and potentially other economies in the region. Investments in companies located or operating in the Asia Pacific region may involve risks and considerations not typically associated with investments in the U.S. and other Western nations, including the use of VIE organizational structures; political, legal and regulatory uncertainty; and differing shareholder rights based on company structure and/or location of operations.

*Central and South American Investments.* The economies in Latin America, including in some Central and South American countries, have experienced high interest rates, high inflation rates, volatility, regime changes and government defaults. Currency devaluations in any such country may have a significant effect on the entire region. Because commodities such as oil and gas, minerals and metals represent a significant percentage

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of the region's exports, the economies of these countries are particularly sensitive to fluctuations in commodity prices. As a result, the economies in many Central and South American countries can experience significant volatility. The economies of countries in these regions tend to be heavily dependent on trading relationships with key trading partners, including the United States, Europe, Asia and other Latin American countries, and as such adverse economic events in one country may have a significant adverse effect on other countries of this region. In addition, recent trade tensions and the imposition of tariffs may disrupt Latin American economies or lead to heightened market volatility.

Additionally, in the past, certain Central and South American economies have been influenced by changing supply and demand for a particular currency, monetary policies of governments (including exchange control programs and currency devaluations and revaluations). Certain countries in this region also historically have experienced political and social risk, including periods of instability and social unrest, local insurrections, social upheavals and high unemployment and underemployment, any of which could adversely impact the economies of these countries.

*European Investments.* The Economic and Monetary Union (eurozone) of the European Union (EU) requires members of the eurozone to comply with restrictions on inflation rates, deficits, interest rates and debt levels, as well as fiscal and monetary controls, each of which may significantly affect EU member countries, as well as other countries in Europe, including non-members. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member state on its sovereign debt and/or an economic recession in an EU member state may have a significant adverse effect on the economies of other EU member states and their trading partners.

The European financial markets have historically experienced volatility and adverse trends due to concerns about economic downturns or rising government debt levels in several European countries, including, but not limited to, Austria, Belgium, Cyprus, France, Greece, Ireland, Italy, Portugal, Spain and Ukraine. These events have adversely affected, and in the future may adversely affect, the exchange rate of the euro and may significantly affect European countries, including those that do not use the euro as their currency. Additionally, newer EU and eurozone member states, particularly in eastern Europe, remain burdened to various extents by certain infrastructural, bureaucratic and business inefficiencies, and their markets remain relatively undeveloped and may be particularly sensitive to political and economic developments. Responses to financial problems by European governments, central banks and others, including austerity measures and reforms, may not produce the desired results, may result in social unrest, may limit future growth and economic recovery or may have other unintended consequences. Further defaults or restructurings by governments and other entities of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. Moreover, recent global trade tensions and the imposition of tariffs, including by the United States, could further exacerbate volatility and such adverse effects.

The national politics of countries in Europe have been unpredictable and subject to influence by disruptive political groups and ideologies, including, for example, secessionist movements. The governments of European countries may be subject to change and such countries may experience social and political unrest. Unanticipated or sudden political or social developments may result in sudden and significant investment losses. EU continues to face major issues involving its membership, structure, procedures and policies, including the successful political, economic and social integration of new member states. The current and future status of the EU continues to be the subject of political controversy, and the growth of nationalist and populist parties in national legislatures may further threaten enlargement. It is possible that one or more countries may abandon the euro and/or withdraw from the EU, as the United Kingdom (UK) did in 2020 (commonly referred to as "Brexit"). Following Brexit, certain trading matters between the UK and the EU remain unresolved, including with respect to financial services. The continuing uncertainty could have an adverse impact on the UK economy.

The occurrence of terrorist incidents throughout Europe or war in the region could also impact financial markets, in particular, Russia's invasion of Ukraine that began in 2022. As a result of that military action, the US and many other countries have imposed sanctions on Russia and certain Russian individuals, banks and corporations, and the ongoing hostilities and resulting sanctions may have a severe adverse effect on the region's economies and more globally.

*North American Investments.* A decrease in imports or exports, changes in trade regulations or an economic recession in any North American country can have a significant economic effect on the entire region. Since the implementation of the North American Free Trade Agreement (NAFTA) in 1994 among Canada, the US and Mexico, total merchandise trade among the three countries has increased. However, political developments in the US resulting in recent global trade tensions and the imposition of reciprocal tariffs by all three countries, may have implications for trade among the US, Mexico and Canada, any of which may result in additional volatility in the region. Moreover, the likelihood of further policy or legislative changes in one or more countries may have a significant effect on North American markets generally, as well as on the value of certain securities held by a Series when investing in this region.

**Fund of funds risks** <br>

Each of the Pathfinder Series and the Managed Volatility Series (Investing Series) is a "fund of funds," which means that it invests a substantial portion of its assets in a number of other Nomura Funds and Nomura ETFs (Underlying Funds) rather than investing directly in stocks, bonds and other instruments. As a fund of funds, each Investing Series is subject to the following risks.

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How we manage the Series

Your investment in an Investing Series is subject to all the risks of an investment directly in the Underlying Funds held by the Investing Series. These risks are disclosed for each Underlying Fund in its prospectus in their respective sections.

An Investing Series' performance reflects the investment performance of the Underlying Funds it holds. An Investing Series' performance thus depends both on the allocation of its assets among the various Underlying Funds and the ability of those Underlying Funds to meet their respective investment objectives. The Manager may not accurately assess the attractiveness or risk potential of particular Underlying Funds, asset classes, or investment styles.

Each Investing Series may invest a significant portion of its assets in a single Underlying Fund. Therefore, the performance of a single Underlying Fund can have a significant effect on the performance of an Investing Series and the price of its shares. As with any mutual fund, there is no assurance that any Underlying Fund will achieve its investment objective(s).

One Underlying Fund may purchase the same securities that another Underlying Fund sells. An Investing Series that invests in both Underlying Funds would indirectly bear the costs of these trades.

While an investor may invest in the Underlying Funds, you should not expect to achieve the same results by investing directly in the Underlying Funds and short-term investments as you would receive by investing in the Investing Series, because the Investing Series offer professional asset allocation and an added measure of diversification. The Manager monitors each Investing Series' holdings and cash flow and periodically adjusts each Investing Series' mix to keep the Investing Series closely aligned to its investment strategies in changing market conditions. Underlying Funds may be added or removed from an Investing Series' allocation mix by the Manager without notice to investors.

Because you are investing indirectly through the Investing Series, you will bear a proportionate share of the applicable expenses of the Underlying Funds (including applicable management, administration, service and accounting fees), as well as the expenses of the particular Investing Series. No front-end sales load or contingent deferred sales charge is charged, either by the Underlying Funds or by the Investing Series. Although Service Class shares of the Underlying Funds will charge a Rule 12b-1 fee, the Investing Series do not charge a Rule 12b-1 fee, so there is no duplication of these fees.

The participating insurance companies issuing guaranteed benefits on variable life insurance policies and variable annuity contracts investing in the Managed Volatility Series may be affiliated with Securian AM and have a financial interest in preserving the value of the Managed Volatility Series and reducing their volatility due to their obligations for these guaranteed benefits (the cost of providing these guaranteed benefits is related to several factors including the performance and volatility of each Managed Volatility Series). To the extent each Managed Volatility Series is successful in managing the volatility of returns, the participating insurance companies affiliated with Securian AM issuing guaranteed benefits on variable life insurance policies and variable annuity contracts investing in the Managed Volatility Series also will benefit from a reduction in their potential investment risk which will reduce their costs of hedging this risk and may reduce their reserve and capital requirements. These financial benefits to the participating insurance companies affiliated with Securian AM may be material and may influence Securian AM in its management of each Managed Volatility Series.

**Geographic focus risks** <br>

Focusing on a particular geographical region or country involves increased currency, political, regulatory and other risks. To the extent a Series invests a significant portion of its assets in a particular geographical region or country, economic, political, social and environmental conditions in that region or country will have a greater effect on Series performance than they would in a more geographically diversified equity fund and the Series' performance may be more volatile than the performance of a more geographically diversified fund.

**Government and regulatory** **risk** <br>

Governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect portfolio performance. Government involvement in the private sector may, in some cases, include government investment in, or ownership of, companies in certain commercial business sectors; wage and price controls; or imposition of trade barriers and other protectionist measures. For example, an economic or political crisis may lead to price controls, forced mergers of companies, expropriation, the creation of government monopolies, foreign exchange controls, the introduction of new currencies (and the redenomination of financial obligations into those currencies), or other measures that could be detrimental to the investments of a Series.

**Growth stock risk** <br>

Growth stocks are stocks of companies believed to have above-average potential for growth in revenue and earnings. Prices of growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. Growth stocks may be more volatile or not perform as well as value stocks or the stock market in general.

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**Healthcare sector risk** <br>

Healthcare sector risk is the risk that the value of a Series' shares will be affected by factors particular to the health care and related sectors (such as government regulation) and may fluctuate more widely than that of a Series that invests in a broad range of sectors.

Investment risks associated with investing in securities in the health care sector, in addition to other risks, include heavy dependence on patent protection, with profitability affected by the expiration of patents; expenses and losses from extensive litigation based on product liability and similar claims; competitive forces that may make it difficult to raise prices and, in fact, may result in price discounting; the potentially long and costly process for obtaining new product approval by the FDA; the difficulty health care providers may have obtaining staff to deliver service; susceptibility to product obsolescence; and thin capitalization and limited product lines, markets, financial resources or personnel.

**High yield (junk) bond risk** <br>

In general, low-rated debt securities (commonly referred to as "high-yield" or "junk" bonds) offer higher yields due to the increased risk that the issuer will be unable to meet its obligations on interest or principal payments at the time called for by the debt instrument. For this reason, these securities are considered speculative and could significantly weaken a Series' returns. In adverse economic or other circumstances, issuers of these low-rated securities and obligations are more likely to have difficulty making principal and interest payments than issuers of higher-rated securities and obligations.

In addition, these low-rated securities and obligations may fluctuate more widely in price and yield than higher-rated securities and obligations and may fall in price during times when the economy is weak or is expected to become weak. Low-rated securities and obligations also may require a greater degree of judgment to establish a price, may be difficult to sell at the time and price a Series desires, and may carry higher transaction costs. Issuers of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case a Series may lose its entire investment. In addition, a defaulted obligation or other restructuring of an obligation could involve an exchange of such obligation for other debt or equity securities of the issuer or its affiliates, which may in turn be illiquid, speculative or unregistered. Low-rated securities and obligations are susceptible to such a default or decline in market value due to real or perceived adverse economic and business developments relating to the issuer, the industry in general, market interest rates and market liquidity. The market value of these securities can be volatile. Ratings of a security or obligation may not accurately reflect the actual credit risk associated with such a security. The creditworthiness of issuers of low-rated securities may be more complex to analyze than that of issuers of investment-grade debt securities.

**IBOR risk** <br>

The risk that changes related to the use of the London Interbank Offered Rate (LIBOR) or similar interbank offered rates (IBORs, such as the Euro Overnight Index Average (EONIA)) could have adverse impacts on financial instruments that reference such rates. While some instruments may contemplate a scenario where LIBOR or a similar rate is no longer available by providing for an alternative rate setting methodology, not all instruments have such fallback provisions and the effectiveness of replacement rates is uncertain. The abandonment of LIBOR and similar rates could affect the value and liquidity of instruments that reference such rates, especially those that do not have fallback provisions. The use of alternative reference rate products may impact investment strategy performance.

**Industrials sector risk** <br>

Industrials sector risk is the risk that the value of a Series' shares will be affected by factors particular to the industrials and related sectors and may fluctuate more widely than that of a Series that invests in a broad range of sectors. Companies in the industrial sector are subject to risks such as: decline for specific products or services and for industrial sector products in general; rapid technological developments and frequent new product introduction; effects on securities prices and profitability from government regulation, world events and economic conditions; and risks for environmental damage and product liability claims.

**Industry and sector risk** <br>

At times, a Series may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Individual sectors may be more volatile, and may perform differently, than the broader market. Companies in the same economic sector may be similarly affected by economic or market events, making a Series more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

**Information technology sector risk** <br>

Investment risks associated with investing in the information technology sector, in addition to other risks, include the intense competition to which information technology companies may be subject; the dramatic and often unpredictable changes in growth rates and competition for qualified personnel among information technology companies; effects on profitability from being heavily dependent on patent and intellectual property rights and the loss or impairment of those rights; obsolescence of existing technology; general economic conditions; and government regulation.

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How we manage the Series

**Initial public offering (IPO) risk** <br>

Any positive effect of investments in IPOs may not be sustainable because of a number of factors. For example, a Series may not be able to buy shares in some IPOs, or may be able to buy only a small number of shares. Also, the performance of IPOs generally is volatile, and is dependent on market psychology and economic conditions. To the extent that IPOs have a significant positive impact on a Series' performance, this may not be able to be replicated in the future. The relative performance impact of IPOs on a Series also is likely to decline as the Series grows.

**Interest rate risk** <br>

The value of a debt security, mortgage-backed security or other fixed-income obligation, as well as of shares of mortgage REITs, may decline due to changes in market interest rates. Small- and medium-sized companies may also be adversely affected by rising interest rates because they often borrow money to finance their operations.

Generally, when interest rates rise, the value of such a security or obligation generally decreases. Conversely, when interest rates decline, the value of such a security generally increases. Long-term debt securities, mortgage-backed securities and other fixed-income obligations generally are more sensitive to interest rate changes than short-term debt securities. A Series may experience a decline in its income due to falling interest rates. A Series may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising. Where permitted by its investment strategies, a Series may use derivatives to hedge its exposure to interest rate risk.

Changes to monetary policy by the Federal Reserve or other regulatory actions may affect interest rates. It is difficult to predict the impact of these rate changes and any future rate changes on various markets.

Market developments and other factors, including a general rise in interest rates, have the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from mutual funds that hold large amounts of fixed-income securities. Such a move, coupled with a reduction in the ability or willingness of dealers and other institutional investors to buy or hold fixed-income securities may result in decreased liquidity and increased volatility in the fixed-income markets, which could cause a Series' NAV to fluctuate more and adversely affect the Series' return.

In general, a portfolio of debt, mortgage-related and asset-backed securities and other fixed-income obligations experiences a decrease in principal value with an increase in interest rates. The extent of the decrease in principal value may be affected by a Series' duration of its portfolio of debt, mortgage-related and asset-backed securities and other fixed-income obligations. Duration measures the relative price sensitivity of a security to changes in interest rates. "Effective" duration takes into consideration the likelihood that a security will be called, or prepaid, prior to maturity given current market interest rates. Typically, a security with a longer duration is more price sensitive than a security with a shorter duration. In general, a portfolio of debt, mortgage-related and asset-backed securities experiences a percentage decrease in principal value equal to its effective duration for each 1% increase in interest rates. For example, if a Series holds a portfolio of securities with an effective duration of five years and interest rates rise 1%, the principal value of such securities could be expected to decrease by approximately 5%.

**Investment company securities risk** <br>

The risks of investing in securities of an investment company, such as a mutual fund, typically reflect the risks of the instruments in which the underlying investment company invests. The net asset value of an investment company can fluctuate, and a Series could lose money investing in an investment company.

Investment companies typically charge their shareholders certain expenses, including management and administrative fees. As a shareholder in an investment company, a Series would bear its pro rata share of the investment company's expenses (which are in addition to the expenses that shareholders pay when investing in a Series). As a result, the Series may bear additional expenses when investing in an underlying investment company, which could reduce the Series' performance.

**Large capitalization company risk** <br>

Large-capitalization companies may go in and out of favor based on market and economic conditions. Large-capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. Although the securities of larger companies may be less volatile than those of companies with smaller market capitalizations, returns on investments in securities of large-capitalization companies could trail the returns on investments in securities of smaller companies.

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**Leveraging risk** <br>

Leveraging risk is the risk that certain transactions, such as reverse repurchase agreements, short sales, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivatives instruments, may give rise to leverage, causing a Series to be more volatile than if it had not been leveraged. While it is anticipated that leverage may increase profitability, it may also accentuate the consequences of adverse price movements, resulting in increased losses.

**Limited number of securities risk** <br>

If a Series typically holds a small number of stocks, or if the Manager tends to invest a significant portion of a Series' total assets in a limited number of stocks, the appreciation or depreciation of any one security held by the Series may have a greater impact on the Series' NAV than it would if the Series invested in a larger number of securities or if the Manager invested a greater portion of the Series' total assets in a larger number of stocks. Although that strategy has the potential to generate attractive returns over time, it also may increase a Series' volatility.

**Liquidity risk** <br>

Liquidity risk is the possibility that investments cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquid investments may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in market value. A Series also may not be able to dispose of illiquid investments at a favorable time or price during periods of infrequent trading of an illiquid investment.

There is generally no established retail secondary market for high yield securities. As a result, the secondary market for high yield securities is more limited and less liquid than other secondary securities markets. The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds, and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. Adverse publicity and investor perceptions may also disrupt the secondary market for high yield securities.

**Loans and other direct indebtedness risk** <br>

In addition to the risks typically associated with fixed-income securities, loans (including loan assignments, loan participations and other loan instruments) carry other risks, including the risk of insolvency of the lending bank or other intermediary. The risks associated with loans are similar to the risks of low-rated debt securities or "junk" bonds since loans typically are below investment-grade. Loans may be unsecured or not fully collateralized, may be subject to restrictions on resale, may be difficult to value, sometimes trade infrequently on the secondary market and generally are subject to extended settlement periods. Any of these factors may impair a Series' ability to sell or realize promptly the full value of its loans in the event of a need to liquidate such loans. Difficulty in selling a loan can result in a loss. Accordingly, loans that have been sold may not be immediately available to meet redemptions. Extended trade settlement periods may result in cash not being immediately available to a Series. As a result, a Series may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. Interests in secured loans have the benefit of collateral and, typically, of restrictive covenants limiting the ability of the borrower to further encumber its assets. There is a risk that the value of the collateral securing the loan may decline after a Series invests and that the collateral may not be sufficient to cover the amount owed to the Series. In the event the borrower defaults, a Series' access to the collateral may be limited or delayed by bankruptcy or other insolvency laws. These risks could cause a Series to lose income or principal on a particular investment, which could affect the Series returns. In addition, loans also are subject to the risk that a court could subordinate the loan to presently existing or future indebtedness or take other action detrimental to the holders of the loan. Further, in the event of a default, second or lower lien secured loans will generally be paid only if the value of the collateral exceeds the amount of the borrower's obligations to the senior secured lenders, and the remaining collateral may not be sufficient to cover the full amount owed on the loan in which a Series has an interest. If the loan is unsecured, there is no specific collateral on which a Series can foreclose. In addition, if a secured loan is foreclosed, a Series may bear the costs and liabilities associated with owning and disposing of the collateral, including the risk that collateral may be difficult to sell. The restructuring of a loan, either in a negotiated work-out or in the context of bankruptcy, could involve an exchange of such loan for other debt or equity securities of the issuer or its affiliates, which may in turn be illiquid, speculative or unregistered.

Loans made to finance highly leveraged corporate acquisitions may be especially vulnerable to adverse changes in economic or market conditions. Certain loans may not be considered "securities," and purchasers, such as a Series, therefore may not be entitled to rely on the strong anti-fraud protections of the federal securities laws. With loan assignments, as an assignee, a Series normally will succeed to all rights and obligations of its assignor with respect to the portion of the loan that is being assigned. However, the rights and obligations acquired by the purchaser of a loan assignment may differ from, and be more limited than, those held by the original lenders or the assignor. With loan participations, a Series may not be able to control the exercise of any remedies that the lender would have under the loan and likely would not have any rights against the borrower directly, so that delays and expense may be greater than those that would be involved if a Series could enforce its rights directly against the borrower.

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How we manage the Series

**Market risk** <br>

Markets can be volatile, and stock, bond, and other asset prices can change daily, sometimes rapidly or unpredictably. As a result, a Series' holdings can decline in response to adverse issuer, political, regulatory, market or economic developments or conditions that may cause a broad market decline. Different parts of the market, including different sectors and different types of securities, can react differently to these developments. Markets tend to move in cycles, with periods of rising prices and periods of falling prices. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by a Series will rise in value. Market risk may affect a single issuer or the market as a whole. At times, a Series may hold a relatively high percentage of its assets in investments linked to a particular market sector, which would subject the Series to proportionately higher exposure to the risks of that sector.

Securities are subject to price movements due to changes in general economic conditions (which may not be specifically related to the particular issuer), such as the level of prevailing interest or currency rates, changes in the general outlook for revenues or corporate earnings, investor sentiment and perceptions of the market generally. The value of securities also may go up or down due to factors that affect an individual issuer or a particular industry or sector, such as changes in production costs and competitive conditions within the industry. Volatility in the price of a security may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time.

Global economies and financial markets have become increasingly interconnected, meaning that conditions in one country or region may adversely affect issuers in another country or region, which in turn may adversely affect securities held by a Series. In addition, certain events, such as natural disasters, terrorist attacks, war, regional or global instability and other geopolitical events, have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally.

Financial markets at times may experience heightened volatility due to various factors, including, but not limited to, government regulations and central bank policy changes. Turbulence in the financial markets and reduced liquidity may negatively affect issuers, which could have an adverse effect on a Series.

The value of assets or income from a Series' investments may be adversely affected by inflation or changes in the market's expectations regarding inflation. Furthermore, there is a risk that the prices of goods and services in the US and many foreign economies may decline over time, known as deflation (the opposite of inflation). Deflation may have an adverse effect on stock prices and creditworthiness and may make defaults on debt more likely. If a country's economy slips into a deflationary pattern, it could last for a prolonged period and may be difficult to reverse.

**Master limited partnership (MLP) risk** <br>

Investments in securities of an MLP involve risks that differ from investments in common stocks, including, among others, risks related to limited control and limited rights to vote on matters affecting the MLP, cash flow risks, dilution risks, and others.

Investing in MLPs also involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. MLPs that concentrate in a particular industry or a particular geographical region are subject to risks associated with such industry or region. Investments held by MLPs may be relatively illiquid, limiting the MLPs' ability to vary their portfolios promptly in response to changes in economic or other conditions. MLPs may have limited financial resources, their securities may trade infrequently and in limited volume, and they may be subject to more abrupt or erratic price movements than securities of larger or more broadly based companies.

MLPs taxed as partnerships generally do not pay US federal income tax at the partnership level, subject to the application of certain partnership audit rules. A change in current tax law, or a change in the underlying business mix of a given MLP, however, could result in an MLP being treated as a corporation for US federal income tax purposes, which would have the effect of reducing the amount of cash available for distribution by the MLP and could result in a reduction of the value of your investment in a Series and lower income. A distribution from an MLP may consist in part of a return of the amount originally invested, which would not be taxable to the extent the distribution does not exceed the investor's adjusted basis in its MLP interest.

**Materials sector risk** <br>

Investment risks associated with investing in securities in the materials sector, in addition to other risks, include adverse effects from commodity price volatility, exchange rates, import controls and increased competition; the possibility that production of industrial materials will exceed demand as a result of overbuilding or economic downturns, leading to poor investment returns; risk for environmental damage and product liability claims; and adverse effects from depletion of resources, technical progress, labor relations and government regulations.

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**Metals investment risk** <br>

Investments in metals may be highly volatile and can change quickly and unpredictably due to a number of factors, including the supply and demand of each metal, environmental or labor costs, political, legal, financial, accounting and tax matters and other events that a Series cannot control. In addition, changes in international monetary policies or economic and political conditions can affect the supply of metals, and consequently the value of metal investments. The US or foreign governments may pass laws or regulations limiting metal investments for strategic or other policy reasons. Further, the principal supplies of metal industries may be concentrated in a small number of countries and regions.

**Mid-market capitalization company risk** <br>

Securities of mid-capitalization companies may be more vulnerable to adverse developments than those of larger companies due to such companies' limited product lines, limited markets and financial resources and dependence upon a relatively small management group. Securities of mid-capitalization companies may be more volatile and less liquid than the securities of larger companies and may be affected to a greater extent than other types of securities by the underperformance of a sector or during market downturns.

**Mortgage backed and asset backed securities risk** <br>

Mortgage-backed and asset-backed securities, like other fixed income securities, are subject to credit risk and interest rate risk, and may also be subject to prepayment risk and extension risk. Mortgage-backed and asset-backed securities can be highly sensitive to interest rate changes. As a result, small movements in interest rates can substantially impact the value and liquidity of these securities. Prepayment risk is the risk that the principal on mortgage-backed or asset-backed securities may be prepaid at any time, which will reduce the yield and market value of the securities and may cause a Series to reinvest the proceeds in lower yielding securities. Extension risk is the risk that principal on mortgage-backed or asset-backed securities will be repaid more slowly than expected, which may reduce the proceeds available for reinvestment in higher yielding securities and may cause the security to experience greater volatility due to the extended maturity of the security. When interest rates rise, the value of mortgage-backed and asset-backed securities can be expected to decline. When interest rates go down, however, the value of these securities may not increase as much as other fixed income securities due to borrowers refinancing their loans at lower interest rates or prepaying their loans. In addition, mortgage-backed and asset-backed securities may decline in value, become more volatile, face difficulties in valuation, or experience reduced liquidity due to changes in general economic conditions. During periods of economic downturn, for example, underlying borrowers may not make timely payments on their loans and the value of property that secures the loans may decline in value such that it is worth less than the amount of the associated loans. If the collateral securing a mortgage-backed or asset-backed security is insufficient to repay the loan, a Series could sustain a loss. Such risks generally will be heightened where a mortgage-backed or asset-backed security includes "subprime" loans. Although mortgage-backed securities are often supported by government guarantees or private insurance, there can be no guarantee that those obligations will be met. Furthermore, in certain economic conditions, loan servicers, loan originators and other participants in the market for mortgage-backed and other asset-backed securities may be unable to receive sufficient funding, impairing their ability to perform their obligations on the loans. Certain mortgage-backed or asset-backed securities may be more susceptible to these risks than other mortgage-backed, asset-backed, or fixed-income securities. For example, a Series' investments in collateralized mortgage obligations (CMOs), real estate mortgage investment conduits (REMICs), and stripped mortgage-backed securities are generally highly susceptible to interest rate risk, prepayment risk, and extension risk. At times, these investments may be difficult to value and/or illiquid. Some classes of CMOs and REMICs may have preference in receiving principal or interest payments relative to more junior classes. The market prices and yields of these junior classes will generally be more volatile than more senior classes and will be more susceptible to interest rate risk, prepayment risk, and extension risk than more senior classes. Classes that receive interest only (IOs) will generally decrease in value if interest rates decline or prepayment rates increase. Classes that receive principal only (POs) will generally decrease in value if interest rates increase or prepayment rates decrease. These changes in value can be substantial and could cause a Series to lose the entire value of its investment in CMOs, REMICs, and stripped mortgage-backed securities.

**Natural disaster and epidemic risk** <br>

Natural disaster and epidemic risk is the risk that the value of a Series' investments may be negatively affected by natural disasters, epidemics, or similar events. Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of a Series' investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries. These disruptions could prevent a Series from executing advantageous investment decisions in a timely manner and could negatively impact the Series' ability to achieve its investment objective.

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How we manage the Series

**Natural resources industry risk** <br>

Investment risks associated with investing in securities of natural resources companies, in addition to other risks, include price fluctuation caused by real and perceived inflationary trends and political developments, the cost assumed by natural resource companies in complying with environmental and safety regulations, changes in supply of, or demand for, various natural resources, changes in energy prices, environmental incidents, energy conservation, the success of exploration projects, changes in commodity prices, and special risks associated with natural or man-made disasters. Securities of natural resource companies that are dependent on a single commodity, or are concentrated in a single commodity sector, may exhibit high volatility attributable to commodity prices.

**New issue risk** <br>

New issues may have limited markets, making valuation and selling difficult. The market value of newly issued securities may fluctuate considerably.

**Non agency securities risk** <br>

The risk that payments on a security will not be made when due, or the value of such security will decline, because the security is not issued or guaranteed as to principal or interest by the US government or by agencies or authorities controlled or supervised by and acting as instrumentalities of the US government. These securities may include, but are not limited to, securities issued by non-government entities which can include instruments secured by obligations of prime, Alt A, and sub-prime residential mortgage borrowers. Non-agency securities also may include asset-backed securities (which represent interests in auto, consumer and/or credit card loans) and commercial mortgage-backed securities (which represent interests in commercial mortgage loans). Non-agency securities can present valuation and liquidity issues and be subject to precipitous downgrades (or even default) during time periods characterized by recessionary market pressures such as falling home prices, rising unemployment, bank failures and/or other negative market stresses. The risk of non-payment by the issuer of any non-agency security increases when markets are stressed.

**Nondiversification risk** <br>

Certain Series are "non-diversified" mutual funds and, as such, their investments are not required to meet certain diversification requirements under federal law. Compared with "diversified" funds, a non-diversified Series may invest a greater percentage of its assets in the securities of one or a small number of issuers. Thus, non-diversified Series may hold fewer securities than other funds. A decline in the value of those investments would cause a non-diversified Series' overall value to decline to a greater degree than if the Series held a more diversified portfolio.

**Passive foreign investment company risk** <br>

The Series may invest in securities of foreign companies that may be classified under the Internal Revenue Code as passive foreign investment companies (PFICs). In general, a foreign company is classified as a PFIC if at least one-half of its assets constitute investment-type assets or 75% or more of its gross income is investment-type income. When investing in PFIC securities, the Series intends to mark-to-market these securities under certain provisions of the Internal Revenue Code and will recognize any unrealized gains as ordinary income at the end of the Series' fiscal and excise tax years. These gains are treated as ordinary income that the Series is required to distribute to shareholders, even though it has not sold or received dividends from these securities. In order to meet this distribution requirement, the Series may have to sell portfolio securities or borrow cash at inopportune times or prices, which could harm the value of the Series and its performance. Mark-to-market gains may be magnified by foreign currency fluctuations, potentially increasing the Series' required distributions. In addition, income dividends from PFICs will fall outside of the definition of qualified foreign corporation dividends. These dividends generally will not qualify for the reduced rate of taxation on qualified dividends when distributed to shareholders by the Series. Foreign companies are not required to identify themselves as PFICs. Due to various complexities in identifying PFICs, the Series can give no assurances that it will be able to identify portfolio securities in foreign corporations that are PFICs in time for the Series to make a mark-to-market election. If the Series is unable to identify an investment as a PFIC and thus does not make a mark-to-market election, the Series may be subject to US federal income tax on a portion of any "excess distribution" or gain from the disposition of such shares even if such income is distributed as a taxable dividend by the Series to its shareholders. Additional charges in the nature of interest may be imposed on the Series in respect of deferred taxes arising from such distributions or gains. Such consequences could impact the value of your investment in the Series or the Series' performance.

**Portfolio turnover risk** <br>

High portfolio turnover rates may increase a series' transaction costs, which may lower returns. Higher portfolio turnover rates could result in corresponding increases in brokerage commissions, may generate short-term capital gains taxable as ordinary income, and cause dividends received on portfolio securities to not be qualified dividends eligible for reduced federal income tax rates under the Internal Revenue Code.

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**Preferred stock risk** <br>

Preferred stock is a type of stock that pays a cumulative, fixed dividend that is senior to the dividends paid on the common stock of the issuer. Preferred stock may pay fixed or adjustable rates of return. Preferred stock is subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company's preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. Preferred stock also is subject to credit risk with regard to the ability of the issuer to pay the dividend established upon issuance of the preferred stock.

**Prepayment risk** <br>

Income from a Series' debt securities may decline if the Series invests the proceeds from matured, traded, prepaid or called securities in securities with interest rates lower than the current earnings rate of the Series' portfolio. For example, debt securities with high relative interest rates may be paid by the issuer prior to maturity, particularly during periods of falling interest rates. During periods of falling interest rates, there is the possibility that an issuer will call its securities if they can be refinanced by issuing new securities with a lower interest rate (commonly referred to as optional call risk). Moreover, falling interest rates could cause prepayments of mortgage loans to occur more quickly than expected. This may occur because, as interest rates fall, more property owners refinance the mortgages underlying mortgage-backed securities (including shares of mortgage REITs). As a result, a Series may have to reinvest the proceeds in other securities with generally lower interest rates, resulting in a decline in the Series' investment income.

**Real estate industry risk** <br>

Real estate industry risk includes, among others: possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; increases in competition, property taxes, and operating expenses; changes in zoning laws; costs resulting from the cleanup of, and liability to third parties resulting from, environmental problems; casualty for condemnation losses; uninsured damages from floods, earthquakes, or other natural disasters; limitations on and variations in rents; and changes in interest rates. REITs are subject to substantial cash flow dependency, defaults by borrowers, self-liquidation, and the risk of failing to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended (Internal Revenue Code), or other similar statutes in non-US countries and/or to maintain exemptions from the Investment Company Act of 1940, as amended.

**Redemption risk** <br>

A Series may experience periods of heavy redemptions that could cause the Series to sell assets at inopportune times or at a loss or depressed value. Redemption risk is heightened during periods of declining or illiquid markets. Heavy redemptions could hurt a Series' performance.

**REIT-related risk** <br>

The value of a Series' investments in a REIT may be adversely affected by (1) changes in the value of the REIT's underlying property or the property secured by mortgages the REIT holds; (2) loss of the REIT's federal tax status (and the resulting inability to qualify for modified pass-through tax treatment under the Internal Revenue Code of 1986, as amended (the "Code")) or changes in laws and/or rules related to that status; or (3) the REIT's failure to maintain its exemption from registration under the 1940 Act. In addition, the Series may experience a decline in its income from REIT securities due to falling interest rates or decreasing dividend payments.

**Restricted securities risk** <br>

Restricted securities are subject to legal or contractual restrictions on resale, and there can be no assurance of a ready market for resale. These securities include private placements or other unregistered securities, such as "Rule 144A securities", which are securities that may be sold only to qualified institutional buyers pursuant to the 1933 Act. Privately placed securities, Rule 144A securities and other restricted securities may have the effect of increasing the level of Series illiquidity to the extent a Series finds it difficult to sell these securities when the Manager believes it is desirable to do so, especially under adverse market or economic conditions or in the event of adverse changes in the financial condition of the issuer, and the prices realized could be less than those originally paid, or less than the fair market value. At times, the illiquidity of the market, as well as the lack of publicly available information regarding these securities also may make it difficult to determine the fair market value of such securities for purposes of computing the NAV of a Series.

**Science and technology industry risk** <br>

Investment risks associated with investing in science and technology securities, in addition to other risks, include a company's operating in rapidly changing fields, abrupt or erratic market movements, limited product lines, markets or financial resources, management that is dependent on a limited number of people, short product cycles, and aggressive pricing of products and services, as well as new market entrants and obsolescence of existing technology. In addition, these securities may be impacted by commodity and energy prices, which can be volatile, and may increase the volatility of these securities.

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How we manage the Series

**Securities lending risk** <br>

Securities lending involves a risk of loss because the borrower may fail to return the securities in a timely manner or at all. If a Series that lent its securities were unable to recover the securities loaned, it may sell the collateral and purchase a replacement security in the market. Lending securities entails a risk of loss to a Series if and to the extent that the market value of the loaned securities increases and the collateral is not increased accordingly. Cash received as collateral for loaned securities may be invested, and such investment is subject to market appreciation or depreciation, with the Series bearing any loss.

**Senior loan risk** <br>

Senior loan risk is the risk associated with investments in senior loans, such as covenant-light loans. Senior loans may be subject to less substantial lender protections, such as limited financial maintenance covenants or in some cases, no financial maintenance covenants (such as for covenant-light loans), and less restrictive borrower covenants, than would typically be included in a traditional loan agreement. Less substantial lender protections may impact recovery values and/or trading levels of senior loans in the future. In addition, the absence of financial maintenance covenants in a loan agreement generally means that a lender may not be able to declare a default if financial performance deteriorates. This may hinder a Series' ability to reprice credit risk associated with a particular borrower and reduce a Series' ability to restructure a problematic loan and mitigate potential loss. As a result, a Series' exposure to losses on investments in senior loans may be increased, especially during a downturn in the credit cycle or changes in market or economic conditions.

No active trading market may exist for certain senior loans, which may impair the ability of a Series to realize full value in the event of the need to sell its position in a senior loan and which may make it difficult to accurately value senior loans. In addition, senior loans may not be considered securities, and a Series may not be entitled to rely on the anti-fraud protections of the federal securities laws.

**Short sales risk** <br>

Short positions in securities may be more risky than long positions (purchases). If a Series has a short position in a security issued by an exchange traded fund or otherwise and the price of such security increases, the Series will lose money on its short position. Furthermore, during the time when a Series has a short position in such security, the Series must borrow that security in order to make delivery on the short sale, which raises the cost to the Series of entering into the transaction. A Series is therefore subject to the risk that a third party may fail to honor the terms of its contract with the Series related to the securities borrowing. Short sales also involve the risk of an unlimited increase in the market price of the security sold short, which would result in a theoretically unlimited loss. Moreover, although the trading price of a share of an exchange traded fund normally tracks the net asset value of such a share, in times of market stress, this value relationship will not necessarily prevail. Any deviation between the net asset value per share of such exchange traded fund and its trading price could create other risks for a Series if it held a short position in the securities of such an exchange traded fund. Such other risks include the possibility of a larger loss on the short position than would otherwise be the case, the reduced likelihood that the intended benefit of the short position will achieve its objective(s), and the increased likelihood of a demand to replace the borrowed security at a time when obtaining such replacement security may be difficult or impossible at a reasonable price.

Short sale strategies are often categorized as a form of leveraging and are therefore subject to leveraging risk.

**Small- and mid-market capitalization company risk** <br>

Securities of small-capitalization companies are subject to greater price volatility, lower trading volume and less liquidity due to, among other things, such companies' small size, limited product lines, limited access to financing sources and limited management depth. In addition, the frequency and volume of trading of such securities may be less than is typical of larger companies, making them subject to wider price fluctuations, and such securities may be affected to a greater extent than other types of securities by the underperformance of a sector or during market downturns. In some cases, there could be difficulties in selling securities of small-capitalization companies at the desired time.

Securities of mid-capitalization companies may be more vulnerable to adverse developments than those of larger companies due to such companies' limited product lines, limited markets and financial resources and dependence upon a relatively small management group. Securities of mid-capitalization companies may be more volatile and less liquid than the securities of larger companies and may be affected to a greater extent than other types of securities by the underperformance of a sector or during market downturns.

**Small-market capitalization company risk** <br>

Securities of small-capitalization companies are subject to greater price volatility, lower trading volume and less liquidity due to, among other things, such companies' small size, limited product lines, limited access to financing sources and limited management depth. In addition, the frequency and volume of trading of such securities may be less than is typical of larger companies, making them subject to wider price fluctuations, and such securities may be affected to a greater extent than other types of securities by the underperformance of a sector or during market downturns. In some cases, there could be difficulties in selling securities of small-capitalization companies at the desired time.

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**Subsidiary risk** <br>

By investing in the Subsidiary, the Series is indirectly exposed to the risks associated with the Subsidiary's investment(s). The related investment risks are described elsewhere in this Prospectus. There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the 1940 Act and does not benefit from all the investor protections that apply to 1940 - Act registered funds. Changes in applicable tax laws could result in the inability of the Series and/or the Subsidiary to operate as described in this prospectus and the Series' SAI, and could adversely affect the Series and its shareholders.

**US government securities risk** <br>

Certain US government securities such as Treasury securities and securities issued by Ginnie Mae, are backed by the full faith and credit of the US government. Other securities that are issued or guaranteed by federal agencies or authorities or by US government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the US government. For example, securities issued by Fannie Mae, Freddie Mac and the FHLB are not backed by the "faith and credit" of the US government and, instead, may be supported only by the right of the issuer to borrow from the Treasury or by the credit of the issuer. As a result, such securities are subject to greater credit risk than securities backed by the full faith and credit of the US government.

A Series may invest in separately traded principal and interest components of securities issued or guaranteed by the Treasury under the STRIPS program. Under the STRIPS program, the principal and interest components are separately issued by the Treasury at the request of depository financial institutions, which then trade the component parts independently. The market prices of STRIPS generally are more volatile than those of Treasury bills with comparable maturities.

**Valuation risk** <br>

A less liquid secondary market can make it more difficult to obtain precise valuations of certain securities. During periods of reduced liquidity, judgment plays a greater role in valuing less liquid investments. As a result, a Series may incorrectly or inaccurately value certain positions, which could impact the NAV and performance of the Series.

**Value stock risk** <br>

Value stocks are stocks of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor and, in the opinion of the Manager, undervalued. The value of a security believed by the Manager to be undervalued may never reach what is believed to be its full value, such security's value may decrease or such security may be appropriately priced.

**Zero coupon and payment in kind (PIK) bonds risk** <br>

Zero coupon and PIK bonds involve certain risks. They are generally considered more interest sensitive than income-bearing bonds, more speculative than interest-bearing bonds, and have certain tax consequences that could, under certain circumstances, be adverse to a Series. For example, a Series accrues, and is required to distribute to shareholders, income on its zero coupon bonds. However, a Series may not receive the cash associated with this income until the bonds are sold or mature. If a Series does not have sufficient cash to make the required distribution of accrued income, the Series could be required to sell other securities in its portfolio or to borrow to generate the cash required.

**Disclosure of portfolio holdings information**

A description of the Series' policies and procedures with respect to the disclosure of their portfolio securities is available in the SAI.

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Who manages the Series

**Investment manager**

The Manager, located at 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354, is the Series' investment manager. The Manager is a series of Nomura Investment Management Business Trust (NIMBT), which is a Delaware statutory trust and Securities and Exchange Commission (SEC) registered investment adviser. Nomura Asset Management is part of the Investment Management Division of the Nomura Group, providing integrated public and private market asset management services across equities, fixed income, private credit and multi-asset solutions to intermediary and institutional clients. Nomura Asset Management primarily operates through several distinct investment managers, which includes NIMBT and its Delaware Management Company series. The Manager makes investment decisions for the Series, manages the Series' business affairs, and provides daily administrative services. For its services to the Series, the Manager was paid an aggregate fee, net of fee waivers (if applicable), during the last fiscal year as follows:

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| | |
|:---|:---|
|  | As a percentage of<br>average daily net<br>assets |
| **Nomura VIP Asset Strategy Series**..................................................................  | 0.51% |
| **Nomura VIP Balanced Series**......................................................................  | 0.65% |
| **Nomura VIP Core Equity Series**....................................................................  | 0.65% |
| **Nomura VIP Corporate Bond Series**................................................................  | 0.46% |
| **Nomura VIP Emerging Markets Series**...............................................................  | 1.10% |
| **Nomura VIP Energy Series**.......................................................................  | 0.68% |
| **Nomura VIP Fund for Income Series**................................................................  | 0.51% |
| **Nomura VIP Global Growth Series**..................................................................  | 0.65% |
| **Nomura VIP Growth and Income Series**..............................................................  | 0.63% |
| **Nomura VIP Growth Equity Series**..................................................................  | 0.65% |
| **Nomura VIP Growth Series**.......................................................................  | 0.70% |
| **Nomura VIP High Income Series**...................................................................  | 0.62% |
| **Nomura VIP International Core Equity Series**.........................................................  | 0.79% |
| **Nomura VIP Investment Grade Series**...............................................................  | 0.15% |
| **Nomura VIP Limited Duration Bond Series**...........................................................  | 0.00% |
| **Nomura VIP Limited-Term Bond Series**..............................................................  | 0.42% |
| **Nomura VIP Mid Cap Growth Series**................................................................  | 0.78% |
| **Nomura VIP Natural Resources Series**..............................................................  | 0.81% |
| **Nomura VIP Opportunity Series**....................................................................  | 0.64% |
| **Nomura VIP Science and Technology Series**..........................................................  | 0.85% |
| **Nomura VIP Small Cap Growth Series**...............................................................  | 0.79% |
| **Nomura VIP Small Cap Value Series**................................................................  | 0.69% |
| **Nomura VIP Smid Cap Core Series**.................................................................  | 0.84% |
| **Nomura VIP Total Return Series**...................................................................  | 0.37% |
| **Nomura VIP Value Series**.........................................................................  | 0.64% |
| **Nomura VIP Pathfinder Aggressive Series**............................................................  | —% |
| **Nomura VIP Pathfinder Moderately Aggressive Series**..................................................  | —% |
| **Nomura VIP Pathfinder Moderate Series**.............................................................  | —% |
| **Nomura VIP Pathfinder Moderately Conservative Series**.................................................  | —% |
| **Nomura VIP Pathfinder Conservative Series**..........................................................  | —% |
| **Nomura VIP Pathfinder Moderate — Managed Volatility Series**............................................  | 0.19% |
| **Nomura VIP Pathfinder Moderately Aggressive — Managed Volatility Series**..................................  | 0.08% |
| **Nomura VIP Pathfinder Moderately Conservative — Managed Volatility Series**................................  | 0.00% |

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A discussion of the basis for the Board's approval of the Series' investment advisory agreement is available on the Series' website and is filed with the SEC on the Series' Forms N-CSR for the fiscal year ended December 31, 2025.

Each Subsidiary has entered into a separate investment advisory agreement with an affiliate of the Manager for the management of the Subsidiary's portfolio. Each Subsidiary does not pay a separate management fee to the affiliate of the Manager for these services. The services that the affiliate of the Manager provides to each Subsidiary are similar to those that the Manager provides to the Subsidiary's respective Series.

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Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

**Sub-advisors**

*Securian Asset Management, Inc.*

Securian Asset Management, Inc. (Securian AM), an investment adviser located at 400 Robert Street North, St. Paul, Minnesota 55101, provides investment advice to, and generally conducts the investment management program as it relates to the portion of, a Managed Volatility Series allocated to the volatility management strategy as described in the Principal Investment Strategies section for each of Nomura VIP Pathfinder Moderate—Managed Volatility Series, Nomura VIP Pathfinder Moderately Aggressive—Managed Volatility Series and Nomura VIP Pathfinder Moderately Conservative—Managed Volatility Series pursuant to an agreement with the Manager. Since its inception in 1985, Securian AM and its predecessor have provided investment advisory services for mutual funds and have managed investment portfolios for various private accounts, including its affiliate, Minnesota Life Insurance Company (Minnesota Life). Both Securian AM and Minnesota Life are wholly-owned subsidiaries of Securian Financial Group, Inc., which is a second-tier subsidiary of Minnesota Mutual Companies, Inc., a mutual insurance holding company. Personnel of Securian AM also manage Minnesota Life's investment portfolios. Securian AM had approximately $40.6 billion in assets under management as of December 31, 2025.

*Macquarie Investment Management Global Limited*

Macquarie Investment Management Global Limited (MIMGL), located at 1 Elizabeth Street, Sydney NSW 2000, Australia, serves as sub-advisor for Nomura VIP Growth and Income Series. The Board has also approved MIMGL to serve as sub-adviser for certain other Series. MIMGL is a part of Macquarie Asset Management (MAM). MAM is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit and equities.

*Nomura Corporate Research and Asset Management Inc.*

Nomura Corporate Research and Asset Management Inc. (NCRAM), located at 309 West 49th Street, New York, NY, 10019, serves as the sub-advisor for Nomura VIP High Income Series and Nomura VIP Fund for Income Series.

*Van Eck Associates Corp.*

Van Eck Associates Corp. (VanEck) serves as a sub-advisor for Nomura VIP Energy Series and Nomura VIP Natural Resources Series. As of December 31, 2025, VanEck managed approximately $181.37 billion in assets. VanEck has been an investment adviser since 1955 and also acts as adviser or sub-adviser to mutual funds, other ETFs, other pooled investment vehicles and separate accounts. VanEck's principal business address is 666 Third Avenue, 9th Floor, New York, New York 10017.

A discussion of the basis for the Board's approval of the Series' sub-advisory contracts is available on the Series' website and is filed with the SEC on the Series' Forms N-CSR for the fiscal period ended December 31, 2025.

**Portfolio managers**

Below are the portfolio managers primarily responsible for the day-to-day management of each Series. A discussion of each portfolio manager's relevant experience is subsequently provided in alphabetical order.

**Nomura** **VIP Asset Strategy Series**

Stefan Löwenthal, Jürgen Wurzer and Aaron Young have primary responsibility for making the day-to-day investment decisions for the Series and determining its asset allocation.

**Nomura** **VIP Balanced Series**

Stefan Löwenthal, Jürgen Wurzer and Aaron Young have primary responsibility for making the day-to-day investment decisions for the Series and determining its asset allocation.

**Nomura** **VIP Core Equity Series**

Erik Becker is primarily responsible for the day-to-day portfolio management of the Series.

**Nomura** **VIP Corporate Bond Series**

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Who manages the Series

Michael Wildstein and Kashif Ishaq are primarily responsible for the day-to-day portfolio management of the Series. When making decisions for the Series, Messrs. Wildstein and Ishaq regularly consult with other investment professionals.

**Nomura** **VIP Emerging Markets Series**

Liu-Er Chen has primary responsibility for making day-to-day investment decisions for the Series.

**Nomura** **VIP Energy Series**

Sam Halpert and Geoffrey King are primarily responsible for the day-to-day portfolio management of the Series.

**Nomura** **VIP Fund for Income Series**

David Crall, Stephen Kotsen, Amy Yu Chang, Christopher Parham and John McCarthy are primarily responsible for the day-to-day portfolio management of the Series.

**Nomura** **VIP Global Growth Series**

Aditya Kapoor, Charles John and Charles (Trey) Schorgl are primarily responsible for the day-to-day portfolio management of the Series.

**Nomura** **VIP Growth and Income Series**

Benjamin Leung and Samir Vanza have primary responsibility for making day-to-day investment decisions for the Series.

**Nomura** **VIP Growth Equity Series**

Bradley Klapmeyer and Bradley Angermeier have day-to-day responsibility for making investment decisions for the Series.

**Nomura** **VIP Growth Series**

Bradley Klapmeyer and Bradley Angermeier are primarily responsible for the day-to-day portfolio management of the Series.

**Nomura** **VIP High Income Series**

David Crall, Stephen Kotsen, Amy Yu Chang, Christopher Parham and John McCarthy are primarily responsible for the day-to-day portfolio management of the Series.

**Nomura** **VIP International Core Equity Series**

Aditya Kapoor, Charles John and Charles (Trey) Schorgl are primarily responsible for the day-to-day portfolio management of the Series.

**Nomura** **VIP Investment Grade Series**

Michael Wildstein and Kashif Ishaq are the lead portfolio managers primarily responsible for the overall day-to-day management of the Series. When making decisions for the Series, Messrs. Wildstein and Ishaq regularly consult with other investment professionals.

**Nomura** **VIP Limited Duration Bond Series**

Janaki Rao, Kashif Ishaq and Mansur Rasul have primary responsibility for making day-to-day investment decisions for the Series.

**Nomura** **VIP Limited-Term Bond Series**

Janaki Rao, Kashif Ishaq and Mansur Rasul have primary responsibility for making day-to-day investment decisions for the Series.

**Nomura** **VIP Mid Cap Growth Series**

Kimberly Scott and Bradley Halverson are primarily responsible for the day-to-day portfolio management of the Series.

**Nomura** **VIP Natural Resources Series**

Sam Halpert and Geoffrey King are primarily responsible for the day-to-day portfolio management of the Series.

**Nomura** **VIP Opportunity Series**

David Reidinger, Christopher Adams, Michael Morris, Donald Padilla (until his retirement from the Manager on or about July 1, 2026), Christina Van Het Hoen, Chad Bolen, and William Mitchell III have primary responsibility for making day-to-day investment decisions for the Series.

**Nomura** **VIP Science and Technology Series**

Bradley Warden and Gus Zinn are primarily responsible for the day-to-day portfolio management of the Series.

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**Nomura** **VIP Small Cap Growth Series**

Timothy Miller (until his retirement from the Manager on or about June 30, 2026), Nathan Brown, Kenneth McQuade and Joshua Brown are primarily responsible for the day-to-day portfolio management of the Series.

**Nomura** **VIP Small Cap Value Series**

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

**Nomura** **VIP Smid Cap Core Series**

David Reidinger, Christopher Adams, Michael Morris, Donald Padilla (until his retirement from the Manager on or about July 1, 2026), Christina Van Het Hoen, Chad Bolen, and William Mitchell III have primary responsibility for making day-to-day investment decisions for the Series.

**Nomura** **VIP Total Return Series**

Stefan Löwenthal, Jürgen Wurzer and Aaron Young have primary responsibility for making the day-to-day investment decisions for the Series and determining its asset allocation.

**Nomura** **VIP Value Series**

Nikhil Lalvani, Erin Ksenak and Vincent Celentano are primarily responsible for the day-to-day portfolio management of the Series.

**Nomura** **VIP Pathfinder Aggressive Series,** **Nomura** **VIP Pathfinder Moderately Aggressive Series,** **Nomura** **VIP Pathfinder Moderate Series,** **Nomura** **VIP Pathfinder Moderately Conservative Series,** **Nomura** **VIP Pathfinder Conservative Series,** **Nomura** **VIP Pathfinder Moderate —** **Managed Volatility Series,** **Nomura** **VIP Pathfinder Moderately Aggressive — Managed Volatility Series, and** **Nomura** **VIP Pathfinder** **Moderately Conservative — Managed Volatility Series**

Stefan Löwenthal, Jürgen Wurzer and Aaron Young have primary responsibility for making the day-to-day investment decisions for the Series and determining its asset allocation.

**Christopher Adams** **, CFA**

*Managing Director, Senior Portfolio Manager – US Core Equity*

Chris is a Senior Portfolio Manager for the US Core Equity Team at Nomura Asset Management International, where he performs analysis and research to support the portfolios managed by the investment team. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Previously, Chris held the same role at Macquarie Asset Management and, before that, at Delaware Investments (which was acquired by Macquarie in 2010) starting in 2004. He joined Delaware Investments as Assistant Vice President of Strategic Planning in 1995. Prior to that, Chris had approximately 10 years of experience in the financial services industry in the US and UK, including positions with Coopers & Lybrand, The Sumitomo Bank, Bank of America, and Lloyds Bank. Chris earned Bachelor of Arts and Master of Arts degrees in history and economics from the University of Oxford and earned a Master of Business Administration with dual concentrations in finance and insurance/risk management from The Wharton School of the University of Pennsylvania. Chris holds the Chartered Financial Analyst<sup>®</sup> designation, and he is a member of the CFA Institute and the CFA Society of Philadelphia. He is a past President of the CFA Society of Philadelphia.

**Bradley Angermeier** **, CFA**

*Managing Director, Senior Portfolio Manager*

Brad is a Senior Portfolio Manager for the US Large Cap Growth Equity Team at Nomura Asset Management International, where he is responsible for making day-to-day investment decisions for the team's strategy. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Previously, Brad held the same role at Macquarie Asset Management and, before that, at Ivy Investments (which was acquired by Macquarie in 2021). He joined Ivy Investments as an Equity Investment Analyst in 2017 and assumed portfolio management responsibilities in 2021. Prior to that, he was an Equity Research Analyst at Kornitzer Capital Management and an Analyst and Co-Portfolio Manager at Columbia Threadneedle Investments. Brad earned a Bachelor of Science with a double major in finance and accounting from Indiana University, Kelley School of Business. He earned a Master of Business Administration from the University of Wisconsin, Wisconsin School of Business. He holds the Chartered Financial Analyst® designation.

**Erik Becker** **, CFA**

*Managing Director, Senior Portfolio Manager*

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Who manages the Series

Erik is a Senior Portfolio Manager for the US Large Cap Core Equity Team at Nomura Asset Management International, where he is responsible for making day-to-day investment decisions for the team's strategy. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Previously, Erik held the same role at Macquarie Asset Management, and before that he had been a Portfolio Manager at Ivy Investments (which was acquired by Macquarie in 2021) since 2006. He joined Ivy Investments in 1999 as an Investment Analyst and was appointed Assistant Portfolio Manager in 2003. Erik earned a Bachelor of Science in finance, investments, and banking and a Master of Science in finance from the University of Wisconsin-Madison. Erik holds the Chartered Financial Analyst® designation.

**Chad Bolen, CFA**

*Executive Director, Portfolio Manager - US Core Equity*

Chad is a Portfolio Manager for the US Core Equity Team at Nomura Asset Management International, a role he assumed in March 2026. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Chad performs analysis and research to support the portfolios managed by the investment team, which he joined in July 2025. Prior to Macquarie, he was an Assistant Portfolio Manager and Senior Research Analyst at Penn Capital Management from August 2013 to July 2025, where he covered small- to mid-cap companies in the consumer sectors. Prior to that, Chad worked at Raymond James Financial from 2004 to 2013, first as an Equity Research Liaison and then as a Senior Equity Research Associate. Chad started his career as a Financial Advisor with Morgan Stanley. Chad received a Bachelor of Arts in organizational behavior and management from Brown University. He holds the Chartered Financial Analyst<sup>®</sup> designation, and he is a member of the CFA Institute and the CFA Society of Philadelphia.

**Joshua Brown**

*Managing Director , Portfolio Manager, Senior Equity Analyst*

Josh is a Portfolio Manager for the US Small Cap Growth Equity Team at Nomura Asset Management International, a role he first assumed in January 2024 with Macquarie Asset Management. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. He is responsible for making day-to-day investment decisions for the team's strategy. The team manages all small-cap growth products for the firm. He is also a smid-cap generalist analyst, covering sectors and companies with market caps below $10 billion. He has more than 15 years of industry experience covering equities. Previously, he was a Senior Equity Analyst at Ivy Investments (which was acquired by Macquarie in 2021), covering transportation, automotive technology, insurance, metals & mining, chemicals, and leisure products. Josh joined Ivy Investments as an Equity Analyst. He started his analyst career as an investment intern for Ivy Investments, covering oil and gas master limited partnerships. Prior to that, he spent five years as a Financial Advisor for Citigroup Smith Barney. Josh earned a Bachelor of Science in finance from the University of Kansas and a Master of Business Administration with a concentration in investment management from the University of Texas at Austin.

**Nathan Brown, CFA**

*Managing Director, Senior Portfolio Manager*

Nathan is a Senior Portfolio Manager for the US Small Cap Growth Equity Team at Nomura Asset Management International, a role he assumed in April 2026. In this role, he is responsible for making day-to-day investment decisions for the team's strategy. He will also be Team Lead as of July 2026. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Through June 2026, Nathan is also the Director of Research supporting the investment teams in Kansas City, a role he first assumed in 2024 with Macquarie Asset Management, responsible for managing the equity analysts; delivering a cohesive, relevant research agenda; marketing the boutique to clients; and cultivating the Nomura culture throughout the office. Additionally, Nathan heads Nomura's Kansas City office. Previously, Nathan was a Senior Portfolio Manager for the US Mid Cap Equities Team at Macquarie Asset Management. He joined Ivy Investments (which was acquired by Macquarie in 2021) as an Investment Analyst in 2003 and was appointed Assistant Portfolio Manager in 2011 and Portfolio Manager in 2014. Nathan earned a Bachelor of Business Administration in finance (Honors) from the University of Iowa and a Master of Business Administration with an emphasis in finance and accounting from Vanderbilt University. Nathan holds the Chartered Financial Analyst<sup>®</sup> designation.

**Kelley Carabasi** **, CFA**

*Managing Director, Co-Head of US Small-Mid Cap Value Equity*

Kelley is Co-Head of the US Small-Mid Cap Value Equity Team at Nomura Asset Management International, a role she first assumed in January 2022 with Macquarie Asset Management. She joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Previously, Kelley assumed portfolio management responsibilities at Macquarie Asset Management in July 2012. Before that, she was an Equity Analyst with Delaware Investments (which was acquired by Macquarie in 2010) since July 2005. Prior to Delaware Investments, Kelley participated in Lincoln Financial Group's rotational Professional Development Program, where she

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began her investment career in 2002. Kelley earned a Bachelor of Science in finance from Georgetown University and a Master of Business Administration from The Wharton School of the University of Pennsylvania. Kelley holds the Chartered Financial Analyst<sup>®</sup> designation, and she is a member of the CFA Institute and the CFA Society of Philadelphia.

**Vincent Celentano, CFA**

*Executive Director, Portfolio Manager - US Large Cap Value Equity*

Vincent is a Portfolio Manager for the US Large Cap Value Equity Team at Nomura Asset Management International, a role he originally assumed in February 2025 with Macquarie Asset Management. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Previously at Macquarie Asset Management, he had been an Associate Portfolio Manager for the US Large Cap Value Equity Team beginning in December 2020 and an Equity Analyst before that. He worked at Raymond James from December 2013 to September 2018 as a Senior Equity Research Associate, covering technology, media, and telecommunications companies, leaving the firm as Lead Research Associate. Before that, he worked at SMB Capital as an Equity Trader. Vincent earned a Bachelor of Business Administration in finance and accounting, with distinction, from Emory University. He holds the Chartered Financial Analyst<sup>®</sup> designation and is a member of the CFA Institute.

**Amy Yu Chang**

*Managing Director, Portfolio Manager*

Amy Yu Chang, CFA, is a Managing Director and Portfolio Manager with NCRAM. She manages NCRAM's higher credit quality accounts, including the BB-B High Yield Strategy, and also assists in managing accounts in the full spectrum High Yield Total Return Strategy. She has been a high yield bond Portfolio Manager since 2007. Prior to that, she was an Assistant Portfolio Manager of various long-only high yield accounts at NCRAM since 2004, and an analyst in the high yield group at NCRAM for various industries including Retail, Apparel, Food, Restaurants, Technology, and Business Services since 1999. Ms. Yu Chang received her B.S. in Biology from Yale University in 1999. She is a CFA<sup>®</sup> charterholder, a member of the CFA Institute, and a member of the New York Society of Security Analysts.

**Liu-Er Chen** **, CFA**

*Managing Director, Head of Emerging Markets Equity*

Liu-Er is Head of Emerging Markets Equity at Nomura Asset Management International, responsible for managing the firm's emerging markets equity portfolios. He also manages the healthcare equity strategy. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Previously, Liu-Er held the same role at Macquarie Asset Management and, before that, at Delaware Investments (which was acquired by Macquarie in 2010) starting in 2006. Prior to Delaware Investments, Liu-Er worked at Evergreen Investment Management Company for nearly 11 years, where he was the sole manager of the Evergreen Health Care and Emerging Markets funds. Prior to his career in asset management, Liu-Er worked in sales, marketing, and business development for major American and European pharmaceutical and medical device companies. Liu-Er earned a Master of Business Administration from Columbia Business School and holds the Chartered Financial Analyst® designation.

**David Crall**

*President, Chief Executive Officer, Chief Investment Officer, and Managing Director*

David Crall, CFA, is the President, Chief Executive Officer (CEO), Chief Investment Officer (CIO), and a Managing Director with NCRAM. He is also a member of NCRAM's Board of Directors. Mr. Crall became President and CEO of NCRAM in June 2019, and in this capacity he is responsible for the firm's overall management and business strategy. In addition, as CIO since January 2010, he leads the investment activities and investment team of NCRAM. He is the Chair of NCRAM's Management Oversight, Investment, New Product, Risk Monitoring, and ESG Committees. Previously, he was a portfolio manager and co-head of the high yield bond team at NCRAM, encompassing primarily high yield bonds but also public-side management of loans and distressed investments, since 2000. Prior to that, he was a portfolio manager of various high yield accounts at NCRAM since 1997, and an analyst in the high yield group at NCRAM for various industries since 1992. Mr. Crall received his B.A. in English from Yale University in 1992. He is a CFA<sup>®</sup> charterholder, a member of the CFA institute, and a member of the New York Society of Security Analysts.

**Michael Foley** **, CFA**

*Managing Director, Senior Portfolio Manager – US Small-Mid Cap Value Equity*

Mike is a Senior Portfolio Manager for the US Small-Mid Cap Value Equity Team at Nomura Asset Management International. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Previously, Mike held the same role at Macquarie Asset Management, where he assumed portfolio management responsibilities in July 2019; before that, he had been a Senior Equity Analyst since February 2015. Prior to Macquarie, Mike was an Associate at Patriot Financial Partners, a private equity firm, where he focused on the analysis of companies in the financial services sector. He started his career with Janney Montgomery Scott as

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an Investment Banking Analyst within the financial institutions group in 2009. Mike earned a Bachelor of Science in finance and accounting from The Wharton School of the University of Pennsylvania. He holds the Chartered Financial Analyst<sup>®</sup> designation, and he is a member of the CFA Institute and the CFA Society of Philadelphia.

**Sam Halpert**

*Portfolio Manager*

Mr. Halpert joined VanEck in October 2025 as Portfolio Manager for a broad suite of natural resource-focused portfolios. Prior to this, Mr. Halpert served as Head of Global Natural Resources Equity at Macquarie Asset Management, a role he assumed in July 2018. Prior to joining Macquarie, Mr. Halpert worked at VanEck as a senior member of the VanEck Global Resources Investment Team for 18 years, specializing in agriculture, coal, paper and forest products, refining, shipping, and steel investments. Earlier work experience included roles at Goldman Sachs and Refco. He earned a Bachelor of Arts in English and American literature from Harvard College.

**Bradley Halverson** **, CFA**

*Managing Director, Senior Portfolio Manager*

Brad is a Senior Portfolio Manager for the US Mid Cap Equities Team at Nomura Asset Management International, a role he first assumed in November 2021 with Macquarie Asset Management. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Brad is responsible for making day-to-day investment decisions for the team's strategy. Previously, Brad had been a Portfolio Manager at Ivy Investments (which was acquired by Macquarie in 2021) since 2016. He joined Ivy Investments in 2008 as an Investment Analyst. Brad earned a Bachelor of Science and a Master of Science in accounting from Brigham Young University and a Master of Business Administration with an emphasis in finance and corporate strategy from the University of Michigan. Brad holds the Chartered Financial Analyst® designation.

**Kashif Ishaq**

*Managing Director, Senior Portfolio Manager*

Kashif is a Senior Portfolio Manager for Fixed Income at Nomura Asset Management International, a role he assumed in September 2020 at Macquarie Asset Management. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Kashif manages corporate bond exposures within fixed income portfolios and oversees corporate credit traders. He began his career in 2003 as a fixed income Portfolio Analyst with Delaware Investments (which was acquired by Macquarie in 2010) on the Insurance Portfolio Management Team and was later promoted to Investment Grade Trader. Before that, Kashif had participated in Lincoln Financial Group's Rotational Professional Development Program. He earned a Bachelor of Science in corporate finance and accounting from Bentley College.

**Charles John** **, CFA**

*Managing Director, Senior Portfolio Manager*

Charles is a Senior Portfolio Manager for the Global Equity Team at Nomura Asset Management International, where he is responsible for making day-to-day investment decisions for the team's strategies. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Previously, Charles held the same role at Macquarie Asset Management since November 2021. Before that, he had been an Equity Investment Analyst at Ivy Investments (which was acquired by Macquarie in 2021) since 2017, and earlier was Co-Portfolio Manager of a global fund and Senior Investment Analyst with Scout Investments. Charles earned a Bachelor of Engineering in mechanical engineering from the Bangalore Institute of Technology (B.I.T.) India (Honors). He earned a Master of Business Administration with an emphasis in finance from the University of Missouri–Kansas City. He holds the Chartered Financial Analyst® designation.

**Aditya Kapoor** **, CFA**

*Managing Director, Senior Portfolio Manager*

Adi is a Senior Portfolio Manager for the Global Equity Team at Nomura Asset Management International, where he is responsible for making day-to-day investment decisions for the team's strategies. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Previously, Adi held the same role at Macquarie Asset Management and, before that, at Ivy Investments (which was acquired by Macquarie in 2021). He joined Ivy Investments in 2008 as an Equity Investment Analyst and was appointed Assistant Portfolio Manager in 2013 and Portfolio Manager in 2017. He earned a Bachelor of Technology in production and industrial engineering from the Indian Institute of Technology (IIT-Delhi) and received a Master of Business Administration from The Johnson School at Cornell University. He holds the Chartered Financial Analyst® designation.

**Geoffrey King** **, CFA**

*Portfolio Manager*

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Mr. King joined VanEck in October 2025 as Portfolio Manager for a broad suite of natural resource-focused portfolios. Prior to this, Mr. King served as Portfolio Manager on the Global Natural Resources Equity Team at Macquarie Asset Management, a role he assumed in July 2018. Prior to joining Macquarie, Mr. King worked at Abraxas Petroleum where he served as Vice President and Chief Financial Officer. Prior to that, Mr. King worked at VanEck and served as a member of the VanEck Global Resources Investment Team for over five years, focused on natural resource commodities and equities. Mr. King earned a Bachelor of Arts in both economics and history from Davidson College, and he holds the Chartered Financial Analyst designation.

**Bradley Klapmeyer** **, CFA**

*Managing Director, Senior Portfolio Manager*

Brad is a Senior Portfolio Manager and Team Lead for the US Large Cap Growth Equity Team at Nomura Asset Management International, where he is responsible for making day-to-day investment decisions for the team's strategy. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Previously, Brad held the same role at Macquarie Asset Management and, before that, at Ivy Investments (which was acquired by Macquarie in 2021). He joined Ivy Investments as an Investment Analyst in 2007 and was appointed Assistant Portfolio Manager in 2011 and Portfolio Manager in 2016. Brad earned a Bachelor of Science in finance and a minor in economics from Truman State University. He holds the Chartered Financial Analyst® designation.

**Steve Kotsen**

*Managing Director, Portfolio Manager*

Steve Kotsen, CFA, is a Managing Director and Portfolio Manager with NCRAM. He has been the lead portfolio manager for NCRAM's flagship High Yield Total Return Strategy since 2000, including numerous separate accounts, mutual funds, UCITS funds, and other commingled vehicles. He joined NCRAM in 1998 and initially worked as a high yield credit analyst covering various sectors. Previously, he was a portfolio manager at Lazard Frères Asset Management, managing fixed income portfolios exceeding $2bn, and prior to that role, he served as a credit analyst at Lazard. Mr. Kotsen received his M.B.A. in Finance from Columbia Business School in 1995, and his B.A. in International Relations from Princeton University in 1991. Mr. Kotsen is a CFA<sup>®</sup> charterholder, a member of the CFA Institute, and a member of the New York Society of Security Analysts.

**Erin Ksenak**

*Managing Director, Portfolio Manager – US Large Cap Value Equity*

Erin is a Portfolio Manager for the US Large Cap Value Equity Team at Nomura Asset Management International, a role she originally assumed in December 2020 with Macquarie Asset Management. She joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Previously, she was an Equity Analyst at Macquarie Asset Management. Before that, she worked at Affinity Investment Advisors as a Portfolio Manager for the domestic and international equity investment team and at Miller Investment Management as a Research Associate. Erin earned a Bachelor of Science in finance from Fordham University and graduated *summa cum laude*.

**Nikhil Lalvani** **, CFA**

*Managing Director, Head of US Large Cap Value Equity*

Nikhil is Head of US Large Cap Value Equity at Nomura Asset Management International, a position he first assumed with Macquarie Asset Management in October 2018. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. From 2006 to 2018, Nikhil was a Senior Portfolio Manager for the US Large Cap Value Equity Team at Macquarie Asset Management and, before that, at Delaware Investments (which was acquired by Macquarie in 2010). Earlier at Delaware Investments, Nikhil worked as a Fundamental and Quantitative Analyst on several investment strategies and as an Account Analyst in the SMA Operations Group. Prior to that, he was a Research Associate with Bloomberg. Nikhil earned a Bachelor of Science in finance from The Pennsylvania State University. He holds the Chartered Financial Analyst<sup>®</sup> designation and is a member of the CFA Institute and the CFA Society of Philadelphia.

**Benjamin Leung** 

*Senior Managing Director, Head of Systematic Investments, Portfolio Manager*

● Joined
 Macquarie in 2001

● Based
 in Sydney

Ben is the Head of the Macquarie Systematic Investments Team, a role he assumed in August 2024, after serving as Co-Head since August 2014. He is responsible for the day-to-day management of the global portfolios, oversight of the trading function, development of new strategies, and client engagement. Prior to November 2023, Ben was also the Head of Research, responsible for setting the research agenda to drive the ongoing evolution of investment techniques and technology. During his tenure with the firm, he has held roles in software development, quantitative research,

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and portfolio management for a range of Australian, Developed, and Emerging Markets Equity strategies. Ben serves on the FTSE Russell Asia Pacific Regional Equity Advisory Committee. He earned a Bachelor of Engineering (Honours) in software engineering (First Class) and a Master of Commerce in Finance from the University of New South Wales. He holds the Chartered Financial Analyst® designation and he is a member of the CFA Institute.

**Stefan Löwenthal** **, CFA**

*Managing Director, Chief Investment Officer of Global Multi-Asset*

Stefan is Chief Investment Officer of Global Multi-Asset for Nomura Asset Management International. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Stefan leads the team responsible for asset allocation and portfolio construction; the management of multi-asset funds, model portfolios, and institutional accounts; and the development of new multi-asset investment strategies serving clients across the globe. He oversees all research, portfolio management, and thought leadership activities of the team, which, with its highly differentiated investment process, has engineered multi-asset solutions for more than 25 years. Previously, Stefan held the same role at Macquarie Asset Management, which he joined in February 2008 as a Portfolio Manager on the Global Multi-Asset Team. He was appointed Chief Investment Officer for the team in 2013. Stefan serves on the management board of Nomura Investment Management Austria KAG and chairs its Investment Policy Committee. He is a frequent speaker at industry events and universities. Stefan earned a Master of Management Science from the Vienna University of Economics and Business. He holds the Chartered Financial Analyst<sup>®</sup> designation and is a member of the CFA Society Austria.

**Kent Madden** **, CFA**

*Managing Director, Co-Head of US Small-Mid Cap Value Equity*

Kent is Co-Head of the US Small-Mid Cap Value Equity Team at Nomura Asset Management International, a role he first assumed in January 2022 with Macquarie Asset Management. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Previously, he assumed portfolio management responsibilities at Macquarie Asset Management in July 2012. Before that, he was a Senior Equity Analyst at Delaware Investments (which was acquired by Macquarie in 2010) since October 2010, and he started at Delaware Investments in December 2004 as an Equity Analyst. Prior to Delaware Investments, he was an Equity Analyst at Gartmore Global Investments, where he covered technology stocks. Kent worked at Federated Investors as an Equity Analyst, where he gained experience covering small-capitalization stocks, and he was a Corporate Finance Analyst at Lehman Brothers. Kent earned a Bachelor of Arts in economics from DePauw University and a Master of Business Administration from the University of Chicago. He holds the Chartered Financial Analyst<sup>®</sup> designation, and he is a member of the CFA Institute and the CFA Society of Philadelphia.

**John McCarthy, CFA**

*Managing Director, Senior Portfolio Manager*

John is a Senior Portfolio Manager for Leveraged Credit at Nomura Asset Management International, a role he assumed in July 2016 at Macquarie Asset Management. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. He manages high yield portfolios and serves as a Co-Portfolio Manager for bank loans, fixed rate multisector, and core plus strategies. Previously, he was Co-Head of Credit Research at Macquarie Asset Management. Before that, he held a number of roles with Delaware Investments (which was acquired by Macquarie in 2010), including Senior Research Analyst, Senior High Yield Analyst, High Yield Trader, and Municipal Bond Trader. John was also a Senior High Yield Analyst and Trader at Chartwell Investment Partners for five years. John earned a Bachelor of Science in business administration from Babson College. He holds the Chartered Financial Analyst® designation and is a member of the CFA Society of Philadelphia.

**Kenneth McQuade**

*Managing Director, Senior Portfolio Manager*

Ken is a Senior Portfolio Manager for the US Small Cap Growth Equity Team at Nomura Asset Management International, where he is responsible for making day-to-day investment decisions for the team's strategy. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Previously, Ken held the same role at Macquarie Asset Management and, before that, at Ivy Investments (which was acquired by Macquarie in 2021). Ken joined Ivy Investments as an Investment Analyst in 1997 and was appointed Assistant Portfolio Manager in 2003 and Portfolio Manager in 2006. Ken earned a Bachelor of Science in finance from Bradley University.

**Timothy Miller** **, CFA**

*Managing Director, Senior Portfolio Manager*

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Tim is a Senior Portfolio Manager and Team Lead for the US Small Cap Growth Equity Team at Nomura Asset Management International, where he is responsible for making day-to-day investment decisions for the team's strategy. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. The team manages all small-cap growth products for the firm. Previously, Tim held the same role at Macquarie Asset Management and, before that, at Ivy Investments (which was acquired by Macquarie in 2021) since 2008. Prior to that, he held various positions at Invesco including Portfolio Manager and Chief Investment Officer. He earned a Bachelor of Science/Bachelor of Arts in finance from St. Louis University and a Master of Business Administration from the University of Missouri-St. Louis. Tim holds the Chartered Financial Analyst® designation.

**William Mitchell III**

*Vice President, Portfolio Manager - US Core Equity*

Will is a Portfolio Manager for the US Core Equity Team at Nomura Asset Management International, a role he assumed in March 2026. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Will performs analysis and research to support the portfolios managed by the investment team, which he joined in July 2023. Prior to Macquarie, Will was an Analyst at Manning & Napier from June 2014 to January 2023, focusing on the research and analysis of companies in the finance, healthcare, technology, and transportation sectors. Prior to that, Will worked as a Research Associate at Citigroup, where he covered companies in the basic materials sector. Will received a Bachelor of Science in finance with a minor in economics from Niagara University.

**Michael Morris** **, CFA**

*Managing Director, Senior Portfolio Manager – US Core Equity*

Mike is a Senior Portfolio Manager for the US Core Equity Team at Nomura Asset Management International. He performs analysis and research to support the portfolios managed by the investment team. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Previously, Mike held the same role at Macquarie Asset Management and, before that, at Delaware Investments (which was acquired by Macquarie in 2010) starting in November 2004. Mike joined Delaware Investments in 1999 as a Senior Equity Analyst. Prior to that, he was a Senior Equity Analyst at Newbold's Asset Management, covering financial stocks. Mike began his investment career at Ohio Casualty in 1993. He earned a Bachelor of Science in finance from Indiana University and a Master of Business Administration from The Wharton School of the University of Pennsylvania. Mike is a former member of the Bank and Financial Analysts Association. He holds the Chartered Financial Analyst<sup>®</sup> designation and is a member of the CFA Institute and the CFA Society of Philadelphia.

**Donald Padilla** **, CFA**

*Managing Director, Senior Portfolio Manager – US Core Equity*

Don is a Senior Portfolio Manager for the US Core Equity Team at Nomura Asset Management International. Don performs analysis and research to support the portfolios managed by the investment team. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Previously, Don held the same role at Macquarie Asset Management and, before that, at Delaware Investments (which was acquired by Macquarie in 2010) starting in November 2004. Don joined Delaware Investments in 1994 as Assistant Controller in the firm's treasury function. In this role, he was responsible for managing corporate cash investments, developing financial models, and overseeing the financial operations of the Lincoln Life 401(k) annuities segment. Prior to that, Don held various positions at The Vanguard Group, where he began his investment career in 1987. Don earned a Bachelor of Science in accounting from Lehigh University. He holds the Chartered Financial Analyst<sup>®</sup> designation and is a member of the CFA Institute and the CFA Society of Philadelphia.

**Christopher Parham**

*Executive Director, Assistant Portfolio Manager*

Christopher Parham, CFA, is an Executive Director and Assistant Portfolio Manager with NCRAM. He became an Assistant Portfolio Manager of NCRAM's high yield strategies in January of 2018, and has formally served as Assistant Portfolio Manager for a subset of NCRAM's US high yield funds since June of 2025. Mr. Parham joined NCRAM in August 2007 as a Credit Analyst and currently covers the Banking & Financials industries, in addition to his assistant portfolio manager responsibilities. His previous coverage includes the Printing & Publishing and Broadcasting industries. Mr. Parham graduated cum laude from Harvard University with a B.A. in Government and a minor in Economics. He is a CFA<sup>®</sup> charterholder, a member of the CFA Institute, and a member of the New York Society of Security Analysts..

**Janaki Rao**

*Managing Director, Head of US Multisector*

Janaki is Head of the US Multisector Team at Nomura Asset Management International, a role he assumed in May 2024 at Macquarie Asset Management. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. He has overall responsibility for US multisector capabilities, including the portfolios, the team, and client and business management. Prior to Macquarie, Janaki was Director of US Multisector Fixed Income at AllianceBernstein from November 2019 to February 2023,

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Who manages the Series

responsible for managing multisector fixed income portfolios, including Treasury inflation-protected securities (TIPS) and agency mortgage-backed securities (MBS) portfolios. Before that, he was AllianceBernstein's Head of Agency MBS from March 2013 to November 2019, and prior to that spent seven years at Morgan Stanley as Vice President of Agency MBS Research. Janaki earned a Bachelor of Arts (Honors) in economics from the University of Delhi, a Master of Business Administration with an emphasis in marketing from Symbiosis Institute of Business Management, and a Master of Business Administration with an emphasis in finance from the Zicklin School of Business at Baruch College.

**Mansur Rasul**

*Executive Director, Head of Emerging Markets Debt*

Mansur is Head of Emerging Markets Debt at Nomura Asset Management International, a role he assumed in December 2025. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Previously, he was a Senior Portfolio Manager on the Emerging Markets Debt Team at Macquarie Asset Management since July 2016. Prior to his role managing emerging markets credit portfolios, he was responsible for emerging markets trading. Before joining Macquarie in 2012, he worked at ING Financial Markets, where he was responsible for emerging markets credit trading and structuring. Prior to that, he worked for Daiwa Capital Markets America as Director of the firm's fixed income syndicate, responsible for the placement of all fixed income products to US-based accounts. He also worked with Merrill Lynch as an associate responsible for Asian credit trading and worked at Delaware Investments as an Analyst. Mansur earned a Bachelor of Science in economics with a minor in political science from Northwestern University.

**David Reidinger**

*Managing Director, Head of US Core Equity*

Dave is Head of the US Core Equity Team at Nomura Asset Management International. He is responsible for management of the team's investment portfolios and he performs analysis and research. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Previously, Dave held the same role at Macquarie Asset Management starting in March 2025. Before that, he was a Senior Portfolio Manager for the team, a role he assumed in October 2016. Prior to joining Macquarie, Dave was a Senior Equity Analyst and Portfolio Manager at Chartwell Investment Partners, where he had worked on the firm's small- and mid-cap growth strategies since 2004. Prior to Chartwell, Dave was a Portfolio Manager at Morgan Stanley Investment Management and a Senior Equity Analyst at Tiger Management. He began his investment career in 1993 as an Equity Research Analyst at Goldman Sachs. Dave earned a Bachelor of Arts in mathematics and economics from Fordham University and a Master of Business Administration from Columbia Business School.

**Charles (Trey) Schorgl** **, CFA**

*Managing Director, Senior Portfolio Manager*

Trey is a Senior Portfolio Manager for the Global Equity Team at Nomura Asset Management International, where he is responsible for making day-to-day investment decisions for the team's strategies. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Previously, Trey held the same role at Macquarie Asset Management, assuming portfolio management responsibilities in July 2023. Before that, he was appointed Senior Equity Analyst in January 2022. He joined Ivy Investments (which was acquired by Macquarie in 2021) in 2014 as an Equity Analyst. His research responsibilities were concentrated in aerospace and defense, industrial conglomerates, and semiconductors and semiconductor capital equipment. Prior to Ivy Investments, he was an Equity Analyst with Balyasny Asset Management and an Equity Research Associate with Credit Suisse. He earned a Bachelor of Business Administration, cum laude, with a double major in finance and accounting from Texas Christian University. He holds the Chartered Financial Analyst® designation, and he is a member of the CFA Institute and the CFA Society of Kansas City.

**Kimberly Scott** **, CFA**

*Managing Director, Senior Portfolio Manager*

Kim is a Senior Portfolio Manager and Team Lead for the US Mid Cap Equities Team at Nomura Asset Management International, where she is responsible for making day-to-day investment decisions for the team's strategy. She joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Previously, Kim was a Portfolio Manager at Macquarie Asset Management and, before that, at Ivy Investments (which was acquired by Macquarie in 2021) since 2002. She joined Ivy Investments as an Investment Analyst in 1999. She earned a Bachelor of Science in microbiology from the University of Kansas and earned a Master of Business Administration from the University of Cincinnati. Kim holds the Chartered Financial Analyst® designation.

**Christina Van Het Hoen** **, CFA**

*Executive Director , Portfolio Manager – US Core Equity*

Christina is a Portfolio Manager for the US Core Equity Team at Nomura Asset Management International. In this role, she performs analysis and research to support the portfolios managed by the investment team. She joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Previously, Christina held the same role at Macquarie Asset

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Management starting in April 2024. She joined the investment team in July 2021 as a Senior Equity Analyst. Prior to Macquarie, Christina worked at Capital Group as part of Capital Fixed Income Investors for nearly six years and at Citigroup in the healthcare investment banking, global securitized products, and equity capital markets groups for four years. Christina earned a Bachelor of Science in engineering in operations research and financial engineering from Princeton University. She also holds the Chartered Financial Analyst<sup>®</sup> designation and is a member of the CFA Institute, CFA Society of Philadelphia, and CFA Society of New York.

**Samir Vanza**

*Managing Director , Head of Quantitative Research, Portfolio Manager*

● Joined
 Macquarie in 2014

● Based
 in Sydney

Samir is Head of Quantitative Research for the Macquarie Systematic Investments (MSI) Team, a role he assumed in November 2023. In this capacity, Samir is responsible for setting the research agenda of the MSI Team, as well as overseeing the development and maintenance of the systematic models for the MSI Team's global equity portfolios. Prior to November 2023, he was a Senior Quantitative Analyst on the MSI Team. Before joining Macquarie, Samir worked as an Investment Analyst within the Asset Management Team at Insurance Australia Group. In this role, he developed quantitative-based trading models and was involved in the monitoring and construction of investment portfolios. Samir completed his Bachelor of Business (Honours) at the University of Technology Sydney and completed a Post Graduate Diploma in Applied Statistics from Macquarie University. He holds the Chartered Financial Analyst® designation, and he is a member of the CFA Institute.

**Bradley Warden** **, CFA**

*Managing Director, Senior Portfolio Manager*

Brad is a Senior Portfolio Manager for the Science and Technology Team at Nomura Asset Management International, where he is responsible for making day-to-day investment decisions for the team's strategy. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Previously, Brad held the same role at Macquarie Asset Management and, before that, at Ivy Investments (which was acquired by Macquarie in 2021). He joined Ivy Investments in 2003 as an Investment Analyst covering multiple areas of technology and healthcare, and he became an Assistant Portfolio Manager in 2014 and a Portfolio Manager in 2016. He earned a Bachelor of Science in business administration from Trinity University and a Master of Business Administration in finance from the University of Texas at Austin. He holds the Chartered Financial Analyst® designation.

**Michael Wildstein** **, CFA**

*Managing Director, Head of US Credit and Insurance*

Michael is Head of US Credit and Insurance for Nomura Asset Management International, a role he assumed in July 2018 at Macquarie Asset Management. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. He is responsible for investment strategy and business development across the full suite of US Credit and Insurance strategies. Michael has managed corporate credit-related portfolios since July 2010. Previously, he was a Senior Corporate Bond Analyst at Delaware Investments (which was acquired by Macquarie in 2010), focused on the telecommunications sector for high-grade and high yield portfolios. Before that, Michael spent five years at Merrill Lynch Investment Managers in various roles that included Portfolio Manager for the Core Bond Team, Corporate Bond Research Analyst, and Corporate Bond Trader. Prior to this, Michael worked in finance, corporate strategy, and business development with several firms including RCN Corporation and AT&T Local Services. He earned a Master of Business Administration from Drexel University and a Bachelor of Science from the University of Tampa. He holds the Chartered Financial Analyst<sup>®</sup> designation.

**Jürgen Wurzer** **, CFA**

*Managing Director, Deputy Head of Global Multi-Asset*

Jürgen is Deputy Head of Global Multi-Asset for Nomura Asset Management International, a role he originally assumed in April 2018 with Macquarie Asset Management. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Jürgen is responsible for designing and managing multi-asset strategies, overseeing quantitative research and modelling, and analysing global equity markets. His team, led by Stefan Löwenthal, has engineered multi-asset solutions for more than 25 years. With its highly differentiated investment process, the team serves clients around the globe. Prior to being at Macquarie Asset Management in his current role, he worked for Erste Asset Management between 2016 and 2018. Before that, he had been focusing on multi-asset solutions at Macquarie since 2007. In addition to his role at Nomura, Jürgen serves as a lecturer for asset allocation, quantitative finance, and portfolio and risk management at several educational institutions. Jürgen earned a Master of Arts from the University of Applied Sciences Wiener Neustadt. He holds the Chartered Financial Analyst<sup>®</sup> designation, the CFA Institute Certificate in ESG Investing and is a member of the CFA Society Austria.

**Aaron Young**

*Managing Director, Senior Portfolio Manager - Global Multi-Asset*

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Who manages the Series

Aaron is a Senior Portfolio Manager for the Global Multi-Asset Team at Nomura Asset Management International. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. He focuses on asset allocation, portfolio construction, and risk analysis. The team, led by Stefan Löwenthal, has engineered multi-asset solutions for more than 25 years. With its highly differentiated investment process, the team serves clients around the globe. Aaron also contributes to the team's fundamental research process. Previously, Aaron held the same role at Macquarie Asset Management. Before that, beginning in 2005, he worked in a variety of roles at Ivy Investments (which was acquired by Macquarie in 2021), most recently as both a Multi-Asset Portfolio Manager and member of the Equity Risk and Quantitative Research Team. Aaron earned a Bachelor of Arts in philosophy with Honors from the University of Missouri and a Master of Business Administration with an emphasis in finance and strategy from the Olin School of Business at Washington University.

**Gus Zinn** **, CFA**

*Managing Director, Senior Portfolio Manager*

Gus is a Senior Portfolio Manager for the Science and Technology Team at Nomura Asset Management International, where he is responsible for making day-to-day investment decisions for the team's strategy. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Previously, Gus held the same role at Macquarie Asset Management. Before that he had worked as a Portfolio Manager for Ivy Investments (which was acquired by Macquarie in 2021) since 2006. Gus joined Ivy Investments in 1998 and had served as Assistant Portfolio Manager for funds managed by Ivy Investments since July 2003, in addition to his duties as a Research Analyst. Gus earned a Bachelor of Science and a Master of Science in finance from the University of Wisconsin-Madison. He holds the Chartered Financial Analyst® designation.

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.

**Manager of managers structure**

The Series and the Manager have received an exemptive order from the SEC to operate under a manager of managers structure that permits the Manager, with the approval of the Series' Board, to appoint and replace both affiliated and unaffiliated sub-advisors, and to enter into and make material amendments to the related sub-advisory contracts on behalf of the Series without shareholder approval (Manager of Managers Structure). Under the Manager of Managers Structure, the Manager has ultimate responsibility, subject to oversight by the Board, for overseeing the Series' sub-advisors and recommending to the Board their hiring, termination, or replacement.

The Manager of Managers Structure enables the Series to operate with greater efficiency and without incurring the expense and delays associated with obtaining shareholder approvals for matters relating to sub-advisors or sub-advisory agreements. The Manager of Managers Structure does not permit an increase in the overall management and advisory fees payable by the Series without shareholder approval. Shareholders will be notified of the hiring of any new sub-advisor within 90 days of the hiring.

The Series and the Manager also have an exemptive order from the SEC that allows the approval of a new sub-advisor to be taken at a Board of Trustees meeting held via any means of communication that allows the Trustees to hear each other simultaneously during the meeting.

**Who's who**

The following describes the various organizations involved in managing, administering, and servicing the Series.

**Board of trustees:** A mutual fund is governed by a board of trustees, which has oversight responsibility for the management of the series' business affairs. Trustees establish procedures and oversee and review the performance of the series' service providers.

**Investment manager and sub-advisor:** An investment manager is a company with overall responsibility for the management of a series' assets. A sub-advisor is a company generally responsible for the day-to-day management of the series' assets or some portion thereof. The sub-advisor is selected and supervised by the investment manager. The investment manager or the sub-advisor, as the case may be, is responsible for selecting portfolio investments consistent with the objective and policies stated in the series' prospectus. A written contract between a series and its investment manager specifies the services the investment manager performs and the fee the manager is entitled to receive.

**Portfolio managers:** Portfolio managers make investment decisions for a series.

**Distributor:** Delaware Distributors, L.P., 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354. Shares of the Series are only sold to separate accounts of insurance companies used in connection with variable annuity or variable life products.

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**Custodian/fund accountant:** The Bank of New York Mellon, 240 Greenwich Street, New York, NY 10286-0001. Mutual funds are legally required to protect their portfolio securities and most funds place them with a qualified bank custodian that segregates fund securities from other bank assets. The fund accountant provides services such as calculating a series' net asset value (NAV) and providing financial reporting for the series.

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Important information about the Series

**Share classes**

The Series may offer Standard Class shares and Service Class shares. The two classes of shares are identical, except that Service Class shares are subject to distribution and service fees, or "Rule 12b-1" fees. The applicable 12b-1 plans of the Series allows the Series to pay distribution and service fees to those who sell and distribute Service Class shares and provide services to shareholders and contract owners. Since the Rule 12b-1 fees are paid out of the Service Class's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

The table below describes the share classes currently offered by the Series and the 12b-1 fees charged on Service Class shares offered by the Series.

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| | | | |
|:---|:---|:---|:---|
| Series | Standard<br>Class | Service<br>Class | 12b-1 Fee on<br>Service Class<br>Shares |
| **Nomura VIP Asset Strategy Series**..............................................  | X | X | 0.25% |
| **Nomura VIP Balanced Series**..................................................  |  | X | 0.25% |
| **Nomura VIP Core Equity Series**................................................  |  | X | 0.25% |
| **Nomura VIP Corporate Bond Series**.............................................  |  | X | 0.25% |
| **Nomura VIP Emerging Markets Series**...........................................  | X | X | 0.30% |
| **Nomura VIP Energy Series**....................................................  | X | X | 0.25% |
| **Nomura VIP Fund for Income Series**.............................................  | X | X | 0.30% |
| **Nomura VIP Global Growth Series**..............................................  |  | X | 0.25% |
| **Nomura VIP Growth and Income Series**..........................................  | X |  |  |
| **Nomura VIP Growth Equity Series**..............................................  | X |  |  |
| **Nomura VIP Growth Series**....................................................  |  | X | 0.25% |
| **Nomura VIP High Income Series**................................................  | X | X | 0.25% |
| **Nomura VIP International Core Equity Series**......................................  | X | X | 0.25% |
| **Nomura VIP Investment Grade Series**............................................  | X | X | 0.30% |
| **Nomura VIP Limited Duration Bond Series**........................................  | X |  |  |
| **Nomura VIP Limited-Term Bond Series**...........................................  |  | X | 0.25% |
| **Nomura VIP Mid Cap Growth Series**.............................................  | X | X | 0.25% |
| **Nomura VIP Natural Resources Series**...........................................  |  | X | 0.25% |
| **Nomura VIP Opportunity Series**................................................  | X |  |  |
| **Nomura VIP Pathfinder Aggressive Series**........................................  |  | X |  |
| **Nomura VIP Pathfinder Conservative Series**.......................................  |  | X |  |
| **Nomura VIP Pathfinder Moderate — Managed Volatility Series**.........................  |  | X |  |
| **Nomura VIP Pathfinder Moderate Series**..........................................  |  | X |  |
| **Nomura VIP Pathfinder Moderately Aggressive — Managed Volatility Series**..............  |  | X |  |
| **Nomura VIP Pathfinder Moderately Aggressive Series**...............................  |  | X |  |
| **Nomura VIP Pathfinder Moderately Conservative — Managed Volatility Series**.............  |  | X |  |
| **Nomura VIP Pathfinder Moderately Conservative Series**.............................  |  | X |  |
| **Nomura VIP Science and Technology Series**......................................  | X | X | 0.25% |
| **Nomura VIP Small Cap Growth Series**...........................................  | X | X | 0.25% |
| **Nomura VIP Small Cap Value Series**.............................................  | X | X | 0.30% |
| **Nomura VIP Smid Cap Core Series**..............................................  |  | X | 0.25% |
| **Nomura VIP Total Return Series**................................................  | X | X | 0.30% |
| **Nomura VIP Value Series**.....................................................  |  | X | 0.25% |

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**Life insurance company compensation**

Your variable contract salesperson who sells your variable contract which invests in shares of the Series may be eligible to receive compensation for your investment in the Series. These amounts are paid by the Distributor to the life insurance companies with which your variable contract salesperson is associated.

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**Purchase and redemption of shares**

Shares are sold, directly or indirectly, to separate accounts of life insurance companies at NAV. Redemptions will be effected at the NAV next determined after receipt of the order to meet obligations under the variable contracts. Contract owners do not deal directly with the Series with respect to the acquisition or redemption of Series shares. The Series have reserved the right to pay for redemptions with portfolio securities under certain conditions. A subsequent sale of such securities could result in the payment of brokerage commissions and expose a contract owner and separate account to market risk until the securities are sold. See the SAI for more information on redemptions-in-kind.

**Payments to intermediaries**

The Distributor and/or its affiliates may pay additional compensation at their own expense and not as an expense of a Series to certain affiliated or unaffiliated participating insurance companies that sponsor your contract, brokers, dealers, or other financial intermediaries (Financial Intermediaries) in connection with the sale or retention of Series shares and/or insurance products that contain the Series and/or the servicing of current and prospective owners of variable contracts (distribution assistance). For example, the Distributor or its affiliates may pay additional compensation to participating insurance companies for providing information about Delaware VIP Trust or Ivy Variable Insurance Portfolios<sup>®</sup> (together with Delaware VIP Trust, the "Trusts") and each of their separate Series, the delivery of Trust documents and certain mailing and printing charges incurred by such insurance companies in connection with their services to variable contract owners. In addition, Financial Intermediaries may receive payments for various other purposes, including, but not limited to, promoting the sale of Series shares and the products that include Series shares; subaccounting, administrative, or contract owner processing services; and for marketing and educational support data. Your salesperson may receive some or all of such payment. Such payments are in addition to any distribution fees, subaccounting fees, and/or service fees that may be payable by the Series. The additional payments may be based on factors, including level of sales (based on gross or net sales or some specified minimum sales or some other similar criteria related to sales of the Series and/or some or all other Nomura Funds), amount of assets invested by the Financial Intermediary's customers (which could include current or aged assets of the Series and/or some or all other Nomura Funds), the Series' advisory fees, some other agreed-upon amount, or other measures as determined from time to time by the Distributor or its affiliates. The level of payments made to a qualifying Financial Intermediary in any given year may vary. To the extent permitted by SEC and Financial Industry Regulatory Authority rules and other applicable laws and regulations, the Distributor may pay, or allow its affiliates to pay, other promotional incentives or payments to Financial Intermediaries. The Distributor may also receive payments from the other service providers affiliated with the Series, including a sub-advisor, to offset certain fees the Distributor and its affiliates pay to Financial Intermediaries in order to make the Series available for purchase on the Financial Intermediaries' mutual fund network platform(s).

Sub-transfer agent/recordkeeping payments may be made to third parties (including affiliates of the Manager) that provide sub-transfer agent, recordkeeping and/or shareholder services with respect to certain shareholder accounts, or to the shareholder account directly to offset the costs of these services, in lieu of the transfer agent providing such services.

If a mutual fund sponsor, distributor, or other party makes greater payments for distribution assistance to your Financial Intermediary with respect to distribution of Series shares than sponsors or distributors of other mutual funds make to your Financial Intermediary, your Financial Intermediary and its salespersons may have a financial incentive to favor sales of shares of the series making the higher payments (or the associated variable contract) over other investment options, including other variable contracts, shares of other mutual funds, or other investment options available under a particular variable contract. In addition, depending on the arrangements in place at any particular time, a Financial Intermediary may also have a financial incentive for recommending a particular share class over other share classes. You should consult with your Financial Intermediary and review carefully any disclosure provided by such Financial Intermediary as to compensation it receives in connection with investment products it recommends or sells to you and other investment options available. A significant purpose of these payments is to increase sales of the Series' shares and the products that include Series shares. The Manager or its affiliates may benefit from the Distributor's or an affiliate's payment of compensation to Financial Intermediaries through increased fees resulting from additional assets acquired through the sale of Series shares through such Financial Intermediaries. In certain instances, the payments could be significant and may cause a conflict of interest for your Financial Intermediary. Any such payments will not change the NAV or the price of the Series' shares.

**Calculating share price**

The price you pay for shares will depend on when we receive your purchase order. If your order is received by an authorized agent or us before the close of regular trading on the NYSE (normally 4:00pm Eastern time), you will pay that day's closing Series share price, which is based on the Series' NAV. If the NYSE has an unscheduled early close, we will continue to accept your order until that day's scheduled close of the NYSE and you will pay that day's closing Series share price. If your order is received after the scheduled close of regular trading on the NYSE, you will pay the next Business Day's closing Series share price. A "Business Day" is any day that the NYSE is open for business. We reserve the right to reject any purchase order.

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Important information about the Series

We determine the NAV per share for each class of a Series at the close of regular trading on the NYSE on each Business Day (normally 4:00pm ET). A Series does not calculate its NAV on days the NYSE is closed for trading. If the NYSE has an unscheduled early close, a Series' closing share price would still be determined as of that day's regularly scheduled close of the NYSE. The NAV per share for each class of a Series is calculated by subtracting the liabilities of each class from its total assets and dividing the resulting number by the number of shares outstanding for that class. Foreign securities, currencies, and other assets denominated in foreign currencies are translated into US dollars at the exchange rate of these currencies against the US dollar, as provided by an independent pricing service. We generally price securities and other assets for which market quotations are readily available at their market value. The value of foreign securities may change on days when a shareholder will not be able to purchase or redeem Series shares because foreign markets are open at times and on days when US markets are not. We price fixed income securities on the basis of valuations provided to us by an independent pricing service that uses methods approved by the Board. Pricing services generally price fixed income securities assuming orderly transactions of an institutional "round lot" size. While a Series does not seek to purchase odd lots as a general rule, a Series may from time to time trade in smaller "odd lot" sizes. Odd lots typically trade at lower prices than institutional round lot trades. Over certain time periods, such differences could materially impact the performance of a series that holds odd lots. For all other securities, we use methods approved by the Board that are designed to price securities at their fair market values.

**Fair valuation**

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available when that quotation is a quoted price (unadjusted) in active markets for identical investments that a Series can access at the measurement date, provided that a quotation will not be considered readily available if it is not reliable.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Investment Company Act of 1940 (Rule 2a-5). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees has designated the Manager as the valuation designee (Valuation Designee) for each Series to perform the fair value determination relating to all applicable Series investments. The Manager has established a Pricing Committee to assist with its designated responsibilities as Valuation Designee, and the Manager may carry out its designated responsibilities as Valuation Designee through the Pricing Committee and other teams and committees, which operate under policies and procedures approved by the Board and subject to the Board's oversight. Subject to its oversight, the Valuation Designee may value Series securities for which market quotations are not readily available and other Series assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, Pricing Sources).

When the Valuation Designee uses fair value pricing, the Valuation Designee may take into account any factors it deems appropriate. For example, the Valuation Designee may determine fair value based upon developments related to a specific security, current valuations of foreign stock indices (as reflected in US futures markets), and/or US sector or broad stock market indices. In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security.

A Series may use fair value pricing relatively frequently for securities traded primarily in non-US markets. If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the close of the NYSE, the security may be valued at fair value. With respect to foreign (non-U.S.) equity securities, a Series may determine the fair value of investments based on information provided by Pricing Sources and other third-party vendors, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the close of the NYSE. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-U.S. securities.

Fair value prices of securities used by a Series to calculate its NAV may differ from quoted or published prices for the same securities. Fair value pricing may involve subjective judgments and it is possible that the fair value determined for a security could be materially different than the value that could be realized upon the sale of that security.

**Frequent trading of Series shares (market timing and disruptive trading)**

The Series discourage purchases by market timers and purchase orders (including the purchase side of exchange orders) by contract owners identified as market timers may be rejected. The Board has adopted policies and procedures designed to detect, deter, and prevent trading activity detrimental to the Series and their contract owners, such as market timing and disruptive trading. The Series will consider anyone who follows a pattern of market timing in any Nomura Fund or the Optimum Fund Trust to be a market timer and may consider anyone who has followed a similar pattern of market timing at an unaffiliated fund family to be a market timer.

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Market timing of a series occurs when investors make consecutive, rapid, short-term "round trips"—that is, purchases into a series followed quickly by redemptions out of that series. A short-term round trip is considered any redemption of series shares within 20 Business Days of a purchase of that series' shares. If you make a second such short-term round trip in a series within 90 rolling calendar days of a previous short-term round trip in that series, you may be considered a market timer. In determining whether market timing has occurred, the Series consider short-term round trips to include rapid purchases and sales of Series shares through the exchange privilege. The Series reserve the right to consider other trading patterns to be market timing.

Your ability to use the Series' exchange privilege may be limited if you are identified as a market timer. If you are identified as a market timer, the Series will execute the redemption side of your exchange order but may refuse the purchase side of your exchange order. The Series reserve the right to restrict or reject, without prior notice, any purchase order or exchange order for any reason, including any purchase order or exchange order accepted by any contract owner's financial intermediary or in any omnibus-type account. Transactions placed in violation of the Series' market timing policy are not necessarily deemed accepted by the Series and may be rejected by a Series on the next Business Day following receipt by a Series.

Redemptions will continue to be permitted in accordance with the Series' then-current prospectus. A redemption of shares under these circumstances could be costly to a contract owner if, for example, the shares have declined in value, or the sale results in adverse tax consequences. To avoid this risk, a contract owner should carefully monitor the purchases, sales, and exchanges of Series shares and avoid frequent trading in Series shares.

Each Series reserves the right to modify this policy at any time without notice, including modifications to a Series' monitoring procedures and the procedures to close accounts to new purchases. Although the implementation of this policy involves certain judgments that are inherently subjective and may be selectively applied, the Series seek to make judgments and applications that are consistent with the interests of each Series' contract owners. While the Series will take actions designed to detect and prevent market timing, there can be no assurance that such trading activity will be completely eliminated. Moreover, a Series' market timing policy does not require the Series to take action in response to frequent trading activity. If a Series elects not to take any action in response to frequent trading, such frequent trading activity could continue.

**Risks of market timing**

By realizing profits through short-term trading, contract owners who engage in rapid purchases and sales or exchanges of the Series' shares dilute the value of shares held by long-term contract owners. Volatility resulting from excessive purchases and sales or exchanges of Series shares, especially involving large dollar amounts, may disrupt efficient portfolio management. In particular, a Series may have difficulty implementing its long-term investment strategies if it is forced to maintain a higher level of its assets in cash to accommodate significant short-term trading activity. Excessive purchases and sales or exchanges of a Series' shares may also force a Series to sell portfolio securities at inopportune times to raise cash to accommodate short-term trading activity. This could adversely affect a Series' performance, if, for example, a Series incurs increased brokerage costs and realization of taxable capital gains without attaining any investment advantage.

Any series may be subject to disruptive trading activity. However, a series that invests significantly in foreign securities may be particularly susceptible to short-term trading strategies. This is because foreign securities are typically traded on markets that close well before the time a series calculates its NAV (normally 4:00pm ET or the close of the NYSE). Developments that occur between the closing of the foreign market and a series' NAV calculation may affect the value of these foreign securities. The time-zone differences among international stock markets can allow a contract owner engaging in a short-term trading strategy to exploit differences in series share prices that are based on closing prices of foreign securities established some time before a series calculates its own share price.

Any series that invests in securities that are thinly traded, traded infrequently, or relatively illiquid has the risk that the securities prices used to calculate the series' NAV may not accurately reflect current market values. A contract owner may seek to engage in short-term trading to take advantage of these pricing differences. Series that may be adversely affected by such arbitrage include, in particular, series that significantly invest in small-cap securities, technology, and other specific industry sector securities, and in certain fixed income securities, such as high yield bonds, asset-backed securities, or municipal bonds.

**Transaction monitoring procedures**

Each Series, through its transfer agent, maintains surveillance procedures designed to detect excessive or short-term trading in Series shares. This monitoring process involves several factors, which include scrutinizing transactions in Series shares for violations of the Series' market timing policy or other patterns of short-term or excessive trading. For purposes of these transaction monitoring procedures, the Series may consider trading activity by multiple accounts under common ownership, control, or influence to be trading by a single entity. Trading activity identified by these factors, or as a result of any other available information, will be evaluated to determine whether such activity might constitute market timing. These procedures may be modified from time to time to help improve the detection of excessive or short-term trading or to address other concerns. Such

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Important information about the Series

changes may be necessary or appropriate, for example, to deal with issues specific to certain retirement plans; plan exchange limits; US Department of Labor regulations; certain automated or pre-established exchange, asset-allocation, or dollar-cost-averaging programs; or omnibus account arrangements.

Omnibus account arrangements are common forms of holding shares of the Series, particularly among certain broker/dealers and other financial intermediaries, including sponsors of retirement plans and variable insurance products. The Series will attempt to have financial intermediaries apply the Series' monitoring procedures to these omnibus accounts and to the individual participants in such accounts. However, the Series' ability to detect frequent trading activities by investors that hold shares through financial intermediaries may be limited by the ability and/or willingness of such intermediaries to monitor for these activities. To the extent that a financial intermediary is not able or willing to monitor or enforce the Series' frequent trading policy with respect to an omnibus account, the Series' transfer agent may work with certain intermediaries (such as investment dealers holding shareholder accounts in street name, retirement plan recordkeepers, insurance company separate accounts, and bank trust companies) to apply their own procedures, provided that the Series' transfer agent believes the intermediary's procedures are reasonably designed to enforce the Series' frequent trading policies. You should refer to disclosures provided by the intermediaries with which you have an account to determine the specific trading restrictions that apply to you. If the Series' transfer agent identifies any activity that may constitute frequent trading, it reserves the right to contact the intermediary and request that the intermediary either provide information regarding an account owner's transactions or restrict the account owner's trading. There is no assurance that the information received by the Series from a financial intermediary will be sufficient to effectively detect or deter excessive trading in omnibus accounts. If the Series' transfer agent is not satisfied that the intermediary has taken appropriate action, the transfer agent may terminate the intermediary's ability to transact in Series shares, or restrict individual trading activity as applicable.

**Limitations on ability to detect and curtail market timing**

Contract owners seeking to engage in market timing may employ a variety of strategies to avoid detection and, despite the efforts of the Series and their agents to detect market timing in Series shares, there is no guarantee that the Series will be able to identify these contract owners or curtail their trading practices. In particular, the Series may not be able to detect market timing attributable to a particular investor who effects purchase, redemption, and/or exchange activity in Series shares through omnibus accounts. The difficulty of detecting market timing may be further compounded if these entities utilize multiple tiers or omnibus accounts.

**Dividends, distributions, and taxes**

*Dividends and distributions.* Each Series intends to qualify each year as a regulated investment company under the Internal Revenue Code. As a regulated investment company, the Series generally pays no federal income tax on the income and gains it distributes to the insurance company separate accounts. Each Series expects to declare and distribute all of its net investment income, if any, as dividends annually. The Series will distribute net realized capital gains, if any, annually following the close of their fiscal year. The Series may distribute such income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Series. The amount of any distribution will vary, and there is no guarantee the Series will pay either an income dividend or a capital gains distribution. At the election of the insurance companies issuing the variable contracts, dividends and distributions are automatically reinvested at NAV in additional shares of the Series.

*Tax considerations.* Shares of the Series must be purchased through separate accounts used to fund variable contracts. As a result, it is anticipated that any income dividends or capital gains distributed by the Series will be exempt from current taxation by shareholders if left to accumulate within a separate account. Withdrawals from such contracts may be subject to ordinary income tax and, if such withdrawal is made before age 59½, a 10% penalty tax. Investors should ask their own tax advisors for more information on their tax situation, including possible state or local taxes. For more information on taxes, please refer to the accompanying prospectus of the annuity or life insurance program through which shares of the Series are offered.

Please refer to the SAI for more information regarding the tax treatment of the Series.

**This discussion of "Dividends, distributions, and taxes" is not intended or written to be used as tax advice. Contract owners should** **consult their own tax professional about their tax situation.**

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**Certain management considerations**

**Investments by fund of funds and similar investment vehicles**

Certain fund of funds and pooled vehicles, whose shareholders are limited to insurance companies' investment accounts, may invest in the Series. From time to time, they may place large purchase or redemption orders with the Series due to their allocation or rebalancing requirements. While it is impossible to predict the overall impact of these transactions over time, there could be adverse effects on portfolio management. For example, the Series may be required to sell securities or invest cash at times when it would not otherwise do so. These transactions could also have tax consequences if sales of securities result in gains, and could also increase transaction costs or portfolio turnover.

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Financial highlights

The financial highlights tables are intended to help you understand the financial performance of the Series for the past five years. Certain information reflects financial results for a single Series share. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Series (assuming reinvestment of all dividends and distributions). Separate account expenses are not reflected. If the fees at the separate account level or contract level were included, total return would be lower.

On April 30, 2021, Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited's US asset management business, acquired the investment management business of Waddell & Reed Financial, Inc., including Ivy Investment Management Company, the prior investment manager of the Series of the Ivy Variable Insurance Portfolios. The performance shown from before April 30, 2021 for those Series are from such Series' prior investment manager.

The information for the past five fiscal years has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, whose reports, along with the Series' financial statements, are available upon request by calling 800 523-1918, and also are available on the Series' website and are included in the Series' Form N-CSR filed with the SEC.

Nomura VIP Core Equity Series

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $14.35 | $12.78 | $11.50 | $17.69 | $14.36 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.02 | 0.02 | 0.04 | 0.05 | 0.03 |
| Net realized and unrealized gain (loss).......................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01 |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.02) | (0.05) | (0.05) | (0.03) | (0.09) |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.62) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.71) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.69 |
| **Total return<sup>2</sup>**.........................................  | 15.30% | 25.69% | 23.51% | (17.33%) | 28.94% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $696113 | $680965 | $590649 | $597276 | $735<sup>3</sup>  |
| Ratio of expenses to average net assets<sup>4</sup>.....................  | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup>.......  | 1.00% | 1.00% | 1.00% | 1.01% | 0.99% |
| Ratio of net investment income to average net assets.............  | 0.14% | 0.17% | 0.38% | 0.36% | 0.19% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 0.09% | 0.12% | 0.33% | 0.30% | 0.15% |
| Portfolio turnover......................................  | 39% | 39% | 40% | 47% | 29% |

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1 Calculated using average shares outstanding.

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| | |
|:---|:---|
| 2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |

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3 Net assets reported in millions.

4 Expense ratios do not include expenses of any investment companies in which the Series invests.

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Nomura VIP Growth Series

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $10.69 | $9.92 | $7.97 | $14.85 | $12.70 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup>....................................  | (0.04) | (0.04) | (0.03) | (0.03) | (0.06) |
| Net realized and unrealized gain (loss).......................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57 |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.36) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.36) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.85 |
| **Total return<sup>2</sup>**.........................................  | 8.41%<sup>3</sup>  | 23.89% | 38.00% | (27.24%) | 30.03% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $510449 | $711782 | $698537 | $628211 | $1023<sup>4</sup>  |
| Ratio of expenses to average net assets<sup>5</sup>.....................  | 1.01% | 1.00% | 1.00% | 1.00% | 0.99% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup>.......  | 1.01% | 1.00% | 1.00% | 1.00% | 0.99% |
| Ratio of net investment loss to average net assets...............  | (0.37%) | (0.37%) | (0.31%) | (0.32%) | (0.42%) |
| Ratio of net investment loss to average net assets prior to fees waived.  | (0.37%) | (0.37%) | (0.31%) | (0.32%) | (0.42%) |
| Portfolio turnover......................................  | 26% | 9% | 9% | 12% | 22% |

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1 Calculated using average shares outstanding.

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| | |
|:---|:---|
| 2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. |

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| | |
|:---|:---|
| 3 | Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |

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4 Net assets reported in millions.

5 Expense ratios do not include expenses of any investment companies in which the Series invests.

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Financial highlights

Nomura VIP Growth and Income Series

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Standard Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $34.61 | $32.06 | $30.89 | $33.80 | $28.17 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.74 | 0.84 | 0.80 | 0.79 | 0.70 |
| Net realized and unrealized gain............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.49 |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.19 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.80) | (0.81) | (0.82) | (0.75) | (0.56) |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.56) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $38.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $34.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $32.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $30.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $33.80 |
| **Total return<sup>2</sup>**.........................................  | 29.23% | 15.71% | 12.11%<sup>3</sup>  | 3.53% | 22.20% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $905741 | $719589 | $594849 | $484007 | $516250 |
| Ratio of expenses to average net assets<sup>4</sup>.....................  | 0.68% | 0.68% | 0.72% | 0.71% | 0.70% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup>.......  | 0.68% | 0.68% | 0.75% | 0.71% | 0.70% |
| Ratio of net investment income to average net assets.............  | 2.17% | 2.50% | 2.71% | 2.58% | 2.22% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 2.17% | 2.50% | 2.68% | 2.58% | 2.22% |
| Portfolio turnover......................................  | 42% | 45% | 31% | 22% | 49% |

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1 Calculated using average shares outstanding.

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| | |
|:---|:---|
| 2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle. |

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| | |
|:---|:---|
| 3 | Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |

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4 Expense ratios do not include expenses of any investment companies in which the Series invests.

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Nomura VIP Growth Equity Series

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Standard Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $18.76 | $16.27 | $15.69 | $26.34 | $19.79 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup>.............................  | (0.02) | (0.02) | (0.01) | 0.02 | (0.01) |
| Net realized and unrealized gain (loss).......................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.56 |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.55 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  |  |  | (0.02) |  | (0.01) |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.99) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.00) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26.34 |
| **Total return<sup>2</sup>**.........................................  | 8.72% | 23.41% | 38.40% | (26.60%)<sup>3</sup>  | 39.23% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $120656 | $120548 | $113699 | $89735 | $131860 |
| Ratio of expenses to average net assets<sup>4</sup>.....................  | 0.79% | 0.75% | 0.77% | 0.79% | 0.75% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup>.......  | 0.79% | 0.75% | 0.77% | 0.80% | 0.75% |
| Ratio of net investment income (loss) to average net assets.........  | (0.13%) | (0.10%) | (0.08%) | 0.10% | (0.03%) |
| Ratio of net investment income (loss) to average net assets prior to <br>fees waived.........................................  | (0.13%) | (0.10%) | (0.08%) | 0.09% | (0.03%) |
| Portfolio turnover......................................  | 24% | 9% | 16% | 105% | 31% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle. |

---

---

| | |
|:---|:---|
| 3 | Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |

---

4 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Financial highlights

Nomura VIP Mid Cap Growth Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Standard Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $10.14 | $10.18 | $9.60 | $17.99 | $17.60 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup>....................................  | (0.04) | (0.04) | (0.03) | (0.04) | (0.09) |
| Net realized and unrealized gain (loss).......................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.71 |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.23) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.23) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.99 |
| **Total return<sup>2</sup>**.........................................  | 1.38% | 2.47% | 19.90% | (30.62%) | 16.65% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $5574 | $20435 | $101493 | $105164 | $212<sup>3</sup>  |
| Ratio of expenses to average net assets<sup>4</sup>.....................  | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup>.......  | 0.92% | 0.91% | 0.92% | 0.92% | 0.89% |
| Ratio of net investment loss to average net assets...............  | (0.47%) | (0.40%) | (0.29%) | (0.38%) | (0.51%) |
| Ratio of net investment loss to average net assets prior to fees waived.  | (0.54%) | (0.46%) | (0.36%) | (0.45%) | (0.55%) |
| Portfolio turnover......................................  | 52% | 37% | 30% | 29% | 27% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |

---

3 Net assets reported in millions.

4 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Nomura VIP Mid Cap Growth Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $9.93 | $10.00 | $9.47 | $17.84 | $17.48 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup>....................................  | (0.06) | (0.06) | (0.05) | (0.07) | (0.13) |
| Net realized and unrealized gain (loss).......................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68 |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.19) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.19) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.84 |
| **Total return<sup>2</sup>**.........................................  | 1.18% | 2.20% | 19.59% | (30.78%) | 16.36% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $365870 | $383047 | $412972 | $355030 | $519<sup>3</sup>  |
| Ratio of expenses to average net assets<sup>4</sup>.....................  | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup>.......  | 1.17% | 1.16% | 1.17% | 1.17% | 1.14% |
| Ratio of net investment loss to average net assets...............  | (0.65%) | (0.63%) | (0.54%) | (0.61%) | (0.76%) |
| Ratio of net investment loss to average net assets prior to fees waived.  | (0.72%) | (0.69%) | (0.61%) | (0.68%) | (0.80%) |
| Portfolio turnover......................................  | 52% | 37% | 30% | 29% | 27% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |

---

3 Net assets reported in millions.

4 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Financial highlights

Nomura VIP Smid Cap Core Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $13.10 | $11.52 | $11.14 | $16.73 | $13.85 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup>.............................  | 0.02 | 0.01 | 0.04 | 0.03 | (0.02) |
| Net realized and unrealized gain (loss).......................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90 |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.02) | (0.04) | (0.02) |  |  |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.73 |
| **Total return<sup>2</sup>**.........................................  | 8.39%<sup>3</sup>  | 14.26% | 15.71% | (14.84%) | 20.78% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $181120 | $207365 | $224518 | $158111 | $182<sup>4</sup>  |
| Ratio of expenses to average net assets<sup>5</sup>.....................  | 1.19% | 1.18% | 1.17% | 1.22% | 1.17% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup>.......  | 1.20% | 1.18% | 1.17% | 1.22% | 1.17% |
| Ratio of net investment income (loss) to average net assets.........  | 0.14% | 0.12% | 0.36% | 0.24% | (0.10%) |
| Ratio of net investment income (loss) to average net assets prior to <br>fees waived.........................................  | 0.13% | 0.12% | 0.36% | 0.24% | (0.10%) |
| Portfolio turnover......................................  | 15% | 10% | 26% | 113% | 79% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. |

---

---

| | |
|:---|:---|
| 3 | Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |

---

4 Net assets reported in millions.

5 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Nomura VIP Small Cap Growth Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Standard Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $6.70 | $5.85 | $6.11 | $11.01 | $12.15 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup>....................................  | (0.04) | (0.04) | (0.02) | (0.03) | (0.07) |
| Net realized and unrealized gain (loss).......................  | 0.96 | 0.89 | 0.77<sup>2</sup>  | (2.97) | 0.55 |
| Payment by affiliates....................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12<sup>3</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  |  |  |  |  | (0.14) |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.48) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.62) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.01 |
| **Total return<sup>4</sup>**.........................................  | 13.73% | 14.53% | 13.36%<sup>2</sup>  | (26.61%)<sup>3</sup>  | 4.25% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $1191 | $16833 | $20157 | $17454 | $47<sup>5</sup>  |
| Ratio of expenses to average net assets<sup>6</sup>.....................  | 0.89% | 0.89% | 0.89% | 0.89% | 0.89% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup>.......  | 0.95% | 0.93% | 0.93% | 0.93% | 0.90% |
| Ratio of net investment loss to average net assets...............  | (0.63%) | (0.58%) | (0.36%) | (0.34%) | (0.56%) |
| Ratio of net investment loss to average net assets prior to fees waived.  | (0.69%) | (0.62%) | (0.40%) | (0.38%) | (0.57%) |
| Portfolio turnover......................................  | 74% | 72% | 64% | 100% | 48% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Series. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.16%. |

---

---

| | |
|:---|:---|
| 3 | During the year ended December 31, 2022, Delaware Management Company reimbursed the Series $5,772,824 for losses related to a trade error. Total return for the year ended December 31, 2022 includes the impact of the payment from affiliate. Total return would have been lower by 1.09% excluding payment from affiliate. |

---

---

| | |
|:---|:---|
| 4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |

---

5 Net assets reported in millions.

6 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Financial highlights

Nomura VIP Small Cap Growth Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $6.57 | $5.75 | $6.04 | $10.94 | $12.08 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup>....................................  | (0.06) | (0.05) | (0.04) | (0.04) | (0.10) |
| Net realized and unrealized gain (loss).......................  | 0.94 | 0.87 | 0.76<sup>2</sup>  | (2.98) | 0.56 |
| Payment by affiliates....................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14<sup>3</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  |  |  |  |  | (0.12) |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.48) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.60) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.94 |
| **Total return<sup>4</sup>**.........................................  | 13.39% | 14.26% | 13.11%<sup>2</sup>  | (26.83%)<sup>3</sup>  | 3.99% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $193050 | $190827 | $189271 | $181456 | $391<sup>5</sup>  |
| Ratio of expenses to average net assets<sup>6</sup>.....................  | 1.14% | 1.14% | 1.14% | 1.14% | 1.14% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup>.......  | 1.20% | 1.18% | 1.18% | 1.18% | 1.15% |
| Ratio of net investment loss to average net assets...............  | (0.87%) | (0.83%) | (0.61%) | (0.58%) | (0.80%) |
| Ratio of net investment loss to average net assets prior to fees waived.  | (0.93%) | (0.87%) | (0.65%) | (0.62%) | (0.81%) |
| Portfolio turnover......................................  | 74% | 72% | 64% | 100% | 48% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Amount includes a non-recurring payment for litigation proceeds, which represents a class action settlement received by the Series. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.17%. |

---

---

| | |
|:---|:---|
| 3 | During the year ended December 31, 2022, Delaware Management Company reimbursed the Series $5,772,824 for losses related to a trade error. Total return for the year ended December 31, 2022 includes the impact of the payment from affiliate. Total return would have been lower by 1.28% excluding payment from affiliate. |

---

---

| | |
|:---|:---|
| 4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |

---

5 Net assets reported in millions.

6 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Nomura VIP Small Cap Value Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Standard Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $40.48 | $38.39 | $37.06 | $45.54 | $34.16 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.50 | 0.53 | 0.54 | 0.36 | 0.32 |
| Net realized and unrealized gain (loss).......................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.41 |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.73 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.52) | (0.54) | (0.35) | (0.34) | (0.35) |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.35) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $40.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $40.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $38.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $37.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $45.54 |
| **Total return<sup>2</sup>**.........................................  | 8.16% | 11.32% | 9.45% | (12.09%) | 34.42% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $788493 | $798888 | $747656 | $511974 | $522319 |
| Ratio of expenses to average net assets<sup>3</sup>.....................  | 0.74% | 0.74% | 0.71% | 0.78% | 0.75% |
| Ratio of expenses to average net assets prior to fees waived<sup>3</sup>.......  | 0.74% | 0.74% | 0.71% | 0.78% | 0.75% |
| Ratio of net investment income to average net assets.............  | 1.31% | 1.36% | 1.51% | 0.92% | 0.77% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 1.31% | 1.36% | 1.51% | 0.92% | 0.77% |
| Portfolio turnover......................................  | 24% | 20% | 29% | 23% | 13% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle. |

---

3 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Financial highlights

Nomura VIP Small Cap Value Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $40.25 | $38.14 | $36.82 | $45.26 | $33.98 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.39 | 0.41 | 0.41 | 0.24 | 0.19 |
| Net realized and unrealized gain (loss).......................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.35 |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.54 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.38) | (0.40) | (0.23) | (0.21) | (0.26) |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.26) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $39.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $40.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $38.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $36.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $45.26 |
| **Total return<sup>2</sup>**.........................................  | 7.83% | 11.02% | 9.10% | (12.35%) | 34.02% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $909415 | $921584 | $926955 | $894572 | $1094161 |
| Ratio of expenses to average net assets<sup>3</sup>.....................  | 1.04% | 1.04% | 1.01% | 1.08% | 1.05% |
| Ratio of expenses to average net assets prior to fees waived<sup>3</sup>.......  | 1.04% | 1.04% | 1.01% | 1.08% | 1.05% |
| Ratio of net investment income to average net assets.............  | 1.01% | 1.06% | 1.14% | 0.62% | 0.47% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 1.01% | 1.06% | 1.14% | 0.62% | 0.47% |
| Portfolio turnover......................................  | 24% | 20% | 29% | 23% | 13% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle. |

---

3 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Nomura VIP Opportunity Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Standard Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $18.87 | $17.43 | $16.33 | $20.48 | $17.10 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.09 | 0.09 | 0.11 | 0.10 | 0.04 |
| Net realized and unrealized gain (loss).......................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88 |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.92 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.09) | (0.12) | (0.11) | (0.04) | (0.23) |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.31) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.54) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.48 |
| **Total return<sup>2</sup>**.........................................  | 8.81% | 14.63% | 16.30% | (13.68%) | 23.13% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $76282 | $77577 | $78494 | $71995 | $92113 |
| Ratio of expenses to average net assets<sup>3</sup>.....................  | 0.83% | 0.83% | 0.83% | 0.83% | 0.83% |
| Ratio of expenses to average net assets prior to fees waived<sup>3</sup>.......  | 0.94% | 0.88% | 0.91% | 0.93% | 0.88% |
| Ratio of net investment income to average net assets.............  | 0.51% | 0.47% | 0.69% | 0.60% | 0.19% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 0.40% | 0.42% | 0.61% | 0.50% | 0.14% |
| Portfolio turnover......................................  | 14% | 10% | 19% | 22% | 17% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle. |

---

3 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Financial highlights

Nomura VIP Value Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $4.68 | $5.04 | $5.56 | $8.24 | $6.40 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.05 | 0.07 | 0.08 | 0.09 | 0.08 |
| Net realized and unrealized gain (loss).......................  | 0.32 | 0.24 | 0.32 | (0.51) | 1.90 |
| Payment by affiliates....................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>2</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.11) | (0.08) | (0.09) | (0.10) | (0.14) |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.24 |
| **Total return<sup>3</sup>**.........................................  | 9.41%<sup>4</sup>  | 6.47%<sup>2,</sup><sup>4</sup>  | 8.27% | (4.90%) | 31.18% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $154398 | $197657 | $334395 | $354290 | $370<sup>5</sup>  |
| Ratio of expenses to average net assets<sup>6</sup>.....................  | 0.99% | 1.00% | 1.02% | 1.01% | 1.00% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup>.......  | 1.04% | 1.02% | 1.02% | 1.01% | 1.00% |
| Ratio of net investment income to average net assets.............  | 1.12% | 1.46% | 1.53% | 1.37% | 1.11% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 1.07% | 1.44% | 1.53% | 1.37% | 1.11% |
| Portfolio turnover......................................  | 36% | 30% | 110%<sup>7</sup>  | 72% | 41% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Payment by affiliates is less than $0.005 per share and 0.005% on total return, respectively. |

---

---

| | |
|:---|:---|
| 3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. |

---

---

| | |
|:---|:---|
| 4 | Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |

---

5 Net assets reported in millions.

6 Expense ratios do not include expenses of any investment companies in which the Series invests.

7 The Series' portfolio turnover rate increased substantially during the year ended December 31, 2023 due to the repositioning of the Series.

------

[Back to **Table of Contents**](#TOC_2628)

Nomura VIP Fund for Income Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Standard Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $5.60 | $5.65 | $5.31 | $6.41 | $6.44 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.35 | 0.36 | 0.35 | 0.30 | 0.28 |
| Net realized and unrealized gain (loss).......................  | 0.13 | (0.02) | 0.33 | (0.99) | 0.02 |
| Payment by affiliates....................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>2</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.39) | (0.39) | (0.34) | (0.32) | (0.33) |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.33) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.41 |
| **Total return<sup>3</sup>**.........................................  | 9.15%<sup>2,4</sup>  | 6.53%<sup>4</sup>  | 13.27%<sup>4</sup>  | (11.06%)<sup>4</sup>  | 4.88% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $68952 | $70160 | $72921 | $73373 | $93166 |
| Ratio of expenses to average net assets<sup>5</sup>.....................  | 0.74% | 0.74% | 0.74% | 0.75% | 0.80% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup>.......  | 0.88% | 0.83% | 0.85% | 0.86% | 0.80% |
| Ratio of net investment income to average net assets.............  | 6.23% | 6.43% | 6.63% | 5.40% | 4.45% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 6.09% | 6.34% | 6.52% | 5.29% | 4.45% |
| Portfolio turnover......................................  | 45% | 56% | 33% | 35% | 86% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements" in the Series' Form N-CSR for the year ended December 31, 2025. |

---

---

| | |
|:---|:---|
| 3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle. |

---

---

| | |
|:---|:---|
| 4 | Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |

---

5 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Financial highlights

Nomura VIP Fund for Income Series

---

| | | | | |
|:---|:---|:---|:---|:---|
| Service Class shares | 12/31/25 | 12/31/24 | Year ended<br>12/31/23 | 3/31/22<sup>1</sup>to<br>12/31/22 |
| **Net asset value, beginning of period**..................................  | $5.54 | $5.62 | $5.30 | $6.13 |
| **Income (loss) from investment operations:** |  |  |  |  |
| Net investment income<sup>2</sup>............................................  | 0.32 | 0.34 | 0.34 | 0.23 |
| Net realized and unrealized gain (loss)..................................  | 0.13 | (0.01) | 0.31 | (0.65) |
| Payment by affiliates...............................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>3</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total from investment operations......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.42) |
| **Less dividends and distributions from:** |  |  |  |  |
| Net investment income.............................................  | (0.38) | (0.41) | (0.33) | (0.32) |
| Net realized gain.................................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09) |
| Total dividends and distributions.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.41) |
| **Net asset value, end of period**.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.30 |
| **Total return<sup>4</sup>**....................................................  | 8.80%<sup>3</sup>  | 6.30% | 12.85% | (7.18%) |
| **Ratios and supplemental data:** |  |  |  |  |
| Net assets, end of period (000 omitted)..................................  | $2881 | $1792 | $1080 | $446 |
| Ratio of expenses to average net assets<sup>5</sup>................................  | 1.04% | 1.04% | 1.04% | 1.04% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup>..................  | 1.18% | 1.13% | 1.15% | 1.23% |
| Ratio of net investment income to average net assets........................  | 5.92% | 6.13% | 6.38% | 5.90% |
| Ratio of net investment income to average net assets prior to fees waived.........  | 5.78% | 6.04% | 6.27% | 5.71% |
| Portfolio turnover.................................................  | 45% | 56% | 33% | 35%<sup>6</sup>  |

---

---

| | |
|:---|:---|
| 1 | Date of commencement of operations; ratios have been annualized and total return has not been annualized. |

---

2 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 3 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements" in the Series' Form N-CSR for the year ended December 31, 2025. |

---

---

| | |
|:---|:---|
| 4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle. |

---

5 Expense ratios do not include expenses of any investment companies in which the Series invests.

6 Portfolio turnover is representative of the Series for the entire period.

------

[Back to **Table of Contents**](#TOC_2628)

Nomura VIP Investment Grade Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Standard Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $8.57 | $8.77 | $8.50 | $10.80 | $11.60 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.40 | 0.40 | 0.36 | 0.31 | 0.27 |
| Net realized and unrealized gain (loss).......................  | 0.15 | (0.17) | 0.27 | (2.13) | (0.37) |
| Payment by affiliates....................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>2</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.10) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.46) | (0.43) | (0.36) | (0.34) | (0.34) |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.36) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.70) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.80 |
| **Total return<sup>3</sup>**.........................................  | 6.75%<sup>2</sup>  | 2.85% | 7.57% | (17.06%) | (0.72%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $30647 | $32018 | $36687 | $39243 | $54069 |
| Ratio of expenses to average net assets<sup>4</sup>.....................  | 0.63% | 0.63% | 0.63% | 0.63% | 0.65% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup>.......  | 0.98% | 0.85% | 0.85% | 0.87% | 0.74% |
| Ratio of net investment income to average net assets.............  | 4.68% | 4.66% | 4.33% | 3.44% | 2.45% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 4.33% | 4.44% | 4.11% | 3.20% | 2.36% |
| Portfolio turnover......................................  | 189% | 116% | 93% | 99% | 110% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements" in the Series' Form N-CSR for the year ended December 31, 2025. |

---

---

| | |
|:---|:---|
| 3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle. |

---

4 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Financial highlights

Nomura VIP Investment Grade Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $8.53 | $8.75 | $8.47 | $10.76 | $11.56 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.37 | 0.38 | 0.34 | 0.29 | 0.23 |
| Net realized and unrealized gain (loss).......................  | 0.15 | (0.19) | 0.27 | (2.13) | (0.36) |
| Payment by affiliates....................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>2</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.13) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.44) | (0.41) | (0.33) | (0.31) | (0.31) |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.36) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.67) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.76 |
| **Total return<sup>3</sup>**.........................................  | 6.43%<sup>2</sup>  | 2.41% | 7.37% | (17.32%) | (1.03%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $11 | $10 | $10 | $9 | $11 |
| Ratio of expenses to average net assets<sup>4</sup>.....................  | 0.93% | 0.93% | 0.93% | 0.93% | 0.95% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup>.......  | 1.28% | 1.15% | 1.15% | 1.15% | 1.04% |
| Ratio of net investment income to average net assets.............  | 4.38% | 4.36% | 4.03% | 3.16% | 2.15% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 4.03% | 4.14% | 3.81% | 2.94% | 2.06% |
| Portfolio turnover......................................  | 189% | 116% | 93% | 99% | 110% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements" in the Series' Form N-CSR for the year ended December 31, 2025. |

---

---

| | |
|:---|:---|
| 3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle. |

---

4 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Nomura VIP Corporate Bond Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $4.65 | $4.68 | $4.49 | $5.63 | $6.05 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.21 | 0.21 | 0.15 | 0.12 | 0.11 |
| Net realized and unrealized gain (loss).......................  | 0.08 | (0.10) | 0.17 | (1.00) | (0.17) |
| Payment by affiliates....................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>2</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.25) | (0.14) | (0.13) | (0.12) | (0.12) |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.24) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.36) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.63 |
| **Total return<sup>3</sup>**.........................................  | 6.48%<sup>2,</sup><sup>4</sup>  | 2.45% | 7.27% | (15.86%) | (0.85%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $402270 | $494165 | $570068 | $491308 | $668<sup>5</sup>  |
| Ratio of expenses to average net assets<sup>6</sup>.....................  | 0.78% | 0.78% | 0.79% | 0.80% | 0.76% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup>.......  | 0.79% | 0.78% | 0.79% | 0.80% | 0.76% |
| Ratio of net investment income to average net assets.............  | 4.57% | 4.58% | 3.38% | 2.45% | 1.90% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 4.56% | 4.58% | 3.38% | 2.45% | 1.90% |
| Portfolio turnover......................................  | 190% | 139% | 93% | 67% | 85% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements" in the Series' Form N-CSR for the year ended December 31, 2025. |

---

---

| | |
|:---|:---|
| 3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. |

---

---

| | |
|:---|:---|
| 4 | Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |

---

5 Net assets reported in millions.

6 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Financial highlights

Nomura VIP High Income Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Standard Class shares | 12/31/25<sup>φ</sup>  | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $2.94 | $2.96 | $2.82 | $3.40 | $3.41 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.19 | 0.20 | 0.21 | 0.19 | 0.21 |
| Net realized and unrealized gain (loss).......................  | 0.01 | (0.02) | 0.12 | (0.56) | (0.01) |
| Payment by affiliates....................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>2</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.40 |
| **Total return<sup>3</sup>**.........................................  | 7.41%<sup>2</sup>  | 6.44% | 12.22% | (10.91%) | 6.33% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $14863 | $15787 | $15460 | $15093 | $19<sup>4</sup>  |
| Ratio of expenses to average net assets<sup>5</sup>.....................  | 0.69% | 0.69% | 0.68% | 0.67% | 0.67% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup>.......  | 0.69% | 0.69% | 0.68% | 0.67% | 0.67% |
| Ratio of net investment income to average net assets.............  | 6.47% | 6.68% | 7.29% | 6.40% | 6.11% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 6.47% | 6.68% | 7.29% | 6.40% | 6.11% |
| Portfolio turnover......................................  | 42% | 53% | 33% | 61% | 54% |

---

φ Consolidated financial highlights from July 7, 2025.

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements" in the Series' Form N-CSR for the year ended December 31, 2025. |

---

---

| | |
|:---|:---|
| 3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. |

---

4 Net assets reported in millions.

5 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Nomura VIP High Income Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Class shares | 12/31/25<sup>φ</sup>  | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $2.93 | $2.95 | $2.81 | $3.39 | $3.40 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.18 | 0.19 | 0.20 | 0.18 | 0.20 |
| Net realized and unrealized gain (loss).......................  | 0.02 | (0.01) | 0.13 | (0.56) | —<sup>2</sup>  |
| Payment by affiliates....................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>3</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.39 |
| **Total return<sup>4</sup>**.........................................  | 7.17%<sup>3</sup>  | 6.20% | 12.15% | (11.28%) | 6.06% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $766089 | $777545 | $778784 | $736612 | $892<sup>5</sup>  |
| Ratio of expenses to average net assets<sup>6</sup>.....................  | 0.94% | 0.94% | 0.93% | 0.92% | 0.92% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup>.......  | 0.94% | 0.94% | 0.93% | 0.92% | 0.92% |
| Ratio of net investment income to average net assets.............  | 6.22% | 6.43% | 7.04% | 6.15% | 5.85% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 6.22% | 6.43% | 7.04% | 6.15% | 5.85% |
| Portfolio turnover......................................  | 42% | 53% | 33% | 61% | 54% |

---

φ Consolidated financial highlights from July 7, 2025.

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Amount is less than $0.005 per share. |

---

---

| | |
|:---|:---|
| 3 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements" in the Series' Form N-CSR for the year ended December 31, 2025. |

---

---

| | |
|:---|:---|
| 4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. |

---

5 Net assets reported in millions.

6 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Financial highlights

Nomura VIP Limited Duration Bond Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Standard Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $9.15 | $9.12 | $8.89 | $9.47 | $9.74 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.36 | 0.35 | 0.27 | 0.18 | 0.09 |
| Net realized and unrealized gain (loss).......................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.15) |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.47 |
| **Total return<sup>2</sup>**.........................................  | 5.07% | 4.23% | 5.29% | (4.19%) | (0.68%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $15691 | $16763 | $18742 | $19595 | $25263 |
| Ratio of expenses to average net assets<sup>3</sup>.....................  | 0.53% | 0.53% | 0.53% | 0.53% | 0.60% |
| Ratio of expenses to average net assets prior to fees waived<sup>3</sup>.......  | 1.35% | 1.13% | 1.15% | 1.14% | 0.94% |
| Ratio of net investment income to average net assets.............  | 3.99% | 3.88% | 3.07% | 2.03% | 0.90% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 3.17% | 3.28% | 2.45% | 1.42% | 0.56% |
| Portfolio turnover......................................  | 247% | 186% | 124% | 157% | 252% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle. |

---

3 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Nomura VIP Limited-Term Bond Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $4.70 | $4.72 | $4.58 | $4.89 | $5.01 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.17 | 0.17 | 0.13 | 0.07 | 0.05 |
| Net realized and unrealized gain (loss).......................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.07) |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.20) | (0.22) | (0.08) | (0.06) | (0.08) |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.10) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.89 |
| **Total return<sup>2</sup>**.........................................  | 4.70%<sup>3</sup>  | 4.33%<sup>3</sup>  | 4.73% | (4.20%) | (0.49%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $134601 | $168723 | $190470 | $312800 | $391<sup>4</sup>  |
| Ratio of expenses to average net assets<sup>5</sup>.....................  | 0.79% | 0.80% | 0.86% | 0.82% | 0.79% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup>.......  | 0.87% | 0.84% | 0.86% | 0.82% | 0.79% |
| Ratio of net investment income to average net assets.............  | 3.55% | 3.71% | 2.82% | 1.56% | 1.05% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 3.47% | 3.67% | 2.82% | 1.56% | 1.05% |
| Portfolio turnover......................................  | 262% | 159% | 143% | 144% | 48% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. |

---

---

| | |
|:---|:---|
| 3 | Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |

---

4 Net assets reported in millions.

5 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Financial highlights

Nomura VIP Global Growth Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $3.65 | $3.17 | $3.33 | $4.81 | $4.29 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.01 | 0.01 | 0.04<sup>2</sup>  | 0.01 | 0.02 |
| Net realized and unrealized gain (loss).......................  | 0.60 | 0.53<sup>3</sup>  | 0.53 | (0.87) | 0.72 |
| Payment by affiliates....................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>4</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.01) | (0.03) | —<sup>5</sup>  | (0.03) |  |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.22) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.22) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.81 |
| **Total return<sup>6</sup>**.........................................  | 17.93% | 17.08%<sup>3,</sup><sup>4</sup>  | 19.90%<sup>2</sup>  | (17.49%) | 17.86% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $162136 | $158764 | $122479 | $117268 | $160<sup>7</sup>  |
| Ratio of expenses to average net assets<sup>8</sup>.....................  | 1.04% | 1.09%<sup>9</sup>  | 1.13% | 1.13% | 1.13% |
| Ratio of expenses to average net assets prior to fees waived<sup>8</sup>.......  | 1.24% | 1.30%<sup>9</sup>  | 1.26% | 1.24% | 1.18% |
| Ratio of net investment income to average net assets.............  | 0.24% | 0.40% | 1.28% | 0.37% | 0.43% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 0.04% | 0.19% | 1.15% | 0.26% | 0.38% |
| Portfolio turnover......................................  | 37% | 49% | 45% | 72% | 22% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.02 and total return by 0.60%. See Note 1 in "Notes to financial statements" in the Series' Form N-CSR for the year ended December 31, 2023. |

---

---

| | |
|:---|:---|
| 3 | Amount includes non-recurring payment for litigation proceeds, which represents a class action settlement received by the Series. The litigation proceeds impact the realized and unrealized gain (loss) per share by less than $0.005 and total return by less than 0.005%. |

---

---

| | |
|:---|:---|
| 4 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements" in the Series' Form N-CSR for the year ended December 31, 2024. |

---

---

| | |
|:---|:---|
| 5 | Amount is less than $(0.005) per share. |

---

---

| | |
|:---|:---|
| 6 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |

---

7 Net assets reported in millions.

8 Expense ratios do not include expenses of any investment companies in which the Series invests.

---

| | |
|:---|:---|
| 9 | Includes non-recurring expenses of 0.03% for the year ended December 31, 2024. |

---

------

[Back to **Table of Contents**](#TOC_2628)

Nomura VIP International Core Equity Series

---

| | | |
|:---|:---|:---|
| Standard Class shares | Year ended 12/31/25 | 3/28/24<sup>1</sup>to 12/31/24 |
| **Net asset value, beginning of period**........................................................  | $16.54 | $17.14 |
| **Income (loss) from investment operations:** |  |  |
| Net investment income<sup>2</sup>..................................................................  | 0.16 | 0.20 |
| Net realized and unrealized gain (loss)........................................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.55) |
| Total from investment operations............................................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.35) |
| **Less dividends and distributions from:** |  |  |
| Net investment income...................................................................  | (0.25) | (0.21) |
| Net realized gain.......................................................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) |
| Total dividends and distributions............................................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.25) |
| **Net asset value, end of period**............................................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.54 |
| **Total return<sup>3</sup>**..........................................................................  | 24.56% | (1.92%) |
| **Ratios and supplemental data:** |  |  |
| Net assets, end of period (000 omitted).......................................................  | $462216 | $457619 |
| Ratio of expenses to average net assets<sup>4</sup>......................................................  | 0.86% | 0.88%<sup>5</sup>  |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup>........................................  | 0.93% | 0.95%<sup>5</sup>  |
| Ratio of net investment income to average net assets.............................................  | 0.85% | 1.19% |
| Ratio of net investment income to average net assets prior to fees waived...............................  | 0.78% | 1.12% |
| Portfolio turnover.......................................................................  | 90% | 77%<sup>6</sup>  |

---

---

| | |
|:---|:---|
| 1 | Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized. |

---

2 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |

---

4 Expense ratios do not include expenses of any investment companies in which the Series invests.

---

| | |
|:---|:---|
| 5 | Includes non-recurring expenses of 0.02% for the year ended December 31, 2024. |

---

6 Portfolio turnover is representative of the Series for the period ended December 31, 2024.

------

[Back to **Table of Contents**](#TOC_2628)

Financial highlights

Nomura VIP International Core Equity Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $16.51 | $16.15 | $14.12 | $18.47 | $16.35 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.11 | 0.24 | 0.28 | 0.28 | 0.27 |
| Net realized and unrealized gain (loss).......................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.08) | (0.21) | (0.24) | (0.36) | (0.19) |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>2</sup>  |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19) |
| Capital contributions....................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>2,3</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18.47 |
| **Total return<sup>4</sup>**.........................................  | 24.24%<sup>5</sup>  | 3.73%<sup>5</sup>  | 16.20% | (14.72%)<sup>3,</sup><sup>6</sup>  | 14.18% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $287349 | $261370 | $647568 | $484020 | $621<sup>7</sup>  |
| Ratio of expenses to average net assets<sup>8</sup>.....................  | 1.11% | 1.15%<sup>9</sup>  | 1.17% | 1.18% | 1.16% |
| Ratio of expenses to average net assets prior to fees waived<sup>8</sup>.......  | 1.18% | 1.19%<sup>9</sup>  | 1.17% | 1.18% | 1.16% |
| Ratio of net investment income to average net assets.............  | 0.59% | 1.45% | 1.86% | 1.91% | 1.49% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 0.52% | 1.41% | 1.86% | 1.91% | 1.49% |
| Portfolio turnover......................................  | 90% | 77% | 53% | 63% | 81% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Amount is less than $0.005 per share. |

---

---

| | |
|:---|:---|
| 3 | During the year ended December 31, 2022, Delaware Management Company reimbursed the Series $20,014 for losses related to a reclaim payment error. Total return for the year ended December 31, 2022 includes the impact of the capital contribution, which was not material to the total return. |

---

---

| | |
|:---|:---|
| 4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. |

---

---

| | |
|:---|:---|
| 5 | Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |

---

---

| | |
|:---|:---|
| 6 | Total return for the year ended December 31, 2022 includes the impact of the refund of previously paid foreign taxes. Total return would have been lower by 0.38% excluding refund of previously paid foreign taxes. |

---

7 Net assets reported in millions.

8 Expense ratios do not include expenses of any investment companies in which the Series invests.

---

| | |
|:---|:---|
| 9 | Includes non-recurring expenses of 0.02% for the year ended December 31, 2024. |

---

------

[Back to **Table of Contents**](#TOC_2628)

Nomura VIP Emerging Markets Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Standard Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $22.55 | $22.05 | $19.70 | $28.37 | $29.42 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.21 | 0.24 | 0.54 | 0.35 | 1.00 |
| Net realized and unrealized gain (loss).......................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.81) |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.81) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.42) | (0.62) | (0.33) | (0.96) | (0.10) |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.24) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $40.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28.37 |
| **Total return<sup>2</sup>**.........................................  | 81.26% | 5.09% | 13.79% | (27.58%) | (2.84%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $530411 | $365776 | $351600 | $294244 | $377296 |
| Ratio of expenses to average net assets<sup>3</sup>.....................  | 1.17% | 1.18% | 1.18% | 1.20% | 1.25% |
| Ratio of expenses to average net assets prior to fees waived<sup>3</sup>.......  | 1.31% | 1.34% | 1.30% | 1.41% | 1.34% |
| Ratio of net investment income to average net assets.............  | 0.77% | 1.02% | 2.62% | 1.59% | 3.34% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 0.63% | 0.86% | 2.50% | 1.38% | 3.25% |
| Portfolio turnover......................................  | 3% | 11% | 4% | 2% | 2% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle. |

---

3 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Financial highlights

Nomura VIP Emerging Markets Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $22.51 | $21.98 | $19.63 | $28.25 | $29.31 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.13 | 0.17 | 0.48 | 0.28 | 0.90 |
| Net realized and unrealized gain (loss).......................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.80) |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.90) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.32) | (0.52) | (0.26) | (0.87) | (0.02) |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.16) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $40.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28.25 |
| **Total return<sup>2</sup>**.........................................  | 80.77% | 4.77% | 13.45% | (27.81%) | (3.13%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $292116 | $231386 | $254564 | $252936 | $360332 |
| Ratio of expenses to average net assets<sup>3</sup>.....................  | 1.47% | 1.48% | 1.48% | 1.50% | 1.55% |
| Ratio of expenses to average net assets prior to fees waived<sup>3</sup>.......  | 1.61% | 1.64% | 1.60% | 1.71% | 1.64% |
| Ratio of net investment income to average net assets.............  | 0.47% | 0.72% | 2.32% | 1.29% | 3.04% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 0.33% | 0.56% | 2.20% | 1.08% | 2.95% |
| Portfolio turnover......................................  | 3% | 11% | 4% | 2% | 2% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle. |

---

3 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Nomura VIP Asset Strategy Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Standard Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year endedφ 12/31/21 |
| **Net asset value, beginning of period**.......................  | $9.32 | $8.76 | $7.85 | $10.20 | $10.45 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.18 | 0.19 | 0.18 | 0.12 | 0.08 |
| Net realized and unrealized gain (loss).......................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36<sup>2</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.16) | (0.18) | (0.21) | (0.16) | (0.20) |
| Net realized gain.......................................  | (0.68) | (0.37) |  | (0.70) | (1.14) |
| Return of capital.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.34) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.20 |
| **Total return<sup>3</sup>**.........................................  | 16.87%<sup>2</sup>  | 12.75% | 14.22% | (14.54%) | 10.72% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $565 | $400 | $1179 | $1011 | $1<sup>4</sup>  |
| Ratio of expenses to average net assets<sup>5</sup>.....................  | 0.60% | 0.61% | 0.62% | 0.66% | 0.65% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup>.......  | 0.79% | 0.78% | 0.76% | 0.77% | 0.75% |
| Ratio of net investment income to average net assets.............  | 1.77% | 2.02% | 2.12% | 1.42% | 0.76% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 1.58% | 1.85% | 1.98% | 1.31% | 0.66% |
| Portfolio turnover......................................  | 76% | 76% | 74% | 102% | 56% |

---

φ Consolidated financial highlights.

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Series. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.11%. |

---

---

| | |
|:---|:---|
| 3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |

---

4 Net assets reported in millions.

5 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Financial highlights

Nomura VIP Asset Strategy Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year endedφ 12/31/21 |
| **Net asset value, beginning of period**.......................  | $9.29 | $8.76 | $7.85 | $10.19 | $10.44 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.15 | 0.16 | 0.15 | 0.10 | 0.07 |
| Net realized and unrealized gain (loss).......................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37<sup>2</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.13) | (0.19) | (0.18) | (0.14) | (0.18) |
| Net realized gain.......................................  | (0.68) | (0.37) |  | (0.70) | (1.14) |
| Return of capital.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.32) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.19 |
| **Total return<sup>3</sup>**.........................................  | 16.66%<sup>2</sup>  | 12.44% | 13.90% | (14.71%) | 10.44% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $581163 | $564879 | $575493 | $565362 | $743<sup>4</sup>  |
| Ratio of expenses to average net assets<sup>5</sup>.....................  | 0.85% | 0.86% | 0.87% | 0.87% | 0.90% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup>.......  | 1.04% | 1.03% | 1.01% | 1.01% | 1.01% |
| Ratio of net investment income to average net assets.............  | 1.51% | 1.65% | 1.87% | 1.21% | 0.64% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 1.32% | 1.48% | 1.73% | 1.07% | 0.53% |
| Portfolio turnover......................................  | 76% | 76% | 74% | 102% | 56% |

---

φ Consolidated financial highlights.

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Series. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.11%. |

---

---

| | |
|:---|:---|
| 3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |

---

4 Net assets reported in millions.

5 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Nomura VIP Balanced Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $6.16 | $5.40 | $4.69 | $9.39 | $8.71 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.09 | 0.08 | 0.07 | 0.04 | 0.05 |
| Net realized and unrealized gain (loss).......................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68<sup>2</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.08) | (0.08) | (0.04) | (0.09) | (0.09) |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.57) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.66) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.39 |
| **Total return<sup>3</sup>**.........................................  | 11.79%<sup>4</sup>  | 15.60% | 16.09%<sup>2</sup>  | (16.11%) | 15.97% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $222702 | $221980 | $215810 | $208628 | $271<sup>5</sup>  |
| Ratio of expenses to average net assets<sup>6</sup>.....................  | 1.02% | 1.03% | 1.05% | 1.07% | 1.00% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup>.......  | 1.07% | 1.03% | 1.05% | 1.07% | 1.00% |
| Ratio of net investment income to average net assets.............  | 1.40% | 1.35% | 1.40% | 0.72% | 0.51% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 1.35% | 1.35% | 1.40% | 0.72% | 0.51% |
| Portfolio turnover......................................  | 69% | 79% | 85% | 72% | 79% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Series. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.004 and total return by 0.09%. |

---

---

| | |
|:---|:---|
| 3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. |

---

---

| | |
|:---|:---|
| 4 | Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |

---

5 Net assets reported in millions.

6 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Financial highlights

Nomura VIP Total Return Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Standard Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $13.42 | $12.49 | $11.38 | $14.29 | $12.56 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.29 | 0.31 | 0.29 | 0.12 | 0.21 |
| Net realized and unrealized gain (loss).......................  | 1.24 | 1.01 | 1.12 | (1.55) | 1.82 |
| Payment by affiliates....................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>2</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.36) | (0.35) | (0.25) | (0.28) | (0.30) |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.29 |
| **Total return<sup>3</sup>**.........................................  | 12.97%<sup>2</sup>  | 10.81% | 12.63% | (10.56%) | 16.37% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $36760 | $37688 | $41381 | $41528 | $56077 |
| Ratio of expenses to average net assets<sup>4</sup>.....................  | 0.83% | 0.83% | 0.83% | 0.84% | 0.86% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup>.......  | 1.11% | 1.00% | 0.97% | 1.03% | 0.96% |
| Ratio of net investment income to average net assets.............  | 2.23% | 2.36% | 2.44% | 0.96% | 1.56% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 1.95% | 2.19% | 2.30% | 0.77% | 1.46% |
| Portfolio turnover......................................  | 77% | 51% | 56% | 55% | 95% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements" in the Series' Form N-CSR for the year ended December 31, 2025. |

---

---

| | |
|:---|:---|
| 3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle. |

---

4 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Nomura VIP Total Return Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $13.34 | $12.44 | $11.33 | $14.23 | $12.52 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.25 | 0.27 | 0.25 | 0.08 | 0.17 |
| Net realized and unrealized gain (loss).......................  | 1.23 | 1.00 | 1.13 | (1.54) | 1.81 |
| Payment by affiliates....................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>2</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.34) | (0.33) | (0.22) | (0.24) | (0.27) |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.23 |
| **Total return<sup>3</sup>**.........................................  | 12.62%<sup>2</sup>  | 10.44% | 12.35% | (10.82%) | 15.96% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $15 | $14 | $12 | $11 | $12 |
| Ratio of expenses to average net assets<sup>4</sup>.....................  | 1.13% | 1.13% | 1.13% | 1.14% | 1.16% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup>.......  | 1.41% | 1.30% | 1.27% | 1.33% | 1.25% |
| Ratio of net investment income to average net assets.............  | 1.93% | 2.06% | 2.16% | 0.70% | 1.26% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 1.65% | 1.89% | 2.02% | 0.51% | 1.17% |
| Portfolio turnover......................................  | 77% | 51% | 56% | 55% | 95% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements" in the Series' Form N-CSR for the year ended December 31, 2025. |

---

---

| | |
|:---|:---|
| 3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle. |

---

4 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Financial highlights

Nomura VIP Energy Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Standard Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $4.67 | $5.09 | $5.07 | $3.48 | $2.48 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.14 | 0.10 | 0.24 | 0.15 | 0.04 |
| Net realized and unrealized gain (loss).......................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.48 |
| **Total return<sup>2</sup>**.........................................  | 12.41%<sup>3</sup>  | (5.38%)<sup>3</sup>  | 4.24% | 50.85% | 42.33% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $650 | $394 | $472 | $447 | $—<sup>4,5</sup>  |
| Ratio of expenses to average net assets<sup>6</sup>.....................  | 0.88% | 0.96% | 1.05% | 0.98% | 0.97% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup>.......  | 1.05% | 0.99% | 1.05% | 0.98% | 0.97% |
| Ratio of net investment income to average net assets.............  | 2.88% | 1.99% | 4.64% | 3.04% | 1.20% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 2.71% | 1.96% | 4.64% | 3.04% | 1.20% |
| Portfolio turnover......................................  | 59% | 42% | 43% | 85% | 119% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. |

---

---

| | |
|:---|:---|
| 3 | Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |

---

4 Net assets reported in millions.

---

| | |
|:---|:---|
| 5 | Rounds to less than $500 thousands. |

---

6 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Nomura VIP Energy Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $4.68 | $5.10 | $5.07 | $3.47 | $2.48 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.12 | 0.08 | 0.24 | 0.14 | 0.04 |
| Net realized and unrealized gain (loss).......................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.47 |
| **Total return<sup>2</sup>**.........................................  | 11.89%<sup>3</sup>  | (5.60%)<sup>3</sup>  | 4.06% | 50.42% | 42.00% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $73407 | $71112 | $85695 | $123594 | $74<sup>4</sup>  |
| Ratio of expenses to average net assets<sup>5</sup>.....................  | 1.13% | 1.21% | 1.30% | 1.23% | 1.22% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup>.......  | 1.30% | 1.24% | 1.30% | 1.23% | 1.22% |
| Ratio of net investment income to average net assets.............  | 2.54% | 1.68% | 4.68% | 2.87% | 1.41% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 2.37% | 1.65% | 4.68% | 2.87% | 1.41% |
| Portfolio turnover......................................  | 59% | 42% | 43% | 85% | 119% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. |

---

---

| | |
|:---|:---|
| 3 | Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |

---

4 Net assets reported in millions.

5 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Financial highlights

Nomura VIP Natural Resources Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $4.45 | $4.72 | $4.77 | $4.12 | $3.30 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.08 | 0.04 | 0.15 | 0.10 | 0.07 |
| Net realized and unrealized gain (loss).......................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  |  | (0.25) | (0.12) | (0.08) | (0.06) |
| Return of capital.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.12 |
| **Total return<sup>2</sup>**.........................................  | 37.75%<sup>3</sup>  | (0.58%) | 1.63% | 17.72% | 26.68% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $87849 | $72923 | $92277 | $109522 | $91<sup>4</sup>  |
| Ratio of expenses to average net assets<sup>5</sup>.....................  | 1.25% | 1.26% | 1.28% | 1.25% | 1.21% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup>.......  | 1.28% | 1.26% | 1.28% | 1.25% | 1.21% |
| Ratio of net investment income to average net assets.............  | 1.52% | 0.76% | 3.30% | 2.24% | 1.89% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 1.49% | 0.76% | 3.30% | 2.24% | 1.89% |
| Portfolio turnover......................................  | 47% | 46% | 34% | 65% | 121% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. |

---

---

| | |
|:---|:---|
| 3 | Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |

---

4 Net assets reported in millions.

5 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Nomura VIP Science and Technology Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Standard Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $29.70 | $23.38 | $17.71 | $29.81 | $36.13 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup>....................................  | (0.04) | (0.08) | (0.01) | (0.05) | (0.22) |
| Net realized and unrealized gain (loss).......................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.21<sup>2</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80<sup>2</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.56 |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11.66) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11.66) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $33.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29.81 |
| **Total return<sup>3</sup>**.........................................  | 33.69% | 30.92%<sup>2</sup>  | 39.38%<sup>2</sup>  | (31.67%) | 15.45% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $80262 | $2796 | $2231 | $1331 | $2<sup>4</sup>  |
| Ratio of expenses to average net assets<sup>5</sup>.....................  | 0.90% | 0.91% | 0.89% | 0.92% | 0.89% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup>.......  | 0.90% | 0.91% | 0.89% | 0.92% | 0.89% |
| Ratio of net investment loss to average net assets...............  | (0.13%) | (0.29%) | (0.05%) | (0.23%) | (0.57%) |
| Ratio of net investment loss to average net assets prior to fees<br>waived............................................  | (0.13%) | (0.29%) | (0.05%) | (0.23%) | (0.57%) |
| Portfolio turnover......................................  | 77% | 37% | 36% | 58% | 55% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Amount includes a non-recurring payment for litigation proceeds, which represents a class action settlement received by the Series. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 for the year ended December 31, 2024 and 2023, and total return by 0.09% and 0.11%, for the year ended December 31, 2024 and 2023, respectively. |

---

---

| | |
|:---|:---|
| 3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. |

---

4 Net assets reported in millions.

5 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Financial highlights

Nomura VIP Science and Technology Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $29.09 | $22.97 | $17.45 | $29.51 | $35.87 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup>....................................  | (0.18) | (0.15) | (0.06) | (0.10) | (0.30) |
| Net realized and unrealized gain (loss).......................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.08<sup>2</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70<sup>2</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.51 |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11.57) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11.57) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $32.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29.51 |
| **Total return<sup>3</sup>**.........................................  | 33.36% | 30.59%<sup>2</sup>  | 39.04%<sup>2</sup>  | (31.83%) | 15.17% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $770095 | $646646 | $566122 | $450560 | $707<sup>4</sup>  |
| Ratio of expenses to average net assets<sup>5</sup>.....................  | 1.15% | 1.16% | 1.14% | 1.17% | 1.14% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup>.......  | 1.15% | 1.16% | 1.14% | 1.17% | 1.14% |
| Ratio of net investment loss to average net assets...............  | (0.61%) | (0.54%) | (0.30%) | (0.48%) | (0.79%) |
| Ratio of net investment loss to average net assets prior to fees<br>waived............................................  | (0.61%) | (0.54%) | (0.30%) | (0.48%) | (0.79%) |
| Portfolio turnover......................................  | 77% | 37% | 36% | 58% | 55% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Amount includes a non-recurring payment for litigation proceeds, which represents a class action settlement received by the Series. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 for the year ended December 31, 2024 and 2023, and total return by 0.09% and 0.11%, for the year ended December 31, 2024 and 2023, respectively. |

---

---

| | |
|:---|:---|
| 3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. |

---

4 Net assets reported in millions.

5 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Nomura VIP Pathfinder Aggressive Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $4.06 | $3.72 | $4.07 | $5.47 | $4.92 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.06 | 0.04 | 0.04 | 0.05 | 0.08 |
| Net realized and unrealized gain (loss).......................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.08) | (0.05) | (0.27) | (0.09) | (0.09) |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.26) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.35) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.47 |
| **Total return<sup>2</sup>**.........................................  | 15.86% | 10.99% | 17.51% | (16.72%) | 18.93% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $50003 | $48742 | $53655 | $53652 | $74<sup>3</sup>  |
| Ratio of expenses to average net assets<sup>4</sup>.....................  | 0.15% | 0.12% | 0.17% | 0.21% | 0.07% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup>.......  | 0.15% | 0.12% | 0.17% | 0.21% | 0.07% |
| Ratio of net investment income to average net assets.............  | 1.36% | 1.02% | 0.97% | 1.24% | 1.62% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 1.36% | 1.02% | 0.97% | 1.24% | 1.62% |
| Portfolio turnover......................................  | 46% | 55% | 34% | 30% | 18% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. |

---

3 Net assets reported in millions.

4 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Financial highlights

Nomura VIP Pathfinder Moderately Aggressive Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $4.17 | $3.84 | $4.15 | $5.66 | $5.18 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.08 | 0.06 | 0.05 | 0.06 | 0.10 |
| Net realized and unrealized gain (loss).......................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.10) | (0.06) | (0.26) | (0.12) | (0.10) |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.37) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.66 |
| **Total return<sup>2</sup>**.........................................  | 14.59% | 10.22% | 16.53% | (15.90%) | 16.88% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $430750 | $460891 | $538219 | $565995 | $777<sup>3</sup>  |
| Ratio of expenses to average net assets<sup>4</sup>.....................  | 0.05% | 0.05% | 0.03% | 0.06% | 0.03% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup>.......  | 0.05% | 0.05% | 0.03% | 0.06% | 0.03% |
| Ratio of net investment income to average net assets.............  | 1.87% | 1.39% | 1.24% | 1.43% | 1.88% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 1.87% | 1.39% | 1.24% | 1.43% | 1.88% |
| Portfolio turnover......................................  | 41% | 49% | 32% | 28% | 17% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. |

---

3 Net assets reported in millions.

4 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Nomura VIP Pathfinder Moderate Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $4.13 | $3.84 | $4.10 | $5.51 | $5.15 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.10 | 0.07 | 0.05 | 0.07 | 0.11 |
| Net realized and unrealized gain (loss).......................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.11) | (0.06) | (0.24) | (0.12) | (0.11) |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.25) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.36) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.51 |
| **Total return<sup>2</sup>**.........................................  | 13.50% | 9.27% | 15.33% | (15.26%) | 14.66% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $351681 | $377279 | $434485 | $465595 | $635<sup>3</sup>  |
| Ratio of expenses to average net assets<sup>4</sup>.....................  | 0.05% | 0.05% | 0.04% | 0.06% | 0.03% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup>.......  | 0.05% | 0.05% | 0.04% | 0.06% | 0.03% |
| Ratio of net investment income to average net assets.............  | 2.24% | 1.68% | 1.36% | 1.46% | 2.05% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 2.24% | 1.68% | 1.36% | 1.46% | 2.05% |
| Portfolio turnover......................................  | 39% | 42% | 29% | 28% | 18% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. |

---

3 Net assets reported in millions.

4 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Financial highlights

Nomura VIP Pathfinder Moderately Conservative Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $4.24 | $3.97 | $4.18 | $5.53 | $5.26 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.11 | 0.08 | 0.06 | 0.06 | 0.12 |
| Net realized and unrealized gain (loss).......................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.11) | (0.07) | (0.21) | (0.13) | (0.11) |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.25) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.36) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.53 |
| **Total return<sup>2</sup>**.........................................  | 12.08% | 8.60% | 13.99% | (14.71%) | 12.37% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $111874 | $120287 | $130426 | $137990 | $187<sup>3</sup>  |
| Ratio of expenses to average net assets<sup>4</sup>.....................  | 0.08% | 0.09% | 0.04% | 0.17% | 0.04% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup>.......  | 0.08% | 0.09% | 0.04% | 0.17% | 0.04% |
| Ratio of net investment income to average net assets.............  | 2.62% | 1.93% | 1.48% | 1.39% | 2.17% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 2.62% | 1.93% | 1.48% | 1.39% | 2.17% |
| Portfolio turnover......................................  | 37% | 37% | 27% | 31% | 20% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. |

---

3 Net assets reported in millions.

4 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Nomura VIP Pathfinder Conservative Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $4.28 | $4.08 | $4.22 | $5.50 | $5.31 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.13 | 0.09 | 0.06 | 0.07 | 0.13 |
| Net realized and unrealized gain (loss).......................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.13) | (0.08) | (0.19) | (0.13) | (0.10) |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.23) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.33) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.50 |
| **Total return<sup>2</sup>**.........................................  | 10.44% | 8.05% | 12.53% | (14.09%) | 10.18% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $62063 | $68078 | $80639 | $84236 | $110<sup>3</sup>  |
| Ratio of expenses to average net assets<sup>4</sup>.....................  | 0.14% | 0.11% | 0.10% | 0.15% | 0.06% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup>.......  | 0.14% | 0.11% | 0.10% | 0.15% | 0.06% |
| Ratio of net investment income to average net assets.............  | 2.93% | 2.25% | 1.56% | 1.44% | 2.32% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 2.93% | 2.25% | 1.56% | 1.44% | 2.32% |
| Portfolio turnover......................................  | 35% | 32% | 27% | 29% | 27% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. |

---

3 Net assets reported in millions.

4 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Financial highlights

Nomura VIP Pathfinder Moderate — Managed Volatility Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $4.28 | $4.02 | $4.33 | $6.33 | $5.77 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.09 | 0.07 | 0.05 | 0.06 | 0.11 |
| Net realized and unrealized gain (loss).......................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.11) | (0.06) | (0.21) | (0.17) | (0.10) |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.07) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.33 |
| **Total return<sup>2</sup>**.........................................  | 10.72%<sup>3</sup>  | 7.92%<sup>3</sup>  | 14.10% | (13.22%) | 12.99% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $335710 | $378832 | $439980 | $435581 | $530<sup>4</sup>  |
| Ratio of expenses to average net assets<sup>5</sup>.....................  | 0.24% | 0.24% | 0.25% | 0.26% | 0.22% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup>.......  | 0.25% | 0.25% | 0.25% | 0.26% | 0.22% |
| Ratio of net investment income to average net assets.............  | 2.06% | 1.58% | 1.21% | 1.24% | 1.87% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 2.05% | 1.57% | 1.21% | 1.24% | 1.87% |
| Portfolio turnover......................................  | 42% | 45% | 32% | 32% | 19% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. |

---

---

| | |
|:---|:---|
| 3 | Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |

---

4 Net assets reported in millions.

5 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

[Back to **Table of Contents**](#TOC_2628)

Nomura VIP Pathfinder Moderately Aggressive — Managed Volatility Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $4.56 | $4.25 | $4.75 | $6.11 | $5.46 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.08 | 0.06 | 0.04 | 0.06 | 0.09 |
| Net realized and unrealized gain (loss).......................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.11) | (0.06) | (0.27) | (0.10) | (0.09) |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.11 |
| **Total return<sup>2</sup>**.........................................  | 12.08%<sup>3</sup>  | 8.73%<sup>3</sup>  | 15.41% | (14.00%) | 15.24% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $48099 | $54947 | $71000 | $77300 | $102<sup>4</sup>  |
| Ratio of expenses to average net assets<sup>5</sup>.....................  | 0.24% | 0.28% | 0.32% | 0.35% | 0.26% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup>.......  | 0.35% | 0.33% | 0.32% | 0.35% | 0.26% |
| Ratio of net investment income to average net assets.............  | 1.70% | 1.27% | 1.03% | 1.12% | 1.58% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 1.59% | 1.22% | 1.03% | 1.12% | 1.58% |
| Portfolio turnover......................................  | 45% | 51% | 35% | 44% | 18% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. |

---

---

| | |
|:---|:---|
| 3 | Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |

---

4 Net assets reported in millions.

5 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

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Financial highlights

Nomura VIP Pathfinder Moderately Conservative — Managed Volatility Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Class shares | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | Year ended 12/31/21 |
| **Net asset value, beginning of period**.......................  | $3.33 | $3.15 | $3.39 | $6.02 | $5.64 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.09 | 0.06 | 0.04 | 0.04 | 0.12 |
| Net realized and unrealized gain (loss).......................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.09) | (0.04) | (0.15) | (0.27) | (0.09) |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.12) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.02 |
| **Total return<sup>2</sup>**.........................................  | 9.26%<sup>3</sup>  | 7.07%<sup>3</sup>  | 12.62% | (12.71%) | 10.72% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $20782 | $23946 | $30069 | $30222 | $40<sup>4</sup>  |
| Ratio of expenses to average net assets<sup>5</sup>.....................  | 0.24% | 0.34% | 0.45% | 0.53% | 0.26% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup>.......  | 0.50% | 0.45% | 0.45% | 0.53% | 0.26% |
| Ratio of net investment income to average net assets.............  | 2.59% | 1.83% | 1.12% | 1.02% | 2.06% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 2.33% | 1.72% | 1.12% | 1.02% | 2.06% |
| Portfolio turnover......................................  | 46% | 49% | 36% | 43% | 24% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. |

---

---

| | |
|:---|:---|
| 3 | Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |

---

4 Net assets reported in millions.

5 Expense ratios do not include expenses of any investment companies in which the Series invests.

------

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**How to read the financial highlights**

**Net investment income (loss)**

Net investment income (loss) includes dividend and interest income earned from a series' investments; it is calculated after expenses have been deducted.

**Net realized and unrealized gain (loss) on investments**

A realized gain occurs when we sell an investment at a profit, while a realized loss occurs when we sell an investment at a loss. When an investment increases or decreases in value but we do not sell it, we record an unrealized gain or loss. The amount of realized gain per share, if any, that we pay to shareholders would be listed under "Less dividends and distributions from: Net realized gain."

**Net asset value (NAV)**

This is the value of a mutual fund share, calculated by dividing the net assets by the number of shares outstanding.

**Total return**

This represents the rate that an investor would have earned or lost on an investment in a series. In calculating this figure for the financial highlights table, we include applicable fee waivers, exclude front-end sales charges and contingent deferred sales charges, and assume the shareholder has reinvested all dividends and realized gains.

**Net assets**

Net assets represent the total value of all the assets in a series' portfolio, less any liabilities, that are attributable to that class of the series.

**Ratio of expenses to average net assets**

The expense ratio is the percentage of net assets that a series pays annually for operating expenses and management fees. These expenses include accounting and administration expenses, services for shareholders, and similar expenses.

**Ratio of net investment income (loss) to average net assets**

We determine this ratio by dividing net investment income (loss) by average net assets.

**Portfolio turnover**

This figure tells you the amount of trading activity in a series' portfolio. A turnover rate of 100% would occur if, for example, a series bought and sold all of the securities in its portfolio once in the course of a year or frequently traded a single security. A high rate of portfolio turnover in any year may increase brokerage commissions paid and could generate taxes for shareholders on realized investment gains.

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Additional information about each Series is available in its shareholder reports and Form N-CSR filed with the SEC. In each Series' annual shareholder report, you will find a discussion of the market conditions and investment strategies that significantly affected the Series' performance during the period covered by the report. In Form N-CSR, you will find the Series' financial statements. [You can find more information about the Series in their current SAI, which is filed electronically with the SEC, and which is legally a part of this Prospectus (it is incorporated by reference).](#sai_pro) To receive a free copy of the SAI, an annual or semiannual report, other information such as the Series' financial statements, or if you have any questions about investing in the Series, write to us at 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354, or call toll-free 800 523-1918.

The Series' SAI, shareholder reports and financial statements are available, free of charge, through the Series' website at nomuraassetmanagement.com/vip-literature. The insurance company that issued your contract may make the SAI and shareholder reports available to shareholders on the insurance company's website. You can find reports and other information about the Series on the EDGAR database on the SEC website at sec.gov. You may obtain copies of this information, paying a duplication fee, by emailing the SEC at publicinfo@sec.gov.

Investment Company Act number: 811-05017 and 811-05162

**PR-VIP 4/26**<br>

------

![image](sa2668img001.jpg)<br>

Statement of Additional Information

---

| | | |
|:---|:---|:---|
| Nomura VIP Core Equity Series (formerly, Macquarie VIP Core Equity Series) |  | Service Class |
| Nomura VIP Growth Series (formerly, Macquarie VIP Growth Series) |  | Service Class |
| Nomura VIP Growth and Income Series (formerly, Macquarie VIP Growth and Income Series) | Standard Class |  |
| Nomura VIP Growth Equity Series (formerly, Macquarie VIP Growth Equity Series) | Standard Class |  |
| Nomura VIP Mid Cap Growth Series (formerly, Macquarie VIP Mid Cap Growth Series) | Standard Class | Service Class |
| Nomura VIP Smid Cap Core Series (formerly, Macquarie VIP Smid Cap Core Series) |  | Service Class |
| Nomura VIP Small Cap Growth Series (formerly, Macquarie VIP Small Cap Growth Series) | Standard Class | Service Class |
| Nomura VIP Small Cap Value Series (formerly, Macquarie VIP Small Cap Value Series) | Standard Class | Service Class |
| Nomura VIP Opportunity Series (formerly, Macquarie VIP Opportunity Series) | Standard Class |  |
| Nomura VIP Value Series (formerly, Macquarie VIP Value Series) |  | Service Class |
| Nomura VIP Fund for Income Series (formerly, Macquarie VIP Fund for Income Series) | Standard Class | Service Class |
| Nomura VIP Investment Grade Series (formerly, Macquarie VIP Investment Grade Series) | Standard Class | Service Class |
| Nomura VIP Corporate Bond Series (formerly, Macquarie VIP Corporate Bond Series) |  | Service Class |
| Nomura VIP High Income Series (formerly, Macquarie VIP High Income Series) | Standard Class | Service Class |
| Nomura VIP Limited Duration Bond Series (formerly, Macquarie VIP Limited Duration Bond Series) | Standard Class |  |
| Nomura VIP Limited-Term Bond Series (formerly, Macquarie VIP Limited-Term Bond Series) |  | Service Class |
| Nomura VIP Global Growth Series (formerly, Macquarie VIP Global Growth Series) |  | Service Class |
| Nomura VIP International Core Equity Series (formerly, Macquarie VIP International Core Equity Series) | Standard Class | Service Class |
| Nomura VIP Emerging Markets Series (formerly, Macquarie VIP Emerging Markets Series) | Standard Class | Service Class |
| Nomura VIP Asset Strategy Series (formerly, Macquarie VIP Asset Strategy Series) | Standard Class | Service Class |
| Nomura VIP Balanced Series (formerly, Macquarie VIP Balanced Series) |  | Service Class |
| Nomura VIP Total Return Series (formerly, Macquarie VIP Total Return Series) | Standard Class | Service Class |
| Nomura VIP Energy Series (formerly, Macquarie VIP Energy Series) | Standard Class | Service Class |
| Nomura VIP Natural Resources Series (formerly, Macquarie VIP Natural Resources Series) |  | Service Class |
| Nomura VIP Science and Technology Series (formerly, Macquarie VIP Science and Technology Series) | Standard Class | Service Class |
| Nomura VIP Pathfinder Aggressive Series (formerly, Macquarie VIP Pathfinder Aggressive Series) |  | Service Class |
| Nomura VIP Pathfinder Moderately Aggressive Series (formerly, Macquarie VIP Pathfinder Moderately Aggressive Series) |  | Service Class |
| Nomura VIP Pathfinder Moderate Series (formerly, Macquarie VIP Pathfinder Moderate Series) |  | Service Class |
| Nomura VIP Pathfinder Moderately Conservative Series (formerly, Macquarie VIP Pathfinder Moderately Conservative Series) |  | Service Class |
| Nomura VIP Pathfinder Conservative Series (formerly, Macquarie VIP Pathfinder Conservative Series) |  | Service Class |
| Nomura VIP Pathfinder Moderate — Managed Volatility Series (formerly, Macquarie VIP Pathfinder Moderate — Managed Volatility Series) | Nomura VIP Pathfinder Moderate — Managed Volatility Series (formerly, Macquarie VIP Pathfinder Moderate — Managed Volatility Series) | Service Class |
| Nomura VIP Pathfinder Moderately Aggressive — Managed Volatility Series (formerly, Macquarie VIP Pathfinder Moderately Aggressive — Managed Volatility Series) |  | Service Class |
| Nomura VIP Pathfinder Moderately Conservative — Managed Volatility Series (formerly, Macquarie VIP Pathfinder Moderately Conservative — Managed Volatility Series) |  | Service Class |

---

April 30, 2026

This Statement of Additional Information ("SAI") supplements the information contained in the current prospectus (the "Prospectus") of the Series, dated April 30, 2026, as it may be amended from time to time, for each series listed above (each, a "Series" and collectively, the "Series"). This SAI should be read in conjunction with the Prospectus. This SAI is not itself a prospectus but is, in its entirety, incorporated by reference into the Prospectus.The Prospectus may be obtained through our website at nomuraassetmanagement.com/vip-literature; by writing or calling your financial advisor; or by contacting the Series' distributor, Delaware Distributors, L.P. (the "Distributor"), by calling 800 523-1918. Please do not send any correspondence to 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354. The Series' respective financial statements, the notes relating thereto, the financial highlights, and the report of the independent registered public accounting firm are incorporated by reference into this SAI from (i) [the most recent Form N-CSR for Ivy Variable Insurance Portfolios](https://www.sec.gov/ix?doc=/Archives/edgar/data/810016/000119312526095743/d92812dncsr.htm)and (ii) [the most recent Form N-CSR for Delaware VIP Trust](https://www.sec.gov/ix?doc=/Archives/edgar/data/814230/000119312526095731/d924686dncsr.htm). Each Series' shareholder report, and/or financial statements can be obtained, without charge, by calling 800 523-1918.

------

**Table of contents**

---

| | |
|:---|:---|
|  | Page |
| [**Organization and Classification**](#ref_chapter_2_2668)  | [3](#ref_chapter_2_2668)  |
| [**Investment Objectives, Restrictions, and Policies**](#ref_chapter_3_2668)  | [5](#ref_chapter_3_2668)  |
| [**Investment Strategies and Risks**](#ref_chapter_4_2668)  | [9](#ref_chapter_4_2668)  |
| [**Disclosure of Portfolio Holdings Information**](#ref_chapter_5_2668)  | [89](#ref_chapter_5_2668)  |
| [**Management of the Trust**](#ref_chapter_6_2668)  | [90](#ref_chapter_6_2668)  |
| [**Code of Ethics**](#ref_chapter_7_2668)  | [99](#ref_chapter_7_2668)  |
| [**Proxy Voting Policies**](#ref_chapter_8_2668)  | [99](#ref_chapter_8_2668)  |
| [**Investment Manager and Other Service Providers**](#ref_chapter_9_2668)  | [100](#ref_chapter_9_2668)  |
| [**Portfolio Managers**](#ref_chapter_10_2668)  | [110](#ref_chapter_10_2668)  |
| [**Trading Practices and Brokerage**](#ref_chapter_11_2668)  | [118](#ref_chapter_11_2668)  |
| [**Capital Structure**](#ref_chapter_12_2668)  | [121](#ref_chapter_12_2668)  |
| [**Purchase and Redemption of Shares and Offering Price**](#ref_chapter_13_2668)  | [122](#ref_chapter_13_2668)  |
| [**Distributions and Taxes**](#ref_chapter_14_2668)  | [125](#ref_chapter_14_2668)  |
| [**Performance Information**](#ref_chapter_15_2668)  | [133](#ref_chapter_15_2668)  |
| [**Financial Statements**](#ref_chapter_16_2668)  | [133](#ref_chapter_16_2668)  |
| [**Principal Holders**](#ref_chapter_17_2668)  | [134](#ref_chapter_17_2668)  |
| [**Appendix A — Description of Ratings**](#ref_chapter_18_2668)  | [150](#ref_chapter_18_2668)  |
| [**Appendix B — Sub-Advisor Proxy Voting Policies**](#ref_chapter_19_2668)  | [152](#ref_chapter_19_2668)  |

---

------

**Organization and Classification**

This SAI describes the Series, which are series of either Delaware VIP<sup>®</sup> Trust or Ivy Variable Insurance Portfolios<sup>®</sup> (individually and collectively, the "Trust"). Each Series currently offers Service Class shares (except Nomura VIP Growth Equity Series, Nomura VIP Growth and Income Series, Nomura VIP Opportunity Series, and Nomura VIP Limited Duration Bond Series). Nomura VIP Asset Strategy Series, Nomura VIP Emerging Markets Series, Nomura VIP Energy Series, Nomura VIP Fund for Income Series, Nomura VIP Growth Equity Series, Nomura VIP Growth and Income Series, Nomura VIP High Income Series, Nomura VIP International Core Equity Series, Nomura VIP Investment Grade Series, Nomura VIP Limited Duration Bond Series, Nomura VIP Mid Cap Growth Series, Nomura VIP Opportunity Series, Nomura VIP Small Cap Growth Series, Nomura VIP Small Cap Value Series, Nomura VIP Science and Technology Series, and Nomura VIP Total Return Series also currently offer Standard Class shares. All references to "shares" in this SAI refer to all classes of shares (collectively, the "Classes", with each share class, a "Class") of the Series, except where noted. The Series' investment manager is Delaware Management Company (the "Manager"), which is a series of Nomura Investment Management Business Trust ("NIMBT") (a Delaware statutory trust). In addition, the Trusts' Board of Trustees ("Board") has approved Van Eck Associates Corporation ("VanEck"), Nomura Corporate Research and Asset Management Inc. ("NCRAM") and Macquarie Investment Management Global Limited ("MIMGL") to serve as sub-advisors to certain Series, and Securian Asset Management, Inc. ("Securian AM"), serves as a sub-advisor to each Managed Volatility Series (as defined herein), all as described under "Investment Manager and Other Service Providers."

The shares of the Trust are sold only to separate accounts of life insurance companies ("life companies") and other pooled vehicles whose shareholders are limited to insurance companies' investment accounts. The separate accounts are used in conjunction with variable annuity contracts and variable life insurance policies ("variable contracts").

**Organization**

The Series are series of either Delaware VIP Trust or Ivy Variable Insurance Portfolios, as follows:

---

| | |
|:---|:---|
| **Series** | **Trust** |
| Nomura VIP Core Equity Series | Ivy Variable Insurance Portfolios |
| Nomura VIP Growth Series | Ivy Variable Insurance Portfolios |
| Nomura VIP Growth and Income Series | Delaware VIP Trust |
| Nomura VIP Growth Equity Series | Delaware VIP Trust |
| Nomura VIP Mid Cap Growth Series | Ivy Variable Insurance Portfolios |
| Nomura VIP Smid Cap Core Series | Ivy Variable Insurance Portfolios |
| Nomura VIP Small Cap Growth Series | Ivy Variable Insurance Portfolios |
| Nomura VIP Small Cap Value Series | Delaware VIP Trust |
| Nomura VIP Opportunity Series | Delaware VIP Trust |
| Nomura VIP Value Series | Ivy Variable Insurance Portfolios |
| Nomura VIP Fund for Income Series | Delaware VIP Trust |
| Nomura VIP Investment Grade Series | Delaware VIP Trust |
| Nomura VIP Corporate Bond Series | Ivy Variable Insurance Portfolios |
| Nomura VIP High Income Series | Ivy Variable Insurance Portfolios |
| Nomura VIP Limited Duration Bond Series | Delaware VIP Trust |
| Nomura VIP Limited-Term Bond Series | Ivy Variable Insurance Portfolios |
| Nomura VIP Global Growth Series | Ivy Variable Insurance Portfolios |
| Nomura VIP International Core Equity Series | Ivy Variable Insurance Portfolios |
| Nomura VIP Emerging Markets Series | Delaware VIP Trust |
| Nomura VIP Asset Strategy Series | Ivy Variable Insurance Portfolios |
| Nomura VIP Balanced Series | Ivy Variable Insurance Portfolios |
| Nomura VIP Total Return Series | Delaware VIP Trust |
| Nomura VIP Energy Series | Ivy Variable Insurance Portfolios |
| Nomura VIP Natural Resources Series | Ivy Variable Insurance Portfolios |
| Nomura VIP Science and Technology Series | Ivy Variable Insurance Portfolios |
| Nomura VIP Pathfinder Aggressive Series | Ivy Variable Insurance Portfolios |
| Nomura VIP Pathfinder Moderately Aggressive Series | Ivy Variable Insurance Portfolios |
| Nomura VIP Pathfinder Moderate Series | Ivy Variable Insurance Portfolios |
| Nomura VIP Pathfinder Moderately Conservative Series | Ivy Variable Insurance Portfolios |

---

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**Organization and Classification**

---

| | |
|:---|:---|
| **Series** | **Trust**  |
| Nomura VIP Pathfinder Conservative Series | Ivy Variable Insurance Portfolios |
| Nomura VIP Pathfinder Moderate — Managed Volatility Series | Ivy Variable Insurance Portfolios |
| Nomura VIP Pathfinder Moderately Aggressive — Managed Volatility Series | Ivy Variable Insurance Portfolios |
| Nomura VIP Pathfinder Moderately Conservative — Managed Volatility Series | Ivy Variable Insurance Portfolios |

---

**History**

*Ivy Variable Insurance Portfolios*

Ivy Variable Insurance Portfolios was organized as a Delaware statutory trust on January 15, 2009, and is the successor to Ivy Funds Variable Insurance Portfolios, Inc., a Maryland corporation organized on December 2, 1986 ("Corporation"), pursuant to a reorganization on April 30, 2009.

Each Series of the Trust is the successor to the corresponding series of the Corporation, except for Nomura VIP Limited-Term Bond Series, which commenced operations on August 23, 2010, and Nomura VIP Pathfinder Moderate—Managed Volatility Series, Nomura VIP Pathfinder Moderately Aggressive—Managed Volatility Series and Nomura VIP Pathfinder Moderately Conservative—Managed Volatility Series (each, a "Managed Volatility Series"), which commenced operations on July 31, 2013.

Prior to September 30, 2016, the name of each Series then in existence began with "Ivy Funds VIP," (e.g., Ivy Funds VIP Asset Strategy). Effective July 1, 2021, each Series was renamed in conjunction with a transaction whereby Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited's US asset management business, acquired the investment management business of Waddell & Reed Financial, Inc., including Ivy Investment Management Company, the prior investment adviser of the Series. On this date the word "Delaware" was added to each Series name. Effective May 1, 2024, the name of each Series was changed to incorporate the new name beginning with "Macquarie" instead of "Delaware Ivy," and the word "Series" was added to each name (and the series were renamed from "Portfolios"). In addition, "Class I" was renamed "Standard Class", and "Class II" was renamed "Service Class."

In addition:

● Prior
 to January 1, 2015, Ivy VIP Global Growth was known as Ivy Funds VIP International Growth.

● Prior
 to April 28, 2017, Ivy VIP Natural Resources was known as Ivy VIP Global Natural Resources, and Ivy VIP Small Cap Core was known as Ivy
 VIP Small Cap Value.

● Prior
 to April 30, 2018, Ivy VIP Corporate Bond was known as Ivy VIP Bond.

● Effective
 November 15, 2021, Delaware Ivy VIP Small Cap Core changed its name to Delaware Ivy VIP Smid Cap Core.

On December 1, 2025, the name of each Series was changed to incorporate the new name beginning with "Nomura" instead of "Macquarie." Also on December 1, 2025, Macquarie Funds was renamed Nomura Funds.

*Delaware VIP Trust*

Delaware VIP Trust was originally organized as a Maryland corporation in 1987 and was subsequently reorganized as a Delaware statutory trust on December 15, 1999.

Prior to May 1, 2002, the Trust was known as the Delaware Premium Fund. Effective May 1, 2002, the name of each Series was changed to incorporate the new name of the Delaware VIP<sup>®</sup> Trust.

Nomura VIP Small Cap Value Series commenced operations on December 27, 1993. The initial public offering date for Nomura VIP Emerging Markets Series was May 1, 1997. On July 19, 2019, the other Series were established within the Trust. After the close of business on October 4, 2019, each Series of the Trust (except Nomura VIP Small Cap Value Series and Nomura VIP Emerging Markets Series) adopted the performance of a corresponding First Investors Life Series fund (each a "Predecessor Series" and, collectively, the "Predecessor Series") as the result of a reorganization of the Predecessor Series into the corresponding Series as shown below. Such Series had not yet commenced operations prior to the Reorganization.

---

| | |
|:---|:---|
| **Predecessor Series** | **Series** |
| First Investors Life Series Fund For Income | Nomura VIP Fund for Income Series |
| First Investors Life Series Select Growth Fund | Nomura VIP Growth Equity Series |
| First Investors Life Series Growth & Income Fund | Nomura VIP Growth and Income Series |
| First Investors Life Series Opportunity Fund | Nomura VIP Opportunity Series |
| First Investors Life Series Limited Duration Bond Fund | Nomura VIP Limited Duration Bond Series |
| First Investors Life Series Total Return Fund | Nomura VIP Total Return Series |

---

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---

| | |
|:---|:---|
| **Predecessor Series** | **Series**  |
| First Investors Life Series Investment Grade Fund | Nomura VIP Investment Grade Series |

---

Effective May 1, 2024, the name of each Series was changed to incorporate the new name beginning with "Macquarie VIP" instead of "Delaware VIP".

On December 1, 2025, the name of each Series was changed to incorporate the new name beginning with "Nomura" instead of "Macquarie." Also on December 1, 2025, Macquarie Funds was renamed Nomura Funds.

**Classification**

Each Trust is an open-end management investment company.

Each Series' portfolio of assets (except Nomura VIP Energy Series, Nomura VIP Growth Series and Nomura VIP Science and Technology Series) is "diversified" as defined by the Investment Company Act of 1940, as amended (the "1940 Act"). The 1940 Act requires a "diversified" fund, with respect to 75% of the value of its total assets, to invest (1) no more than 5% of the value of the fund's total assets in the securities of any one issuer and (2) in no more than 10% of the outstanding voting securities of such issuer. This limitation generally requires a diversified fund to invest in securities issued by a minimum of 16 issuers. This limitation cannot be changed without approval by the holders of a "majority" of a Series' outstanding shares as described below.

Each of Nomura VIP Energy Series, Nomura VIP Growth Series and Nomura VIP Science and Technology Series is "non-diversified" as defined in the 1940 Act. This means that each of those Series may invest a greater portion of its assets in obligations of a single issuer or in several issuers.

**Investment Objectives, Restrictions, and Policies**

**Investment Objectives**

Each Series' investment objective is described in the Prospectus. Each Series' investment objective is nonfundamental, and may be changed without shareholder approval. However, the Board must approve any changes to nonfundamental investment objectives, and a Series will notify shareholders at least 60 days prior to a material change in the Series' investment objective.

***Investment Restrictions for Ivy Variable Insurance Portfolios***

**Fundamental Investment Restrictions**

The following, set forth in their entirety, are the Series' fundamental investment restrictions, which cannot be changed without shareholder approval for the affected Series. For this purpose, shareholder approval for a Series means the approval, at a meeting of Series shareholders, by the lesser of (1) 67% or more of the Series' voting securities present at the meeting, if more than 50% of the Series' outstanding voting securities are present in person or by proxy or (2) more than 50% of the Series' outstanding voting securities. If a percentage restriction is adhered to at the time of an investment or transaction, later changes in the percentage resulting from a change in value of portfolio securities or amount of total assets will not be considered a violation of the restriction and generally will not require a Series to sell any portfolio security to comply with these limitations. As to each Series (unless otherwise specified):

1. The Series may not borrow money, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief.

2. The Series may not issue senior securities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief.

3. The Series may not engage in the business of underwriting securities except to the extent that the Series may be considered an underwriter within the meaning of the 1933 Act in the acquisition, disposition or resale of its portfolio securities or in connection with investments in other investment companies, or to the extent otherwise permitted under the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief.

4. For each Series except Nomura VIP Energy Series, Nomura VIP Natural Resources Series and Nomura VIP Science and Technology Series:

The Series may not purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities, securities of other investment companies and tax-exempt securities or such other securities as may be excluded for this purpose under the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief) if, as a result, such purchase would result in the concentration (as that term may be defined in the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief) of its total assets in securities of issuers in any one industry.

For Nomura VIP Energy Series: Under normal market conditions, Nomura VIP Energy Series will concentrate its investments in the energy industry.

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**Investment Objectives, Restrictions, and Policies**

For Nomura VIP Natural Resources Series: Under normal market conditions, Nomura VIP Natural Resources Series will concentrate its investments in securities of issuers that produce, refine, develop, store, transport or supply energy or industrial products (i.e., building materials, packaging, chemicals, base metals, forest and agricultural products or provide basic services to the natural resources industry).

For Nomura VIP Science and Technology Series: Under normal market conditions, Nomura VIP Science and Technology Series will concentrate its investments in securities of science and technology companies or companies that benefit from the application of science and/or technology.

For purposes of a Series' concentration policy, the Series intends to comply with the SEC staff position that securities issued or guaranteed as to principal and interest by any single foreign government are considered to be securities of issuers in the same industry or group of industries. In applying a Series' policy on concentration (i.e., investing more than 25% of its net assets in the securities of issuers primarily engaged in the same industry): (i) utility companies will be divided according to their services, for example, gas, gas transmission, electric, and telephone will each be considered a separate industry; (ii) financial service companies will be classified according to the end users of their services, for example, automobile finance, bank finance, and diversified finance will each be considered a separate industry; (iii) asset-backed securities will be classified according to the underlying assets securing such securities.

5. The Series may not purchase or sell real estate, except to the extent permitted under the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief.

6. The Series may not purchase or sell commodities, contracts relating to commodities or options on contracts relating to commodities except to the extent permitted under the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. This policy shall not prevent the Series from purchasing or selling foreign currency or purchasing, selling or entering into futures contracts, options, forward contracts, swaps, caps, floors, collars and other financial instruments as currently exist or may in the future be developed.

7. The Series may make loans to the extent permitted under the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief.

**Non-Fundamental Investment Restrictions**

The following investment restrictions are non-fundamental (sometimes referred to as "operating policies") and may be changed by the Board without shareholder approval:

1. Investment in other investment companies:

Each Series may buy shares of other investment companies only to the extent permitted under the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, except that a Series in which a Pathfinder Series (as defined below) or a Managed Volatility Series invests may not acquire any securities of registered open-end investment companies or unit investment trusts in reliance on Section 12(d)(1)(F) or (G) of the 1940 Act.

2. Investment in illiquid securities:

Each Series may not purchase a security if, as a result, more than 15% of its net assets would consist of illiquid investments.

3. Investment in debt securities:

Each of Nomura VIP Core Equity Series, Nomura VIP Energy Series, Nomura VIP Global Growth Series, Nomura VIP Growth Series, Nomura VIP International Core Equity Series, Nomura VIP Mid Cap Growth Series, Nomura VIP Natural Resources Series, Nomura VIP Smid Cap Core Series, Nomura VIP Small Cap Growth Series and Nomura VIP Value Series does not currently intend to invest more than 10% of its total assets in non-investment grade debt securities.

Nomura VIP Asset Strategy Series may not invest more than 10% of its total assets in non-investment grade debt securities.

Each of Nomura VIP Balanced Series, Nomura VIP Corporate Bond Series, Nomura VIP Limited-Term Bond Series and Nomura VIP Science and Technology Series may not invest more than 20% of its total assets in non-investment grade debt securities.

4. Investment in foreign securities:

Nomura VIP Corporate Bond Series may not invest more than 40% of its total assets in foreign securities.

Each of Nomura VIP Core Equity Series, Nomura VIP Growth Series, Nomura VIP Mid Cap Growth Series, Nomura VIP Smid Cap Core Series, Nomura VIP Small Cap Growth Series and Nomura VIP Value Series may not invest more than 25% of its total assets in foreign securities.

Nomura VIP Balanced Series may not invest more than 30% of its total assets in foreign securities.

5. Investment in Financial Instruments:

Each Series may invest in Financial Instruments if it is permitted to invest in the type of asset by which the return on, or value of, the Financial Instrument primarily is measured.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6. Diversification:

Except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, each Series (other than Nomura VIP Energy Series, Nomura VIP Growth Series, and Nomura VIP Science and Technology Series) may not with respect to 75% of the Series' total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities, and securities of other investment companies) if, as a result, (a) more than 5% of the Series' total assets would be invested in the securities of that issuer, or (b) the Series would hold more than 10% of the outstanding voting securities of that issuer.

7. Other Current Restrictions:

Notwithstanding the foregoing investment limitations, each of the Pathfinder Series and Managed Volatility Series may invest in Underlying Funds (as defined below) that have adopted investment limitations that may be more or less restrictive than those listed above for the Pathfinder Series and Managed Volatility Series. Therefore, the Pathfinder Series and Managed Volatility Series may engage indirectly in investment strategies that are prohibited under the investment limitations listed above.

In accordance with each Pathfinder Series' and Managed Volatility Series' investment program as set forth in the Prospectus, a Pathfinder Series and a Managed Volatility Series may invest more than 25% of its net assets in any one Underlying Fund.

**All Series.** An investment policy or restriction that states a maximum percentage of a Series' assets that may be so invested or prescribes quality standards typically is applied immediately after, and based on, the Series' acquisition of an asset. Accordingly, a subsequent change in the asset's value, net assets, or other circumstances will not be considered when determining whether the investment complies with a Series investment policies and restrictions.

***Investment Restrictions for Delaware VIP Trust***

**Fundamental Investment Restrictions**

The Trust has adopted the following restrictions for each Series which cannot be changed without approval by the holders of a "majority" of the respective Series' outstanding shares, which is a vote by the holders of the lesser of: (i) 67% or more of the voting securities present in person or by proxy at a meeting, if the holders of more than 50% of the outstanding voting securities are present or represented by proxy; or (ii) more than 50% of the outstanding voting securities. Except for the limitation on borrowing, the percentage limitations contained in the restrictions and policies set forth herein apply at the time of purchase of securities. If a percentage restriction is adhered to at the time of an investment or transaction, later changes in the percentage resulting from a change in value of portfolio securities or amount of total assets will not be considered a violation of the restriction and generally will not require a Series to sell any portfolio security.

Each Series may not:

1. Make investments that will result in the concentration (as that term may be defined in the 1940 Act, any rule or order thereunder, or U.S. Securities and Exchange Commission ("SEC") staff interpretation thereof) of its investments in the securities of issuers primarily engaged in the same industry, provided that this restriction does not limit the Series from investing in obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or in tax-exempt obligations.

2. Borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit.

3. Underwrite the securities of other issuers, except that the Series may engage in transactions involving the acquisition, disposition or resale of its portfolio securities, under circumstances where it may be considered to be an underwriter under the Securities Act of 1933, as amended (the "1933 Act").

4. Purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments, and provided that this restriction does not prevent the Series from investing in issuers that invest, deal or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein.

5. Purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Series from engaging in transactions involving futures contracts and options thereon or investing in securities that are secured by physical commodities.

6. Make personal loans or loans of its assets to persons who control or are under common control with a Series, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. This restriction does not prevent a Series from, among other things, purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker/dealers or institutional investors, or investing in loans, including assignments and participation interests.

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**Investment Objectives, Restrictions, and Policies**

**Nonfundamental Investment Restrictions**

In addition to the fundamental investment policies and investment restrictions described above, and the various general investment policies described in the Prospectuses, each Series will be subject to the following investment restriction, which is considered nonfundamental and may be changed by the Trust's Board without shareholder approval: A Series may not invest more than 10% of its respective net assets in securities which it cannot sell or dispose of in the ordinary course of business within seven days at approximately the value at which the applicable Series has valued the investment.

For purposes of a Series' concentration policy, the Series intends to comply with the SEC staff position that securities issued or guaranteed as to principal and interest by any single foreign government are considered to be securities of issuers in the same industry. In applying a Series' fundamental policy concerning concentration (i.e., investing more than 25% of its net assets in the securities of issuers primarily engaged in the same industry) described above, it is a matter of nonfundamental policy that: (i) utility companies will be divided according to their services, for example, gas, gas transmission, electric, and telephone will each be considered a separate industry; (ii) financial service companies will be classified according to the end users of their services, for example, automobile finance, bank finance, insurance, insurance companies, and diversified finance will each be considered a separate industry; (iii) asset-backed securities will be classified according to the underlying assets securing such securities; and (iv) the technology sector will be divided into various sub-categories (e.g., computers, internet, software, semiconductors, software, and telecommunication services).

Except for the Series' policy with respect to borrowing, any investment restriction or limitation that involves a maximum percentage of securities or assets shall not be considered to be violated unless an excess over the percentage occurs immediately after an acquisition of securities or utilization of assets and such excess results therefrom.

**Portfolio Turnover**

Portfolio trading will be undertaken principally to accomplish a Series' respective investment objective. Each Series is free to dispose of portfolio securities at any time, subject to complying with the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), and the 1940 Act, when changes in circumstances or conditions make such a move desirable in light of a Series' investment objective. Each Series will not attempt to achieve or be limited to a predetermined rate of portfolio turnover. Such turnover always will be incidental to transactions undertaken with a view to achieving each Series' respective investment objective.

The portfolio turnover rate tells you the amount of trading activity in a Series' portfolio. A turnover rate of 100% would occur, for example, if all of a Series' investments held at the beginning of a year were replaced by the end of the year, or if a single investment were frequently traded. The turnover rate also may be affected by cash requirements from redemptions and repurchases of a Series' shares. A high rate of portfolio turnover in any year may increase brokerage commissions paid. In investing to achieve its investment objective, a Series may hold securities for any period of time.

Some Series may engage in active and frequent trading of portfolio securities, which means that their portfolio turnover rate may exceed 100%.

For the fiscal years ended December 31, 2024 and 2025, the Series' portfolio turnover rates were as follows:

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| | | |
|:---|:---|:---|
| **Series** | **2025** | **2024** |
| **Nomura VIP Core Equity Series** | 39% | 39% |
| **Nomura VIP Growth Series** | 26% | 9% |
| **Nomura VIP Growth and Income Series** | 42% | 45% |
| **Nomura VIP Growth Equity Series** | 24% | 9% |
| **Nomura VIP Mid Cap Growth Series** | 52% | 37% |
| **Nomura VIP Smid Cap Core Series** | 15% | 10% |
| **Nomura VIP Small Cap Growth Series** | 74% | 72% |
| **Nomura VIP Small Cap Value Series** | 24% | 20% |
| **Nomura VIP Opportunity Series** | 14% | 10% |
| **Nomura VIP Value Series** | 36% | 30% |
| **Nomura VIP Fund for Income Series** | 45% | 56% |
| **Nomura VIP Investment Grade Series** | 189% | 116% |
| **Nomura VIP Corporate Bond Series** | 190% | 139% |
| **Nomura VIP High Income Series** | 42% | 53% |
| **Nomura VIP Limited Duration Bond Series** | 247% | 186% |
| **Nomura VIP Limited-Term Bond Series** | 262%\* | 159% |

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| | | |
|:---|:---|:---|
| **Series** | **2025** | **2024**  |
| **Nomura VIP Global Growth Series** | 37% | 49% |
| **Nomura VIP International Core Equity Series** | 90% | 77% |
| **Nomura VIP Emerging Markets Series** | 3% | 11% |
| **Nomura VIP Asset Strategy Series** | 76% | 76% |
| **Nomura VIP Balanced Series** | 69% | 79% |
| **Nomura VIP Total Return Series** | 77% | 51% |
| **Nomura VIP Energy Series** | 59% | 42% |
| **Nomura VIP Natural Resources Series** | 47% | 46% |
| **Nomura VIP Science and Technology Series** | 77%\*\* | 37% |
| **Nomura VIP Pathfinder Aggressive Series** | 46% | 55% |
| **Nomura VIP Pathfinder Moderately Aggressive Series** | 41% | 49% |
| **Nomura VIP Pathfinder Moderate Series** | 39% | 42% |
| **Nomura VIP Pathfinder Moderately Conservative Series** | 37% | 37% |
| **Nomura VIP Pathfinder Conservative Series** | 35% | 32% |
| **Nomura VIP Pathfinder Moderate — Managed Volatility Series** | 42% | 45% |
| **Nomura VIP Pathfinder Moderately Aggressive — Managed Volatility** **Series** | 45% | 51% |
| **Nomura VIP Pathfinder Moderately Conservative — Managed Volatility** **Series** | 46% | 49% |

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\* The increase in portfolio turnover was primarily attributable to heightened market volatility, flows and portfolio re-positioning as compared to the prior twelve months, resulting in more frequent trading opportunities.

\*\* The increase in portfolio turnover was primarily due to the management of security weightings and sector allocations in response to increased volatility in aspects of the information technology sector.

**Investment Strategies and Risks**

The Series' investment objectives, strategies, and risks are described in the Prospectus. Certain additional information is provided below. The following discussion supplements the description of the Series' investment strategies and risks that are included in the Prospectus. The Series' investment strategies are nonfundamental and may be changed without shareholder approval.

**Investment strategies and risks applicable to** **Nomura** **VIP Pathfinder Series and Managed Volatility Series**

Each of Nomura VIP Pathfinder Aggressive Series, Nomura VIP Pathfinder Moderately Aggressive Series, Nomura VIP Pathfinder Moderate Series, Nomura VIP Pathfinder Moderately Conservative Series, and Nomura VIP Pathfinder Conservative Series (each, a "Pathfinder Series") and each Managed Volatility Series is a fund of funds. Each invests primarily in a combination of affiliated funds (including exchange-traded funds) in the Nomura Funds complex (including other Series) that are not fund of funds ("Underlying Funds").

Each Managed Volatility Series also allocates a portion of its assets in a volatility management strategy that is intended to manage the volatility of the Managed Volatility Series' equity returns.

**Other Direct Investments of the Pathfinder Series and the Managed Volatility Series**

Each Pathfinder Series and Managed Volatility Series may invest directly in securities issued or guaranteed by the U.S. government or its agencies or instrumentalities (U.S. government securities), commercial paper and other short-term corporate obligations and other money market instruments, including repurchase agreements. Under normal circumstances, each Pathfinder Series and each Managed Volatility Series anticipates investments in these securities and instruments to be minimal.

The volatility management strategy of each Managed Volatility Series is managed by Securian AM through investments in exchange-traded futures contracts on certain equity indices.

**Investment strategies and risks applicable to the following series:** **Nomura** **VIP Core Equity Series,** **Nomura** **VIP Growth Series,** **Nomura** **VIP Mid Cap Growth Series,** **Nomura** **VIP Smid Cap Core Series,** **Nomura** **VIP Small Cap Growth Series,** **Nomura** **VIP Value Series,** **Nomura** **VIP Corporate Bond Series,** **Nomura** **VIP High Income Series,** **Nomura** **VIP Limited-Term Bond Series,** **Nomura** **VIP Global Growth Series,** **Nomura** **VIP International Core Equity Series,** **Nomura** **VIP Asset Strategy Series,** **Nomura** **VIP Balanced Series,** **Nomura** **VIP Energy** **Series,** **Nomura** **VIP Natural Resources Series and** **Nomura** **VIP Science and Technology Series**

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**Investment Strategies and Risks**

Any reference to the "Series" generally in this subsection is intended to apply only to the applicable Series identified as being subject to this subsection.

**Securities — General**

The main types of securities in which a Series may invest, subject to its investment policies and restrictions, include common stocks, preferred stocks, debt securities, and convertible securities. Although common stocks and other equity securities have a history of long-term growth in value, their prices tend to fluctuate in the short term, particularly those of smaller companies. The equity securities in which a Series invests may include preferred stock that converts into common stock. A Series also may invest in preferred stocks rated in any rating category of the nationally recognized statistical rating organizations (NRSROs) or unrated preferred stocks, subject to the investment policies and restrictions of the Series. Debt securities have varying levels of sensitivity to changes in interest rates and varying degrees of quality. As a general matter, however, when interest rates rise, the values of fixed-rate debt securities fall and, conversely, when interest rates fall, the values of fixed-rate debt securities rise. Similarly, debt securities with longer maturities generally are more sensitive to interest rate changes than debt securities with shorter maturities.

Subject to its investment policies and restrictions, a Series may invest in debt securities rated in any rating category of the NRSROs, including securities rated in the lowest category (securities rated D by S&P Global Ratings, a division of S&P Global, Inc. (S&P) or comparably rated by another NRSRO). Debt securities rated D by S&P or comparably rated by another NRSRO are in payment default or are regarded as having extremely poor prospects of ever attaining any real investment standing. Debt securities rated at least BBB- by S&P or comparably rated by another NRSRO are considered to be investment grade debt securities; however, securities rated BBB- or comparably rated by another NRSRO may have speculative characteristics and involve greater risk of default or price changes. In addition, a Series will treat unrated securities determined by the Manager to be of comparable quality to a rated security having that rating. In the case of a "split-rated" security, which results when NRSROs rate the security at different rating levels (e.g., BBB by S&P and a higher or lower rating by another NRSRO), it is the general policy of each Series to classify such security at the lower rating level if only two ratings are available.

While credit ratings are only one factor the Manager relies on in evaluating high-yield (low-rated) debt securities, certain risks are associated with credit ratings. Credit ratings evaluate the safety of principal and interest payments, not market value risk. Credit ratings for individual securities may change from time to time, and a Series may retain a portfolio security whose rating has been changed. In addition, a credit rating may become stale in that it fails to reflect changes in an issuer's financial condition. Credit ratings represent the NRSRO's opinion regarding the quality of the security and are not a guarantee of quality. See *Appendix A* to this SAI for a description of these ratings.

Subject to its investment policies and restrictions, a Series may purchase debt securities whose principal amount at maturity is dependent upon the performance of a specified equity security (commonly called "equity-linked debt securities"). The issuer of such debt securities is unaffiliated with the issuer of the equity security to whose performance the debt security is linked. Equity-linked debt securities differ from ordinary debt securities in that the principal amount received at maturity is not fixed, but is based on the price of the linked equity security at the time the debt security matures. The performance of equity-linked debt securities depends primarily on the performance of the linked equity security and also may be influenced by interest rate changes. In addition, although equity- linked debt securities typically are adjusted for diluting events such as stock splits, stock dividends and certain other events affecting the market value of the linked equity security, the debt securities are not adjusted for subsequent issuances of the linked equity security for cash. Such an issuance could adversely affect the price of the debt security. In addition to the equity risk relating to the linked equity security, such debt securities also are subject to credit risk with regard to the issuer of the debt security. In general, however, such debt securities are less volatile than the equity securities to which they are linked.

Debt securities may be unsecured and structurally or contractually subordinated to substantial amounts of senior indebtedness, all or a significant portion of which may be secured. Moreover, such debt investments may not be protected by financial covenants or limitations upon additional indebtedness. Other factors may materially and adversely affect the market price and yield of such debt investments, including investor demand, changes in the financial condition of the applicable issuer, government fiscal policy and domestic or worldwide economic conditions. Subject to its investment policies and restrictions, certain of the debt instruments in which a Series may invest may have speculative characteristics. Debt securities may be subject to credit risk, duration risk, extension risk, income risk, interest rate risk, liquidity risk and reinvestment risk, among other risks.

Subject to its investment policies and restrictions, a Series may invest in convertible securities. A convertible security is a bond, debenture, note, preferred stock or other security that may be converted into or exchanged for a prescribed amount of common stock of the same or different issuer within a particular period of time at a specified price or formula. Convertible securities generally have higher yields than common stocks of the same or similar issuers, but lower yields than comparable nonconvertible securities, are less subject to fluctuation in value than the underlying stock because they have fixed-income characteristics, and provide the potential for capital appreciation if the market price of the underlying common stock increases.

The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security's investment value. A convertible security may be subject to redemption at the option of the issuer at a price established in the security's offering

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document. If a convertible security held by a Series is called for redemption, such Series will be required to convert it into the underlying stock, sell it to a third party or permit the issuer to redeem the security. Convertible securities typically are issued by smaller capitalized companies whose stock prices may be volatile. Thus, any of these actions could have an adverse effect on the ability of a Series to achieve its investment objective(s).

Subject to its investment policies and restrictions, a Series also may invest in contingent convertible securities (CoCos). CoCos are a form of hybrid debt security that are intended to either convert into equity or have their principal written down upon the occurrence of certain "triggers." The triggers generally are linked to regulatory capital thresholds or regulatory actions calling into question the issuing banking institution's continued viability as a going concern. CoCos' unique equity conversion or principal write-down features are tailored to the issuing banking institution and its regulatory requirements. Some additional risks associated with CoCos include, but are not limited to:

● Loss
 absorption risk. CoCos have fully discretionary coupons. This means coupons can potentially be cancelled at the banking institution's discretion or at the request of the relevant
 regulatory authority in order to help the bank absorb losses.

● Subordinated
 instruments. CoCos, in the majority of circumstances, will be issued in the form of subordinated debt instruments in order to provide
 the appropriate regulatory capital treatment prior to a conversion. Accordingly, in the event of liquidation, dissolution or winding-up
 of an issuer prior to a conversion having
 occurred, the rights and claims of the holders of the CoCos, such as the Series, against the issuer in respect of
 or arising under the terms of the CoCos generally shall rank junior to the claims of all holders of unsubordinated obligations of the
 issuer. In addition, if the CoCos are converted
 into the issuer's underlying equity securities following a conversion event (*i.e.*,
 a "trigger"), each holder will be
 subordinated due to their conversion from being the holder of a debt instrument to being the holder of an equity instrument.

● Market
 value will fluctuate based on unpredictable factors. The value of CoCos is unpredictable and will be influenced by many factors including, without limitation: (i) the creditworthiness
 of the issuer and/or fluctuations in such issuer's applicable capital ratios; (ii) supply and demand for the CoCos;
 (iii) general market conditions and available liquidity; and (iv) economic, financial and political events that affect the issuer, its
 particular market or the financial markets
 in general.

Subject to its investment policies and restrictions, a Series also may invest in a type of convertible preferred stock that pays a cumulative, fixed dividend that is senior to, and expected to be in excess of, the dividends paid on the common stock of the issuer. At the mandatory conversion date, the preferred stock is converted into not more than one share of the issuer's common stock at the call price that was established at the time the preferred stock was issued. If the price per share of the related common stock on the mandatory conversion date is less than the call price, the holder of the preferred stock will nonetheless receive only one share of common stock for each share of preferred stock (plus cash in the amount of any accrued but unpaid dividends). At any time prior to the mandatory conversion date, the issuer may redeem the preferred stock upon issuing to the holder a number of shares of common stock equal to the call price of the preferred stock in effect on the date of redemption divided by the market value of the common stock, with such market value typically determined 1 or 2 trading days prior to the date notice of redemption is given. The issuer also must pay the holder of the preferred stock cash in an amount equal to any accrued but unpaid dividends on the preferred stock. This convertible preferred stock is subject to the same market risk as the common stock of the issuer, except to the extent that such risk is mitigated by the higher dividend paid on the preferred stock. The opportunity for equity appreciation afforded by an investment in such convertible preferred stock, however, is limited, because in the event the market value of the issuer's common stock increases to or above the call price of the preferred stock, the issuer may (and would be expected to) call the preferred stock for redemption at the call price. This convertible preferred stock also is subject to credit risk with regard to the ability of the issuer to pay the dividend established upon issuance of the preferred stock. Generally, however, the market value of the convertible preferred stock is less volatile than the related common stock of the issuer.

Certain unanticipated events, such as natural disasters, terrorist attacks, war, and other geopolitical events (including, but not limited to, economic sanctions, trade barriers, tariffs, or boycotts), can have a dramatic adverse effect on securities held by a Series and, therefore, the value of the shares issued by a Series.

**Specific Securities and Investment Practices - each Series except the Pathfinder Series and the Managed Volatility Series (except as** **noted herein)**

**Asset-Backed Securities ("ABS")**

Asset-backed receivables are securitized in either a pass-through or a pay-through structure. Pass-through securities provide investors with an income stream consisting of both principal and interest payments in respect of the receivables in the underlying pool. Pay-through ABS are debt obligations issued usually by a special purpose entity. The securities are collateralized by the various receivables and the payments on the underlying receivables provide the proceeds to pay the debt service on the debt obligations issued.

The rate of principal payment on ABS generally depends on the rate of principal payments received on the underlying assets. Such rate of payments may be affected by economic and various other factors such as changes in interest rates or the concentration of collateral in a particular geographic area. Therefore, the yield may be difficult to predict and actual yield to maturity may be more or less than the anticipated yield to maturity. The credit quality of most ABS depends primarily on the credit quality of the assets underlying such securities, how well the entities issuing the securities are insulated from the credit risk of the originator or affiliated entities, and the amount of credit support provided to the securities. Due to the shorter maturity of the collateral backing such securities, there tends to be less of a risk of substantial prepayment than with mortgage-backed securities ("MBS") but the risk of such a prepayment does exist. Such ABS do, however, involve certain risks not associated with MBS, including the risk that security interests cannot be adequately, or in many cases ever, established, and other risks that may be peculiar to particular classes of

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**Investment Strategies and Risks**

collateral. For example, with respect to credit card receivables, a number of state and federal consumer credit laws give debtors the right to set off certain amounts owed on the credit cards, thereby reducing the outstanding balance. In the case of automobile receivables, there is a risk that the holders may not have either a proper or first security interest in all of the obligations backing such receivables due to the large number of vehicles involved in a typical issuance and technical requirements under state laws; therefore, recoveries on repossessed collateral may not always be available to support payments on the securities.

ABS are often backed by a pool of assets representing the obligations of a number of different parties. To lessen the effect of failures by obligors on underlying assets to make payments, such securities may contain elements of credit support. Such credit support falls into two categories: (i) liquidity protection, and (ii) protection against losses resulting from ultimate default by an obligor on the underlying assets. Liquidity protection refers to the provision of advances, generally by the entity administering the pool of assets, to ensure that the receipt of payments due on the underlying pool is timely. Protection against losses resulting from ultimate default enhances the likelihood of payments of the obligations on at least some of the assets in the pool. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor from third parties, through various means of structuring the transaction, or through a combination of such approaches. A Series will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.

Examples of credit support arising out of the structure of the transaction include "senior-subordinated securities" (multiple-class securities with one or more classes subordinate to other classes as to the payment of principal thereof and interest thereon, with the result that defaults on the underlying assets are borne first by the holders of the subordinated class), creation of "reserve funds" (where cash or investments, sometimes funded from a portion of the payments on the underlying assets, are held in reserve against future losses), and "over collateralization" (where the scheduled payments on, or the principal amount of, the underlying assets exceed that required to make payments of the securities and pay any servicing or other fees). The degree of credit support provided for each issue is generally based on historical information respecting the level of credit risk associated with the underlying assets. Delinquencies or losses in excess of those anticipated could adversely affect the return on an investment in such issue.

***Banking Industry and Savings and Loan Obligations***

Certificates of deposit are certificates issued against funds deposited in a commercial bank for a definite period of time and earning a specified return. Bankers' acceptances are negotiable drafts or bills of exchange, normally drawn by an importer or exporter to pay for specific merchandise, which are "accepted" by a bank (meaning, in effect, that the bank unconditionally agrees to pay the face value of the instrument at maturity). In addition to investing in certificates of deposit and bankers' acceptances, each Series may invest in time deposits in banks or savings and loan associations. Time deposits generally are similar to certificates of deposit, but are uncertificated. Each Series' investments in certificates of deposit, time deposits, and bankers' acceptances are limited to obligations of (i) US banks having total assets in excess of $500,000,000 (as of the date of their most recent financial statements at the time of investment), (ii) US banks which do not meet the $500,000,000 asset requirement, if the principal amount of such obligation is fully insured by the Federal Deposit Insurance Corporation (FDIC), (iii) savings and loan associations which have total assets in excess of $500,000,000 and which are members of the FDIC, and (iv) foreign banks if the obligation is, in the opinion of the Manager, of an investment quality comparable to other debt securities which may be purchased by the Series. Each Series' investments in certificates of deposit of savings associations are limited to obligations of federal or state- chartered institutions whose total assets exceed $500,000,000 and whose deposits are insured by the FDIC. Bank deposits are not marketable, and a Series may invest in them subject to its investment restrictions regarding illiquid investments, unless such obligations are payable at principal amount plus accrued interest on demand or within 7 days after demand.

***Borrowing***

Each Series may borrow money only as permitted under the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. Proceeds from borrowings will be used for temporary, extraordinary or emergency purposes. Interest on money borrowed is an expense a Series would not otherwise incur, and as a result, it may have reduced net investment income during periods of outstanding borrowings. If a Series does borrow money, its share price may be subject to greater fluctuation until the borrowing is paid off.

***Credit-Linked Notes***

Subject to its investment policies and restrictions, a Series may invest in credit-linked notes. A credit-linked note is a structured note whose value is linked to an underlying reference asset. Credit-linked notes typically provide periodic payments of interest, as well as payment of principal upon maturity. The value of the periodic payments and the principal amount payable upon maturity are tied (positively or negatively) to a reference asset, such as an index, government bond, interest rate or currency exchange rate. The ongoing payments and principal upon maturity typically will increase or decrease depending on increases or decreases in the value of the reference asset. A credit-linked note typically is issued by a limited purpose trust or other vehicle and is a direct obligation of the issuing entity. The limited purpose trust or other vehicle, in turn, invests in bonds or a derivative or basket of derivatives instruments, such as credit default swaps, interest rate swaps and/or other securities, to provide the exposure set forth in the credit-linked note. The periodic interest payments and principal obligations payable under the terms of the note typically are conditioned upon the entity's receipt of payments on its underlying investment. If the underlying investment defaults, the periodic payments and principal received by the Series will be reduced or eliminated. The buyer of a credit-linked note assumes the risk of default by the issuer and the underlying reference asset or entity. Generally, investors in credit-linked notes assume the risk of default by the issuer and the reference entity in return for a

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potentially higher yield on their investment or access to an investment that they could not otherwise obtain. In the event the issuer defaults or there is a credit event that relates to the reference asset, the recovery rate generally is less than a Series' initial investment, and the Series may lose money.

***Foreign Securities and Currencies***

**Foreign Securities.** Subject to its investment policies and restrictions, a Series may invest in the securities of foreign issuers, including depositary receipts. In general, depositary receipts are securities convertible into and evidencing ownership of securities of foreign corporate issuers, although depositary receipts may not necessarily be denominated in the same currency as the securities into which they may be converted. American depositary receipts (ADRs), in registered form, are US dollar-denominated receipts typically issued by a US bank representing ownership of a specific number of shares in a non-US corporation. ADRs are quoted and traded in US dollars in the US securities market. An ADR is sponsored if the original issuing company has selected a single US bank to serve as its US depositary and transfer agent. This relationship requires a deposit agreement which defines the rights and duties of both the issuer and depositary. Companies that sponsor ADRs also must provide their ADR investors with English translations of company information made public in their own country of domicile. Sponsored ADR investors also generally have the same voting rights as ordinary shareholders, barring any unusual circumstances. ADRs which meet these requirements can be listed on US stock exchanges. Unsponsored ADRs typically are created at the initiative of a broker or bank reacting to demand for a specific foreign stock. The broker or bank purchases the underlying shares and deposits them in a depositary. Unsponsored shares issued after 1983 are not eligible for US stock exchange listings, and they generally do not include voting rights.

Global depositary receipts and European depositary receipts, in bearer form, are foreign receipts evidencing a similar arrangement and are designed for use by non-US investors and traders in non-US markets. Global depositary receipts are designed to facilitate the trading of securities of foreign issuers by US and non-US investors and traders.

The Manager believes that investing in foreign securities involves investment opportunities as well as risks. Individual foreign economies may differ favorably or unfavorably from the US economy or each other in such matters as gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. Individual foreign companies also may differ favorably or unfavorably from US companies in the same industry. Foreign currencies may be stronger or weaker than the US dollar or than each other. Thus, the value of securities denominated in or indexed to foreign currencies, and the value of dividends and interest from such securities, can change significantly when foreign currencies strengthen or weaken relative to the US dollar.

The Manager believes that a Series' ability to invest its assets abroad might enable it to take advantage of these differences and strengths.

However, foreign securities and foreign currencies involve additional significant risks, apart from the risks inherent in US investments. Foreign securities markets generally have less trading volume and less liquidity than US markets, and prices on some foreign markets can be highly volatile. Many foreign countries lack uniform accounting and disclosure standards comparable to those applicable to US companies, and it may be more difficult to obtain reliable information regarding an issuer's financial conditions and operations. In addition, the costs of foreign investing, including withholding taxes, brokerage commissions and custodial costs, generally are higher than for US investments.

Foreign markets may offer less protection to investors than US markets. Foreign issuers, brokers and securities markets may be subject to less government supervision. Foreign securities trading practices, including those involving the release of assets in advance of payment, may involve increased risks in the event of a failed trade or the insolvency of a broker-dealer, and may involve substantial delays. It also may be difficult to enforce legal rights in foreign countries.

Securities of issuers traded on exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. Trading suspensions may be applied from time to time to the securities of individual issuers for reasons specific to that issuer, or may be applied broadly by exchanges or governmental authorities in response to market events. In the event that a Series holds material positions in such suspended securities, the Series' ability to liquidate its positions or provide liquidity to investors may be compromised and the Series could incur significant losses.

Investing abroad also involves different political and economic risks. Foreign investments may be affected by actions of foreign governments adverse to the interests of US investors, including: the possibility of expropriation or nationalization of assets; confiscatory taxation; restrictions on US investment or on the ability to repatriate assets or convert currency into US dollars (which also may affect the liquidity of such investments), such as those applicable to certain investments in China; or other government intervention. There may be greater possibility of default by foreign governments or government-sponsored enterprises. Investments in foreign countries also involve a risk of local political, economic, or social instability, military action or unrest, or adverse diplomatic developments. There is no assurance that the Manager will be able to anticipate these potential events or counter their effects.

Certain foreign securities impose restrictions on transfer within the United States or to US persons. Although securities subject to transfer restrictions may be marketable abroad, they may be less liquid than foreign securities of the same class that are not subject to such restrictions.

As a general rule, the country designation for a security for purposes of a Series' investment policies and restrictions regarding foreign securities is the issuer's country of domicile, as indicated by a third-party source (e.g., Bloomberg L.P.). However, in certain identified circumstances, a different country designation may be warranted. For example, an issuer's country designation could be changed if (i) the issuer derived at least 50% of its

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**Investment Strategies and Risks**

revenues or profits in a country other than the country of domicile; (ii) the issuer has at least 50% of its assets in a country other than the country of domicile; or (iii) the issuer's stock (security) principally is traded (based on total volume traded) in a country other than the country of domicile, provided the issuer does not have more than 50% of its revenues/profits or assets sourced in a single country.

Investments in obligations of US branches of foreign banks will be considered US securities if the Manager has determined that the nature and extent of federal and state regulation and supervision of the branch in question are substantially equivalent to federal or state-chartered US banks doing business in the same jurisdiction.

**Foreign Currencies.** Subject to its investment policies and restrictions, a Series may purchase and sell foreign currency and invest in foreign currency deposits and may enter into forward currency contracts. The Series may incur a transaction charge in connection with the exchange of currency. Currency conversion involves dealer spreads and other costs, although commissions usually are not charged.

Investment in foreign securities usually will involve currencies of foreign countries. Moreover, subject to its investment policies and restrictions, a Series may hold funds temporarily in bank deposits in foreign currencies during the completion of investment programs and may purchase and sell forward foreign currency contracts. Because of these factors, the value of the assets of a Series as measured in US dollars may be affected favorably or unfavorably by changes in foreign currency exchange rates and exchange control regulations, and a Series may incur costs in connection with conversions between various currencies. Although a Series' custodian values the Series' assets daily in terms of US dollars, the Series does not intend to convert its holdings of foreign currencies into US dollars on a daily basis, and for certain investments, there may be restrictions imposed by a foreign government on the conversion of its currency to US dollars (or other currencies). Generally, however, a Series will convert its holdings of foreign currencies into US dollars, and investors should be aware of the costs of currency conversion. Although foreign exchange dealers do not charge a fee for conversion, they do realize a profit based on the difference (the "spread") between the prices at which they are buying and selling various currencies, which can include other transaction costs. Thus, a dealer may offer to sell a foreign currency to a Series at one rate, while offering a lesser rate of exchange should the Series desire to resell that currency to the dealer. A Series will conduct its foreign currency exchange transactions either on a spot (that is, cash) basis at the spot rate prevailing in the foreign currency exchange market, or through entering into forward contracts to purchase or sell foreign currencies. For more information regarding a Series' use of forward contracts to purchase or sell foreign currencies, see *Options, Futures and Other Derivatives Strategies — Forward Currency Contracts*.

Because a Series may invest in both US and foreign securities markets, subject to its investment policies and restrictions, changes in the Series' share price may have a low correlation with movements in US markets. Each Series' share price will reflect the movements of the different markets in which it invests (both US and foreign), and of the currencies in which the investments are denominated. Thus, the strength or weakness of the US dollar against foreign currencies may account for part of a Series' investment performance. US and foreign securities markets do not always move in step with each other, and the total returns from different markets may vary significantly. Currencies in which a Series' assets are denominated may be devalued against the US dollar, resulting in a loss to the Series.

A Series usually effects currency exchange transactions on a spot (that is, cash) basis at the spot rate prevailing in the foreign exchange market. However, some price spread on currency exchange will be incurred when the Series converts assets from one currency to another. Further, a Series may be affected either unfavorably or favorably by fluctuations in the relative rates of exchange between the currencies of different nations. For example, in order to realize the value of a foreign investment, the Series must convert that value, as denominated in its foreign currency, into US dollars using the applicable currency exchange rate. The exchange rate represents the current price of a US dollar relative to that foreign currency; that is, the amount of such foreign currency required to buy one US dollar. If a Series holds a foreign security which has appreciated in value as measured in the foreign currency, the level of appreciation actually realized by the Series may be reduced or even eliminated if the foreign currency has decreased in value relative to the US dollar subsequent to the date of purchase. In such a circumstance, the cost of a US dollar purchased with that foreign currency has gone up and the same amount of foreign currency purchases fewer dollars than at an earlier date.

**Emerging Market Securities.** The risks of investing in foreign countries are intensified in developing countries, or emerging markets. A developing or emerging country is a nation that, in the Manager's opinion, is likely to experience long-term gross domestic product growth above that expected to occur in the United States, the UK, France, Germany, Italy, Japan and Canada. Developing and emerging countries may have relatively unstable governments, economies based on only a few industries and securities markets that trade a small number of securities.

Unless a Series contains an alternative definition of an emerging market country in its prospectus, the Manager considers countries having developing or emerging markets to be all countries that generally are considered to be developing or emerging countries by the International Bank for Reconstruction and Development (more commonly referred to as the World Bank) and the International Finance Corporation, as well as countries that are classified by the United Nations or otherwise regarded by their authorities as developing or emerging.

As noted above, the country designation for a security for purposes of a Series' investment policies and restrictions regarding foreign securities is the issuer's country of domicile, as indicated by a third-party source (e.g., Bloomberg L.P.). Accordingly, a security would be considered issued by a developing or emerging market country if the issuer's country of domicile is a developing or emerging market country. However, in certain identified circumstances, a different country designation may be warranted under the following circumstances: (i) the issuer derived at least 50% of its revenues or profits in a country other than the country of domicile; (ii) the issuer has at least 50% of its assets in a country other than the country of domicile; or (iii) the issuer's stock (security) principally is traded (based on total volume traded) in a country other than the country of domicile, provided the issuer does not have more than 50% of its revenues/profits or assets sourced in a single country.

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Some of the risks to which a Series may be exposed by investing in securities of developing or emerging markets are: restrictions placed by the government of a developing or emerging country related to investment, currency exchange controls, and repatriation of the proceeds of investment in that country; fluctuation of a developing or emerging country's currency against the US dollar; unusual price volatility in a developing or emerging country's securities markets; government involvement in the private sector, including government ownership of companies in which the Series may invest; limited information about a developing or emerging market; high levels of tax levied by developing or emerging countries on dividends, interest and realized capital gains; the greater likelihood that developing or emerging markets will experience more volatility in inflation rates than developed markets; the greater potential that securities purchased by the Series in developing or emerging markets may be fraudulent or counterfeit due to differences in the level of regulation, disclosure requirements and recordkeeping practices in those markets; risks related to the liquidity and transferability of investments in certain instruments, such as loan participations, that may not be considered "securities" under local law; settlement risks, including potential requirements for the Series to render payment prior to taking possession of portfolio securities in which it invests; the possibility of nationalization, expropriation or confiscatory taxation; favorable or unfavorable differences between individual foreign economies and the US economy, such as growth of gross domestic product, rate of inflation, capital reinvestment, resources, self-sufficiency, and balance of payments position; additional costs associated with any investment in non-US securities, including higher custodial fees than typical US custodial arrangements, transaction costs of foreign currency conversions and generally higher commission rates on portfolio transactions than prevail in US markets; relatively unstable governments, economies based on only a few industries and securities markets that trade a small number of securities; greater social, economic and political instability, including the risk of war; lack of availability of currency hedging or other risk management techniques in certain developing or emerging countries; the fact that companies in developing or emerging countries may be newly organized and may be smaller and less seasoned; differences in accounting, auditing and financial reporting standards; the heightened risks associated specifically with establishing record ownership and custody of securities; and limitations on obtaining and enforcing judgments against non-US residents.

**Sukuk**. Foreign securities and emerging market securities include sukuk. Sukuk are certificates, similar to bonds, issued by the issuer to obtain an upfront payment in exchange for an income stream to be generated by certain assets of the issuer. Generally, the issuer sells the investor a certificate, which the investor then rents back to the issuer for a predetermined rental fee. The issuer also makes a contractual promise to buy back the certificate at a future date at par value. While the certificate is linked to the returns generated by certain assets of the issuer, the underlying assets are not pledged as security for the certificates, and the Series (as the investor) is relying on the creditworthiness of the issuer for all payments required by the sukuk. Issuers of sukuk may include international financial institutions, foreign governments and agencies of foreign governments. Underlying assets may include, without limitation, real estate (developed and undeveloped), lease contracts and machinery and equipment.

**Foreign Sovereign Debt Obligations.** Investment in sovereign debt can involve a high degree of risk. The governmental entity that controls the repayment of sovereign debt may not be able or willing to repay the principal and/or interest when due in accordance with the terms of such debt. A governmental entity's willingness or ability to repay principal and interest due in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the governmental entity's policy towards the International Monetary Series, and the political constraints to which a governmental entity may be subject. Governmental entities also may be dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce principal and interest arrearages on their debt. The commitment on the part of these governments, agencies and others to make such disbursements may be conditioned on a governmental entity's implementation of economic reforms and/or economic performance and the timely service of such debtor's obligations. Failure to implement such reforms, achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of such third parties' commitments to lend funds to the governmental entity, which may further impair such debtor's ability or willingness to service its debts in a timely manner. Consequently, governmental entities may default on their sovereign debt. Holders of sovereign debt may be requested to participate in the rescheduling of such debt and to extend further loans to governmental entities. There is no bankruptcy proceeding by which sovereign debt on which governmental entities have defaulted may be collected in whole or in part.

***Illiquid Investments***

Rule 22e-4 under the 1940 Act provides that a Series may not acquire an "illiquid investment" if, immediately after the acquisition, the Series would have invested more than 15% of its net assets in illiquid investments that are assets. Rule 22e- 4 defines an illiquid investment as an investment that cannot reasonably be sold or disposed of under current market conditions in 7 calendar days or less without the sale or disposition significantly changing the market value of the investment. The Board has adopted a liquidity risk management program on behalf of the Series' that is designed to comply with Rule 22e-4's requirements. The Board has delegated to an administrator the responsibility to oversee the program, whose duties include periodically reviewing the liquidity risk of the Series' and categorizing the Series' portfolio investments into one of four liquidity classifications (as defined in Rule 22e-4) based on prescribed criteria, including the number of days in which the administrator reasonably expects the investment would be convertible to cash under current market conditions without significantly changing the market value of the investment. This classification process takes into account relevant market, trading and investment-specific considerations (the analysis upon which a security is convertible to cash and placed into a classification will not take into account days when exchanges in foreign markets are closed for scheduled holidays).

The Manager believes that, at times, it is in the best interest of a Series to be able to invest in illiquid securities up to the maximum amount allowable under the Series' investment restriction on illiquid investments. See *Investment Objective, Restrictions, and Policies — Nonfundamental Investment Restrictions*. The Manager believes that the risk of investing in illiquid securities is manageable, considering the availability of certain

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**Investment Strategies and Risks**

securities that are currently considered illiquid but have widely established trading markets. For example, there has been significant growth in the types and availability of bank loans and structured products, including: asset backed securities (which also includes many mortgage-backed securities), collateralized bond obligations, collateralized mortgage obligations, collateralized debt obligations and commercial mortgage-backed securities. Since many of these securities are initially offered as individual issues, they often are deemed illiquid. See *Mortgage-Backed and Asset-Backed Securities* for more information on these types of securities.

***Indexed Securities and Structured Notes***

Each Series may invest in structured notes or other indexed securities, subject to its operating policy regarding financial instruments and other applicable restrictions. An example of a "structured note" is a note that is tied to a basket of multiple indices in which an investor receives twice the gains of each index that rises, subject to a cap on the returns with proportionate losses if the index falls. An example of an "indexed security" is a security that guarantees a return higher than the rate of inflation if it is held to maturity (called inflation indexed security). Structured notes or other indexed securities are derivative debt instruments, the interest rate or principal of which is linked to securities, currencies, interest rates, commodities, indices or other financial indicators (reference instruments). Most structured notes or other indexed securities are fixed-income securities that have maturities of three years or fewer. The interest rate or the principal amount payable at maturity of an indexed security may vary based on changes in one or more specified reference instruments, such as a floating interest rate compared with a fixed interest rate. The reference instrument need not be related to the terms of the structured note or indexed security.

Structured notes and indexed securities may be positively or negatively indexed (*i.e.*, their principal value or interest rates may increase or decrease if the underlying reference instrument appreciates), and may have return characteristics similar to direct investments in the underlying reference instrument or to one or more options on the underlying reference instrument.

Structured notes and indexed securities may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the reference instrument. Structured notes and indexed securities also may be more volatile, less liquid, and more difficult to accurately price than less complex securities and instruments or more traditional debt securities. In addition to the credit risk of the structured note and indexed security's issuer and the normal risks of price changes in response to changes in interest rates, the principal amount of structured notes and indexed securities may decrease as a result of changes in the value of the underlying reference instruments. Further, in the case of certain structured notes and indexed securities, the interest rate may be increased or decreased or the terms may provide that, under certain circumstances, the principal amount payable on maturity may be reduced to zero resulting in a loss to a Series.

The performance of structured notes and indexed securities depends to a great extent on the performance of the reference instrument to which they are indexed and also may be influenced by interest rate changes in the US and abroad. At the same time, structured notes and indexed securities are subject to the credit risks associated with the issuer of the security and their values may decline substantially if the issuer's creditworthiness deteriorates. Structured notes and indexed securities may be more volatile than the reference instrument. Gold-indexed securities, for example, typically provide for a maturity value that depends on the price of gold, resulting in a security whose price tends to rise and fall together with gold prices. Currency-indexed securities typically are short-term to intermediate-term debt securities whose maturity values or interest rates are determined by reference to the values of one or more specified foreign currencies, and may offer higher yields than US dollar-denominated securities of equivalent issuers. Currency-indexed securities may be positively or negatively indexed; that is, their maturity value may increase when the specified currency value increases, resulting in a security that performs similarly to a foreign-denominated instrument, or their maturity value may decline when foreign currencies increase, resulting in a security whose price characteristics are similar to a put on the underlying currency. Currency-indexed securities also may have prices that depend on the values of a number of different foreign currencies relative to each other.

The Manager will use its judgment in determining whether structured notes or indexed securities should be treated as short-term instruments, bonds, stocks, or as a separate asset class for purposes of a Series' investment allocations, depending on the individual characteristics of the securities. Certain structured notes and indexed securities that are not traded on an established market may be deemed illiquid.

***Initial Public Offerings (IPOs)***

Securities issued through an IPO can experience an immediate drop in value if the demand for the securities does not continue to support the offering price. Information about the issuers of IPO securities also is difficult to acquire since they are new to the market and may not have lengthy operating histories. A Series may engage in short-term trading in connection with its IPO investments, which could produce higher trading costs. The number of securities issued in an IPO is limited, so it is likely that IPO securities will represent a smaller component of a Series' portfolio as the Series' assets increase (and thus have a more limited effect on the Series' performance).

***Investment Company Securities***

Each Series may purchase shares of other investment companies only to the extent permitted under the 1940 Act, the rules and regulations thereunder, and any applicable exemptive relief and subject to its other investment policies and restrictions. As a shareholder in an investment company, a Series would bear its pro rata share of that investment company's expenses, which could result in duplication of certain fees, including management and administrative fees; therefore, if a Series acquires shares of an investment company, the Series' shareholders would bear both their proportionate share of expenses of the Series (including management and advisory fees) and, indirectly, the expenses of such investment company.

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**Closed-end Investment Companies.** Shares of certain closed-end investment companies may at times be acquired only at market prices representing premiums to their NAVs. Shares of closed-end investment companies also may trade at a discount to NAV, which means a Series may have to sell shares at a price lower than their NAV per share. Additionally, closed-end investment company shares may be halted or delisted by the listing exchange. Some countries, such as South Korea, Chile and India, have authorized the formation of closed-end investment companies to facilitate indirect foreign investment in their capital markets. The 1940 Act restrictions on investments in securities of other investment companies may limit opportunities that some of the Series otherwise permitted to invest in foreign securities otherwise would have to invest indirectly in certain developing markets. A Series will incur brokerage costs when purchasing and selling shares of closed-end investment companies.

**Business Development Companies (** **"** **BDCs** **"** **).** Subject to its investment policies and restrictions, a Series may invest in shares of BDCs. BDCs are a type of closed-end investment company regulated by the 1940 Act and typically invest in and lend to small and medium-sized private companies that may not have access to public equity markets for raising capital. BDCs invest in such diverse industries as healthcare, chemical, manufacturing, technology and service companies. A BDC must invest at least 70% of the value of its total assets in certain asset types, which typically are the securities of private US businesses, and must make available significant managerial assistance to the issuers of such securities. BDCs often offer a yield advantage over other types of securities. Managers of BDCs may be entitled to compensation based on the BDC's performance, which may result in a manager of a BDC making riskier or more speculative investments in an effort to maximize incentive compensation and higher fees.

Because BDCs typically invest in small and medium-sized companies, a BDC's portfolio is subject to the risks inherent in investing in smaller companies, including that portfolio companies may be dependent on a small number of products or services and may be more adversely affected by poor economic or market conditions. Some BDCs invest substantially, or even exclusively, in one sector or industry group. Accordingly, the BDC may be susceptible to adverse conditions and economic or regulatory occurrences affecting the sector or industry group, which tends to increase the BDC's volatility and risk. Investments made by BDCs generally are subject to legal and other restrictions on resale and are otherwise less liquid than publicly traded securities. The illiquidity of these investments may make it difficult to sell such investments if the need arises, and if there is a need for a BDC in which a Series invests to liquidate its portfolio quickly, it may realize a loss on its investments. BDCs also may have relatively concentrated investment portfolios, consisting of a relatively small number of holdings. A consequence of this limited number of investments is that the aggregate returns realized may be disproportionately impacted by the poor performance of a small number of investments, or even a single investment, particularly if a BDC experiences the need to write down the value of an investment, which tends to increase the BDC's volatility and risk.

Investments in BDCs are subject to management risk, including the ability of the BDC's management to meet the BDC's investment objective and to manage the BDC's portfolio when the underlying securities are redeemed or sold, during periods of market turmoil and as investors' perceptions regarding a BDC or its underlying investments change. BDC shares are not redeemable at the option of the BDC shareholder and, as with shares of other closed-end funds, they may trade in the secondary market at a discount to their NAV. Like an investment in other investment companies, a Series will indirectly bear its proportionate share of any management and other expenses charged by the BDCs in which it invests.

BDCs may employ the use of leverage through borrowings or the issuance of preferred stock. While leverage often serves to increase the yield of a BDC, this leverage also subjects a BDC to increased risks, including the likelihood of increased volatility of the BDC and the possibility that the BDC's common share income will fall if the dividend rate of the preferred shares or the interest rate on any borrowings rises.

***Exchange-Traded Funds (*** ***"*** ***ETFs*** ***"*** ***)***

Subject to its investment policies and restrictions, and only to the extent permitted by the 1940 Act, the rules and regulations thereunder, and any applicable exemptive relief, a Series may invest in ETFs for various purposes, which may or may not be a registered investment company (RIC) (*i.e.*, open-end mutual fund). Each of these securities represents shares of beneficial interest in a trust, or series of a trust, that typically holds a proportionate amount of shares of all stocks included in the relevant underlying index. Since most ETFs are a type of investment company, a Series' purchases of ETF shares are subject to its investment restrictions regarding investments in other investment companies.

An ETF's shares have a market price that approximates the NAV of the ETF's portfolio, which generally is designed to track the designated index or the NAV of the underlying basket of securities, currencies and/or commodities or commodities futures, as applicable. Some ETFs are actively managed and instead of replicating, they seek to outperform a particular index or basket or price of a commodity or currency. ETF shares are exchange-traded and as with other equity transactions, brokers charge a commission in connection with the purchase of shares of ETFs. In addition, an asset management fee is charged against the assets of an ETF (which is charged in addition to the investment management fee paid by a Series).

Trading costs for ETFs can be higher than those for stock index futures contracts, but, because ETFs trade like other exchange-listed equities, they represent a relatively quick and convenient method of using a Series' assets to track the return of a particular stock index Investments in an ETF that is a RIC (*i.e.*, open-end mutual fund) generally present the same primary risks as investments in a conventional open-end mutual fund that is not exchange-traded. The price of an ETF can fluctuate, and a Series could lose money investing in an ETF. In addition, ETFs are subject to the following risks that do not apply to conventional mutual funds: (i) the market price of an ETF's shares may trade at a premium or discount to their

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**Investment Strategies and Risks**

NAV; (ii) an active trading market for an ETF's shares may not develop or be maintained; or (iii) trading of an ETF's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are delisted from the exchange, or the activation of market- wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally.

***Lending Securities***

For the purpose of realizing additional income or offsetting expenses, each Series may lend portfolio securities up to the maximum amount of its total assets allowed under the 1940 Act (currently, one-third of total assets which, for purposes of this limitation, include the value of collateral received in return for securities loaned). Under a Series' securities lending procedures, the Series may lend securities only to broker-dealers and financial institutions deemed creditworthy by the Manager. The creditworthiness of entities to which a Series makes loans of portfolio securities is monitored by the Manager throughout the term of the loan.

If a Series lends securities, the borrower pays the Series an amount equal to the dividends or interest on the securities that the Series would have received if it had not loaned the securities. The Series also receives additional compensation.

In addition, a borrower must collateralize any securities loans that it receives from a Series in accordance with applicable regulatory requirements (the "Guidelines"). At the time of each loan, the Series must receive collateral equal to no less than 102% of the market value of the securities loaned (or 105% of the market value of foreign securities loaned), including any accrued interest thereon. Under the present Guidelines, the collateral must consist of cash or US government securities or bank letters of credit, at least equal in value to the market value of the securities loaned on each day that the loan is outstanding. Such collateral will be marked-to-market daily, and if the market value of the lent securities exceeds the value of the collateral, the borrower must add more collateral so that it at least equals 102% of the market value of the domestic securities loaned (or 105% of the foreign securities loaned). If the market value of the securities decreases, the borrower is entitled to a return of the excess collateral.

There are two methods of receiving compensation for making loans. The first is to receive a negotiated loan fee from the borrower. This method is available for all three types of collateral. The second method, which is not available when letters of credit are used as collateral, is for a Series to receive interest on the investment of the cash collateral or to receive interest on the US government securities used as collateral. Part of the interest received in either case may be shared with the borrower.

The letters of credit that a Series may accept as collateral are agreements by banks (other than the borrowers of the Series' securities), entered into at the request of the borrower and for its account and risk, under which the banks are obligated to pay to the Series, while the letter is in effect, amounts demanded by the Series if the demand meets the terms of the letter.

The Series' right to make this demand secures the borrower's obligations to it. The terms of any such letters and the creditworthiness of the banks providing them (which might include the Series' custodian bank) must be satisfactory to the Manager. The Series will make loans only under rules of the New York Stock Exchange ("NYSE"), which presently require the borrower to give the securities back to the Series within 5 business days after the Series gives notice to do so. If the Series loses its voting rights on securities loaned, it will not be able to have the securities returned to it in time to vote them if a material event affecting the investment is to be voted on. The Series may pay reasonable finder's, administrative and custodian fees in connection with loans of securities.

Some, but not all, of these rules are necessary to meet regulatory requirements relating to securities loans. These rules will not be changed unless the change is permitted under these requirements. The requirements do not cover the rules which may be changed without shareholder vote, as to: (1) whom securities may be loaned; (2) the investment of cash collateral; or (3) voting rights.

There may be risks of delay in receiving additional collateral from the borrower if the market value of the securities loaned increases. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a Series could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. These delays and costs could be greater for foreign securities. If a Series is not able to recover the securities loaned, the Series may sell the collateral and purchase a replacement investment in the market. Additional transaction costs would result, and the value of the collateral could decrease below the value of the replacement investment by the time the replacement investment is purchased. Until the replacement can be purchased, the Series will not have the desired level of exposure to the security which the borrower failed to return. Cash received as collateral through loan transactions may be invested in other eligible securities, including shares of a money market fund. Investing this cash subjects the Series to greater market risk including losses on the collateral and, should the Series need to look to the collateral in the event of the borrower's default, losses on the loan secured by that collateral.

***Investments in Chinese Securities***

Certain Series may invest in "A-shares" of certain Chinese companies through various "connect programs" with local stock exchanges in China, such as the Shanghai-Hong Kong Stock Connect Program with the Shanghai Stock Exchange or the Shenzhen-Hong Kong Stock Connect Program with the Shenzhen Stock Exchange or other similar programs (collectively these are referred to as "Connect Programs").

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Connect Programs serve to link local Chinese stock markets (such as those in Shanghai or Shenzhen) with the Hong Kong stock exchange. Under the Connect Programs, investors in Hong Kong and China can trade and settle shares listed on the other market via the exchange and clearing house in their home market. This means that international investors, who previously were prohibited from investing directly in A-shares on local Chinese exchanges, can access this market.

However, local rules apply, and listed companies that issue A-shares remain subject to the listing requirements in the local market. This means that the Connect Programs are subject to quota limitations, and an investor cannot purchase and sell the same security on the same trading day, which may restrict a Series' ability to invest in China A-shares through the Connect Programs and to enter into or exit trades on a timely basis. Connect Programs can operate only when both markets are open for trading and when banking services are available in both markets on the corresponding settlement days. As such, if one or both markets are closed on a US trading day, a Series may not be able to dispose of its China A-shares in a timely manner, which could adversely affect the Series' performance. Only certain China A-shares are eligible to be accessed through the Connect Programs. Such securities may lose their eligibility at any time, in which case they could be sold, but could no longer be purchased through the Connect Programs. Because the Connect Programs are relatively new, the actual effect on the market for trading China A-shares with the introduction of large numbers of foreign investors is unknown. In addition, there is no assurance that the necessary systems required to operate the Connect Programs will function properly or will continue to be adapted to changes and developments in both markets. In the event that the relevant systems do not function properly, trading through the Connect Programs could be disrupted.

The Connect Programs are subject to regulations promulgated by regulatory authorities for participating exchanges and further regulations or restrictions, such as limitations on redemptions or suspension of trading, may adversely impact a Connect Program, if the authorities believe it necessary to assure orderly markets or for other reasons. Because the relevant regulations are relatively new and untested, they are subject to change and there is no certainty as to how they will be applied. Investments in China A-shares may not be covered by the securities investor protection programs of a participating exchange and, without the protection of such programs, will be subject to the risk of default by the broker. In the event that the depository, the China Securities Depository and Clearing Corporation Limited ("ChinaClear"), defaulted, the Hong Kong Securities Clearing Company Limited, being the nominee under the Connect Program, has limited responsibility to assist clearing participants in pursuing claims against ChinaClear. Currently, there remains no precedent that the applicable courts in China would accept beneficial owners, rather than the nominee, under the Connect Program to pursue claims directly against ChinaClear in China. Therefore, a Series may not be able to recover fully its losses from ChinaClear or may be delayed in receiving proceeds as part of any recovery process. A Series also may not be able to exercise the rights of a shareholder and may be limited in its ability to pursue claims against the issuer of a security. A Series may not be able to participate in corporate actions affecting China A-shares held through the Connect Programs due to time constraints or for other operational reasons. Similarly, a Series may not be able to appoint proxies or participate in shareholders' meetings due to current limitations on the use of multiple proxies in China.

Trades on these Connect Programs are subject to certain requirements prior to trading. If these requirements are not completed prior to the market opening, a Series cannot sell the shares on that trading day. Currently, certain local custodians offer a "bundled brokerage/custodian" solution to address such requirements. However, such solution may limit the number of brokers that a Series may use to execute trades. An enhanced model also has been implemented by the Hong Kong Stock Exchange, but there are operational and practical challenges for an investor to utilize such enhanced model. If an investor holds 5% or more of the total shares issued by a China A-share issuer, the investor must return any profits obtained from the purchase and sale of those shares if both transactions occur within a six-month period. If a Series holds 5% or more of the total shares of a China A-share issuer, its profits may be subject to this limitation. In addition, it currently is not clear whether all accounts managed by the Manager and/or its affiliates will be aggregated for purposes of this limitation. If that is the case, it makes it more likely that a Series' profits may be subject to this limitation.

Because all trades of eligible China A-shares must be settled in Renminbi ("RMB"), the Chinese currency, investors must have timely access to a reliable supply of offshore RMB, which cannot be guaranteed. The value of the RMB may be subject to a high degree of fluctuation due to changes in interest rates, the imposition of currency controls, or the effects of monetary policies of China, other foreign governments, the United States, central banks or supranational entities.

Furthermore, because dividends declared by a Series will be declared in US dollars and underlying payments received by the Series from the China A-shares will be made in RMB, fluctuations in exchange rates may adversely affect the dividends that the Series would pay.

Also, investing in China carries certain political and economic risks. The value of a Series' assets may be adversely affected by inadequate investor protection and changes in Chinese laws or regulations. The Chinese economy may differ favorably or unfavorably from the US economy in respects such as the rate of growth of gross domestic product, the rate of inflation, capital reinvestment, resource self-sufficiency, balance of payments position and sensitivity to changes in global trade. The Chinese government has exercised and continues to exercise significant influence over many aspects of the economy. Accordingly, future government actions could have a significant effect on the country's economy, which could affect market conditions and prices and yields of China A-shares.

Investments in Chinese companies may be made through a special structure known as a variable interest entity ("VIE") that is designed to provide foreign investors with exposure to Chinese companies that operate in certain sectors in which China restricts or prohibits foreign investment. Investments in VIEs may pose additional risks because the investment is made through an intermediary shell company that has entered into service and other contracts with the underlying Chinese operating company to provide investors with exposure to the operating company, but does not represent equity ownership in the operating company. As a result, such investment may limit the rights of an investor with respect to the underlying

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**Investment Strategies and Risks**

Chinese operating company. VIEs allow foreign shareholders to exert a degree of control over, and obtain economic benefits arising from, the operating company without formal legal ownership. However, the contractual arrangements between the shell company and the operating company may not be as effective in providing operational control as direct equity ownership, and a foreign investor's rights may be limited by, for example, actions of the Chinese government which could determine that the underlying contractual arrangements on which control of the VIE is based are invalid. The contractual arrangement on which the VIE structure is based would likely be subject to Chinese law and jurisdiction, which could raise questions about how recourse is sought.

Investments through VIEs may be affected by conflicts of interest and duties between the legal owners of the VIE and the stockholders of the listed holding company, which could adversely impact the value of investments. VIEs are not formally recognized under Chinese law and investors face uncertainty about future actions by the Chinese government that could significantly affect the operating company's financial performance and the enforceability of the contractual arrangements underlying the VIE structure. Prohibitions of these structures by the Chinese government, or the inability to enforce such contracts, from which the shell company derives its value, would likely cause the VIE-structured holding(s) to suffer significant losses, and in turn, adversely affect a Series' returns and NAV.

***Loans and Other Direct Debt Instruments***

**Loans.** Subject to its investment policies and restrictions, a Series may purchase loan participations and/or loan assignments (sometimes called bank loans). Loan participations are interests in amounts owed by a corporate, governmental, or other borrower to a lender or consortium of lenders (typically banks, insurance companies, or investment banks). Purchasers of participation interests do not have any direct contractual relationship with the borrower. Most floating rate loans are acquired directly from the agent bank or from another holder of the loan by assignment. In an assignment, the Series purchases an assignment of a portion of a lender's interest in a loan. In this case, the Series may be required generally to rely upon the assigning bank to demand payment and enforce its rights against the borrower, but would otherwise be entitled to all of such bank's rights in the loan.

Purchasers of participation interests may be subject to delays, expenses, and risks that are greater than those that would be involved if the purchaser could enforce its rights directly against the borrower. In addition, under the terms of a participation interest, the purchaser may be regarded as a creditor of the intermediate participant (rather than of the borrower), so that the purchaser also may be subject to the risk that the intermediate participant could become insolvent. The agreement between the purchaser and lender who sold the participation interest also may limit the rights of the purchaser to vote on changes that may be made to the loan agreement, such as waiving a breach of a covenant.

Most loan participations are secured, and most impose restrictive covenants that must be met by the borrower. These loans typically are made by a syndicate of banks and institutional investors, which are represented by an agent bank that has negotiated and structured the loan and that is responsible generally for collecting interest, principal, and other amounts from the borrower on its own behalf and on behalf of the other lending institutions in the syndicate, and for enforcing its and their other rights against the borrower. Typically, under loan agreements, the agent is given broad discretion in monitoring the borrower's performance and is obligated to use the same care it would use in the management of its own property. Each of the lending institutions, including the agent bank, lends to the borrower a portion of the total amount of the loan, and retains the corresponding interest in the loan. Floating rate loans may include delayed draw term loans and pre-funded or synthetic letters of credit.

A Series' ability to receive payments of principal and interest and other amounts in connection with loans held by it will depend primarily on the financial condition of the borrower. The failure by a Series to receive scheduled interest or principal payments on a loan would adversely affect the income of the Series and would likely reduce the value of its assets, which would be reflected in a reduction in the Series' NAV. Banks and other lending institutions generally perform a credit analysis of the borrower before originating a loan or purchasing an assignment in a loan. In selecting the loans in which a Series will invest, however, the Manager will not rely on that credit analysis of the agent bank but will perform its own investment analysis of the borrowers.

The Manager's analysis may include consideration of the borrower's financial strength and managerial experience, debt coverage, additional borrowing requirements or debt maturity schedules, changing financial conditions, and responsiveness to changes in business conditions and interest rates. The majority of the loans a Series will invest in will be rated by one or more NRSROs. Investments in loans may be of any quality, including "distressed" loans, and will be subject to the Series' credit quality policy. Some floating rate loans and other debt securities are not rated by any NRSRO. Historically, floating rate loans have not been registered with the SEC or any state securities commission or listed on any securities exchange. As a result, the amount of public information available about a specific floating rate loan historically has been less extensive than if the floating rate loan were registered or exchange traded.

Floating rate loans and other debt securities that are fully secured provide more protections than unsecured securities in the event of failure to make scheduled interest or principal payments. Indebtedness of borrowers whose creditworthiness is poor involves substantially greater risks and may be highly speculative. Borrowers that are in bankruptcy or restructuring may never pay off their indebtedness, or may pay only a small fraction of the amount owed. In connection with the restructuring of a floating rate loan or other debt security outside of bankruptcy court in a negotiated work-out or in the context of bankruptcy proceedings, equity securities or junior debt securities may be received in exchange for all or a portion of an interest in the security.

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Corporate loans in which a Series may purchase a loan assignment are made generally to provide bridge loans (temporary financing), finance internal growth, mergers, acquisitions (acquiring another company), recapitalizations (reorganizing the assets and liabilities of a borrower), stock purchases, leverage buy-outs (taking over control of a company), dividend payments to sponsors and other corporate activities. Under current market conditions, most of the corporate loans purchased by a Series will represent loans made to highly leveraged corporate borrowers. The highly leveraged capital structure of the borrowers in such transactions may make such loans especially vulnerable to adverse changes in economic or market conditions. A Series may hold investments in loans for a very short period of time when opportunities to resell the investments that the Manager believes are attractive arise.

Certain of the loans acquired by a Series may involve revolving credit facilities under which a borrower may from time to time borrow and repay amounts up to the maximum amount of the facility. A revolving credit facility may require the Series to increase its investment in a floating rate loan at a time when it would not otherwise have done so, even if the borrower's condition makes it unlikely that the amount will ever be repaid.

Notwithstanding its intention in certain situations to not receive material non-public information with respect to its management of investments in floating rate loans, the Manager may from time to time come into possession of material, non-public information about the issuers of loans that may be held by a Series. Possession of such information may in some instances occur despite the Manager's efforts to avoid such possession, but in other instances, the Manager may choose to receive such information (*e.g.*, in connection with participation in a creditor's committee with respect to a financially distressed issuer). As, and to the extent, required by applicable law, the Manager's ability to trade in these loans for the account of a Series could potentially be limited by its possession of such information. Such limitations on the Manager's ability to trade could have an adverse effect on a Series by, for example, preventing the Series from selling a loan that is experiencing a material decline in value. In some instances, these trading restrictions could continue in effect for a substantial period of time.

In some instances, other accounts managed by the Manager may hold other securities issued by borrowers whose floating rate loans may be held by a Series. These other securities may include, for example, debt securities that are subordinate to the floating rate loans held by the Series, convertible debt or common or preferred equity securities. In certain circumstances, such as if the credit quality of the issuer deteriorates, the interests of holders of these other securities may conflict with the interests of the holders of the issuer's floating rate loans. In such cases, the Manager may owe conflicting fiduciary duties to the Series and other client accounts. The Manager will endeavor to carry out its obligations to all of its clients to the fullest extent possible, recognizing that in some cases certain clients may achieve a lower economic return, as a result of these conflicting client interests, than if the Manager's client account collectively held only a single category of the issuer's securities.

A floating rate loan offered as part of the original lending syndicate typically is purchased at par value. As part of the original lending syndicate, a purchaser generally earns a yield equal to the stated interest rate. In addition, members of the original syndicate typically are paid a commitment fee. In secondary market trading, floating rate loans may be purchased or sold above, at, or below par, which can result in a yield that is below, equal to, or above the stated interest rate, respectively. At certain times when reduced opportunities exist for investing in new syndicated floating rate loans, floating rate loans may be available only through the secondary market.

If an agent becomes insolvent, or has a receiver, conservator, or similar official appointed for it by the appropriate bank or other regulatory authority, or becomes a debtor in a bankruptcy proceeding, the agent's appointment may be terminated, and a successor agent would be appointed. If an appropriate regulator or court determines that assets held by the agent for the benefit of the purchasers of floating rate loans are subject to the claims of the agent's general or secured creditors, the purchasers might incur certain costs and delays in realizing payment on a floating rate loan or suffer a loss of principal and/or interest. Furthermore, in the event of the borrower's bankruptcy or insolvency, the borrower's obligation to repay a floating rate loan may be subject to certain defenses that the borrower can assert as a result of improper conduct by the agent.

Unlike publicly-traded common stocks which trade on national exchanges, there is no central place or exchange for loans to trade. Loans trade in an over-the-counter (OTC) market, and confirmation and settlement, which are effected through standardized procedures and documentation, may take significantly longer than 7 days to complete. Extended trade settlement periods may, in unusual market conditions with a high volume of shareholder redemptions, present a risk to shareholders regarding a Series' ability to pay redemption proceeds within the allowable time periods stated in its prospectus.

Loan interests may not be considered "securities," and a purchaser, such as a Series, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

**Collateral.** Most floating rate loans are secured by specific collateral of the borrower and are senior to most other securities of the borrower. The collateral typically has a market value, at the time the floating rate loan is made, that equals or exceeds the principal amount of the floating rate loan. The value of the collateral may decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate. As a result, a floating rate loan may not be fully collateralized and can decline significantly in value. Floating rate loan collateral may consist of various types of assets or interests. Collateral may include working capital assets, such as accounts receivable or inventory; tangible or intangible assets; or assets or other types of guarantees of affiliates of the borrower. Inventory is the goods a company has in stock, including finished goods, goods in the process of being manufactured, and the supplies used in the process of manufacturing. Accounts receivable are the monies due to a company for merchandise or securities that it has sold, or for the services it has provided. Tangible fixed assets include real property, buildings, and equipment. Intangible assets include trademarks, copyrights and patent rights, and securities of subsidiaries or affiliates.

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**Investment Strategies and Risks**

Generally, floating rate loans are secured unless (i) the purchaser's security interest in the collateral is invalidated for any reason by a court, or (ii) the collateral is fully released with the consent of the agent bank and lenders or under the terms of a loan agreement as the creditworthiness of the borrower improves. Collateral impairment is the risk that the value of the collateral for a floating rate loan will be insufficient in the event that a borrower defaults. Although the terms of a floating rate loan generally require that the collateral at issuance have a value at least equal to 100% of the amount of such floating rate loan, the value of the collateral may decline subsequent to the purchase of a floating rate loan. In most loan agreements there is no formal requirement to pledge additional collateral. There is no guarantee that the sale of collateral would allow a borrower to meet its obligations should the borrower be unable to repay principal or pay interest or that the collateral could be sold quickly or easily.

In addition, most borrowers pay their debts from the cash flow they generate. If the borrower's cash flow is insufficient to pay its debts as they come due, the borrower may seek to restructure its debts rather than sell collateral. Borrowers may try to restructure their debts by filing for protection under the federal bankruptcy laws or negotiating a work-out. If a borrower becomes involved in bankruptcy proceedings, access to the collateral may be limited by bankruptcy and other laws. In the event that a court decides that access to the collateral is limited or void, it is unlikely that purchasers could recover the full amount of the principal and interest due.

There may be temporary periods when the principal asset held by a borrower is the stock of a related company, which may not legally be pledged to secure a floating rate loan. On occasions when such stock cannot be pledged, the floating rate loan will be temporarily unsecured until the stock can be pledged or is exchanged for, or replaced by, other assets.

Some floating rate loans are unsecured. If the borrower defaults on an unsecured floating rate loan, there is no specific collateral on which the purchaser can foreclose.

**Floating Interest Rate Loans.** The rate of interest payable on floating rate loans is the sum of a base lending rate plus a specified spread. Base lending rates generally are the Certificate of Deposit (CD) Rate of a designated US bank, the Prime Rate of a designated US bank, the federal funds rate, or another base lending rate used by commercial lenders. A borrower usually has the right to select the base lending rate and to change the base lending rate at specified intervals. The applicable spread may be fixed at time of issuance or may adjust upward or downward to reflect changes in credit quality of the borrower.

The interest rate on CD Rate-based floating rate loans is reset periodically at intervals ranging from 30 to 180 days, while the interest rate on Prime Rate- or federal funds rate-based floating rate loans floats daily as those rates change. Investment in floating rate loans with longer interest rate reset periods can increase fluctuations in the floating rate loans' values when interest rates change.

The yield on a floating rate loan will depend primarily on the terms of the underlying floating rate loan and the base lending rate chosen by the borrower. The relationship between the CD Rate, the Prime Rate, and the federal funds rate will vary as market conditions change.

Floating rate loans typically will have a stated term of five to nine years. However, because floating rate loans are frequently prepaid, their average maturity is expected to be two to three years. The degree to which borrowers prepay floating rate loans, whether as a contractual requirement or at their election, may be affected by general business conditions, the borrower's financial condition, and competitive conditions among lenders. Prepayments cannot be predicted with accuracy. Prepayments of principal to the purchaser of a floating rate loan may result in the principal's being reinvested in floating rate loans with lower yields.

A Series limits the amount of total assets that it will invest in any one issuer or in issuers within the same industry (see *Fundamental Investment Restrictions*). For purposes of these restrictions, a Series generally will treat the borrower as the "issuer" of indebtedness held by the Series. In the case of participation interests where a bank or other lending institution serves as intermediate participant between a Series and the borrower, if the participation interest does not shift to the Series the direct debtor-creditor relationship with the borrower, a Series, in appropriate circumstances, will treat both the lending bank or other lending institution and the borrower as "issuers" for these purposes. Treating an intermediate participant as an issuer of indebtedness may restrict a fund's ability to invest in indebtedness related to a single intermediate participant, or a group of intermediate participants engaged in the same industry, even if the underlying borrowers represent many different companies and industries.

A borrower must comply with various restrictive covenants contained in the loan agreement. In addition to requiring the scheduled payment of interest and principal, these covenants may include restrictions on dividend payments and other distributions to stockholders, provisions requiring the borrower to maintain specific financial ratios, and limits on total debt. The loan agreement also may contain a covenant requiring the borrower to prepay the floating rate loan with any free cash flow. A breach of a covenant that is not waived by the agent (or by the lenders directly) normally is an event of default, which provides the agent or the lenders the right to call the outstanding floating rate loan.

**Direct Debt Instruments.** A Series may invest in direct debt instruments, subject to its policies and restrictions regarding the quality of debt securities. Purchasers of loans and other forms of direct indebtedness depend primarily upon the creditworthiness of the borrower for payment of principal and interest. Direct debt instruments may not be rated by any NRSRO. If a Series does not receive scheduled interest or principal payments on such indebtedness, the Series' share price and yield could be adversely affected. Loans that are fully secured offer the Series more protection than an unsecured loan in the event of non-payment of scheduled interest or principal. However, there is no assurance that the liquidation of collateral from a secured loan would satisfy the borrower's obligation, or that the collateral could be liquidated. Indebtedness of borrowers whose creditworthiness is poor involves substantially greater risks, and may be highly speculative. Borrowers that are in bankruptcy or

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restructuring may never pay off their indebtedness, or may pay only a small fraction of the amount owed. Direct indebtedness of developing countries also involves a risk that the governmental entities responsible for the repayment of the debt may be unable, or unwilling, to pay interest and principal when due.

Investments in loans through direct assignment of a financial institution's interests with respect to a loan may involve additional risks to the Series. For example, if a loan is foreclosed, the Series could become part owner of any collateral, and would bear the costs and liabilities associated with owning and disposing of the collateral. Direct debt instruments also may involve a risk of insolvency of the lending bank or other intermediary. Direct debt instruments that are not in the form of securities may offer less legal protection to the Series in the event of fraud or misrepresentation. In the absence of definitive regulatory guidance, the Series seeks to avoid situations where fraud or misrepresentation could adversely affect the Series.

A loan often is administered by a bank or other financial institution that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. Unless, under the terms of the loan or other indebtedness, the Series has direct recourse against the borrower, it may have to rely on the agent to apply appropriate credit remedies against a borrower. If assets held by the agent for the benefit of the Series were determined to be subject to the claims of the agent's general creditors, the Series might incur certain costs and delays in realizing payment on the loan or loan participation and could suffer a loss of principal or interest.

Investments in direct debt instruments may entail less legal protection for the Series. Direct indebtedness purchased by the Series may include letters of credit, revolving credit facilities, or other standby financing commitments obligating the Series to pay additional cash on demand. These commitments may have the effect of requiring the Series to increase its investment in a borrower at a time when it would not otherwise have done so, even if the borrower's condition makes it unlikely that the amount will ever be repaid. Other types of direct debt instruments, such as loans through direct assignment of a financial institution's interest with respect to a loan, may involve additional risks to the Series. For example, if a loan is foreclosed, the Series could become part owner of any collateral, and would bear the costs and liabilities associated with owning and disposing of the collateral.

A Series limits the amount of total assets that it will invest in any one issuer or in issuers within the same industry. For purposes of these limitations, a Series generally will treat the borrower as the issuer of indebtedness held by the Series. In the case of loan participations where a bank or other lending institution serves as financial intermediary between the Series and the borrower, if the participation does not shift to the Series the direct debtor-creditor relationship with the borrower, SEC interpretations require the Series, in appropriate circumstances, to treat both the lending bank or other lending institution and the borrower as issuers for these purposes. Treating a financial intermediary as an issuer of indebtedness may restrict the Series' ability to invest in indebtedness related to a single financial intermediary, or a group of intermediaries engaged in the same industry, even if the underlying borrowers represent many different companies and industries.

***Listed Private Equity Companies and Funds***

Subject to its investment policies and restrictions, a Series may invest in securities of listed private equity companies and funds whose principal business is to invest in and lend capital to privately held companies. A Series is subject to the underlying risks that affect the listed private equity companies and funds in which it invests. Generally, little public information exists for private companies, and there is a risk that the listed private equity companies and funds may not be able to make a fully informed investment decision. In addition, the listed private equity companies and funds may have relatively concentrated investment portfolios, consisting of a relatively small number of holdings. A consequence of this limited number of investments is that the aggregate returns realized by the listed private equity companies and funds may be adversely impacted by the poor performance of a small number of investments, or even a single investment. A Series' investment in listed private equity companies and funds subjects the Series' shareholders indirectly to the fees and expenses incurred by such companies and funds. Listed private equity companies and funds may include, among others, business development companies, investment holding companies, publicly traded limited partnership interests (common units), publicly traded venture capital funds, publicly traded venture capital trusts, publicly traded private equity funds, publicly traded private equity investment trusts, publicly traded closed-end funds, publicly traded financial institutions that lend to or invest in privately held companies and any other publicly traded vehicle whose purpose is to invest in privately held companies.

***Low-Rated Securities***

Debt securities rated below the four highest categories (that is, below BBB- by S&P, for example) are not considered investment grade obligations and commonly are called "junk bonds" or "high yield". These securities are predominately speculative and present more credit risk than investment grade obligations with respect to the issuer's continuing ability to meet principal and interest payments.

Low-rated debt securities (including unrated securities determined by the Manager to be of comparable quality) generally involve greater volatility of price and risk of principal and income, including the possibility of default by, or bankruptcy of, the issuers of the securities. The market prices of these securities may fluctuate more than high-rated securities and may decline significantly in periods of general economic difficulty. In addition, the markets in which low-rated debt securities are traded are more limited than those in which higher-rated securities are traded. The existence of limited markets for particular securities may diminish a Series' ability to sell the securities at fair value either to meet redemption requests or to respond to changes in the economy or in the financial markets and could adversely affect and cause fluctuations in the daily NAV of the Series' shares.

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**Investment Strategies and Risks**

Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of low-rated debt securities, especially in a thinly traded market. Valuation becomes more difficult and judgment plays a greater role in valuing low-rated debt securities than with respect to higher-rated debt securities for which more external sources of quotations and last sale information are available. Similarly, analysis of the creditworthiness of issuers of low-rated debt securities may be more complex than for issuers of higher-rated securities, and the ability of a Series to achieve its investment objective may be more dependent upon such creditworthiness analysis than would be the case if the Series were investing in higher-rated securities.

Low-rated debt securities may be more susceptible to real or perceived adverse economic and competitive industry conditions than investment grade securities. The prices of low-rated debt securities have been found to be less sensitive to interest rate changes than higher-rated investments, but more sensitive to adverse economic downturns or individual corporate developments. A projection of an economic downturn or of a period of rising interest rates, for example, could cause a decline in low-rated debt securities prices because the advent of a recession could lessen the ability of a highly leveraged company to make principal and interest payments on its debt securities. If the issuer of low-rated debt securities defaults, a Series may incur additional expenses to seek recovery and lose all or part of its investment.

**Distressed Debt Securities.** Subject to its investment policies and restrictions, a Series may invest in distressed companies (generally, debt securities rated below CCC+ by S&P, for example) (or, if unrated, determined by the Manager to be of comparable quality) (generally referred to as "Distressed Debt"). Investing in Distressed Debt includes investing in securities of companies that are, or are about to be, involved in reorganizations, financial restructurings, or bankruptcy. A Series' investment in Distressed Debt typically involves the purchase of bank debt, lower-rated or defaulted debt securities, comparable unrated debt securities, or other indebtedness (or participations in the indebtedness) of such companies. Such other indebtedness generally represents a specific commercial loan or portion of a loan made to a company by a financial institution such as a bank.

Loan participations represent fractional interests in a company's indebtedness and generally are made available by banks or other institutional investors. By purchasing all or a part of a loan participation, a Series, in effect, steps into the shoes of the lender. Distressed Debt purchased by a Series may be in the form of loans, notes or bonds. If the loan is secured, a Series will have a priority claim to the assets of the company ahead of unsecured creditors and stockholders otherwise no such priority of claims exists.

A merger or other restructuring, or a tender or exchange offer, proposed or pending at the time a Series invests in these securities may not be completed on the terms or within the time frame contemplated, resulting in losses to the Series.

Distressed Debt securities typically are unrated, lower-rated, in default or close to default. Also, Distressed Debt generally is more likely to become worth less than the securities of more financially stable companies. An issuer of debt securities may be unable to make interest payments and repay principal when due. Changes in an issuer's financial strength or in a security's credit rating may affect a security's value and, thus, impact Series performance. These debt securities are subject to interest rate, credit and prepayment risk. An increase in interest rates will reduce the resale value of debt securities and changes in the financial condition or credit rating of an issue may affect the value of its debt securities. Issuers may prepay their obligations on fixed rate debt securities when interest rates decline, which can shorten a security's maturity and reduce a Series' return.

Debt securities rated below investment grade, and the type of Distressed Debt securities which a Series may purchase, generally are considered to have more risk than higher-rated debt securities. They also may fluctuate more in price, and are less liquid than higher-rated debt securities. Their prices are especially sensitive to developments affecting the company's business and to ratings changes, and typically rise and fall in response to factors that affect the company's stock prices. Issuers of such Distressed Debt are not as strong financially, and are more likely to encounter financial difficulties and be more vulnerable to adverse changes in the economy, such as a recession or a sustained period of rising interest rates. The risk that a Series may lose its entire investment in defaulted bonds is greater in comparison to investing in non-defaulted bonds. Purchasers of participations in indebtedness must rely on the financial institution issuing the participation to assert any rights against the borrower with respect to the underlying indebtedness. In addition, a Series incurs the risk as to the creditworthiness of the bank or other financial intermediary, as well as of the company issuing the underlying indebtedness.

***Master Limited Partnerships (*** ***"*** ***MLPs*** ***"*** ***)***

Subject to its investment policies and restrictions, a Series may invest in MLPs. An MLP is a limited partnership (or similar entity, such as a limited liability company, that is classified as a partnership for federal tax purposes), the interests in which are publicly traded. MLP units generally are registered with the SEC and are freely traded on a securities exchange or in the OTC market. Many MLPs operate in the oil and gas industries, including energy processing and distribution. MLPs generally are pass-through entities or businesses that are taxed at the security holder level and generally are not subject to federal or state income tax at the entity level, subject to the application of certain partnership audit rules. Annual income, gains, losses, deductions and credits of such an MLP pass through directly to its security holders. Distributions from an MLP, whether they are attributable to its annual net income that is passed through or consist in part of a return of the amount originally invested, would not be taxable, to the extent they do not exceed the investor's adjusted tax basis in its MLP interest. Generally, an MLP is operated under the supervision of one or more general partners. Limited partners are not involved in the day-to-day management of an MLP.

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Investing in MLPs generally is subject to risks applicable to investing in a partnership as opposed to a corporation, which may include fewer protections afforded to investors (e.g., owners of common units in an MLP may have limited voting rights and no ability to elect directors, trustees or other managers). Although unitholders of an MLP generally are limited in their liability, similar to a corporation's shareholders, an MLP's creditors typically have the right to seek the return of distributions made to the MLP's unitholders if the liability in question arose before the distributions were paid. This liability may stay attached to the unitholder even after the units are sold.

MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. MLPs that concentrate in a particular industry or geographic region are subject to the risks associated with such industry or region (such as the risks associated with investing in the real estate or oil and gas industries). Investments held by an MLP may be relatively illiquid, limiting the MLP's ability to vary its portfolio promptly in response to changes in economic or other conditions. MLPs may have limited financial resources, their securities may trade infrequently and in limited volume, and they may be subject to more abrupt or erratic price movements than securities of larger or more broadly based companies.

Net income from an interest in a "qualified publicly-traded partnership" ("QPTP"), which many MLPs are treated as for federal tax purposes, is "qualifying income" for an entity (such as a Series) that is a "regulated investment company" for these purposes ("RIC"). Please see the section entitled *Distributions and Taxes – Taxes* for additional information regarding the tax consequences of a Series' investing in a QPTP.

***Money Market Instruments***

Money market instruments are high-quality, short-term debt instruments. They may include US government securities, commercial paper and other short-term corporate obligations, certificates of deposit and other financial institution obligations. These instruments may carry fixed or variable interest rates.

***Mortgage-Backed Securities ("MBS")***

*Overview*. MBS, also referred to as mortgage securities or mortgage-related securities, represent an ownership interest in a pool of mortgage loans, usually originated by mortgage bankers, commercial banks, savings and loan associations, savings banks, and credit unions to finance purchases of homes, commercial buildings, or other real estate. The individual mortgage loans are packaged or "pooled" together for sale to investors. These mortgage loans may have either fixed or adjustable interest rates. A guarantee or other form of credit support may be attached to an MBS to protect against default on obligations.

As the underlying mortgage loans are paid off, investors receive principal and interest payments, which "pass-through" when received from individual borrowers, net of any fees owed to the administrator, guarantor, or other service providers. Some MBS make payments of both principal and interest at a range of specified intervals; others make semiannual interest payments at a predetermined rate and repay principal at maturity (like a typical bond).

MBS are based on different types of mortgages, including those on commercial real estate or residential properties. The primary issuers or guarantors of MBS have historically been Ginnie Mae, Fannie Mae, and Freddie Mac. Other issuers of MBS include commercial banks and other private lenders.

Ginnie Mae is a wholly owned US government corporation within the Department of Housing and Urban Development. Ginnie Mae guarantees the principal and interest on securities issued by institutions approved by Ginnie Mae (such as savings and loan institutions, commercial banks and mortgage bankers). Ginnie Mae also guarantees the principal and interest on securities backed by pools of mortgages insured by the Federal Housing Administration (the "FHA"), or guaranteed by the Department of Veterans Affairs (the "VA"). Ginnie Mae's guarantees are backed by the full faith and credit of the US government. Guarantees as to the timely payment of principal and interest do not extend to the value or yield of MBS nor do they extend to the value of a Series' shares which will fluctuate daily with market conditions.

Fannie Mae is a government-sponsored corporation, but its common stock is owned by private stockholders. Fannie Mae purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions, and mortgage bankers. Pass-through securities issued by Fannie Mae are guaranteed as to timely payment of principal and interest by Fannie Mae, but are not backed by the full faith and credit of the US government.

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**Investment Strategies and Risks**

Although the MBS of Fannie Mae and Freddie Mac are not backed by the full faith and credit of the US government, the Secretary of the Treasury has the authority to support Fannie Mae and Freddie Mac by purchasing limited amounts of their respective obligations. The yields on these MBS have historically exceeded the yields on other types of US government securities with comparable maturities due largely to their prepayment risk. The US government, in the past, provided financial support to Fannie Mae and Freddie Mac, but no assurance can be given that the US government will continue to do so.

On September 6, 2008, the Federal Housing Finance Agency ("FHFA") placed Fannie Mae and Freddie Mac into conservatorship. As the conservator, FHFA succeeded to all rights, titles, powers, and privileges of Fannie Mae and Freddie Mac and of any stockholder, officer, or director of Fannie Mae and Freddie Mac. FHFA selected a new chief executive officer and chairman of the board of directors for each of Fannie Mae and Freddie Mac. Also, the US Treasury entered into a Senior Preferred Stock Purchase Agreement imposing various covenants that severely limit each enterprise's operations.

Fannie Mae and Freddie Mac continue to operate as going concerns while in conservatorship and each remains liable for all of its obligations, including its guaranty obligations associated with its MBS. The FHFA has the power to repudiate any contract entered into by Fannie Mae and Freddie Mac prior to FHFA's appointment as conservator or receiver, including the guaranty obligations of Fannie Mae and Freddie Mac. Accordingly, securities issued by Fannie Mae and Freddie Mac will involve a risk of nonpayment of principal and interest.

MBS that are issued or guaranteed by the US government, its agencies or instrumentalities, are not subject to a Series' industry concentration restrictions, set forth under "Fundamental Investment Policies," by virtue of the exclusion from that test available to securities issued or guaranteed by the US government or any of its agencies or instrumentalities. In the case of privately issued MBS, a Series categorizes, where possible, the securities by the issuer's industry for purposes of the Series' industry concentration restrictions.

*CMOs and REMICs.* Collateralized mortgage obligations ("CMOs") are a type of MBS that issue debt obligations collateralized by residential or commercial mortgage loans or pass-through securities. CMOs are typically issued in multiple classes. Each class, often referred to as a "tranche," is issued at a specified coupon rate or adjustable rate and has a stated maturity or final distribution date. Each of the classes is allocated a different share of the principal and/or interest payments received from the pool according to a different payment schedule depending on, among other factors, the seniority of a class relative to their classes. Other MBS such as real estate mortgage investment conduits ("REMICs") are also divided into multiple classes with different rights to the interest and/or principal payments received on the pool of mortgages. Multi-class pass-through securities are equity interests in a trust composed of mortgage loans or other MBS. Unless the context indicates otherwise, the discussion of CMOs below also applies to REMICs and multi-class pass-through securities.

Payments of principal and interest on the underlying collateral provide the resources to pay the debt service on CMOs or REMICs or to make scheduled distributions on the multi-class pass-through securities. The principal and interest on the underlying collateral may be allocated among a CMO's various classes in many ways. In a common structure, payments of principal on the underlying mortgages, including any principal prepayments, are applied to the classes of a series of a CMO in the order of their respective stated maturities or final distribution dates rather than on a pro rata basis across all classes simultaneously, so that no payment of principal will be made on any class until all other classes having an earlier stated maturity or final distribution date have been paid in full. This sequential retirement structure allows the CMO to use the cash flows from the underlying collateral to create classes with short-, intermediate- and long-term maturities with corresponding risk characteristics. Principal prepayments on collateral underlying CMOs may cause the CMOs to be retired substantially earlier than their stated maturities or final distribution dates.

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A CMO may designate the most junior class it issues as a "residual" class (sometimes referred to as a "Z Bond"). Shareholders of this class will be entitled only to any amounts remaining after shareholders of all other classes (and any fees or expenses) have been paid in full. The amount of residual cash flow will depend on various factors including the characteristics of the underlying assets, interest rates, prepayment rates, the allocation of payments to more senior classes, and the amount of administrative expenses. Residual classes tend to have market prices and yields that are much more volatile than other mortgage-backed securities and will often be subject to greater credit risk, liquidity risk, market risk, and interest rate risk than other mortgage-backed securities. The yield to maturity on a residual class can also be extremely sensitive to changes in the level of the index upon which interest rate adjustments are based. The residual class of a CMO may be subject to restrictions on transferability and, in certain circumstances, can be difficult to value.

Some CMOs may have classes that have a right to receive interest only ("IOs") or principal only ("POs"). IOs and POs can be extremely sensitive to changes in interest rates and rates of payment on principal on the underlying collateral. IOs tend to decrease in value substantially if interest rates decline and collateral prepayment rates become more rapid. POs tend to decrease in value substantially if interest rates increase and the rate of collateral prepayment decreases. In each case, as applicable, the liquidity of IOs or POs could be significantly impaired and challenges could arise with valuing these securities. See *Stripped mortgage securities* below.

One or more classes of a CMO may have interest rates that reset periodically as adjustable-rate mortgage loans ("ARMs") do. These adjustable rate classes are known as "floating-rate CMOs". Floating-rate CMOs are typically issued with lifetime "caps" on the interest rate. These caps, similar to the caps on ARMs, limit a Series' potential to gain from rising interest rates and increase the sensitivity of the CMO's price to interest rate changes while rates remain above the cap.

CMOs may also have classes that have a right to receive amounts that remain only after Floating Rate CMOs are paid (an "inverse floater"). Like IOs and POs, inverse floaters can be extremely sensitive to changes in interest rates. Interest rates on inverse floaters generally decrease when short-term interest rates increase, and generally increase when short-term interest rates decline. When interest rates change or other market conditions occur, the value of an inverse floater may increase or decrease at a multiple of the increase or decrease in the value of the underlying securities, which could cause a Series to lose the entire value of its investment in an inverse floater.

The Series may invest in parallel-pay and planned amortization class ("PAC") CMOs and multi-class pass through certificates. Parallel-pay CMOs and multi-class passthrough certificates typically provide payments of principal on each payment date to more than one class. These simultaneous payments are taken into account in calculating the stated maturity date or final distribution date of each class. PACs generally require payments of a specified amount of principal on each payment date. PACs are parallel-pay CMOs with the required principal amount on such securities having the highest priority after interest has been paid to all classes. Any CMO or multi-class pass through structure that includes PAC securities must also have support tranches - known as support bonds, companion bonds or non-PAC bonds - that lend or absorb principal cash flows to allow the PAC securities to maintain their stated maturities and final distribution dates within a range of actual prepayment experience. These support tranches are subject to a higher level of maturity risk compared to other mortgage-related securities, and usually provide a higher yield to compensate investors. If principal cash flows are received in amounts outside a pre-determined range such that the support bonds cannot lend or absorb sufficient cash flows to the PAC securities as intended, the PAC securities are subject to heightened maturity risk.

All the risks applicable to a traditional MBS also apply to CMOs taken as a whole, even though certain classes of the CMO may be protected to a certain degree against a particular risk by subordinated classes. The risks associated with an investment in a particular CMO class vary substantially depending on the combination of rights associated with that class. In general, investments in subordinated classes of a CMO bear greater risks associated with MBS generally than more senior classes, be it credit risk, prepayment or extension risk (the risk of a security's expected maturity being reduced or lengthened in duration due to a change of the timing of payment), interest rate risk, income risk, market risk, liquidity risk or any other risk associated with a debt or equity instrument with similar features to the relevant class. The more subordinated the class of CMO, the greater these risks tend to be. As a result, an investment in the most subordinated class of a CMO is often riskier than an investment in other types of MBS.

CMOs are generally required to maintain more collateral than REMICs to collateralize the CMOs being issued. Most REMICs are not subject to the same minimum collateralization requirements and may be permitted to issue the full value of their assets as securities, without reserving any amount as collateral. As a result, an investment in the subordinated classes of a REMIC may be riskier than an investment in equivalent classes of a CMO.

CMOs may be issued, guaranteed or sponsored by governmental entities or by private entities. Consequently, they involve risks similar to those of traditional MBS that have been issued, guaranteed, or sponsored by such government and/or private entities. For example, a Series is generally exposed to a greater risk of loss due to default when investing in CMOs that have not been issued, guaranteed, or sponsored by a government entity.

Timely payment of interest and principal (but not the market value and yield) of some of these pools is supported by various forms of insurance or guarantees issued by private issuers, those who pool the mortgage assets and, in some cases, by US government agencies. There can be no assurance, however, that any such insurance or guarantee will be effective, and investors in these pools may still experience losses.

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**Investment Strategies and Risks**

CMOs involve risks including the uncertainty of the timing of cash flows that results from the rate of prepayments on the underlying mortgages serving as collateral, and risks resulting from the structure of the particular CMO transaction and the priority of the individual tranches. The prices of some CMOs, depending on their structure and the rate of prepayments, can be volatile. Some CMOs may be less liquid than other types of MBS. As a result, it may be difficult or impossible to sell the securities at an advantageous price or time under certain circumstances. Yields on privately issued CMOs have been historically higher than the yields on CMOs issued and guaranteed by US government agencies or instrumentalities. The risk of loss due to default on privately issued CMOs, however, is historically higher since the US government has not guaranteed them.

To the extent any privately issued CMOs in which a Series invests are considered by the SEC to be an investment company, the Series will limit its investments in such securities in a manner consistent with the provisions of the 1940 Act, the SEC rules thereunder and exemptions thereto.

*Commercial mortgage-backed securities ("CMBS").* CMBS are issued by special purpose entities that represent an undivided interest in a portfolio of mortgage loans backed by commercial properties. The loans are collateralized by various types of commercial property, which include, but are not limited to, multifamily housing, retail shopping centers, office space, hotels, and healthcare facilities. Private lenders, such as banks or insurance companies, originate these loans and then sell the loans directly into a CMBS trust or other entity. CMBS are subject to credit risk, prepayment risk, and extension risk. The Manager, through its careful credit analysis, attempts to address the risk of an issuer being unable to make timely payments of interest and principal. Although prepayment risk is present, it is of a lesser degree in CMBS than in the residential mortgage market.

*Stripped mortgage securities.* Some MBS referred to as stripped MBS are divided into classes which receive different proportions of the principal and interest payments or, in some cases, only payments of principal or interest (but not both). Other MBS referred to as net interest margin ("NIM") securities give the investor the right to receive any excess interest earned on a pool of mortgage loans remaining after all classes and service providers have been paid in full. Stripped MBS may be issued by government or private entities. Stripped MBS issued or guaranteed by agencies or instrumentalities of the US government are typically more liquid than privately issued stripped MBS.

Stripped MBS are usually structured with two classes, each receiving different proportions of the interest and principal distributions on a pool of mortgage assets. In most cases, one class receives all of the interest (the interest-only or "IO" class), while the other class receives all of the principal (the principal-only or "PO" class). The return on an IO class is extremely sensitive not only to changes in prevailing interest rates but also to the rate of principal payments (including prepayments) on the underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on any IO class held by a Series. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Series may fail to recoup its initial investment fully, even if the securities are rated in the highest rating categories, AAA or Aaa, by S&P or Moody's, respectively.

NIM securities represent a right to receive any "excess" interest computed after paying coupon costs, servicing costs and fees and any credit losses associated with the underlying pool of home equity loans. Like traditional stripped MBS, the return on a NIM security is sensitive not only to changes in prevailing interest rates but also to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.

Stripped MBS and NIM securities tend to exhibit greater market volatility in response to changes in interest rates than other types of MBS and are purchased and sold by institutional investors, such as a Series, through investment banking firms acting as brokers or dealers. Some of these securities may be deemed "illiquid" and therefore subject to a Series' limitation on investment in illiquid investments and the risks associated with illiquidity.

Mortgage loan and home equity loan pools offering pass-through investments in addition to those described above may be created in the future. The mortgages underlying these securities may be alternative mortgage instruments, that is, mortgage instruments whose principal or interest payments may vary or whose terms to maturity may differ from customary long-term, fixed-rate mortgages. As new types of mortgage and home equity loan securities are developed and offered to investors, a Series may invest in them if they are consistent with the Series' goals, policies and quality standards.

*Additional risks.* In addition to the special risks described below, MBS are subject to many of the same risks as other types of debt securities. The market value of MBS, like other debt securities, will generally vary inversely with changes in market interest rates, declining when interest rates rise and rising when interest rates decline. MBS differ from conventional debt securities in that most MBS are pass-through securities. This means that they typically provide investors with periodic payments (typically monthly) consisting of a pro rata share of both regular interest and principal payments, as well as unscheduled early prepayments, on the underlying mortgage pool (net of any fees paid to the issuer or guarantor of such securities and any applicable loan servicing fees). As a result, the holder of the MBS (i.e., a Series) receives scheduled payments of principal and interest and may receive unscheduled principal payments representing prepayments on the underlying mortgages. The rate of prepayments on the underlying mortgages generally increases as interest rates decline, and when a Series reinvests the payments and any unscheduled prepayments of principal it receives, it may receive a rate of interest that is lower than the rate on the existing MBS. For this reason, pass-through MBS may have less potential for capital appreciation as interest rates decline and may be less effective than other types of US government or other debt securities as a means of "locking in" long-term interest rates. In general, fixed rate MBS have greater exposure to this "prepayment risk" than variable rate securities.

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An unexpected rise in interest rates could extend the average life of an MBS because of a lower than expected level of prepayments or higher than expected amounts of late payments or defaults. In addition, to the extent MBS are purchased at a premium, mortgage foreclosures and unscheduled principal prepayments may result in some loss of the holder's principal investment to the extent of the premium paid. On the other hand, if MBS are purchased at a discount, both a scheduled payment of principal and an unscheduled prepayment of principal will increase current and total returns and will accelerate the recognition of income that, when distributed to shareholders, will generally be treated as ordinary income. Regulatory or tax changes may also adversely affect the MBS market as a whole.

*Guarantees.* The existence of a guarantee or other form of credit support on an MBS usually increases the price that a Series pays for the security. There is always the risk that the guarantor will default on its obligations. When the guarantor is the US government, there is minimal risk of guarantor default. However, the risk remains if the credit support or guarantee is provided by a private party or a US government agency or sponsored enterprise. Even if the guarantor meets its obligations, there can be no assurance that the type of guarantee or credit support provided will be effective at reducing losses or delays to investors, given the nature of the default. A guarantee only assures timely payment of interest and principal, not a particular rate of return on a Series' investment or protection against prepayment or other risks. The market price and yield of the MBS at any given time are not guaranteed and are likely to fluctuate.

***Municipal Obligations***

Municipal obligations are issued by a wide range of state and local governments, agencies and authorities for various purposes. The two main kinds of municipal bonds are general obligation bonds and revenue bonds. The issuer of a general obligation bond has pledged its full faith, credit and taxing power for the payment of principal and interest on the bond. Revenue bonds are payable only from specific sources; these may include revenues from a particular facility or class of facilities or special tax or other revenue source. Private activity bonds ("PABs") are revenue bonds issued by or on behalf of public authorities to obtain funds to finance privately operated facilities. Their credit quality usually is directly related to the credit standing of the user of the facilities being financed.

***Natural Resources and Physical Commodities***

When a Series invests in securities of companies engaged in natural resources activities, the Series may be subject to greater risks and market fluctuations than funds with more diversified portfolios. The value of the Series' securities will fluctuate in response to market conditions generally, and will be particularly sensitive to the markets for those natural resources in which a particular issuer is involved. The values of natural resources also may fluctuate directly with respect to real and perceived inflationary trends and various political developments. In selecting the Series' investments, the Manager will consider each company's ability to create new products, secure any necessary regulatory approvals, and generate sufficient customer demand. A company's failure to perform well in any one of these areas, however, could cause its stock to decline sharply.

Natural resource industries throughout the world may be subject to greater political, environmental and other governmental regulation than many other industries. Changes in governmental policies and the need for regulatory approvals may have an adverse effect on the products and services of natural resources companies. For example, the exploration, development and distribution of coal, oil and gas in the US are subject to significant federal and state regulation, which may affect rates of return on such investments and the kinds of services that may be offered to companies in those industries. In addition, many natural resource companies have been subject to significant costs associated with compliance with environmental and other safety regulations. Such regulations also may hamper the development of new technologies. The direction, type or effect of any future regulations affecting natural resource industries are virtually impossible to predict.

Generally, energy commodities, such as coal, natural gas and crude oil, have distinctly higher volatility than other types of commodities, due in part to real time pricing and cross-commodity arbitrage described below. In purchasing related securities, the Manager considers the integration of derivatives and physical trades for risk management in a real-time environment. As well, scheduling receipts, deliveries and transmission of a commodity can all impact investments in commodities.

Energy commodities have unique market risks and physical properties which can affect the available supply. Factors unique to energy commodities include: research and development, location, recovery costs, transportation costs, conversion costs and storage costs, as well as global demand and other events that can affect demand such as war, weather and alternative energy sources. Natural gas and crude oil are especially susceptible to changes in supply and global demand. For example, global oil prices recently have been, and continue to be, subject to extreme market volatility. An investor in commodities must be able to manage cross-commodity arbitrage, that is, the ability to determine positions stated in equivalent units of measure *(e.g.,* British thermal units). When assessing an investment opportunity — in coal, natural gas or crude oil — this calculation can be critical in determining the success an investor has when calculating how a trade breaks down into a single common denominator. Coal tolling, for instance, involves the conversion of coal to electricity for a fee. The tolling of coal gives marketers, suppliers and generators another arbitrage opportunity if there is a disparity between coal and electricity prices while providing some added liquidity between the two commodities.

Principal risks of investing in certain types of commodities include:

● cross-commodity
 arbitrage can negatively impact a Series' investments;

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**Investment Strategies and Risks**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● fluctuations
 in demand can negatively impact individual commodities: alternative sources of energy can create unforeseen competition; changes in
 weather can negatively affect demand; and global production can alter demand and the need for specific sources of energy;

● fluctuations
 in supply can negatively impact individual commodities: transportation costs, research and development, location, recovery/retrieval costs,
 conversion costs, storage costs and natural disasters can all adversely impact different investments and types of energy;

● environmental
 restrictions can increase costs of production;

● restrictions
 placed by the government of a developing country related to investment, exchange controls, and repatriation of the proceeds of investment
 in that country; and

● war
 can limit production or access to available supplies and/or resources.

Investments in precious metals (such as gold) and other physical commodities are considered speculative and subject to special risk considerations, including substantial price fluctuations over short periods of time, as well as increasing regulation. On the other hand, investments in precious metals, coins or bullion could help to moderate fluctuations in the value of a Series' holdings, since the prices of precious metals have at times tended not to fluctuate as widely as shares of issuers engaged in the mining of precious metals.

Because precious metals and other commodities do not generate investment income, the return on such investments will be derived solely from the appreciation or depreciation on such investments. A Series also may incur storage and other costs relating to its investments in precious metals and other commodities, which may, under certain circumstances, exceed custodial and brokerage costs associated with investments in other types of securities. When a Series purchases a precious metal or other physical commodity, the Manager currently intends that it will only be in a form that is readily marketable. To continue to qualify as a RIC under the Internal Revenue Code, a Series may not derive more than 10% of its yearly gross income from gains (without regard to losses) resulting from selling or otherwise disposing of precious metals or any other physical commodity (or options or futures contracts thereon unless the gain is realized from certain hedging transactions) and other "non-qualifying income." See *Distributions and Taxes – Taxes.* Accordingly, a Series may be required to hold its precious metals or sell them at a loss, or to sell some portfolio securities at a gain, when, for investment reasons, it would not otherwise do so.

The ability of a Series to purchase and hold precious metals such as gold, silver and platinum may allow it to benefit from a potential increase in the price of precious metals or stability in the price of such metals at a time when the value of securities may be declining. For example, during periods of declining stock prices, the price of gold may increase or remain stable, while the value of the stock market may be subject to general decline.

Precious metal prices are affected by various factors, such as economic conditions, political events and monetary policies. As a result, the prices of gold, silver or platinum may fluctuate widely. The sole source of return to a Series from such investments will be gains realized on their sale; a negative return will be realized if the metal is sold at a loss. Investments in precious metals do not provide a yield. A Series' direct investment in precious metals is limited by tax considerations. See *Distributions and Taxes – Taxes.*

***Options, Futures and Other Derivatives Strategies***

**General.** The Manager may use certain options, futures contracts (sometimes referred to as futures), options on futures contracts, forward currency contracts, swaps, caps, floors, collars, indexed securities and other derivatives instruments (collectively, Financial Instruments) in an attempt to enhance income or yield, to hedge, to gain exposure to securities, sectors or geographical areas or to otherwise manage the risks of a Series' investments. Securian AM uses certain futures contracts in managing the volatility management strategy for each Managed Volatility Series, although at some point in the future it might use other Financial Instruments.

Generally, each Series may purchase and sell any type of Financial Instrument. However, as an operating policy, a Series will only purchase or sell a particular Financial Instrument if the Series is authorized to invest in the type of asset by which the return on, or value of, the Financial Instrument primarily is measured. Since each Series is authorized to invest in foreign securities denominated in other currencies, each such Series may purchase and sell foreign currency derivatives.

Hedging strategies can be broadly categorized as short hedges and long hedges. A short hedge is a purchase or sale of a Financial Instrument intended partially or fully to offset potential declines in the value of one or more investments held in a Series' portfolio. Thus, in a short hedge, the Series takes a position in a Financial Instrument whose price is expected to move in the opposite direction of the price of the investment being hedged.

Conversely, a long hedge is a purchase or sale of a Financial Instrument intended partially or fully to offset potential increases in the acquisition cost of one or more investments that a Series intends to acquire. Thus, in a long hedge, the Series takes a position in a Financial Instrument whose price is expected to move in the same direction as the price of the prospective investment being hedged. A long hedge is sometimes referred to as an anticipatory hedge. In an anticipatory hedge transaction, a Series does not own a corresponding security. Therefore, the transaction relates to a security that the Series intends to acquire. If the Series does not complete the hedge by purchasing the security it anticipated purchasing, the effect on the Series' holdings is the same as if the underlying security had been purchased and later sold, and the transaction could be viewed as speculative.

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Financial Instruments involving underlying securities may be used in an attempt to hedge against price movements in one or more particular securities positions that a Series owns or intends to acquire. Financial Instruments involving underlying indexes, in contrast, may be used in an attempt to hedge against price movements in market sectors in which a Series has invested or expects to invest, respectively. Financial Instruments involving underlying debt securities may be used in an attempt to hedge either individual securities or broad debt market sectors.

In addition, Financial Instruments also may be used in seeking to gain exposure to securities, sectors, markets or geographical areas. Financial Instruments can be used individually, as in the purchase of a call option, or in combination, as in the purchase of a call option and a concurrent sale of a put option, as an alternative to purchasing securities.

Financial Instruments may be used in this manner in seeking to gain exposure more efficiently than through a direct purchase of the underlying security or to more specifically express the outlook of the Manager.

The enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the Dodd-Frank Act) resulted in historic and comprehensive statutory reform of certain OTC derivatives, including the manner in which the derivatives are regulated, derivatives documentation is negotiated, and trades are reported, executed or "cleared."

Specifically, the Commodity Futures Trading Commission (CFTC) has adopted rules to require certain standardized swaps, previously traded OTC, be executed in a regulated, transparent market and settled by means of a central clearing house. To date, the CFTC has designated only certain of the most common types of credit default index swaps and interest rate swaps as subject to mandatory clearing and certain public trading facilities have made certain of those cleared swaps available to trade, but it is expected that additional categories of swaps will in the future be designated as subject to mandatory clearing and trade execution requirements. Central clearing is intended to reduce counterparty credit risk and increase liquidity, but, central clearing does not eliminate these risks and may involve additional costs and risks not involved with uncleared swaps. The assets of a Series may not be fully protected in the event of the bankruptcy of the futures commission merchant (FCM) or central counterparty because the Series might be limited to recovering only a *pro rata* share of all available funds and margin segregated on behalf of an FCM's customers. Credit risk of cleared swap participants is concentrated in a few clearinghouses, and the consequences of insolvency of a clearinghouse are not clear.

In addition, the banking regulators and the CFTC have issued regulations requiring the posting of initial and variation margin for uncleared swaps that are applicable to all financial end-users, including the Series.

The regulation of derivatives is a rapidly changing area of law and is subject to modification by government and judicial action. In addition, the SEC, CFTC and the exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, the implementation or reduction of speculative position limits, the implementation of higher margin requirements, the establishment of daily price limits and the suspension of trading. It is not possible to predict fully the effects of current or future regulation. Changing regulation may, among various possible effects, increase the cost of entering into derivatives transactions, restrict the ability of a Series to enter into certain types of derivative transactions, or could limit a Series' ability to pursue its investment strategies. New requirements, even if not directly applicable to the Series, may increase the cost of the Series' investments and cost of doing business.

In 2012, pursuant to the Dodd-Frank Act, the CFTC made substantial amendments to the permissible exemptions, and to the conditions for reliance on the permissible exemptions, from registration as a "commodity pool operator" (CPO) under the Commodity Exchange Act (CEA). Under these amendments, if a Series uses commodity interests (such as futures contracts, options on futures contracts and most swaps) other than for *bona fide* hedging purposes (as defined by the CFTC), the aggregate initial margin and premiums required to establish these positions (after taking into account unrealized profits and unrealized losses on any such positions and excluding the amount by which options are "in-the- money" at the time of purchase) may not exceed 5% of the Series' liquidation value, or alternatively, the aggregate net notional value of those positions, determined at the time the most recent position was established, may not exceed 100% of the Series' liquidation value (after taking into account unrealized profits and unrealized losses on any such positions) unless the Manager has registered as a CPO. The Manager, in its management of each Series, currently is complying, and intends to continue to comply, with at least one of the two alternative limitations described above. Accordingly, the Manager has claimed an exclusion from the definition of the term "commodity pool operator" with respect to each Series under the CEA and the regulations thereunder. In addition, the Manager is exempt from registration as a commodity trading advisor and provides commodity interest trading advice to the Series in reliance upon applicable exemptions from registration under the Commodity Exchange Act.

In addition to complying with these *de minimis* trading limitations set forth in the CFTC Rule 4.5 under the CPO rules, to qualify for an exclusion under the amended regulation, the operator of a Series must satisfy a marketing test, which requires, among other things, that the Series not hold itself out as a vehicle for trading commodity interests. Complying with the *de minimis* trading limitations may restrict the Manager's ability to use derivatives as part of a Series' investment strategies. Although the Manager believes that it will be able to execute a Series' investment strategies within the de minimis trading limitations, the Series' performance could be adversely affected. In addition, a Series' ability to use Financial Instruments may be limited by tax considerations. See *Distributions and Taxes – Taxes*.

Pursuant to authority granted under the Dodd-Frank Act, the Treasury issued a notice of final determination (Final Determination) stating that deliverable foreign exchange forwards, as defined in the Final Determination, should not be considered swaps for most purposes. Thus, deliverable foreign exchange forwards are not deemed to be commodity interests. Therefore, a Series may enter into deliverable foreign exchange forwards

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**Investment Strategies and Risks**

without such transactions counting against the de *minimis* trading limitations discussed above. Notwithstanding the Treasury's determination, deliverable foreign exchange forwards (1) must be reported to swap data repositories, (2) are subject to business conduct standards, and (3) are subject to antifraud and anti-manipulation proscriptions of swap execution facilities.

In addition, pursuant to the Dodd-Frank Act and regulations adopted by the CFTC in connection with implementing the Dodd-Frank Act, non-deliverable forwards (NDFs) are deemed to be commodity interests, including for purposes of amended CFTC Rule 4.5, and are subject to the full array of regulations under the Dodd-Frank Act. Therefore, a Series will limit its investment in NDFs as discussed above.

CFTC Rule 4.5 also provides that, for purposes of determining compliance with the *de minimis* trading limitations discussed above, swaps that are centrally-cleared on the same clearing organization may be netted where appropriate, but no such netting is permitted for uncleared swaps. To the extent some NDFs remain traded OTC and are not centrally- cleared, the absolute notional value of all such transactions, rather than the net notional value, would be counted against the *de minimis* trading limitations discussed above. Requests have been made to the CFTC staff for further guidance on this aspect of CFTC Rule 4.5.

In addition to the instruments, strategies and risks described below, the Manager expects to discover additional opportunities in connection with Financial Instruments and other similar or related techniques. These new opportunities may become available as new techniques are developed, as regulatory authorities broaden the range of permitted transactions and as new Financial Instruments or other techniques are developed. The Manager may utilize these opportunities to the extent that they are consistent with a Series' objective(s) and permitted by a Series' investment policies and restrictions and regulations adopted by applicable regulatory authorities. A Series might not use any of these strategies, and there can be no assurance that any strategy used will succeed. The Series' Prospectus or this SAI will be supplemented to the extent that new products or techniques involve materially different risks than those described below or in the Prospectus.

**Special Risks.** The use of Financial Instruments involves special considerations and risks, certain of which are described below. Some of these techniques may increase the volatility of a Series and may involve a small investment of cash relative to the magnitude of the risk assumed. Risks pertaining to particular Financial Instruments are described in the sections that follow:

1. Successful use of certain Financial Instruments depends upon the ability of the Manager to predict movements of the overall securities, currency and interest rate markets, among other skills. There can be no assurance that any particular strategy will succeed, and the use of Financial Instruments could result in a loss, regardless of whether the intent was to reduce risk or increase return.

2. There might be imperfect correlation, or even no correlation, between price movements of a Financial Instrument and price movements of the investments being hedged. For example, if the value of a Financial Instrument used in a short hedge increased by less than the decline in value of the hedged investment, the hedge would not be fully successful. Such a lack of correlation might occur due to factors unrelated to the value of the investments being hedged, such as speculation in the market or other pressures on the markets in which Financial Instruments are traded. The effectiveness of hedges using Financial Instruments on underlying indexes will depend on the degree of correlation between price movements in the index and price movements in the securities being hedged.

Because there are a limited number of types of exchange-traded options and futures contracts, the standardized contracts available may not match a Series' current or anticipated investments exactly. A Series may invest in options and futures contracts based on securities, indexes or other instruments with different issuers, maturities, or other characteristics from the securities in which it typically invests, which involves a risk that the options or futures position will not perfectly correlate with the performance of the Series' other investments. Options and futures prices also can diverge from the prices of their underlying instruments, even if the underlying instruments match a Series' investments well. Options and futures prices are affected by such factors as changes in volatility of the underlying instrument, the time remaining until expiration of the contract, and current and anticipated short-term interest rates, which may not affect security prices the same way. Imperfect correlation also may result from differing levels of demand in the options and futures markets and the securities markets, from structural differences in how options and futures and securities are traded, and/or from imposition of daily price fluctuation limits or trading halts. A Series may purchase or sell options and futures contracts with a greater or lesser value than the securities it wishes to hedge or intends to purchase in order to attempt to compensate for differences in volatility between the contract and the securities, although this may not be successful in all cases. If price changes in a Series' options or futures positions are poorly correlated with its other investments, the positions may fail to produce anticipated gains or result in losses that are not offset by gains in other investments.

3. If successful, the above-discussed strategies can reduce risk of loss by wholly or partially offsetting the negative effect of unfavorable price movements. However, such strategies also can reduce opportunity for gain by offsetting the positive effect of favorable price movements. For example, if a Series entered into a short hedge because the Manager projected a decline in the price of a security in the Series' portfolio, and the price of that security increased instead, the gain from that increase might be wholly or partially offset by a decline in the price of the Financial Instrument. Moreover, if the price of the Financial Instrument declined by more than the increase in the price of the security, the Series could suffer a loss. In either such case, the Series would have been in a better position had it not attempted to hedge at all.

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4. As described below, a Series might be required to maintain assets as cover, maintain segregated accounts or make margin payments when it takes positions in Financial Instruments involving obligations to third parties unless regulatory relief from restrictions applies. If the Series were unable to close out its positions in such Financial Instruments, it might be required to continue to maintain such assets or accounts or make such payments until the position expired or matured. These requirements may require that a Series sell portfolio securities at a disadvantageous time in order to meet such obligations, and could cause the Series to incur losses.

5. A Series' ability to close out a position in a Financial Instrument prior to expiration or maturity depends on the existence of a liquid secondary market or, in the absence of such a market, the ability and willingness of the other party to the transaction (counterparty) to enter into a transaction closing out the position. Therefore, there is no assurance that any position can be closed out at a time and price that is favorable to the Series.

6. Certain Financial Instruments, including options, futures contracts, combined positions and swaps, can create leverage, which may amplify or otherwise increase a Series' investment loss, possibly in an amount that could exceed the cost of that Financial Instrument or, under certain circumstances, that could be unlimited. Certain Financial Instruments also may require cash outlays that are only a small portion of the amount of exposure obtained through the Financial Instruments, which results in a form of leverage. Although leverage creates the opportunity for increased total return, it also can create investment exposure for a Series that, in certain circumstances, could exceed the Series' net assets and could alter the risk profile of the Series in unanticipated ways.

7. When traded on foreign exchanges, Financial Instruments may not be regulated as rigorously as they would be if traded on or subject to the rules of an exchange located in the United States, may not involve a clearing mechanism and related guarantees, and will be subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities, currencies and other instruments. The value of positions taken as part of non-US Financial Instruments also could be adversely affected by: (i) other complex foreign political, legal and economic factors; (ii) lesser availability of data on which to make trading decisions than in the United States; (iii) delays in a Series' ability to act upon economic events occurring in foreign markets during non-business hours in the United States; (iv) the imposition of different exercise and settlement terms and procedures and margin requirements than in the United States; and (v) lower trading volume and liquidity.

**Options.** A call option gives the purchaser the right, but not the obligation, to buy, and obligates the writer to sell, the underlying investment at the agreed-upon price during the option period. A put option gives the purchaser the right, but not the obligation, to sell, and obligates the writer to buy, the underlying investment at the agreed-upon price during the option period. Purchasers of options pay an amount, known as a premium, to the option writer in exchange for the right under the option contract. Options are traded on an organized, liquid exchange or in the OTC market.

The purchase of call options can serve as a long hedge, and the purchase of put options can serve as a short hedge. Writing put or call options can enable a Series to enhance income or yield by reason of the premiums paid by the purchasers of such options.

Writing call options can serve as a limited short hedge, because declines in the value of the hedged investment would be offset to the extent of the premium received for writing the option. However, if the security or currency appreciates to a price higher than the exercise price of the call option, it can be expected that the option will be exercised and the Series will be obligated to sell the security or currency at less than its market value.

Writing put options can serve as a limited long hedge because increases in the value of the hedged investment would be offset to the extent of the premium received for writing the option. However, if the security or currency depreciates to a price lower than the exercise price of the put option, it can be expected that the put option will be exercised and the Series will be obligated to purchase the security or currency at more than its market value, which would be expected to result in a loss.

The value of an option position will reflect, among other things, the current market value of the underlying investment, the time remaining until expiration, the relationship of the exercise price to the market price of the underlying investment, the anticipated future price volatility of the underlying investment and general market conditions. Purchased options that expire unexercised have no value.

A Series may effectively terminate its right or obligation under an option by entering into a closing transaction. For example, a Series may terminate its obligation under a call or put option that it had written by purchasing the call or put option; this is known as a closing purchase transaction. Conversely, a Series may terminate a position in a put or call option it had purchased by selling the put or call option; this is known as a closing sale transaction. Closing transactions permit a Series to realize profits or limit losses on an option position prior to its exercise or expiration.

A type of put that a Series may purchase is an optional delivery standby commitment, which is entered into by parties selling debt securities to the Series. An optional delivery standby commitment gives the Series the right to sell the security back to the seller on specified terms. This right is provided as an inducement to purchase the security.

**Risks of Options on Securities.** Options can offer large amounts of leverage, which may result in a Series' NAV being more sensitive to changes in the value of the related instrument. Each Series may purchase or write both options that are traded on domestic and foreign exchanges and OTC options. Exchange-traded options on securities in the United States are issued by the Options Clearing Corporation that, in effect, guarantees completion of every exchange-traded option transaction. In contrast, OTC options are contracts between a Series and its counterparty (usually a securities dealer or a bank) with no clearing organization guarantee. Thus, when a Series purchases an OTC option, it relies on the counterparty from whom it purchased the option to make or take delivery of the underlying investment upon exercise of the option. Failure by the counterparty to do so could result in the loss of any premium paid by the Series as well as the loss of any expected benefit of the transaction. A Series seeks to

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mitigate this risk by entering into a bilateral credit support arrangement with the counterparty, which requires the posting of collateral to cover the market value of purchased options, which would mitigate the possibility of losing any premium paid by a Series, as well as any loss of expected benefit of the transaction.

A Series' ability to establish and close out positions in exchange-listed options depends on the existence of a liquid market, and there can be no assurance that such a market will exist at any particular time. Closing transactions can be made for OTC options only by negotiating directly with the counterparty, or by negotiating with a different counterparty willing to take the Series' place in the contract, called a novation. There can be no assurance that a Series will in fact be able to close out an OTC option position at a favorable price prior to expiration. In the event of insolvency of the counterparty, the Series would be able to terminate the position held with such counterparty; but, due to insolvency proceedings, might incur a significant delay in recovering any amounts owed to the Series.

If a Series were unable to effect a closing transaction for an option it had purchased, it would have to exercise the option to realize any profit. The inability to enter into a closing purchase transaction or an economically offsetting purchase transaction from another counterparty for a covered call option written by a Series could cause material losses to such Series because the Series would, if unable to substitute other collateral, be unable to sell the investment used as cover for the written option until the option expires or is exercised.

**Options on Indexes.** Puts and calls on indexes are similar to puts and calls on securities or futures contracts except that all settlements are in cash and gain or loss depends on changes in the index in question rather than on price movements in individual securities or futures contracts. When a Series writes a call on an index, it receives a premium and agrees that the purchaser of the call, upon exercise of the call, will receive from the Series an amount of cash if the closing level of the index upon which the call is based is greater than the exercise price of the call. The amount of cash is equal to the difference between the closing price of the index and the exercise price of the call times a specified multiple (multiplier), which determines the total dollar value for each point of such difference. When a Series buys a call on an index, it pays a premium and has the same rights as to such call as are indicated above. When a Series buys a put on an index, it pays a premium and has the right to require the seller of the put, upon the Series' exercise of the put, to deliver to the Series an amount of cash if the closing level of the index upon which the put is based is less than the exercise price of the put, which amount of cash is determined by the multiplier, as described above for calls. When a Series writes a put on an index, it receives a premium and the purchaser of the put has the right to require the Series to deliver to the purchaser an amount of cash equal to the difference between the closing level of the index and the exercise price times the multiplier if the closing level is less than the exercise price. The timing of the right of an option owner to exercise the option depends on the type of option and negotiations between the purchaser and seller.

**Risks of Options on Indexes.** The risks of investment in options on indexes may be greater than options on securities. Because index options are settled in cash, when a Series writes a call on an index, it cannot provide in advance for its potential settlement obligations by acquiring and holding the underlying securities. A Series can offset some of the risk of writing a call index option by holding a diversified portfolio of securities similar to those on which the underlying index is based. However, a Series cannot, as a practical matter, acquire and hold a portfolio containing exactly the same securities as underlie the index and, as a result, bears a risk that the value of the securities held will vary from the value of the index.

Even if a Series could assemble a portfolio that exactly reproduced the composition of the underlying index, it still would not be fully covered from a risk standpoint because of the timing risk inherent in writing index options. When an index option is exercised, the amount of cash that the holder is entitled to receive is determined by the difference between the exercise price and the closing index level on the date when the option is exercised. This timing risk is an inherent limitation on the ability of index call option writers to cover their risk exposure by holding securities positions.

**Over-the-Counter (OTC) Options.** Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size and strike price, the terms of OTC options (options not traded on an exchange) typically are established by a Series, and negotiated with a counterparty, prior to entering into the option contract. While this type of arrangement allows a Series the flexibility to tailor the option to its needs, OTC options involve counterparty risk that is not applicable to exchange-traded options, which are guaranteed by the clearing organization of the exchange where they are traded. Some of a Series' counterparties are guaranteed by their parent holding companies with respect to that counterparty's payment obligations under OTC trades (like OTC options). This helps to mitigate such counterparty risk.

Generally, OTC foreign currency options used by a Series are European-style options. This means that the option is only exercisable at its expiration. This is in contrast to American-style options, which are exercisable at any time prior to the expiration date of the option.

**Futures Contracts and Options on Futures Contracts.** Generally, a futures contract is a standardized agreement to buy or sell a specific quantity of an underlying reference instrument, such as a security, index, currency or commodity at a specific price on a specific date in the future. The purchase of futures contracts or call options on futures contracts can serve as a long hedge, and the sale of futures contracts or the purchase of put options on a futures contract can serve as a short hedge. Writing call options on futures contracts can serve as a limited short hedge, using a strategy similar to that used for writing call options on securities or indexes. Similarly, writing put options on futures contracts can serve as a limited long hedge. Futures contracts and options on futures contracts also can be purchased and sold to attempt to enhance income or yield.

In addition, futures contract strategies can be used to manage the average duration of a Series' fixed-income holdings. If the Manager wishes to shorten the average duration of a Series' fixed-income holdings, the Series may sell a debt futures contract or a call option thereon, or purchase a put option on that futures contract. If the Manager wishes to lengthen the average duration of a Series' fixed-income holdings, the Series may buy a debt futures contract or a call option thereon, or sell a put option thereon.

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No price is paid upon entering into a futures contract. Instead, at the inception of a futures contract a Series is required to deposit initial margin that typically is calculated as an amount equal to the volatility in market value of a contract over a fixed period. Initial margin requirements are determined by the respective exchanges on which the futures contracts are traded and the FCM. Margin also must be deposited when writing a call or put option on a futures contract, in accordance with applicable exchange rules. Unlike margin in securities transactions, initial margin on futures contracts and options thereon does not represent a borrowing, but rather is in the nature of a performance bond or good-faith deposit that is returned to the Series at the termination of the transaction if all contractual obligations have been satisfied. Under certain circumstances, such as periods of high volatility, a Series may be required by an exchange to increase the level of its initial margin payment, and initial margin requirements might be increased generally in the future by regulatory action.

Subsequent variation margin payments are made to and from the FCM daily as the value of the futures position varies, a process known as marking-to-market. Variation margin does not involve borrowing, but rather represents a daily settlement of a Series' obligations to or from an FCM. When a Series purchases an option on a futures contract, the premium paid plus transaction costs is all that is at risk. In contrast, when a Series purchases or sells a futures contract or writes a call or put option thereon, it is subject to daily variation margin calls that could be substantial in the event of adverse price movements. If a Series has insufficient cash to meet daily variation margin requirements, it might need to sell securities at a time when such sales are disadvantageous.

Purchasers and sellers of futures contracts and options on futures contracts can enter into offsetting closing transactions, similar to closing transactions on options, by selling or purchasing the instrument purchased or sold. Positions in futures contracts and options on futures contracts may be closed only on an exchange or board of trade that provides a market for such contracts and options. However, there can be no assurance that a liquid market will exist for a particular contract at a particular time. In such event, it may not be possible to close a futures contract or options position.

Under certain circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract or an option on a futures contract can vary from the previous day's settlement price; once that limit is reached, no trades may be made that day at a price beyond the limit. Daily price limits do not limit potential losses because prices could move to the daily limit for several consecutive days with little or no trading, thereby preventing liquidation of unfavorable positions. In addition, the CFTC and various exchanges have established limits referred to as "speculative position limits" or "accountability levels" on the maximum net long or net short position that any person, such as a Series, may hold or control in a particular futures contract or option thereon. For more information, see *Speculative Position Limits*.

If a Series were unable to liquidate a futures contract or an option on a futures position due to the absence of a liquid secondary market or the imposition of price limits, it could incur substantial losses. The Series would continue to be subject to market risk with respect to the position. In addition, except in the case of purchased options, the Series would continue to be required to make daily variation margin payments and might be required to maintain the position being hedged by the futures contract or option or to maintain cash or liquid assets in an account.

**Risks of Futures Contracts and Options.** The purchase or sale of a futures contract may result in losses to a Series in excess of the amount that the Series delivered as initial margin. Because of the relatively low margin deposits required, futures trading involves a high degree of leverage; as a result, a relatively small price movement in a futures contract may result in immediate and substantial loss, or gain, to a Series. There also is a risk of loss by a Series of the initial and variation margin deposits in the event of bankruptcy of the FCM with which the Series has an open position in a futures contract. The assets of a Series may not be fully protected in the event of the bankruptcy of the FCM or central counterparty because the Series might be limited to recovering only a pro rata share of all available funds and margin segregated on behalf of an FCM's customers. If an FCM does not provide accurate reporting, a Series also is subject to the risk that the FCM could use the Series' assets, which are held in an omnibus account with assets belonging to the FCM's other customers, to satisfy its own financial obligations or the payment obligations of another customer.

Futures contracts that are traded on non-US exchanges may not be as liquid as those purchased on CFTC-designated contract markets. In addition, non-US futures contracts may be subject to varied regulatory oversight. The price of any non-US futures contract and, therefore, the potential profit and loss thereon, may be affected by any change in the non-US exchange rate between the time a particular order is placed and the time it is liquidated, offset or exercised.

The amount of risk a Series assumes when it purchases an option on a futures contract is the premium paid for the option plus related transaction costs. The purchase of an option also entails the risk that changes in the value of the underlying futures contract will not be fully reflected in the value of the option purchased. When a Series sells (writes) an option on a futures contract, the Series is subject to the risk of having to take a possibly adverse futures position if the purchaser of the option exercises its rights. If a Series were required to take such a position, it could bear substantial losses.

The ordinary spreads between prices in the cash and futures markets (including the options on futures market), due to differences in the natures of those markets, are subject to the following factors, which may create distortions. First, all participants in the futures market are subject to margin deposit and maintenance requirements. Rather than meeting additional margin deposit requirements, investors may close futures contracts through offsetting transactions, which could distort the normal relationship between the cash and futures markets. Second, in the case of a physically settled futures contract, the liquidity of the futures market depends on participants entering into offsetting transactions rather than making or taking delivery. To the extent participants decide to make or take delivery, liquidity in the futures market could be reduced, thus producing distortion. Third, from the point of view of speculators, the deposit requirements in the futures market are less onerous than margin requirements in the securities market.

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Therefore, increased participation by speculators in the futures market may cause temporary price distortions. Due to the possibility of distortion, a correct forecast of general interest rate, currency exchange rate or stock market trends by the Manager still may not result in a successful transaction. The Manager may be incorrect in its expectations as to the extent of various interest rate, currency exchange rate or stock market movements or the time span within which the movements take place.

**Index Futures.** When a Series utilizes an index futures contract in an attempt to hedge, the risk of imperfect correlation between movements in the price of an index futures contract and movements in the price of the securities that are the subject of the hedge increases as the composition of the Series' portfolio diverges from the securities included in the applicable index. The price of the index futures contract may move more than or less than the price of the securities being hedged. If the price of the index futures contract moves less than the price of the securities that are the subject of the hedge, the hedge will not be fully effective but, if the price of the securities being hedged has moved in an unfavorable direction, the Series would be in a better position than if it had not hedged at all. If the price of the securities being hedged has moved in a favorable direction, this advantage will be partially offset by the futures contract. If the price of the futures contract moves more than the price of the securities, the Series will experience either a loss or a gain on the futures contract that will not be completely offset by movements in the price of the securities that are the subject of the hedge. To compensate for the imperfect correlation of movements in the price of the securities being hedged and movements in the price of the index futures contract, a Series may buy or sell index futures contracts in a greater or lesser dollar amount than the dollar amount of the securities being hedged if the historical volatility of the prices of the securities being hedged is more than the historical volatility of the prices of the securities included in the index.

It also is possible that, where a Series has sold index futures contracts in an attempt to hedge against a decline in the market, the market may advance and the value of the securities held in the portfolio may decline. If this occurred, the Series would lose money on the futures contract and also experience a decline in value of its portfolio securities. However, while this could occur for a very brief period or to a very small degree, over time the value of a diversified portfolio of securities will tend to move in the same direction as the market indexes on which the futures contracts are based.

Where index futures contracts are purchased in an attempt to hedge against a possible increase in the price of securities before a Series is able to invest in them in an orderly fashion, it is possible that the market may decline instead. If a Series then concludes not to invest in them at that time because of concern as to possible further market decline or for other reasons, it will realize a loss on the futures contract that is not offset by a reduction in the price of the securities it had anticipated purchasing.

**Foreign Currency Hedging Strategies — Special Considerations.** Subject to its investment policies and restrictions, each Series may use options and futures contracts on foreign currencies (including the euro), as described above, and forward foreign currency contracts (forward currency contracts), as described below, in an attempt to hedge against movements in the values of the foreign currencies in which the Series' securities are denominated or in an attempt to enhance income or yield. Currency hedges can protect against price movements in a security that a Series owns or intends to acquire that are attributable to changes in the value of the currency in which it is denominated. Such hedges do not, however, protect against price movements in the securities that are attributable to other causes.

A Series might seek to hedge against changes in the value of a particular currency when no Financial Instruments on that currency are available or such Financial Instruments are more expensive than certain other Financial Instruments. In such cases, the Series may seek to hedge against price movements in that currency by entering into transactions using Financial Instruments on another currency or a basket of currencies, the values of which the Manager believes will have a high degree of positive correlation to the value of the currency being hedged. The risk that movements in the price of the Financial Instrument will not correlate perfectly with movements in the price of the currency subject to the hedging transaction is magnified when this strategy is used.

The value of Financial Instruments on foreign currencies depends on the value of the underlying currency relative to the US dollar.

There is no systematic reporting of last sale information for foreign currencies or any regulatory requirement that quotations available through dealers or other market sources be firm or revised on a timely basis. The interbank market in foreign currencies is a global, round-the-clock market. To the extent the US options or futures markets are closed while the markets for the underlying currencies remain open, significant price and rate movements might take place in the underlying markets that cannot be reflected in the markets for the Financial Instruments until they reopen.

Settlement of transactions involving foreign currencies might be required to take place within the country issuing the underlying currency. Thus, a Series might be required to accept or make delivery of the underlying foreign currency in accordance with any US or foreign regulations regarding the maintenance of foreign banking arrangements by US residents and might be required to pay any fees, taxes and charges associated with such delivery assessed in the issuing country.

**Forward Currency Contracts.** Subject to its investment policies and restrictions, each Series may enter into forward currency contracts to purchase or sell foreign currencies for a fixed amount of US dollars or another foreign currency. A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days (term) from the date of the forward currency contract agreed upon by the parties, at a price set at the time of the entry into the forward currency contract. These forward currency contracts are traded directly between currency traders (usually large commercial banks) and their customers. Such transactions may serve as long hedges; for example, a Series may purchase a forward currency contract to lock in the US dollar price of a security denominated in a foreign currency that the Series

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intends to acquire. Forward currency contract transactions also may serve as short hedges; for example, a Series may sell a forward currency contract to lock in the US dollar equivalent of the proceeds from the anticipated sale of a security or a dividend or interest payment denominated in a foreign currency.

A Series also may use forward currency contracts in an attempt to hedge against a decline in the value of existing investments denominated in foreign currency. For example, if the Series owned securities denominated in euros, it could enter into a forward currency contract to sell euros in return for US dollars to hedge against possible declines in the euro's value. Such a hedge, sometimes referred to as a position hedge, would tend to offset both positive and negative currency fluctuations, but would not offset changes in security values caused by other factors. The Series also could hedge the position by selling another currency expected to perform similarly to the euro. This type of hedge, sometimes referred to as a proxy hedge, could offer advantages in terms of cost, yield or efficiency, but generally would not hedge currency exposure as effectively as a simple hedge into US dollars. Proxy hedges may result in losses if the currency used to hedge does not perform similarly to the currency in which the hedged securities are denominated.

A Series also may use forward currency contracts in an attempt to enhance income or yield. The Series could use forward currency contracts to increase its exposure to foreign currencies that the Manager believes might rise in value relative to the US dollar, or shift its exposure to foreign currency fluctuations from one country to another. For example, if the Series owned securities denominated in a foreign currency and the Manager believed that currency would decline relative to another currency, it might enter into a forward currency contract to sell an appropriate amount of the first foreign currency, with payment to be made in the second foreign currency. This is accomplished through contractual agreements to purchase or sell a specified currency at a specified future date and price set at the time of the contract.

Forward currency contracts are currently individually negotiated and privately traded by currency traders and their customers. These forward currency contracts may involve the sale of US dollars and the purchase of a foreign currency, or may be foreign cross-currency contracts involving the sale of one foreign currency and the purchase of another foreign currency; such foreign cross-currency contracts may be considered a hedging rather than a speculative strategy if the Series' commitment to purchase the new (more favorable) currency is limited to the market value of the Series' securities denominated in the old (less favorable) currency. The prediction of currency movements is extremely difficult and the successful execution of a speculative strategy is highly uncertain.

The cost to a Series of engaging in forward currency contracts varies with factors such as the currency involved, the length of the contract period and the market conditions then prevailing.

As is the case with futures contracts, purchasers and sellers of forward currency contracts can enter into offsetting closing transactions by selling or purchasing, respectively, an instrument identical to the instrument purchased or sold. Currently, secondary markets generally do not exist for forward currency contracts. Closing transactions generally can be made for forward currency contracts by negotiating directly with the counterparty or by entering an offsetting transaction with a second counterparty. There can be no assurance that a Series will be able to close out a forward currency contract at a favorable price prior to maturity and, in such cases, the Series would continue to be subject to market currency risk with respect to the position, and may continue to be required to maintain a position in securities denominated in the foreign currency or to maintain cash or liquid assets in an account. In addition, in the event of insolvency of the counterparty, the Series might be unable to promptly terminate the position held with such counterparty and might incur a significant delay in recovering any amounts owed to the Series. Even if the Series entered an offsetting transaction with a second counterparty, the Series would continue to be subject to settlement risk relating to the transaction with the insolvent counterparty.

The precise matching of forward currency contract amounts and the value of the securities involved generally will not be possible because the value of such securities, measured in the foreign currency, will change after the forward currency contract has been established. Thus, a Series might need to purchase or sell foreign currencies in the spot (cash) market to the extent such foreign currencies are not covered by forward currency contracts. The projection of short-term currency market movements is extremely difficult, and the successful execution of a short-term hedging strategy is highly uncertain.

Normally, consideration of the prospect for currency parities will be incorporated into the longer-term investment decisions made with regard to overall diversification strategies. However, the Manager believes that it is important to have the flexibility to enter into such forward currency contracts when it determines that the best interests of a Series will be served.

Successful use of forward currency contracts depends on the skill of the Manager in analyzing and predicting currency values. Forward currency contracts may substantially change a Series' exposure to changes in currency exchange rates and could result in losses to the Series if currencies do not perform as the Manager anticipates. There is no assurance that the Manager's use of forward currency contracts will be advantageous to a Series or that the Manager will hedge at an appropriate time.

Forward currency contracts in which a Series may engage include deliverable foreign exchange forwards. A deliverable foreign exchange forward contract provides for the actual exchange of the principal amounts of the two currencies in the contract (*i.e.,* settlement on a physical basis). Foreign exchange forwards typically are traded in the interbank market directly between currency traders (usually large commercial banks) and their customers. Foreign exchange dealers realize a profit based on the difference (the spread) between the prices at which they are buying and the

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**Investment Strategies and Risks**

prices at which they are selling various currencies. A Series also may be required to pay certain commissions. When a Series enters into a deliverable foreign exchange forward, it relies on the counterparty to make or take delivery of the underlying currency at the maturity of the contract. Failure by the counterparty to do so would result in the loss of any expected benefit of the transaction.

A Series may be required to obtain the currency that it must deliver under the foreign exchange forward through the sale of portfolio securities denominated in such currency or through conversion of other assets of the Series into such currency.

A Series also may enter into forward currency contracts that do not provide for physical settlement of the two currencies (each, a Reference Currency), but instead provide for settlement by a single cash payment calculated as the difference between the agreed-upon exchange rate and the prevailing market exchange rate at settlement based upon an agreed- upon notional amount (non-deliverable forwards, or NDFs). NDFs have a fixing date and a settlement (delivery) date. The fixing date is the date and time at which the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The settlement (delivery) date is the date by which the payment of the Settlement Amount is due to the party receiving payment.

NDFs typically may have terms from one month up to two years and are settled in US dollars.

NDFs are subject to many of the risks associated with derivatives in general and forward currency transactions, including risks associated with fluctuations in foreign currency and the risk that the counterparty will fail to fulfill its obligations. Under definitions adopted by the CFTC and SEC, NDFs are considered swaps, and therefore are included in the definition of "commodity interests." In contrast, forward currency contracts that qualify as deliverable forwards are not regulated as swaps for most purposes, and are not included in the definition of "commodity interests." However, these forwards are subject to some requirements applicable to swaps, including reporting to swap data repositories, documentation requirements, and business conduct rules applicable to swap dealers. CFTC regulation of forward currency contracts, especially NDFs, may restrict the Series' ability to use these instruments in the manner described above.

Although NDFs historically have been traded OTC, as swaps they may in the future be required to be centrally cleared and traded on public facilities. Under such circumstances, they would be centrally cleared and a secondary market for them normally would exist. With respect to NDFs that are centrally-cleared, an investor could lose margin payments it has deposited with the clearing organization as well as the net amount of gains not yet paid by the clearing organization if the clearing organization breaches its obligations under the NDF, becomes insolvent or goes into bankruptcy. In the event of bankruptcy of the clearing organization, the investor may be entitled to the net amount of gains the investor is entitled to receive plus the return of margin owed to it only in proportion to the amount received by the clearing organization's other customers, potentially resulting in losses to the investor. Even if some NDFs remain traded OTC, they will be subject to margin requirements for uncleared swaps and counterparty risk common to other swaps.

**Speculative Position Limits.** The CFTC and various exchanges have established limits referred to as "speculative position limits" or "accountability levels" on the maximum net long or short futures positions that any person or group of persons under common trading control (other than a hedger, which the Series are not) may hold, own or control in a particular futures contract or option on a futures contract. Trading limits also are imposed on the maximum number of contracts that any person may trade on a particular trading day. An exchange may order the liquidation of positions found to be in violation of these limits and it may impose other sanctions or restrictions. Among the purposes of speculative position limits is to prevent a corner or squeeze on a market or undue influence on prices by any single trader or group of traders. The current federal speculative position limits established by the CFTC apply to certain agricultural commodity positions, such as grains (oats, corn, and wheat), the soybeans complex (soybeans, soybean oil and soybean meal) and cotton.

Recent regulations have changed the requirements related to the use of certain derivatives. Some of these new regulations have limited the availability of certain derivatives and made their use by funds more costly. Constraints on the ability of the Manager to use derivatives to gain access to markets, participate in investment opportunities or risk-manage a Series' assets could have an adverse impact on a Series. The regulation of derivatives is a rapidly changing area of law and the impact of these new regulations are not certain at this time.

**Combined Positions.** A Series may purchase and write options in combination with each other, or in combination with futures contracts or forward contracts, to adjust the risk and return characteristics of its overall position. A combined position usually will contain elements of risk that are present in each of its component transactions. For example, the Series may purchase a put option and write a call option on the same underlying instrument in order to construct a combined position whose risk and return characteristics are similar to selling a futures contract. The Series also may write a put option and purchase a call option on the same underlying instrument in order to construct a combined position whose risk and return characteristics are similar to holding the underlying instrument. Because combined options positions involve multiple trades, they may result in higher transaction costs, may be more difficult to open and close out and may perform in unanticipated ways. Because combined positions, like other Financial Instruments may require cash outlays that are only a small portion of the amount of exposure obtained through the combined positions, a Series' investment exposure gained through these combined positions could exceed its net assets.

**Turnover.** A Series' options and futures contracts activities may affect its turnover rate and brokerage commission payments. The exercise of calls or puts written by a Series, and the sale or purchase of futures contracts, may cause it to sell or purchase related investments, thus increasing its turnover rate. Once a Series has received an exercise notice on an option it has written, it cannot effect a closing transaction in order to terminate its obligation under the option and must deliver or receive the underlying securities at the exercise price. The exercise of puts purchased by a Series also may cause the sale of related investments, also increasing turnover; although such exercise is within the Series' control, holding a

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protective put might cause it to sell the related investments for reasons that would not exist in the absence of the put. A Series pays a brokerage commission each time it buys or sells a put or call or purchases or sells a futures contract. Such commissions could be higher than those that would apply to direct purchases or sales.

**Swaps, Caps, Floors and Collars.** Each Series may enter into swaps, including caps, floors and collars, for any legal purpose consistent with its investment objective(s) and policies, including to attempt: to obtain or preserve a particular return or a spread on a particular investment or portion of its portfolio; to protect against an increase in the price of securities the Series anticipates purchasing at a later date; to protect against currency fluctuations; to use as a duration management technique; to enhance income or capital gains; to protect against a decline in the price of securities the Series currently owns; or to gain exposure to certain markets in an economical way.

A swap is an agreement involving the exchange by a Series with another party of their respective commitments to pay or receive payments at specified dates based upon or calculated by reference to changes in specified prices or rates (*e.g*., interest rates in the case of interest rate swaps) based on a specified amount (the "notional" amount). Examples of swap agreements include, but are not limited to, equity, commodity, index or other total return swaps, foreign currency swaps, credit default swaps and interest rate swaps.

The Dodd-Frank Act and related regulatory developments have imposed comprehensive new regulatory requirements on swaps and swap market participants. The regulatory framework includes: (1) registration and regulation of swap dealers and major swap participants; (2) requiring central clearing and execution of standardized swaps; (3) imposing margin requirements on swap transactions; (4) regulating and monitoring swap transactions through position limits and large trader reporting requirements; and (5) imposing record keeping and centralized and public reporting requirements, on an anonymous basis, for most swaps. The CFTC is responsible for the regulation of most swaps. The SEC has jurisdiction over a small segment of the market referred to as "security-based swaps," which includes swaps on single securities or credits, or narrow-based indices of securities or credits.

A swap agreement may be negotiated bilaterally and traded OTC between the two parties (for an uncleared swap) or, in some instances, must be transacted through an FCM and cleared through a clearinghouse that serves as a central counterparty (for a cleared swap). Certain standardized swaps currently are, and more in the future are expected to be, subject to mandatory central clearing and exchange-trading. The Dodd-Frank Act and implementing rules will ultimately require the clearing and exchange- trading of many swaps. Mandatory exchange-trading and clearing will occur on a phased-in basis based on the type of market participant, CFTC approval of contracts for central clearing and public trading facilities making such cleared swaps available to trade. To date, the CFTC has designated only certain of the most common types of credit default index swaps and interest rate swaps as subject to mandatory clearing and certain public trading facilities have made certain of those cleared swaps available to trade, but it is expected that additional categories of swaps will in the future be designated as subject to mandatory clearing and trade execution requirements. Central clearing is intended to reduce counterparty credit risk and increase liquidity, but central clearing does not eliminate these risks and may involve additional costs and risks not involved with uncleared swaps.

In an uncleared swap, the swap counterparty typically is a brokerage firm, bank or other financial institution. During the term of an uncleared swap, a Series will be required to pledge to the swap counterparty, from time to time, an amount of cash and/or other assets equal to the total net amount (if any) that would be payable by the Series to the counterparty if all outstanding swaps between the parties were terminated on the date in question, including any early termination payments. Likewise, the counterparty will be required to pledge cash or other assets to cover its obligations to the Series. However, the amount pledged may not always be equal to or more than the amount due to the other party. Therefore, if a counterparty defaults in its obligations to a Series, the amount pledged by the counterparty and available to the Series may not be sufficient to cover all the amounts due to the Series and the Series may sustain a loss.

In a cleared swap, a Series' ultimate counterparty is a central clearinghouse rather than a brokerage firm, bank or other financial institution. Cleared swaps are submitted for clearing through each party's FCM, which must be a member of the clearinghouse that serves as the central counterparty. Transactions executed on a swap execution facility (SEF) may increase market transparency and liquidity but may require the Series to incur increased expenses to access the same types of swaps that it has used in the past. When a Series enters into a cleared swap, it must deliver to the central counterparty (via the FCM) an amount referred to as "initial margin." Initial margin requirements are determined by the central counterparty, and are typically calculated as an amount equal to the volatility in market value of the cleared swap over a fixed period, but an FCM may require additional initial margin above the amount required by the central counterparty. During the term of the swap agreement, a "variation margin" amount also may be required to be paid by a Series or may be received by a Series in accordance with margin controls set for such accounts.

Swap agreements can be structured to provide exposure to a variety of different types of investments or market factors. For example, in an interest rate swap, fixed-rate payments may be exchanged for floating rate payments; in a currency swap, US dollar-denominated payments may be exchanged for payments denominated in a foreign currency; and in a total return swap, payments tied to the investment return on a particular asset, group of assets or index may be exchanged for payments that are effectively equivalent to interest payments or for payments tied to the return on another asset, group of assets or index.

Caps, floors and collars have an effect similar to buying or writing options; they allow a purchaser to attempt to protect itself against interest rate movements exceeding specified minimum or maximum levels. The purchase of a cap entitles the purchaser to receive payments from the seller on a notional principal amount to the extent that a specified index exceeds a predetermined value. The purchase of a floor entitles the purchaser to receive payments from the seller on a notional principal amount to the extent that a specified index falls below a predetermined value. A collar combines elements of buying a floor and selling a cap.

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**Investment Strategies and Risks**

In a long total return equity swap, a Series will receive, and, in a short total return swap, a Series pays, the price appreciation of an equity index, a custom basket of equity securities, or a single equity, plus any dividend or coupon income from such securities, in exchange for payments equivalent to a floating rate of interest, or if the equity swap is for the equivalent of one interest rate period, a fixed fee that is established at the outset of the swap. Floating rate payments are pegged to a base rate, such as the federal funds rate, that is periodically adjusted. Therefore, if interest rates increase over the term of the swap contract, a Series may be required to pay a higher amount at each swap reset date.

A Series may enter into credit default swap contracts for hedging or investment purposes. The Series may either sell or buy credit protection under these contracts. The seller in a credit default swap contract is required to pay the par (or other agreed-upon) value of a referenced debt obligation to the buyer in exchange for an equal face amount of deliverable obligations of the referenced debt obligation (or other agreed-upon debt obligation) described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled, if there is a credit event by the issuer of that debt obligation. In return, the seller receives from the buyer a periodic stream of payments over the term of the contract or, if earlier, until the occurrence of a credit event. If the contract is terminated prior to its stated maturity, either the seller or the buyer would make a termination payment to the other in an amount approximately equal to the amount by which the value of the contract has increased in value to the recipient of the settlement payment. For example, if the contract is more valuable to the buyer (as would normally occur if the creditworthiness of the issuer of the referenced debt obligation has decreased), the seller would make a termination payment to the buyer. As the seller of credit protection, a Series would effectively add leverage to the extent the notional amount exceeds the amount of cash the Series has because, in addition to its total net assets, the Series would be subject to the investment exposure of the notional amount of the swap. As the buyer, a Series normally would be hedging its exposure on debt obligations that it holds.

Swap agreements may shift a Series' investment exposure from one type of investment to another. For example, if the Series agrees to exchange payments in US dollars for payments in foreign currency, the swap agreement would tend to decrease the Series' exposure to US interest rates and increase its exposure to foreign currency and interest rates. Most swap agreements provide that, when the periodic payment dates for both parties are the same, payments are netted, and only the net amount is paid to the counterparty entitled to receive the net payment. Consequently, a Series' current obligations (or rights) under a swap agreement generally will be equal only to the net amount to be paid or received under the agreement, based on the relative values of the positions held by each counterparty.

Because swap agreements may have a leverage component, adverse changes in the value or level of the underlying asset, reference rate or index can result in gains or losses that are substantially greater than the amount invested in the swap itself. Certain swaps have the potential for unlimited loss, regardless of the size of the initial investment. The net amount of the excess, if any, of a Series' obligations over its entitlements with respect to each swap will be accrued on a daily basis and an amount of cash or liquid assets having an aggregate value at least equal to the accrued excess will be maintained in an account with the Series' custodian that satisfies the requirements of the 1940 Act. The Series also will establish and maintain such account with respect to its total obligations under any swaps that are not entered into on a net basis and with respect to any caps or floors that are written by the Series. The Manager and each Series believe that such obligations do not constitute senior securities under the 1940 Act and, accordingly, do not treat them as being subject to the Series' borrowing restrictions.

The use of swap agreements entails certain risks that may be different from, or possibly greater than, the risks associated with investing directly in the referenced assets that underlie the swap agreement. Swaps are highly specialized instruments that require investment techniques and risk analyses different from those associated with stocks, bonds, and other traditional investments.

The use of a swap requires an understanding not only of the referenced asset, referenced rate, or index but also of the swap itself. If the Manager attempts to use a swap as a hedge against, or as a substitute for, a Series' portfolio investment, the Series will be exposed to the risk that the swap will have or will develop an imperfect or no correlation with the portfolio investment. This could cause significant losses for the Series. While hedging strategies involving swap instruments can reduce the risk of loss, they also can reduce the opportunity for gain or even result in losses by offsetting favorable price movements in other Series investments.

As with other investments, swap agreements are subject to the risk that the market value of the instrument will change in a way detrimental to a Series' interest. The Series bears the risk that the Manager will not accurately forecast future market trends or the values of assets, reference rates, indexes, or other economic factors in establishing swap positions for the Series.

To the extent a swap is not centrally cleared, the use of a swap also involves the risk that a loss may be sustained as a result of the insolvency or bankruptcy of the counterparty or the failure of the counterparty to make required payments or otherwise comply with the terms of the agreement. The creditworthiness of firms with which a Series enters into swaps, caps, floors or collars will be monitored by the Manager. If a counterparty's creditworthiness declines, the value of the swap might decline, potentially resulting in losses. Changing conditions in a particular market area, whether or not directly related to the referenced assets that underlie the swap agreement, may have an adverse impact on the creditworthiness of the counterparty. For example, the counterparty may have experienced losses as a result of its exposure to a sector of the market that adversely affect its creditworthiness. If a default occurs by the other party to such transaction, the Series may have contractual remedies pursuant to the agreements related to the transaction.

Central clearing is designed to reduce counterparty credit risk and increase liquidity compared to uncleared swaps because central clearing interposes the central clearinghouse as the counterparty to each participant's swap, but it does not eliminate those risks completely and may involve additional costs and risks not involved with uncleared swaps. There also is a risk of loss by a Series of the initial and variation margin deposits in the event of bankruptcy of an FCM with which the Series has an open position, or the central counterparty in a swap contract. The

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assets of a Series may not be fully protected in the event of the bankruptcy of an FCM or central counterparty because the Series might be limited to recovering only a pro rata share of all available funds and margin segregated on behalf of an FCM's customers. If an FCM does not provide accurate reporting, a Series also is subject to the risk that the FCM could use the Series' assets, which are held in an omnibus account with assets belonging to the FCM's other customers, to satisfy its own financial obligations or the payment obligations of another customer to the central counterparty. Credit risk of cleared swap participants is concentrated in a few clearinghouses, and the consequences of insolvency of a clearinghouse are not clear.

With cleared swaps, a Series may not be able to obtain terms as favorable as it would be able to negotiate for a bilateral, uncleared swap. In addition, an FCM may unilaterally amend the terms of its agreement with a Series, which may include the imposition of position limits or additional margin requirements with respect to the Series' investment in certain types of swaps. Central counterparties and FCMs can require termination of existing cleared swap transactions upon the occurrence of certain events, and also can require increases in margin above the margin that is required at the initiation of the swap agreement.

Finally, a Series is subject to the risk that, after entering into a cleared swap with an executing broker, no FCM or central counterparty is willing or able to clear the transaction. In such an event, the Series may be required to break the trade and make an early termination payment to the executing broker.

***Payment-In-Kind (*** ***"*** ***PIK*** ***"*** ***) Securities***

Subject to its investment policies and restrictions, a Series may invest in PIK securities. PIK securities are securities that contain provisions that allow an issuer, at its discretion, to make current interest payments either in cash or in the form of additional securities. These instruments may be valued at a deep discount from the face amount. Interest received in the form of additional securities is recorded as interest income. Federal tax law requires the holder of a PIK security to accrue that interest income with respect to the security regardless of the receipt (or non-receipt) of cash payments. Accordingly, although a Series generally will not receive cash payments on PIK securities, it will have current income attributable to those securities. To avoid liability for federal income and excise taxes, therefore, a Series may be required to distribute cash in an amount equal to income accrued with respect to those securities and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate cash to make that distribution.

It is possible that by effectively increasing the principal balance payable to a Series or deferring cash payment of such interest until maturity, the use of PIK features will increase the risk that such amounts will become uncollectible when due and payable. Prices of PIK securities may be more sensitive to changes in the issuer's financial condition, fluctuations in interest rates and market demand/supply imbalances than cash-paying securities with similar credit ratings, and thus may be more speculative than are securities that pay interest periodically in cash. Investments in PIK securities may be illiquid or restricted, which may make it difficult for a Series to dispose of them or to determine their current value.

***Real Estate Investment Trust (*** ***"*** ***REIT*** ***"*** ***) Securities***

Subject to its investment policies and restrictions, a Series may invest in securities issued by REITs. A REIT is a domestic corporation (or a trust or association otherwise taxable as such for federal tax purposes) that meets certain requirements of the Code. The Code permits a qualifying REIT to deduct dividends it pays, thereby effectively eliminating entity-level federal income tax for a REIT that distributes all of its taxable income (including net capital gains) and making the REIT a modified pass-through vehicle for federal income tax purposes. To qualify for treatment as a REIT, a company must, among other things, derive at least 75% of its gross income each taxable year from real estate sources (such as rents from real estate, interest from mortgages on real estate, and gains from sales of real estate assets), and must annually distribute to its shareholders 90% or more of its taxable income (including net capital gains). Moreover, at the end of each quarter of its taxable year, at least 75% of the value of its total assets must be represented by real estate assets, cash and cash items and US government securities.

REITs are sometimes informally characterized as equity REITs, mortgage REITs and hybrid REITs. An equity REIT invests primarily in the fee ownership or leasehold ownership of land and buildings and derives its income primarily from rental income. A mortgage REIT invests primarily in mortgages on real estate, and derives its income primarily from interest payments received on credit it has granted. A hybrid REIT combines the characteristics of equity REITs and mortgage REITs. It is anticipated, although not required, that under normal circumstances, a majority of each Series' investments in REITs will consist of shares issued by equity REITs.

***Repurchase Agreements and Reverse Repurchase Agreements***

Each Series may purchase securities subject to repurchase agreements and reverse repurchase agreements, subject to its restriction on investment in illiquid investments, and subject to its investment policies and restrictions. A repurchase agreement is an instrument under which a Series purchases a security and the seller (normally a commercial bank or broker-dealer) agrees, at the time of purchase, that it will repurchase the security at a specified time and price. A reverse repurchase agreement is the opposite: the Series will sell the security with an obligation to repurchase it at an agreed-upon time and price. The amount by which the resale price is greater than the purchase price reflects an agreed-upon market interest rate effective for the period of the agreement. The return on the securities subject to the repurchase agreement may be more or less than the return on the repurchase agreement.

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**Investment Strategies and Risks**

The majority of repurchase agreements in which a Series will engage are overnight transactions, and the delivery pursuant to the resale typically will occur within 1 to 5 days of the purchase. The primary risk from repurchase agreements is that the Series may suffer a loss if the seller fails to pay the agreed-upon amount on the delivery date and that amount is greater than the resale price of the underlying securities and other collateral held by the Series. In the event of bankruptcy or other default by the seller, there may be possible delays and expenses in liquidating the underlying securities or other collateral, decline in their value or loss of interest. Additionally, reverse repurchase agreements involve borrowing to take advantage of investment opportunities; such leverage could magnify losses. If the Series borrows money to purchase securities and those securities decline in value, then the value of the Series' shares will decline faster than if the Series were not leveraged. The return on such collateral may be more or less than that from the repurchase agreement. A Series' repurchase agreements will be structured so as to fully collateralize the loans. In other words, the value of the underlying securities, which will be held by a Series' custodian bank or by a third party that qualifies as a custodian under Section 17(f) of the 1940 Act, is and, during the entire term of the agreement, will remain at least equal to the value of the loan, including the accrued interest earned thereon. Repurchase agreements are entered into only with those entities approved by the Manager.

***Restricted Securities***

Subject to its investment policies and restrictions, each Series may invest in restricted securities. Restricted securities are securities that are subject to legal or contractual restrictions on resale. However, restricted securities generally can be sold in privately negotiated transactions, pursuant to an exemption from registration under the Securities Act of 1933 (1933 Act), or in a registered public offering. For example, a Series may purchase commercial paper that is issued in reliance on the so-called private placement exemption from registration that is afforded by Section 4(a)(2) of the 1933 Act (Section 4(a)(2) paper). Section 4(a)(2) paper normally is resold to other institutional investors through or with the assistance of investment dealers who make a market in the Section 4(a)(2) paper, thus providing liquidity. Where registration is required, a Series may be obligated to pay all or part of the registration expense and a considerable period may elapse between the time it decides to seek registration and the time the Series may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, the Series might obtain a less favorable price than prevailed when it decided to seek registration of the security.

A Series also may invest in securities that normally are purchased or resold pursuant to Rule 144A under the 1933 Act (Rule 144A securities). Rule 144A is designed to facilitate efficient trading among institutional investors by permitting the sale of certain unregistered securities. Rule 144A securities may be resold only to qualified institutional buyers, provided that certain other conditions for resale are met. To the extent privately placed securities held by a Series qualify under Rule 144A and an institutional market develops for those securities, a Series likely will be able to dispose of the securities without registering them under the 1933 Act.

There are risks associated with investments in restricted securities in that there can be no assurance of a ready market for resale. Also, the contractual restrictions on resale might prevent the Series from reselling the securities at a time when such sale would be desirable. Restricted securities that are traded in foreign markets often are subject to restrictions that prohibit resale to US persons or entities or permit sales only to foreign broker-dealers who agree to limit their resale to such persons or entities. The buyer of such securities must enter into an agreement that, usually for a limited period of time, it will resell such securities subject to such restrictions. Restricted securities in which a Series seeks to invest need not be listed or admitted to trading on a foreign or US exchange and may be less liquid than listed securities.

Restricted securities that have not been registered generally are referred to as private placements and are purchased directly from the issuer or in the secondary market and usually are not listed on an exchange nor traded in other established markets. Such securities are restricted as to disposition and generally are sold to institutional investors.

Certain of a Series' investments in private placements may consist of direct investments and may include investments in smaller, less-seasoned issuers, which may involve greater risks than investments in the securities of more established companies. These issuers may have limited product lines, markets or financial resources, or they may be dependent on a limited management group.

As a result of the absence of a public trading market, privately placed securities and other restricted securities may be less liquid and more difficult to value than publicly-traded securities. As relatively few purchasers of these securities may exist, especially in the event of adverse market or economic conditions or adverse changes in the issuer's financial condition, a Series could have difficulty selling them when the Manager believes it is advisable to do so. To the extent that restricted securities may be resold in privately negotiated transactions, the prices realized from the sales, due to illiquidity, could be less than those originally paid by a Series or less than the fair market value. In addition, issuers whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that may be applicable if the securities were publicly traded. As a result, a Series may be less able to predict a loss. In making investments in such securities, a Series may obtain access to material non-public information, which may restrict the Series' ability to conduct portfolio transactions in such securities. A Series also may take a minority interest in a privately offered security, which may limit the Series' ability to protect shareholders' interests in connection with corporate actions by the privately held company. A Series' Portfolio Manager may serve on the board of directors (or similar governing body) of a privately held company, the securities of which that Series may hold. While the Manager believes such service will be beneficial to the Series and its shareholders, the Portfolio Manager's service as a board member also could create a conflict of interest (or an appearance of a conflict of interest) that may impact the Series. In addition, investments in privately placed securities may include other additional contractual obligations, such as the payment of registration expenses as noted above or the purchase of additional securities.

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**Short Sales Against the Box**

Subject to its investment policies and restrictions, a Series may sell securities "short against the box;" provided, however, that the Series' aggregate short sales prices may not, at the time of any short sale, exceed 10% of its total assets. Whereas a short sale is the sale of a security the Series does not own, a short sale is "against the box" if, at all times during which the short position is open, the Series owns at least an equal amount of the securities sold short or other securities convertible into or exchangeable without further consideration for securities of the same issue as the securities sold short. Short sales against the box typically are used by sophisticated investors to defer recognition of capital gains or losses. None of the Series has any present intention to sell securities short in this fashion.

***Special Purpose Acquisition Companies***

A Series may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities that pool funds to seek potential acquisition opportunities. A SPAC is typically a publicly traded company that raises funds through an initial public offering (IPO) for the purpose of acquiring or merging with another company to be identified subsequent to the SPAC's IPO. The securities of a SPAC are often issued in "units" that include one share of common stock and one right or warrant (or partial right or warrant) conveying the right to purchase additional shares or partial shares. Generally, unless and until a transaction is completed, a SPAC will invest its assets (minus a portion used to cover expenses) in U.S. government securities, money market funds and similar investments. If an acquisition or merger that meets the requirements for the SPAC is not completed within a pre-established period of time (e.g., two years), the invested funds are returned to the SPAC's shareholders, minus certain permitted expenses. In that case, the rights or warrants issued by the SPAC will expire worthless.

Because SPACs and similar entities are in essence blank check companies that have no operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. As a result, the values of investments in SPACs may be highly volatile and may depreciate significantly over time, and an acquisition or merger, once effected, may prove unsuccessful and an investment in the SPAC may lose value. Moreover, an investment in a SPAC is subject to a variety of additional risks, including the following:

(i) a portion of the monies raised by the SPAC for the purpose of effecting an acquisition or merger may be expended prior to the transaction for payment of taxes and other expenses;

(ii) prior to any acquisition or merger, a SPAC's assets are typically invested in U.S. government securities, money market funds and similar investments whose returns or yields may be significantly lower than those of a Series' other investments;

(iii) a Series generally will not receive significant income from its investments in SPACs (both prior to and after any acquisition or merger) and, therefore, the Series' investments in SPACs will not significantly contribute to the Series' distributions to shareholders;

(iv) attractive acquisition or merger targets may become scarce if the number of SPACs seeking to acquire operating businesses increases;

(v) an attractive acquisition or merger target may not be identified at all, in which case the SPAC will be required to return any remaining monies to shareholders;

(vi) if an acquisition or merger target is identified, a Series may elect not to participate in, or vote to approve, the proposed transaction or the Series may be required to divest its interests in the SPAC, due to regulatory or other considerations, in which case the Series may not reap any resulting benefits;

(vii) the warrants or other rights with respect to the SPAC held by a Series may expire worthless or may be redeemed by the SPAC at an unfavorable price;

(viii) any proposed merger or acquisition may be unable to obtain the requisite approval, if any, of SPAC shareholders and/or antitrust and securities regulators;

(ix) under any circumstances in which a Series receives a refund of all or a portion of its original investment (which typically represents a pro rata share of the proceeds of the SPAC's assets, less any applicable taxes), the returns on that investment may be negligible, and the Series may be subject to opportunity costs to the extent that alternative investments would have produced higher returns;

(x) to the extent an acquisition or merger is announced or completed, shareholders who redeem their shares prior to that time may not reap any resulting benefits;

(xi) a Series may be delayed in receiving any redemption or liquidation proceeds from a SPAC to which it is entitled;

(xii) an investment in a SPAC may be diluted by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC; and

(xiii) only a thinly traded market for shares of or interests in a SPAC may develop, or there may be no market at all, leaving a Series unable to sell its interest in a SPAC or to sell its interest only at a price below what the Series believes is the SPAC interest's intrinsic value.

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**Investment Strategies and Risks**

**Investment in Subsidiary — Nomura VIP Asset Strategy**

Nomura VIP Asset Strategy has invested, and expects from time to time to continue to invest, in its wholly-owned and controlled subsidiary organized as an exempted company under the laws of the Cayman Islands (each, a "Subsidiary"). The Series will not invest in the Subsidiary more than 25% of the value of its total assets as of the end of any quarter of its taxable year. Shares of the Subsidiary will not be sold or offered to other investors. By investing in its Subsidiary, the Series is exposed to the risks associated with its Subsidiary's investments. The Series' Subsidiary invests primarily in commodities, including precious metals, derivatives and commodity-linked instruments, as well as fixed-income securities and other investments intended to serve as margin or collateral for any derivative positions, and cash instruments. Unlike the Series, the Subsidiary may invest without limitation in these instruments and, to the extent the Subsidiary invests in derivatives instruments, may use leveraged investments. The Subsidiary otherwise is subject to the same general investment policies and restrictions as the Series.

The Subsidiary is not registered under the 1940 Act, but is subject to certain of the investor protections of the 1940 Act. The Series, as the sole shareholder of the Subsidiary, does not have all of the protections offered to investors in registered investment companies. However, since the Series wholly owns and controls the Subsidiary, and both the Series and the Subsidiary are managed by the Manager, it is unlikely that the Subsidiary will take action contrary to the interests of the Series or its shareholders. The Board has oversight responsibility for the investment activities of the Series, including its investments in the Subsidiary, and the Series' role as sole shareholder of the Subsidiary. Also, in managing the Subsidiary's portfolio, the Manager will be subject to the same aggregate investment restrictions and operational guidelines that apply to the management of the Series, except that, unlike the Series, the Subsidiary is able to invest without limit in precious metals, derivatives and commodity related investments. The Subsidiary will not be able to qualify as a RIC.

Changes in the laws of the United States and/or the Cayman Islands, under which the Trust and the Subsidiary, respectively, are organized, could result in the inability of the Series and/or the Subsidiary to operate as described in this SAI and could negatively affect the Series and its shareholders. For example, the government of the Cayman Islands has undertaken not to impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, the Series' shareholders would likely suffer decreased investment returns.

**Investment in Subsidiary — Nomura VIP High Income**

Nomura VIP High Income may seek to gain exposure to certain markets in whole or in part, through investments in a wholly-owned subsidiary organized under the laws of the Cayman Islands ("Subsidiary"). In particular, the Series anticipates making certain investments in entities treated as partnerships for US federal income tax purposes ("Partnership Investments"). For purposes of "qualifying income," income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership that would be qualifying income if realized directly by a Series. However, 100% of the net income derived from an interest in a QPTP will be treated as qualifying income. The Series' Partnership Investments are not expected to qualify as QPTPs and such investments are expected to result in income that would be non-qualifying income. The Subsidiary, unlike the Series, may invest to a significant extent in Partnership Investments. The Subsidiary may also invest in other instruments in which the Series is permitted to invest, either as investments or to serve as margin or collateral for its derivative positions. The Series may invest up to 25% of its total assets in the Subsidiary.

With respect to the Subsidiary's investments, the Subsidiary will generally be subject to the same investment restrictions and limitations and generally follow the same compliance policies as the Series; however, the Subsidiary (unlike the Series) may invest a significant amount of its assets in Partnership Investments.

The Subsidiary is not registered under 1940 Act and, unless otherwise noted in the Prospectus, is not subject to all of the investor protections of the 1940 Act. Thus, the Series, as an investor in the Subsidiary, will not have all of the protections offered to investors in registered investment companies. In addition, changes in the laws of the United States and/or the Cayman Islands, under which the Series and the Subsidiary, respectively, are organized, could result in the inability of the Series and/or the Subsidiary to operate as intended and could negatively affect the Series and its shareholders.

A US person who owns (directly or indirectly) 10% or more of the total combined voting power of all classes of stock or 10% or more of the total value of shares of all classes of stock of a foreign corporation is a "US Shareholder" for purposes of the controlled foreign corporation ("CFC") provisions of the Code. A CFC is a foreign corporation that, on any day of its taxable year, is owned (directly, indirectly, or constructively) more than 50% (measured by voting power or value) by US Shareholders. Because of its investment in the Subsidiary, the Series is a US Shareholder in a CFC. As a US Shareholder, the Series is required to include in gross Income for US federal income tax purposes for each taxable year of the Series its pro rata share of its CFC's "Subpart F" income (discussed further below) and any "global intangible low-taxed income" ("GILTI") for the CFC's taxable year ending within the Series' taxable year whether or not such income is actually distributed by the CFC. GILTI generally includes the active operating profits of the CFC, reduced by a deemed return on the tax basis of the CFC's depreciable tangible assets.

In order for the Series to qualify as a RIC under the Code the Series must, among other requirements, derive at least 90% of its gross income each taxable year from qualifying income, which is described in more detail in the "Taxes" section below. The Series' investment in the Subsidiary is expected to provide the Series with exposure to Partnership Investments within the limitations of the federal tax requirements under Subchapter M of the Code. The "Subpart F" income (defined in Section 951 of the Code) and GILTI of the Series attributable to its investment in the Subsidiary is "qualifying income" to the Series to the extent that such income is derived with respect to the Series' business of investing in stock, securities or

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currencies. Accordingly, to the extent the Subsidiary makes distribution out of its earnings and profits, the Series expects such distributions to be treated as qualifying income. The Manager will monitor the Series' investments in the Subsidiary to ensure that no more than 25% of the Series' assets are invested in the Subsidiary to ensure compliance with the Series' asset diversification test as described in more detail in the Distribution and Taxes section below.

Subpart F income and GILTI are treated as ordinary income, regardless of the character of the CFC's underlying income. Net losses incurred by a CFC during a tax year do not flow through to the Series and thus will not be available to offset income or capital gain generated from the Series' other investments. In addition, net losses incurred by a CFC during a tax year generally cannot be carried forward by the CFC to offset gains realized by it in subsequent taxable years. To the extent the Series invests in the Subsidiary and recognizes Subpart F income or GILTI in excess of actual cash distributions from the Subsidiary, if any, it may be required to sell assets (including when it is not advantageous to do so) to generate the cash necessary to distribute as dividends to its shareholders all of its income and gains and therefore to eliminate any tax liability at the Series level. Subpart F income also includes the excess of gains over losses from transactions (including futures, forward and other similar transactions) in commodities.

The Series' recognition of any Subpart F income or GILTI from an investment in the Subsidiary will increase the Series' tax basis in the Subsidiary. Distributions by the Subsidiary to the Series, including in redemption of the Subsidiary's shares, will be tax free, to the extent of the Subsidiary's previously undistributed Subpart F income or GILTI, and will correspondingly reduce the Series' tax basis in the Subsidiary, and any distributions in excess of the Series' tax basis in the Subsidiary will be treated as realized gain. Any losses with respect to the Series' shares of the Subsidiary will not be currently recognized. The Series' investment in the Subsidiary will potentially have the effect of accelerating the Series' recognition of income and causing its income to be treated as ordinary income, regardless of the character of the Subsidiary's income. If a net loss is realized by the Subsidiary, such loss is generally not available to offset the income earned by the Series. In addition, the net losses incurred during a taxable year by the Subsidiary cannot be carried forward by such Subsidiary to offset gains realized by it in subsequent taxable years. The Series will not receive any credit in respect of any non-US tax borne by the Subsidiary.

In addition, certain of the Series' investments, such as Partnership Investments, when made directly, may not produce qualifying income to the Series. To the extent the Series invests in Partnership Investments directly, the Series will seek to restrict its income from such instruments that do not generate qualifying income to a maximum of 10% of its gross income (when combined with its other investments that produce non-qualifying income).

Accordingly, the extent to which the Series invests in Partnership Investments directly or through the Subsidiary may be limited by the qualifying income and asset diversification tests, which the Series must continue to satisfy to maintain its status as a RIC. As such, the Series might cease to qualify as a RIC or could be required to reduce its exposure to such investments, which may result in difficulty in implementing the Series' investment strategy. If the Series does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Series' taxable income would be subject to tax at the Series level and to a further tax at the shareholder level when such income is distributed, which could reduce the amount available to be distributed to shareholders and have a negative effect on the shareholder's investment in the Series. See "Distribution and Taxes" below for further detail.

**US Government Securities**

US government securities are securities issued or guaranteed as to principal or interest by the US, or by a person controlled or supervised by and acting as an instrumentality of the US government. These securities include Treasury Bills (which mature within one year of the date they are issued), Treasury Notes (which have maturities of one to ten years) and Treasury Bonds (which generally have maturities of more than ten years). All such Treasury securities are backed by the full faith and credit of the United States.

Certain securities issued or guaranteed by US government agencies or instrumentalities are backed by the full faith and credit of the US government, such as securities issued by the Export-Import Bank of the United States, Farm Credit System Financial Assistance Corporation, Farmers Home Administration, Federal Housing Administration, General Services Administration, Ginnie Mae, Maritime Administration or Small Business Administration.

Other securities issued or guaranteed by US government agencies or instrumentalities are not backed by the full faith and credit of the US government. For example, some securities are supported by the right of the agency or instrumentality to borrow from the Treasury, such as securities issued by the FHLB, Fannie Mae or Freddie Mac, and other securities are supported only by the credit of the agency or instrumentality, such as securities issued by the Federal Farm Credit Banks Funding Corporation or Tennessee Valley Authority.

If the securities issued or guaranteed by a US government agency or instrumentality are not backed by the full faith and credit of the US government, there can be no assurance that the US government would provide financial support to the agency or instrumentality. A Series will invest in securities of agencies and instrumentalities only if the Manager is satisfied that the credit risk involved is acceptable.

US government securities may include mortgage-backed securities issued or guaranteed as to the payment of principal and interest by US government agencies or instrumentalities, including, but not limited to, Ginnie Mae, Fannie Mae and Freddie Mac. These mortgage-backed securities include pass-through securities, participation certificates and collateralized mortgage obligations. See *Mortgage-Backed Securities*. Timely payment of principal and interest on Ginnie Mae pass-throughs is guaranteed by the full faith and credit of the United States. Both Fannie

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**Investment Strategies and Risks**

Mae and Freddie Mac are instrumentalities of the US government, but their obligations are not backed by the full faith and credit of the United States. It is possible that the availability and the marketability (that is, liquidity) of the securities discussed in this section could be adversely affected by actions of the US government to tighten the availability of its credit.

***Variable or Floating Rate Instruments***

Variable or floating rate instruments (including notes purchased directly from issuers) bear variable or floating interest rates and may carry rights that permit holders to demand payment of the unpaid principal balance plus accrued interest from the issuers or certain financial intermediaries on dates prior to their stated maturities. Floating rate securities have interest rates that change whenever there is a change in a designated base rate while variable rate instruments provide for a specified periodic adjustment in the interest rate. These formulas are designed to result in a market value for the instrument that approximates its par value.

***Warrants and Rights***

Subject to its investment policies and restrictions, each Series may invest in warrants and rights. Warrants are options to purchase equity securities at specified prices for a specific period of time. Their prices do not necessarily move parallel to the prices of the underlying securities. Rights are similar to warrants but normally have a short duration and are distributed directly by the issuer to its shareholders. Rights and warrants have no voting rights, receive no dividends, and have no rights with respect to the assets of the issuer. Warrants and rights are highly volatile and, therefore, more susceptible to sharp declines in value than the underlying security might be. They also generally are less liquid than an investment in the underlying securities.

***When-Issued and Delayed-Delivery Transactions***

Subject to its investment policies and restrictions, a Series may purchase securities in which it may invest on a when-issued or delayed-delivery basis or sell them on a delayed-delivery basis. In either case payment and delivery for the securities take place at a future date. The securities so purchased or sold are subject to market fluctuation; their value may be less or more when delivered than the purchase price paid or received. When purchasing securities on a when issued or delayed-delivery basis, a Series assumes the rights and risks of ownership, including the risk of price and yield fluctuations. No interest accrues to the Series until delivery and payment is completed. When a Series makes a commitment to purchase securities on a when-issued or delayed-delivery basis, it will record the transaction and thereafter reflect the value of the securities in determining its NAV per share. When a Series sells securities on a delayed-delivery basis, the Series does not participate in further gains or losses with respect to the securities. When a Series makes a commitment to sell securities on a delayed-delivery basis, it will record the transaction and thereafter value the securities at the sale price in determining its NAV per share. If the other party to a delayed-delivery transaction fails to deliver or pay for the securities, the Series could miss a favorable price or yield opportunity, or could suffer a loss.

The use of when-issued transactions and forward commitments enables a Series to seek to hedge against anticipated changes in interest rates and prices. For instance, in periods of rising interest rates and falling prices, a Series might sell securities in its portfolio on a forward commitment basis to limit its exposure to falling prices. In periods of falling interest rates and rising prices, a Series might sell a security in its portfolio and purchase the same or a similar security on a when-issued or forward commitment basis, thereby fixing the purchase price to be paid on the settlement date at an amount below that to which the Series anticipates the market price of such security to rise and, in the meantime, obtaining the benefit of investing the proceeds of the sale of its portfolio security at currently higher cash yields. Of course, the success of this strategy depends upon the ability of the Manager to correctly anticipate increases and decreases in interest rates and prices of securities. If the Manager anticipates a rise in interest rates and a decline in prices and, accordingly, a Series sells securities on a forward commitment basis in an attempt to hedge against falling prices, but in fact interest rates decline and prices rise, the Series will have lost the opportunity to profit from the price increase. If the Manager anticipates a decline in interest rates and a rise in prices, and, accordingly, a Series sells a security in its portfolio and purchases the same or a similar security on a when-issued or forward commitment basis in an attempt to enjoy currently high cash yields, but in fact interest rates increase and prices fall, the Series will have lost the opportunity to profit from investment of the proceeds of the sale of the security at the increased interest rates. The likely effect of this hedging strategy, whether the Manager is correct or incorrect in its prediction of interest rate and price movements, is to reduce the chances of large capital gains or losses and thereby reduce the likelihood of wide variations in a Series' NAV.

When-issued securities and forward commitments may be sold prior to the settlement date, but a Series enters into when- issued and forward commitments only with the intention of actually receiving or delivering the securities, as the case may be. Each Series may hold a when-issued security or forward commitment until the settlement date, even if the Series will incur a loss upon settlement. In accordance with regulatory requirements, a Series' custodian bank maintains, in a separate account of the Series, liquid assets, such as cash, short-term securities and other liquid securities (marked to the market daily), having a value equal to, or greater than, any commitments to purchase securities on a when-issued or forward commitment basis and, with respect to forward commitments to sell portfolio securities of the Series, the portfolio securities themselves. If a Series, however, chooses to dispose of the right to acquire a when-issued security prior to its acquisition or dispose of its right to deliver or receive against a forward commitment, it can incur a gain or loss.

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The purchase of securities on a when-issued or forward commitment basis exposes the Series to risk because the securities may decrease in value prior to their delivery. Purchasing securities on a when-issued or forward commitment basis involves the additional risk that the return available in the market when the delivery takes place will be higher than that obtained in the transaction itself. A Series' purchase of securities on a when-issued or forward commitment basis while remaining substantially fully invested could result in increased volatility of the price of the Series' shares.

***Zero Coupon Securities***

Zero coupon securities are debt obligations that do not entitle the holder to any periodic payment of interest prior to maturity or do not specify a future date when the securities begin to pay current interest; instead, they are sold at a deep discount from their face value (that is, with original issue discount ("OID")) and are redeemed at face value when they mature. Because zero coupon securities do not pay current income, their prices can be very volatile when interest rates change and generally are subject to greater price fluctuations in response to changing interest rates than prices of comparable debt obligations that make current distributions of interest in cash. Subject to its investment policies and restrictions, a Series may invest in zero coupon securities that are stripped Treasury notes or bonds, zero coupon bonds of corporate or municipal issuers and other securities that are issued with OID. The federal tax law requires that a holder of a security with OID accrue as income (take into account, in the case of OID on a tax-exempt security (*i.e.*, a security the interest on which is not subject to federal income tax)) each taxable year a ratable portion of the OID on the security, even though the holder may receive no interest payment on the security during the year. Accordingly, although a Series generally will receive no payments on its zero coupon securities prior to their maturity or disposition, it will have current taxable or tax-exempt income attributable to those securities. To avoid liability for federal income and excise taxes, therefore, a Series will be required to distribute cash in an amount equal to income accrued with respect to those securities and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate cash to make that distribution.

A broker-dealer creates a derivative zero coupon security by separating the interest and principal components of a Treasury security and selling them as two individual securities. CATS (Certificates of Accrual on Treasury Securities), TIGRs (Treasury Investment Growth Receipts), and TRs (Treasury Receipts) are examples of derivative zeros.

The Federal Reserve Bank creates Separate Trading of Registered Interest and Principal of Securities (STRIPS) by separating the interest and principal components of an outstanding Treasury security and selling them as individual securities. Bonds issued by the Resolution Funding Corporation and the Financing Corporation also can be separated in this fashion. Original issue zeros are zero coupon securities originally issued by the US government, a government agency, or a corporation in zero coupon form.

**Short-Term Debt Instruments and Temporary Investments**

Each Series may invest in money market securities (the types of which are discussed below) for liquidity and cash management purposes or if the Manager determines that securities meeting a Series' investment objective and policies are not otherwise readily available for purchase. For temporary defensive purposes during periods when the Manager determines that conditions warrant, a Series may increase this percentage up to 100%. For purposes of these policies, money market securities include (i) short-term US government securities, including custodial receipts evidencing separately traded interest and principal components of securities issued by the US Treasury; (ii) commercial paper rated in the highest short-term rating category by a NRSRO, such as S&P or Moody's, or determined by the Manager to be of comparable quality at the time of purchase; (iii) short-term bank obligations (certificates of deposit, time deposits, and bankers' acceptances) of US domestic banks, foreign banks and foreign branches of domestic banks, and commercial banks with assets of at least $1 billion as of the end of their most recent fiscal year; and (iv) repurchase agreements involving such securities. Each of these types of money market securities is discussed in more detail in this SAI.

*US Government Securities.* Examples of types of US government obligations in which a Series may invest include US Treasury obligations and the obligations of US government agencies such as Federal Home Loan Banks, Federal Farm Credit Banks, Federal Land Banks, the Federal Housing Administration, Farmers Home Administration, Export-Import Bank of the US, Small Business Administration, Fannie Mae, Ginnie Mae, General Services Administration, Student Loan Marketing Association, Central Bank for Cooperatives, Freddie Mac, Federal Intermediate Credit Banks, Maritime Administration, and other similar agencies. Whether backed by the full faith and credit of the US Treasury or not, US government securities are not guaranteed against price movements due to fluctuating interest rates.

● *US Treasury Obligations.* US Treasury obligations
 consist of bills, notes, and bonds issued by the US Treasury and separately traded interest and
 principal component parts of such obligations that are transferable through the federal book-entry system known as Separate Trading of Registered Interest and Principal of Securities
 ("STRIPS") and Treasury Receipts ("TRs").

● *Receipts.* Interests in separately traded interest and principal component parts of US government obligations that are issued by banks or brokerage

 and principal payments for the benefit of the registered owners of the certificates or receipts. The custodian arranges for the issuance
 of the certificates or receipts evidencing
 ownership and maintains the register. TRs and STRIPS are interests in accounts sponsored by the US Treasury.
 Receipts are sold as zero coupon securities.

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**Investment Strategies and Risks**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● *US Government Zero Coupon Securities.* STRIPS
 and receipts are sold as zero coupon securities, that is, fixed income securities that have been
 stripped of their unmatured interest coupons. Zero coupon securities are sold at a (usually substantial) discount and redeemed at face value at their maturity date without interim
 cash payments of interest or principal. The amount of this discount is accreted over the life of the security,
 and the accretion constitutes the income earned on the security for both accounting and tax purposes. Because of these features, the market
 prices of zero coupon securities are generally more volatile than the market prices of securities that have similar maturity but that
 pay interest periodically. Zero coupon securities
 are likely to respond to a greater degree to interest rate changes than are non-zero coupon securities
 with similar maturity and credit qualities.

● *US Government Agencies.* Some obligations
 issued or guaranteed by agencies of the US government are supported by the full faith and credit of
 the US Treasury, others are supported by the right of the issuer to borrow from the Treasury, while still others are supported only by
 the credit of the instrumentality. Guarantees
 of principal by agencies or instrumentalities of the US government may be a guarantee of payment at the maturity
 of the obligation so that in the event of a default prior to maturity there might not be a market and thus no means of realizing on the obligation prior to maturity. Guarantees
 as to the timely payment of principal and interest do not extend to the value or yield of these securities or
 to the value of a Series' shares.

*Commercial Paper.* Commercial paper is the term used to designate unsecured short-term promissory notes issued by corporations and other entities. Maturities on these issues vary from a few to 270 days. A Series may invest in short-term promissory notes issued by corporations that, at the time of purchase, are rated P-1 and/or A-1. Commercial paper ratings P-1 by Moody's and A-1 by S&P are the highest investment grade category. See "Appendix A — Description of Ratings" for a description of the rating symbols of S&P and Moody's.

*Obligations of Domestic Banks, Foreign Banks and Foreign Branches of US Banks.* A Series may invest in obligations issued by banks and other savings institutions. Investments in bank obligations include obligations of domestic branches of foreign banks and foreign branches of domestic banks. Such investments in domestic branches of foreign banks and foreign branches of domestic banks are not covered by the Federal Deposit Insurance Corporation ("FDIC") and may involve risks that are different from investments in securities of domestic branches of US banks. These risks may include future unfavorable political and economic developments, possible withholding taxes on interest income, seizure or nationalization of foreign deposits, currency controls, interest limitations, or other governmental restrictions that might affect the payment of principal or interest on the securities held by a Series. Additionally, these institutions may be subject to less stringent reserve requirements and to different accounting, auditing, reporting, and recordkeeping requirements than those applicable to domestic branches of US banks. Bank obligations include the following:

● *Bankers' Acceptances.* Bankers' acceptances
 are bills of exchange or time drafts drawn on, and accepted by, a commercial bank. Corporations use
 bankers' acceptances to finance the shipment and storage of goods and to furnish dollar exchange. Maturities are generally six
 months or less.

● *Certificates of Deposit.* Certificates of deposit are
 interest-bearing instruments with a specific maturity. They are issued by banks and savings and
 loan institutions in exchange for the deposit of funds and normally can be traded in the secondary market prior to maturity. Unless they
 can be traded on a secondary market, certificates
 of deposit with penalties for early withdrawal may be considered illiquid.

● *Time Deposits.* Time deposits are nonnegotiable
 receipts issued by a bank in exchange for the deposit of funds. Like a certificate of deposit, they
 earn a specified rate of interest over a definite period of time; however, they cannot be traded in the secondary market. Time deposits
 with a withdrawal penalty or that mature
 in more than seven days may be considered to be illiquid investments.

Subject to its investment policies and restrictions, a Series may utilize derivatives instruments, including, but not limited to, futures contracts, options and other types of derivatives instruments, for defensive purposes.

**Investment strategies and risks applicable to the following series:** **Nomura** **VIP Emerging Markets Series,** **Nomura** **VIP Fund for Income** **Series,** **Nomura** **VIP Investment Grade Series,** **Nomura** **VIP Growth Equity Series,** **Nomura** **VIP Growth and Income Series,** **Nomura** **VIP** **Limited Duration Bond Series,** **Nomura** **VIP Opportunity Series,** **Nomura** **VIP Small Cap Value Series and** **Nomura** **VIP Total Return Series**

Any reference to the "Series" generally in this subsection is intended to apply only to the applicable Series identified as being subject to this subsection.

**Asset-Backed Securities ("ABS")**

Nomura VIP Fund for Income Series, Nomura VIP Limited Duration Bond Series, Nomura VIP Total Return Series, and Nomura VIP Investment Grade Series may invest a portion of their assets in securities that are backed by assets such as receivables on home equity and credit loans; receivables regarding automobile, mobile home and recreational vehicle loans; wholesale dealer floor plans; and leases, or other loans or financial receivables currently available or that may be developed in the future.

Asset-backed receivables are securitized in either a pass-through or a pay-through structure. Pass-through securities provide investors with an income stream consisting of both principal and interest payments in respect of the receivables in the underlying pool. Pay-through ABS are debt obligations issued usually by a special purpose entity. The securities are collateralized by the various receivables and the payments on the underlying receivables provide the proceeds to pay the debt service on the debt obligations issued.

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The rate of principal payment on ABS generally depends on the rate of principal payments received on the underlying assets. Such rate of payments may be affected by economic and various other factors such as changes in interest rates or the concentration of collateral in a particular geographic area. Therefore, the yield may be difficult to predict and actual yield to maturity may be more or less than the anticipated yield to maturity. The credit quality of most ABS depends primarily on the credit quality of the assets underlying such securities, how well the entities issuing the securities are insulated from the credit risk of the originator or affiliated entities, and the amount of credit support provided to the securities. Due to the shorter maturity of the collateral backing such securities, there tends to be less of a risk of substantial prepayment than with mortgage-backed securities ("MBS") but the risk of such a prepayment does exist. Such ABS do, however, involve certain risks not associated with MBS, including the risk that security interests cannot be adequately, or in many cases ever, established, and other risks that may be peculiar to particular classes of collateral. For example, with respect to credit card receivables, a number of state and federal consumer credit laws give debtors the right to set off certain amounts owed on the credit cards, thereby reducing the outstanding balance. In the case of automobile receivables, there is a risk that the holders may not have either a proper or first security interest in all of the obligations backing such receivables due to the large number of vehicles involved in a typical issuance and technical requirements under state laws; therefore, recoveries on repossessed collateral may not always be available to support payments on the securities.

ABS are often backed by a pool of assets representing the obligations of a number of different parties. To lessen the effect of failures by obligors on underlying assets to make payments, such securities may contain elements of credit support. Such credit support falls into two categories: (i) liquidity protection, and (ii) protection against losses resulting from ultimate default by an obligor on the underlying assets. Liquidity protection refers to the provision of advances, generally by the entity administering the pool of assets, to ensure that the receipt of payments due on the underlying pool is timely. Protection against losses resulting from ultimate default enhances the likelihood of payments of the obligations on at least some of the assets in the pool. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor from third parties, through various means of structuring the transaction, or through a combination of such approaches. The Series' will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.

Examples of credit support arising out of the structure of the transaction include "senior-subordinated securities" (multiple-class securities with one or more classes subordinate to other classes as to the payment of principal thereof and interest thereon, with the result that defaults on the underlying assets are borne first by the holders of the subordinated class), creation of "reserve funds" (where cash or investments, sometimes funded from a portion of the payments on the underlying assets, are held in reserve against future losses), and "over collateralization" (where the scheduled payments on, or the principal amount of, the underlying assets exceed that required to make payments of the securities and pay any servicing or other fees). The degree of credit support provided for each issue is generally based on historical information respecting the level of credit risk associated with the underlying assets. Delinquencies or losses in excess of those anticipated could adversely affect the return on an investment in such issue.

**Bonds**

The Series may invest in debt securities. Nomura VIP Fund for Income Series, Nomura VIP Limited Duration Bond Series, Nomura VIP Total Return Series, and Nomura VIP Investment Grade Series may invest in corporate bonds and notes issued by corporations and other similar entities. In general, a debt security represents a loan of money to the issuer by the purchaser of the security. A debt security typically has a fixed payment schedule that obligates the issuer to pay interest to the lender and to return the lender's money over a certain time period. Some debt securities, such as zero coupon bonds, do not make regular interest payments but are issued at a discount to their principal or maturity value. Debt securities include a variety of fixed income obligations, including, but not limited to, corporate bonds, government securities, municipal securities, convertible securities, mortgage-backed securities, and asset-backed securities. Debt securities include investment grade, below-investment-grade (commonly referred to as "junk bonds"), and unrated bonds. Debt securities are subject to a variety of risks, such as interest rate risk, default risk, call/prepayment risk, inflation risk, credit risk, and, in the case of foreign bonds, country risk, and currency risk. The reorganization of a debt issuer under the federal bankruptcy laws may result in the issuer's debt securities being cancelled without repayment, repaid only in part, or repaid in part or in whole through an exchange thereof for any combination of cash, debt securities, convertible securities, equity securities, or other instruments or rights in respect of the same issuer or a related entity.

**Borrowing**

The Series may borrow money from banks, including their custodian, as a temporary measure for extraordinary or emergency purposes to facilitate redemptions. The Series may also obtain such short-term borrowing from banks as may be necessary from time to time due, but not limited, to such events as: large dividend payments, failed trades, the clearance of purchases and sales of portfolio securities, and securities on loan. The Series will be required to pay interest to the lending banks on amounts borrowed. As a result, borrowing money could result in the Series being unable to meet their investment objectives.

In addition, the Nomura VIP Emerging Markets Series may maintain a negative cash balance with its custodian, which is considered a form of borrowing or leverage. If the Series maintains a negative cash balance and the Series' investments decrease in value, the Series' losses will be greater than if the Series did not maintain a negative cash balance. The Series is required to pay interest to the custodian on negative cash balances.

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**Investment Strategies and Risks**

The 1940 Act and the SEC's current rules, exemptions, and interpretations thereunder, permit a Series to borrow up to one-third of the value of its total assets (including the amount borrowed, but less all liabilities and indebtedness not represented by senior securities) from banks. A Series is required to maintain continuous asset coverage of at least 300% with respect to such borrowings and to reduce the amount of its borrowings (within three days excluding Sundays and holidays) to restore such coverage if it should decline to less than 300% due to market fluctuations or otherwise. In the event that a Series is required to reduce its borrowings, it may have to sell portfolio holdings, even if such sale of the Series' holdings would be disadvantageous from an investment standpoint.

In addition to borrowings that are subject to 300% asset coverage and are considered by the SEC to be permitted "senior securities," a Series is also permitted under the 1940 Act to borrow for temporary purposes an amount not exceeding 5% of the value of its total assets at the time when the loan is made. A loan will be presumed to be for temporary purposes if it is repaid within 60 days and is not extended or renewed.

**Brady Bonds**

Among the foreign fixed income securities in which Nomura VIP Emerging Markets Series and Nomura VIP Total Return Series may invest are Brady Bonds.

Brady Bonds are securities created through the exchange of existing commercial bank loans to public and private entities in certain emerging markets for new bonds in connection with debt restructurings under a debt restructuring plan introduced by former US Secretary of the Treasury, Nicholas F. Brady (the "Brady Plan"). Brady Plan debt restructurings have been implemented in a number of countries including Argentina, Brazil, Bulgaria, Costa Rica, Croatia, Dominican Republic, Ecuador, Jordan, Mexico, Morocco, Nigeria, Panama, Peru, the Philippines, Poland, Slovenia, Uruguay, and Venezuela. Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (but primarily the US dollar), and are actively traded in over-the-counter secondary markets. US dollar-denominated, collateralized Brady Bonds, which may be fixed-rate bonds or floating-rate bonds, are generally collateralized in full as to principal by US Treasury zero coupon bonds having the same maturity as the bonds. Brady Bonds are often viewed as having three or four valuation components: the collateralized repayment of principal at final maturity, the collateralized interest payments, the uncollateralized interest payments, and any uncollateralized repayment of principal at maturity (these uncollateralized amounts constituting the "residual risk"). In light of the residual risk of Brady Bonds and the history of defaults of countries issuing Brady Bonds with respect to commercial bank loans by public and private entities, investments in Brady Bonds may be viewed as speculative.

**Combined Transactions**

Certain Series may enter into combined transactions.

Combined transactions may include multiple options transactions; multiple futures transactions; multiple currency transactions (including forward foreign currency contracts) and multiple interest rate transactions; and any combination of futures, options, currency, and interest rate transactions ("component" transactions) instead of a single transaction, as part of a single or combined strategy when, in the opinion of the Manager, it is in the best interests of a Series to do so. A combined transaction will usually contain elements of risk that are present in each of its component transactions. Although combined transactions are normally entered into based on the Manager's judgment that the combined strategies will reduce risk or otherwise more effectively achieve the desired portfolio management objective, it is possible that the combination will instead increase such risks or hinder achievement of the portfolio management objective.

**Convertible Securities**

Nomura VIP Fund for Income Series, Nomura VIP Limited Duration Bond Series, Nomura VIP Total Return Series, and Nomura VIP Investment Grade Series may invest in convertible debt securities. Nomura VIP Growth Equity Series, Nomura VIP Growth and Income Series, Nomura VIP Opportunity Series, and Nomura VIP Total Return Series may invest in convertible equity securities such as preferred stocks, and convertible preferred stock. Nomura VIP Emerging Markets Series may invest in convertible and debt securities of issuers in any industry, convertible preferred stocks that offer enhanced yield features as well as other enhanced convertible securities. The Series may invest in convertible debentures without regard to rating categories.

A convertible security is generally a debt obligation, preferred stock, or other security that may be converted within a specified period of time into a certain amount of common stock of the same or of a different issuer. The conversion may occur at the option of the investor in or issuer of the security, or upon a predetermined event. A convertible security typically provides a fixed income stream and the opportunity, through its conversion feature, to participate in the capital appreciation resulting from a market price advance in its underlying common stock. As with a straight fixed income security, a convertible security tends to increase in market value when interest rates decline and decrease in value when interest rates rise. Like common stock, the value of a convertible security also tends to increase as the market value of the underlying stock rises, and it tends to decrease as the market value of the underlying stock declines. Because both interest rate and market movements can influence its value, a convertible security is usually not as sensitive to interest rate changes as a similar fixed income security, nor is it as sensitive to changes in share price as its underlying stock. Convertible securities are also subject to risks that affect debt securities in general.

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Although less than an investment in the underlying stock, the potential for gain on an investment in a convertible security is greater than for similar nonconvertible securities. As a result, a lower yield is generally offered on convertible securities than on otherwise equivalent nonconvertible securities. There is no guarantee that a Series will realize gains on a convertible security in excess of the foregone yield it accepts to invest in such convertible security.

A convertible security is usually issued either by an operating company or by an investment bank. When issued by an operating company, a convertible security tends to be senior to the company's common stock, but may be subordinate to other types of fixed income securities issued by that company. When a convertible security issued by an operating company is "converted," the operating company often issues new stock to the holder of the convertible security. However, if the convertible security is redeemable and the parity price of the convertible security is less than the call price, the operating company may pay out cash instead of common stock.

If the convertible security is issued by an investment bank or other sponsor, the security is an obligation of and is convertible through the issuing investment bank. However, the common stock received upon conversion is that of a company other than the investment bank or sponsor. The issuer of a convertible security may be important in determining the security's true value. This is because the holder of a convertible security will have recourse only to the issuer.

*Convertible preferred stock.* A convertible preferred stock is usually treated like a preferred stock for a Series' financial reporting, credit rating, investment policies, and limitations purposes. A preferred stock is subordinated to all debt obligations in the event of insolvency, and an issuer's failure to make a dividend payment is generally not an event of default entitling the preferred shareholder to take action. A preferred stock generally has no maturity date, so its market value is dependent on the issuer's business prospects for an indefinite period of time. Distributions from preferred stock are dividends, rather than interest payments, and are usually treated as such for tax purposes. Investments in convertible preferred stock, as compared to the debt obligations of an issuer, generally increase a Series' exposure to the credit risk of the issuer and market risk generally, because convertible preferred stock will fare more poorly if the issuer defaults or markets suffer.

*Risks.* An investment in a convertible security may involve risks. A Series may have difficulty disposing of such securities because there may be a thin trading market for a particular security at any given time. Reduced liquidity may have an adverse impact on market price and a Series' ability to dispose of a security when necessary to meet the Series' liquidity needs or in response to a specific economic event, such as the deterioration in the creditworthiness of an issuer. Reduced liquidity in the secondary market for certain securities may also make it more difficult for a Series to obtain market quotations based on actual trades for purposes of valuing the Series' portfolio. Although the Series intends to acquire convertible securities that the Manager considers to be liquid (i.e., those securities that the Manager determines may be sold on an exchange, or an institutional or other substantial market), there can be no assurances that this will be achieved. Certain securities and markets can become illiquid quickly, resulting in liquidity risk for a Series. A Series may also encounter difficulty valuing convertible securities due to illiquidity or other circumstances that make it difficult for the Series to obtain timely market quotations based on actual trades for convertible securities.

*Hybrid Securities.* Hybrid securities generally combine both debt and equity characteristics. The most common example is a convertible bond that has features of any ordinary bond, but is influenced by the price movements of the stock into which it is convertible. Hybrid securities can include a variety of features that allow them to exhibit changing proportions of debt and equity characteristics. As a result, it may be difficult to classify them as either debt or equity.

**Depositary Receipts**

Nomura VIP Growth Equity Series, Nomura VIP Opportunity Series, and Nomura VIP Total Return Series may invest in foreign companies through the purchase and sale of sponsored or unsponsored American depositary receipts ("ADRs") that are actively traded in the United States. These Series may also invest in sponsored and unsponsored European depositary receipts ("EDRs"), and global depositary receipts ("GDRs"). Nomura VIP Emerging Markets Series may invest in foreign companies by purchasing sponsored and unsponsored ADRs, EDRs, or GDRs. Nomura VIP Small Cap Value Series may invest in foreign companies by purchasing sponsored and unsponsored ADRs that are actively traded in the United States.

Many securities of foreign issuers are represented by ADRs, GDRs, and EDRs (collectively, "depositary receipts"). Generally, depositary receipts in registered form are designed for use in the US securities market and depositary receipts in bearer form are designed for use in securities markets outside the US. ADRs evidence ownership of, and represent the right to receive, securities of foreign issuers deposited in a domestic bank or trust company or a foreign correspondent bank. Prices of ADRs are quoted in US dollars, and ADRs are traded in the US on exchanges or over-the-counter. While ADRs do not eliminate all the risks associated with foreign investments, by investing in ADRs rather than directly in the stock of foreign issuers, a Series will avoid currency and certain foreign market trading risks during the settlement period for either purchases or sales. In general, there is a large, liquid market in the US for ADRs quoted on a national securities exchange. The information available for ADRs is subject to the accounting, auditing, and financial reporting standards of the US market or exchange on which they are traded, which standards are generally more uniform and more exacting than those to which many foreign issuers may be subject.

EDRs and GDRs are typically issued by foreign banks or trust companies and evidence ownership of underlying securities issued by either a foreign or a US corporation. EDRs and GDRs may not necessarily be denominated in the same currency as the underlying securities into which they may be converted. The underlying shares are held in trust by a custodian bank or similar financial institution in the issuer's home country. If the issuer's home country does not have developed financial markets, a Series could be exposed to the credit risk of the custodian or financial

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**Investment Strategies and Risks**

institution and greater market risk. The depository bank may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. A Series would be expected to pay a share of the additional fees, which it would not pay if investing directly in the foreign securities. A Series may experience delays in receiving its dividend and interest payments or exercising rights as a shareholder.

Depositary receipts may reduce some but not eliminate all the risks inherent in investing in the securities of foreign issuers. Depositary receipts are still subject to the political and economic risks of the underlying issuer's country and are still subject to foreign currency exchange risk. Depositary receipts will be issued under sponsored or unsponsored programs. In sponsored programs, an issuer has made arrangements to have its securities traded in the form of depositary receipts. In unsponsored programs, the issuer may not be directly involved in the creation of the program. Although regulatory requirements with respect to sponsored and unsponsored programs are generally similar, in some cases it may be easier to obtain financial information about an issuer that has participated in the creation of a sponsored program. There may be an increased possibility of untimely responses to certain corporate actions of the issuer, such as stock splits and rights offerings, in an unsponsored program. Accordingly, there may be less information available regarding issuers of securities underlying unsponsored programs and there may not be a correlation between this information and the market value of the depositary receipts. If a Series' investment depends on obligations being met by the arranger as well as the issuer of an unsponsored program, the Series will be exposed to additional credit risk.

**Derivatives Instruments**

Nomura VIP Emerging Markets Series, Nomura VIP Fund for Income Series, Nomura VIP Limited Duration Bond Series, Nomura VIP Small Cap Value Series, Nomura VIP Total Return Series, and Nomura VIP Investment Grade Series may invest in some or all of the following types of derivatives instruments: credit-linked securities, equity-linked securities, swaps, forward foreign currency contracts, futures, forwards, options, and options on futures contracts, all of which are described in more detail in this section of the SAI.

Generally, derivatives are financial instruments whose values depend on, or are derived from, the value of one or more underlying assets, reference rates, indices, or other market factors (a "reference instrument") and may relate to stocks, bonds, interest rates, currencies, commodities, or related indices. Derivatives instruments allow a Series to gain or reduce exposure to the value of a reference instrument without actually owning or selling the instrument.

The Series may value derivatives instruments at market value, notional value, or full exposure value (i.e., the sum of the notional amount for the contract plus the market value). The manner in which certain securities or other instruments are valued by the Series may differ from the manner in which those investments are valued by other types of investors.

*Exclusion from commodity pool operator definition.* The Manager has claimed an exclusion from the definition of "commodity pool operator" ("CPO") with respect to the Series under the Commodity Exchange Act ("CEA") and the rules of the Commodity Futures Trading Commission ("CFTC") and, therefore, is not subject to CFTC registration or regulation as a CPO. In addition, the Manager is exempt from registration as a commodity trading advisor and provides commodity interest trading advice to the Series in reliance upon applicable exemptions from registration under the Commodity Exchange Act.

The terms of the CPO exclusion require a Series, among other things, to adhere to certain limits on its investments in "commodity interests." Commodity interests include commodity futures, commodity options, and certain swaps, which in turn include nondeliverable currency forwards, as further described below. Because the Manager intends to comply with the terms of the CPO exclusion with respect to the Series, each Series may, in the future, need to adjust its investment strategies, consistent with its investment goal, to limit its investments in these types of instruments. The Series are not intended as vehicles for trading in the commodity futures, commodity options, or swaps markets. The CFTC has neither reviewed nor approved the Manager's reliance on the CPO exclusion, the Manager's provision of services as an exempt CTA, or the Series, their respective investment strategies, or this SAI.

Generally, the exclusion from CPO definition and regulation on which the Manager relies requires each Series to meet one of the following tests for its commodity interest positions, other than positions entered into for bona fide hedging purposes (as defined in the rules of the CFTC): either (1) the aggregate initial margin and premiums required to establish the Series' positions in commodity interests may not exceed 5% of the liquidation value of the Series' portfolio (after taking into account unrealized profits and unrealized losses on any such positions); or (2) the aggregate net notional value of the Series' commodity interest positions, determined at the time the most recent such position was established, may not exceed 100% of the liquidation value of the Series' portfolio (after taking into account unrealized profits and unrealized losses on any such positions). In addition to meeting one of these trading limitations, a Series may not be marketed as a commodity pool or otherwise as a vehicle for trading in the commodity futures, commodity options, or swaps markets. If, in the future, a Series can no longer satisfy these requirements, the Manager would withdraw the notice claiming an exclusion from the definition of a CPO for the Series, and the Manager would be subject to registration and regulation as a CPO with respect to the Series, in accordance with CFTC rules that apply to CPOs of registered investment companies. Generally, these rules allow for substituted compliance with CFTC disclosure and shareholder reporting requirements, based on the Manager's compliance with comparable SEC requirements. However, as a result of CFTC regulation, a Series may incur additional compliance and other expenses.

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*Developing government regulation of derivatives.* The regulation of cleared and uncleared swaps, as well as other derivatives, is a rapidly changing area of law and is subject to modification by government and judicial action. In addition, the SEC, CFTC, and the exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, the implementation or reduction of speculative position limits, the implementation of higher margin requirements, the establishment of daily price limits, and the suspension of trading.

It is not possible to predict fully the effects of current or future regulation. However, it is possible that developments in government regulation of various types of derivatives instruments may prevent a Series from using or limit the Series' use of these instruments effectively as a part of its investment strategy, and could adversely affect a Series' ability to achieve its investment objective(s). The Manager will continue to monitor developments in this area. New requirements, even if not directly applicable to a Series, may increase the cost of the Series' investments and cost of doing business.

**Duration**

The average effective duration of Nomura VIP Limited Duration Bond Series will typically be between one and three years. This is considered a short- to intermediate-range duration. Some of the securities in the Series' portfolio may have periodic interest rate adjustments based upon an index such as the 91-day Treasury bill rate. This periodic interest rate adjustment tends to lessen the volatility of the security's price. With respect to securities with an interest rate adjustment period of one year or less, the Series will, when determining average weighted maturity, treat such a security's maturity as the amount of time remaining until the next interest rate adjustment. Instruments such as Ginnie Mae, Fannie Mae, Freddie Mac securities, and similar securities backed by amortizing loans generally have shorter effective maturities than their stated maturities. This is due to changes in amortization caused by demographic and economic forces such as interest rate movements. These effective maturities are calculated based upon historical payment patterns. For purposes of determining the Series' average effective duration, the maturities of such securities will be calculated based upon the issuing agency's payment factors using industry-accepted valuation models.

Most debt obligations provide interest (coupon) payments in addition to a final (par) payment at maturity. Some obligations also have call provisions. Depending on the relative magnitude of these payments and the nature of the call provisions, the market values of debt obligations may respond differently to changes in the level and structure of interest rates. Traditionally, a debt security's term-to-maturity has been used as a proxy for the sensitivity of the security's price to changes in interest rates (which is the interest rate risk or volatility of the security). However, term-to-maturity measures only the time until a debt security provides its final payment, taking no account of the pattern of the security's payments prior to maturity.

Duration is a measure of the expected life of a fixed income security on a present value basis that was developed as a more precise alternative to the concept of term-to-maturity. Duration incorporates a bond's yield, coupon interest payments, final maturity, and call features into one measure. Duration is one of the fundamental tools used by the Manager in the selection of fixed income securities. Duration takes the length of the time intervals between the present time and the time that the interest and principal payments are scheduled or, in the case of a callable bond, expected to be received, and weights them by the present values of the cash to be received at each future point in time. For any fixed income security with interest payments occurring prior to the payment of principal, duration is always less than maturity. In general, all other factors being the same, the lower the stated or coupon rate of interest of a fixed income security, the longer the duration of the security; conversely, the higher the stated or coupon rate of interest of a fixed income security, the shorter the duration of the security.

There are some situations where even the standard duration calculation does not properly reflect the interest rate exposure of a security. For example, floating and variable rate securities often have final maturities of 10 or more years; however, their interest rate exposure corresponds to the frequency of the coupon reset. Another example where the interest rate exposure is not properly captured by duration is the case of mortgage pass-through securities. The stated final maturity of such securities is generally 30 years, but current prepayment rates are more critical in determining the securities' interest rate exposure. In these and other similar situations, the Manager will use sophisticated analytical techniques that incorporate the economic life of a security into the determination of its interest rate exposure.

**Equity-Linked Securities**

Nomura VIP Emerging Markets Series may invest up to 10% of its net assets in equity-linked securities. These securities may be considered illiquid. Equity-linked securities are primarily used by the Series as an alternative means to more efficiently and effectively access the securities market of what is generally an emerging market. In some instances, investments in equity-linked securities may be subject to the Series' limitation on investments in investment companies.

Equity-linked securities are privately issued derivatives securities which have a return component based on the performance of another security, a basket of securities, or an index. Investing in equity-linked securities can be an alternative to investing in the underlying security directly in situations where a US-based fund would have to register with a foreign exchange or foreign securities agency to be able to purchase the underlying security directly.

Equity-linked securities are generally subject to the risks associated with derivatives investments. Such risks include the possibility that the Series may experience a significant loss if it employs a derivatives strategy related to a security or a securities index, and that security or index moves in the opposite direction from what the Series' Manager had anticipated. Another risk of derivatives transactions is the possibility that the counterparty

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**Investment Strategies and Risks**

issuing the equity-linked security does not have the financial (or other) ability to fulfill its contractual obligations. The Series' Manager will review various factors, including the risks and costs associated with equity-linked securities, in determining whether the Series should invest in them. The purchase of an equity-linked security does not usually give the holder the right to obtain the underlying security (or securities).

**Equity Securities**

Nomura VIP Growth Equity Series, Nomura VIP Growth and Income Series, Nomura VIP Opportunity Series, Nomura VIP Limited Duration Bond Series, Nomura VIP Total Return Series, and Nomura VIP Investment Grade Series may invest in equity securities.

Equity securities represent ownership interests in a company and will generally consist of common stocks, preferred stocks, and warrants to acquire common stocks. Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which a Series invests will cause the net asset value ("NAV") of the Series to fluctuate.

**Fixed Income Securities**

Certain Series may invest in fixed income securities. Nomura VIP Emerging Markets Series is permitted to invest up to 35% of its net assets in fixed income securities issued by companies in emerging countries or by foreign governments, their agents, instrumentalities or political sub-divisions; the Series, however, does not anticipate investing, on a regular basis, a significant amount of its net assets in such fixed income securities. It may also invest in fixed income securities that are denominated in the currencies of emerging market countries. All of these may be high yield, high risk fixed income securities rated lower than BBB- by Standard & Poor's Financial Services LLC ("S&P") and lower than Baa3 by Moody's Investors Service, Inc. ("Moody's") or similarly rated by another nationally recognized statistical rating organization ("NRSRO"). See "High Yield Securities ("Junk bonds")" below for more information about these types of fixed income securities.

In general, a debt security represents a loan of money to the issuer by the purchaser of the security. A debt security typically has a fixed payment schedule that obligates the issuer to pay interest to the lender and to return the lender's money over a certain time period. Some debt securities, such as zero coupon bonds, do not make regular interest payments but are issued at a discount to their principal or maturity value. Debt securities include a variety of fixed income obligations, including, but not limited to, corporate bonds, government securities, municipal securities, convertible securities, mortgage-backed securities, and asset-backed securities. Debt securities include investment grade, below-investment-grade (commonly referred to as "junk bonds"), and unrated bonds. Debt securities are subject to a variety of risks, such as interest rate risk, default risk, call/prepayment risk, inflation risk, credit risk, and, in the case of foreign bonds, country risk and currency risk. The reorganization of a debt issuer under the federal bankruptcy laws may result in the issuer's debt securities being cancelled without repayment, repaid only in part, or repaid in part or in whole through an exchange thereof for any combination of cash, debt securities, convertible securities, equity securities, or other instruments or rights in respect of the same issuer or a related entity.

**Foreign Investments**

Nomura VIP Emerging Markets Series will invest in the securities of foreign issuers. Nomura VIP Growth Equity Series, Nomura VIP Opportunity Series, Nomura VIP Limited Duration Bond Series, Nomura VIP Total Return Series, and Nomura VIP Investment Grade Series may invest in securities of foreign companies traded in the United States. Nomura VIP Fund for Income Series and Nomura VIP Total Return Series may invest in foreign securities traded in foreign markets and emerging markets. Although Nomura VIP Small Cap Value Series may invest up to 25% of its net assets in foreign securities, the Series typically invests only a small portion of its assets in foreign corporations, often through ADRs.

When a Series invests in securities of foreign issuers, the Series may be subject to foreign withholding taxes on income from certain foreign securities. This, in turn, could reduce the Series' distributions paid to shareholders. It is also expected that the expenses for custodial arrangements of the Series' foreign securities will be somewhat greater than the expenses for the custodial arrangements for US securities of equal value.

*Overview.* Investors should consider carefully the substantial risks associated with investing in the securities of certain governments and companies located in, or having substantial operations in, foreign countries, which are in addition to the usual risks inherent in domestic investments. As with US securities, the value of foreign securities is affected by general economic conditions and individual issuer and industry earnings prospects. Investments in depositary receipts also involve some or all of the risks described below.

There is the possibility of cessation of trading on foreign exchanges, expropriation, nationalization of assets, confiscatory or punitive taxation, withholding and other foreign taxes on income or other amounts, foreign exchange controls (which may include suspension of the ability to transfer currency from a given country), restrictions on removal of assets, political or social instability, military action or unrest, or diplomatic developments that could affect investments in securities of issuers in foreign nations. There is no assurance that the Manager will be able to anticipate these potential events. In addition, the value of securities denominated in foreign currencies and of dividends and interest paid with respect to such securities will fluctuate based on the relative strength of the US dollar compared to such foreign currencies.

There may be less publicly available information about foreign issuers that is comparable to the reports and ratings published about issuers in the US. Foreign issuers generally are not subject to uniform accounting or financial reporting standards. Auditing practices and requirements may not be comparable to those applicable to US issuers. Certain countries' legal institutions, financial markets, and services are less developed than those in the US or other major economies. A Series may have greater difficulty voting proxies, exercising shareholder rights, securing dividends and

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obtaining information regarding corporate actions on a timely basis, pursuing legal remedies, and obtaining judgments with respect to foreign investments in foreign courts than with respect to domestic issuers in US courts. The costs associated with foreign investments, including withholding taxes, brokerage commissions, and custodial costs, are generally higher than with US investments.

Certain countries require governmental approval prior to investments by foreign persons, or limit the amount of investment by foreign persons in a particular company. Some countries limit the investment of foreign persons to only a specific class of securities of an issuer that may have less advantageous terms than securities of the issuer available for purchase by nationals. Although securities subject to such restrictions may be marketable abroad, they may be less liquid than foreign securities of the same class that are not subject to such restrictions. In some countries the repatriation of investment income, capital, and proceeds of sales by foreign investors may require governmental registration and/or approval. A Series could be adversely affected by delays in or a refusal to grant any required governmental registration or approval for repatriation.

From time to time, trading in a foreign market may be interrupted. Foreign markets also have substantially less volume than the US markets and securities of some foreign issuers are less liquid and more volatile than securities of comparable US issuers. A Series, therefore, may encounter difficulty in obtaining market quotations for purposes of valuing its portfolio and calculating its NAV.

In many foreign countries, there is less government supervision and regulation of stock exchanges, brokers, and listed companies than in the US, which may result in greater potential for fraud or market manipulation. Foreign over-the-counter markets tend to be less regulated than foreign stock exchange markets and, in certain countries, may be totally unregulated. Brokerage commission rates in foreign countries, which generally are fixed rather than subject to negotiation as in the US, are likely to be higher. Foreign security trading, settlement, and custodial practices (including those involving securities settlement where assets may be released prior to receipt of payment) are often less developed than those in US markets, may be cumbersome, and may result in increased risk or substantial delays. This could occur in the event of a failed trade or the insolvency of, or breach of duty by, a foreign broker/dealer, securities depository, or foreign subcustodian.

To the extent that a Series invests a significant portion of its assets in a specific geographic region or country, the Series will have more exposure to economic risks related to such region or country than a fund whose investments are more geographically diversified. Adverse conditions or changes in policies in a certain region or country can affect securities of other countries whose economies appear to be unrelated but are otherwise connected. In the event of economic or political turmoil, a deterioration of diplomatic relations or a natural or man-made disaster in a region or country where a substantial portion of a Series' assets are invested, the Series may have difficulty meeting a large number of shareholder redemption requests.

The holding of foreign securities may be limited by a Series to avoid investment in certain passive foreign investment companies ("PFICs").

*Developing markets or emerging markets.* Investments in companies domiciled or with significant operations in developing market or emerging market countries may be subject to potentially higher risks than investments in developed countries. These risks include, among others (i) less social, political, and economic stability; (ii) smaller securities markets with low or nonexistent trading volume, which result in greater illiquidity and greater price volatility; (iii) certain national policies which may restrict a Series' investment opportunities, including restrictions on investment in issuers or industries deemed sensitive to national interests; (iv) foreign taxation, including less transparent and established taxation policies; (v) less developed regulatory or legal structures governing private or foreign investment or allowing for judicial redress for injury to private property; (vi) the absence, until recently in many developing market countries, of a capital market structure or market-oriented economy; (vii) more widespread corruption and fraud; (viii) the financial institutions with which a Series may trade may not possess the same degree of financial sophistication, creditworthiness, or resources as those in developed markets; and (ix) the possibility that recent favorable economic developments in some developing market countries may be slowed or reversed by unanticipated economic, political, or social events in such countries. A frontier market country is also a type of developing market country and these risks are magnified in frontier market countries as they generally have smaller economies or less developed capital markets than traditional emerging market countries.

In addition, many developing market countries have experienced substantial and, during some periods, extremely high rates of inflation, for many years. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain countries. Moreover, the economies of some developing market countries may differ unfavorably from the US economy in such respects as growth of gross domestic product, rate of inflation, currency depreciation, debt burden, capital reinvestment, resource self-sufficiency, and balance of payments position. The economies of some developing market countries may be based on only a few industries, and may be highly vulnerable to changes in local or global trade conditions.

Settlement systems in developing market countries may be less organized than in developed countries. Supervisory authorities may also be unable to apply standards that are comparable to those in more developed countries. There may be risks that settlement may be delayed and that cash or securities belonging to a Series may be in jeopardy because of failures of or defects in the settlement systems. Market practice may require that payment be made prior to receipt of the security that is being purchased or that delivery of a security must be made before payment is received. In such cases, default by a broker or bank (the "counterparty") through whom the relevant transaction is effected might result in a loss being suffered by a Series. The Series seek, where possible, to use counterparties whose financial status reduces this risk. However, there can be no certainty that the Series will be successful in eliminating or reducing this risk, particularly as counterparties operating in developing market countries frequently lack the substance, capitalization, and/or financial resources of those in developed countries. Uncertainties in the operation of settlement systems in individual markets may increase the risk of competing claims to securities held by or to be transferred to a Series. Legal compensation schemes may be nonexistent, limited, or inadequate to meet a Series' claims in any of these events.

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**Investment Strategies and Risks**

Securities trading in developing markets presents additional credit and financial risks. A Series may have limited access to, or there may be a limited number of, potential counterparties that trade in the securities of developing market issuers. Governmental regulations may restrict potential counterparties to certain financial institutions located or operating in the particular developing market. Potential counterparties may not possess, adopt, or implement creditworthiness standards, financial reporting standards, or legal and contractual protections similar to those in developed markets. Currency and other hedging techniques may not be available or may be limited.

The local taxation of income and capital gains accruing to nonresidents varies among developing market countries and may be comparatively high. Developing market countries typically have less well-defined tax laws and procedures and such laws may permit retroactive taxation so that a Series could in the future become subject to local tax liabilities that had not been anticipated in conducting its investment activities or valuing its assets.

Many developing market countries suffer from uncertainty and corruption in their legal frameworks. Legislation may be difficult to interpret and laws may be too new to provide any precedential value. Laws regarding foreign investment and private property may be weak or nonexistent. Investments in developing market countries may involve risks of nationalization, expropriation, and confiscatory taxation. For example, the Communist governments of a number of Eastern European countries expropriated large amounts of private property in the past, in many cases without adequate compensation, and there can be no assurance that similar expropriation will not occur in the future. In the event of expropriation, a Series could lose all or a substantial portion of any investments it has made in the affected countries. Accounting, auditing, and reporting standards in certain countries in which a Series may invest may not provide the same degree of investor protection or information to investors as would generally apply in major securities markets. In addition, it is possible that purported securities in which a Series invested may subsequently be found to be fraudulent and as a consequence the Series could suffer losses.

Finally, currencies of developing market countries are subject to significantly greater risks than currencies of developed countries. Some developing market currencies may not be internationally traded or may be subject to strict controls by local governments, resulting in undervalued or overvalued currencies and associated difficulties with the valuation of assets, including a Series' securities, denominated in that currency. Some developing market countries have experienced balance of payment deficits and shortages in foreign exchange reserves. Governments have responded by restricting currency conversions. Future restrictive exchange controls could prevent or restrict a company's ability to make dividend or interest payments in the original currency of the obligation (usually US dollars). In addition, even though the currencies of some developing market countries, such as certain Eastern European countries, may be convertible into US dollars, the conversion rates may be artificial to the actual market values and may be adverse to a Series' shareholders.

*Foreign governmental and supranational debt securities.* Investments in debt securities of foreign governmental or supranational issuers are subject to all the risks associated with investments in US and foreign securities and certain additional risks.

Foreign government debt securities, sometimes known as sovereign debt securities, include debt securities issued, sponsored, or guaranteed by: governments or governmental agencies, instrumentalities, or political subdivisions located in emerging or developed market countries; government owned, controlled, or sponsored entities located in emerging or developed market countries; and entities organized and operated for the purpose of restructuring the investment characteristics of instruments issued by any of the above issuers.

A supranational entity is a bank, commission, or company established or financially supported by the national governments of one or more countries to promote reconstruction, trade, harmonization of standards or laws; economic development; and humanitarian, political, or environmental initiatives. Supranational debt obligations include: Brady Bonds; participations in loans between emerging market governments and financial institutions; and debt securities issued by supranational entities such as the World Bank, Asia Development Bank, European Investment Bank, and the European Economic Community.

Foreign government debt securities are subject to risks in addition to those relating to debt securities generally. Governmental issuers of foreign debt securities may be unwilling or unable to pay interest and repay principal, or otherwise meet obligations, when due and may require that the conditions for payment be renegotiated. As a sovereign entity, the issuing government may be immune from lawsuits in the event of its failure or refusal to pay the obligations when due. The debtor's willingness or ability to repay in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its non-US reserves, the availability of sufficient non-US currency on the date a payment is due, the relative size of the debt service burden to the issuing country's economy as a whole, the sovereign debtor's policy toward principal international lenders, such as the International Monetary Fund or the World Bank, and the political considerations or constraints to which the sovereign debtor may be subject. Governmental debtors also will be dependent on expected disbursements from foreign governments or multinational agencies and the country's access to, or balance of, trade. Some governmental debtors have in the past been able to reschedule or restructure their debt payments without the approval of debt holders or declare moratoria on payments, and similar occurrences may happen in the future. There is no bankruptcy proceeding by which a Series may collect in whole or in part on debt subject to default by a government.

*Foreign currency exchange rates.* Changes in foreign currency exchange rates will affect the US dollar market value of securities denominated in such foreign currencies and any income received or expenses paid by a Series in that foreign currency. This may affect a Series' share price, income, and distributions to shareholders. Some countries may have fixed or managed currencies that are not free-floating against the US dollar. It will be more difficult for the Manager to value securities denominated in currencies that are fixed or managed. Certain currencies may not be internationally traded, which could cause illiquidity with respect to a Series' investments in that currency and any securities denominated in that currency. Currency markets generally are not as regulated as securities markets. A Series endeavors to buy and sell foreign currencies on as

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favorable a basis as practicable. Some price spread in currency exchanges (to cover service charges) may be incurred, particularly when a Series changes investments from one country to another or when proceeds of the sale of securities in US dollars are used for the purchase of securities denominated in foreign currencies. Some countries may adopt policies that would prevent a Series from transferring cash out of the country or withhold portions of interest and dividends at the source.

Certain currencies have experienced a steady devaluation relative to the US dollar. Any devaluations in the currencies in which a Series' portfolio securities are denominated may have a detrimental impact on the Series. Where the exchange rate for a currency declines materially after a Series' income has been accrued and translated into US dollars, the Series may need to redeem portfolio securities to make required distributions. Similarly, if an exchange rate declines between the time a Series incurs expenses in US dollars and the time such expenses are paid, the Series will have to convert a greater amount of the currency into US dollars in order to pay the expenses.

Investing in foreign currencies for purposes of gaining from projected changes in exchange rates further increases a Series' exposure to foreign securities losses.

The Series do not consider currencies or other financial commodities or contracts and financial instruments to be physical commodities (which include, for example, oil, precious metals, and grains). Accordingly, the Series interpret the fundamental restriction related to commodities to permit them (subject to their investment objectives and general investment policies) to invest directly in foreign currencies and other financial commodities and to purchase, sell, or enter into foreign currency futures contracts and options thereon, forward foreign currency contracts, foreign currency options, currency, commodity- and financial instrument-related swap agreements, hybrid instruments, interest rate, securities-related or foreign currency-related futures contracts or other currency-, commodity- or financial instrument-related derivatives, subject to compliance with any applicable provisions of the federal securities or commodities laws. The Series also interpret their fundamental restriction regarding purchasing and selling physical commodities to permit the Series to invest in exchange-traded funds ("ETFs") or other entities that invest in physical and/or financial commodities.

*Foreign Securities Traded in the U.S.* The Series may invest directly in foreign equity or debt securities that are traded in the U.S. Such securities are generally denominated in U.S. dollars. They also may be issued originally in the U.S. For example, some foreign companies raise capital by selling dollar-denominated bonds to institutional investors in the U.S. ("Yankee Bonds"). Such bonds have all of the risks associated with foreign securities traded in foreign markets, except for the risks of foreign securities markets. There may be a thin trading market for foreign securities that are traded in the U.S., and in some cases such securities may be illiquid, since such securities may be restricted and traded principally among institutional investors. See "Illiquid and Restricted Investments" for the risks of illiquid securities. To the extent that dollar-denominated foreign stocks and bonds are traded in the U.S. securities markets, the Series do not consider them to be foreign securities for purposes of investment policies restricting investments on such securities.

The Series may invest in securities that are traded in foreign markets through participatory notes. Participatory notes (commonly known as P-notes) are derivatives instruments used by foreign funds or investors that would like to invest in securities of a foreign issuer traded in its local market. Foreign funds or investors buy P-notes from brokers who are registered in a foreign issuer's local market. Such brokers buy shares of an issuer on the local market and create the P-notes to represent interests in the shares. Thus, investments in P-notes present similar risks to investing directly in an issuer's shares. Normally, P-notes can only be sold back to the broker that issued them. As a result, P-notes also expose investors to counterparty risk, which is the risk that the entity issuing the note may not be able to honor its financial commitment to the purchaser.

*China A-shares and Bond Connect.* Nomura VIP Emerging Markets Series may invest in China A-shares of certain Chinese companies listed and traded on the Shanghai Stock Exchange and on the Shenzhen Stock Exchange (together, the "Exchanges") through the Shanghai-Hong Kong Stock Connect Program and the Shenzhen-Hong Kong Stock Connect Program, respectively (together, "Stock Connect"). Stock Connect is a securities trading and clearing program developed by the Exchange of Hong Kong, the Exchanges and the China Securities Depository and Clearing Corporation Limited. Stock Connect facilitates foreign investment in the People's Republic of China ("PRC") via brokers in Hong Kong. The Series may also invest in China Interbank bonds traded on the China Interbank Bond Market ("CIBM") through the China – Hong Kong Bond Connect program ("Bond Connect"). Bond Connect enables foreign investors to access the CIBM – which represents over 85% of Chinese onshore bonds – with greater ease by establishing a trading and settlement link between the mainland and established Hong Kong financial infrastructure institutions. Investing in Chinese securities presents various risks including relatively volatile local markets, a volatile currency, potentially lower liquidity and greater government intervention. Persons investing through Stock Connect or Bond Connect are subject to PRC regulations and Exchange listing rules, among others. These could include limitations on or suspension of trading. These regulations are relatively new and subject to changes which could adversely impact the Series' rights with respect to the securities. As Stock Connect and Bond Connect are relatively new, there are no assurances that the necessary systems to run the program will function properly. Stock Connect is subject to aggregate and daily quota limitations on purchases and the Series may experience delays in transacting via Stock Connect. Purchases of bonds via Bond Connect will require pre-funding and there is settlement risk due to the limited capability to cancel trades.

Investments in Chinese companies may be made through a special structure known as a variable interest entity ("VIE") that is designed to provide foreign investors with exposure to Chinese companies that operate in certain sectors in which China restricts or prohibits foreign investment. Investments in VIEs may pose additional risks because the investment is made through an intermediary shell company that has entered into service and other contracts with the underlying Chinese operating company to provide investors with exposure to the operating company, but does not represent equity ownership in the operating company. As a result, such investment may limit the rights of an investor with respect to the underlying

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**Investment Strategies and Risks**

Chinese operating company. VIEs allow foreign shareholders to exert a degree of control over, and obtain economic benefits arising from, the operating company without formal legal ownership. However, the contractual arrangements between the shell company and the operating company may not be as effective in providing operational control as direct equity ownership, and a foreign investor's rights may be limited by, for example, actions of the Chinese government which could determine that the underlying contractual arrangements on which control of the VIE is based are invalid. The contractual arrangement on which the VIE structure is based would likely be subject to Chinese law and jurisdiction, which could raise questions about how recourse is sought.

Investments through VIEs may be affected by conflicts of interest and duties between the legal owners of the VIE and the stockholders of the listed holding company, which could adversely impact the value of investments. VIEs are not formally recognized under Chinese law and investors face uncertainty about future actions by the Chinese government that could significantly affect the operating company's financial performance and the enforceability of the contractual arrangements underlying the VIE structure. Prohibitions of these structures by the Chinese government, or the inability to enforce such contracts, from which the shell company derives its value, would likely cause the VIE-structured holding(s) to suffer significant losses, and in turn, adversely affect the Series' returns and net asset value.

As a result of the military action by Russia in Ukraine, the US and many other countries have imposed sanctions on Russia and certain Russian individuals, banks and corporations. The ongoing hostilities and resulting sanctions are expected to have a severe adverse effect on the region's economies and more globally, including significant negative impact on markets for certain securities and commodities, such as oil and natural gas. Any cessation of trading on the Russian securities markets will impact the value and liquidity of certain portfolio holdings. The extent and duration of military action, sanctions, and resulting market disruptions are impossible to predict, but could be substantial and prolonged and impact the Series' performance.

**Forward Foreign Currency Contracts**

Nomura VIP Emerging Markets Series may enter into forward foreign currency contracts, and may purchase and sell foreign currency futures contracts for hedging purposes to attempt to protect current or intended investments from fluctuations in currency exchange rates. Nomura VIP Total Return Series may engage in forward foreign currency contracts. Nomura VIP Total Return Series may use forward foreign currency contracts to hedge currency risks, to facilitate transactions in foreign securities, and to hedge against a decline in the value of existing investments denominated in foreign currency. The Series' dealings in forward foreign currency contracts will be limited to hedging involving either specific transactions or Series positions.

The Series value their assets daily in US dollars, but they do not intend to convert the value of their foreign holdings into US dollars on a daily basis. The Series will, however, from time to time, purchase or sell foreign currencies and/or engage in forward foreign currency contracts in order to facilitate or expedite settlement of Series transactions and to minimize currency value fluctuations. The Series may conduct their forward foreign currency contracts on a spot (i.e., cash) basis at the spot rate prevailing in the foreign currency exchange market or through entering into contracts to purchase or sell foreign currencies at a future date (i.e., a "forward foreign currency" contract or "forward" contract), and investors should be aware of the costs of currency conversion.

When a Series enters into a contract for the purchase or sale of a security denominated in a foreign currency, or when a Series anticipates the receipt in a foreign currency of dividends or interest payments on a security that it holds, the Series may desire to "lock in" the US dollar price of the security or the US dollar equivalent of such dividend or interest payment as the case may be. By entering into a forward foreign currency contract for a fixed amount of dollars for the purchase or sale of the amount of foreign currency involved in the underlying transactions, a Series will be able to protect itself against a possible loss resulting from an adverse change in the relationship between the US dollar and the subject foreign currency during the period between the date on which the security is purchased or sold, or on which the dividend or interest payment is declared, and the date on which such payments are made or received.

Additionally, when the Manager believes that the currency of a particular foreign country may suffer a substantial decline against the US dollar, a Series may enter into a forward foreign currency contract for a fixed amount of dollars, to sell the amount of foreign currency approximating the value of some or all of the securities of the Series denominated in such foreign currency.

At the maturity of a forward contract, a Series may either sell the portfolio security and make delivery of the foreign currency, or it may retain the security and terminate its contractual obligation to deliver the foreign currency by purchasing an "offsetting" contract with the same currency trader obligating it to purchase, on the same maturity date, the same amount of the foreign currency. A Series may realize gains or losses from currency transactions.

The Series may use forward foreign currency contracts to manage currency risks and to facilitate transactions in foreign securities. The following discussion summarizes the principal currency management strategies involving forward foreign currency contracts that could be used by the Series.

In connection with purchases and sales of securities denominated in foreign currencies, the Series may enter into forward foreign currency contracts to fix a definite price for the purchase or sale in advance of the trade's settlement date. This technique is sometimes referred to as a "settlement hedge" or "transaction hedge." The Manager expects to enter into settlement hedges in the normal course of managing the Series' foreign investments. A Series could also enter into forward foreign currency contracts to purchase or sell a foreign currency in anticipation of future purchases or sales of securities denominated in a foreign currency, even if the specific investments have not yet been selected by the Manager.

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The Series may also use forward foreign currency contracts to hedge against a decline in the value of existing investments denominated in a foreign currency. For example, if a Series owned securities denominated in pounds sterling, it could enter into a forward foreign currency contract to sell pounds sterling in return for US dollars to hedge against possible declines in the pound's value. Such a hedge (sometimes referred to as a "position hedge") would tend to offset both positive and negative currency fluctuations, but would not offset changes in security values caused by other factors. A Series could also hedge the position by selling another currency expected to perform similarly to the pound sterling — for example, by entering into a forward foreign currency contract to sell euros in return for US dollars. This type of hedge, sometimes referred to as a "proxy hedge," could offer advantages in terms of cost, yield, or efficiency, but generally will not hedge currency exposure as effectively as a simple hedge into US dollars. Proxy hedges may result in losses if the currency used to hedge does not perform similarly to the currency in which the hedged securities are denominated.

Under definitions adopted by the CFTC and the SEC, nondeliverable forwards are considered swaps, and therefore are included in the definition of "commodity interests." A nondeliverable forward is a cash-settled, short-term forward foreign currency contract on a thinly traded or nonconvertible foreign currency, where the profit or loss at the time of the settlement date is calculated by taking the difference between the agreed upon exchange rate and the spot rate at the time of settlement, for an agreed upon notional amount of funds. Although nondeliverable forwards have historically been traded in the over-the-counter ("OTC") market, as swaps they may in the future be required to be centrally cleared and traded on public facilities. Currency and cross currency forwards that qualify as deliverable forwards are not regulated as swaps for most purposes, and are not included in the definition of "commodity interests." However these forwards are subject to some requirements applicable to swaps, including reporting to swap data repositories, documentation requirements, and business conduct rules applicable to swap dealers.

*Risks of forward foreign currency contracts.* The successful use of these transactions will usually depend on the Manager's ability to accurately forecast currency exchange rate movements. Should exchange rates move in an unexpected manner, a Series may not achieve the anticipated benefits of the transaction, or it may realize losses. In addition, these techniques could result in a loss if the counterparty to the transaction does not perform as promised, for example, due to bankruptcy or insolvency of the counterparty. While a Series uses only counterparties that meet its credit quality standards, in unusual or extreme market conditions, a counterparty's creditworthiness and ability to perform may deteriorate rapidly, and the availability of suitable replacement counterparties may become limited. Moreover, investors should bear in mind that a Series is not obligated to actively engage in hedging or other currency transactions. For example, a Series may not attempt to hedge its exposure to a particular foreign currency at a time when doing so might avoid a loss.

Forward foreign currency contracts may limit potential gain from a positive change in the relationship between the US dollar and foreign currencies. Unanticipated changes in currency prices may result in poorer overall performance for a Series than if it had not engaged in such contracts. Moreover, there may be an imperfect correlation between a Series' portfolio holdings of securities denominated in a particular currency and the currencies bought or sold in the forward foreign currency contracts entered into by the Series. This imperfect correlation may cause a Series to sustain losses that will prevent the Series from achieving a complete hedge or expose the Series to risk of foreign exchange loss.

*Foreign Currency Warrants.* Foreign currency warrants entitle the holder to receive from their issuer an amount of cash (generally, for warrants issued in the United States, in US dollars) that is calculated pursuant to a predetermined formula and based on the exchange rate between a specified foreign currency and the US dollar as of the exercise date of the warrant. The formula used to determine the amount payable upon exercise of a foreign currency warrant may make the warrant worthless unless the applicable foreign currency exchange rate moves in a particular direction. Foreign currency warrants generally are exercisable upon their issuance and expire as of a specified date and time.

Foreign currency warrants may be exercisable only in certain minimum amounts, and an investor wishing to exercise warrants who possesses less than the minimum number required for exercise may be required either to sell the warrants or to purchase additional warrants, thereby incurring additional transaction costs. In the case of any exercise of warrants, there may be a time delay between the time a holder of warrants gives instructions to exercise and the time the exchange rate relating to exercise is determined, during which time the exchange rate could change significantly, thereby affecting both the market and cash settlement values of the warrants being exercised.

Foreign currency warrants are severable from the debt obligations with which they may be offered and may be listed on exchanges. The expiration date of the warrants may be accelerated if the warrants are delisted from an exchange or if their trading is suspended permanently, which may result in a total loss of the purchase price of the warrants. Warrants are generally unsecured obligations of their issuers and are not standardized foreign currency options issued by the Options Clearing Corporation ("OCC"). Unlike foreign currency options issued by the OCC, the terms of foreign currency warrants generally will not be amended in the event of governmental or regulatory actions affecting exchange rates or in the event of the imposition of other regulatory controls affecting the international currency markets. Foreign currency warrants are subject to significant foreign exchange risk, including risks arising from complex political and economic factors.

**Forward Contracts**

A forward contract is an agreement between two parties in which one party is obligated to deliver a stated amount of a stated asset at a specified time in the future and the other party is obligated to pay a specified amount for the assets at the time of delivery. Nomura VIP Total Return Series may enter into forward contracts to purchase and sell government securities, equity or income securities, foreign currencies or other financial instruments. Forward contracts generally are traded in an interbank market conducted directly between traders (usually large commercial banks)

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**Investment Strategies and Risks**

and their customers. Unlike futures contracts, which are standardized contracts, forward contracts can be specifically drawn to meet the needs of the parties that enter into them. The parties to a forward contract may agree to offset or terminate the contract before its maturity, or may hold the contract to maturity and complete the contemplated exchange.

The Series also may enter into non-deliverable forwards ("NDFs"). NDFs are cash-settled, short-term forward contracts on foreign currencies (each a "Reference Currency") that are non-convertible and may be thinly traded or illiquid. NDFs involve an obligation to pay an amount (the "Settlement Amount") equal to the difference between the prevailing market exchange rate for the Reference Currency and the agreed upon exchange rate (the "NDF Rate"), with respect to an agreed notional amount. NDFs have a fixing date and a settlement (delivery) date. The fixing date is the date and time at which the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The settlement (delivery) date is the date by which the payment of the Settlement Amount is due to the party receiving payment.

Although NDFs are similar to forward currency contracts, NDFs do not require physical delivery of the Reference Currency on the settlement date. Rather, on the settlement date, the only transfer between the counterparties is the monetary settlement amount representing the difference between the NDF Rate and the prevailing market exchange rate. NDFs typically may have terms from one month up to two years and are settled in US dollars.

NDFs are subject to many of the risks associated with forward currency contracts including risks associated with fluctuations in foreign currency and the risk that the counterparty will fail to fulfill its obligations. All NDFs are subject to counterparty risk, which is the risk that the counterparty will not perform as contractually required under the NDF. With respect to any NDFs that currently are, or in the future may be, centrally cleared, a Series could lose margin payments it has deposited with the clearing organization as well as the net amount of gains not yet paid by the clearing organization if it breaches its obligations under the NDF, becomes insolvent or goes into bankruptcy. In the event of bankruptcy of the clearing organization, the investor may be entitled to the net amount of gains the investor is entitled to receive plus the return of margin owed to it only in proportion to the amount received by the clearing organization's other customers, potentially resulting in losses to the investor.

Settlement of hedging transactions involving foreign currencies might be required to take place within the country issuing the underlying currency. Thus, the Series might be required to accept or make delivery of the underlying foreign currency in accordance with any US or foreign regulations regarding the maintenance of foreign banking arrangements by US residents and might be required to pay any fees, taxes, and charges associated with such delivery assessed in the issuing country.

**Futures and Options on Futures**

Nomura VIP Total Return Series may enter into contracts for the purchase or sale for future delivery of securities or foreign currencies. Nomura VIP Total Return Series may enter into such futures contracts to protect against the adverse effects of fluctuations in interest or foreign exchange rates without actually buying or selling the securities or foreign currency. Nomura VIP Total Return Series might also use futures to gain exposure to a particular market segment without purchasing individual securities in that segment (e.g., when the Series has excess cash that the portfolio managers want to invest quickly). With respect to options on futures contracts, when the Series are not fully invested, they may purchase a call option on a futures contract to hedge against a market advance.

Nomura VIP Emerging Markets Series and Nomura VIP Small Cap Value Series may enter into futures contracts relating to securities, securities indices, or interest rates. Unless otherwise specified, interest rate futures contracts, securities and securities index futures contracts, and foreign currency futures contracts are collectively referred to as "futures contracts." Such investment strategies will be used as a hedge and not for speculation. Purchases or sales of stock or bond index futures contracts are used for hedging purposes to attempt to protect a Series' current or intended investments from broad fluctuations in stock or bond prices. When a Series is not fully invested in the securities market and anticipates a significant market advance, it may purchase stock or bond index futures contracts in order to gain rapid market exposure that may, in part or entirely, offset increases in the cost of securities that the Series intends to purchase. As such purchases are made, the corresponding positions in stock or bond index futures contracts will be closed out. Interest rate futures contracts are purchased or sold for hedging purposes to attempt to protect against the effects of interest rate changes on a Series' current or intended investments in fixed income securities. The Series may also engage in currency "cross hedging" when, in the opinion of the Manager, the historical relationship among foreign currencies suggests that a Series may achieve protection against fluctuations in currency exchange rates similar to that described above at a reduced cost through the use of a futures contract relating to a currency other than the US dollar or the currency in which the foreign security is denominated.

Nomura VIP Emerging Markets Series and Nomura VIP Small Cap Value Series may purchase and write options on the types of futures contracts in which each Series may invest. The writing of a call option on a futures contract constitutes a partial hedge against declining prices of the securities in the Series' portfolio. The writing of a put option on a futures contract constitutes a partial hedge against increasing prices of the securities or other instruments required to be delivered under the terms of the futures contract. The Series may purchase options on futures contracts for hedging purposes instead of purchasing or selling the underlying futures contracts.

Nomura VIP Emerging Markets Series may make investments in Eurodollar instruments. Eurodollar instruments are US dollar-denominated futures contracts or options thereon, although foreign currency-denominated instruments are available from time to time. Eurodollar futures contracts enable purchasers to obtain a fixed rate for the lending of funds and sellers to obtain a fixed rate for borrowings. The Series might use Eurodollar futures contracts and options thereon to hedge against changes to the rates to which many interest rate swaps and fixed income instruments are linked.

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*Futures contracts.* Generally, a futures contract is a standard binding agreement to buy or sell a specified quantity of an underlying reference instrument, such as a specific security, currency or commodity, at a specified price at a specified later date. A "sale" of a futures contract means the acquisition of a contractual obligation to deliver the underlying reference instrument called for by the contract at a specified price on a specified date. A "purchase" of a futures contract means the acquisition of a contractual obligation to acquire the underlying reference instrument called for by the contract at a specified price on a specified date. The purchase or sale of a futures contract will allow a Series to increase or decrease its exposure to the underlying reference instrument without having to buy the actual instrument.

The underlying reference instruments to which futures contracts may relate include non-US currencies, interest rates, stock and bond indices, and debt securities, including US government debt obligations. In most cases the contractual obligation under a futures contract may be offset, or "closed out," before the settlement date so that the parties do not have to make or take delivery. The closing out of a contractual obligation is usually accomplished by buying or selling, as the case may be, an identical, offsetting futures contract. This transaction, which is effected through a member of an exchange, cancels the obligation to make or take delivery of the underlying instrument or asset. Although some futures contracts by their terms require the actual delivery or acquisition of the underlying instrument or asset, some require cash settlement.

Futures contracts may be bought and sold on US and non-US exchanges. Futures contracts in the US have been designed by exchanges that have been designated "contract markets" by the CFTC and must be executed through a futures commission merchant ("FCM"), which is a brokerage firm that is a member of the relevant contract market. Each exchange guarantees performance of the contracts as between the clearing members of the exchange, thereby reducing the risk of counterparty default. Futures contracts may also be entered into on certain exempt markets, including exempt boards of trade and electronic trading facilities, available to certain market participants. Because all transactions in the futures market are made, offset, or fulfilled by an FCM through a clearinghouse associated with the exchange on which the contracts are traded, a Series will incur brokerage fees when it buys or sells futures contracts.

The Series generally buy and sell futures contracts only on contract markets (including exchanges or boards of trade) where there appears to be an active market for the futures contracts, but there is no assurance that an active market will exist for any particular contract or at any particular time. An active market makes it more likely that futures contracts will be liquid and bought and sold at competitive market prices. In addition, many of the futures contracts available may be relatively new instruments without a significant trading history. As a result, there can be no assurance that an active market will develop or continue to exist.

When a Series enters into a futures contract, it must deliver to an account controlled by the FCM (that has been selected by the Series), an amount referred to as "initial margin" that is typically calculated as an amount equal to the volatility in the market value of a contract over a fixed period. Initial margin requirements are determined by the respective exchanges on which the futures contracts are traded and the FCM. Thereafter, a "variation margin" amount may be required to be paid by a Series or received by the Series in accordance with margin controls set for such accounts, depending upon changes in the marked-to-market value of the futures contract. The account is marked-to-market daily and the variation margin is monitored by the Manager and the Series' custodian on a daily basis. When the futures contract is closed out, if a Series has a loss equal to or greater than the margin amount, the margin amount is paid to the FCM along with any loss in excess of the margin amount. If a Series has a loss of less than the margin amount, the excess margin is returned to the Series. If a Series has a gain, the full margin amount and the amount of the gain are paid to the Series.

Some futures contracts provide for the delivery of securities that are different than those that are specified in the contract. For a futures contract for delivery of debt securities, on the settlement date of the contract, adjustments to the contract can be made to recognize differences in value arising from the delivery of debt securities with a different interest rate from that of the particular debt securities that were specified in the contract. In some cases, securities called for by a futures contract may not have been issued when the contract was written.

*Risks of futures contracts.* A Series' use of futures contracts is subject to the risks associated with derivatives instruments generally. In addition, a purchase or sale of a futures contract may result in losses to a Series in excess of the amount that the Series delivered as initial margin. Because of the relatively low margin deposits required, futures trading involves a high degree of leverage; as a result, a relatively small price movement in a futures contract may result in immediate and substantial loss, or gain, to a Series. In addition, if a Series has insufficient cash to meet daily variation margin requirements or close out a futures position, it may have to sell securities from its portfolio at a time when it may be disadvantageous to do so. Adverse market movements could cause a Series to experience substantial losses on an investment in a futures contract.

There is a risk of loss by a Series of the initial and variation margin deposits in the event of bankruptcy of the FCM with which the Series has an open position in a futures contract. The assets of a Series may not be fully protected in the event of the bankruptcy of the FCM or central counterparty because the Series might be limited to recovering only a pro rata share of all available funds and margin segregated on behalf of an FCM's customers. If the FCM does not provide accurate reporting, a Series is also subject to the risk that the FCM could use the Series' assets, which are held in an omnibus account with assets belonging to the FCM's other customers, to satisfy its own financial obligations or the payment obligations of another customer to the central counterparty.

A Series may not be able to properly hedge or effect its strategy when a liquid market is unavailable for the futures contract the Series wishes to close, which may at times occur. In addition, when futures contracts are used for hedging, there may be an imperfect correlation between movements in the prices of the underlying reference instrument on which the futures contract is based and movements in the prices of the assets sought to be hedged.

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**Investment Strategies and Risks**

If the Manager's investment judgment about the general direction of market prices or interest or currency exchange rates is incorrect, a Series' overall performance will be poorer than if it had not entered into a futures contract. For example, if a Series has purchased futures to hedge against the possibility of an increase in interest rates that would adversely affect the price of bonds held in its portfolio and interest rates instead decrease, the Series will lose part or all of the benefit of the increased value of the bonds which it has hedged. This is because its losses in its futures positions will offset some or all of its gains from the increased value of the bonds.

The difference (called the "spread") between prices in the cash market for the purchase and sale of the underlying reference instrument and the prices in the futures market is subject to fluctuations and distortions due to differences in the nature of those two markets. First, all participants in the futures market are subject to initial deposit and variation margin requirements. Rather than meeting additional variation margin requirements, investors may close futures contracts through offsetting transactions that could distort the normal pricing spread between the cash and futures markets. Second, the liquidity of the futures markets depends on participants entering into offsetting transactions rather than making or taking delivery of the underlying instrument. To the extent participants decide to make or take delivery, liquidity in the futures market could be reduced, resulting in pricing distortion. Third, from the point of view of speculators, the margin deposit requirements that apply in the futures market are less onerous than similar margin requirements in the securities market. Therefore, increased participation by speculators in the futures market may cause temporary price distortions. When such distortions occur, a correct forecast of general trends in the price of an underlying reference instrument by the Manager may still not necessarily result in a profitable transaction.

Futures contracts that are traded on non-US exchanges may not be as liquid as those purchased on CFTC-designated contract markets. In addition, non-US futures contracts may be subject to varied regulatory oversight. The price of any non-US futures contract and, therefore, the potential profit and loss thereon, may be affected by any change in the non-US exchange rate between the time a particular order is placed and the time it is liquidated, offset or exercised.

The CFTC and the various exchanges have established limits referred to as "speculative position limits" on the maximum net long or net short position that any person, such as a Series, may hold or control in a particular futures contract. Trading limits are also imposed on the maximum number of contracts that any person may trade on a particular trading day. An exchange may order the liquidation of positions found to be in violation of these limits and it may impose other sanctions or restrictions. The regulation of futures, as well as other derivatives, is a rapidly changing area of law.

Futures exchanges may also limit the amount of fluctuation permitted in certain futures contract prices during a single trading day. This daily limit establishes the maximum amount that the price of a futures contract may vary either up or down from the previous day's settlement price. Once the daily limit has been reached in a futures contract subject to the limit, no more trades may be made on that day at a price beyond that limit. The daily limit governs only price movements during a particular trading day and does not limit potential losses because the limit may prevent the liquidation of unfavorable positions. For example, futures prices have occasionally moved to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of positions and subjecting some holders of futures contracts to substantial losses.

Use of these strategies can increase the operating costs of the Series and can lead to loss of principal. It is anticipated that Series' investments in futures may generate qualifying income under Subchapter M of the Internal Revenue Code.

*Options on futures contracts.* Options on futures contracts trade on the same contract markets as the underlying futures contract. When a series buys an option, it pays a premium for the right, but does not have the obligation, to purchase (call) or sell (put) a futures contract at a set price (called the exercise price). The purchase of a call or put option on a futures contract, whereby the Series has the right to purchase or sell, respectively, a particular futures contract, is similar in some respects to the purchase of a call or put option on an individual security or currency. Depending on the premium paid for the option compared to either the price of the futures contract upon which it is based or the price of the underlying reference instrument, the option may be less risky than direct ownership of the futures contract or the underlying reference instrument. For example, a series could purchase a call option on a long futures contract when seeking to hedge against an increase in the market value of the underlying reference instrument, such as appreciation in the value of a non-US currency against the US dollar.

The seller (writer) of an option becomes contractually obligated to take the opposite futures position if the buyer of the option exercises its rights to the futures position specified in the option. In return for the premium paid by the buyer, the seller assumes the risk of taking a possibly adverse futures position. In addition, the seller will be required to post and maintain initial and variation margin with the FCM. One goal of selling (writing) options on futures may be to receive the premium paid by the option buyer.

For more general information about the mechanics of purchasing and writing options, see "Options" below.

*Risks of options on futures contracts.* A Series' use of options on futures contracts is subject to the risks related to derivatives instruments generally. In addition, the amount of risk a Series assumes when it purchases an option on a futures contract is the premium paid for the option plus related transaction costs. The purchase of an option also entails the risk that changes in the value of the underlying futures contract will not be fully reflected in the value of the option purchased. The seller (writer) of an option on a futures contract is subject to the risk of having to take a possibly adverse futures position if the purchaser of the option exercises its rights. If the seller were required to take such a position, it could bear substantial losses. An option writer has potentially unlimited economic risk because its potential loss, except to the extent offset by the premium received, is equal to the amount the option is "in-the-money" at the expiration date. A call option is in-the-money if the value of the underlying futures contract

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exceeds the exercise price of the option. A put option is in-the-money if the exercise price of the option exceeds the value of the underlying futures contract. Use of these strategies can increase the operating costs of the Series and can lead to loss of principal. It is anticipated that Series' investments in futures may generate qualifying income under Subchapter M of the Internal Revenue Code.

*Dollar Rolls.* Certain Series may enter into dollar roll transactions in which a Series sells a fixed-income security for delivery in the current month and simultaneously contracts to purchase substantially similar securities at an agreed upon future time. By engaging in a dollar roll transaction, a Series forgoes principal and interest paid on the security that is sold, but receives the difference between the current sales price and the forward price for the future purchase. A Series would also be able to invest the proceeds of the securities sold. When a Series reinvests the proceeds of a dollar roll in other securities, any fluctuations in the market value of the securities transferred to another party, the securities purchased for future delivery, and the securities in which the proceeds are invested would affect the market value of the Series' assets. As a result, such transactions could increase fluctuation in the Series' NAV. If a Series reinvests the proceeds of the dollar roll at a rate lower than the cost of the dollar roll, engaging in the dollar roll will lower the Series' yield. A Series will segregate cash or other appropriate liquid securities with a value at least equal to the Series' obligation under the dollar rolls.

**High Yield Securities ("Junk Bonds")**

Nomura VIP Fund for Income Series, Nomura VIP Limited Duration Bond Series, Nomura VIP Total Return Series, Nomura VIP Investment Grade Series, and Nomura VIP Emerging Markets Series may invest in high yield, high risk securities rated lower than BBB- by Standard & Poor's Financial Services LLC ("S&P") and Baa3 by Moody's Investors Service, Inc. ("Moody's") or similarly rated by another nationally recognized statistical rating organization ("NRSRO"), or if unrated, considered to be of equivalent quality. These securities are commonly known as "junk bonds."

Junk bonds are often considered to be speculative and involve significantly higher risk of default on the payment of principal and interest or are more likely to experience significant price fluctuation due to changes in the issuer's creditworthiness. Market prices of these securities may fluctuate more than higher-rated debt securities and may decline significantly in periods of general economic difficulty which may follow periods of rising interest rates. Although the market for high yield corporate debt securities has been in existence for many years and has weathered previous economic downturns, the market in recent years has experienced a dramatic increase in the large-scale use of such securities to fund highly leveraged corporate acquisitions and restructurings. Accordingly, past experience may not provide an accurate indication of future performance of the high yield bond market, especially during periods of economic recession. See "Appendix A — Description of Ratings."

The market for lower-rated securities and debt securities of distressed companies may be less active than that for higher-rated securities, which can adversely affect the prices at which these securities can be sold. If market quotations are not available, these securities will be valued in accordance with procedures established by the Board, including the use of outside pricing services. Judgment plays a greater role in valuing high yield corporate debt securities than is the case for securities for which more external sources for quotations and last-sale information are available. Adverse publicity and changing investor perceptions may affect the ability of outside pricing services used by a Series to value its portfolio securities and the Series' ability to dispose of these lower-rated debt securities.

Since the risk of default is higher for lower-quality securities, the Manager's research and credit analysis are an integral part of managing any securities of this type. In considering junk bond investments, the Manager will attempt to identify those issuers of high yielding securities whose financial conditions are adequate to meet future obligations, have improved, or are expected to improve in the future. The Manager's analysis focuses on relative values based on such factors as interest or dividend coverage, asset coverage, earnings prospects, and the experience and managerial strength of the issuer. There can be no assurance that such analysis will prove accurate.

A Series may choose, at its expense or in conjunction with others, to pursue litigation or otherwise exercise its rights as security holder to seek to protect the interests of security holders if it determines this to be in the best interest of shareholders.

**Illiquid and Restricted Investments**

Each Series is permitted to invest up to 10% of its respective net assets in illiquid investments. For purposes of a Series' 10% limitation, illiquid investment means any investment that the Series reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, as determined pursuant to the 1940 Act and applicable rules and regulations thereunder. Illiquid investments, for purposes of this policy, include repurchase agreements maturing in more than seven calendar days.

Each Series may purchase privately placed debt and other securities whose resale is restricted under applicable securities laws. Each Series may invest in restricted securities, including securities eligible for resale without registration pursuant to Rule 144A ("Rule 144A Securities") under the 1933 Act. Rule 144A exempts many privately placed and legally restricted securities from the registration requirements of the 1933 Act and permits such securities to be freely traded among certain institutional buyers such as the Series. Restricted securities may involve some additional risk since they can be resold only in privately negotiated transactions or after registration under applicable securities laws. The registration process may involve delays which would result in the Series obtaining a less favorable price on a resale.

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**Investment Strategies and Risks**

The Manager is responsible for the day-to-day functions of determining whether or not individual Rule 144A Securities are liquid for purposes of the 10% limitation on investments in illiquid investments. The Manager considers the following factors in determining the liquidity of a Rule 144A Security: (i) the frequency of trades and trading volume for the security; (ii) whether at least three dealers are willing to purchase or sell the security and the number of potential purchasers; (iii) whether at least two dealers are making a market in the security; and (iv) the nature of the security and the nature of the marketplace trades (e.g., the time needed to dispose of the security, the method of soliciting offers, and the mechanics of transfer).

If the Manager determines that a Rule 144A Security which was previously determined to be liquid is no longer liquid and, as a result, the Series' holdings of illiquid investments exceed the Series' 10% limit on investment in such investments, the Manager will determine what action shall be taken to ensure that the Series continues to adhere to such limitation.

**Initial Public Offerings**

The Series may invest in a company at the time of its initial public offering ("IPO").

Companies involved in IPOs generally have limited operating histories, and prospects for future profitability are uncertain. Prices of IPOs may also be unstable because of the absence of a prior public market, the small number of shares available for trading, and limited investor information. IPOs may be sold within 12 months of purchase. This may result in increased short-term capital gains, which will be taxable to shareholders as ordinary income.

**Investment Companies**

Nomura VIP Emerging Markets Series, Nomura VIP Growth Equity Series, Nomura VIP Opportunity Series, Nomura VIP Limited Duration Bond Series, Nomura VIP Small Cap Value Series, Nomura VIP Total Return Series, and Nomura VIP Investment Grade Series may invest in other investment companies, including ETFs, to the extent permitted by the 1940 Act, SEC rules thereunder and exemptions thereto.

Specifically, Section 12(d)(1) of the 1940 Act requires that, as determined immediately after a purchase is made, (i) not more than 5% of the value of a fund's total assets will be invested in the securities of any one investment company, (ii) not more than 10% of the value of a fund's total assets will be invested in securities of investment companies as a group, and (iii) not more than 3% of the outstanding voting stock of any one investment company will be owned by a fund. A Series will limit its investments in other investment companies in accordance with the Section 12(d)(1) limitations set forth above, except to the extent that any statutes, rules, regulations or no-action or exemptive relief under the 1940 Act permit the Series' investments to exceed such limits. For example, a Series may rely on Rule 12d1-4 under the 1940 Act to invest in other investment companies, including ETFs, beyond these limits. Rule 12d1-4 allows a fund to acquire the securities of another investment company in excess of the limitations imposed by Section 12(d)(1) of the 1940 Act without first obtaining an exemptive order from the SEC, provided that certain conditions are met. Among those conditions, for example, are the requirements that that a fund and its advisory group will not control an acquired fund (as defined in the rule), and the acquired fund does not, in turn, itself invest in underlying funds and ETFs beyond certain limits.

Because investment companies generally pay advisory, administrative and other fees that are borne indirectly by investors, a series will generally bear a proportionate share of these expenses when it invests in another investment company. In addition, to the extent a series invests in an ETF, it may also incur brokerage commissions in connection with the purchase and sale of the ETF's shares.

A Series may invest in securities issued by closed-end funds, subject to any of its investment policies. If a Series invests in shares issued by leveraged closed-end funds, it will face certain risks associated with leveraged investments. Investments in closed-end funds are subject to additional risks. For example, the price of the closed-end fund's shares quoted on an exchange may not reflect the NAV of the securities held by the closed-end fund, and the premium or discount the share prices represent versus NAV may change over time based on a variety of factors, including supply of and demand for the closed-end fund's shares, that are outside the closed-end fund's control or unrelated to the value of the underlying portfolio securities. If a Series invests in the closed-end fund to gain exposure to the closed-end fund's investments, the lack of correlation between the performance of the closed-end fund's investments and the closed-end fund's share price may compromise or eliminate any such exposure.

To the extent that a Series invests in an ETF, the market value of the ETF shares may differ from its NAV because the supply and demand in the market for ETF shares at any point in time is not always identical to the supply and demand in the market for the underlying securities. Also, ETFs that track particular indices typically will be unable to match the performance of the index exactly due to the ETFs' operating expenses and transaction costs.

**Loans and Other Indebtedness**

Each Series may purchase loans and other indebtedness.

In purchasing a loan, a Series acquires some or all of the interest of a bank or other lending institution in a loan to a corporate, governmental or other borrower. Many such loans are secured, although some may be unsecured. Such loans may be in default at the time of purchase. Loans that are fully secured offer a Series more protection than an unsecured loan in the event of nonpayment of scheduled interest or principal. However, there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower's obligation, or that the collateral can be liquidated. These loans are made generally to finance internal growth, mergers, acquisitions, stock repurchases, leveraged buy-outs, and other corporate activities. Such loans are typically made by a syndicate of lending institutions, represented by an agent lending institution that has

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negotiated and structured the loan and is responsible for collecting interest, principal, and other amounts due on its own behalf and on behalf of the others in the syndicate, and for enforcing its and their other rights against the borrower. Alternatively, such loans may be structured as a novation, pursuant to which a Series would assume all of the rights of the lending institution in a loan or as an assignment, pursuant to which a Series would purchase an assignment of a portion of a lender's interest in a loan either directly from the lender or through an intermediary.

A Series may also purchase trade or other claims against companies, which generally represent money owed by the company to a supplier of goods or services. These claims may also be purchased at a time when the company is in default.

Certain of the loans and the other indebtedness acquired by a Series may involve revolving credit facilities or other standby financing commitments which obligate a Series to pay additional cash on a certain date or on demand. These commitments may require a Series to increase its investment in a company at a time when the Series might not otherwise decide to do so (including at a time when the company's financial condition makes it unlikely that such amounts will be repaid). A Series' ability to receive payment of principal, interest, and other amounts due in connection with these investments will depend primarily on the financial condition of the borrower. In selecting the loans and other indebtedness that a Series will purchase, the Manager will rely upon its own (and not the original lending institution's) credit analysis of the borrower. As a Series may be required to rely upon another lending institution to collect and pass onto the Series amounts payable with respect to the loan and to enforce the Series' rights under the loan and other indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent the Series from receiving such amounts. In such cases, a Series will evaluate as well the creditworthiness of the lending institution and will treat both the borrower and the lending institution as an "issuer" of the loan for purposes of compliance with applicable law pertaining to the diversification of the Series' portfolio investments. The highly leveraged nature of many such loans and other indebtedness may make such loans and other indebtedness especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other indebtedness may involve additional risk to a Series.

*Income Deposit Securities ("IDSs")*. An IDS represents two separate securities, a share of common stock and a debt security issued by the same company, that are combined into one unit that trades like a stock on an exchange. Generally, the holder of an IDS has the right to separate the IDS into the share of common stock and the note represented thereby within a designated number of days following the closing of an offering or upon the occurrence of a change of control.

IDSs are subject to the same risks as the underlying securities that make up an IDS. There may be a thinner and less active market for IDSs than that available for higher quality securities. An issuer's indebtedness could restrict its ability to pay interest and principal on the notes, pay dividends on the stock, and impact financing options and liquidity positions.

*Indexed Securities.* A Series may purchase various fixed-income and debt securities whose principal value or rate of return is linked or indexed to relative exchange rates among two or more currencies or linked to commodities prices or other financial indicators. Such securities may be more volatile than the underlying instruments, resulting in a leveraging effect on the Series. The value of such securities may fluctuate in response to changes in the index, market conditions and the creditworthiness of the issuer. These securities may vary directly or inversely with the underlying instruments. The value of such securities may change significantly if their principal value or rate of return is linked or indexed to relative exchange rates involving a foreign currency for which there is not a readily available market.

*Inflation-Indexed Securities.* Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation. The values of inflation-indexed fixed-income securities generally fluctuate in response to changes in real interest rates (approximately nominal interest rates minus the inflation rate). Therefore, if inflation rates were to rise faster than nominal interest rates, the value of inflation-indexed securities would likely increase. In contrast, if nominal interest rates increased faster than the inflation rate, the value of inflation-indexed securities would likely decrease. Although the principal value of many inflation-indexed securities declines in periods of deflation, holders at maturity receive no less than the par value of the security. However, if a Series purchases inflation-indexed securities in the secondary market whose principal values have been adjusted upward due to inflation since issuance, the Series may experience a loss if there is a subsequent period of deflation. If inflation is lower than expected during the period a Series holds an inflation-indexed security, the Series may earn less on the security than on a conventional bond. A Series may invest in inflation-related bonds which do not provide a guarantee of principal. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal amount.

*Syndicated Bank Loans.* Nomura VIP Fund for Income Series, Nomura VIP Limited Duration Bond Series, Nomura VIP Total Return Series, and Nomura VIP Investment Grade Series may invest in syndicated bank loans. Syndicated bank loans may be considered high yield securities, which are discussed in "High Yield Securities ("Junk Bonds")", and/or senior loans, which are discussed in "Senior Loans." See "Variable Rate and Floating Rate Securities" for a description of floating rate securities. An investment in a syndicated bank loan does not violate a Series' fundamental investment policy against making loans. A Series may invest in syndicated bank loans by purchasing an assignment directly from a lender and, thereby, the Series would assume the same rights, obligations and risks as the assigning lender. The Series would have the right to receive payment of principal and interest from the borrower under the terms of the loan. Additional rights may include the right to vote along with other lenders to enforce certain terms of the loan agreement, such as declaring the loan in default and initiating collections. A Series would be subject to the same risks of default by the borrower as discussed below for syndicated bank loan participations. The assignments a Series would purchase are generally based on senior obligations and are secured by collateral. However, it is possible that if the borrower files for bankruptcy, the Series may not be deemed a secured creditor. If the loan is foreclosed, a Series could potentially become an owner of the collateral and would bear the costs and liabilities associated with owning or disposing of the collateral. Banks, financial institutions or lending syndicates generally offer these types of

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**Investment Strategies and Risks**

direct assignments, which are typically administered by a third-party, such as a bank or financial institution, that serves as an agent for the holder of the loan. The agent also is responsible for monitoring collateral and for exercising remedies available to the lenders such as foreclosure upon collateral. A Series may have to rely on the agent or other financial intermediaries to apply appropriate credit remedies against a borrower.

Although syndicated bank loans in which a Series may invest through assignments would generally be secured by collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower's obligation in the event of a default or that such collateral could be readily liquidated. In the event of bankruptcy of a borrower, a Series could experience delays or limitations in its ability to realize the benefits of any collateral securing a syndicated bank loan. Certain loans may be subject to the risk that a court, pursuant to fraudulent conveyance or other laws, could subordinate the loan to presently existing or future indebtedness of the borrower or take other action detrimental to the holder of the loan; including, in certain circumstances, invalidating the loan or causing interest previously paid to be refunded. Such events could negatively affect a Series' performance.

Investments in syndicated bank loans present the possibility that a Series could be held liable as co-lender under emerging legal theories of lender liability. In addition, if the loan is foreclosed, a Series could be part owner of any collateral and could bear the costs and liabilities of owning and disposing of the collateral. The Series anticipates that syndicated bank loans could be sold only to a limited number of institutional investors. In addition, some syndicated bank loans may not be rated by major rating agencies and may not be protected by the securities laws. Investments in syndicated bank loans also involve risk of loss in case of default or insolvency of the borrower. Syndicated bank loans may not be readily marketable and may be subject to restrictions on resale.

A Series may also invest in syndicated bank loans by purchasing participations. Syndicated bank loan participations are interests in amounts owed by a corporate, governmental or other borrower to another party. They may represent amounts owed to lenders or lending syndicates to suppliers of goods or services, or to other parties. A Series will have the right to receive payments of principal, interest, and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the borrower. In connection with the purchase of participations, a Series generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and a Series may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As a result, a Series will be subject to credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, a Series may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

Syndicated bank loans and other types of direct indebtedness may not be readily marketable and may be subject to certain restrictions on resale. The settlement process may take longer than seven days. Although syndicated bank loans can be sold during the settlement period, some indebtedness may be difficult or impossible to dispose of within seven days at what the Manager believes to be a fair price and in those instances, where the loans can be neither sold nor settled, they will be treated as illiquid for purposes of a Series' limitation on illiquid investments. In addition, syndicated bank loans may require the consent of the borrower and/or the agent prior to sale or assignment. These consent requirements can delay or impede the Series' ability to sell syndicated bank loans and can adversely affect a loan's liquidity and the price that can be obtained. Long settlement periods for transactions in bank loans may impede the ability to timely honor redemptions. Some syndicated bank loans are traded among certain financial institutions and accordingly may be deemed liquid. The Series intend to meet short term liquidity needs if certain bank loans need longer settlement through regular monitoring in conjunction with their Liquidity Risk Management Program.

Bank loans may not be considered "securities" for certain purposes of the federal securities laws and purchasers, such as the Series, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws. The amount of public information with respect to loans is generally less extensive than that available for other securities.

*Refunded Securities.* The Series may purchase municipal securities that are subsequently refunded by the issuance and delivery of a new issue of bonds prior to the date on which the outstanding issue of bonds can be redeemed or paid (also called pre-refunded bonds). The proceeds from the new issue of bonds are typically collateralized by direct obligations of the US Government, or in some cases obligations guaranteed by the US Government, placed in an escrow account maintained by an independent trustee until maturity or a predetermined redemption date. These collateralized obligations are normally regarded as having the credit characteristics of the underlying US Government or US Government agency security. The Series also may purchase municipal securities that have been refunded prior to purchase. Refunded municipal securities are subject to interest rate risk. In addition, some refunded municipal securities may have limited liquidity.

*Senior Loans.* Senior loans are loans that are typically made to business borrowers to finance leveraged buy-outs, recapitalizations, mergers, stock repurchases, and internal growth. Senior loans generally hold the most senior position in the capital structure of a borrower and are usually secured by liens on the assets of the borrowers; including tangible assets such as cash, accounts receivable, inventory, property, plant and equipment, and common and/or preferred stocks of subsidiaries; and intangible assets including trademarks, copyrights, patent rights, and franchise value. The Series may also receive guarantees as a form of collateral. Senior loans may be structured to include two or more types of loans within a single credit agreement. The most common structure is to have a revolving loan and a term loan. A revolving loan is a loan that can be drawn upon, repaid fully or partially, and then the repaid portions can be drawn upon again. A term loan is a loan that is fully drawn upon immediately and once repaid, it cannot be drawn upon again.

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Sometimes there may be two or more term loans and they may be secured by different collateral, and/or have different repayment schedules and maturity dates. In addition to revolving loans and term loans, senior loan structures can also contain facilities for the issuance of letters of credit and may contain mechanisms for lenders to pre-fund letters of credit through credit-linked deposits. The Series typically invest only in the term loan portions of senior loan structures, although they could invest in the revolving loan portions and the pre-funded letters of credit portions.

By virtue of their senior position and collateral, senior loans typically provide lenders with the first right to cash flows or proceeds from the sale of a borrower's collateral if the borrower becomes insolvent (subject to the limitations of bankruptcy law, which may provide higher priority to certain claims such as employee salaries, employee pensions, and taxes). This means senior loans are generally repaid before unsecured bank loans, corporate bonds, subordinated debt, trade creditors, and preferred or common stockholders. Nevertheless, senior loans may still be subordinated to other obligations of a borrower.

Senior loans typically pay interest at least quarterly at rates which equal a fixed percentage spread over a base rate. For example, if a base rate were 3% and the borrower was paying a fixed spread of 2.50%, the total interest rate paid by the borrower would be 5.50%. Base rates, and therefore the total rates paid on senior loans, float (i.e., they change as market rates of interest change).

Although a base rate can change every day, loan agreements for senior loans typically allow the borrower the ability to choose how often the total interest rate for its loan is permitted to change or reset. A single loan may have multiple reset periods at the same time, with each reset period applicable to a designated portion of the loan. Such periods can range from one day to one year, with most borrowers choosing monthly or quarterly reset periods. In addition, some loans have a floor that prevents interest rates for the loan from falling below the contractual floor rate even when the market rate falls below the contractual floor rate. During periods of rising interest rates, borrowers will tend to choose longer reset periods, and during periods of declining interest rates, borrowers will tend to choose shorter reset periods. The fixed spread over the base rate on a senior loan typically does not change.

Senior loans generally are arranged through private negotiations between a borrower and several financial institutions represented by an agent who is usually one of the originating lenders. In larger transactions, it is common to have several agents; however, generally only one such agent has primary responsibility for ongoing administration of a senior loan. Agents are typically paid fees by the borrower for their services.

The agent is primarily responsible for negotiating the loan agreement which establishes the terms and conditions of the senior loan and the rights of the borrower and the lenders. The agent also is responsible for monitoring collateral and for exercising remedies available to the lenders such as foreclosure upon collateral.

Loan agreements may provide for the termination of the agent's agency status in the event that it fails to act as required under the relevant loan agreement, becomes insolvent, enters Federal Deposit Insurance Corporation ("FDIC") receivership or, if not FDIC insured, enters into bankruptcy. Should such an agent, lender or assignor with respect to an assignment interpositioned between a Series and the borrower become insolvent or enter FDIC receivership or bankruptcy, any interest in the senior loan of such person and any loan payment held by such person for the benefit of the Series should not be included in such person's or entity's bankruptcy estate. If, however, any such amount were included in such person's or entity's bankruptcy estate, a Series would incur certain costs and delays in realizing payment or could suffer a loss of principal or interest. In this event, a Series could experience a decrease in its net asset value.

The Series invest in both primary and secondary markets with established broker-dealers in the over-the-counter ("OTC") market.

**Master Limited Partnerships**

Nomura VIP Total Return Series may invest in limited partnerships, including limited partnerships that invest in real estate assets and other illiquid or restricted assets, and master limited partnerships ("MLPs"). Nomura VIP Opportunity Series and Nomura VIP Total Return Series may invest in MLPs.

Nomura VIP Total Return Series may invest in real estate acquired as a result of ownership of securities or other instruments, including issuers that invest, deal, or otherwise engage in transactions in real estate or interests therein. These instruments may include interests in private equity limited partnerships or limited liability companies that hold real estate investments ("Real Estate Limited Partnerships").

The Series' portfolio managers believe investments in Real Estate Limited Partnerships may offer an opportunity to obtain favorable yields and diversification benefits. However, these investments may be subject, but not limited to, the following risks:

● The
 Real Estate Limited Partnerships may include expenses such as, but not limited to, general partner or managing member fees, property management
 fees, borrowing expenses, and acquisition fees, that may reduce the return from the investment.

● The
 general partner or managing member of a Real Estate Limited Partnership has broad discretion to manage the entity, and the limited partners
 may have limited rights in connection with key decisions.

● A
 Real Estate Limited Partnership may require additional capital contributions, and it may be difficult to ascertain the amount of the capital contributions in advance.

● A
 Series' interest in a Real Estate Limited Partnership may become diluted if an investor does not make requested capital contributions.

● A
 Series may not be able to readily liquidate its interest in a Real Estate Limited Partnership without the prior consent of the general
 partner, managing member
 or a majority of partnership interests.

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**Investment Strategies and Risks**

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● A
 Real Estate Limited Partnership's distributions may be subject to "waterfalls" that give preference to majority investors.

In certain instances, a Real Estate Limited Partnership may be required to indemnify the general partner, the limited partners, the managing member and officers, against legal claims.

Finally, the income from investments in Real Estate Limited Partnerships is unlikely to qualify for purposes of satisfying the income or asset requirements in the Internal Revenue Code for qualification as a regulated investment company (i.e., that at least 90% of gross income from a regulated investment company be derived from certain specified types of assets and that at each calendar quarter least 50% of the value of the total assets be represented by certain specified types of assets).

An MLP is a publicly traded company organized as a limited partnership or limited liability company and may be treated as a partnership or corporation for federal income tax purposes. MLPs may derive income and gains from the exploration, development, mining or production, processing, refining, transportation (including pipelines transporting gas, oil, or products thereof), or the marketing of any mineral or natural resource. MLPs generally have two classes of owners, the general partner and limited partners. When investing in an MLP, a Series intends to purchase publicly traded common units issued to limited partners of the MLP. The general partner of an MLP is typically owned by one or more of the following: a major energy company, an investment fund, or the direct management of the MLP. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units. Limited partners own the remainder of the partnership, through ownership of common units, and have a limited role in the partnership's operations and management.

MLPs combine the tax advantages of a partnership with the liquidity of a publicly traded stock. MLP income is generally not subject to entity-level tax, subject to the application of certain partnership audit rules. Instead, an MLP's income, gain, loss, deductions and other tax items pass through to common unitholders.

MLPs are typically structured such that common units and general partner interests have first priority to receive quarterly cash distributions up to an established minimum amount ("minimum quarterly distributions" or "MQD"). Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid. Once common and general partner interests have been paid, subordinated units receive distributions of up to the MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis. The general partner is also eligible to receive incentive distributions if the general partner operates the business in a manner that results in distributions paid per common unit surpassing specified target levels. As the general partner increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of the incremental cash distributions. A common arrangement provides that the general partner can reach a tier where it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive distributions encourage the general partner to streamline costs, increase capital expenditures and acquire assets in order to increase the partnership's cash flow and raise the quarterly cash distribution in order to reach higher tiers. Such results benefit all security holders of the MLP.

MLP common units represent limited partnership interests in the MLP. Common units are listed and traded on US securities exchanges, with their values fluctuating predominantly based on prevailing market conditions and the success of the MLP. To the extent that a Series invests in MLPs, it intends to purchase common units in market transactions. Unlike owners of common stock of a corporation, owners of common units have limited voting rights and have no ability annually to elect directors. In the event of liquidation, common units have preference over subordinated units, but not debt or preferred units, to the remaining assets of the MLP. A Series intends to invest in MLPs only to an extent and in a manner consistent with the Series' qualification as a regulated investment company.

An investment in MLP units involves some risks that differ from an investment in the common stock of a corporation. Holders of MLP units have limited control and voting rights on matters affecting the partnership. Although common unitholders are generally limited in their liability, similar to a corporation's shareholders, creditors typically have the right to seek the return of distributions made to such unitholders if the liability in question arose before the distribution was paid. This liability may stay attached to the common unitholder even after the units are sold. Investing in MLPs involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region. Investments held by MLPs may be relatively illiquid, limiting the MLPs' ability to vary their portfolios promptly in response to changes in economic or other conditions. MLPs may have limited financial resources, their securities may trade infrequently and in limited volume, and they may be subject to more abrupt or erratic price movements than securities of larger or more broadly based companies.

Certain diversification and income requirements imposed by the Internal Revenue Code will limit the Series' ability to invest in MLP securities. In addition, a Series' ability to meet its investment objective may depend in part on the level of taxable income and distributions and dividends received from the MLP securities in which the Series invests, a factor over which the Series has no control. The benefit derived from a Series' investment in MLPs is largely dependent on the MLPs being treated as partnerships for federal income tax purposes. If an MLP were classified as a corporation for federal income tax purposes, the amount of cash available for distribution would be reduced and distributions received by a Series would be taxed entirely as dividend income.

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As a limited partner in an MLP taxed as a partnership, the Series will receive a pro rata share of income, gains, losses and deductions from those MLPs. Historically, a significant portion of income from such MLPs has been offset by tax deductions. A Series' shareholders will incur a current tax liability on that portion of an MLP's income and gains that is not offset by tax deductions and losses. The percentage of an MLP's income and gains that is offset by tax deductions and losses will fluctuate over time for various reasons.

**Mortgage-Backed Securities ("MBS")**

Nomura VIP Limited Duration Bond Series, Nomura VIP Total Return Series, and Nomura VIP Investment Grade Series may invest in mortgage-backed securities ("MBS").

In addition to MBS issued or guaranteed by the US government, its agencies or instrumentalities, Nomura VIP Limited Duration Bond Series may also invest its assets in securities issued by certain private, nongovernment corporations, such as financial institutions, if the securities are fully collateralized at the time of issuance by securities or certificates issued or guaranteed by the US government, its agencies or instrumentalities. Two principal types of MBS are collateralized mortgage obligations ("CMOs") and real estate mortgage investment conduits ("REMICs"). Nomura VIP Limited Duration Bond Series may also invest in CMOs, REMICs and commercial MBS ("CMBS") that are not issued or guaranteed by, or fully collateralized by securities issued or guaranteed by the US government, its agencies or instrumentalities ("nonagency MBS"). These securities are secured by the underlying collateral of the private issuer.

*Overview.* MBS, also referred to as mortgage securities or mortgage-related securities, represent an ownership interest in a pool of mortgage loans, usually originated by mortgage bankers, commercial banks, savings and loan associations, savings banks, and credit unions to finance purchases of homes, commercial buildings, or other real estate. The individual mortgage loans are packaged or "pooled" together for sale to investors. These mortgage loans may have either fixed or adjustable interest rates. A guarantee or other form of credit support may be attached to an MBS to protect against default on obligations.

As the underlying mortgage loans are paid off, investors receive principal and interest payments, which "pass-through" when received from individual borrowers, net of any fees owed to the administrator, guarantor, or other service providers. Some MBS make payments of both principal and interest at a range of specified intervals; others make semiannual interest payments at a predetermined rate and repay principal at maturity (like a typical bond).

MBS are based on different types of mortgages, including those on commercial real estate or residential properties. The primary issuers or guarantors of MBS have historically been Ginnie Mae, Fannie Mae, and Freddie Mac. Other issuers of MBS include commercial banks and other private lenders.

Ginnie Mae is a wholly owned US government corporation within the Department of Housing and Urban Development. Ginnie Mae guarantees the principal and interest on securities issued by institutions approved by Ginnie Mae (such as savings and loan institutions, commercial banks and mortgage bankers). Ginnie Mae also guarantees the principal and interest on securities backed by pools of mortgages insured by the Federal Housing Administration (the "FHA"), or guaranteed by the Department of Veterans Affairs (the "VA"). Ginnie Mae's guarantees are backed by the full faith and credit of the US government. Guarantees as to the timely payment of principal and interest do not extend to the value or yield of MBS nor do they extend to the value of a Series' shares which will fluctuate daily with market conditions.

Fannie Mae is a government-sponsored corporation, but its common stock is owned by private stockholders. Fannie Mae purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions, and mortgage bankers. Pass-through securities issued by Fannie Mae are guaranteed as to timely payment of principal and interest by Fannie Mae, but are not backed by the full faith and credit of the US government.

Although the MBS of Fannie Mae and Freddie Mac are not backed by the full faith and credit of the US government, the Secretary of the Treasury has the authority to support Fannie Mae and Freddie Mac by purchasing limited amounts of their respective obligations. The yields on these MBS have historically exceeded the yields on other types of US government securities with comparable maturities due largely to their prepayment risk. The US government, in the past, provided financial support to Fannie Mae and Freddie Mac, but no assurance can be given that the US government will continue to do so.

On September 6, 2008, the Federal Housing Finance Agency ("FHFA") placed Fannie Mae and Freddie Mac into conservatorship. As the conservator, FHFA succeeded to all rights, titles, powers, and privileges of Fannie Mae and Freddie Mac and of any stockholder, officer, or director of Fannie Mae and Freddie Mac. FHFA selected a new chief executive officer and chairman of the board of directors for each of Fannie Mae and Freddie Mac. Also, the US Treasury entered into a Senior Preferred Stock Purchase Agreement imposing various covenants that severely limit each enterprise's operations.

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**Investment Strategies and Risks**

Fannie Mae and Freddie Mac continue to operate as going concerns while in conservatorship and each remains liable for all of its obligations, including its guaranty obligations associated with its MBS. The FHFA has the power to repudiate any contract entered into by Fannie Mae and Freddie Mac prior to FHFA's appointment as conservator or receiver, including the guaranty obligations of Fannie Mae and Freddie Mac. Accordingly, securities issued by Fannie Mae and Freddie Mac will involve a risk of nonpayment of principal and interest.

MBS that are issued or guaranteed by the US government, its agencies or instrumentalities, are not subject to a Series' industry concentration restrictions, set forth under "Fundamental Investment Policies," by virtue of the exclusion from that test available to securities issued or guaranteed by the US government or any of its agencies or instrumentalities. In the case of privately issued MBS, a Series categorizes, where possible, the securities by the issuer's industry for purposes of the Series' industry concentration restrictions.

*CMOs and REMICs.* Collateralized mortgage obligations ("CMOs") are a type of MBS that issue debt obligations collateralized by residential or commercial mortgage loans or pass-through securities. CMOs are typically issued in multiple classes. Each class, often referred to as a "tranche," is issued at a specified coupon rate or adjustable rate and has a stated maturity or final distribution date. Each of the classes is allocated a different share of the principal and/or interest payments received from the pool according to a different payment schedule depending on, among other factors, the seniority of a class relative to their classes. Other MBS such as real estate mortgage investment conduits (REMICs) are also divided into multiple classes with different rights to the interest and/or principal payments received on the pool of mortgages. Multi-class pass-through securities are equity interests in a trust composed of mortgage loans or other MBS. Unless the context indicates otherwise, the discussion of CMOs below also applies to REMICs and multi-class pass-through securities.

Payments of principal and interest on the underlying collateral provide the resources to pay the debt service on CMOs or REMICs or to make scheduled distributions on the multi-class pass-through securities. The principal and interest on the underlying collateral may be allocated among a CMO's various classes in many ways. In a common structure, payments of principal on the underlying mortgages, including any principal prepayments, are applied to the classes of a series of a CMO in the order of their respective stated maturities or final distribution dates rather than on a pro rata basis across all classes simultaneously, so that no payment of principal will be made on any class until all other classes having an earlier stated maturity or final distribution date have been paid in full. This sequential retirement structure allows the CMO to use the cash flows from the underlying collateral to create classes with short-, intermediate- and long-term maturities with corresponding risk characteristics. Principal prepayments on collateral underlying CMOs may cause the CMOs to be retired substantially earlier than their stated maturities or final distribution dates.

A CMO may designate the most junior class it issues as a "residual" class (sometimes referred to as a Z Bond). Shareholders of this class will be entitled only to any amounts remaining after shareholders of all other classes (and any fees or expenses) have been paid in full. The amount of residual cash flow will depend on various factors including the characteristics of the underlying assets, interest rates, prepayment rates, the allocation of payments to more senior classes, and the amount of administrative expenses. Residual classes tend to have market prices and yields that are much more volatile than other mortgage-backed securities and will often be subject to greater credit risk, liquidity risk, market risk, and interest rate risk than other mortgage-backed securities. The yield to maturity on a residual class can also be extremely sensitive to changes in the level of the index upon which interest rate adjustments are based. The residual class of a CMO may be subject to restrictions on transferability and, in certain circumstances, can be difficult to value.

Some CMOs may have classes that have a right to receive interest only ("IOs") or principal only ("POs"). IOs and POs can be extremely sensitive to changes in interest rates and rates of payment on principal on the underlying collateral. IOs tend to decrease in value substantially if interest rates decline and collateral prepayment rates become more rapid. POs tend to decrease in value substantially if interest rates increase and the rate of collateral prepayment decreases. In each case, as applicable, the liquidity of IOs or POs could be significantly impaired and challenges could arise with valuing these securities. See "Stripped mortgage securities" below.

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One or more classes of a CMO may have interest rates that reset periodically as adjustable-rate mortgage loans ("ARMs") do. These adjustable rate classes are known as "floating-rate CMOs". Floating-rate CMOs are typically issued with lifetime "caps" on the interest rate. These caps, similar to the caps on ARMs, limit a Series' potential to gain from rising interest rates and increase the sensitivity of the CMO's price to interest rate changes while rates remain above the cap.

CMOs may also have classes that have a right to receive amounts that remain only after Floating Rate CMOs are paid (an "inverse floater"). Like IOs and POs, inverse floaters can be extremely sensitive to changes in interest rates. Interest rates on inverse floaters generally decrease when short-term interest rates increase, and generally increase when short-term interest rates decline. When interest rates change or other market conditions occur, the value of an inverse floater may increase or decrease at a multiple of the increase or decrease in the value of the underlying securities, which could cause a fund to lose the entire value of its investment in an inverse floater.

The Series may invest in parallel-pay and planned amortization class ("PAC") CMOs and multi-class pass through certificates. Parallel-pay CMOs and multi-class passthrough certificates typically provide payments of principal on each payment date to more than one class. These simultaneous payments are taken into account in calculating the stated maturity date or final distribution date of each class. PACs generally require payments of a specified amount of principal on each payment date. PACs are parallel-pay CMOs with the required principal amount on such securities having the highest priority after interest has been paid to all classes. Any CMO or multi-class pass through structure that includes PAC securities must also have support tranches - known as support bonds, companion bonds or non-PAC bonds - that lend or absorb principal cash flows to allow the PAC securities to maintain their stated maturities and final distribution dates within a range of actual prepayment experience. These support tranches are subject to a higher level of maturity risk compared to other mortgage-related securities, and usually provide a higher yield to compensate investors. If principal cash flows are received in amounts outside a pre-determined range such that the support bonds cannot lend or absorb sufficient cash flows to the PAC securities as intended, the PAC securities are subject to heightened maturity risk.

All the risks applicable to a traditional MBS also apply to CMOs taken as a whole, even though certain classes of the CMO may be protected to a certain degree against a particular risk by subordinated classes. The risks associated with an investment in a particular CMO class vary substantially depending on the combination of rights associated with that class. In general, investments in subordinated classes of a CMO bear greater risks associated with MBS generally than more senior classes, be it credit risk, prepayment or extension risk (the risk of a security's expected maturity being reduced or lengthened in duration due to a change of the timing of payment), interest rate risk, income risk, market risk, liquidity risk or any other risk associated with a debt or equity instrument with similar features to the relevant class. The more subordinated the class of CMO, the greater these risks tend to be. As a result, an investment in the most subordinated class of a CMO is often riskier than an investment in other types of MBS.

CMOs are generally required to maintain more collateral than REMICs to collateralize the CMOs being issued. Most REMICs are not subject to the same minimum collateralization requirements and may be permitted to issue the full value of their assets as securities, without reserving any amount as collateral. As a result, an investment in the subordinated classes of a REMIC may be riskier than an investment in equivalent classes of a CMO.

CMOs may be issued, guaranteed or sponsored by governmental entities or by private entities. Consequently, they involve risks similar to those of traditional MBS that have been issued, guaranteed, or sponsored by such government and/or private entities. For example, a Series is generally exposed to a greater risk of loss due to default when investing in CMOs that have not been issued, guaranteed, or sponsored by a government entity.

Timely payment of interest and principal (but not the market value and yield) of some of these pools is supported by various forms of insurance or guarantees issued by private issuers, those who pool the mortgage assets and, in some cases, by US government agencies. There can be no assurance, however, that any such insurance or guarantee will be effective, and investors in these pools may still experience losses.

CMOs involve risks including the uncertainty of the timing of cash flows that results from the rate of prepayments on the underlying mortgages serving as collateral, and risks resulting from the structure of the particular CMO transaction and the priority of the individual tranches. The prices of some CMOs, depending on their structure and the rate of prepayments, can be volatile. Some CMOs may be less liquid than other types of MBS. As a result, it may be difficult or impossible to sell the securities at an advantageous price or time under certain circumstances. Yields on privately issued CMOs have been historically higher than the yields on CMOs issued and guaranteed by US government agencies or instrumentalities. The risk of loss due to default on privately issued CMOs, however, is historically higher since the US government has not guaranteed them.

To the extent any privately issued CMOs in which a Series invests are considered by the SEC to be an investment company, the Series will limit its investments in such securities in a manner consistent with the provisions of the 1940 Act, SEC rules thereunder and exemptions thereto.

*Commercial mortgage-backed securities ("CMBS")*. CMBS are issued by special purpose entities that represent an undivided interest in a portfolio of mortgage loans backed by commercial properties. The loans are collateralized by various types of commercial property, which include, but are not limited to, multifamily housing, retail shopping centers, office space, hotels, and healthcare facilities. Private lenders, such as banks or insurance companies, originate these loans and then sell the loans directly into a CMBS trust or other entity. CMBS are subject to credit risk, prepayment risk, and extension risk. The Manager, through its careful credit analysis, attempts to address the risk of an issuer being unable to make timely payments of interest and principal. Although prepayment risk is present, it is of a lesser degree in CMBS than in the residential mortgage market.

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**Investment Strategies and Risks**

*Stripped mortgage securities.* Some MBS referred to as stripped MBS are divided into classes which receive different proportions of the principal and interest payments or, in some cases, only payments of principal or interest (but not both). Other MBS referred to as net interest margin ("NIM") securities give the investor the right to receive any excess interest earned on a pool of mortgage loans remaining after all classes and service providers have been paid in full. Stripped MBS may be issued by government or private entities. Stripped MBS issued or guaranteed by agencies or instrumentalities of the US government are typically more liquid than privately issued stripped MBS.

Stripped MBS are usually structured with two classes, each receiving different proportions of the interest and principal distributions on a pool of mortgage assets. In most cases, one class receives all of the interest (the interest-only or "IO" class), while the other class receives all of the principal (the principal-only or "PO" class). The return on an IO class is extremely sensitive not only to changes in prevailing interest rates but also to the rate of principal payments (including prepayments) on the underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on any IO class held by the Series. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Series may fail to recoup its initial investment fully, even if the securities are rated in the highest rating categories, AAA or Aaa, by S&P or Moody's, respectively.

NIM securities represent a right to receive any "excess" interest computed after paying coupon costs, servicing costs and fees and any credit losses associated with the underlying pool of home equity loans. Like traditional stripped MBS, the return on a NIM security is sensitive not only to changes in prevailing interest rates but also to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.

Stripped MBS and NIM securities tend to exhibit greater market volatility in response to changes in interest rates than other types of MBS and are purchased and sold by institutional investors, such as a Series, through investment banking firms acting as brokers or dealers. Some of these securities may be deemed "illiquid" and therefore subject to a Series' limitation on investment in illiquid investments and the risks associated with illiquidity.

Mortgage loan and home equity loan pools offering pass-through investments in addition to those described above may be created in the future. The mortgages underlying these securities may be alternative mortgage instruments, that is, mortgage instruments whose principal or interest payments may vary or whose terms to maturity may differ from customary long-term, fixed-rate mortgages. As new types of mortgage and home equity loan securities are developed and offered to investors, a Series may invest in them if they are consistent with the Series' objective, policies and quality standards.

*Additional risks.* In addition to the special risks described below, MBS are subject to many of the same risks as other types of debt securities. The market value of MBS, like other debt securities, will generally vary inversely with changes in market interest rates, declining when interest rates rise and rising when interest rates decline. MBS differ from conventional debt securities in that most MBS are pass-through securities. This means that they typically provide investors with periodic payments (typically monthly) consisting of a pro rata share of both regular interest and principal payments, as well as unscheduled early prepayments, on the underlying mortgage pool (net of any fees paid to the issuer or guarantor of such securities and any applicable loan servicing fees). As a result, the holder of the MBS (i.e., a Series) receives scheduled payments of principal and interest and may receive unscheduled principal payments representing prepayments on the underlying mortgages. The rate of prepayments on the underlying mortgages generally increases as interest rates decline, and when a Series reinvests the payments and any unscheduled prepayments of principal it receives, it may receive a rate of interest that is lower than the rate on the existing MBS. For this reason, pass-through MBS may have less potential for capital appreciation as interest rates decline and may be less effective than other types of US government or other debt securities as a means of "locking in" long-term interest rates. In general, fixed rate MBS have greater exposure to this "prepayment risk" than variable rate securities.

An unexpected rise in interest rates could extend the average life of an MBS because of a lower than expected level of prepayments or higher than expected amounts of late payments or defaults. In addition, to the extent MBS are purchased at a premium, mortgage foreclosures and unscheduled principal prepayments may result in some loss of the holder's principal investment to the extent of the premium paid. On the other hand, if MBS are purchased at a discount, both a scheduled payment of principal and an unscheduled prepayment of principal will increase current and total returns and will accelerate the recognition of income that, when distributed to shareholders, will generally be treated as ordinary income. Regulatory or tax changes may also adversely affect the MBS market as a whole.

*Guarantees.* The existence of a guarantee or other form of credit support on an MBS usually increases the price that a Series pays for the security. There is always the risk that the guarantor will default on its obligations. When the guarantor is the US government, there is minimal risk of guarantor default. However, the risk remains if the credit support or guarantee is provided by a private party or a US government agency or sponsored enterprise. Even if the guarantor meets its obligations, there can be no assurance that the type of guarantee or credit support provided will be effective at reducing losses or delays to investors, given the nature of the default. A guarantee only assures timely payment of interest and principal, not a particular rate of return on a Series' investment or protection against prepayment or other risks. The market price and yield of the MBS at any given time are not guaranteed and are likely to fluctuate.

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**Municipal Bonds**

Nomura VIP Limited Duration Bond Series, Nomura VIP Total Return Series, and Nomura VIP Investment Grade Series may invest in municipal bonds. Municipal bonds are generally understood to include debt obligations issued to obtain funds for various public purposes, including the construction of a wide range of public facilities such as airports, bridges, highways, housing, hospitals, mass transportation, schools, streets, and water and sewer works. Other public purposes for which municipal bonds may be issued include the refunding of outstanding obligations, obtaining funds for general capital expenses, and the obtaining of funds to lend to other public institutions and facilities. In addition, certain types of industrial development bonds are issued by or on behalf of public authorities to obtain funds to provide privately operated housing facilities, sports facilities, convention or trade show facilities, airport, mass transit, port or parking facilities, air or water pollution control facilities, and certain local facilities for water supply, gas, electricity, or sewage or solid waste disposals. Such obligations are included within the term "municipal bonds" provided that the interest paid thereon qualifies as exempt from federal income tax in the opinion of bond counsel to the issuer. In addition, the interest paid on industrial development bonds, the proceeds from which are used for the construction, equipment, repair, or improvement of privately operated industrial or commercial facilities, may be exempt from federal income tax, although current federal tax laws place substantial limitations on the size of such issues.

The two principal classifications of municipal bonds are "general obligation" and "revenue" bonds. General obligation bonds are secured by the issuer's pledge of its full faith, credit and taxing power for the payment of principal and interest. Revenue bonds are payable only from the revenues derived from a particular facility or class of facilities or, in some cases, from the proceeds of a special excise tax or other specific revenue source, but not from the general taxing power. Tax exempt industrial development bonds are, in most cases, revenue bonds and do not generally carry the pledge of the credit of the issuer of such bonds. There are, of course, variations in the security of municipal bonds, both within a particular classification and between classifications.

The yields on municipal bonds are dependent on a variety of factors, including general money market conditions, general conditions of the municipal bond market, size of a particular offering, maturity of the obligations, and rating of the issue. The imposition of a Series' management fee, as well as other operating expenses, will have the effect of reducing the yield to investors.

**Options**

Nomura VIP Fund for Income Series may purchase put and call options and engage in the writing of covered call options and secured put options. Nomura VIP Fund for Income Series will not engage in option writing strategies for speculative purposes. Nomura VIP Limited Duration Bond Series, Nomura VIP Total Return Series, and Nomura VIP Investment Grade Series may purchase and write call and put options and may engage in option strategies for hedging and/or speculative purposes. The Series may purchase or write options on securities, securities indices, and currencies. Each Series may purchase put options in order to protect against a decline in the market value of the underlying security below the exercise price less the premium paid for the option ("protective puts"). The Series also may purchase and write put and call options on foreign currencies (traded on US and foreign exchanges or over-the-counter) for hedging purposes to protect against declines in the US dollar value of foreign securities held by the Series and against increases in the US dollar cost of such securities to be acquired. Call options on foreign currency written by the Series will be covered, which means that the Series will own the underlying foreign currency. The Series may invest in options that are either exchange listed or traded over-the-counter. Options written by the Series will normally have expiration dates between one and nine months from the date written. Certain over-the-counter options may be illiquid. Thus, it may not be possible to close options positions and this may have an adverse impact on a Series' ability to effectively hedge its securities.

Nomura VIP Emerging Markets Series may purchase call options or purchase put options on securities and will not engage in option strategies for speculative purposes. Nomura VIP Emerging Markets Series may purchase call options to the extent that premiums paid by the Series do not aggregate more than 2% of the Series' total assets. Nomura VIP Emerging Markets Series may invest up to 2% of its total assets in the purchase of put options. At all times during which it holds a put option, Nomura VIP Emerging Markets Series will own the security covered by such option. Nomura VIP Emerging Markets Series also may acquire options on stock indices. Nomura VIP Emerging Markets Series will not engage in transactions in options on stock indices for speculative purposes but only to protect appreciation attained and to take advantage of the liquidity available in the option markets. Nomura VIP Emerging Markets Series may invest in options that are either listed on US or recognized foreign exchanges or traded over-the-counter. Certain over-the-counter options may be illiquid. Thus, it may not be possible to close options positions and this may have an adverse impact on Nomura VIP Emerging Markets Series' ability to effectively hedge its securities. Nomura VIP Emerging Markets Series will not, however, invest more than 15% of its assets in illiquid investments. Nomura VIP Emerging Markets Series may purchase and write options on foreign currencies for hedging purposes in a manner similar to that in which futures contracts on foreign currencies, or forward contracts, will be utilized.

Nomura VIP Small Cap Value Series may write call options and purchase put options on a covered basis only. Nomura VIP Small Cap Value Series will not engage in option strategies for speculative purposes. Nomura VIP Small Cap Value Series may write covered call options from time to time on such portion of their respective portfolios, without limit, as the Manager determines is appropriate in seeking to achieve their investment objectives. Nomura VIP Small Cap Value Series may invest up to 2% of its total assets in the purchase of put options. Nomura VIP Small Cap Value Series will, at all times during which it holds a put option, own the security covered by such option. Nomura VIP Small Cap Value Series may purchase put options in order to protect against a decline in the market value of the underlying security below the exercise price less the premium paid for the option ("protective puts"). The ability to purchase put options will allow the Series to protect an unrealized gain in an appreciated

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**Investment Strategies and Risks**

security in its portfolio without actually selling the security. Nomura VIP Small Cap Value Series may purchase options on stock indices. Nomura VIP Small Cap Value Series will not engage in transactions in options on stock indices for speculative purposes but only to protect appreciation attained, to offset capital losses, and to take advantage of the liquidity available in the option markets.

*Overview.* An option is a contract that gives the purchaser of the option, in return for the premium paid, the right to buy an underlying reference instrument, such as a specified security, currency, index, or other instrument, from the writer of the option (in the case of a call option), or to sell a specified reference instrument to the writer of the option (in the case of a put option) at a designated price during the term of the option. The premium paid by the buyer of an option will reflect, among other things, the relationship of the exercise price to the market price and the volatility of the underlying reference instrument; the remaining term of the option, supply, demand, or interest rates; and/or currency exchange rates. An American style put or call option may be exercised at any time during the option period while a European style put or call option may be exercised only upon expiration or during a fixed period prior thereto. Put and call options are traded on national securities exchanges and in the OTC market.

Options traded on national securities exchanges are within the jurisdiction of the SEC or other appropriate national securities regulator, as are securities traded on such exchanges. As a result, many of the protections provided to traders on organized exchanges will be available with respect to such transactions. In particular, all option positions entered into on a national securities exchange in the US are cleared and guaranteed by the Options Clearing Corporation, thereby reducing the risk of counterparty default. Furthermore, a liquid secondary market in options traded on a national securities exchange may be more readily available than in the OTC market, potentially permitting a Series to liquidate open positions at a profit prior to exercise or expiration, or to limit losses in the event of adverse market movements. There is no assurance, however, that higher than anticipated trading activity or other unforeseen events might not temporarily render the capabilities of the Options Clearing Corporation inadequate, and thereby result in the exchange instituting special procedures which may interfere with the timely execution of a Series' orders to close out open options positions.

*Purchasing call and put options.* As the buyer of a call option, a Series has a right to buy the underlying reference instrument (e.g., a currency or security) at the exercise price at any time during the option period (for American style options). A Series may enter into closing sale transactions with respect to call options, exercise them, or permit them to expire. For example, a Series may buy call options on underlying reference instruments that it intends to buy with the goal of limiting the risk of a substantial increase in their market price before the purchase is effected. Unless the price of the underlying reference instrument changes sufficiently, a call option purchased by a Series may expire without any value to the Series, in which case the Series would experience a loss to the extent of the premium paid for the option plus related transaction costs.

As the buyer of a put option, a Series has the right to sell the underlying reference instrument at the exercise price at any time during the option period (for American style options). As with a call option, a Series may enter into closing sale transactions with respect to put options, exercise them or permit them to expire. A Series may buy a put option on an underlying reference instrument owned by the Series (a protective put) as a hedging technique in an attempt to protect against an anticipated decline in the market value of the underlying reference instrument. Such hedge protection is provided only during the life of the put option when a Series, as the buyer of the put option, is able to sell the underlying reference instrument at the put exercise price, regardless of any decline in the underlying instrument's market price. A Series may also seek to offset a decline in the value of the underlying reference instrument through appreciation in the value of the put option. A put option may also be purchased with the intent of protecting unrealized appreciation of an instrument when the Manager deems it desirable to continue to hold the instrument because of tax or other considerations. The premium paid for the put option and any transaction costs would reduce any short-term capital gain that may be available for distribution when the instrument is eventually sold. Buying put options at a time when the buyer does not own the underlying reference instrument allows the buyer to benefit from a decline in the market price of the underlying reference instrument, which generally increases the value of the put option.

If a put option were not terminated in a closing sale transaction when it has remaining value, and if the market price of the underlying reference instrument remains equal to or greater than the exercise price during the life of the put option, the buyer would not make any gain upon exercise of the option and would experience a loss to the extent of the premium paid for the option plus related transaction costs. In order for the purchase of a put option to be profitable, the market price of the underlying reference instrument must decline sufficiently below the exercise price to cover the premium and transaction costs.

*Writing call and put options.* Writing options may permit the writer to generate additional income in the form of the premium received for writing the option. The writer of an option may have no control over when the underlying reference instruments must be sold (in the case of a call option) or purchased (in the case of a put option) because the writer may be notified of exercise at any time prior to the expiration of the option (for American style options). Whether or not an option expires unexercised, the writer retains the amount of the premium. Writing "covered" call options means that the writer owns the underlying reference instrument that is subject to the call option. Nomura VIP Fund for Income Series will write call options on a covered basis only.

If a Series writes a covered call option, any underlying reference instruments that are held by the Series and subject to the call option will be earmarked on the books of the Series as segregated to satisfy its obligations under the option. A Series will be unable to sell the underlying reference instruments that are subject to the written call option until the Series either effects a closing transaction with respect to the written call, or otherwise satisfies the conditions for release of the underlying reference instruments from segregation. As the writer of a covered call option, a Series gives up the potential for capital appreciation above the exercise price of the option should the underlying reference instrument rise in value. If the value of the underlying reference instrument rises above the exercise price of the call option, the reference instrument will likely be "called

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away," requiring a Series to sell the underlying instrument at the exercise price. In that case, a Series will sell the underlying reference instrument to the option buyer for less than its market value, and the Series will experience a loss (which will be offset by the premium received by the Series as the writer of such option). If a call option expires unexercised, a Series will realize a gain in the amount of the premium received. If the market price of the underlying reference instrument decreases, the call option will not be exercised and a Series will be able to use the amount of the premium received to hedge against the loss in value of the underlying reference instrument. The exercise price of a call option will be chosen based upon the expected price movement of the underlying reference instrument. The exercise price of a call option may be below, equal to (at-the-money), or above the current value of the underlying reference instrument at the time the option is written.

As the writer of a put option, a Series has a risk of loss should the underlying reference instrument decline in value. If the value of the underlying reference instrument declines below the exercise price of the put option and the put option is exercised, the Series, as the writer of the put option, will be required to buy the instrument at the exercise price, which will exceed the market value of the underlying reference instrument at that time. A Series will incur a loss to the extent that the current market value of the underlying reference instrument is less than the exercise price of the put option. However, the loss will be offset in part by the premium received from the buyer of the put. If a put option written by a Series expires unexercised, the Series will realize a gain in the amount of the premium received.

*Closing out options (exchange-traded options).* As the writer of an option, if a Series wants to terminate its obligation, the Series may effect a "closing purchase transaction" by buying an option of the same series as the option previously written. The effect of the purchase is that the clearing corporation will cancel a Series' position. However, a writer may not effect a closing purchase transaction after being notified of the exercise of an option. Likewise, the buyer of an option may recover all or a portion of the premium that it paid by effecting a "closing sale transaction" by selling an option of the same series as the option previously purchased and receiving a premium on the sale. There is no guarantee that either a closing purchase or a closing sale transaction may be made at a time desired by a Series. Closing transactions allow a Series to terminate its positions in written and purchased options. A Series will realize a profit from a closing transaction if the price of the transaction is less than the premium received from writing the original option (in the case of written options) or is more than the premium paid by the Series to buy the option (in the case of purchased options). For example, increases in the market price of a call option sold by a Series will generally reflect increases in the market price of the underlying reference instrument. As a result, any loss resulting from a closing transaction on a written call option is likely to be offset in whole or in part by appreciation of the underlying instrument owned by a Series.

*Over-the-counter ("OTC") options.* Like exchange-traded options, OTC options give the holder the right to buy from the writer, in the case of OTC call options, or sell to the writer, in the case of OTC put options, an underlying reference instrument at a stated exercise price. OTC options, however, differ from exchange-traded options in certain material respects.

OTC options are arranged directly with dealers and not with a clearing corporation or exchange. Consequently, there is a risk of nonperformance by the dealer, including because of the dealer's bankruptcy or insolvency. While a Series uses only counterparties, such as dealers, that meet its credit quality standards, in unusual or extreme market conditions, a counterparty's creditworthiness and ability to perform may deteriorate rapidly, and the availability of suitable replacement counterparties may become limited. Because there is no exchange, pricing is typically done based on information from market makers or other dealers. OTC options are available for a greater variety of underlying reference instruments and in a wider range of expiration dates and exercise prices than exchange-traded options.

There can be no assurance that a continuous liquid secondary market will exist for any particular OTC option at any specific time. A Series may be able to realize the value of an OTC option it has purchased only by exercising it or entering into a closing sale transaction with the dealer that issued it. When a Series writes an OTC option, it generally can close out that option prior to its expiration only by entering into a closing purchase transaction with the dealer with which the Series originally wrote the option. A Series may suffer a loss if it is not able to exercise the option (in the case of a purchased option) or enter into a closing sale transaction on a timely basis.

*Risks of options.* A Series' options investments involve certain risks, including general risks related to derivatives instruments. There can be no assurance that a liquid secondary market on an exchange will exist for any particular option, or at any particular time, and a Series may have difficulty effecting closing transactions in particular options. Therefore, a Series would have to exercise the options it purchased in order to realize any profit, thus taking or making delivery of the underlying reference instrument when not desired. A Series could then incur transaction costs upon the sale of the underlying reference instruments. Similarly, when a Series cannot effect a closing transaction with respect to a put option it wrote, and the buyer exercises, the Series would be required to take delivery and would incur transaction costs upon the sale of the underlying reference instruments purchased. If a Series, as a covered call option writer, is unable to effect a closing purchase transaction in a secondary market, it will not be able to sell the underlying reference instrument until the option expires, it delivers the underlying instrument upon exercise, or it segregates enough liquid assets to purchase the underlying reference instrument at the marked-to-market price during the term of the option. When trading options on non-US exchanges or in the OTC market, many of the protections afforded to exchange participants will not be available. For example, there may be no daily price fluctuation limits, and adverse market movements could therefore continue to an unlimited extent over an indefinite period of time.

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**Investment Strategies and Risks**

The effectiveness of an options strategy for hedging depends on the degree to which price movements in the underlying reference instruments correlate with price movements in the relevant portion of a Series' portfolio that is being hedged. In addition, a Series bears the risk that the prices of its portfolio investments will not move in the same amount as the option it has purchased or sold for hedging purposes, or that there may be a negative correlation that would result in a loss on both the investments and the option. If the Manager is not successful in using options in managing a Series' investments, the Series' performance will be worse than if the Manager did not employ such strategies.

It is anticipated that Series' investments in options may generate qualifying income under Subchapter M of the Internal Revenue Code.

**Preferred Securities**

Nomura VIP Emerging Markets Series, Nomura VIP Growth Equity Series, Nomura VIP Growth and Income Series, Nomura VIP Opportunity Series, and Nomura VIP Total Return Series may invest in preferred securities. Unlike debt securities, the obligations of an issuer of preferred stock, including dividend and other payment obligations, may not typically be accelerated by the holders of preferred stock on the occurrence of an event of default (such as a covenant default or filing of a bankruptcy petition) or other noncompliance by the issuer with the terms of the preferred stock. Often, however, on the occurrence of any such event of default or noncompliance by the issuer, preferred stockholders will be entitled to gain representation on the issuer's board of directors or increase their existing board representation. In addition, preferred stockholders may be granted voting rights with respect to certain issues on the occurrence of any event of default.

**Real Estate Investment Trusts ("REITs")**

Nomura VIP Emerging Markets Series, Nomura VIP Growth and Income Series, Nomura VIP Opportunity Series, Nomura VIP Small Cap Value Series, and Nomura VIP Total Return Series may invest in REITs. In addition, Nomura VIP Total Return Series may invest directly in real estate.

REITs are pooled investment vehicles that invest primarily in income-producing real estate or in mortgages and loans collateralized by real estate. "Equity" REITs are real estate companies that own and manage income-producing properties such as apartments, hotels, shopping centers, or office buildings. The income, primarily rent from these properties, is generally passed on to investors in the form of dividends. These companies provide experienced property management and generally concentrate on a specific geographic region or property type. "Mortgage" REITs make loans to commercial real estate developers and earn income from interest payments. A hybrid REIT combines the characteristics of Equity REITs and Mortgage REITs, generally by holding both ownership interest and mortgage interests in real estate. Although not required, the Manager anticipates that under normal circumstances the Series will invest primarily in Equity REITs. Although the REIT structure originated in the US, a number of countries around the world have adopted, or are considering adopting, similar REIT and REIT-like structures.

For US federal tax law purposes, to qualify as a REIT, a company must derive at least 75% of its gross income from real estate sources (rents, mortgage interest, or gains from the sale of real estate assets), and at least 95% of its gross income from real estate sources, plus dividends, interest, and gains from the sale of securities. Real property, mortgage loans, cash, and certain securities must comprise 75% of a company's assets. In order to qualify as a REIT, a company must also make distributions to shareholders aggregating annually at least 90% of its REIT taxable income.

*REIT risks.* A Series' investments in REITs present certain further risks that are unique and in addition to the risks associated with investing in the real estate industry in general. Equity REITs may be affected by any changes in the value of the underlying properties owned by the REITs and other factors and their prices tend to go up and down, while mortgage REITs may be affected by the quality of any credit extended. REITs are not diversified and are subject to the risks of financing projects. A REIT's performance depends on the types and locations of the properties it owns and on management skills. A decline in rental income may occur because of extended vacancies, increased competition from other properties, tenants' failure to pay rent, or poor management. REITs whose underlying assets include US long-term healthcare properties, such as nursing, retirement and assisted living homes, may be impacted by US federal regulations concerning the healthcare industry. A REIT's performance also depends on the company's ability to finance property purchases and renovations and manage its cash flows.

REITs (especially mortgage REITs) are also subject to interest rate risks — when interest rates decline, the value of a REIT's investment in fixed-rate obligations can be expected to rise. Conversely, when interest rates rise, the value of a REIT's investment in fixed-rate obligations can be expected to decline. In contrast, as interest rates on adjustable-rate mortgage loans are reset periodically, yields on a REIT's investments in such loans will gradually align themselves to reflect changes in market interest rates, causing the value of such investments to fluctuate less dramatically in response to interest rate fluctuations than would investments in fixed-rate obligations.

Because REITs typically are invested in a limited number of projects or in a particular market segment, REITs may have limited financial resources, may trade less frequently and in a limited volume, and may be subject to more abrupt or erratic price movements than other securities. Loss of status as a qualified REIT under the US federal tax laws could adversely affect the value of a particular REIT or the market for REITs as a whole.

*Real Estate Operating Companies.* Real estate operating companies ("REOCs") are corporations that engage in the development, management or financing of real estate. REOCs include, for example, developers, brokers and building suppliers. REOCs are publicly traded real estate companies that have chosen not, or are ineligible, to be taxed as REITs. Because REOCs reinvest earnings rather than distribute dividends to unit holders, they do not get the same benefits of lower or no corporate taxation that are a common characteristic of REITs. The value of a Series' REOC securities generally will be affected by the same factors that adversely affect a REIT.

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*Real Estate Related Companies.* Although the Series, except for Nomura VIP Total Return Series, may not invest directly in real estate, they may invest in securities of companies that are engaged in the real estate industry or hold interests in real estate. Investing in such securities exposes a Series to special risks associated with the direct ownership of real estate, and an investment in a Series will be affected by the performance of the real estate industry. These risks may include, but are not limited to, the following: declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage funds; lack of ability to access the credit or capital markets; overbuilding; extended vacancies of properties; defaults by borrowers or tenants, particularly during an economic downturn; increasing competition; increases in property taxes and operating expenses; changes in zoning laws; losses due to costs resulting from the clean-up of environmental problems; liability to third parties for damages resulting from environmental problems; casualty or condemnation losses; limitations on rents; changes in market and sub-market values and the appeal of properties to tenants; and changes in interest rates.

**Repurchase Agreements**

Each Series may, from time to time, enter into repurchase agreements that are at least 102% collateralized by US government securities. A Series will typically use repurchase agreements as a short-term investment for its cash positions or for temporary defensive purposes.

Under a repurchase agreement, a Series agrees to buy securities guaranteed as to payment of principal and interest by the US government or its agencies or instrumentalities from a qualified bank or broker/dealer and then to sell the securities back to the bank or broker/dealer on an agreed upon date (generally less than seven days) at a higher price, which reflects currently prevailing short-term interest rates. Entering into repurchase agreements allows a Series to earn a return on cash in the Series' portfolio that would otherwise remain uninvested. The bank or broker/dealer must transfer to a Series' custodian, as collateral, securities with an initial market value of at least 102% of the dollar amount paid by the Series to the counterparty. The Manager will monitor the value of such collateral daily to determine that the value of the collateral equals or exceeds the repurchase price.

Repurchase agreements may involve risks in the event of default or insolvency of the bank or broker/dealer, including possible delays or restrictions upon a Series' ability to sell the underlying securities and additional expenses in seeking to enforce the Series' rights and recover any losses. A Series will enter into repurchase agreements only with parties who meet certain creditworthiness standards, i.e., banks or broker/dealers that the Manager has determined, based on the information available at the time, present no serious risk of becoming involved in bankruptcy proceedings within the time frame contemplated by the repurchase agreement. Although a Series seeks to limit the credit risk under a repurchase agreement by carefully selecting counterparties and accepting only high-quality collateral, some credit risk remains. The counterparty could default, which may make it necessary for a Series to incur expenses to liquidate the collateral. In addition, the collateral may decline in value before it can be liquidated by a Series. A repurchase agreement with more than seven days to maturity may be considered an illiquid investment and may be subject to a Series' investment restriction on illiquid investments.

The Nomura Funds have obtained an exemption (the "Order") from the joint-transaction prohibitions of Section 17(d) of the 1940 Act to allow Nomura Funds jointly to invest cash balances. As part of the Nomura Funds, a Series may invest cash balances in a joint repurchase agreement in accordance with the terms of the Order and subject generally to the conditions described above.

**Reverse Repurchase Agreements**

Certain Series are authorized to enter into reverse repurchase agreements.

A reverse repurchase agreement is the sale of a security by a Series and its agreement to repurchase the security at a specified time and price. Under the 1940 Act, reverse repurchase agreements may be considered borrowings by a Series; accordingly, the Series will limit its investments in reverse repurchase agreements, together with any other borrowings, to no more than one-third of its total assets. The use of reverse repurchase agreements by a Series creates leverage which increases the Series' investment risk. If the income and gains on securities purchased with the proceeds of reverse repurchase agreements exceed the costs of the agreements, a Series' earnings or NAV will increase faster than otherwise would be the case; conversely, if the income and gains fail to exceed the costs, earnings or NAV would decline faster than otherwise would be the case.

**"Roll" Transactions**

Certain Series may engage in "roll" transactions.

A "roll" transaction is the sale of securities together with a commitment, for which a Series may receive a fee, to purchase similar, but not identical, securities at a future date. Although these transactions will not be entered into for leveraging purposes, to the extent a Series' aggregate commitments under these transactions exceed its holdings of cash and securities that do not fluctuate in value (such as short-term money market instruments), the Series temporarily will be in a leveraged position (i.e., it will have an amount greater than its net assets subject to market risk). Should the market value of a Series' portfolio securities decline while it is in a leveraged position, greater depreciation of its net assets would likely occur than were it not in such a position. As a Series' aggregate commitments under these transactions increase, its leverage risk similarly increases.

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**Investment Strategies and Risks**

**Securities Lending**

Each Series may loan up to 25% of its assets to qualified broker/dealers or institutional investors for their use relating to short sales or other security transactions.

A Series, along with other funds in the Nomura Funds, may lend its securities pursuant to a security lending agreement ("Lending Agreement") with The Bank of New York Mellon ("BNY"). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (i) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (ii) 105% with respect to foreign securities. With respect to each loan if, on any business day, the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day may be more or less than the value of the security on loan.

The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; certain obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities or establishments; certain obligations of supranational organizations, commercial paper, notes, bonds and other debt obligations; certificates of deposit, time deposits and other bank obligations; and asset-backed securities.

A Series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans. In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return the loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to a Series or, at the discretion of the lending agent, replace the loaned securities. A Series continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. A Series has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, a Series receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among a Series, the security lending agent, and the borrower. A Series records security lending income net of allocations to the security lending agent and the borrower.

**Short Sales**

Nomura VIP Fund for Income Series, Nomura VIP Total Return Series, and Nomura VIP Investment Grade Series may make short sales in an attempt to protect against market declines. Nomura VIP Investment Grade Series and Nomura VIP Total Return Series may establish short positions in ETFs in an attempt to isolate, manage, or reduce the risk of individual securities positions held by the Series of a decline in a particular market sector to which the Series has significant exposure, or of the exposure to securities owned by the Series in the aggregate. Such short sales may also be implemented in an attempt to manage the duration of the Series' holdings. Nomura VIP Investment Grade Series and Nomura VIP Total Return Series will not engage in short sales for speculative purposes.

Typically, short sales are transactions in which the Series sells a security that the Series has borrowed, but that it does not own and, at the time a short sale is effected, the Series incurs an obligation to replace the security borrowed. The price at the time of replacement may be more or less than the price at which the security was sold by the Series. When a short sale transaction is closed out by delivery of the security, any gain or loss on the transaction generally is taxable as short-term capital gain or loss. Until the security is replaced, the Series is required to pay to the lender amounts equal to any dividends or interest that accrue during the period of the loan. To borrow the security, the Series also may be required to pay a premium, which would increase the cost of the security sold. The proceeds of the short sale, and potentially additional margin, will be retained by the broker from whom the security is borrowed, to the extent necessary to meet margin requirements, until the short position is closed out.

The Series will incur a loss as a result of a short sale if the price of the security sold short increases between the date of the short sale and the date on which the Series replaces the borrowed security; conversely, the Series will realize a gain if the security declines in price between those dates. This result is the opposite of what one would expect from a cash purchase of a long position in a security. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of any premium or amounts in lieu of interest that the Series may be required to pay in connection with a short sale.

In addition to the short sales discussed above, the Series also may make short sales "against the box," a transaction in which the Series enters into a short sale of a security that the Series owns. The proceeds of the short sale are held by a broker until the settlement date, at which time the Series delivers the security to close the short position. The Series receives the net proceeds from the short sale.

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The ability of the Series to effect short sales may be limited because of certain requirements the Series must satisfy to maintain its status as a regulated investment company.

**Short-Term Debt Instruments and Temporary Investments**

Each Series may invest in money market securities (the types of which are discussed below) for liquidity and cash management purposes or if the Manager determines that securities meeting a Series' investment objective and policies are not otherwise readily available for purchase. Each Series may invest the Series' cash balance in US government securities and other short-term instruments including, but not limited to, short-term discount notes issued or guaranteed by the US government, its agencies or instrumentalities, or government-sponsored corporations. For temporary defensive purposes during periods when the Manager determines that conditions warrant, a Series may increase this percentage up to 100%. Each Series may take temporary defensive positions in reaction to unusual market conditions, anticipated redemptions, or other events. For purposes of these policies, money market securities include (i) short-term US government securities, including custodial receipts evidencing separately traded interest and principal components of securities issued by the US Treasury; (ii) commercial paper rated in the highest short-term rating category by a NRSRO, such as S&P or Moody's, or determined by the Manager to be of comparable quality at the time of purchase; (iii) short-term bank obligations (certificates of deposit, time deposits, and bankers' acceptances) of US domestic banks, foreign banks and foreign branches of domestic banks, and commercial banks with assets of at least $1 billion as of the end of their most recent fiscal year; and (iv) repurchase agreements involving such securities. Each of these types of money market securities is discussed in more in this SAI.

Nomura VIP Investment Grade Series, Nomura VIP Limited Duration Bond Series, and Nomura VIP Total Return Series may invest in short-term debt or money market instruments as a means to achieve their investment objectives.

*US Government Securities.* Examples of types of US government obligations in which a Series may invest include US Treasury obligations and the obligations of US government agencies such as Federal Home Loan Banks, Federal Farm Credit Banks, Federal Land Banks, the Federal Housing Administration, Farmers Home Administration, Export-Import Bank of the US, Small Business Administration, Fannie Mae, Ginnie Mae, General Services Administration, Student Loan Marketing Association, Central Bank for Cooperatives, Freddie Mac, Federal Intermediate Credit Banks, Maritime Administration, and other similar agencies. Whether backed by the full faith and credit of the US Treasury or not, US government securities are not guaranteed against price movements due to fluctuating interest rates.

● *US Treasury Obligations.* US Treasury obligations
 consist of bills, notes, and bonds issued by the US Treasury and separately traded interest and
 principal component parts of such obligations that are transferable through the federal book-entry system known as Separate Trading of Registered Interest and Principal of Securities
 ("STRIPS") and Treasury Receipts ("TRs").

● *Receipts.* Interests in separately traded interest and principal component parts of US government obligations that are issued by banks or brokerage

 and principal payments for the benefit of the registered owners of the certificates or receipts. The custodian arranges for the issuance
 of the certificates or receipts evidencing
 ownership and maintains the register. TRs and STRIPS are interests in accounts sponsored by the US Treasury.
 Receipts are sold as zero coupon securities.

● *US Government Zero Coupon Securities.* STRIPS
 and receipts are sold as zero coupon securities, that is, fixed income securities that have been
 stripped of their unmatured interest coupons. Zero coupon securities are sold at a (usually substantial) discount and redeemed at face value at their maturity date without interim
 cash payments of interest or principal. The amount of this discount is accreted over the life of the security,
 and the accretion constitutes the income earned on the security for both accounting and tax purposes. Because of these features, the market
 prices of zero coupon securities are generally more volatile than the market prices of securities that have similar maturity but that
 pay interest periodically. Zero coupon securities
 are likely to respond to a greater degree to interest rate changes than are non-zero coupon securities
 with similar maturity and credit qualities.

● *US Government Agencies.* Some obligations
 issued or guaranteed by agencies of the US government are supported by the full faith and credit of
 the US Treasury, others are supported by the right of the issuer to borrow from the Treasury, while still others are supported only by
 the credit of the instrumentality. Guarantees
 of principal by agencies or instrumentalities of the US government may be a guarantee of payment at the maturity
 of the obligation so that in the event of a default prior to maturity there might not be a market and thus no means of realizing on the obligation prior to maturity. Guarantees
 as to the timely payment of principal and interest do not extend to the value or yield of these securities or
 to the value of a Series' shares.

*Commercial Paper.* Commercial paper is the term used to designate unsecured short-term promissory notes issued by corporations and other entities. Maturities on these issues vary from a few to 270 days. A Series may invest in short-term promissory notes issued by corporations that, at the time of purchase, are rated P-1 and/or A-1. Commercial paper ratings P-1 by Moody's and A-1 by S&P are the highest investment grade category. See "Appendix A — Description of Ratings" for a description of the rating symbols of S&P and Moody's.

*Obligations of Domestic Banks, Foreign Banks and Foreign Branches of US Banks.* A Series may invest in obligations issued by banks and other savings institutions. Investments in bank obligations include obligations of domestic branches of foreign banks and foreign branches of domestic banks. Such investments in domestic branches of foreign banks and foreign branches of domestic banks are not covered by the Federal Deposit Insurance Corporation ("FDIC") and may involve risks that are different from investments in securities of domestic branches of US banks. These risks may include future unfavorable political and economic developments, possible withholding taxes on interest income, seizure or nationalization

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**Investment Strategies and Risks**

of foreign deposits, currency controls, interest limitations, or other governmental restrictions that might affect the payment of principal or interest on the securities held by a Series. Additionally, these institutions may be subject to less stringent reserve requirements and to different accounting, auditing, reporting, and recordkeeping requirements than those applicable to domestic branches of US banks. Bank obligations include the following:

● *Bankers' Acceptances.* Bankers' acceptances
 are bills of exchange or time drafts drawn on, and accepted by, a commercial bank. Corporations use
 bankers' acceptances to finance the shipment and storage of goods and to furnish dollar exchange. Maturities are generally six
 months or less.

● *Certificates of Deposit.* Certificates of deposit are
 interest-bearing instruments with a specific maturity. They are issued by banks and savings and
 loan institutions in exchange for the deposit of funds and normally can be traded in the secondary market prior to maturity. Unless they
 can be traded on a secondary market, certificates
 of deposit with penalties for early withdrawal may be considered illiquid.

● *Time Deposits.* Time deposits are nonnegotiable
 receipts issued by a bank in exchange for the deposit of funds. Like a certificate of deposit, they
 earn a specified rate of interest over a definite period of time; however, they cannot be traded in the secondary market. Time deposits
 with a withdrawal penalty or that mature
 in more than seven calendar days may be considered to be illiquid investments. A Series generally will not purchase
 time deposits maturing in more than seven calendar days, and time deposits maturing from two Business Days through seven calendar
 days will not exceed 15% of the Series' total assets.

**Small to Medium-Sized Companies**

Certain Series may invest in equity securities of small to medium-sized companies. These stocks have historically been more volatile in price than larger capitalization stocks, such as those included in the S&P 500<sup>®</sup> Index. This is because, among other things, smaller companies have a lower degree of liquidity and tend to have a greater sensitivity to changing economic conditions. These companies may have narrow product lines, markets or financial resources, or may depend on a limited management group. In addition, these companies are typically subject to a greater degree of change in their earnings and prospects. The companies' securities may trade less frequently and have a smaller trading volume. The securities may be traded only in the over-the-counter markets or on a regional securities exchange. In addition to exhibiting greater volatility, smaller capitalization securities may, to some degree, fluctuate independently of the stocks of larger capitalization companies. For example, the stocks of smaller capitalization companies may decline in price as the price of larger company stocks rise, or vice versa.

**Special Situations**

A Series may use aggressive investment techniques, including seeking to benefit from "special situations," such as mergers, reorganizations, investing in small-size companies, or other unusual events expected to affect a particular issuer. There is a risk that the "special situation" might not occur, which could have a negative impact on the price of the issuer's securities and fail to produce the expected gains or produce a loss for the Series.

**Structured Products**

Nomura VIP Fund for Income Series, Nomura VIP Limited Duration Bond Series, Nomura VIP Total Return Series, and Nomura VIP Investment Grade Series may invest in structured products, including instruments such as credit-linked securities, which are potentially high-risk derivatives. Structured products (a type of potentially high-risk derivative) that the Series may invest in have been developed and combine the elements of futures contracts or options with those of debt, preferred equity, or a depository instrument (hereinafter "structured products"). Generally, a structured product will be a debt security, preferred stock, depository share, trust certificate, certificate of deposit, or other evidence of indebtedness on which a portion of or all interest payments, and/or the principal or stated amount payable at maturity, redemption, or retirement is determined by reference to prices, changes in prices, or differences between prices of securities, currencies, intangibles, goods, articles, or commodities (collectively "underlying assets") or by another objective index, economic factor, or other measure, such as interest rates, currency exchange rates, commodity indices, and securities indices (collectively "benchmarks"). Thus, structured products may take a variety of forms, including, but not limited to, debt instruments with interest or principal payments or redemption terms determined by reference to the value of a currency or commodity or securities index at a future point in time, preferred stock with dividend rates determined by reference to the value of a currency, or convertible securities with the conversion terms related to a particular commodity.

Structured products can be an efficient means of creating exposure to a particular market, or segment of a market, with the objective of enhancing total return. For example, a Series may wish to take advantage of expected declines in interest rates in several European countries, but avoid the transaction costs associated with buying and currency-hedging the foreign bond positions. One solution would be to purchase a US dollar-denominated structured product whose redemption price is linked to the average 3-year interest rate in a designated group of countries. The redemption price formula would provide for payoffs of greater than par if the average interest rate were lower than a specified level, and payoffs of less than par if rates were above the specified level. Furthermore, a Series could limit the downside risk of the security by establishing a minimum redemption price so that the principal paid at maturity could not be below a predetermined minimum level if interest rates were to rise significantly. The purpose of this arrangement, known as a structured security with an embedded put option, would be to give the Series the desired European bond exposure while avoiding currency risk, limiting downside market risk, and lowering transaction costs. Of course, there is no guarantee that the strategy will be successful, and a Series could lose money if, for example, interest rates do not move as anticipated or credit problems develop with the issuer of the structured products.

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The risks of investing in structured products reflect a combination of the risks of investing in securities, options, futures, and currencies. Thus, an investment in a structured product may entail significant risks that are not associated with a similar investment in a traditional debt instrument that has a fixed principal amount, is denominated in US dollars, or bears interest either at a fixed rate or a floating rate determined by reference to a common, nationally published benchmark. The risks of a particular structured product will, of course, depend upon the terms of the instrument, but may include, without limitation, the possibility of significant changes in the benchmarks or the prices of underlying assets to which the instrument is linked. Such risks generally depend upon factors that are unrelated to the operations or credit quality of the issuer of the structured product and that may not be readily foreseen by the purchaser, such as economic and political events, the supply of and demand for the underlying assets, and interest rate movements. In recent years, various benchmarks and prices for underlying assets have been highly volatile, and such volatility may be expected in the future. Reference is also made to the discussion of futures, options, and forward contracts herein for a discussion of the risks associated with such investments.

Structured products are potentially more volatile and carry greater market risks than traditional debt instruments. Depending on the construction of the particular structured product, changes in a benchmark may be magnified by the terms of the structured product and have an even more dramatic and substantial effect upon the value of the structured product. Also, the prices of the structured product and the benchmark or underlying asset may not move in the same direction or at the same time.

Structured products may bear interest or pay preferred dividends at below market (or even relatively nominal) rates. Alternatively, structured products may bear interest at above market rates but bear an increased risk of principal loss (or gain). The latter scenario may result if "leverage" is used to make up the structured product. Leverage risk occurs when the structured product is organized so that a given change in a benchmark or underlying asset is multiplied to produce a greater value change in the structured product, thereby magnifying the risk of loss as well as the potential for gain.

Structured products may also carry liquidity risk since the instruments are often "customized" to meet the portfolio needs of a particular investor, and therefore, the number of investors that are willing and able to buy such instruments in the secondary market may be smaller than that for more traditional debt securities. In addition, because the purchase and sale of structured products could take place in an over-the-counter market without the guarantee of a central clearing organization or in a transaction between a Series and the issuer of the structured product, the creditworthiness of the counterparty or issuer of the structured product would be an additional risk factor which the Series would have to consider and monitor. Structured products also may not be subject to regulation by the CFTC, which generally regulates the trading of commodity futures by US persons, the SEC, which regulates the offer and sale of securities by and to US persons, or any other governmental regulatory authority.

The various risks discussed above, particularly the market risk of such instruments, may in turn cause significant fluctuations in the NAV of a Series. Certain issuers of structured products may be deemed to be investment companies as defined in the 1940 Act. As a result, the Series' investments in these structured products may be subject to limits applicable to investments in investment companies and may be subject to restrictions contained in the 1940 Act.

*Credit-Linked Securities.* Nomura VIP Total Return Series may invest up to 10% of its net assets in credit-linked securities. Credit-linked securities are issued by a limited purpose trust or other vehicle that, in turn, invests in a basket of derivatives instruments, such as credit default swaps, interest rate swaps and other securities, in order to provide exposure to certain high yield or other fixed income markets. For example, a Series may invest in credit-linked securities as a cash management tool in order to gain exposure to the high yield markets and/or to remain fully invested when more traditional income-producing securities are not available. Like an investment in a bond, investments in credit-linked securities represent the right to receive periodic income payments (in the form of distributions) and payment of principal at the end of the term of the security. However, these payments are conditioned on the trust's receipt of payments from, and the trust's potential obligations to, the counterparties to the derivatives instruments and other securities in which the trust invests. For instance, the trust may sell one or more credit default swaps, under which the trust would receive a stream of payments over the term of the swap agreements provided that no event of default has occurred with respect to the referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and the trust would be obligated to pay the counterparty the par (or other agreed upon value) of the referenced debt obligation. This, in turn, would reduce the amount of income and principal that a Series would receive as an investor in the trust. A Series' investments in these instruments are indirectly subject to the risks associated with derivatives instruments, including, among others, credit risk, default or similar event risk, counterparty risk, interest rate risk, leverage risk and management risk. It is expected that the securities will be exempt from registration under the 1933 Act. Accordingly, there may be no established trading market for the securities and they may constitute illiquid investments.

**Swaps**

Certain Series may enter into interest rate, currency, or index (total return) swaps and the purchase or sale of related caps, floors, and collars. Nomura VIP Limited Duration Bond Series, Nomura VIP Total Return Series, and Nomura VIP Investment Grade Series may enter into credit default swap ("CDS") contracts in order to hedge against a credit event, to enhance total return, or to gain exposure to certain securities or markets. Nomura VIP Fund for Income Series may invest in interest rate and index (total return) swaps to the extent consistent with their respective investment objectives and strategies. Nomura VIP Limited Duration Bond Series and Nomura VIP Total Return Series may use interest rate swaps to adjust their sensitivity to interest rates or to hedge against changes in interest rates. Nomura VIP Fund for Income Series and Nomura VIP Investment Grade Series will not be permitted to enter into any swap transaction unless, at the time of entering into such transaction, the unsecured

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**Investment Strategies and Risks**

long-term debt of the actual counterparty, combined with any credit enhancements, is rated at least BBB- by S&P or Baa3 by Moody's or is determined to be of equivalent credit quality by the Manager. In addition, the Manager will monitor the ongoing creditworthiness of swap counterparties in order to seek to minimize the risk of swaps.

Swaps may be priced using fair value pricing. The income provided by a swap should be qualifying income for purposes of Subchapter M of the Internal Revenue Code. Swaps should not otherwise result in any significant diversification or valuation issues under Subchapter M of the Internal Revenue Code.

*Caps, Floors, and Collars.* The purchase of a cap entitles the purchaser to receive payments on a notional principal amount from the party selling such cap to the extent that a specified index exceeds a predetermined interest rate or amount. The purchase of a floor entitles the purchaser to receive payments on a notional principal amount from the party selling such floor to the extent that a specified index falls below a predetermined interest rate or amount. A collar is a combination of a cap and a floor that preserves a certain return within a predetermined range of interest rates or values. The Manager will usually enter into swaps on a net basis, i.e., the two payment streams are netted out in a cash settlement on the payment date or dates specified in the instrument, with a Series receiving or paying, as the case may be, only the net amount of the two payments. Inasmuch as these swaps, caps, floors, and collars are entered into for good faith hedging purposes, the Manager believes such obligations constitute senior securities under the 1940 Act and, accordingly, will not treat them as being subject to its borrowing restrictions. If there is a default by the counterparty, a Series may have contractual remedies pursuant to the agreements related to the transaction. Caps, floors, and collars are more recent innovations for which standardized documentation has not yet been fully developed and, accordingly, they are less liquid than swaps.

*Comprehensive swaps regulation*. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Dodd-Frank Act") and related regulatory developments have imposed comprehensive regulatory requirements on swaps and swap market participants. This regulatory framework includes: (1) registration and regulation of swap dealers and major swap participants; (2) requiring central clearing and execution of standardized swaps; (3) imposing margin requirements on swap transactions; (4) regulating and monitoring swap transactions through position limits and large trader reporting requirements; and (5) imposing record keeping and centralized and public reporting requirements, on an anonymous basis. The CFTC is responsible for the regulation of most swaps. The SEC has jurisdiction over a small segment of the market referred to as "security-based swaps," which includes swaps on single securities or credits, or narrow-based indices of securities or credits.

*Uncleared swaps.* In an uncleared swap, the swap counterparty is typically a brokerage firm, bank, or other financial institution. A Series customarily enters into uncleared swaps based on the standard terms and conditions of an International Swaps and Derivatives Association ("ISDA") Master Agreement. ISDA is a voluntary industry association of participants in the over-the-counter derivatives markets that has developed standardized contracts used by such participants that have agreed to be bound by such standardized contracts.

In the event that one party to a swap transaction defaults and the transaction is terminated prior to its scheduled termination date, one of the parties may be required to make an early termination payment to the other. An early termination payment may be payable by either the defaulting or nondefaulting party, depending upon which of them is "in-the-money" with respect to the swap at the time of its termination. Early termination payments may be calculated in various ways, but are intended to approximate the amount the "in-the-money" party would have to pay to replace the swap as of the date of its termination.

During the term of an uncleared swap, a Series is required to pledge to the swap counterparty, from time to time, an amount of cash and/or other assets, referred to as "variation margin," that is equal to the total net amount (if any) that would be payable by the Series to the counterparty if all outstanding swaps between the parties were terminated on the date in question, including any early termination payments. Periodically, changes in the variation margin amount are made to recognize changes in value of the contract resulting from, among other things, interest on the notional value of the contract, market value changes in the underlying investment, and/or dividends paid by the issuer of the underlying instrument. Likewise, the counterparty will be required to pledge cash or other assets to cover its obligations to a Series. However, the amount pledged may not always be equal to or more than the amount due to the other party. Therefore, if a counterparty defaults on its obligations to a Series, the amount pledged by the counterparty and available to the Series may not be sufficient to cover all the amounts due to the Series and the Series may sustain a loss.

Currently, the Series does not typically provide initial margin in connection with uncleared swaps. However, rules requiring initial margin to be posted by certain market participants for uncleared swaps have been adopted and are being phased in over time. When these rules take effect with respect to the Series, if the Series is deemed to have material swaps exposure under applicable swaps regulation, it will be required to post initial margin in addition to variation margin.

*Cleared swaps.* Certain standardized swaps are subject to mandatory central clearing and exchange trading. The Dodd-Frank Act and implementing rules will ultimately require the clearing and exchange-trading of many swaps. Mandatory exchange-trading and clearing will occur on a phased-in basis based on the type of market participant, CFTC approval of contracts for central clearing, and public trading facilities making such cleared swaps available to trade. To date, the CFTC has designated only certain of the most common types of credit default index swaps and interest rate swaps as subject to mandatory clearing and certain public trading facilities have made certain of those cleared swaps available to trade, but it is expected that additional categories of swaps will in the future be designated as subject to mandatory clearing and trade execution requirements. Central clearing is intended to reduce counterparty credit risk and increase liquidity, but central clearing does not eliminate these risks and may involve additional costs and risks not involved with uncleared swaps. For more information, see "Risks of cleared swaps" below.

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In a cleared swap, a Series' ultimate counterparty is a central clearinghouse rather than a brokerage firm, bank, or other financial institution. Cleared swaps are submitted for clearing through each party's FCM, which must be a member of the clearinghouse that serves as the central counterparty.

When a Series enters into a cleared swap, it must deliver to the central counterparty (via the FCM) an amount referred to as "initial margin." Initial margin requirements are determined by the central counterparty, but an FCM may require additional initial margin above the amount required by the central counterparty. During the term of the swap agreement, a "variation margin" amount may also be required to be paid by a Series or may be received by the Series in accordance with margin controls set for such accounts, depending upon changes in the marked-to-market value of the swap agreement. At the conclusion of the term of the swap agreement, if a Series has a loss equal to or greater than the margin amount, the margin amount is paid to the FCM along with any loss in excess of the margin amount. If a Series has a loss of less than the margin amount, the excess margin is returned to the Series. If a Series has a gain, the full margin amount and the amount of the gain are paid to the Series.

Recently adopted CFTC rules require the trading and execution of certain cleared swaps on public trading facilities. Trading on an exchange-type system may increase market transparency and liquidity but may require a Series to incur increased expenses to access the same types of swaps that it has used in the past.

*Credit default swaps.* The "buyer" of protection in a credit default swap agreement is obligated to pay the "seller" a periodic stream of payments over the term of the agreement in return for a payment by the "seller" that is contingent upon the occurrence of a credit event with respect to a specific underlying reference debt obligation (whether as a single debt instrument or as part of an index of debt instruments). The contingent payment by the seller generally is the face amount of the debt obligation, in return for the buyer's obligation to make periodic cash payments and deliver in physical form the reference debt obligation or a cash payment equal to the then-current market value of that debt obligation at the time of the credit event. If no credit event occurs, the seller would receive a fixed rate of income throughout the term of the contract, while the buyer would lose the amount of its payments and recover nothing. The buyer is also subject to the risk that the seller will not satisfy its contingent payment obligation, if and when due.

Purchasing protection through a credit default swap may be used to attempt to hedge against a decline in the value of debt security or securities due to a credit event. The seller of protection under a credit default swap receives periodic payments from the buyer but is exposed to the risk that the value of the reference debt obligation declines due to a credit event and that it will have to pay the face amount of the reference obligation to the buyer. Selling protection under a credit default swap may also permit the seller to gain exposure that is similar to owning the reference debt obligation directly. As the seller of protection, a Series would effectively add leverage to its portfolio because, in addition to its total assets, the Series would be subject to the risk that there would be a credit event and the Series would have to make a substantial payment in the future.

Generally, a credit event means bankruptcy, failure to timely pay interest or principal, obligation acceleration default, or repudiation or restructuring of the reference debt obligation. There may be disputes between the buyer or seller of a credit default swap agreement or within the swaps market as a whole as to whether or not a credit event has occurred or what the payout should be which could result in litigation. In some instances where there is a dispute in the credit default swap market, a regional Determinations Committee set up by ISDA may make an official binding determination regarding the existence of credit events with respect to the reference debt obligation of a credit default swap agreement or, in the case of a credit default swap on an index, with respect to a component of the index underlying the credit default swap agreement. In the case of a credit default swap on an index, the existence of a credit event is determined according to the index methodology, which may in turn refer to determinations made by ISDA's Determinations Committees with respect to particular components of the index.

ISDA's Determinations Committees are comprised principally of dealers in the OTC derivatives markets which may have a conflicting interest in the determination regarding the existence of a particular credit event. In addition, in the sovereign debt market, a credit default swap agreement may not provide the protection generally anticipated because the government issuer of the sovereign debt instruments may be able to restructure or renegotiate the debt in such a manner as to avoid triggering a credit event. Moreover, (1) sovereign debt obligations may not incorporate common, commercially acceptable provisions, such as collective action clauses, or (2) the negotiated restructuring of the sovereign debt may be deemed non-mandatory on all holders. As a result, the Determinations Committees might then not be able to determine, or may be able to avoid having to determine, that a credit event under the credit default agreement has occurred. For these and other reasons, the buyer of protection in a credit default swap agreement is subject to the risk that certain occurrences, such as particular restructuring events affecting the value of the underlying reference debt obligation, or the restructuring of sovereign debt, may not be deemed credit events under the credit default swap agreement. Therefore, if the credit default swap was purchased as a hedge or to take advantage of an anticipated increase in the value of credit protection for the underlying reference obligation, it may not provide any hedging benefit or otherwise increase in value as anticipated. Similarly, the seller of protection in a credit default swap agreement is subject to the risk that certain occurrences may be deemed to be credit events under the credit default swap agreement, even if these occurrences do not adversely impact the value or creditworthiness of the underlying reference debt obligation.

*Currency swaps.* A currency swap is an agreement between two parties to exchange periodic cash flows on a notional amount of two or more currencies based on the relative value differential between them. For example, a currency swap may involve the exchange of payments in a non-US currency for payments in US dollars. Currency swaps typically involve the delivery of the entire notional values of the two designated currencies. In such a situation, the full notional value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. A Series may also enter into currency swaps on a net basis, which means the two different currency payment streams under the swap

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**Investment Strategies and Risks**

agreement are converted and netted out to a single cash payment in just one of the currencies. For example, a currency swap may be used to hedge the interest payments and principal amount of a debt obligation that is denominated in a non-US currency by entering into a cross currency swap whereby one party would make payments in the non-US currency and receive payments in US dollars. Or, a currency swap may be used to gain exposure to non-US currencies and non-US interest rates by making payments in US dollars and receiving payments in non-US currencies.

Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be negatively affected by government exchange controls, blockages, and manipulations or exchange restrictions imposed by governments. These actions could result in losses to a Series if it is unable to deliver or receive a specified currency or funds in settlement of obligations, including swap transaction obligations. These actions could also have an adverse effect on a Series' swap transactions or cause a Series' hedging positions to be rendered useless, resulting in full currency exposure as well as incurring unnecessary transaction costs.

*Interest rate swaps.* Nomura VIP Total Return Series may enter into interest rate swaps. An interest rate swap is an agreement between two parties to exchange interest rate payment obligations. Each party's payment obligation under an interest rate swap is determined by reference to a specified "notional" amount of money. Therefore, interest rate swaps generally do not involve the delivery of securities, other underlying instruments, or principal amounts; rather they entail the exchange of cash payments based on the application of the designated interest rates to the notional amount. Accordingly, barring swap counterparty or FCM default, the risk of loss in an interest rate swap is limited to the net amount of interest payments that a Series is obligated to make or receive (as applicable), as well as any early termination payment payable by or to a Series upon early termination of the swap.

By swapping fixed interest rate payments for floating interest rate payments, an interest rate swap can be used to increase or decrease a Series' exposure to various interest rates, including to hedge interest rate risk. Interest rate swaps are generally used to permit the party seeking a floating-rate obligation the opportunity to acquire such obligation at a rate lower than is directly available in the credit markets, while permitting the party desiring a fixed-rate obligation the opportunity to acquire such a fixed-rate obligation, also frequently at a rate lower than is directly available in the credit markets. The success of such a transaction depends in large part on the availability of fixed-rate obligations at interest (or coupon) rates low enough to cover the costs involved. An interest rate swap transaction is affected by changes in interest rates, which, in turn, may affect the prepayment rate of any underlying debt obligations upon which the interest rate swap is based.

*Index swaps.* An index swap, also called a total return swap, is an agreement between two parties in which a party typically exchanges a cash flow based on a notional amount of a reference index for a cash flow based on a different index or on another specified instrument or reference rate. Index swaps are generally entered into on a net basis. In an index swap, a fund receives gains or incurs losses based on the total return of a specified index, in exchange for making interest payments to another party. An index swap can also work in reverse with a fund receiving interest payments from another party in exchange for movements in the total return of a specified index. A Series may use index swaps to gain exposure to markets. A Series may also use index swaps as a substitute for futures or options contracts if such contracts are not directly available to the Series on favorable terms.

*Risks of swaps generally*. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether a Series will be successful in using swap agreements to achieve its investment goal depends on the ability of the Manager to predict correctly which types of investments are likely to produce greater returns. If the Manager, in using swap agreements, is incorrect in its forecasts of market values, interest rates, inflation, currency exchange rates or other applicable factors, the investment performance of a Series will be less than its performance would have been if it had not used the swap agreements.

The risk of loss to a Series for swap transactions that are entered into on a net basis depends on which party is obligated to pay the net amount to the other party. If the counterparty is obligated to pay the net amount to a Series, the risk of loss to the Series is loss of the entire amount that the Series is entitled to receive. If a Series is obligated to pay the net amount, the Series' risk of loss is generally limited to that net amount. If the swap agreement involves the exchange of the entire principal value of a security, the entire principal value of that security is subject to the risk that the other party to the swap will default on its contractual delivery obligations. In addition, a Series' risk of loss also includes any margin at risk in the event of default by the counterparty (in an uncleared swap) or the central counterparty or FCM (in a cleared swap), plus any transaction costs.

Because bilateral swap agreements are structured as two-party contracts and may have terms of greater than seven days, these swaps may be considered to be illiquid and, therefore, subject to a Series' limitation on investments in illiquid investments. If a swap transaction is particularly large or if the relevant market is illiquid, a Series may not be able to establish or liquidate a position at an advantageous time or price, which may result in significant losses. Participants in the swap markets are not required to make continuous markets in the swap contracts they trade. Participants could refuse to quote prices for swap contracts or quote prices with an unusually wide spread between the price at which they are prepared to buy and the price at which they are prepared to sell. Some swap agreements entail complex terms and may require a greater degree of subjectivity in their valuation. However, the swap markets have grown substantially in recent years, with a large number of financial institutions acting both as principals and agents, utilizing standardized swap documentation. As a result, the swap markets have become increasingly liquid. In addition, central clearing and the trading of cleared swaps on public facilities are intended to increase liquidity. The Manager, under the supervision of the Board, is responsible for determining and monitoring the liquidity of the Series' swap transactions.

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Rules adopted under the Dodd-Frank Act require centralized reporting of detailed information about many swaps, whether cleared or uncleared. This information is available to regulators and also, to a more limited extent and on an anonymous basis, to the public. Reporting of swap data is intended to result in greater market transparency. This may be beneficial to funds that use swaps in their trading strategies. However, public reporting imposes additional recordkeeping burdens on these funds, and the safeguards established to protect anonymity are not yet tested and may not provide protection of funds' identities as intended.

Certain Internal Revenue Service ("IRS") positions may limit a Series' ability to use swap agreements in a desired tax strategy. It is possible that developments in the swap markets and/or the laws relating to swap agreements, including potential government regulation, could adversely affect a Series' ability to benefit from using swap agreements, or could have adverse tax consequences. For more information about potentially changing regulation, see "Developing government regulation of derivatives" above.

*Risks of uncleared swaps.* Uncleared swaps are not traded on exchanges. As a result, swap participants may not be as protected as participants on organized exchanges. Performance of a swap agreement is the responsibility only of the swap counterparty and not of any exchange or clearinghouse. As a result, a Series is subject to the risk that a counterparty will be unable or will refuse to perform under such agreement, including because of the counterparty's bankruptcy or insolvency. A Series risks the loss of the accrued but unpaid amounts under a swap agreement, which could be substantial, in the event of a default, insolvency, or bankruptcy by a swap counterparty. In such an event, a Series will have contractual remedies pursuant to the swap agreements, but bankruptcy and insolvency laws could affect the Series' rights as a creditor. If the counterparty's creditworthiness declines, the value of a swap agreement would likely decline, potentially resulting in losses. The Manager will only approve a swap agreement counterparty for a Series if the Manager deems the counterparty to be creditworthy under the Series' counterparty review process. However, in unusual or extreme market conditions, a counterparty's creditworthiness and ability to perform may deteriorate rapidly, and the availability of suitable replacement counterparties may become limited.

Swaps may be priced using fair value pricing.

*Risks of cleared swaps.* As noted above, under recent financial reforms, certain types of swaps are, and others eventually are expected to be, required to be cleared through a central counterparty, which may affect counterparty risk and other risks faced by a Series.

Central clearing is designed to reduce counterparty credit risk and increase liquidity compared to uncleared swaps because central clearing interposes the central clearinghouse as the counterparty to each participant's swap, but it does not eliminate those risks completely. There is also a risk of loss by a Series of the initial and variation margin deposits in the event of bankruptcy of the FCM with which the Series has an open position in a swap contract. The assets of a Series may not be fully protected in the event of the bankruptcy of the FCM or central counterparty because the Series might be limited to recovering only a pro rata share of all available funds and margin segregated on behalf of an FCM's customers. If the FCM does not provide accurate reporting, a Series is also subject to the risk that the FCM could use the Series' assets, which are held in an omnibus account with assets belonging to the FCM's other customers, to satisfy its own financial obligations or the payment obligations of another customer to the central counterparty. Credit risk of cleared swap participants is concentrated in a few clearinghouses, and the consequences of insolvency of a clearinghouse are not clear.

With cleared swaps, a Series may not be able to obtain as favorable terms as it would be able to negotiate for a bilateral, uncleared swap. In addition, an FCM may unilaterally amend the terms of its agreement with the Series, which may include the imposition of position limits or additional margin requirements with respect to a Series' investment in certain types of swaps. Central counterparties and FCMs can require termination of existing cleared swap transactions upon the occurrence of certain events, and can also require increases in margin above the margin that is required at the initiation of the swap agreement. Currently, depending on a number of factors, the margin required under the rules of the clearinghouse and FCM may be in excess of the collateral required to be posted by a Series to support its obligations under a similar uncleared swap. However, regulators have adopted rules imposing margin requirements on uncleared swaps, which will become effective as to various market participants over time.

Finally, a Series is subject to the risk that, after entering into a cleared swap, no FCM or central counterparty is willing or able to clear the transaction. In such an event, a Series may be required to break the trade and make an early termination payment.

**Unseasoned Companies**

Nomura VIP Fund for Income Series may invest in relatively new or unseasoned companies.

New or unseasoned companies are in their early stages of development, or small companies positioned in new and emerging industries where the opportunity for rapid growth is expected to be above average. Securities of unseasoned companies present greater risks than securities of larger, more established companies. These companies may have relatively small revenues, limited product lines, and may have a small share of the market for their products or services. Small companies may lack depth of management, they may be unable to internally generate funds necessary for growth or potential development or to generate such funds through external financing or on favorable terms, or they may be developing or marketing new products or services for which markets are not yet established and may never become established. Due to these and other factors, small companies may suffer significant losses as well as realize substantial growth, and investments in such companies tend to be volatile and are therefore speculative.

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**Investment Strategies and Risks**

**US Government Securities**

Certain Series may invest in US government securities.

US government securities include obligations of, or guaranteed by, the US federal government, its agencies, instrumentalities, or sponsored enterprises. Some US government securities are supported by the full faith and credit of the US government. These include US Treasury obligations and securities issued by Ginnie Mae. A second category of US government securities is those supported by the right of the agency, instrumentality or sponsored enterprise to borrow from the US government to meet its obligations. These include securities issued by Federal Home Loan Banks.

A third category of US government securities is those supported by only the credit of the issuing agency, instrumentality, or sponsored enterprise. These include securities issued by Fannie Mae and Freddie Mac. In the event of a default, an investor like a Series would only have legal recourse to the issuer, not the US government. Although the US government has provided support for these securities in the past, there can be no assurance that it will do so in the future. The US government has also made available additional guarantees for limited periods to stabilize or restore a market in the wake of an economic, political, or natural crisis. Such guarantees, and the economic opportunities they present, are likely to be temporary and cannot be relied upon by a Series. Any downgrade of the credit rating of the securities issued by the US government may result in a downgrade of securities issued by its agencies or instrumentalities, including government-sponsored entities.

**Variable and Floating Rate Notes**

Nomura VIP Fund for Income Series, Nomura VIP Limited Duration Bond Series, Nomura VIP Total Return Series, and Nomura VIP Investment Grade Series may invest in variable and floating rate demand notes.

Variable rate master demand notes, in which a Series may invest, are unsecured demand notes that permit the indebtedness thereunder to vary and provide for periodic adjustments in the interest rate according to the terms of the instrument. Because master demand notes are direct lending arrangements between a Series and the issuer, they are not normally traded. Although there is no secondary market in the notes, a Series may demand payment of principal and accrued interest at any time. Although the notes are not typically rated by credit rating agencies, issuers of variable amount master demand notes (which are normally manufacturing, retail, financial, and other business concerns) must satisfy the same criteria as set forth above for commercial paper. In determining average weighted portfolio maturity, a variable amount master demand note will be deemed to have a maturity equal to the period of time remaining until the principal amount can be recovered from the issuer through demand.

A variable rate note is one whose terms provide for the adjustment of its interest rate on set dates and which, upon such adjustment, can reasonably be expected to have a market value that approximates its par value. A floating rate note is one whose terms provide for the adjustment of its interest rate whenever a specified interest rate changes and which, at any time, can reasonably be expected to have a market value that approximates its par value. Such notes are frequently not rated by credit rating agencies; however, unrated variable and floating rate notes purchased by a Series will be determined by the Manager under guidelines established by the Board to be of comparable quality at the time of purchase to rated instruments eligible for purchase under the Series' investment policies. In making such determinations, the Manager will consider the earning power, cash flow, and other liquidity ratios of the issuers of such notes (such issuers include financial, merchandising, bank holding, and other companies) and will continuously monitor their financial condition. Although there may be no active secondary market with respect to a particular variable or floating rate note purchased by a Series, the Series may resell the note at any time to a third party. The absence of such an active secondary market, however, could make it difficult for a Series to dispose of the variable or floating rate note involved in the event the issuer of the note defaulted on its payment obligations, and the Series could, for this or other reasons, suffer a loss to the extent of the default. Variable or floating rate notes may be secured by bank letters of credit.

If not rated, such instruments must be found by the Manager under guidelines established by the Board, to be of comparable quality to instruments that are rated high quality. A rating may be relied upon only if it is provided by an NRSRO that is not affiliated with the issuer or guarantor of the instruments. See "Appendix A — Description of Ratings" for a description of the rating symbols of S&P and Moody's.

**Warrants**

Nomura VIP Growth Equity Series, Nomura VIP Growth and Income Series, and Nomura VIP Opportunity Series may purchase warrants and similar rights.

Warrants and similar rights are privileges issued by corporations enabling the owners to subscribe to and purchase a specified number of shares of the corporation at a specified price during a specified period of time. The purchase of warrants involves the risk that the Series could lose the purchase value of a warrant if the right to subscribe to additional shares is not exercised prior to the warrant's expiration. Also, the purchase of warrants involves the risk that the effective price paid for the warrant added to the subscription price of the related security may exceed the value of the subscribed security's market price such as when there is no movement in the level of the underlying security.

**When-Issued and Delayed-Delivery Securities**

Nomura VIP Emerging Markets Series, Nomura VIP Fund for Income Series, Nomura VIP Limited Duration Bond Series, Nomura VIP Small Cap Value Series, Nomura VIP Total Return Series, and Nomura VIP Investment Grade Series may purchase securities on a when-issued or delayed-delivery basis. In such transactions, instruments are purchased with payment and delivery taking place in the future in order to secure what

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is considered to be an advantageous yield or price at the time of the transaction. Delivery of and payment for these securities may take up to a month after the date of the purchase commitment, although in some cases it may take longer. The payment obligation and the interest rates that will be received are each fixed at the time the Series enters into the commitment and no interest accrues to the Series until settlement. Thus, it is possible that the market value at the time of settlement could be higher or lower than the purchase price if the general level of interest rates has changed.

**Zero Coupon and Payment-In-Kind Bonds**

Nomura VIP Fund for Income Series, Nomura VIP Limited Duration Bond Series, Nomura VIP Total Return Series, and Nomura VIP Investment Grade Series may acquire zero coupon bonds and payment-in-kind bonds.

The credit risk factors pertaining to lower-rated securities also apply to lower-rated zero coupon, deferred interest, and payment-in-kind bonds. These bonds carry an additional risk in that, unlike bonds that pay interest throughout the period to maturity, a Series will realize no cash until the cash payment date and, if the issuer defaults, the Series may obtain no return at all on its investment.

Zero coupon, deferred interest, and payment-in-kind bonds involve additional special considerations. Zero coupon or deferred interest securities are debt obligations that do not entitle the holder to any periodic payments of interest prior to maturity or a specified date when the securities begin paying current interest (the "cash payment date") and therefore are generally issued and traded at a discount from their face amounts or par values. The discount varies depending on the time remaining until maturity or cash payment date, prevailing interest rates, liquidity of the security, and the perceived credit quality of the issuer. The discount, in the absence of financial difficulties of the issuer, typically decreases as the final maturity or cash payment date of the security approaches. The market prices of zero coupon securities are generally more volatile than the market prices of securities that pay interest periodically and are likely to respond to changes in interest rates to a greater degree than do non-zero coupon or deferred interest securities having similar maturities and credit quality. Current federal income tax law requires that a holder of a zero coupon security report as income each year the portion of the original issue discount on the security that accrues that year, even though the holder receives no cash payments of interest during the year.

Payment-in-kind bonds are securities that pay interest through the issuance of additional bonds. A Series will be deemed to receive interest over the life of these bonds and be treated as if interest were paid on a current basis for federal income tax purposes, although no cash interest payments are received by the Series until the cash payment date or until the bonds mature. Accordingly, during periods when a Series receives no cash interest payments on its zero coupon securities or deferred interest or payment-in-kind bonds, it may be required to dispose of portfolio securities to meet the distribution requirements and these sales may be subject to the risk factors discussed above. A Series is not limited in the amount of its assets that may be invested in these types of securities.

**Investment strategies and risks applicable to all Series in this SAI**

**Cybersecurity Risk**

With the increased use of technologies such as the internet and the dependence on computer systems to perform necessary business functions, the Series and their service providers may have become more susceptible to operational and related risks through breaches in cybersecurity. A cybersecurity incident may refer to intentional or unintentional events that allow an unauthorized party to gain access (e.g., through "hacking," "phishing" or malicious software coding) to Series assets, customer data, or proprietary information, or cause a Series or Series service providers (including, but not limited to, the Manager, distributor, fund accountants, custodian, transfer agent, and financial intermediaries) to suffer data corruption or lose operational functionality. A cybersecurity incident could, among other things, result in the loss or theft of customer data or funds, customers or employees being unable to access electronic systems (denial of services), loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or remediation costs associated with system repairs.

Any of these results could have a substantial adverse impact on a Series and its shareholders. For example, if a cybersecurity incident results in a denial of service, Series shareholders could lose access to their electronic accounts and be unable to buy or sell Series shares for an unknown period of time, and employees could be unable to access electronic systems to perform critical duties for the Series, such as trading, NAV calculation, shareholder accounting or fulfillment of Series share purchases and redemptions. Cybersecurity incidents could cause a Series or Series service provider to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures, or financial loss of a significant magnitude and could result in allegations that a Series or Series service provider violated privacy and other laws.

Similar adverse consequences could result from cybersecurity incidents affecting issuers of securities in which the Series invests, counterparties with which a Series engages in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies, and other financial institutions and other parties. Risk management systems and business continuity plans seek to reduce the risks associated with cybersecurity in the event there is a cybersecurity breach, but there are inherent limitations in these systems and plans, including the possibility that certain risks may not have been identified, in large part because different or unknown threats may emerge in the future. Furthermore, the Series do not control the cybersecurity systems and plans of the issuers of securities in which the Series invest or the Series' third party service providers or trading counterparties or any other service providers whose operations may affect the Series or their shareholders.

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**Investment Strategies and Risks**

As an open-end management investment company, the Trust has delegated its operational activities to third-party service providers, subject to the oversight of the Board. Because the Trust operates its business through third-party service providers, it does not itself have any operational or security systems or infrastructure that are potentially subject to cyber attacks. The third-party service providers that facilitate the Trust's business activities, including, but not limited to, fund management, custody of Trust assets, fund accounting and financial administration, and transfer agent services, could be sources of operational and informational security risk to the Trust and its shareholders, including from breakdowns or failures of the third-party service providers' own systems or capacity constraints. A failure or breach of the operational or security systems or infrastructure of the Trust's third-party service providers could disrupt the Trust's operations, result in the disclosure or misuse of confidential or proprietary information, and cause losses. Although the Trust and its third-party service providers have business continuity plans and other safeguards in place, the operations of the Trust's third-party service providers may be adversely affected by significant disruption of the service providers' operating systems or physical infrastructure that support the Trust and its shareholders.

The proliferation of new technologies, the use of the Internet and telecommunications technologies to conduct business, as well as the increased sophistication and activities of organized crime, hackers, terrorists, activists, and others, have significantly increased the information security risks to which the Trust's third-party service providers are subject. Recently, geopolitical tensions may have increased the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing. The third-party service providers rely on digital technologies, computer and email systems, software, web-based applications, cloud-based technology and networks to conduct their business and the business of the Trust. The Trust's third-party service providers have robust information security procedures; however, their technologies may become the target of cyber attacks or information security breaches that could result in the unauthorized release, gathering, monitoring, misuse, loss, or destruction of the Trust's or its shareholders' confidential and other information, or otherwise disrupt the business operations of the Trust or its third-party service providers. Although to date the Trust has not experienced any material losses relating to cyber attacks or other information security breaches, there can be no assurance that the Trust or its third-party service providers will not suffer such losses in the future.

Disruptions or failures in the physical infrastructure or operating systems that support the Trust's third-party service providers, or cyber attacks or security breaches of the networks, systems, or devices that the Trust's third-party service providers use to service the Trust's operations, could result in financial losses, the inability of Trust shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. The business continuity policies and procedures that the Trust and its third-party service providers have established seek to identify and mitigate the types of risk to which the Trust and its third-party service providers are subject. As with any risk-management system, there are inherent limitations to these business continuity policies and procedures as there may exist, or develop in the future, risks that have not been anticipated or identified.

**IBOR Transition Risk**

The London Interbank Offered Rate ("LIBOR") was a common benchmark interest rate index used to make adjustments to variable-rate loans and historically was used throughout global banking and financial industries to determine interest rates for a variety of borrowing arrangements and financial instruments (such as debt instruments and derivatives).

The majority of LIBOR rates were phased out at the end of 2021. The most common tenors of USD LIBOR (overnight and 1-, 3-, 6- and 12-month) ceased publication as of June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021.

Over the past several years, various regulators and industry bodies identified alternative reference rates ("ARRs") to replace LIBOR and assist with the transition to the new ARRs. While the transition process away from LIBOR has become increasingly well-defined, there remains uncertainty and risks related to converting certain longer-term securities and transactions to a new ARR. For example, there can be no assurance that the composition or characteristics of any ARRs or financial instruments in which a series invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, while some instruments tied to LIBOR or a similar rate may include a replacement rate, not all instruments have such fallback provisions and the effectiveness of such replacement rates remains uncertain. The cessation of LIBOR or similar rates could affect the value and liquidity of investments tied to these rates, especially those that do not include fallback provisions. While it is expected that market participants will amend legacy financial instruments referencing LIBOR to include such fallback provisions to ARRs, there remains uncertainty regarding the willingness and ability of parties to add or amend such fallback provisions in legacy instruments.

Any effects of the transition away from LIBOR and the adoption of ARRs, as well as other unforeseen effects, could result in losses. Furthermore, the risks associated with the discontinuation of LIBOR and transition to replacement rates may be exacerbated if an orderly transition to an ARR is not completed in a timely manner.

**Natural Disaster/Epidemic Risk**

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of a series' investments. Given the increasing interdependence among global economies and markets,

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conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries. These disruptions could prevent a series from executing advantageous investment decisions in a timely manner and could negatively impact the series' ability to achieve its investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of a series.

**Disclosure of Portfolio Holdings Information**

Each Series has adopted a policy generally prohibiting the disclosure of portfolio holdings information to any person until after 30 calendar days have passed. Each Trust posts a list of its respective Series' portfolio holdings monthly, with an approximate 30-day lag, on the Series' website, nomuraassetmanagement.com/vip-performance. In addition, on a 10-day lag, we also make available on the website a month-end summary listing certain information, including each Series' top 10 portfolio holdings. This information is available publicly to any and all shareholders free of charge once posted on the website or by calling 800 523-1918.

Other entities, including institutional investors and intermediaries that distribute the Series' shares, are generally treated similarly and are not provided with the Series' portfolio holdings in advance of when they are generally available to the public.

The Series may, from time to time, provide statistical data derived from publicly available information to third parties, such as shareholders, prospective shareholders, financial intermediaries, consultants, and ratings and ranking organizations.

Third-party service providers and affiliated persons of the Series are provided with the Series' portfolio holdings only to the extent necessary to perform services under agreements relating to the Series and, in the case of affiliated persons, in connection with contributions of capital. These entities are obligated to keep such information confidential. In accordance with the policy, third-party service providers who receive nonpublic portfolio holdings information on an ongoing basis are: the Manager's affiliates (Nomura Investment Management Business Trust, Delaware Investments Fund Services Company, and the Distributor), the Series' independent registered public accounting firm, the Series' custodian, the Series' legal counsel, the Series' financial printer (DG3), and the Series' proxy voting service.

Third-party rating and ranking organizations and consultants who have signed agreements ("Nondisclosure Agreements") with the Series or the Manager may receive portfolio holdings information more quickly than the 30-day lag. The Nondisclosure Agreements require that the receiving entity hold the information in the strictest confidence and prohibit the receiving entity from disclosing the information or trading on the information (either in Series shares or in shares of the Series' portfolio securities). In addition, the receiving party must agree to provide copies of any research or reports generated using the portfolio holdings information in order to allow for monitoring of use of the information. Neither the Series, nor the Manager, nor sub-advisor, nor any affiliate, receives any compensation or consideration with respect to these agreements.

To protect the shareholders' interests and to avoid conflicts of interest, Nondisclosure Agreements must be approved by a member of the Manager's Legal Department and Compliance Department and any deviation in the use of the portfolio holdings information by the receiving party must be approved in writing by the Series' Chief Compliance Officer prior to such use.

The Board will be notified of any substantial changes to the foregoing procedures. The Board also receives an annual report from the Trusts' Chief Compliance Officer that, among other things, addresses the operation of the Trusts' procedures concerning the disclosure of portfolio holdings information.

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**Management of the Trust**

**Trustees and officers**

The business and affairs of the Trust are managed under the direction of its Board of Trustees. Information on the Trust's Trustees and principal officers is provided below. The Trustees serve for indefinite terms until their mandatory retirement, resignation, death, or removal. Trustees who are not "interested persons" as defined by the 1940 Act are referred to as the "Independent Trustees".

As of March 31, 2026, the officers and Trustees of the Trust directly owned less than 1% of the outstanding shares of each Class of each Series.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address,**<br>**and Birth Year** | **Position(s)** **Held with the** **Trust** | **Length of Time**<br>**Served<sup>1</sup>**  | **Number of**<br>**Funds in Fund**<br>**Complex**<br>**Overseen by**<br>**Trustee** | **Principal Occupation(s)**<br>**During the Past Five Years** | **Other Directorships Held**<br>**by Trustee During the**<br>**Past Five Years** |
| ***Interested Trustee*** |  |  |  |  |  |
| Shawn K. Lytle<sup>2</sup><br>100 Independence,<br>610 Market Street<br>Philadelphia,<br>PA 19106-2354<br>1970 | President, Chief Executive Officer, and Trustee | President and Chief Executive Officer since August 2015<br>Trustee since September 2015 | 78 | Nomura Asset Management International<sup>3</sup>—Chief Executive Officer (2025-Present); Macquarie Asset Management<sup>4</sup> (2015–2025)—Head of Equities & Multi-Asset (2023–2025); Head of Americas of Macquarie Group (2017–2025); Global Head of Public Investments (2019–2023) |  |
| ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** |
| Jerome D. Abernathy<br>100 Independence,<br>610 Market Street<br>Philadelphia,<br>PA 19106-2354<br>1959 | Trustee | Since January 2019 | 78 | Stonebrook Capital Management, LLC (financial technology: macro factors and databases)—Managing Member (1993–Present) |  |
| Ann D. Borowiec<br>100 Independence,<br>610 Market Street<br>Philadelphia,<br>PA 19106-2354<br>1958 | Trustee | Since March 2015 | 78 | J.P. Morgan Chase & Co.<br>(1987–2013)—Chief Executive<br>Officer, Private Wealth Management (2011–2013) | Nomura ETF Trust (2026-present) |
| Joseph W. Chow<br>100 Independence,<br>610 Market Street<br>Philadelphia,<br>PA 19106-2354<br>1953 | Trustee | Since January 2013 | 78 | Private Investor (2011–Present); State Street Bank and<br>Trust Company (1996–2011)—Executive Vice President of Enterprise Risk Management and Emerging Economies Strategy; and Chief Risk and Corporate Administration Officer |  |
| H. Jeffrey Dobbs<br>100 Independence,<br>610 Market Street<br>Philadelphia,<br>PA 19106-2354<br>1955 | Trustee | Since April 2019<sup>5</sup>  | 78 | KPMG LLP (2002–2015)—Global<br>Sector Chairman, Industrial<br>Manufacturing (2010–2015) | TechAccel LLC<br>(2015–2025)<br>Valparaiso University<br>Board (2012–Present)<br>Ivy Funds Complex<br>(2019–2021) |

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|:---|:---|:---|:---|:---|:---|
| **Name, Address,**<br>**and Birth Year** | **Position(s)** **Held with the** **Trust** | **Length of Time**<br>**Served**<sup>1</sup>  | **Number of**<br>**Funds in Fund**<br>**Complex**<br>**Overseen by**<br>**Trustee** | **Principal Occupation(s)**<br>**During the Past Five Years** | **Other Directorships Held**<br>**by Trustee During the**<br>**Past Five Years** |
| John A. Fry<br>100 Independence,<br>610 Market Street<br>Philadelphia,<br>PA 19106-2354<br>1960 | Trustee | Since January 2001 | 78 | Temple University—President<br>(2024–Present)<br>Drexel University—President<br>(2010-2024) | Federal Reserve Bank of Philadelphia (2020–2025)<br>Kresge Foundation<br>(2018–Present)<br>FS Credit Real Estate<br>Income Trust, Inc.<br>(2018–Present)<br>vTv Therapeutics Inc.<br>(2017–2024)<br>Community Health<br>Systems (2004–Present) |
| Joseph Harroz, Jr.<br>100 Independence,<br>610 Market Street<br>Philadelphia,<br>PA 19106-2354<br>1967 | Trustee | Since November 1998<sup>5</sup>  | 78 | University of Oklahoma—President (2020–Present); Interim President (2019–2020); Vice President and Dean, College of Law (2010–2019)<br>Brookhaven Investments LLC (commercial enterprises) — Managing Member (2019–Present)<br>St. Clair, LLC (commercial enterprises)—Managing Member (2019–Present) | OU Health, Inc.<br>(2020–Present)<br>Big 12 Athletic Conference (2019–July 1, 2024) <br>Valliance Bank<br>(2007–Present)<br>Ivy Funds Complex<br>(1998–2021)<br>Southeastern Athletic Conference<br>(July 1, 2024–Present) |

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**Management of the Trust**

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|:---|:---|:---|:---|:---|:---|
| **Name, Address,**<br>**and Birth Year** | **Position(s)** **Held with the** **Trust** | **Length of Time**<br>**Served**<sup>1</sup>  | **Number of**<br>**Funds in Fund**<br>**Complex**<br>**Overseen by**<br>**Trustee** | **Principal Occupation(s)**<br>**During the Past Five Years** | **Other Directorships Held**<br>**by Trustee During the**<br>**Past Five Years** |
| Sandra A.J. Lawrence<br>100 Independence,<br>610 Market Street<br>Philadelphia,<br>PA 19106-2354<br>1957 | Trustee | Since April 2019<sup>5</sup>  | 78 | Children's Mercy Hospitals and<br>Clinics (2005–2019)—Chief<br>Administrative Officer (2016–2019) | Brixmor Property Group<br>Inc. (2021–Present)<br>Sera Prognostics Inc.<br>(biotechnology)<br>(2021–Present)<br>Recology (resource<br>recovery) (2021–2023)<br>Evergy, Inc., Kansas City<br>Power & Light Company,<br>KCP&L Greater Missouri<br>Operations Company,<br>Westar Energy, Inc. and<br>Kansas Gas and Electric<br>Company (related utility<br>companies)<br>(2018–Present)<br>National Association of<br>Corporate Directors<br>(2017–Present)<br>American Shared Hospital<br>Services (medical device)<br>(2017–2021)<br>Ivy Funds Complex<br>(2019–2021) |
| Frances A.<br>Sevilla-Sacasa<br>100 Independence,<br>610 Market Street<br>Philadelphia,<br>PA 19106-2354<br>1956 | Trustee | Since September 2011 | 78 | Banco Itaú International—Chief Executive Officer (2012–2016); US Trust, Bank of America Private Wealth Management—President (2007-2008); U.S. Trust Corp.—President & CEO (2005-2007) | Invitation Homes Inc.<br>(2023-Present)<br>Florida Chapter of National<br>Association of Corporate<br>Directors (2021–Present)<br>Callon Petroleum<br>Company (2019–2024)<br>Camden Property Trust<br>(2011–Present)<br>New Senior Investment<br>Group Inc. (REIT) (2021) |
| Thomas K. Whitford<br>100 Independence,<br>610 Market Street<br>Philadelphia,<br>PA 19106-2354<br>1956 | Chair and Trustee | Trustee since January 2013<br>Chair since January 2023 | 78 | PNC Financial Services Group<br>(1983–2013)—Vice Chairman<br>(2009–2013) | HSBC USA Inc.<br>(2014–2022)<br>HSBC North America<br>Holdings Inc. (2013–2022) |

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|:---|:---|:---|:---|:---|:---|
| **Name, Address,**<br>**and Birth Year** | **Position(s)** **Held with the** **Trust** | **Length of Time**<br>**Served**<sup>1</sup>  | **Number of**<br>**Funds in Fund**<br>**Complex**<br>**Overseen by**<br>**Trustee** | **Principal Occupation(s)**<br>**During the Past Five Years** | **Other Directorships Held**<br>**by Trustee During the**<br>**Past Five Years** |
| Christianna Wood<br>100 Independence,<br>610 Market Street<br>Philadelphia,<br>PA 19106-2354<br>1959 | Trustee | Since January 2019 | 78 | Gore Creek Capital, Ltd.—Chief<br>Executive Officer and President<br>(2009–Present); Capital Z Asset<br>Management—Chief Executive<br>Officer (2008-2009); California Public Employees' Retirement<br>System (CalPERS)—Senior Investment Officer of<br>Global Equity (2002–2008) | The Merger Fund<br>(2013–2021), The Merger<br>Fund VL (2013–2021),<br>WCM Alternatives:<br>Event-Driven Fund<br>(2013–2021), and WCM<br>Alternatives: Credit Event<br>Fund (2017–2021)<br>Grange Insurance<br>(2013–Present)<br>H&R Block Corporation<br>(2008–2022) |

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|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Position(s) Held with the Trust** | **Length of Time Served<sup>1</sup>**  | **Principal Occupation(s) During**<br>**the Past Five Years** |
| ***Officers*** |  |  |  |
| Aaron C. Buser<br>100 Independence<br>610 Market Street<br>Philadelphia, PA 19106-2354<br>1970 | Vice President, General Counsel, and Secretary | Vice President since August 2022;<br>General Counsel and Secretary since May 2025 | Aaron C. Buser has served in various capacities at Nomura Asset Management since December 2025; previously, he served in various capacities at MAM since June 2022; prior to that, he served as Vice President and Assistant Secretary at SEI Investments Management Corporation and SEI Funds. |
| David F. Connor<sup>6</sup><br>100 Independence,<br>610 Market Street<br>Philadelphia,<br>PA 19106-2354<br>1963 | Senior Vice President and<br>Assistant Secretary | Senior Vice President since<br>May 2013; Assistant Secretary<br>since May 2025 | David F. Connor has served in various capacities at Nomura Asset Management since December 2025; previously, he served in various capacities at different times at MAM. |
| Daniel V. Geatens<sup>6</sup><br>100 Independence,<br>610 Market Street<br>Philadelphia,<br>PA 19106-2354<br>1972 | Senior Vice President and Treasurer | Senior Vice President since<br>December 2020; Treasurer<br>since October 2007 | Daniel V. Geatens has served in various capacities at Nomura Asset Management since December 2025; previously, he served in various capacities at different times at MAM. |
| Richard Salus<sup>6</sup><br>100 Independence,<br>610 Market Street<br>Philadelphia,<br>PA 19106-2354<br>1963 | Senior Vice President and Chief<br>Financial Officer | Senior Vice President and<br>Chief Financial Officer since<br>November 2006 | Richard Salus has served in various capacities at Nomura Asset Management since December 2025; previously, he served in various capacities at different times at MAM. |

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1 "Length of Time Served" refers to the time since the Trustee or officer began serving one or more of the Trusts in the Nomura Funds complex.

2 Shawn K. Lytle is considered to be an "Interested Trustee" because he is an executive officer of the Manager.

3 Nomura Asset Management is part of the Investment Management Division of the Nomura Group, including the Series' Manager, principal underwriter, and transfer agent.

4 Macquarie Asset Management ("MAM") is the marketing name for certain companies comprising the asset management division of Macquarie Group.

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**Management of the Trust**

5 Includes time served on the Board of the Ivy Funds complex prior to the date when the Ivy Funds joined the Nomura Funds complex.

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| 6 | David F. Connor and Daniel V. Geatens serve in similar capacities for the portfolios of Optimum Fund Trust, which have the same investment manager, principal underwriter, and transfer agent as the Series. Mr. Connor also serves as Senior Vice President and Assistant Secretary for the portfolios of Nomura ETF Trust, which have the same investment manager as the Series. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and as Senior Vice President and Treasurer for Nomura ETF Trust. Mr. Salus serves in a similar capacity for Nomura ETF Trust. |

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The following table shows each Trustee's ownership of shares of the Series and of shares of all Nomura Funds as of December 31, 2025.

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| | | |
|:---|:---|:---|
| **Name** | **Dollar Range of Equity Securities in the Series** | **Aggregate Dollar Range of Equity**<br>**Securities** **\*** **in All Registered**<br>**Investment Companies Overseen**<br>**by Trustee in Family of Investment**<br>**Companies** |
| ***Interested Trustee*** |  |  |
| Shawn K. Lytle |  | Over $100,000 |
| ***Independent Trustees*** |  |  |
| Jerome D. Abernathy |  | Over $100,000 |
| Ann D. Borowiec |  | Over $100,000 |
| Joseph W. Chow |  | Over $100,000 |
| H. Jeffrey Dobbs |  | Over $100,000 |
| John A. Fry |  | Over $100,000 |
| Joseph Harroz, Jr. | Over $100,000<br>Nomura VIP Smid Cap Core Series | Over $100,000 |
| Sandra A.J. Lawrence |  | Over $100,000 |
| Frances A. Sevilla-Sacasa |  | Over $100,000 |
| Thomas K. Whitford |  | Over $100,000 |
| Christianna Wood |  | Over $100,000 |

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\* The ranges for equity securities ownership by each Trustee are: none; $1-$10,000; $10,001-$50,000; $50,001-$100,000; or over $100,000.

The following table describes the compensation paid to each Trustee for the fiscal year ended December 31, 2025. Only the Independent Trustees of the Trust receive compensation from the Trust.

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|:---|:---|:---|:---|
| **Trustee** | **Aggregate Compensation** **from the Series in this SAI** | **Pension or Retirement Benefits**<br>**Accrued as Part of Series** **Expenses** | **Total Compensation from the**<br>**Investment Companies in the**<br>**Nomura Funds Complex<sup>1</sup>**  |
| Jerome D. Abernathy | $57346 |  | $427500 |
| Ann D. Borowiec | $57346 |  | $427500 |
| Joseph W. Chow | $53324 |  | $397500 |
| H. Jeffrey Dobbs | $51261 |  | $382500 |
| John A. Fry | $53324 |  | $397500 |
| Joseph Harroz, Jr. | $57346 |  | $427500 |
| Sandra A.J. Lawrence | $53324 |  | $397500 |
| Frances A. Sevilla-Sacasa | $58016 |  | $432500 |
| Thomas K. Whitford (Chair) | $70082 |  | $522500 |
| Christianna Wood | $57346 |  | $427500 |

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| 1 | Each Independent Trustee receives an annual retainer fee for serving as a Trustee for the investment companies in the Nomura Funds family of funds (78 funds in the complex) for which they serve, plus certain meeting fees. The committee chairs and Board Chair also receive retainers for serving as committee chair or serving as Board Chair, respectively. An Independent Trustee may receive additional fees based on determination by the Board Chair and the Nominating and Corporate Governance Committee. |

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***Common Board of Trustees:*** The business of the Trust is managed under the direction of its Board. The Trustees also serve on the Boards of all the other investment companies that comprise the Nomura Funds. The Trustees believe that having a common Board for all funds in the complex is efficient and enhances the ability of the Board to address its responsibilities to each fund in the complex. The Trustees believe that the common board structure allows the Trustees to leverage their individual expertise and that their judgment is enhanced by being Trustees of all of the funds in the complex.

***Size and Composition of Board:*** The Board is currently composed of eleven Trustees. Ten of the eleven are Independent Trustees. The Board is composed of Trustees with a variety of professional backgrounds and experiences. The Board believes that the skill sets of its members are complementary and add to the overall effectiveness of the Board. The Trustees regard diversity as an important consideration in the present composition of the Board and the selection of qualified candidates to fill vacancies on the Board. In order to ensure that Board membership will be

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**Management of the Trust**

refreshed from time to time, the Board has adopted a mandatory retirement age of 75 for Trustees. As a result, a Trustee may serve until December 31 of the calendar year in which such Trustee reaches the age of 75. At the discretion of the other Trustees, active service for a particular Trustee may be extended for a limited period of time beyond a Trustee's normal retirement date.

***Qualifications of the Trustees:*** The Board has concluded that, based on each Trustee's experience, qualifications, attributes or skills on an individual basis and in combination with those of the other Trustees, each Trustee should serve as a Trustee. In reaching its determination the Board, at the recommendation of the Nominating and Corporate Governance Committee, considers, in light of the Trust's business and structure, the individual's experience, qualifications, attributes, and skills. No one such factor is determinative, but some of the relevant factors that have been considered include: (i) the Trustee's educational background; business, professional training or practice; public service or academic positions; experience from service as a board member (including the Board) or as an executive of investment funds, public companies or significant private or not-for-profit entities or other organizations, and/or other life experiences; (ii) the ability to work effectively and collegially with other people; (iii) how the Trustee's background and attributes contribute to the overall mix of skills and experience on the Board as a whole; and (iv) the Trustee's willingness and ability to contribute to the Board's oversight and decision-making functions and provide the necessary skills to allow the Board to carry out its responsibilities. In addition to the table above, set forth below is a brief discussion of the specific experience, qualifications and skills of each Trustee that led the Board to conclude that he or she should serve as a Trustee.

***Jerome D. Abernathy*** — Mr. Abernathy has extensive experience in the investment management industry. He has been the Managing Member of Stonebrook Capital Management, LLC (financial technology: macro factors and databases) since 1993 and has served in various roles including Chief Investment Officer and Managing Partner. Prior to that, Mr. Abernathy served as a Managing Director at Guggenheim Investments, Director of Research at Moore Capital Management, and as a trader and researcher at Morgan Stanley. He also has experience as a director of other corporate and not-for-profit boards. Mr. Abernathy received a B.S. in electrical engineering from Howard University and a Ph.D. in electrical engineering and computer science from the Massachusetts Institute of Technology. He has served on the Board since January 2019.

***Ann D. Borowiec*** — Ms. Borowiec has extensive experience in the banking, and wealth management industry. She is currently a private investor. She was previously the Chief Executive Officer of Private Wealth Management at J.P. Morgan Chase & Co. from 2011 to 2013. During her 25 year career at J.P. Morgan, she served in a variety of senior roles including running the U.S. Private Bank, leading the global marketing team for Private Banking, and running Investor relations for J.P. Morgan Chase & Co. Ms. Borowiec began her career in public accounting. She also has experience as a director of other corporate and not-for-profit boards, including, among others, Santander Bank N.A., Banco Santander International and the New Jersey Symphony. Ms. Borowiec holds a B.B.A. from Texas Christian University and an M.B.A. from Harvard University. She has served on the Board since March 2015.

***Joseph W. Chow*** — Mr. Chow has extensive experience in the banking and financial services industry, including investments, risk management and business strategy. Mr. Chow is currently a private investor. He was previously at State Street Bank and Trust Company where he held a number of positions between 1990 and 2011, including Executive Vice President of Enterprise Risk Management, Executive Vice President of Emerging Economies Strategy, and Chief Risk and Corporate Administration Officer. He also has experience as a director of other corporate and not-for-profit boards, including Hercules Technology Growth Capital, Inc. Mr. Chow holds a B.A. degree from Brandeis University and a M.C.P. (city planning) and a M.S in Management (finance) from the Massachusetts Institute of Technology. He has served on the Board since January 2013.

***H. Jeffrey Dobbs*** — Mr. Dobbs has extensive experience in the global professional services industry. He is currently a private investor. Mr. Dobbs was the Global Chairman of the Industrial Manufacturing Sector at KPMG LLP from 2010 to 2015, where he was a partner from 2002 to 2015 and also served as the Global Lead Partner for a Fortune 5 global automotive company from 2003 to 2015. In these roles, he was responsible for the quality and client satisfaction of the strategic, operational, risk and compliance services provided to industrial manufacturing clients around the world. Prior to that, Mr. Dobbs was a partner at Arthur Andersen from 1988 to 2002, where he also served as the Kansas City Office Managing Partner. He has experience as a director of other corporate and not-for-profit boards. Mr. Dobbs holds a B.S. in accounting from Valparaiso University and is a retired Certified Public Accountant. He has served on the Board since April 2021. Prior to that, he served on the Board of Trustees of the Ivy Funds from April 2019 to April 2021.

***John A. Fry*** — Mr. Fry has extensive experience in higher education. Having served in senior management for four major institutions of higher learning, he has extensive experience overseeing areas such as finance, investments, risk-management, internal audit, and information technology. He has been the President of Temple University since 2024. Prior to that, he served as President of Drexel University from 2010 to 2024; President of Franklin & Marshall College from 2002 to 2010; Executive Vice President of the University of Pennsylvania from 1995 to 2002; and as a management consultant for the higher education and non-profit sectors at Coopers & Lybrand's National Higher Education Consulting Practice from 1990 to 1995 and KPMG Peat Marwick from 1982 to 1990. He also has extensive experience as a director of other corporate and not-for-profit boards, including, among others, the Federal Reserve Bank of Philadelphia, the Kresge Foundation and FS Credit Real Estate Income Trust Inc. Mr. Fry holds a B.A. degree in American Civilization from Lafayette College and an M.B.A. from New York University. He has served on the Board since January 2001.

***Joseph Harroz, Jr***. — Mr. Harroz has extensive experience in higher education. He has been the President of the University of Oklahoma since 2020. Prior to that he served as the Interim President from 2019 to 2020, Dean of the College of Law from 2010 to 2019, General Counsel from 1997 to 2019 and Vice President of Executive Affairs from 1994 to 1997. Mr. Harroz is a Managing Member of Brookhaven Investments LLC and St. Clair, LLC, each commercial enterprises, since 2019. He also has experience as a director of other corporate and not-for-profit boards, including OU

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Health, Inc., Southeastern Athletic Conference, Big 12 Athletic Conference and Valliance Bank. Mr. Harroz holds a B.A. degree from the University of Oklahoma and a J.D. from Georgetown University Law Center. He has been on the Board since April 2021 and prior to that on the Board of Trustees of the Ivy Funds from November 1998 to April 2021, serving as chair of that board for more than a decade.

***Sandra A.J. Lawrence*** — Ms. Lawrence has extensive experience in the healthcare and financial services sectors. She is currently a private investor. Ms. Lawrence was Chief Administrative Officer and Executive Vice President of Children's Mercy Hospitals and Clinics from 2016 to 2019 and Chief Financial Officer and Executive Vice President from 2005 to 2016. Prior to that, she was Chief Financial Officer and Senior Vice President of Midwest Research Institute (MRI) from 2004 to 2005, Vice President and Administrator of Gateway, Inc. from 1998 to 2000, General Manager of Gateway's Kansas City operation from 1997 to 1998, Director of MRI's Statistics & Economics Center from 1995 to 1997, and President of Stern Brothers (investment bank) from 1992 to 1995. Ms. Lawrence also previously served as interim Chief Executive Officer of Frontier Medical Research, President and Chief Executive Officer of Global Packaging Solutions, Inc., and in various roles in commercial real estate development. She also has extensive experience as a director of other corporate, private, and not-for-profit boards. Ms. Lawrence holds a B.A. from Vassar College, an M.Arch from the Massachusetts Institute of Technology, and an M.B.A. from Harvard Business School. She has served on the Board since April 2021. Prior to that, she served on the Board of Trustees of the Ivy Funds from April 2019 to April 2021.

***Frances A. Sevilla-Sacasa*** — Ms. Sevilla-Sacasa has extensive experience in banking and wealth management. She is currently a private investor and was CEO of Banco Itaú International, Miami, Florida, from April 2012 to December 2016. She served as Executive Advisor to the Dean of the University of Miami School of Business from August 2011 to March 2012, Interim Dean of the University of Miami School of Business from January 2011 to July 2011, President of US Trust, Bank of America Private Wealth Management from July 2007 to December 2008, President and CEO of US Trust Company from early 2007 until June 2007, and President of US Trust Company from November 2005 until June 2007. She previously served in a variety of roles with Citigroup's private banking business, including President of Latin America Private Banking, President of Europe Private Banking, and Head of International Trust Business. She also has experience as a director of other corporate and not-for-profit boards. Ms. Sevilla-Sacasa holds a B.A. from the University of Miami and an M.B.A from the Thunderbird School of Global Management. She has served on the Board since September 2011.

***Thomas K. Whitford*** — Mr. Whitford has extensive experience in the banking and financial services industry. He is currently a private investor. He was the Vice Chairman of PNC Financial Services Group from 2009 to 2013. Prior to that, he held a number of other leadership positions at PNC, including Chairman of National City Bank (responsible for PNC's integration of National City Corporation) from 2008 to 2009, Chief Administrative Officer from 2007 to 2008, Chief Risk Officer from 2002 to 2007, Chief Executive Officer of PNC's Wealth Management business from 1997 to 2001 and other positions from 1983 to 1997. He also has previous experience as a director of other corporate and not-for-profit boards, including among others, HSBC North America Holdings Inc., HSBC Finance Corporation, Longwood Gardens and The Barnes Foundation. Mr. Whitford holds a B.S. from the University of Massachusetts and an M.B.A. from The Wharton School of the University of Pennsylvania. Mr. Whitford has served on the Board since January 2013 and chair since January 2023.

***Christianna Wood*** — Ms. Wood has extensive portfolio management experience in the institutional investment management industry. She has been the President and Chief Executive Officer of Gore Creek Capital, Ltd. since 2009. Prior to that she served as the Chief Executive Officer of Capital Z Asset Management (one of the largest independent sponsors of hedge funds) from 2008 to 2009 and as the Senior Investment Officer of Global Equity of the California Public Employees' Retirement System (CalPERS) (the largest public pension plan in the United States) from 2002 to 2008. At CalPERS, in addition to the responsibility for their $150 billion global equity portfolio in internal and externally managed long-only and hedge fund strategies, Ms. Wood also had oversight responsibilities for CalPERS corporate governance program and ESG strategies. She has extensive experience as a non-executive director of numerous corporate and not-for-profit boards. Ms. Wood received a B.A. in economics from Vassar College and an M.B.A. in finance from New York University. Ms. Wood was a 2018 Harvard University Advanced Leadership Fellow. She has served on the Board since January 2019.

***Shawn K. Lytle*** — Mr. Lytle is Chief Executive Officer of Nomura Asset Management International, where he is responsible for overseeing the business, investment teams, and strategies for clients. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. He also serves as the President of Nomura Funds (formerly, Macquarie Funds) and oversees registered vehicle governance in the US and Europe. Mr. Lytle is a member of the Nomura Asset Management International Executive Committee. He has more than 30 years of asset management experience. Before joining Macquarie in 2015, he held several management and equity investment roles at UBS Asset Management and various roles at J.P. Morgan Asset Management. Mr. Lytle is a member of the Investment Company Institute (ICI) Executive Committee. He is also a board member of OppNet and Philadelphia Financial Scholars, in addition to being the former Chairman of the National Association of Securities Professionals (NASP). He earned a Bachelor of Science in marketing from The McDonough School of Business at Georgetown University.

***Board Leadership Structure:*** The Board has overall responsibility for the oversight of the Series. The Chair of the Board is an Independent Trustee and the Chair of each Committee of the Board is an Independent Trustee. The Board has six standing Committees: Audit Committee, Nominating and Corporate Governance Committee, Compliance Committee, Equity Investments Committee, Fixed Income, Multi-Asset and Sub-advised Fund Investments Committee, and Committee of Independent Trustees. The role of the Chair of the Board is to preside at all meetings of the Board, to act as a liaison with service providers, fund officers, legal counsel and other Trustees generally between meetings and to actively develop meeting agendas. The Chair of each Committee performs a similar role with respect to the Committee. The Chair of the Board or the Chair of a Committee may also perform such other functions as may be delegated by the Board or the Committee, respectively, from time to time.

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**Management of the Trust**

The Board has regular meetings five times a year, and may hold special meetings if required before its next regular meeting. Each Committee meets regularly to conduct the oversight functions delegated to that Committee by the Board and reports its findings to the Board. The Board and each standing Committee conduct annual assessments of their oversight function and structure. The Board has determined that the Board's leadership structure is appropriate because it allows the Board to exercise independent judgment over management and to allocate areas of responsibility among Committees and the full Board to enhance effective oversight.

***Audit Committee:*** This committee monitors accounting and financial reporting policies, practices, and internal controls, as well as valuation matters for the Trust. It also oversees the quality and objectivity of the Trust's financial statements and the independent audit thereof, and acts as a liaison between the Trust's independent registered public accounting firm and the full Board. The committee currently consists of the following Independent Trustees: Frances A. Sevilla-Sacasa, Chair; H. Jeffrey Dobbs; Christianna Wood; and Joseph W. Chow. The Audit Committee held seven meetings during the Trust's last fiscal year.

***Nominating and Corporate Governance Committee:*** This committee is responsible for nominating Trustees and making recommendations to the Board concerning Board composition, committee structure and governance, director education, and governance practices. The committee currently consists of the following Independent Trustees: Ann D. Borowiec, Chair; John A. Fry; and Sandra A.J. Lawrence. The Nominating and Corporate Governance Committee held five meetings during the Trust's last fiscal year.

The committee will consider shareholder recommendations for nomination to the Board only in the event that there is a vacancy on the Board. Shareholders who wish to submit recommendations for nominations to the Board to fill a vacancy must submit their recommendations in writing to the Nominating and Corporate Governance Committee, c/o Nomura Funds at 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354. At a minimum, the recommendation should include: the name, address and business, educational and/or other pertinent background of the person being recommended; a statement concerning whether the person is an "interested person" as defined in the 1940 Act; any other information that the Series would be required to include in a proxy statement concerning the person if he or she was nominated; and the name and address of the person submitting the recommendation, together with the number of Series shares held by such person and the period for which the shares have been held. The recommendation also can include any additional information which the person submitting it believes would assist the committee in evaluating the recommendation.

In evaluating nominees, the committee considers, among other things, an individual's background, skills, and experience; whether the individual is an "interested person" as defined in the 1940 Act; and whether the individual would be deemed an "audit committee financial expert" within the meaning of applicable SEC rules. The committee also considers whether the individual's background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the diversity of the Board.

***Compliance Committee:*** This committee assists the Board's oversight of the Series' compliance program and the Series' Chief Compliance Officer and also provides assistance to the Board in fulfilling its oversight responsibilities with respect to policies and procedures related to compliance, regulatory, legal and operational risk mitigation measures and controls involving the Series and their service providers (other than matters primarily involving the Series' auditors or related to valuation or investment related risk). The committee currently consists of the following Independent Trustees: Joseph Harroz, Jr., Chair; Jerome D. Abernathy; Ann D. Borowiec; and Sandra A.J. Lawrence. The Compliance Committee held four meetings during the Trust's last fiscal year.

***Investments Committees:*** Each of the Investments Committees works to assist the Board in the oversight, monitoring, and evaluation of Series performance, investment related risks and other related matters. The Committees meet with the investment management team representatives of the Series from time to time to discuss investment performance and investment process and perform such other functions as may be delegated to it from time to time by the Board.

The Equity Investments Committee currently consists of the following Independent Trustees: Christianna Wood, Chair; Ann D. Borowiec; H. Jeffrey Dobbs; and Joseph Harroz, Jr. The Equity Investments Committee held five meetings during the Trust's last fiscal year.

The Fixed Income, Multi-Asset and Sub-advised Fund Investments Committee consists of the following Independent Trustees: Jerome D. Abernathy, Chair; Joseph W. Chow; John A. Fry; Sandra A.J. Lawrence; and Frances A. Sevilla-Sacasa. The Fixed Income, Multi-Asset and Sub-advised Fund Investments Committee held four meetings during the Trust's last fiscal year.

**Committee of Independent Trustees:** This committee oversees the approval process of the Series' advisory and distribution agreements and arrangements, serves as a liaison between the Board and the Manager and the Series' Chief Compliance Officer and undertakes other responsibilities. The committee is comprised of all of the Trust's Independent Trustees. The Committee of Independent Trustees held nine meetings during the Trust's last fiscal year.

***Board Role in Risk Oversight:*** Investing in general and the operation of a Series involve a variety of risks, such as investment risk, illiquidity risk, compliance risk, and operational risk, among others. The Board oversees risk as part of its oversight of the Series. Risk oversight is addressed as part of various regular Board and committee activities. The Board, directly or through its committees, reviews reports from among others, the Manager, sub-advisers, the Series Chief Compliance Officer, the Series' independent registered public accounting firm, counsel, and other parties, as appropriate, regarding risks faced by the Series and the risk management programs of the Manager and certain service providers. The actual day-to-day risk management with respect to the Series resides with the Manager and other service providers to the Series. Although the risk management policies of the Manager and the service providers are designed to be effective, those policies and their implementation vary among

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service providers and over time, and there is no guarantee that they will be effective. Not all risks that may affect the Series can be identified or processes and controls developed to eliminate or mitigate their occurrence or effects, and some risks are simply beyond any control of the Series or the Manager, its affiliates or other service providers.

**Code of Ethics**

The Trust, the Manager, Securian AM, VanEck, MIMGL, NCRAM and the Distributor have adopted Codes of Ethics in compliance with the requirements of Rule 17j-1 under the 1940 Act, which govern personal securities transactions. Under the Codes of Ethics, persons subject to the Codes are permitted to engage in personal securities transactions, including securities that may be purchased or held by the Series, subject to the requirements set forth in Rule 17j-1 under the 1940 Act and certain other procedures set forth in the applicable Code of Ethics. The Codes of Ethics are on public file with, and are available from, the SEC.

**Proxy Voting** **Policies**

*The Manager*

The Trust has formally delegated to the Manager the responsibility for making all proxy voting decisions in relation to portfolio securities held by the Series. If and when proxies need to be voted on behalf of the Series, the Manager and any Nomura affiliates advising the Series (collectively, the "Nomura Advisers") will vote such proxies pursuant to proxy voting policies and procedures adopted by the Nomura Advisers (the "Procedures"). The Nomura Advisers have established a Proxy Voting Committee (the "Committee"), which is responsible for overseeing the Nomura Advisers' proxy voting process for the Series. One of the main responsibilities of the Committee is to review and approve the Procedures to ensure that the Procedures are designed to allow the Nomura Advisers to vote proxies in a manner consistent with the goal of voting in the best interests of the Series.

In order to facilitate the actual process of voting proxies, the Nomura Advisers have contracted with proxy advisory firms to analyze proxy statements on behalf of the Series and the Nomura Advisers' other clients and provide the Nomura Advisers with research recommendations on upcoming proxy votes in accordance with the Procedures. The Committee is responsible for overseeing the proxy advisory firms' services. If a proxy has been voted for the Series, the proxy advisory firm will create a record of the vote. By no later than August 31 of each year, information (if any) regarding how the Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series' website at nomuraassetmanagement.com/proxy; and (ii) on the Commission's website at [http://www.sec.gov](DUMMY_2668_4_5).

When determining whether to invest in a particular company, one of the factors the Nomura Advisers may consider is the quality and depth of the company's management. As a result, the Nomura Advisers believe that recommendations of management on any issue (particularly routine issues) should be given a fair amount of weight in determining how proxy issues should be voted. Thus, on many issues, the Nomura Advisers' votes are cast in accordance with the recommendations of the company's management. However, the Nomura Advisers may vote against management's position when it runs counter to the Nomura Advisers' specific Proxy Voting Guidelines (the "Guidelines"), and the Nomura Advisers will also vote against management's recommendation when the Nomura Advisers believe such position is not in the best interests of the Series.

As stated above, the Procedures also list specific Guidelines on how to vote proxies on behalf of the Series. Some examples of the Guidelines are as follows: (i) generally vote for shareholder proposals asking that a majority or more of directors be independent; (ii) generally vote for management or shareholder proposals to reduce supermajority vote requirements, taking into account: ownership structure; quorum requirements; and vote requirements; (iii) votes on mergers and acquisitions should be considered on a case-by-case basis; (iv) votes with respect to equity-based compensation plans are generally determined on a case-by-case basis; (v) generally vote for proposals requesting a report on greenhouse gas emissions from company operations unless the company already discloses such information and there are no material issues associated with the company's greenhouse gas emissions; and (vi) generally vote for management proposals to institute open-market share repurchase plans in which all shareholders may participate on equal terms.

Because the Trust has delegated proxy voting to the Manager, the Series are not expected to encounter any conflict of interest issues regarding proxy voting and therefore does not have procedures regarding this matter. However, there is a section in the Procedures that addresses the possibility of conflicts of interest. Most of the proxies which the Nomura Advisers receive on behalf of their clients are voted in accordance with the Procedures. Since the Procedures are pre-determined by the Committee, application of the Procedures by the Nomura Advisers' portfolio management teams when voting proxies after reviewing the proxy and research provided by the proxy advisory firms should in most instances adequately address any potential conflicts of interest. If the Nomura Advisers become aware of a conflict of interest in an upcoming proxy vote, the proxy vote will generally be referred to the Committee or the Committee's delegates for review. If the portfolio management team for such proxy intends to vote in accordance with the proxy advisory firm's recommendation pursuant to the Procedures, then no further action is needed to be taken by the Committee. If the portfolio management team is considering voting a proxy contrary to the proxy advisory firm's research recommendation under the Procedures, the Committee or its delegates will assess the proposed vote to determine if it is reasonable. The Committee or its delegates will also assess whether any business or other material relationships between the Nomura Advisers and a portfolio

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**Proxy Voting Policies**

company (unrelated to the ownership of the portfolio company's securities) could have influenced an inconsistent vote on that company's proxy. If the Committee or its delegates determines that the proposed proxy vote is unreasonable or unduly influenced by a conflict, the portfolio management team will be required to vote the proxy in accordance with the proxy advisory firm's research recommendation or abstain from voting.

*Sub-Advisors*

A summary of the proxy voting policies and procedures for MIMGL, NCRAM, and VanEck are attached as Appendix B to this SAI.

**Investment Manager and Other Service Providers**

**Investment Manager**

The Manager, located at 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354, furnishes investment management services to the Series, subject to the supervision and direction of the Board. The Manager also provides investment management services to all of the other Nomura Funds. Affiliates of the Manager also manage other investment accounts. While investment decisions for the Series are made independently from those of the other funds and accounts, investment decisions for such other funds and accounts may be made at the same time as investment decisions for the Series. The Manager pays the salaries of all Trustees, officers, and employees who are affiliated with both the Manager and the Trust.

Employees of the Manager's affiliates outside the US participate in the management of the Series as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

The Manager is a series of NIMBT (a Delaware statutory trust), which is a subsidiary of, and subject to the ultimate control of, Nomura Holdings, Inc., a publicly traded Japanese company. The Manager is part of Nomura Asset Management. Nomura Asset Management is part of the Investment Management Division of the Nomura Group, providing integrated public and private market asset management services across equities, fixed income, private credit and multi-asset solutions to intermediary and institutional clients.

As of December 1, 2025, Nomura Holding America, Inc. has completed the acquisition of Macquarie Asset Management's US and European public investments business, which comprised the Manager and certain of its affiliates, effective December 1, 2025 (the "Nomura Transaction").

After an initial two-year period, the Investment Management Agreement for each Series (each, an "Investment Management Agreement") may be renewed each year only so long as such renewal and continuance are specifically approved at least annually by its Board or by vote of a majority of the outstanding voting securities of each applicable Series, and only if the terms of, and the renewal thereof, have been approved by the vote of a majority of the Independent Trustees of the applicable Trust who are not parties thereto or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval. Each Investment Management Agreement is terminable without penalty on 60 days' notice by the Trustees of the Trust or by the Manager. Each Investment Management Agreement will terminate automatically in the event of its assignment.

As compensation for the services rendered under each Investment Management Agreement, the Series shall pay the Manager an annual management fee as a percentage of average daily net assets equal to:

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|:---|:---|
| **Series Name** | **Management Fee (annual rate as a percentage of average daily net assets)** |
| **Nomura VIP Asset Strategy Series,**<br>**Nomura VIP Balanced Series,**<br>**Nomura VIP Core Equity Series,**<br>**Nomura VIP Growth Series and** <br>**Nomura VIP Value Series** | 0.70% of net assets up to $1 billion<br>0.65% of net assets over $1 billion and up to $2<br>billion 0.60% of net assets over $2 billion and up to $3 billion<br>0.55% of net assets over $3 billion |
| **Nomura VIP Corporate Bond Series** | 0.475% of net assets up to $1 billion<br>0.45% of net assets over $1 billion and up to $1.5<br>billion 0.40% of net assets over $1.5 billion |
| **Nomura VIP Emerging Markets Series** | 1.25% on the first $500 million<br>1.20% on the next $500 million<br>1.15% on the next $1.5 billion<br>1.10% on assets in excess of $2.5 billion |

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| | |
|:---|:---|
| **Series Name** | **Management Fee (annual rate as a percentage of average daily net assets)**  |
| **Nomura VIP Energy Series,**<br>**Nomura VIP Global Growth Series,**<br>**Nomura VIP International Core Equity Series,**<br>**Nomura VIP Mid Cap Growth Series,**<br>**Nomura VIP Science and Technology Series,**<br>**Nomura VIP Smid Cap Core Series and Nomura** **VIP Small Cap Growth Series** | 0.85% of net assets up to $1<br>billion 0.83% of net assets over $1 billion and up to $2<br>billion 0.80% of net assets over $2 billion and up to $3 billion<br>0.76% of net assets over $3 billion |
| **Nomura VIP Fund for Income Series,**<br>**Nomura VIP Growth Equity Series,**<br>**Nomura VIP Growth and Income Series and**<br>**Nomura VIP Total Return Series** | 0.65% on the first $500 million<br>0.60% on the next $500 million<br>0.55% on next $1.5 billion<br>0.50% on assets in excess of $2.5 billion |
| **Nomura VIP Limited Duration Bond Series and** **Nomura VIP Investment Grade Series** | 0.50% on the first $500 million<br>0.475% on the next $500 million<br>0.45% on next $1.5 billion<br>0.425% on assets in excess of $2.5 billion |
| **Nomura VIP Limited-Term Bond Series** | 0.50% of net assets up to $500 million<br>0.45% of net assets over $500 million and up to $1 billion<br>0.40% of net assets over $1 billion and up to $1.5 billion<br>0.35% of net assets over $1.5 billion |
| **Nomura VIP High Income Series** | 0.625% of net assets up to $500 million<br>0.60% of net assets over $500 million and up to $1 billion<br>0.55% of net assets over $1 billion and up to $1.5 billion<br>0.50% of net assets over $1.5 billion |
| **Nomura VIP Natural Resources Series** | 0.85% of net assets up to $1 billion<br>0.83% of net assets over $1 billion and up to $2 billion<br>0.80% of net assets over $2 billion and up to $3 billion<br>0.76% of net assets over $3 billion and up to $5 billion<br>0.73% of net assets over $5 billion and up to $10 billion<br>0.70% of net assets over $10 billion |
| **Nomura VIP Opportunity Series and Nomura** **VIP Small Cap Value Series** | 0.75% on the first $500 million<br>0.70% on the next $500 million<br>0.65% on the next $1.5 billion<br>0.60% on assets in excess of $2.5 billion |
| **Nomura VIP Pathfinder Moderate — Managed** **Volatility Series, Nomura VIP Pathfinder** **Moderately Aggressive — Managed Volatility** **Series and Nomura VIP Pathfinder Moderately** **Conservative — Managed Volatility Series** | 0.20% of net assets up to $500 million<br>0.17% of net assets over $500 million and up to $1 billion<br>and 0.15% of net assets over $1 billion |

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During the last three fiscal years, each Series paid the following investment management fees to the Manager:

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| | | | |
|:---|:---|:---|:---|
| **Series** | **December 31, 2025** | **December 31, 2024** | **December 31, 2023** |
| **Nomura VIP Core Equity Series** | $4,732,326 earned<br>$4,363,874 paid<br>$368,452 waived | $4,509,848 earned<br>$4,174,360 paid<br>$335,488 waived | $4,133,642 earned<br>$3,829,645 paid<br>$303,997 waived |
| **Nomura VIP Growth Series** | $4,176,590 earned<br>$4,175,497 paid<br>$1,093 waived | $5,045,545 earned<br>$5,045,545 paid<br>$0 waived | $4,841,395 earned<br>$4,841,395 paid<br>$0 waived |
| **Nomura VIP Growth and Income Series** | $5,146,448 earned<br>$5,146,448 paid<br>$0 waived | $4,180,523 earned<br>$4,180,523 paid<br>$0 waived | $3,449,091 earned<br>$3,269,196 paid<br>$179,895 waived |

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**Investment Manager and Other Service Providers**

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| | | | |
|:---|:---|:---|:---|
| **Series** | **December 31, 2025** | **December 31, 2024** | **December 31, 2023**  |
| **Nomura VIP Growth Equity Series** | $768,615 earned<br>$768,615 paid<br>$0 waived | $773,865 earned<br>$773,865 paid<br>$0 waived | $682,207 earned<br>$682,207 paid<br>$0 waived |
| **Nomura VIP Mid Cap Growth Series** | $3,284,885 earned<br>$3,024,559 paid<br>$260,326 waived | $3,929,384 earned<br>$3,674,034 paid<br>$255,350 waived | $4,084,718 earned<br>$3,765,530 paid<br>$319,188 waived |
| **Nomura VIP Smid Cap Core Series** | $1,555,115 earned<br>$1,538,334 paid<br>$16,781 waived | $1,845,454 earned<br>$1,845,454 paid<br>$0 waived | $1,635,552 earned<br>$1,635,552 paid<br>$0 waived |
| **Nomura VIP Small Cap Growth Series** | $1,640,697 earned<br>$1,532,919 paid<br>$107,778 waived | $1,816,524 earned<br>$1,721,581 paid<br>$94,943 waived | $1,752,966 earned<br>$1,677,090 paid<br>$75,876 waived |
| **Nomura VIP Small Cap Value Series** | $11,597,423 earned<br>$11,597,423 paid<br>$0 waived | $11,877,816 earned<br>$11,877,816 paid<br>$0 waived | $10,609,066 earned<br>$10,609,066 paid<br>$0 waived |
| **Nomura VIP Opportunity Series** | $559,781 earned<br>$481,077 paid<br>$78,704 waived | $588,415 earned<br>$546,274 paid<br>$42,141 waived | $556,157 earned<br>$497,383 paid<br>$58,774 waived |
| **Nomura VIP Value Series** | $1,283,580 earned<br>$1,179,339 paid<br>$104,241 waived | $2,027,920 earned<br>$1,986,453 paid<br>$41,467 waived | $2,358,619 earned<br>$2,350,025 paid<br>$8,594 waived |
| **Nomura VIP Fund for Income Series** | $463,022 earned<br>$361,086 paid<br>$101,936 waived | $473,686 earned<br>$404,493 paid<br>$69,193 waived | $476,955 earned<br>$393,441 paid<br>$83,514 waived |
| **Nomura VIP Investment Grade Series** | $154,783 earned<br>$47,843 paid<br>$106,940 waived | $170,978 earned<br>$97,293 paid<br>$73,685 waived | $187,165 earned<br>$103,126 paid<br>$84,039 waived |
| **Nomura VIP Corporate Bond Series** | $2,230,800 earned<br>$2,173,955 paid<br>$56,845 waived | $2,555,810 earned<br>$2,555,810 paid<br>$0 waived | $2,320,667 earned<br>$2,320,667 paid<br>$0 waived |
| **Nomura VIP High Income Series** | $4,802,429 earned<br>$4,802,429 paid<br>$0 waived | $4,947,066 earned<br>$4,947,066 paid<br>$0 waived | $4,707,623 earned<br>$4,707,623 paid<br>$0 waived |
| **Nomura VIP Limited Duration Bond Series** | $80,279 earned<br>$0 paid<br>$80,279 waived | $89,190 earned<br>$0 paid<br>$89,190 waived | $96,900 earned<br>$0 paid<br>$96,900 waived |
| **Nomura VIP Limited-Term Bond Series** | $788,286 earned<br>$661,130 paid<br>$127,156 waived | $918,023 earned<br>$841,588 paid<br>$76,435 waived | $1,479,956 earned<br>$1,476,458 paid<br>$3,498 waived |
| **Nomura VIP Global Growth Series** | $1,370,044 earned<br>$1,053,875 paid<br>$316,169 waived | $1,301,429 earned<br>$980,827 paid<br>$320,602 waived | $1,015,432 earned<br>$857,145 paid<br>$158,287 waived |
| **Nomura VIP International Core Equity Series** | $6,501,205 earned<br>$6,012,597 paid<br>$488,608 waived | $6,370,437 earned<br>$5,932,596 paid<br>$437,841 waived | $4,872,443 earned<br>$4,872,443 paid<br>$0 waived |
| **Nomura VIP Emerging Markets Series** | $8,452,021 earned<br>$7,487,171 paid<br>$964,850 waived | $7,778,267 earned<br>$6,798,983 paid<br>$979,284 waived | $7,115,257 earned<br>$6,401,282 paid<br>$713,975 waived |
| **Nomura VIP Asset Strategy Series** | $4,016,895 earned<br>$2,934,408 paid<br>$1,082,487 waived | $4,103,137 earned<br>$3,113,198 paid<br>$989,939 waived | $3,979,789 earned<br>$3,201,230 paid<br>$778,559 waived |

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| | | | |
|:---|:---|:---|:---|
| **Series** | **December 31, 2025** | **December 31, 2024** | **December 31, 2023**  |
| **Nomura VIP Balanced Series** | $1,547,155 earned<br>$1,435,465 paid<br>$111,690 waived | $1,558,261 earned<br>$1,558,261 paid<br>$0 waived | $1,472,468 earned<br>$1,472,468 paid<br>$0 waived |
| **Nomura VIP Total Return Series** | $238,576 earned<br>$135,215 paid<br>$103,361 waived | $260,102 earned<br>$191,293 paid<br>$68,809 waived | $270,277 earned<br>$210,139 paid<br>$60,138 waived |
| **Nomura VIP Energy Series** | $612,942 earned<br>$493,243 paid<br>$119,699 waived | $686,540 earned<br>$666,441 paid<br>$20,099 waived | $843,077 earned<br>$843,077 paid<br>$0 waived |
| **Nomura VIP Natural Resources Series** | $660,326 earned<br>$632,867 paid<br>$27,459 waived | $681,839 earned<br>$681,839 paid<br>$0 waived | $852,470 earned<br>$852,470 paid<br>$0 waived |
| **Nomura VIP Science and Technology Series** | $6,008,717 earned<br>$6,008,717 paid<br>$0 waived | $5,381,225 earned<br>$5,381,225 paid<br>$0 waived | $4,353,525 earned<br>$4,353,525 paid<br>$0 waived |
| **Nomura VIP Pathfinder Aggressive Series** | $0 earned<br>$0 paid<br>$0 waived | $0 earned<br>$0 paid<br>$0 waived | $0 earned<br>$0 paid<br>$0 waived |
| **Nomura VIP Pathfinder Moderately Aggressive** **Series** | $0 earned<br>$0 paid<br>$0 waived | $0 earned<br>$0 paid<br>$0 waived | $0 earned<br>$0 paid<br>$0 waived |
| **Nomura VIP Pathfinder Moderate Series** | $0 earned<br>$0 paid<br>$0 waived | $0 earned<br>$0 paid<br>$0 waived | $0 earned<br>$0 paid<br>$0 waived |
| **Nomura VIP Pathfinder Moderately** **Conservative Series** | $0 earned<br>$0 paid<br>$0 waived | $0 earned<br>$0 paid<br>$0 waived | $0 earned<br>$0 paid<br>$0 waived |
| **Nomura VIP Pathfinder Conservative Series** | $0 earned<br>$0 paid<br>$0 waived | $0 earned<br>$0 paid<br>$0 waived | $0 earned<br>$0 paid<br>$0 waived |
| **Nomura VIP Pathfinder Moderate — Managed** **Volatility Series** | $710,510 earned<br>$658,815 paid<br>$51,695 waived | $840,290 earned<br>$827,131 paid<br>$13,159 waived | $876,306 earned<br>$876,306 paid<br>$0 waived |
| **Nomura VIP Pathfinder Moderately Aggressive** **— Managed Volatility Series** | $101,244 earned<br>$42,809 paid<br>$58,435 waived | $127,658 earned<br>$93,854 paid<br>$33,804 waived | $150,784 earned<br>$150,784 paid<br>$0 waived |
| **Nomura VIP Pathfinder Moderately** **Conservative — Managed Volatility Series** | $45,163 earned<br>$0 paid<br>$45,163 waived | $55,599 earned<br>$25,123 paid<br>$30,476 waived | $60,898 earned<br>$60,898 paid<br>$0 waived |

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The Manager has entered into investment subadvisory agreements with the following sub-advisors on behalf of the Series listed below (each, a "Subadvisory Agreement"):

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|:---|:---|
| **Sub-advisor** | **Series** |
| MIMGL | Nomura VIP Growth and Income Series<br> Nomura VIP Asset Strategy Series<br> Nomura VIP Balanced Series<br> Nomura VIP Total Return Series |
| NCRAM | Nomura VIP Fund for Income Series<br> Nomura VIP High Income Series |

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**Investment Manager and Other Service Providers**

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|:---|:---|
| **Sub-advisor** | **Series** |
| Securian AM | Nomura VIP Pathfinder Moderate — Managed Volatility Series<br> Nomura VIP Pathfinder Moderately Aggressive — Managed Volatility Series<br> Nomura VIP Pathfinder Moderately Conservative — Managed Volatility Series |
| VanEck | Nomura VIP Energy Series<br> Nomura VIP Natural Resources Series |

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Except for those expenses borne by the Manager under the Investment Management Agreement, a sub-advisor under its Subadvisory Agreement, and the Distributor under the Distribution Agreement, each Series is responsible for all of its own expenses. Among others, such expenses include each Series' proportionate share of certain administrative expenses; investment management fees; transfer and dividend disbursing fees and costs; accounting services; custodian expenses; federal and state securities registration fees; proxy costs; and the costs of preparing prospectuses and reports sent to shareholders.

The Manager may receive reimbursement from a sub-advisor for revenue sharing payments or amounts that have been paid or waived by the Manager to increase a Fund's marketability and or distribution.

**Sub-Advisors**

*Macquarie Investment Management Global Limited (MIMGL)*

MIMGL, located at 1 Elizabeth Street, Sydney NSW 2000, Australia, is a wholly owned subsidiary of Macquarie Group Limited. MIMGL is a part of Macquarie Asset Management (MAM). MAM is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit and equities. The Manager has entered into a separate sub-advisory agreement with MIMGL to serve as a sub-advisor for Nomura VIP Growth and Income Series, Nomura VIP Asset Strategy Series, Nomura VIP Balanced Series and Nomura VIP Total Return Series. To the extent the Manager allocates any assets of a Series to MIMGL, the Manager will compensate MIMGL out of the investment advisory fees it receives from such Series. Although MIMGL may serve as sub-advisor for these Series, the Manager has ultimate responsibility for all investment advisory services for the Series. Prior to the closing of the Nomura Transaction, MIMGL was an affiliate of the Manager. Following the closing of the Nomura Transaction, MIMGL and the Manager are no longer affiliated.

*Nomura Corporate Research and Asset Management Inc. (NCRAM)*

NCRAM, an SEC-registered investment adviser located at 309 West 49th Street, New York, NY, 10019, serves as the sub-advisor for Nomura VIP High Income Series and Nomura VIP Fund for Income Series.

*Securian Asset Management, Inc.*

Securian AM, an SEC-registered investment adviser located at 400 Robert Street North, St. Paul, Minnesota 55101, has been retained under the Subadvisory Agreement to conduct the investment management program as it relates to the portion of each Managed Volatility Series' portfolio subject to the volatility management strategy of the Managed Volatility Series, subject to the general control of the Board. Since its inception in 1985, Securian AM and its predecessor have provided investment advisory services for mutual funds and have managed investment portfolios for various private accounts, including its affiliate, Minnesota Life Insurance Company (Minnesota Life). Both Securian AM and Minnesota Life are wholly-owned subsidiaries of Securian Financial Group, Inc., which is a second-tier subsidiary of Minnesota Mutual Companies, Inc., a mutual insurance holding company. Personnel of Securian AM also manage Minnesota Life's investment portfolios. Securian AM had approximately $40.6 billion in assets under management as of December 31, 2025.

From the management fee received with respect to each of the Managed Volatility Series, the Manager pays to Securian AM a subadvisory fee for each Managed Volatility Series computed at an annual rate, accrued daily and payable in arrears on the last day of each calendar month, pursuant to the following schedule:

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|:---|:---|
| **Net Series Assets** | **Fee Payable to Securian AM as a Percentage of the Managed**<br>**Volatility Series' Average Net Assets** |
| **Up to $500 million** | 0.20% |
| **Over $500 million and up to $1 billion** | 0.17% |
| **Over $1 billion** | 0.15% |

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The Subadvisory Agreement between the Manager and Securian AM will terminate automatically in the event of its assignment or upon the termination of the Management Agreement. In addition, the Subadvisory Agreement is terminable at any time, without penalty, by the Board, by a vote of a majority of the outstanding voting securities of the Series, or by the Manager on 60 days' written notice to Securian AM, or by Securian AM on 60 days' written notice to the Manager.

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Unless sooner terminated, the Subadvisory Agreement shall continue in effect from year to year if approved at least annually by a vote of the holders of the majority of the outstanding voting securities of the affected Series or by the Board, provided that such continuance also is approved annually by the vote of a majority of the Trustees who are not interested persons of any party to the Subadvisory Agreement, cast in person at a meeting called for the purpose of voting on such approval.

*Van Eck Associates Corporation (VanEck)*

VanEck serves as sub-advisor for Nomura VIP Energy Series and Nomura VIP Natural Resources Series. As of December 31, 2025, VanEck managed approximately $181.37 billion in assets. VanEck has been an investment adviser since 1955 and also acts as adviser or sub-adviser to mutual funds, other ETFs, other pooled investment vehicles and separate accounts. VanEck's principal business address is 666 Third Avenue, 9th Floor, New York, New York 10017. Although VanEck serves as sub-advisors for these Series, the Manager has ultimate responsibility for all investment advisory services for the Series.

**Distributor**

The Distributor, Delaware Distributors, L.P., located at 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354, serves as the national distributor of the Series' shares pursuant to a Distribution Agreement dated December 1, 2025. The Distributor is an affiliate of the Manager and bears all of the costs of promotion and distribution, except for payments by the Service Class under its Rule 12b-1 Plan. The Distributor is an indirect subsidiary of Nomura. The Distributor has agreed to use its best efforts to sell shares of the Series. See the Prospectus for information on how to invest in the Series. Shares of the Series are offered on a continuous basis by the Distributor and may be purchased through authorized investment dealers or directly by contacting the Distributor or the Trust. The Distributor also serves as the national distributor for the Nomura Funds. The Board annually reviews fees paid to the Distributor.

**Transfer Agent**

Delaware Investments Fund Services Company ("DIFSC"), an affiliate of the Manager, is located at 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354, and serves as the Series' shareholder servicing, dividend disbursing, and transfer agent (the "Transfer Agent") pursuant to a Shareholder Services Agreement. The Transfer Agent is an indirect subsidiary of Nomura. The Transfer Agent also acts as shareholder servicing, dividend disbursing, and transfer agent for the other Nomura Funds. The Transfer Agent is paid a fee by the Series for providing these services consisting of an asset-based fee and certain out-of-pocket expenses. The Transfer Agent will bill, and the Series will pay, such compensation monthly. Omnibus and networking fees charged by financial intermediaries and subtransfer agency fees are passed on to and paid directly by the Series. The Transfer Agent's compensation is fixed each year and approved by the Board, including a majority of the Independent Trustees.

Each Series has authorized, in addition to the Transfer Agent, one or more brokers to accept purchase and redemption orders on its behalf. Such brokers are authorized to designate other intermediaries to accept purchase and redemption orders on behalf of each Series. For purposes of pricing, each Series will be deemed to have received a purchase or redemption order when an authorized broker or, if applicable, a broker's authorized designee, accepts the order.

BNY Mellon Investment Servicing (US) Inc. ("BNYIS") provides sub-transfer agency services to the Series. In connection with these services, BNYIS administers the overnight investment of cash pending investment in the Series or payment of redemptions. The proceeds of this investment program are used to offset the Series' transfer agency expenses.

**Fund Accountants**

The Bank of New York Mellon ("BNY"), 240 Greenwich Street, New York, NY 10286-0001, provides fund accounting and financial administration services to the Series. Those services include performing functions related to calculating the Series' NAVs and providing financial reporting information, regulatory compliance testing, and other related accounting services. For these services, the Series pay BNY an asset-based fee, subject to certain fee minimums plus certain out-of-pocket expenses and transactional charges. DIFSC provides fund accounting and financial administration oversight services to the Series. Those services include overseeing the Series' pricing process, the calculation and payment of fund expenses, and financial reporting in shareholder reports, registration statements, and other regulatory filings. DIFSC also manages the process for the payment of dividends and distributions and the dissemination of Series NAVs and performance data. For these services, the Series pay DIFSC an asset-based fee, subject to certain fee minimums, plus certain out-of-pocket expenses, and transactional charges. The fees payable to BNY and DIFSC under the service agreements described above will be allocated among all funds in the Nomura Funds on a relative NAV basis.

During the past three fiscal years, the Series paid the the following amounts to BNY for fund accounting and financial administration services:

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Nomura VIP Core** **Equity Series** | **Nomura VIP** <br>**Growth Series** | **Nomura VIP Growth**<br>**and Income Series** |
| **12/31/2025** | $98195 | $93844 | $110323 |
| **12/31/2024** | $95783 | $103532 | $90970 |
| **12/31/2023** | $64120 | $62248 | $107661 |

---

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**Investment Manager and Other Service Providers**

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Nomura VIP Growth** **Equity Series** | **Nomura VIP Mid**<br>**Cap Growth Series** | **Nomura VIP Smid** <br>**Cap Core Series** |
| **12/31/2025** | $60619 | $78867 | $64913 |
| **12/31/2024** | $47072 | $77224 | $56652 |
| **12/31/2023** | $30811 | $104841 | $38886 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Nomura VIP Small**<br>**Cap Growth Series** | **Nomura VIP Small**<br>**Cap Value Series** | **Nomura VIP** <br>**Opportunity Series** |
| **12/31/2025** | $65566 | $166723 | $57762 |
| **12/31/2024** | $53681 | $197860 | $41966 |
| **12/31/2023** | $31227 | $214540 | $26463 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Nomura VIP**<br>**Value Series** | **Nomura VIP Fund**<br>**for Income Series** | **Nomura VIP Investment**<br>**Grade Series** |
| **12/31/2025** | $61799 | $57438 | $54713 |
| **12/31/2024** | $63063 | $41231 | $37335 |
| **12/31/2023** | $48370 | $34015 | $29390 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Nomura VIP Corporate** **Bond Series** | **Nomura VIP** <br>**High Income Series** | **Nomura VIP Limited**<br>**Duration Bond Series** |
| **12/31/2025** | $83603 | $105117 | $53725 |
| **12/31/2024** | $84441 | $112256 | $35657 |
| **12/31/2023** | $51947 | $98317 | $25401 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Nomura VIP**<br>**Limited-Term**<br>**Bond Series** | **Nomura VIP Global**<br>**Growth Series** | **Nomura VIP** **International**<br>**Core Equity Series** |
| **12/31/2025** | $62961 | $65566 | $104603 |
| **12/31/2024** | $45903 | $58147 | $121247 |
| **12/31/2023** | $46725 | $51333 | $60986 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Nomura VIP Emerging** **Markets Series** | **Nomura VIP Asset**<br>**Strategy Series** | **Nomura VIP** <br>**Balanced Series** |
| **12/31/2025** | $97735 | $90227 | $67595 |
| **12/31/2024** | $107959 | $95659 | $53940 |
| **12/31/2023** | $87199 | $62192 | $35278 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Nomura VIP Total** **Return Series** | **Nomura VIP** <br>**Energy Series** | **Nomura VIP Natural**<br>**Resources Series** |
| **12/31/2025** | $55102 | $59440 | $59889 |
| **12/31/2024** | $39228 | $47561 | $45323 |
| **12/31/2023** | $33351 | $58556 | $55121 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Nomura VIP Science** **and Technology Series** | **Nomura VIP Pathfinder**<br>**Aggressive Series** | **Nomura VIP** <br>**Pathfinder Moderately**<br>**Aggressive Series** |
| **12/31/2025** | $100524 | $29116 | $54785 |
| **12/31/2024** | $122237 | $22394 | $77149 |
| **12/31/2023** | $46106 | $33103 | $21409 |

---

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---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Nomura VIP Pathfinder**<br>**Moderate Series** | **Nomura VIP Pathfinder**<br>**Moderately** **Conservative Series** | **Nomura VIP Pathfinder**<br>**Conservative Series** |
| **12/31/2025** | $49827 | $33619 | $30114 |
| **12/31/2024** | $67051 | $42763 | $37770 |
| **12/31/2023** | $35375 | $0 | $30254 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Nomura VIP Pathfinder**<br>**Moderate — Managed** **Volatility Series** | **Nomura VIP** <br>**Pathfinder Moderately**<br>**Aggressive — Managed** **Volatility Series** | **Nomura VIP** <br>**Pathfinder Moderately**<br>**Conservative —** **Managed Volatility** **Series** |
| **12/31/2025** | $49030 | $29110 | $27307 |
| **12/31/2024** | $69794 | $36871 | $33314 |
| **12/31/2023** | $28002 | $32476 | $28875 |

---

During the past three fiscal years, the Series paid the following amounts to DIFSC for fund accounting and financial administration oversight services:

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Nomura VIP Core** **Equity Series** | **Nomura VIP** <br>**Growth Series** | **Nomura VIP Growth**<br>**and Income Series** |
| **12/31/2025** | $34745 | $31131 | $41114 |
| **12/31/2024** | $33037 | $36471 | $33528 |
| **12/31/2023** | $23062 | $26386 | $21361 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Nomura VIP Growth** **Equity Series** | **Nomura VIP Mid**<br>**Cap Growth Series** | **Nomura VIP Smid** <br>**Cap Core Series** |
| **12/31/2025** | $9378 | $21575 | $12320 |
| **12/31/2024** | $9364 | $24805 | $13779 |
| **12/31/2023** | $7411 | $19533 | $10271 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Nomura VIP Small**<br>**Cap Growth Series** | **Nomura VIP Small**<br>**Cap Value Series** | **Nomura VIP** <br>**Opportunity Series** |
| **12/31/2025** | $12778 | $79893 | $7394 |
| **12/31/2024** | $13626 | $81141 | $7535 |
| **12/31/2023** | $10650 | $53194 | $6397 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Nomura VIP**<br>**Value Series** | **Nomura VIP Fund**<br>**for Income Series** | **Nomura VIP Investment**<br>**Grade Series** |
| **12/31/2025** | $12339 | $7239 | $5408 |
| **12/31/2024** | $17031 | $7283 | $5540 |
| **12/31/2023** | $14857 | $6370 | $5206 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Nomura VIP Corporate** **Bond Series** | **Nomura VIP** <br>**High Income Series** | **Nomura VIP Limited**<br>**Duration Bond Series** |
| **12/31/2025** | $25356 | $39451 | $4730 |
| **12/31/2024** | $28230 | $40206 | $4803 |
| **12/31/2023** | $19863 | $28731 | $4625 |

---

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**Investment Manager and Other Service Providers**

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Nomura VIP**<br>**Limited-Term**<br>**Bond Series** | **Nomura VIP Global**<br>**Growth Series** | **Nomura VIP** **International**<br>**Core Equity Series** |
| **12/31/2025** | $11169 | $11330 | $38781 |
| **12/31/2024** | $12268 | $10906 | $37791 |
| **12/31/2023** | $13440 | $7866 | $22713 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Nomura VIP Emerging** **Markets Series** | **Nomura VIP Asset**<br>**Strategy Series** | **Nomura VIP** <br>**Balanced Series** |
| **12/31/2025** | $35086 | $30098 | $14051 |
| **12/31/2024** | $32262 | $30406 | $14029 |
| **12/31/2023** | $22524 | $22376 | $10802 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Nomura VIP Total** **Return Series** | **Nomura VIP** <br>**Energy Series** | **Nomura VIP Natural**<br>**Resources Series** |
| **12/31/2025** | $5669 | $7279 | $7533 |
| **12/31/2024** | $5802 | $7636 | $7613 |
| **12/31/2023** | $494 | $7175 | $7214 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Nomura VIP Science** **and Technology Series** | **Nomura VIP Pathfinder**<br>**Aggressive Series** | **Nomura VIP** <br>**Pathfinder Moderately**<br>**Aggressive Series** |
| **12/31/2025** | $36152 | $6234 | $24153 |
| **12/31/2024** | $32526 | $6350 | $26960 |
| **12/31/2023** | $20652 | $5732 | $21883 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Nomura VIP Pathfinder**<br>**Moderate Series** | **Nomura VIP Pathfinder**<br>**Moderately** **Conservative Series** | **Nomura VIP Pathfinder**<br>**Conservative Series** |
| **12/31/2025** | $20563 | $9261 | $6942 |
| **12/31/2024** | $22598 | $9739 | $7397 |
| **12/31/2023** | $18517 | $8331 | $6687 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Nomura VIP Pathfinder**<br>**Moderate — Managed** **Volatility Series** | **Nomura VIP** <br>**Pathfinder Moderately**<br>**Aggressive — Managed** **Volatility Series** | **Nomura VIP** <br>**Pathfinder Moderately**<br>**Conservative —** **Managed Volatility** **Series** |
| **12/31/2025** | $20155 | $6302 | $5027 |
| **12/31/2024** | $22917 | $6873 | $5252 |
| **12/31/2023** | $18152 | $6425 | $4983 |

---

**Securities Lending Agent**

The Board has approved certain Series' participation in a securities lending program. Under the securities lending program, BNY serves as the Series' securities lending agent ("Securities Lending Agent").

During the fiscal year ended December 31, 2025, the Series did not earn income or pay any fees and/or compensation pursuant to the Securities Lending Agreement between the Trust with respect to the Series and the Securities Lending Agent.

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**Custodian**

BNY is the custodian for the assets of each Series. BNY holds securities, cash, and other assets of each Series as required by the 1940 Act. As custodian for the Series, BNY maintains a separate account or accounts for each Series; receives, holds, and releases portfolio securities on account of each Series; receives and disburses money on behalf of each Series; and collects and receives income and other payments and distributions on account of each Series' portfolio securities. BNY also serves as the Series' foreign custody manager for their non-U.S. investments and is responsible for selecting, contracting with, and monitoring eligible foreign subcustodians.

**Legal Counsel**

Stradley Ronon Stevens & Young, LLP serves as the Trust's legal counsel.

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**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, 2025 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**<br>**with Performance-**<br>**Based Fees** | **Total Assets in Accounts**<br>**with Performance-Based**<br>**Fees** |
| **Christopher Adams** |  |  |  |  |
| Registered Investment Companies | 7 | $8.6 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 15 | $1.4 billion | 0 | $0 |
| **Bradley Angermeier** |  |  |  |  |
| Registered Investment Companies | 6 | $9.5 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 1 | $222.2 million | 0 | $0 |
| Other Accounts | 4 | $24 million | 0 | $0 |
| **Erik Becker** |  |  |  |  |
| Registered Investment Companies | 2 | $4.4 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 3 | $502 million | 0 | $0 |
| **Chad Bolen** **\*** |  |  |  |  |
| Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 0 | $0 | 0 | $0 |
| **Joshua Brown** |  |  |  |  |
| Registered Investment Companies | 3 | $1.4 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 1 | $43.8 million | 0 | $0 |
| Other Accounts | 5 | $130.2 million | 0 | $0 |
| **Nathan Brown** **\*** |  |  |  |  |
| Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 0 | $0 | 0 | $0 |
| **Kelley Carabasi** |  |  |  |  |
| Registered Investment Companies | 4 | $6.7 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 2 | $50.8 million | 0 | $0 |
| Other Accounts | 2 | $27.3 million | 0 | $0 |
| **Vincent Celentano** |  |  |  |  |
| Registered Investment Companies | 2 | $2 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 2 | $35.6 million | 0 | $0 |
| Other Accounts | 2 | $213.8 million | 0 | $0 |
| **Amy Yu Chang** |  |  |  |  |
| Registered Investment Companies | 2 | $2 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 2 | $1.9 billion | 0 | $0 |
| Other Accounts | 9 | $2.4 billion | 1 | $547.3 million |

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **No. of Accounts** | **Total Assets** **Managed** | **No. of Accounts**<br>**with Performance-**<br>**Based Fees** | **Total Assets in Accounts**<br>**with Performance-Based**<br>**Fees** |
| **Liu-Er Chen** |  |  |  |  |
| Registered Investment Companies | 7 | $10.3 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 3 | $274.3 million | 0 | $0 |
| Other Accounts | 2 | $1.2 billion | 0 | $0 |
| **David Crall** |  |  |  |  |
| Registered Investment Companies | 3 | $2.1 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 0 | $0 | 0 | $0 |
| **Michael Foley** |  |  |  |  |
| Registered Investment Companies | 4 | $6.7 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 2 | $50.8 million | 0 | $0 |
| Other Accounts | 2 | $27.3 million | 0 | $0 |
| **Sam Halpert** |  |  |  |  |
| Registered Investment Companies | 4 | $469.8 million | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 1 | $30.6 million | 0 | $0 |
| **Bradley Halverson** |  |  |  |  |
| Registered Investment Companies | 4 | $4.9 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 1 | $207.4 million | 0 | $0 |
| Other Accounts | 5 | $410.7 million | 0 | $0 |
| **Kashif Ishaq** |  |  |  |  |
| Registered Investment Companies | 10 | $8.1 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 5 | $1.8 billion | 1 | $511.2 million |
| **Charles John** |  |  |  |  |
| Registered Investment Companies | 5 | $3.2 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 1 | $21.1 million | 0 | $0 |
| Other Accounts | 0 | $0 | 0 | $0 |
| **Aditya Kapoor** |  |  |  |  |
| Registered Investment Companies | 5 | $3.2 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 1 | $21.1 million | 0 | $0 |
| Other Accounts | 0 | $0 | 0 | $0 |
| **Geoffrey King** |  |  |  |  |
| Registered Investment Companies | 4 | $469.8 million | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 1 | $30.6 million | 0 | $0 |
| **Bradley Klapmeyer** |  |  |  |  |
| Registered Investment Companies | 6 | $9.5 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 1 | $222.2 million | 0 | $0 |
| Other Accounts | 4 | $24 million | 0 | $0 |

---

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**Portfolio Managers**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **No. of Accounts** | **Total Assets** **Managed** | **No. of Accounts**<br>**with Performance-**<br>**Based Fees** | **Total Assets in Accounts**<br>**with Performance-Based**<br>**Fees** |
| **Stephen Kotsen** |  |  |  |  |
| Registered Investment Companies | 4 | $5.2 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 14 | $8.3 billion | 0 | $0 |
| Other Accounts | 31 | $22.7 billion | 4 | $2.3 billion |
| **Erin Ksenak** |  |  |  |  |
| Registered Investment Companies | 2 | $2 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 2 | $35.6 million | 0 | $0 |
| Other Accounts | 2 | $213.8 million | 0 | $0 |
| **Nikhil Lalvani** |  |  |  |  |
| Registered Investment Companies | 2 | $2 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 2 | $35.6 million | 0 | $0 |
| Other Accounts | 2 | $213.8 million | 0 | $0 |
| **Benjamin Leung** |  |  |  |  |
| Registered Investment Companies | 7 | $4.45 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 29 | $16.20 billion | 13 | $9.90 billion |
| Other Accounts | 31 | $37.44 billion | 6 | $3.98 billion |
| **Stefan Löwenthal** |  |  |  |  |
| Registered Investment Companies | 16 | $7.1 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 17 | $306.7 million | 0 | $0 |
| Other Accounts | 26 | $3.9 billion | 0 | $0 |
| **Kent Madden** |  |  |  |  |
| Registered Investment Companies | 4 | $6.7 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 2 | $50.8 million | 0 | $0 |
| Other Accounts | 2 | $27.3 million | 0 | $0 |
| **John McCarthy** |  |  |  |  |
| Registered Investment Companies | 6 | $3.7 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 1 | $198.9 million | 0 | $0 |
| Other Accounts | 2 | $95.5 million | 0 | $0 |
| **Kenneth McQuade** |  |  |  |  |
| Registered Investment Companies | 3 | $1.4 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 1 | $43.8 million | 0 | $0 |
| Other Accounts | 5 | $130.2 million | 0 | $0 |
| **Timothy Miller** **\*\*** |  |  |  |  |
| Registered Investment Companies | 3 | $1.4 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 1 | $43.8 million | 0 | $0 |
| Other Accounts | 5 | $130.2 million | 0 | $0 |
| **William Mitchell III** **\*** |  |  |  |  |
| Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 0 | $0 | 0 | $0 |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **No. of Accounts** | **Total Assets** **Managed** | **No. of Accounts**<br>**with Performance-**<br>**Based Fees** | **Total Assets in Accounts**<br>**with Performance-Based**<br>**Fees** |
| **Michael Morris** |  |  |  |  |
| Registered Investment Companies | 7 | $8.6 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 15 | $1.4 billion | 0 | $0 |
| **Donald Padilla** **\*\*\*** |  |  |  |  |
| Registered Investment Companies | 7 | $8.6 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 15 | $1.4 billion | 0 | $0 |
| **Christopher Parham** |  |  |  |  |
| Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles | 6 | $1 billion | 0 | $0 |
| Other Accounts | 0 | $0 | 0 | $0 |
| **Janaki Rao** |  |  |  |  |
| Registered Investment Companies | 8 | $7.4 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 2 | $820.7 million | 0 | $0 |
| Other Accounts | 42 | $4.8 billion | 0 | $0 |
| **Mansur Rasul** |  |  |  |  |
| Registered Investment Companies | 8 | $6.7 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 4 | $34.7 million | 0 | $0 |
| Other Accounts | 3 | $235.6 million | 1 | $52.4 million |
| **David Reidinger** |  |  |  |  |
| Registered Investment Companies | 7 | $8.6 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 15 | $1.4 billion | 0 | $0 |
| **Charles (Trey) Schorgl** |  |  |  |  |
| Registered Investment Companies | 5 | $3.2 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 1 | $21.1 million | 0 | $0 |
| Other Accounts | 0 | $0 | 0 | $0 |
| **Kimberly Scott** |  |  |  |  |
| Registered Investment Companies | 4 | $4.9 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 1 | $207.4 million | 0 | $0 |
| Other Accounts | 5 | $410.7 million | 0 | $0 |
| **Christina Van Het Hoen** |  |  |  |  |
| Registered Investment Companies | 7 | $8.6 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 15 | $1.4 billion | 0 | $0 |
| **Samir Vanza** |  |  |  |  |
| Registered Investment Companies | 7 | $4.45 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 29 | $16.20 billion | 13 | $9.90 billion |
| Other Accounts | 31 | $37.44 billion | 6 | $3.98 billion |

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**Portfolio Managers**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **No. of Accounts** | **Total Assets** **Managed** | **No. of Accounts**<br>**with Performance-**<br>**Based Fees** | **Total Assets in Accounts**<br>**with Performance-Based**<br>**Fees** |
| **Bradley Warden** |  |  |  |  |
| Registered Investment Companies | 2 | $7.4 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 2 | $10.8 million | 0 | $0 |
| **Michael Wildstein** |  |  |  |  |
| Registered Investment Companies | 4 | $1.7 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 7 | $3.7 billion | 1 | $511.2 million |
| **Jürgen Wurzer** |  |  |  |  |
| Registered Investment Companies | 16 | $7.1 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 17 | $306.7 million | 0 | $0 |
| Other Accounts | 26 | $3.9 billion | 0 | $0 |
| **Aaron Young** |  |  |  |  |
| Registered Investment Companies | 16 | $7.1 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 0 | $0 | 0 | $0 |
| **Gus Zinn** |  |  |  |  |
| Registered Investment Companies | 2 | $7.4 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 2 | $10.8 million | 0 | $0 |

---

\* Information is as of February 28, 2026.

\*\* Effective on or about June 30, 2026, Timothy Miller will be retiring from the Manager and will no longer be a portfolio manager of the Series.

\*\*\* Effective on or about July 1, 2026, Donald Padilla will be retiring from the Manager and will no longer be a portfolio manager of the Series.

**Description of Material Conflicts of Interest**

*The Manager*

Individual portfolio managers may perform investment management services for other funds or accounts similar to those provided to the Series and the investment action for each such other fund or account and the Series may differ. For example, an account or fund may be selling a security, while another account or fund may be purchasing or holding the same security. As a result, transactions executed for one fund or account may adversely affect the value of securities held by another fund, account, or a Series. Additionally, the management of multiple funds or accounts and a Series may give rise to potential conflicts of interest, as a portfolio manager must allocate time and effort to multiple funds or accounts and the Series. A portfolio manager may discover an investment opportunity that may be suitable for more than one account or fund. The investment opportunity may be limited, however, so that all funds or accounts for which the investment would be suitable may not be able to participate. The Manager has established proprietary accounts and initial seed accounts, and also manages accounts for affiliated entities. A portfolio manager also may have invested in certain funds or accounts managed by the Manager. Accordingly, portfolio managers have an incentive to favor these accounts or funds over other client accounts or funds. The Manager has adopted procedures designed to allocate investments fairly across multiple funds and accounts including, unless prohibited by applicable law, proprietary and affiliated accounts.

Some of the accounts managed by a portfolio manager as set forth in the table above may have performance-based fees. This compensation structure presents a potential conflict of interest because a portfolio manager has an incentive to manage these accounts so as to enhance their performance, to the possible detriment of other accounts for which the Manager does not receive a performance-based fee.

A portfolio manager's management of personal accounts also may present certain conflicts of interest. While the Manager's Code of Ethics is designed to address these potential conflicts, there is no guarantee that it will do so.

When the Manager and its affiliates establish proprietary accounts, provide the initial seed capital in connection with the creation of a new investment product or style, and manage affiliate accounts, these accounts may not exhibit the same performance results as a similarly managed Series for a variety of reasons, including regulatory restrictions on the type and amount of securities in which the proprietary capital invests, differential credit and financing terms, and the use of hedging transactions that differ from those used to implement investment strategies for advisory clients.

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*MIMGL*

Individual portfolio managers may perform investment management services for other funds or accounts similar to those provided to the Fund, and the investment action for each such other fund or account and the Fund may differ. For example, an account or fund may be selling a security while another account or fund may be purchasing or holding the same security. As a result, transactions executed for one fund or account may adversely affect the value of securities held by another fund, account, or a Fund.

Additionally, the management of multiple funds or accounts and a Fund may give rise to potential conflicts of interest, as a portfolio manager must allocate time and effort to multiple funds or accounts and the Funds. A portfolio manager may discover an investment opportunity that may be suitable for more than one account or fund. The investment opportunity may be limited, however, so that all funds or accounts for which the investment would be suitable may not be able to participate.

The sub-advisor may establish initial seed accounts and manage accounts for affiliated entities. A portfolio manager also may have invested in certain funds or accounts managed by the sub-advisor. Accordingly, portfolio managers have an incentive to favor these accounts or funds over other client accounts or funds. The sub-advisor has adopted procedures designed to allocate investments fairly across multiple funds and accounts, including, unless prohibited by applicable law, affiliated accounts.

Some of the accounts managed by the portfolio managers, as set forth in the table above, may have performance based fees. This compensation structure presents a potential conflict of interest because a portfolio manager has an incentive to manage these accounts so as to enhance their performance, to the possible detriment of other accounts for which the sub-advisor does not receive a performance based fee.

A portfolio manager's management of personal accounts also may present certain conflicts of interest. While the sub-advisor's Code of Ethics is designed to address these potential conflicts, there is no guarantee that it will do so.

When the sub-advisor provides initial seed capital in connection with the creation of a new investment product or style and performs investment management services for other funds or accounts including affiliated accounts, these accounts may not exhibit the same performance results as a similarly managed Fund for a variety of reasons, including regulatory restrictions on the type and amount of securities in which the fund or account invests, differential credit and financing terms, and the use of hedging transactions that differ from those used to implement investment strategies for advisory clients.

*NCRAM*

Actual or apparent conflicts of interest may arise where a portfolio manager has day-to-day responsibilities with respect to more than one account. These conflicts include but are not limited to: (i) the process for allocation of investments among multiple accounts for which a particular investment may be appropriate, (ii) allocation of a portfolio manager's time and attention among relevant accounts, (iii) execution of portfolio transactions, (iv) personal interests and related party interests, (v) compensation conflicts such as where NCRAM has an incentive fee arrangement or other interest with respect to one account that does not exist with respect to other accounts, and (vi) other investment and operational conflicts of interest. NCRAM's compliance policies and procedures, including the Code of Ethics, are designed to address these conflicts and to provide reasonable assurance that no client or group of clients is advantaged at the expense of any other client and that client accounts are treated equitably over time. However, there is no guarantee that such policies and procedures will detect each and every situation in which a conflict arises.

*VanEck*

VanEck (and its principals, affiliates or employees) may serve as investment adviser to other client accounts and conduct investment activities for their own accounts (together, "Other Accounts"). Such Other Accounts may have investment objectives or may implement investment strategies similar to those of the Portfolio. When VanEck implements investment strategies for Other Accounts that are similar or directly contrary to the positions taken by the Portfolio, the prices of the Portfolio's securities may be negatively affected. For example, when purchase or sales orders for the Portfolio are aggregated with those of Other Accounts and allocated among them, the price that the Portfolio pays or receives may be more in the case of a purchase or less in a sale than if VanEck served as subadviser to only the Portfolio. When Other Accounts are selling a security that the Portfolio owns, the price of that security may decline as a result of the sales. The compensation that VanEck receives from Other Accounts may be higher than the compensation received by VanEck for sub-advising the Portfolio. VanEck does not believe that its activities materially disadvantage the Portfolio. VanEck has implemented procedures to monitor trading across the Portfolio and its Other Accounts. Furthermore, VanEck may recommend the Portfolio purchase securities of issues to which it, or its affiliate, acts as adviser, manager, sponsor, distributor, marketing agent, or in another capacity and for which it receives advisory or other fees. While this practice may create conflicts of interest, VanEck has adopted procedures to minimize such conflicts.

**Compensation Structure**

*The Manager*

Each portfolio manager's compensation consists of the following:

***Base Salary*** ***—*** Each named portfolio manager receives a fixed base salary. Salaries are determined by a comparison to industry data prepared by third parties to ensure that portfolio manager salaries are in line with salaries paid at peer investment advisory firms.

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**Portfolio Managers**

***Bonus* — Carabasi, Madden, 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. A percentage of these 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 contributors generally having the largest share. The pool is allotted based on subjective factors and objective factors. 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. ("Morningstar") 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.

***Bonus* — Reidinger, Adams, Morris, Padilla, Van Het Hoen, Bolen, Mitchell.** 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. A percentage of these 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 and objective factors. 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. ("Morningstar") 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.

***Bonus* — Lalvani, Celentano, Ksenak.** 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. A percentage of these 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. The pool is allotted based on subjective factors and objective factors. 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. ("Morningstar") 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.

***Bonus* —** **Chen.** The portfolio manager is eligible to receive an annual cash bonus. The bonus pool is determined by the revenues associated with the products the portfolio manager manages. A percentage of these 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 and objective factors. 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. ("Morningstar") peer groups and the performance of institutional composites relative to the appropriate indices. Three- and five-year performance are 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.

***Bonus — Angermeier, Becker, J. Brown, N. Brown, Halverson, John, Kapoor, Klapmeyer, McQuade, Miller, Schorgl, Scott, Warden, Zinn.*** Each named portfolio manager is eligible to receive an annual cash bonus. The bonus pool is determined by the revenues associated with the products the portfolio managers manage. A percentage of these revenues (minus appropriate expenses associated with relevant products and the investment management team) creates the "bonus pool" for the products. Various members of the team have the ability to earn a percentage of the bonus pool with the most senior contributors generally having the largest share. The pool is allotted based on subjective factors and objective factors. 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.

***Bonus*** ***—***  ***Löwenthal, Wurzer*** **, Young.** 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. A percentage of these 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 contributors generally having the largest share.

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

***Profit Share — Wildstein, Ishaq, Rao, Rasul, McCarthy.*** Investment professionals are eligible to receive a profit share allocation, which is based on quantitative and qualitative factors. Profit share allocations to individuals consider individual remuneration levels in the market in which the Nomura Asset Management business operates and are primarily based on business profits and individual contribution to profits for Nomura Asset Management revenue generating employees. Individual contribution is assessed on a range of factors including the successful completion of key fund and portfolio investment initiatives, and the long-term performance of the investments for which an individual is responsible. The total amount available for profit share allocations to individual investment professionals is determined by assets managed (including investment companies, insurance product-related accounts and other separate accounts), management fees and related expenses (including fund waiver expenses) for registered investment companies, pooled vehicles, and managed separate accounts. For investment companies, each manager is compensated according to the Fund's Broadridge Financial Solutions, Inc. (formerly, Lipper Inc.) ("Broadridge") or Morningstar, Inc. peer group percentile ranking on a 1-, 3-, and 5-year basis, with longer term performance more heavily weighted. For managed separate accounts, the portfolio managers are compensated according to the composite percentile ranking against the eVestment Alliance database (or similar sources of relative performance data) on a one-, three-, and five-year basis, with longer term performance more heavily weighted; composite performance relative to the benchmark is also evaluated for the same time periods. Incentives reach maximum potential at the top 25th-30th percentile. The remaining portion of the profit allocation is discretionary as determined by Nomura Asset Management and takes into account subjective factors.

For new and recently transitioned portfolio managers, the compensation may be weighted more heavily towards a portfolio manager's actual contribution and ability to influence performance, rather than longer-term performance. Management intends to move the compensation structure towards longer-term performance for these portfolio managers over time.

Portfolio managers participate in the following retention programs, including a notional fund unit plan (the "NFU Plan") and a restricted stock unit plan (the "RSU Plan"), for alignment of interest purposes.

***Nomura Notional Fund Unit (NFU)*** — A portion of a portfolio manager's discretionary bonus may be notionally aligned with the performance of certain funds pursuant to the terms and vesting conditions of the Nomura Notional Fund Unit Award Agreement. In general, the award will vest in equal tranches over a period of 3 years with longer vesting periods as necessary to comply with regulatory requirements.

***Nomura Restricted Stock Unit (RSU)*** — A portion of a portfolio manager's discretionary bonus may be granted in RSUs pursuant to the terms and vesting conditions of the Nomura Global Restricted Stock Unit Award Agreement, which is used to deliver remuneration in the form of Nomura equity. In general, vesting and delivery of shares will be in equal tranches over a period of 3 years with longer vesting periods as necessary to comply with regulatory requirements.

***Other Compensation*** — Portfolio managers may also participate in benefit plans and programs available generally to all similarly situated employees.

<u>*<u>MIMGL</u>*</u>

**Base Salary** — Each named portfolio manager receives a fixed base salary. Salaries are determined by a comparison to industry data prepared by third parties to ensure that portfolio manager salaries are in line with salaries paid at peer investment advisory firms.

**Bonus — Leung, Vanza.** 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 contributors generally having the largest share.

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

Portfolio managers participate in retention programs, including a MAM notional investment plan (the "MAM Notional Investment Plan") and the Macquarie Group Employee Retained Equity Plan, for alignment of interest purposes.

***MAM Notional Investment Plan*** — A portion of a portfolio manager's retained profit share may be notionally exposed to the return of certain funds within the complex pursuant to the terms of the MAM Notional Investment Plan. The retained amount will vest in equal tranches over a period ranging from four to five years after the date of investment (depending on the level of the employee).

***Macquarie Group Employee Retained Equity Plan*** — A portion of a portfolio manager's retained profit share may be invested in the Macquarie Group Employee Retained Equity Plan ("MEREP"), which is used to deliver remuneration in the form of Macquarie equity. The main type of award currently being offered under the MEREP is units comprising a beneficial interest in a Macquarie share held in a trust for the employee, subject to the vesting and forfeiture provisions of the MEREP. Subject to vesting conditions, vesting and release of the shares occurs in a period ranging from four to five years after the date of investment (depending on the level of the employee).

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**Portfolio Managers**

***Other Compensation*** — Portfolio managers may also participate in benefit plans and programs available generally to all similarly situated employees.

<u>*<u>NCRAM</u>*</u>

Compensation within NCRAM consists of a fixed amount which includes base salary and benefits together with a variable performance-related amount. The CEO will determine the bonus for investment professionals, consulting with the PMs with regard to the analysts. The variable performance-related remuneration is based upon an individual's performance as compared to agreed objectives which may include financial and non-financial performance measures, risk management, and other relevant factors. Determination of variable performance-related compensation is sufficiently flexible to reward short- and long-term individual performance.

When an employee's total compensation (fixed plus variable remuneration) exceeds certain limits, the employee must participate in the Nomura Holdings, Inc. remuneration deferral scheme which links the employee's deferred compensation award to the performance of NHI shares. Also, in the case of certain portfolio managers, a portion of their deferred compensation may be linked to the performance of certain strategies managed by NCRAM, and we believe this further ties portfolio managers to the long-term performance of NCRAM's clients. Therefore, total compensation may consist of three elements: base salary, cash bonus and deferred bonus (via deferral vehicles, typically vesting over three years and linked to various instruments as described above).

<u>*<u>VanEck</u>*</u>

The portfolio managers are paid a fixed base salary and a bonus. The bonus is based upon the quality of investment analysis and management of the funds for which they serve as portfolio manager. Portfolio managers who oversee accounts with significantly different fee structures are generally compensated by discretionary bonus rather than a set formula to help reduce potential conflicts of interest. At times, VanEck and affiliates manage accounts with incentive fees.

The portfolio managers may serve as portfolio managers to other clients. Such "Other Clients" may have investment objectives or may implement investment strategies similar to those of the Portfolio. When the portfolio managers implement investment strategies for Other Clients that are similar or directly contrary to the positions taken by the Portfolio, the prices of the Portfolio's securities may be negatively affected. The compensation that the Portfolio's portfolio managers receive for managing Other Client accounts may be higher than the compensation the portfolio manager receives for managing the Portfolio. The portfolio managers do not believe that their activities materially disadvantage the Portfolio. VanEck has implemented procedures to monitor trading across funds and its Other Clients.

**Ownership of Series Shares**

As of December 31, 2025, the portfolio managers did not beneficially own any shares of the Series.

**Trading Practices and Brokerage**

The Manager or sub-advisor, as the case may be, selects broker/dealers to execute transactions on behalf of the Series for the purchase or sale of portfolio securities on the basis of its judgment of their professional capability to provide the service. The primary consideration in selecting broker/dealers is to seek those broker/dealers who will provide best execution for the Series. Best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement accorded the order, and other factors affecting the overall benefit obtained by the account on the transaction. Some trades are made on a net basis where the Series either buy securities directly from the broker/dealer or sell them to the broker/dealer. In these instances, there is no direct commission charged but there is a spread (the difference between the buy and sell price), which is the economic equivalent of a commission. When a commission is paid, the Series pay reasonable brokerage commission rates based upon the professional knowledge of the Manager's or sub-advisor's trading department as to rates paid and charged for similar transactions throughout the securities industry. In some instances, a Series pays a minimal share transaction cost when the transaction presents no difficulty.

During the last three fiscal years, the aggregate dollar amounts of brokerage commissions paid by the Series were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** | **December 31, 2023** |
| **Nomura VIP Core Equity Series** | $67446 | $82231 | $94523 |
| **Nomura VIP Growth Series** | $46409 | $24910 | $30743 |
| **Nomura VIP Growth and Income Series** | $120004 | $136377 | $87291 |
| **Nomura VIP Growth Equity Series** | $6583 | $3526 | $5193 |
| **Nomura VIP Mid Cap Growth Series** | $94038 | $94166 | $103533 |
| **Nomura VIP Smid Cap Core Series** | $31480 | $35190 | $54283 |
| **Nomura VIP Small Cap Growth Series** | $134719 | $157816 | $257106 |
| **Nomura VIP Small Cap Value Series** | $447129 | $558877 | $547635 |

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| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** | **December 31, 2023**  |
| **Nomura VIP Opportunity Series** | $9634 | $10526 | $10063 |
| **Nomura VIP Value Series** | $59967 | $72839 | $156712 |
| **Nomura VIP Fund for Income Series** | $0 | $0 | $0 |
| **Nomura VIP Investment Grade Series** | $2748 | $0 | $0 |
| **Nomura VIP Corporate Bond Series** | $38970 | $0 | $0 |
| **Nomura VIP High Income Series** | $3898 | $310 | $5877 |
| **Nomura VIP Limited Duration Bond Series** | $959 | $338 | $0 |
| **Nomura VIP Limited-Term Bond Series** | $9513 | $2135 | $8986 |
| **Nomura VIP Global Growth Series** | $81850 | $99710 | $58326 |
| **Nomura VIP International Core Equity Series** | $1169950 | $1118396 | $537970 |
| **Nomura VIP Emerging Markets Series** | $282060 | $239336 | $50407 |
| **Nomura VIP Asset Strategy Series** | $208050 | $235501 | $195520 |
| **Nomura VIP Balanced Series** | $31876 | $22805 | $25403 |
| **Nomura VIP Total Return Series** | $5327 | $5531 | $4581 |
| **Nomura VIP Energy Series** | $67987 | $54502 | $72004 |
| **Nomura VIP Natural Resources Series** | $66898 | $82856 | $70773 |
| **Nomura VIP Science and Technology Series** | $189204 | $106234 | $70943 |
| **Nomura VIP Pathfinder Aggressive Series** | $645 | $0 | $0 |
| **Nomura VIP Pathfinder Moderately Aggressive Series** | $5066 | $0 | $0 |
| **Nomura VIP Pathfinder Moderate Series** | $3505 | $0 | $0 |
| **Nomura VIP Pathfinder Moderately Conservative Series** | $919 | $0 | $0 |
| **Nomura VIP Pathfinder Conservative Series** | $407 | $0 | $0 |
| **Nomura VIP Pathfinder Moderate — Managed Volatility** **Series** | $7172 | $2869 | $1654 |
| **Nomura VIP Pathfinder Moderately Aggressive — Managed** **Volatility Series** | $1066 | $423 | $278 |
| **Nomura VIP Pathfinder Moderately Conservative — Managed** **Volatility Series** | $445 | $203 | $128 |

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Subject to the obligation to seek best execution, the Manager may use affiliated brokers to effect Series brokerage transactions under procedures adopted by the Board. During the last three fiscal years, the Series did not pay brokerage commissions to any affiliated brokers.

Subject to applicable requirements, such as seeking best execution and Rule 12b-1(h) under the 1940 Act, the Manager or the sub-advisor may allocate out of all commission business generated by all of the funds and accounts under its management, brokerage business to broker/dealers who provide brokerage and research services. These services may include providing advice, either directly or through publications or writings, as to the value of securities, the advisability of investing in, purchasing, or selling securities, and the availability of securities or purchasers or sellers of securities; furnishing of analyses and reports concerning issuers, securities or industries; providing information on economic factors and trends; assisting in determining portfolio strategy; providing computer software used in security analysis; and providing portfolio performance evaluation and technical market analyses. Such services are used by the Manager or the sub-advisor in connection with its investment decision-making process with respect to one or more mutual funds and separate accounts managed by it, and may not be used, or used exclusively, with respect to the mutual fund or separate account generating the brokerage.

Securities transactions for a Series may be effected in foreign markets that may not allow negotiation of commissions or where it is customary to pay fixed rates.

As provided in the Securities Exchange Act of 1934, as amended, and the Series Investment Management Agreement, higher commissions are permitted to be paid to broker/dealers who provide brokerage and research services than to broker/dealers who do not provide such services, if such higher commissions are deemed reasonable in relation to the value of the brokerage and research services provided. Although transactions directed to broker/dealers who provide such brokerage and research services may result in the Series paying higher commissions, the Manager or the sub-advisor believes that such commissions are reasonable in relation to the value of the brokerage and research services provided. In some instances, services may be provided to the Manager or the sub-advisor that constitute, in some part, brokerage and research services used by the

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**Trading Practices and Brokerage**

Manager or the sub-advisor in connection with its investment decision-making process and constitute, in some part, services used by the Manager or the sub-advisor in connection with administrative or other functions not related to its investment decision-making process. In such cases, the Manager or the sub-advisor will make a good faith allocation of brokerage and research services and will pay out of its own resources for services used by the Manager or the sub-advisor in connection with administrative or other functions not related to its investment decision-making process. In addition, so long as a Series is not disadvantaged, other than the potential for additional commissions/equivalents, portfolio transactions that generate commissions or their equivalent can be allocated to broker/dealers that provide services directly or indirectly to a Series and/or to other Nomura Funds. Subject to best execution, commissions/equivalents allocated to brokers providing such services may or may not be generated by the funds receiving the service. In such instances, the commissions/equivalents would be used for the advantage of a Series or other funds and not for the advantage of the Manager or the sub-advisor.

During the fiscal year ended December 31, 2025, portfolio transactions by the Series in the amounts listed below, resulting in brokerage commissions in the amounts listed below, were directed to brokers for brokerage and research services provided, resulting in brokerage commissions in the amounts listed below.

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| | | |
|:---|:---|:---|
| **Series** | **Portfolio Transaction** **Amounts** | **Brokerage Commissions** |
| **Nomura VIP Core Equity Series** | $547657266 | $42595 |
| **Nomura VIP Growth Series** | $416770864 | $28528 |
| **Nomura VIP Growth and Income Series** | $579264793 | $27959 |
| **Nomura VIP Growth Equity Series** | $60188836 | $4045 |
| **Nomura VIP Mid Cap Growth Series** | $395909524 | $54011 |
| **Nomura VIP Smid Cap Core Series** | $74917281 | $19008 |
| **Nomura VIP Small Cap Growth Series** | $293124516 | $85456 |
| **Nomura VIP Small Cap Value Series** | $658952222 | $239624 |
| **Nomura VIP Opportunity Series** | $22311344 | $5596 |
| **Nomura VIP Value Series** | $179489331 | $35319 |
| **Nomura VIP Fund for Income Series** | $0 | $0 |
| **Nomura VIP Investment Grade Series** | $0 | $0 |
| **Nomura VIP Corporate Bond Series** | $0 | $0 |
| **Nomura VIP High Income Series** | $15685439 | $2726 |
| **Nomura VIP Limited Duration Bond Series** | $0 | $0 |
| **Nomura VIP Limited-Term Bond Series** | $0 | $0 |
| **Nomura VIP Global Growth Series** | $116748645 | $40351 |
| **Nomura VIP International Core Equity Series** | $948324494 | $546927 |
| **Nomura VIP Emerging Markets Series** | $216190642 | $145491 |
| **Nomura VIP Asset Strategy Series** | $245811037 | $84022 |
| **Nomura VIP Balanced Series** | $89599241 | $6978 |
| **Nomura VIP Total Return Series** | $8672287 | $1151 |
| **Nomura VIP Energy Series** | $65880256 | $38214 |
| **Nomura VIP Natural Resources Series** | $50318343 | $32919 |
| **Nomura VIP Science and Technology Series** | $981765451 | $101676 |
| **Nomura VIP Pathfinder Aggressive Series** | $0 | $0 |
| **Nomura VIP Pathfinder Moderately Aggressive Series** | $0 | $0 |
| **Nomura VIP Pathfinder Moderate Series** | $0 | $0 |
| **Nomura VIP Pathfinder Moderately Conservative Series** | $0 | $0 |
| **Nomura VIP Pathfinder Conservative Series** | $0 | $0 |
| **Nomura VIP Pathfinder Moderate — Managed Volatility Series** | $0 | $0 |
| **Nomura VIP Pathfinder Moderately Aggressive — Managed Volatility Series** | $0 | $0 |
| **Nomura VIP Pathfinder Moderately Conservative — Managed Volatility Series** | $0 | $0 |

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As of December 31, 2025, the Series held the following amounts of securities of their regular broker/dealers, as defined in Rule 10b-1 under the 1940 Act, or such broker/dealers' parents. If no information is shown for a Series, the Series did not hold securities of its regular broker/dealers as of the end of its fiscal year.

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| | | |
|:---|:---|:---|
| **Series** | **Name of Broker/Dealer** | **Market Value of** **Aggregate** **Holdings** |
| Nomura VIP Balanced Series | Bank of America Corp | $1219092 |
| Nomura VIP Core Equity Series | JP Morgan Chase | $14256946 |
|  | Morgan Stanley | $12346679 |
| Nomura VIP Global Growth Series | Morgan Stanley | $3488820 |
| Nomura VIP Growth and Income Series | Citigroup Inc | $37724593 |
|  | Wells Fargo | $28946242 |
| Nomura VIP Total Return Series | Bank of America Corp | $147345 |
| Nomura VIP Value Series | Bank of America Corp | $4672800 |

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The Manager or the sub-advisor, as the case may be, may place a combined order for two or more accounts or funds engaged in the purchase or sale of the same security if, in its judgment, joint execution is in the best interest of each participant and will meet the requirement to seek best execution. Transactions involving commingled orders are allocated in a manner deemed equitable to each account or fund. When a combined order is executed in a series of transactions at different prices, each account participating in the order may be allocated an average price obtained from the executing broker. It is believed that the ability of the accounts to participate in volume transactions will generally be beneficial to the accounts and funds. Although it is recognized that, in some cases, the joint execution of orders could adversely affect the price or volume of the security that a particular account or fund may obtain, it is the opinion of the Manager or sub-advisor and the Board that the advantages of combined orders outweigh the possible disadvantages of separate transactions.

From time to time, the Manager may recommend or execute trades in certain instruments between a Series and other accounts managed by the Manager or its affiliates (including proprietary, seed, and affiliate accounts). These trades are known as cross trades. Cross trades can provide a benefit to a Series in the form of reduced market impact, increased execution efficiency and reduced transaction costs, and the ability to fill sell and purchase orders at more advantageous prices. Cross trades create actual or potential conflicts of interest between a Series and other accounts managed by the Manager or its affiliates, and for the Manager and its affiliates, including the possibility that the Manager, for example, will effect a cross trade at a price that is disadvantageous to a participating client account, will transfer an undesirable security from a client paying higher fees to one paying lower fees, will transfer an illiquid security held by a client account in need of liquidity to another client account, or use one client account to "park" desirable securities for other client accounts until cash becomes available. To address these potential conflicts, the Series have adopted a policy requiring all cross trades for a Series to comply with Rule 17a-7 under the 1940 Act and applicable SEC guidance. This policy requires, among other things, that cross trades for a Series must only involve a security for which market quotations are readily available and must be effected at the independent current market price of the security.

Consistent with the Financial Industry Regulatory Authority ("FINRA") rules, and subject to seeking best execution, the Manager may place orders with broker/dealers that have agreed to defray certain fund expenses, such as custodian fees.

Each Series has the authority to participate in a commission recapture program. Under the program and subject to seeking best execution (as described above), a Series may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commission to the Series in cash. Any such commission rebates will be included as a realized gain on securities in the appropriate financial statements of a Series. The Manager and its affiliates have previously acted, and may in the future act, as an investment manager to mutual funds or separate accounts affiliated with the administrator of the commission recapture program. In addition, affiliates of the administrator act as consultants in helping institutional clients choose investment managers and may also participate in other types of businesses and provide other services in the investment management industry.

**Capital Structure**

**Capitalization**

Each Trust currently has authorized, and allocated to each Class of its respective Series, an unlimited number of shares of beneficial interest. All shares of each Series are, when issued in accordance with the registration statement (as amended from time to time), the applicable Trust's governing instruments and applicable law, fully paid and nonassessable. Shareholders do not have preemptive rights. All shares of a Series represent an undivided proportionate interest in the assets of the Series, and each share Class has the same voting and other rights and

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**Capital Structure**

preferences as the other Classes of the Series, except that shares of the Standard Class may not vote on any matter affecting the plan for Service Class shares under Rule 12b-1 (the "Plan"). General expenses of the Series will be allocated on a pro rata basis to the Classes according to asset size, except that expenses of the Service Class's Rule 12b-1 Plan will be allocated solely to that Class.

**Noncumulative Voting**

The Trust's shares have noncumulative voting rights, meaning that the holders of more than 50% of the shares of the Trust voting for the election of Trustees can elect all of the Trustees if they choose to do so, and, in such event, the holders of the remaining shares will not be able to elect any Trustees.

**Purchase and Redemption of Shares and Offering Price**

**Purchasing Shares**

Each Series reserves the right to refuse the purchase side of an exchange request by any person or group if, in the Manager's judgment, the Series would be unable to invest effectively in accordance with its investment objective and policies, or would otherwise potentially be adversely affected. Purchase exchanges may be restricted or refused if a Series receives or anticipates simultaneous orders affecting significant portions of the Series' assets.

**Plans under Rule 12b-1 for Service Class**

*12b-1 Plan for Series in Delaware VIP Trust*

Pursuant to Rule 12b-1 under the 1940 Act, Delaware VIP Trust has adopted the Plan for Service Class shares of Nomura VIP Emerging Markets Series, Nomura VIP Fund For Income Series, Nomura VIP Investment Grade Series, Nomura VIP Small Cap Value Series, and Nomura VIP Total Return Series. The Plan permits Delaware VIP Trust to pay for certain distribution, promotional and related expenses involved in the marketing of only the Service Class of shares to which the Plan applies. The Plan is designed to benefit Delaware VIP Trust and its shareholders and, ultimately Delaware VIP Trust's beneficial contract owners.

The Plan permits Delaware VIP Trust, pursuant to its Distribution Agreement, to pay out of the assets of Service Class shares monthly fees to the Distributor for its services and expenses in distributing and promoting sales of shares of such Class. These expenses include, among other things, preparing and distributing advertisements, sales literature, and prospectuses and reports used for sales purposes, compensating sales and marketing personnel and paying distribution and maintenance fees to insurance company sponsors, brokers, dealers and others. In addition, Delaware VIP Trust may make payments from the 12b-1 Plan fees of Service Class shares directly to others, such as insurance company sponsors, who aid in the distribution of Service Class shares or provide services in respect of the Service Class, pursuant to service agreements with Delaware VIP Trust.

The maximum aggregate fee payable by Delaware VIP Trust under the Plan, and Delaware VIP Trust's Distribution Agreement, on an annual basis, is 0.30% of average daily net assets of Service Class shares (up to 0.25% of which are service fees to be paid to the Distributor, insurance company sponsors, dealers, and others for providing personal service and/or maintaining shareholder accounts).

While payments pursuant to the Plan currently may not exceed 0.30% annually with respect to Service Class shares, the Plan does not limit fees to amounts actually expended by the Distributor. It is therefore possible that the Distributor may realize a profit in any particular year. However, the Distributor currently expects that its distribution expenses will likely equal or exceed payments to it under the Plan. The Distributor may, however, incur such additional expenses and make additional payments to dealers from its own resources to promote the distribution of shares of the Class. The monthly fees paid to the Distributor under the Plan are subject to the review and approval of Delaware VIP Trust's Independent Trustees, who may reduce the fees or terminate the Plan at any time.

All of the distribution expenses incurred by the Distributor and others, such as insurance company sponsors or broker/dealers, in excess of the amount paid on behalf of Service Class shares would be borne by such persons without any reimbursement from such Class.

From time to time, the Distributor may pay additional amounts from its own resources to dealers for aid in distribution or for aid in providing administrative services to shareholders.

The Plan and the Distribution Agreement, as amended, have been approved by the Board, including a majority of Delaware VIP Trust's Independent Trustees who have no direct or indirect financial interest in the Plan by vote cast in person at a meeting duly called for the purpose of voting on the Plan and the Distribution Agreement. Continuation of the Plan and the Distribution Agreement, as amended, must be approved annually by the Board in the same manner as specified above.

Each year, the Trustees of Delaware VIP Trust must determine whether continuation of the Plan is in the best interest of shareholders of Service Class shares, and that there is a reasonable likelihood of the Plan providing a benefit to that Class. The Plan and the Distribution Agreement, as amended, may be terminated with respect to the Service Class at any time without penalty by a majority of the Independent Trustees of Delaware VIP Trust or by a majority vote of the Service Class's outstanding voting securities. Any amendment materially increasing the percentage payable

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under the Plan must likewise be approved by a majority vote of the Service Class's outstanding voting securities, as well as by a majority vote of the Independent Trustees who are not "interested persons." Also, any other material amendment to the Plan must be approved by a majority vote of the Trustees of Delaware VIP Trust, including a majority of Delaware VIP Trust's Independent Trustees who have no interest in the Plan. In addition, in order for the Plan to remain effective, the selection and nomination of Delaware VIP Trust's Independent Trustees must be made by Delaware VIP Trust's existing Independent Trustees who have no direct or indirect financial interest in the Plan. Persons authorized to make payments under the Plan must provide written reports at least quarterly to the Board for its review.

*12b-1 Plan for Series in Ivy Variable Insurance Portfolios*

Under a Service Plan (Plan) adopted by Ivy Variable Insurance Portfolios pursuant to Rule 12b-1 under the 1940 Act, for Service Class shares, each Series (except the Pathfinder Series and the Managed Volatility Series) may pay the Distributor a fee not to exceed 0.25% of the Series' average annual net assets attributable to Service Class shares, paid daily, to compensate the Distributor and unaffiliated third parties for their costs and expenses in connection with the provision of personal services to Policyowners that invest directly (or indirectly through the Pathfinder Series and the Managed Volatility Series) in Service Class shares of a Series.

The Plan permits the Distributor to be compensated for amounts it expends in compensating, training and supporting registered financial advisors, sales managers and/or other appropriate personnel in providing personal services to Policyowners and/or maintenance of Policyowner accounts; increasing services provided to Policyowners by office personnel; engaging in other activities useful in providing personal service to Policyowners; and in compensating broker-dealers who may regularly sell Policies, and other third parties, for providing shareholder services and/or maintenance of Policyowner accounts.

The only Trustees or interested persons, as defined in the 1940 Act, of Ivy Variable Insurance Portfolios who have a direct or indirect financial interest in the operation of the Plan are the officers and Trustees who also are officers of either the Distributor or its affiliate(s). The Plan is anticipated to benefit each Series and the Policyowners through the Distributor's activities to provide directly, or indirectly, personal services to the Policyowners and thereby promote the maintenance of their accounts with respect to investment in the Series. Ivy Variable Insurance Portfolios anticipates that Policyowners investing in Service Class shares of a Series may benefit to the extent that the Distributor's activities are successful in increasing the assets of the Series through reduced redemptions and reducing a Policyowner's share of Series expenses. In addition, each Series anticipates that the revenues from the Plan will provide the Distributor with greater resources to make the financial commitments necessary to continue to improve the quality and level of services to the Series and Policyowners.

The Plan was approved by the Board of Ivy Variable Insurance Portfolios, including the Independent Trustees (who have no direct or indirect financial interest in the operations of the Plan or any agreement referred to in the Plan). The Plan was also approved as to each Series by the shareholders of the Series.

Among other things, the Plan provides that (1) the Distributor will provide to the Trustees at least quarterly, and the Trustees will review, a report of amounts expended under the Plan and the purposes for which such expenditures were made, (2) the Plan will continue in effect only so long as it is approved at least annually, and any material amendments thereto will be effective only if approved by the Trustees including the Independent Trustees acting in person at a meeting called for that purpose, (3) payments under the Plan may not be materially increased without the vote of the holders of a majority of the outstanding shares of the Series, and (4) while the Plan remains in effect, the selection and nomination of the Trustees who are Independent Trustees will be committed to the discretion of the Independent Trustees.

For the fiscal year ended December 31, 2025, the Service Class of each Series paid the Distributor pursuant to the Plan the total amounts set forth in the table below. From these totals, the following amounts were used by the Distributor for the following purposes:

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| | | | |
|:---|:---|:---|:---|
| **Series** | **Broker Trails<sup>1</sup>**  | **Wholesaler**<br>**Expenses** | **Totals** |
| **Nomura VIP Core Equity Series** | $931847 | $0 | $931847 |
| **Nomura VIP Growth Series** | $1126397 | $0 | $1126397 |
| **Nomura VIP Mid Cap Growth Series** | $884272 | $58253 | $942525 |
| **Nomura VIP Smid Cap Core Series** | $293578 | $0 | $293578 |
| **Nomura VIP Small Cap Growth Series** | $423009 | $45463 | $468472 |
| **Nomura VIP Small Cap Value Series** | $960869 | $1735101 | $2695970 |
| **Nomura VIP Value Series** | $246358 | $0 | $246358 |
| **Nomura VIP Fund for Income Series** | $5053 | $0 | $5053 |
| **Nomura VIP Investment Grade Series** | $0 | $0 | $0 |
| **Nomura VIP Corporate Bond Series** | $295906 | $0 | $295906 |
| **Nomura VIP High Income Series** | $1852586 | $58490 | $1911076 |
| **Nomura VIP Limited-Term Bond Series** | $78625 | $0 | $78625 |

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**Purchase and Redemption of Shares and Offering Price**

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| | | | |
|:---|:---|:---|:---|
| **Series** | **Broker Trails**<sup>1</sup>  | **Wholesaler**<br>**Expenses** | **Totals**  |
| **Nomura VIP Global Growth Series** | $402955 | $0 | $402955 |
| **Nomura VIP International Core Equity Series** | $645137 | $3465 | $648602 |
| **Nomura VIP Emerging Markets Series** | $0 | $764274 | $764274 |
| **Nomura VIP Asset Strategy Series** | $1418187 | $15329 | 1433516 |
| **Nomura VIP Balanced Series** | $515445 | $37110 | $552555 |
| **Nomura VIP Total Return Series** | $42 | $0 | $42 |
| **Nomura VIP Energy Series** | $155114 | $23912 | $179026 |
| **Nomura VIP Natural Resources Series** | $194214 | $0 | $194214 |
| **Nomura VIP Science and Technology Series** | $1602960 | $135022 | $1737982 |

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| | |
|:---|:---|
| 1 | The broker trail amounts listed in this row are principally based on payments made to broker/dealers monthly. However, certain broker/dealers receive trail payments quarterly. The quarterly payments are based on estimates, and the estimates may be reflected in the amounts in this row. |

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**Redeeming Shares**

Payment for shares redeemed or repurchased may be made either in cash or kind, or partly in cash and partly in kind. Any portfolio securities paid or distributed in kind would be valued pursuant to the Trust's Valuation Procedures. Subsequent sale by an investor receiving a distribution in kind could result in the payment of brokerage commissions. However, the Trust has elected to be governed by Rule 18f-1 under the 1940 Act pursuant to which a Series is obligated to redeem shares solely in cash up to the lesser of $250,000 or 1.00% of the Series' NAV during any 90-day period for any one shareholder.

**Offering Price**

The offering price of shares is the NAV per share next to be determined after an order is received. The purchase of shares becomes effective at the close of business on the day on which the investment is received from the life company and after any dividend is declared. Dividends, if any, begin to accrue on the next business day. There is no front-end or contingent deferred sales charge.

The offering price and NAV are computed as of the close of regular trading on the New York Stock Exchange ("NYSE"), which is normally 4:00pm, Eastern time, on days when the NYSE is open for business ("Business Day"). The NYSE is scheduled to be open Monday through Friday throughout the year except for days when the following holidays are observed: New Year's Day, Martin Luther King, Jr. Day, President's Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving, and Christmas. The time by which purchase and redemption orders must be effected in order to receive a Business Day's NAV and the time at which such orders are processed and shares are priced may change in case of an emergency declared by the SEC or, if regular trading on the NYSE is stopped, at a time other than the regularly scheduled close of the NYSE. When the NYSE is closed, a Series will generally be closed, pricing calculations will not be made, and purchase and redemption orders will not be processed until the Series' next Business Day.

Generally, trading in securities of many foreign (non-US) securities exchanges and on over-the-counter markets in these regions is completed at various times prior to the close of business on each Business Day. In addition, trading in foreign markets may not take place on all Business Days, and, furthermore, trading can take place in various foreign markets on days which are not Business Days and days on which a Series' NAV is not calculated. In these instances, calculation of a Series' NAV may not take place contemporaneously with the determination of the prices of the securities traded in foreign markets. Foreign securities primarily traded on foreign exchanges or markets that close prior to the NYSE on a Business Day may be valued at fair value by a Pricing Source (as defined in this section below) in accordance with a model that adjusts the prices of such securities based on multiple factors. Foreign securities that do not trade on a Business Day are also valued at fair value. Accordingly, a Series may use fair value pricing more frequently for securities traded primarily in foreign markets because foreign markets operate at times that do not coincide with those of major US markets. A Series may determine the fair value of such investments based on information provided by a Pricing Source. If a Pricing Source does not provide a fair value for a particular security or if the value does not meet the established criteria for a Series, the most recent closing price for such a security on its principal exchange will generally be its fair value on such date. See "Fair valuation" in the Prospectus for additional information.

The NAV per share for each share class of a Series is calculated by subtracting the liabilities of each class from its total assets and dividing the resulting number by the number of shares outstanding for that class. In determining a Series' total net assets and calculating NAV, equity securities, except those traded on the Nasdaq Stock Market, Inc. (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the NYSE on the valuation date. Securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security does not trade, then the mean between the bid and ask prices on the primary exchange on which they trade will be used. Most debt securities, fixed income securities, and credit default swap ("CDS") contracts are valued based upon valuations provided by an independent pricing service or broker/ counterparty and reviewed by the Manager. The pricing service may use a pricing matrix to determine valuation, which reflects such factors as security prices, yields, maturities, and ratings, and are supplemented by

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dealer and exchange quotations. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. US government and agency securities are valued at the mean between the bid and ask prices. Valuation of asset-backed securities, collateralized mortgage obligations, commercial mortgage-backed securities, and US government agency mortgage-backed securities rely upon valuations provided by an independent pricing service, which utilize matrix pricing that considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades, and values of the underlying reference instruments. Open-end investment company securities are valued at net asset value per share, as reported by the underlying investment company. Forward foreign currency contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts and options on futures contracts are valued at the daily quoted settlement or closing prices on the primary exchange or board of trade on which they trade. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices. Foreign securities and the prices of foreign securities denominated in foreign currencies are translated to US dollars at the mean between the bid and offer quotations of such currencies based on rates in effect as of the close of the NYSE.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Investment Company Act of 1940 ("Rule 2a-5"). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees has designated the Manager as the valuation designee ("Valuation Designee") for each Series to perform the fair value determination relating to all applicable Series investments. The Manager has established a Pricing Committee to assist with its designated responsibilities as Valuation Designee, and the Manager may carry out its designated responsibilities as Valuation Designee through the Pricing Committee and other teams and committees, which operate under policies and procedures approved by the Board and subject to the Board's oversight. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. See "Fair valuation" in the Prospectus for additional information.

Subject to the Board's oversight, the Valuation Designee may value Series securities for which market quotations are not readily available and other Series assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").Prices provided by a Pricing Source take into account appropriate factors, including, but not limited to, institutional trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data.

Each Class of a Series will bear, pro rata, all of the common expenses of that Series. The NAVs of all outstanding shares of each Class of a Series will be computed on a pro rata basis for each outstanding share based on the proportionate participation in the Series represented by the value of shares of that Class. All income earned and expenses incurred by a Series will be borne on a pro rata basis by each outstanding share of a Class, based on each Class's percentage in that Series represented by the value of shares of such Classes, except that the Standard Class shares will not incur any of the expenses under the Trust's Rule 12b-1 Plan, while the Service Class shares will bear the Rule 12b-1 Plan expenses payable under its Rule 12b-1 Plan. Due to the specific distribution expenses and other costs that will be allocable to each Class, the NAV of each Class of a Series will vary.

In the calculation of the NAV of a Pathfinder Series or a Managed Volatility Series, the shares of the Underlying Funds held by the Series are valued at their respective NAVs per share.

**Distributions and Taxes**

**Distributions**

The following supplements the information in the Prospectus.

The policy of the Trust is to distribute substantially all of each Series' net investment income and net realized capital gains, if any, in the amount and at the times that will allow a Series to avoid incurring any material amounts of federal income or excise taxes.

Each Class of shares of a Series will share proportionately in the investment income and expenses of that Series, except that the Service Class alone will incur distribution fees under its respective Rule 12b-1 Plan.

All dividends and any capital gains distributions will be automatically reinvested in additional shares of the same Class of a Series at NAV, unless otherwise designated in writing that such dividends and/or distributions be paid in cash.

**Taxes**

The following is a summary of certain additional tax considerations generally affecting each Series (sometimes referred to as "the Series"). Because shares of the Series are sold, directly or indirectly, to separate accounts of insurance companies, the tax consequences described below are generally not applicable to an owner of a variable contract.

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**Distributions and Taxes**

This "Distributions and Taxes" section is based on the Internal Revenue Code and applicable regulations in effect on the date of this Statement of Additional Information. Future legislative, regulatory or administrative changes, including provisions of current law that sunset and thereafter no longer apply, or court decisions may significantly change the tax rules applicable to the Series and its shareholders. Any of these changes or court decisions may have a retroactive effect.

***This is for general information only and not tax advice. For federal income tax purposes, the insurance company (rather than the*** ***purchaser of a variable contract) is treated as the owner of the shares of the Series selected as an investment option. Holders of variable*** ***contracts should consult their own tax advisors for more information on their tax situation, including the possible applicability of federal,*** ***state, local, and foreign taxes.***

**Taxation of the Series.** The Series has elected and intends to qualify, or, if newly organized, intends to elect and qualify, each year as a regulated investment company (sometimes referred to as a "regulated investment company," "RIC" or "fund") under Subchapter M of the Internal Revenue Code. If the Series so qualifies, the Series will not be subject to federal income tax on the portion of its investment company taxable income (that is, generally, taxable interest, dividends, net short-term capital gains, and other taxable ordinary income, net of expenses, without regard to the deduction for dividends paid) and net capital gain (that is, the excess of net long-term capital gains over net short-term capital losses) that it distributes to shareholders.

In order to qualify for treatment as a regulated investment company, the Series must satisfy the following requirements:

● Distribution
 Requirement — the Series must distribute an amount equal to the sum of at least 90% of its investment company taxable income and 90% of its net tax-exempt income,
 if any, for the tax year (including, for purposes of satisfying this distribution requirement, certain distributions
 made by the Series after the close of its taxable year that are treated as made during such taxable year).

● Income
 Requirement — the Series must derive at least 90% of its gross income from dividends, interest, certain payments with respect
 to securities loans, and gains from the sale
 or other disposition of stock, securities or foreign currencies, or other income (including, but not limited to,
 gains from options, futures or forward contracts) derived from its business of investing in such stock, securities or currencies and net
 income derived from qualified publicly traded
 partnerships ("QPTPs").

● Asset
 Diversification Test — the Series must satisfy the following asset diversification test at the close of each quarter of the Series'
 tax year: (1) at least 50% of the value
 of the Series' assets must consist of cash and cash items, US government securities, securities of other regulated investment
 companies, and securities of other issuers (as to which the Series has not invested more than 5% of the value of the Series'
 total assets in securities of an issuer and
 as to which the Series does not hold more than 10% of the outstanding voting securities of the issuer); and (2)
 no more than 25% of the value of the Series' total assets may be invested in the securities of any one issuer (other than US
 government securities or securities of other
 regulated investment companies) or of two or more issuers which the Series controls and which are engaged in the
 same or similar trades or businesses, or, in the securities of one or more QPTPs.

In some circumstances, the character and timing of income realized by the Series for purposes of the Income Requirement or the identification of the issuer for purposes of the Asset Diversification Test is uncertain under current law with respect to a particular investment, and an adverse determination or future guidance by the IRS with respect to such type of investment may adversely affect the Series' ability to satisfy these requirements. See, "Tax Treatment of Series Transactions" below with respect to the application of these requirements to certain types of investments. In other circumstances, the Series may be required to sell portfolio holdings in order to meet the Income Requirement, Distribution Requirement, or Asset Diversification Test, which may have a negative impact on the Series' income and performance.

The Series may use "equalization accounting" (in lieu of making some cash distributions) in determining the portion of its income and gains that has been distributed. If the Series uses equalization accounting, it will allocate a portion of its undistributed investment company taxable income and net capital gain to redemptions of Series shares and will correspondingly reduce the amount of such income and gains that it distributes in cash. If the IRS determines that the Series' allocation is improper and that the Series has under-distributed its income and gain for any taxable year, the Series may be liable for federal income and/or excise tax. If, as a result of such adjustment, the Series fails to satisfy the Distribution Requirement, the Series will not qualify that year as a regulated investment company the effect of which is described in the following paragraph.

If for any taxable year the Series does not qualify as a regulated investment company, all of its taxable income (including its net capital gain) would be subject to tax at the corporate income tax rate without any deduction for dividends paid to shareholders. Failure to qualify as a regulated investment company would thus have a negative impact on the Series' income and performance. Subject to savings provisions for certain failures to satisfy the Income Requirement or Asset Diversification Test, which, in general, are limited to those due to reasonable cause and not willful neglect, it is possible that the Series will not qualify as a regulated investment company in any given tax year. Even if such savings provisions apply, the Series may be subject to a monetary sanction of $50,000 or more. Moreover, the Board reserves the right not to maintain the qualification of the Series as a regulated investment company if it determines such a course of action to be beneficial to shareholders.

*Capital loss carryovers.* The capital losses of the Series, if any, do not flow through to shareholders. Rather, the Series may use its capital losses, subject to applicable limitations, to offset its capital gains without being required to pay taxes on or distribute to shareholders such gains that are offset by the losses. If the Series has a "net capital loss" (that is, capital losses in excess of capital gains), the excess (if any) of the Series' net short-term capital losses over its net long-term capital gains is treated as a short-term capital loss arising on the first day of the Series' next taxable

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year, and the excess (if any) of the Series' net long-term capital losses over its net short-term capital gains is treated as a long-term capital loss arising on the first day of the Series' next taxable year. Any such net capital losses of the Series that are not used to offset capital gains may be carried forward indefinitely to reduce any future capital gains realized by the Series in succeeding taxable years.

The amount of capital losses that can be carried forward and used in any single year is subject to an annual limitation if there is a more than 50% "change in ownership" of the Series. An ownership change generally results when shareholders owning 5% or more of the Series increase their aggregate holdings by more than 50% over a 3-year look-back period. An ownership change could result in capital loss carryovers being used at a slower rate, thereby reducing the Series' ability to offset capital gains with those losses. An increase in the amount of gains distributed to the Series' shareholders could result from an ownership change. The Series undertakes no obligation to avoid or prevent an ownership change, which can occur in the normal course of shareholder purchases and redemptions or as a result of engaging in a tax-free reorganization with another Series. Moreover, because of circumstances beyond the Series' control, there can be no assurance that the Series will not experience, or has not already experienced, an ownership change. Additionally, if the Series engages in a tax-free reorganization with another fund, the effect of these and other rules not discussed herein may be to disallow or postpone the use by the Series of its capital loss carryovers (including any current year losses and built-in losses when realized) to offset its own gains or those of the other Series, or vice versa, thereby reducing the tax benefits Series shareholders would otherwise have enjoyed from use of such capital loss carryovers.

*Deferral of late year losses.* The Series may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining the Series' taxable income, net capital gain, net short-term capital gain, and earnings and profits. The effect of this election is to treat any such "qualified late year loss" as if it had been incurred in the succeeding taxable year in characterizing Series distributions for any calendar year (see, "Taxation of Series Distributions - Distributions of capital gains" below). A "qualified late year loss" includes:

(i) any net capital loss incurred after October 31 of the current taxable year, or, if there is no such loss, any net long-term capital loss or any net short-term capital loss incurred after October 31 of the current taxable year ("post-October capital losses"), and

(ii) the sum of (1) the excess, if any, of (a) specified losses incurred after October 31 of the current taxable year, over (b) specified gains incurred after October 31 of the current taxable year and (2) the excess, if any, of (a) ordinary losses incurred after December 31 of the current taxable year, over (b) the ordinary income incurred after December 31 of the current taxable year.

The terms "specified losses" and "specified gains" mean ordinary losses and gains from the sale, exchange, or other disposition of property (including the termination of a position with respect to such property), foreign currency losses and gains, and losses and gains resulting from holding stock in a passive foreign investment company ("PFIC") for which a mark-to-market election is in effect. The terms "ordinary losses" and "ordinary income" mean other ordinary losses and income that are not described in the preceding sentence. Special rules apply to a fund with a fiscal year ending in November or December that elects to use its taxable year for determining its capital gain net income for excise tax purposes.

*Undistributed capital gains.* The Series may retain or distribute to shareholders its net capital gain for each taxable year. The Series currently intends to distribute net capital gains. If the Series elects to retain its net capital gain, the Series will be taxed thereon (except to the extent of any available capital loss carryovers) at the corporate income tax rate. If the Series elects to retain its net capital gain, it is expected that the Series also will elect to have shareholders treated as if each received a distribution of its pro rata share of such gain, with the result that each shareholder will be required to report its pro rata share of such gain on its tax return as long-term capital gain, will receive a refundable tax credit for its pro rata share of tax paid by the Series on the gain, and will increase the tax basis for its shares by an amount equal to the deemed distribution less the tax credit.

*Federal excise tax.* To avoid a 4% nondeductible excise tax, the Series must distribute by December 31 of each year an amount equal to at least: (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (that is, the excess of the gains from sales or exchanges of capital assets over the losses from such sales or exchanges) for the one-year period ended on October 31 of such calendar year (or, at the election of a regulated investment company having a taxable year ending November 30 or December 31, for its taxable year), and (3) any prior year undistributed ordinary income and capital gain net income. Generally, the Series intends to make sufficient distributions prior to the end of each calendar year to avoid any material liability for federal income and excise tax, but can give no assurances that all or a portion of such liability will be avoided. In addition, under certain circumstances, temporary timing or permanent differences in the realization of income and expense for book and tax purposes can result in the Series having to pay an excise tax. However, in any calendar year in which the investment made by the Manager and its affiliates in the Series does not exceed $250,000, the Series may qualify for an exemption from the excise tax regardless of whether it has satisfied the foregoing distribution requirements. Series that do not qualify for this exemption intend to make sufficient distributions to avoid imposition of the excise tax.

*Foreign income tax.* Investment income received by the Series from sources within foreign countries may be subject to foreign income tax withheld at the source and the amount of tax withheld generally will be treated as an expense of the Series. The US has entered into tax treaties with many foreign countries that entitle the Series to a reduced rate of, or exemption from, tax on such income. Some countries require the filing of a tax reclaim or other forms to receive the benefit of the reduced tax rate; whether or when the Series will receive the tax reclaim is within the control of the individual country. Information required on these forms may not be available such as shareholder information; therefore, the Series may not receive the reduced treaty rates or potential reclaims. Other countries have conflicting and changing instructions and restrictive timing requirements which may cause the Series not to receive the reduced treaty rates or potential reclaims. Other countries may subject capital gains realized by the

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**Distributions and Taxes**

Series on sale or disposition of securities of that country to taxation. It is impossible to determine the effective rate of foreign tax in advance since the amount of the Series' assets to be invested in various countries is not known. Under certain circumstances, the Series may elect to pass-through foreign taxes paid by the Series to shareholders, although it reserves the right not to do so.

***Special Rules Applicable to Variable Contracts.*** The Series intends to comply with the diversification requirements of Section 817(h) of the Internal Revenue Code and the regulations thereunder relating to the tax-deferred status of variable accounts that are based on insurance company separate accounts (referred to as "segregated asset accounts" for federal income tax purposes). If these requirements are not met, or under other limited circumstances, it is possible that the contract holders (rather than the insurance company) will be treated for federal income tax purposes as the taxable owners of the assets held by the segregated asset accounts. If the contract holder is considered the owner of the segregated asset account, income and gains produced by those securities would be included currently in the contract holder's gross income. The Series intends to comply with these diversification requirements.

Section 817(h) of the Internal Revenue Code generally requires a variable contract (other than a pension plan contract) that is based on a segregated asset account to be adequately diversified. To satisfy these diversification requirements, as of the end of each calendar quarter or within 30 days thereafter, the Series must either (a) satisfy the Asset Diversification Test and have no more than 55% of the total value of its assets in cash and cash equivalents, government securities and securities of other regulated investment companies; or (b) have no more than 55% of its total assets represented by any one investment, no more than 70% by any two investments, no more than 80% by any three investments, and no more than 90% by any four investments. For the purposes of clause (b), all securities of the same issuer are considered a single investment, and while each US government agency and instrumentality is considered a separate issuer, a particular foreign government and its agencies, instrumentalities and political subdivisions all will be considered the same issuer.

Section 817(h) of the Internal Revenue Code provides a look-through rule for purposes of testing the diversification of a segregated asset account that invests in a regulated investment company such as the Series. Treasury Regulations Section 1.817-5(f)(1) provides, in part, that if the look-through rule applies, a beneficial interest in an investment company (including a regulated investment company) shall not be treated as a single investment of a segregated asset account; instead, a pro rata portion of each asset of the investment company shall be treated as an asset of the segregated asset account. Treasury Regulations Section 1.817-5(f)(2) provides (except as otherwise permitted) that the look-through rule shall apply to an investment company only if –

● All
 the beneficial interests in the investment company are held by one or more segregated asset accounts of one or more insurance companies; and

● Public
 access to such investment company is available exclusively through the purchase of a variable contract.

As provided in their offering documents, all the beneficial interests in the Series is held by one or more segregated asset accounts of one or more insurance companies (except as otherwise permitted), and public access to the Series (and any corresponding regulated investment company such as a fund-of-funds that invests in the Series) is available solely through the purchase of a variable contract. Under the look-through rule of Section 817(h) of the Internal Revenue Code and Treasury Regulations Section 1.817-5(f), a pro rata portion of each asset of the Series is treated as an asset of the investing segregated asset account for purposes of determining whether the segregated asset account is adequately diversified. See also, Revenue Ruling 2005-7.

For a variable contract to qualify for tax deferral, assets in the segregated asset accounts supporting the contract must be considered to be owned by the insurance company and not by the contract holder. Accordingly, a contract holder should not have an impermissible level of control over the Series' investment in any particular asset so as to avoid the prohibition on investor control. If the contract holder is considered the owner of the segregated asset account, income and gains produced by the underlying assets would be included currently in the contract holder's gross income with the variable contract being characterized as a mere "wrapper." The Treasury Department has issued rulings addressing the circumstances in which a variable contract holder's control of the investments of the segregated asset account may cause the contract holder, rather than the insurance company, to be treated as the owner of the assets held by the segregated asset account, and is likely to issue additional rulings in the future. It is not known what standards will be set forth in any such rulings or when, if at all, these rulings may be issued.

The IRS may consider several factors in determining whether a contract holder has an impermissible level of investor control over a segregated asset account. One factor the IRS considers when a segregated asset account invests in one or more RICs is whether a RIC's investment strategies are sufficiently broad to prevent a contract holder from being deemed to be making particular investment decisions through its investment in the segregated asset account. Current IRS guidance indicates that typical RIC investment strategies, even those with a specific sector or geographical focus, are generally considered sufficiently broad to prevent a contract holder from being deemed to be making particular investment decisions through its investment in a segregated asset account. The relationship between the Series and the variable contracts is designed to satisfy the current expressed view of the IRS on this subject, such that the investor control doctrine should not apply. However, because of some uncertainty with respect to this subject and because the IRS may issue further guidance on this subject, the Series reserves the right to make such changes as are deemed necessary or appropriate to reduce the risk that a variable contract might be subject to current taxation because of investor control.

Another factor that the IRS examines concerns actions of contract holders. Under the IRS pronouncements, a contract holder may not select or control particular investments, other than choosing among broad investment choices such as selecting a particular fund. A contract holder thus may not select or direct the purchase or sale of a particular investment of the Series. All investment decisions concerning the Series must be made by

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the portfolio managers in their sole and absolute discretion, and not by a contract holder. Furthermore, under the IRS pronouncements, a contract holder may not communicate directly or indirectly with such portfolio managers or any related investment officers concerning the selection, quality, or rate of return of any specific investment or group of investments held by the Series.

The IRS and the Treasury Department may in the future provide further guidance as to what they deem to constitute an impermissible level of "investor control" over a segregated asset account's investments in funds such as the Series, and such guidance could affect the treatment of the Series, including retroactively. In the event that additional rules or regulations are adopted, there can be no assurance that the Series will be able to operate as currently described, or that the Series will not have to change its investment objectives or investment policies. The Series' investment objective and investment policies may be modified as necessary to prevent any such prospective rules and regulations from causing variable contract owners to be considered the owners of the shares of the Series.

***Taxation of Series Distributions.*** The Series anticipates distributing substantially all of its investment company taxable income and net capital gain for each taxable year.

*Distributions of net investment income.* The Series receives ordinary income generally in the form of dividends and/or interest on its investments. The Series may also recognize ordinary income from other sources, including, but not limited to, certain gains on foreign currency-related transactions. This income, less expenses incurred in the operation of the Series, constitutes the Series' net investment income from which dividends may be paid to the separate account. In the case of the Series whose strategy includes investing in stocks of corporations, a portion of the income dividends paid to the separate account may be qualified dividends eligible for the corporate dividends-received deduction. See the discussion below under the heading, "— Dividends-received deduction for corporations."

*Distributions of capital gains.* The Series may derive capital gain and loss in connection with sales or other dispositions of its portfolio securities. Distributions derived from the excess of net short-term capital gain over net long-term capital loss will be distributed as ordinary income. Distributions paid from the excess of net long-term capital gain over net short-term capital loss will be distributed as long-term capital gain. Any net short-term or long-term capital gain realized by the Series (net of any capital loss carryovers) generally will be distributed once each year and may be distributed more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Series.

*Returns of capital.* Distributions by the Series that are not paid from earnings and profits will be treated as a return of capital to the extent of (and in reduction of) the shareholder's tax basis in its shares; any excess will be treated as gain from the sale of its shares. Thus, the portion of a distribution that constitutes a return of capital will decrease the shareholder's tax basis in its Series shares (but not below zero), and will result in an increase in the amount of gain (or decrease in the amount of loss) that will be recognized by the shareholder for tax purposes on the later sale of such Series shares. Return of capital distributions can occur for a number of reasons including, among others, the Series over-estimates the income to be received from certain investments such as those classified as partnerships or equity real estate investment trusts ("REITs") (see, "Tax Treatment of Series Transactions — Investments in US REITs" below).

*Dividends-received deduction for corporations.* For corporate shareholders, a portion of the dividends paid by the Series may qualify for the dividends-received deduction. The availability of the dividends- received deduction is subject to certain holding period and debt financing restrictions imposed under the Internal Revenue Code on the corporation claiming the deduction. Income derived by the Series from investments in derivatives, fixed income and foreign securities generally is not eligible for this treatment.

*Pass-through of foreign tax credits.* If more than 50% of a Series' total assets at the end of a fiscal year is invested in foreign securities, the Series may elect to pass through to its shareholders their pro rata share of foreign taxes paid by the Series. If this election is made, the Series may report more taxable income than it actually distributes. The shareholders will then be entitled either to deduct their share of these taxes in computing their taxable income, or to claim a foreign tax credit for these taxes against their US federal income tax (subject to limitations for certain shareholders). Shareholders may be unable to claim a credit for the full amount of their proportionate shares of the foreign income tax paid by the Series due to certain limitations that may apply. Each Series reserves the right not to pass through to its shareholders the amount of foreign income taxes paid by the Series. Additionally, any foreign tax withheld on payments made "in lieu of" dividends or interest will not qualify for the pass through of foreign tax credits to shareholders. See, "Tax Treatment of Series Transactions — Securities lending" below.

*Tax credit bonds.* If a Series holds, directly or indirectly, one or more "tax credit bonds" (including build America bonds, clean renewable energy bonds and qualified tax credit bonds) on one or more applicable dates during a taxable year, the Series may elect to permit its shareholders to claim a tax credit on their income tax returns equal to each shareholder's proportionate share of tax credits from the applicable bonds that otherwise would be allowed to the Series. In such a case, shareholders must include in gross income (as interest) their proportionate share of the income attributable to their proportionate share of those offsetting tax credits. A shareholder's ability to claim a tax credit associated with one or more tax credit bonds may be subject to certain limitations imposed by the Internal Revenue Code. Under 2017 legislation commonly known as the Tax Cuts and Jobs Act, the build America bonds, clean renewable energy bonds and certain other qualified bonds may no longer be issued after December 31, 2017. Even if the Series is eligible to pass through tax credits to shareholders, the Series may choose not to do so.

*Consent dividends.* The Series may utilize the consent dividend provisions of section 565 of the Internal Revenue Code to make distributions. Provided that all shareholders agree in a consent filed with the income tax return of the Series to treat as a dividend the amount specified in the consent, the amount will be considered a distribution just as any other distribution paid in money and reinvested back into the Series.

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**Distributions and Taxes**

*Reportable transactions.* Under Treasury regulations, if a shareholder recognizes a loss with respect to the Series' shares of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder (or certain greater amounts over a combination of years), the shareholder must file with the IRS a disclosure statement on Form 8886. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

***Tax Treatment of Series Transactions.*** Set forth below is a general description of the tax treatment of certain types of securities, investment techniques and transactions that may apply to a fund and, in turn, affect the amount, character and timing of dividends and distributions payable by the fund to its shareholders. This section should be read in conjunction with the discussion above under "Investment Strategies and Risks" for a detailed description of the various types of securities and investment techniques that apply to the Series.

*In general.* In general, gain or loss recognized by a fund on the sale or other disposition of portfolio investments will be a capital gain or loss. Such capital gain and loss may be long-term or short-term depending, in general, upon the length of time a particular investment position is maintained and, in some cases, upon the nature of the transaction. Property held for more than one year generally will be eligible for long-term capital gain or loss treatment. The application of certain rules described below may serve to alter the manner in which the holding period for a security is determined or may otherwise affect the characterization as long-term or short-term, and also the timing of the realization and/or character, of certain gains or losses.

*Certain fixed income investments.* Gain recognized on the disposition of a debt obligation purchased by a fund at a market discount (generally, at a price less than its principal amount) will be treated as ordinary income to the extent of the portion of the market discount that accrued during the period of time the fund held the debt obligation unless the fund made a current inclusion election to accrue market discount into income as it accrues. If a fund purchases a debt obligation (such as a zero coupon security or payment-in-kind security) that was originally issued at a discount, the fund generally is required to include in gross income each year the portion of the original issue discount that accrues during such year. Therefore, a fund's investment in such securities may cause the fund to recognize income and make distributions to shareholders before it receives any cash payments on the securities. To generate cash to satisfy those distribution requirements, a fund may have to sell portfolio securities that it otherwise might have continued to hold or to use cash flows from other sources such as the sale of fund shares.

*Investments in debt obligations that are at risk of or in default present tax issues for a fund.* Tax rules are not entirely clear about issues such as whether and to what extent a fund should recognize market discount on a debt obligation, when a fund may cease to accrue interest, original issue discount or market discount, when and to what extent a fund may take deductions for bad debts or worthless securities and how a fund should allocate payments received on obligations in default between principal and income. These and other related issues will be addressed by a fund in order to ensure that it distributes sufficient income to preserve its status as a regulated investment company.

*Options, futures, forward contracts, swap agreements, and hedging transactions.* In general, option premiums received by a fund are not immediately included in the income of the fund. Instead, the premiums are recognized when the option contract expires, the option is exercised by the holder, or the fund transfers or otherwise terminates the option (e.g., through a closing transaction). If an option written by a fund is exercised and the fund sells or delivers the underlying stock, the fund generally will recognize capital gain or loss equal to (a) the sum of the strike price and the option premium received by the fund minus (b) the fund's basis in the stock. Such gain or loss generally will be short-term or long-term depending upon the holding period of the underlying stock. If securities are purchased by a fund pursuant to the exercise of a put option written by it, the fund generally will subtract the premium received from its cost basis in the securities purchased. The gain or loss with respect to any termination of a fund's obligation under an option other than through the exercise of the option and related sale or delivery of the underlying stock generally will be short-term gain or loss depending on whether the premium income received by the fund is greater or less than the amount paid by the fund (if any) in terminating the transaction. Thus, for example, if an option written by a fund expires unexercised, the fund generally will recognize short-term gain equal to the premium received.

The tax treatment of certain futures contracts entered into by a fund as well as listed non-equity options written or purchased by the fund on US exchanges (including options on futures contracts, broad-based equity indices and debt securities) may be governed by section 1256 of the Internal Revenue Code ("section 1256 contracts"). Gains or losses on section 1256 contracts generally are considered 60% long-term and 40% short-term capital gains or losses ("60/40"), although certain foreign currency gains and losses from such contracts may be treated as ordinary in character. Also, any section 1256 contracts held by a fund at the end of each taxable year (and, for purposes of the 4% excise tax, on certain other dates as prescribed under the Internal Revenue Code) are "marked to market" with the result that unrealized gains or losses are treated as though they were realized and the resulting gain or loss is treated as ordinary or 60/40 gain or loss, as applicable. Section 1256 contracts do not include any interest rate swap, currency swap, basis swap, interest rate cap, interest rate floor, commodity swap, equity swap, equity index swap, credit default swap, or similar agreement.

In addition to the special rules described above in respect of options and futures transactions, a fund's transactions in other derivatives instruments (including options, forward contracts and swap agreements) as well as its other hedging, short sale, or similar transactions, may be subject to one or more special tax rules (including the constructive sale, notional principal contract, straddle, wash sale and short sale rules). These rules may affect whether gains and losses recognized by a fund are treated as ordinary or capital or as short-term or long-term, accelerate the recognition of income or gains to the fund, defer losses to the fund, and cause adjustments in the holding periods of the fund's securities. These rules, therefore, could affect the amount, timing and/or character of distributions to shareholders. Moreover, because the tax rules applicable to derivatives

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instruments are in some cases uncertain under current law, an adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether a fund has made sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a regulated investment company and avoid a fund-level tax.

Certain of a fund's investments in derivatives and foreign currency-denominated instruments, and the fund's transactions in foreign currencies and hedging activities, may produce a difference between its book income and its taxable income. If a fund's book income is less than the sum of its taxable income and net tax-exempt income (if any), the fund could be required to make distributions exceeding book income to qualify as a regulated investment company. If a fund's book income exceeds the sum of its taxable income and net tax-exempt income (if any), the distribution of any such excess will be treated as (i) a dividend to the extent of the fund's remaining earnings and profits (including current earnings and profits arising from tax-exempt income, reduced by related deductions), (ii) thereafter, as a return of capital to the extent of the recipient's basis in the shares, and (iii) thereafter, as gain from the sale or exchange of a capital asset.

*Foreign currency transactions.* A fund's transactions in foreign currencies, foreign currency-denominated debt obligations and certain foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. This treatment could increase or decrease a fund's ordinary income distributions to shareholders, and may cause some or all of the fund's previously distributed income to be classified as a return of capital. In certain cases, a fund may make an election to treat such gain or loss as capital.

*PFIC investments.* A fund may invest in securities of foreign companies that may be classified under the Internal Revenue Code as PFICs. In general, a foreign company is classified as a PFIC if at least one-half of its assets constitute investment-type assets or 75% or more of its gross income is investment-type income. When investing in PFIC securities, a fund intends to mark-to-market these securities under certain provisions of the Internal Revenue Code and recognize any unrealized gains as ordinary income at the end of the fund's fiscal and excise tax years. Deductions for losses are allowable only to the extent of any current or previously recognized gains. These gains (reduced by allowable losses) are treated as ordinary income that a fund is required to distribute, even though it has not sold or received dividends from these securities. Foreign companies are not required to identify themselves as PFICs. Due to various complexities in identifying PFICs, a fund can give no assurances that it will be able to identify portfolio securities in foreign corporations that are PFICs in time for the fund to make a mark-to-market election. If a fund is unable to identify an investment as a PFIC and thus does not make a mark-to-market election, the fund may be subject to US federal income tax on a portion of any "excess distribution" or gain from the disposition of such shares even if such income is distributed as a taxable dividend by the fund to its shareholders. Additional charges in the nature of interest may be imposed on a fund in respect of deferred taxes arising from such distributions or gains.

*Investments in US REITs.* A US REIT is not subject to federal income tax on the income and gains it distributes to shareholders. Dividends paid by a US REIT, other than capital gain distributions, will be taxable as ordinary income up to the amount of the US REIT's current and accumulated earnings and profits. Capital gain dividends paid by a US REIT to a fund will be treated as long-term capital gains by the fund and, in turn, may be distributed by the fund to its shareholders as a capital gain distribution. Because of certain noncash expenses, such as property depreciation, an equity US REIT's cash flow may exceed its taxable income. The equity US REIT, and in turn a fund, may distribute this excess cash to shareholders in the form of a return of capital distribution. However, if a US REIT is operated in a manner that fails to qualify as a REIT, an investment in the US REIT would become subject to double taxation, meaning the taxable income of the US REIT would be subject to federal income tax at the corporate income tax rate without any deduction for dividends paid to shareholders and the dividends would be taxable to shareholders as ordinary income (or possibly as qualified dividend income) to the extent of the US REIT's current and accumulated earnings and profits. Also, see, "Tax Treatment of Series Transactions — Investment in taxable mortgage pools (excess inclusion income)" below with respect to certain other tax aspects of investing in US REITs.

*Investment in non-US REITs.* While non-US REITs often use complex acquisition structures that seek to minimize taxation in the source country, an investment by a fund in a non-US REIT may subject the fund, directly or indirectly, to corporate taxes, withholding taxes, transfer taxes and other indirect taxes in the country in which the real estate acquired by the non-US REIT is located. A fund's pro rata share of any such taxes will reduce the fund's return on its investment. A fund's investment in a non-US REIT may be considered an investment in a PFIC, as discussed above in "PFIC investments." Additionally, foreign withholding taxes on distributions from the non-US REIT may be reduced or eliminated under certain tax treaties, as discussed above in "Taxation of the Series — Foreign income tax." Also, a fund in certain limited circumstances may be required to file an income tax return in the source country and pay tax on any gain realized from its investment in the non-US REIT under rules similar to those in the US, which tax foreign persons on gain realized from dispositions of interests in US real estate.

*Investment in taxable mortgage pools (excess inclusion income).* Under a Notice issued by the IRS, the Internal Revenue Code and Treasury regulations to be issued, a portion of a fund's income from a US REIT that is attributable to the REIT's residual interest in a real estate mortgage investment conduit ("REMIC") or equity interests in a "taxable mortgage pool" (referred to in the Internal Revenue Code as an excess inclusion) will be subject to federal income tax in all events. The excess inclusion income of a regulated investment company, such as a fund, will be allocated to shareholders of the regulated investment company in proportion to the dividends received by such shareholders, with the same consequences as if the shareholders held the related REMIC residual interest or, if applicable, taxable mortgage pool directly. In general, excess inclusion income allocated to shareholders (i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii) will constitute unrelated business taxable income ("UBTI") to entities (including qualified pension plans, individual retirement accounts, 401(k) plans, Keogh plans or other tax-exempt entities) subject to tax on UBTI, thereby potentially requiring such an entity that is allocated excess inclusion income, and

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**Distributions and Taxes**

otherwise might not be required to file a tax return, to file a tax return and pay tax on such income, and (iii) in the case of a foreign stockholder, will not qualify for any reduction in US federal withholding tax. In addition, if at any time during any taxable year a "disqualified organization" (which generally includes certain cooperatives, governmental entities, and tax-exempt organizations not subject to UBTI) is a record holder of a share in a regulated investment company, then the regulated investment company will be subject to a tax equal to that portion of its excess inclusion income for the taxable year that is allocable to the disqualified organization, multiplied by the corporate income tax rate. The Notice imposes certain reporting requirements upon regulated investment companies that have excess inclusion income. Internal Revenue Code Section 860E(f) further provides that, except as provided in regulations (which have not been issued), with respect to any variable contract (as defined in section 817), there shall be no adjustment in the reserve to the extent of any excess inclusion. There can be no assurance that a fund will not allocate to shareholders excess inclusion income.

These rules are potentially applicable to a fund with respect to any income it receives from the equity interests of certain mortgage pooling vehicles, either directly or, as is more likely, through an investment in a US REIT. It is unlikely that these rules will apply to a fund that has a non-REIT strategy.

*Investments in partnerships and QPTPs.* For purposes of the Income Requirement, income derived by a fund from a partnership that is not a QPTP will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership that would be qualifying income if realized directly by the fund. While the rules are not entirely clear with respect to a fund investing in a partnership outside a master-feeder structure, for purposes of testing whether a fund satisfies the Asset Diversification Test, the fund generally is treated as owning a pro rata share of the underlying assets of a partnership. See, "Taxation of the Series." In contrast, different rules apply to a partnership that is a QPTP. A QPTP is a partnership (a) the interests in which are traded on an established securities market, (b) that is treated as a partnership for federal income tax purposes, and (c) that derives less than 90% of its income from sources that satisfy the Income Requirement (e.g., because it invests in commodities). All of the net income derived by a fund from an interest in a QPTP will be treated as qualifying income but the fund may not invest more than 25% of its total assets in one or more QPTPs. However, there can be no assurance that a partnership classified as a QPTP in one year will qualify as a QPTP in the next year. Any such failure to annually qualify as a QPTP might, in turn, cause a fund to fail to qualify as a regulated investment company. Although, in general, the passive loss rules of the Internal Revenue Code do not apply to RICs, such rules do apply to a fund with respect to items attributable to an interest in a QPTP. Series investments in partnerships, including in QPTPs, may result in the fund being subject to state, local or foreign income, franchise, or withholding tax liabilities.

*Securities lending.* While securities are loaned out by a fund, the fund generally will receive from the borrower amounts equal to any dividends or interest paid on the borrowed securities. For federal income tax purposes, payments made "in lieu of" dividends are not considered dividend income. These distributions will not qualify for the 50% dividends-received deduction for corporations. Also, any foreign tax withheld on payments made "in lieu of" dividends or interest will not qualify for the pass-through of foreign tax credits to shareholders.

*Investments in convertible securities.* Convertible debt is ordinarily treated as a "single property" consisting of a pure debt interest until conversion, after which the investment becomes an equity interest. If the security is issued at a premium (i.e., for cash in excess of the face amount payable on retirement), the creditor-holder may amortize the premium over the life of the bond. If the security is issued for cash at a price below its face amount, the creditor-holder must accrue original issue discount in income over the life of the debt. The creditor-holder's exercise of the conversion privilege is treated as a nontaxable event. Mandatorily convertible debt (e.g., an exchange-traded note or ETN issued in the form of an unsecured obligation that pays a return based on the performance of a specified market index, exchange currency, or commodity) is often, but not always, treated as a contract to buy or sell the reference property rather than debt. Similarly, convertible preferred stock with a mandatory conversion feature is ordinarily, but not always, treated as equity rather than debt. Dividends received generally are eligible for the corporate dividends-received deduction. In general, conversion of preferred stock for common stock of the same corporation is tax-free. Conversion of preferred stock for cash is a taxable redemption. Any redemption premium for preferred stock that is redeemable by the issuing company might be required to be amortized under original issue discount principles.

*Investments in securities of uncertain tax character.* A fund may invest in securities the US federal income tax treatment of which may not be clear or may be subject to recharacterization by the IRS. To the extent the tax treatment of such securities or the income from such securities differs from the tax treatment expected by a fund, it could affect the timing or character of income recognized by the fund, requiring the fund to purchase or sell securities, or otherwise change its portfolio, in order to comply with the tax rules applicable to regulated investment companies under the Internal Revenue Code.

***Effect of Future Legislation; Local Tax Considerations.*** The foregoing general discussion of US federal income tax consequences is based on the Internal Revenue Code and the regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes, including provisions of current law that sunset and thereafter no longer apply, or court decisions may significantly change the conclusions expressed herein, and any such changes or decisions may have a retroactive effect with respect to the transactions contemplated herein. Rules of state and local taxation of ordinary income, and capital gain dividends may differ from the rules for US federal income taxation described above. Distributions may also be subject to additional state, local, and foreign taxes depending on each shareholder's particular situation. Non-US shareholders may be subject to US tax rules that differ significantly from those summarized above. Shareholders are urged to consult their tax advisors as to the consequences of these and other state and local tax rules affecting investment in the Series.

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***Tax Consequences To Contract Holders.*** Since shareholders of the Series will be the insurance company separate accounts, no discussion is included herein concerning federal income tax consequences for the holders of the contracts. For information concerning the federal income tax consequences to any such holder, see the prospectus relating to the applicable variable contract.

**Performance Information**

To obtain the Series' most current performance information, please call 800 523-1918 or visit our website at nomuraassetmanagement.com/vip-performance.

Performance quotations represent the Series' past performance and should not be considered as representative of future results. The Series will calculate their performance in accordance with the requirements of the rules and regulations under the 1940 Act, or any other applicable US securities laws, as they may be revised from time to time by the SEC.

**Financial Statements**

PricewaterhouseCoopers LLP ("PwC"), which is located at 2001 Market Street, Philadelphia, PA 19103, serves as the independent registered public accounting firm for the Trust and, in its capacity as such, audits the annual financial statements contained in each Series' Form N-CSR filed with the SEC. The Series' Statements of Assets and Liabilities, Schedules of Investments, Statements of Operations, Statements of Changes in Net Assets, Financial Highlights, and Notes to Financial Statements, as well as the reports of PwC, the independent registered public accounting firm, for the fiscal year ended December 31, 2025, are included in each Series' Form N-CSR. The Series' respective financial statements, Financial Highlights, the notes relating thereto and the reports of PwC listed above are incorporated by reference into this SAI from (i) [the most recent Form N-CSR for Ivy Variable Insurance Portfolios](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000810016/000119312526095743/d92812dncsr.htm)and (ii) [the most recent Form N-CSR for Delaware VIP Trust](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000814230/000119312526095731/d924686dncsr.htm).

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**Principal Holders**

The Series' Classes are generally sold to and owned by insurance company separate accounts to serve as the investment vehicle for variable annuity and life insurance contracts. Shareholders (i.e., the insurance company separate accounts) will exercise voting rights attributable to shares they own in accordance with voting instructions received by owners of the contracts issued by the insurance companies. To this extent, shareholders do not exercise control over the Trust by virtue of the voting rights from their ownership of Trust shares. Moreover, to the extent that contract holders do not provide voting instructions to a shareholder, the shareholder will generally vote such contract holders' shares in the same proportion as the votes received from other contract holders (so called "echo voting"). The effect of this proportional voting is that a small number of contract holders may determine the outcome of a vote.

As of March 31, 2026, the Manager believes the following shareholders held of record 5% or more of the outstanding shares of each Class of each Series. The Manager has no knowledge of beneficial ownership of the Trust's shares.

As detailed below, a single shareholder may hold, either directly or indirectly, 25% or more of the shares of a particular Series (or a Class of the Series) and is therefore considered a "control person" of the Series (or Class of the Series) for purposes of the 1940 Act. As a control person, such shareholder may possess the ability to control the outcome of matters submitted to the vote of the shareholders.

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| | | |
|:---|:---|:---|
| **Series/Class** | **Name and Address of Account** | **Percentage** |
| **Nomura VIP Core Equity Series** | **Nomura VIP Core Equity Series** | **Nomura VIP Core Equity Series** |
| **Service Class** | BANK OF NEW YORK-MELLON CUST<br>MACQUARIE VIP PATHFINDER MOD<br>AGGR FUND MASTER ACCOUNT<br>ATTN ADAM DEITZ<br>100 INDEPENDENCE 610 MARKET ST 7TH<br>PHILADELPHIA PA 19103 | 13.62% |
|  | BANK OF NEW YORK-MELLON CUST<br>MACQUARIE VIP PATHFINDER MOD<br>MNGD VOL FUND MASTER ACCOUNT<br>ATTN ADAM DEITZ<br>100 INDEPENDENCE 610 MARKET ST 7TH<br>PHILADELPHIA PA 19103 | 9.52% |
|  | BANK OF NEW YORK-MELLON CUST<br>MACQUARIE VIP PATHFINDER MODERATE<br>FUND MASTER ACCOUNT ATTN ADAM DEITZ<br>100 INDEPENDENCE<br>610 MARKET ST 7TH FLOOR<br>PHILADELPHIA PA 19103 | 10.08% |
|  | NATIONWIDE LIFE INSURANCE COMPANY<br>C/O IPO PORTFOLIO ACCOUNTING<br>PO BOX 182029<br>COLUMBUS OH 43218-2029 | 6.36% |
|  | NATIONWIDE LIFE INSURANCE COMPANY<br>C/O IPO PORTFOLIO ACCOUNTING<br>PO BOX 182029<br>COLUMBUS OH 43218-2029 | 10.33% |
|  | NATIONWIDE LIFE INSURANCE COMPANY<br>C/O IPO PORTFOLIO ACCOUNTING<br>PO BOX 182029<br>COLUMBUS OH 43218-2029 | 6.82% |
|  | UNITED INVESTORS LIFE<br>ADVANTAGE II<br>PO BOX 10287<br>BIRMINGHAM AL 35202-0287 | 12.73% |
|  | UNITED INVESTORS LIFE<br>VARIABLE UNIVERSAL LIFE (PLUS)<br>PO BOX 10287<br>BIRMINGHAM AL 35202-0287 | 5.70% |
| **Nomura VIP Growth Series** | **Nomura VIP Growth Series** | **Nomura VIP Growth Series** |

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| | | |
|:---|:---|:---|
| **Series/Class** | **Name and Address of Account** | **Percentage**  |
| **Service Class** | MINNESOTA LIFE INSURANCE CO<br>MINNESOTA LIFE WRVA<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 6.19% |
|  | NATIONWIDE LIFE INSURANCE COMPANY<br>C/O IPO PORTFOLIO ACCOUNTING<br>PO BOX 182029<br>COLUMBUS OH 43218-2029 | 8.90% |
|  | NATIONWIDE LIFE INSURANCE COMPANY<br>C/O IPO PORTFOLIO ACCOUNTING<br>PO BOX 182029<br>COLUMBUS OH 43218-2029 | 19.50% |
|  | NATIONWIDE LIFE INSURANCE COMPANY<br>C/O IPO PORTFOLIO ACCOUNTING<br>PO BOX 182029<br>COLUMBUS OH 43218-2029 | 13.88% |
|  | UNITED INVESTORS LIFE<br>ADVANTAGE II<br>PO BOX 10287<br>BIRMINGHAM AL 35202-0287 | 24.64% |
|  | UNITED INVESTORS LIFE<br>VARIABLE UNIVERSAL LIFE (PLUS)<br>PO BOX 10287<br>BIRMINGHAM AL 35202-0287 | 11.73% |
| **Nomura VIP Growth and Income Series** | **Nomura VIP Growth and Income Series** | **Nomura VIP Growth and Income Series** |
| **Standard Class** | BANK OF NEW YORK-MELLON CUST<br>MACQUARIE VIP PATHFINDER MOD<br>AGGR FUND MASTER ACCOUNT<br>ATTN ADAM DEITZ<br>100 INDEPENDENCE 610 MARKET ST 7TH<br>PHILADELPHIA PA 19103 | 5.74% |
|  | FIRST INVESTORS LIFE LEVEL PREMIUM<br>VARIABLE LIFE INSURANCE<br>SEPARATE ACCOUNT B<br>40 WALL ST<br>NEW YORK NY 10005 | 64.62% |
|  | FIRST INVESTORS LIFE<br>SEPARATE ACCOUNT E<br>40 WALL ST<br>NEW YORK NY 10005 | 5.90% |
|  | FIRST INVESTORS LIFE<br>VARIABLE ANNUITY FUND C<br>40 WALL ST<br>NEW YORK NY 10005 | 8.08% |
| **Nomura VIP Growth Equity Series** | **Nomura VIP Growth Equity Series** | **Nomura VIP Growth Equity Series** |
| **Standard Class** | FIRST INVESTORS LIFE LEVEL PREMIUM<br>VARIABLE LIFE INSURANCE<br>SEPARATE ACCOUNT B<br>40 WALL ST<br>NEW YORK NY 10005 | 61.08% |

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**Principal Holders**

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| | | |
|:---|:---|:---|
| **Series/Class** | **Name and Address of Account** | **Percentage**  |
|  | FIRST INVESTORS LIFE<br>SEPARATE ACCOUNT E<br>40 WALL ST<br>NEW YORK NY 10005 | 19.85% |
|  | FIRST INVESTORS LIFE<br>VARIABLE ANNUITY FUND C<br>40 WALL ST<br>NEW YORK NY 10005 | 11.41% |
|  | FIRST INVESTORS LIFE<br>VARIABLE ANNUITY FUND D<br>40 WALL ST<br>NEW YORK NY 10005 | 7.67% |
| **Nomura VIP Mid Cap Growth Series** | **Nomura VIP Mid Cap Growth Series** | **Nomura VIP Mid Cap Growth Series** |
| **Standard Class** | LINCOLN NATIONAL LIFE INSURANCE CO<br>1300 S CLINTON ST<br>FORT WAYNE IN 46802-3506 | 100.00% |
| **Service Class** | LINCOLN NATIONAL LIFE INSURANCE CO<br>1300 S CLINTON ST<br>FORT WAYNE IN 46802-3506 | 5.72% |
|  | MINNESOTA LIFE INSURANCE CO<br>INDIVIDUAL ANNUITIES<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 5.84% |
|  | MINNESOTA LIFE INSURANCE CO<br>INDIVIDUAL LIFE<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 5.47% |
|  | NATIONWIDE LIFE INSURANCE COMPANY<br>C/O IPO PORTFOLIO ACCOUNTING<br>PO BOX 182029<br>COLUMBUS OH 43218-2029 | 59.86% |
| **Nomura VIP Smid Cap Core Series** | **Nomura VIP Smid Cap Core Series** | **Nomura VIP Smid Cap Core Series** |
| **Service Class** | BANK OF NEW YORK-MELLON CUST<br>MACQUARIE VIP PATHFINDER MOD<br>AGGR FUND MASTER ACCOUNT<br>ATTN ADAM DEITZ<br>100 INDEPENDENCE 610 MARKET ST 7TH<br>PHILADELPHIA PA 19103 | 10.52% |
|  | BANK OF NEW YORK-MELLON CUST<br>MACQUARIE VIP PATHFINDER MOD<br>MNGD VOL FUND MASTER ACCOUNT<br>ATTN ADAM DEITZ<br>100 INDEPENDENCE 610 MARKET ST 7TH<br>PHILADELPHIA PA 19103 | 7.28% |
|  | BANK OF NEW YORK-MELLON CUST<br>MACQUARIE VIP PATHFINDER MODERATE<br>FUND MASTER ACCOUNT ATTN ADAM DEITZ<br>100 INDEPENDENCE<br>610 MARKET ST 7TH FLOOR<br>PHILADELPHIA PA 19103 | 7.71% |

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| | | |
|:---|:---|:---|
| **Series/Class** | **Name and Address of Account** | **Percentage**  |
|  | MINNESOTA LIFE INSURANCE CO<br>INDIVIDUAL ANNUITIES<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 10.93% |
|  | MINNESOTA LIFE INSURANCE CO<br>INDIVIDUAL LIFE<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 38.75% |
| **Nomura VIP Small Cap Growth Series** | **Nomura VIP Small Cap Growth Series** | **Nomura VIP Small Cap Growth Series** |
| **Standard Class** | LINCOLN NATIONAL LIFE INSURANCE CO<br>1300 S CLINTON ST<br>FORT WAYNE IN 46802-3506 | 100.00% |
| **Service Class** | LINCOLN NATIONAL LIFE INSURANCE CO<br>1300 S CLINTON ST<br>FORT WAYNE IN 46802-3506 | 10.25% |
|  | MINNESOTA LIFE INSURANCE CO<br>INDIVIDUAL LIFE<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 12.54% |
|  | MINNESOTA LIFE INSURANCE CO<br>MINNESOTA LIFE WRVA<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 7.95% |
|  | NATIONWIDE LIFE INSURANCE COMPANY<br>C/O IPO PORTFOLIO ACCOUNTING<br>PO BOX 182029<br>COLUMBUS OH 43218-2029 | 8.91% |
|  | NATIONWIDE LIFE INSURANCE COMPANY<br>C/O IPO PORTFOLIO ACCOUNTING<br>PO BOX 182029<br>COLUMBUS OH 43218-2029 | 13.32% |
|  | NATIONWIDE LIFE INSURANCE COMPANY<br>C/O IPO PORTFOLIO ACCOUNTING<br>PO BOX 182029<br>COLUMBUS OH 43218-2029 | 11.88% |
|  | UNITED INVESTORS LIFE<br>ADVANTAGE II<br>PO BOX 10287<br>BIRMINGHAM AL 35202-0287 | 12.29% |
|  | UNITED INVESTORS LIFE<br>VARIABLE UNIVERSAL LIFE (PLUS)<br>PO BOX 10287<br>BIRMINGHAM AL 35202-0287 | 9.41% |
| **Nomura VIP Small Cap Value Series** | **Nomura VIP Small Cap Value Series** | **Nomura VIP Small Cap Value Series** |
| **Standard Class** | BRIGHTHOUSE LIFE INSURANCE CO<br>ATTN: SHAREHOLDER ACCOUNTING DEPT<br>1 CITY PL<br>HARTFORD CT 06103-3432 | 5.25% |

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**Principal Holders**

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| | | |
|:---|:---|:---|
| **Series/Class** | **Name and Address of Account** | **Percentage**  |
|  | FIRST INVESTORS LIFE LEVEL PREMIUM<br>VARIABLE LIFE INSURANCE<br>SEPARATE ACCOUNT B<br>40 WALL ST<br>NEW YORK NY 10005 | 20.66% |
|  | LINCOLN LIFE<br>1300 S CLINTON ST<br>FORT WAYNE IN 46802-3518 | 40.46% |
|  | MAC & CO<br>FBO AGGRESSIVE MODEL PORTFOLIO<br>ATTN: MUTUAL FUND OPERATIONS<br>500 GRANT STREET<br>ROOM 151-1010<br>PITTSBURGH PA 15258 | 6.75% |
| **Service Class** | LINCOLN LIFE<br>1300 S CLINTON ST<br>FORT WAYNE IN 46802-3518 | 65.78% |
|  | NATIONWIDE LIFE INSURANCE COMPANY<br>C/O IPO PORTFOLIO ACCOUNTING<br>PO BOX 182029<br>COLUMBUS OH 43218-2029 | 9.25% |
|  | NY LIFE INSURANCE & ANNUITY CORP<br>169 LACKAWANNA AVE<br>PARSIPPANY NJ 07054-1007 | 7.61% |
| **Nomura VIP Opportunity Series** | **Nomura VIP Opportunity Series** | **Nomura VIP Opportunity Series** |
| **Standard Class** | FIRST INVESTORS LIFE LEVEL PREMIUM<br>VARIABLE LIFE INSURANCE<br>SEPARATE ACCOUNT B<br>40 WALL ST<br>NEW YORK NY 10005 | 42.90% |
|  | FIRST INVESTORS LIFE<br>SEPARATE ACCOUNT E<br>40 WALL ST<br>NEW YORK NY 10005 | 32.80% |
|  | FIRST INVESTORS LIFE<br>VARIABLE ANNUITY FUND C<br>40 WALL ST<br>NEW YORK NY 10005 | 9.48% |
|  | FIRST INVESTORS LIFE<br>VARIABLE ANNUITY FUND D<br>40 WALL ST<br>NEW YORK NY 10005 | 7.91% |
|  | MIDLAND NATIONAL LIFE<br>SEPARATE ACCOUNT C<br>4350 WESTOWN PKWY<br>WEST DES MOINES IA 50266-1144 | 6.90% |
| **Nomura VIP Value Series** | **Nomura VIP Value Series** | **Nomura VIP Value Series** |
| **Service Class** | BANK OF NEW YORK-MELLON CUST<br>MACQUARIE VIP PATHFINDER MOD<br>AGGR FUND MASTER ACCOUNT<br>ATTN ADAM DEITZ<br>100 INDEPENDENCE 610 MARKET ST 7TH<br>PHILADELPHIA PA 19103 | 8.28% |

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| | | |
|:---|:---|:---|
| **Series/Class** | **Name and Address of Account** | **Percentage**  |
|  | BANK OF NEW YORK-MELLON CUST<br>MACQUARIE VIP PATHFINDER MOD<br>MNGD VOL FUND MASTER ACCOUNT<br>ATTN ADAM DEITZ<br>100 INDEPENDENCE 610 MARKET ST 7TH<br>PHILADELPHIA PA 19103 | 5.74% |
|  | BANK OF NEW YORK-MELLON CUST<br>MACQUARIE VIP PATHFINDER MODERATE<br>FUND MASTER ACCOUNT ATTN ADAM DEITZ<br>100 INDEPENDENCE<br>610 MARKET ST 7TH FLOOR<br>PHILADELPHIA PA 19103 | 6.09% |
|  | MINNESOTA LIFE INSURANCE CO<br>INDIVIDUAL ANNUITIES<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 18.35% |
|  | MINNESOTA LIFE INSURANCE CO<br>INDIVIDUAL LIFE<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 45.17% |
|  | MINNESOTA LIFE INSURANCE CO<br>MINNESOTA LIFE WRVA<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 9.41% |
| **Nomura VIP Fund for Income Series** | **Nomura VIP Fund for Income Series** | **Nomura VIP Fund for Income Series** |
| **Standard Class** | FIRST INVESTORS LIFE LEVEL PREMIUM<br>VARIABLE LIFE INSURANCE<br>SEPARATE ACCOUNT B<br>40 WALL ST<br>NEW YORK NY 10005 | 63.64% |
|  | FIRST INVESTORS LIFE<br>SEPARATE ACCOUNT E<br>40 WALL ST<br>NEW YORK NY 10005 | 13.56% |
|  | FIRST INVESTORS LIFE<br>VARIABLE ANNUITY FUND C<br>40 WALL ST<br>NEW YORK NY 10005 | 8.83% |
|  | FIRST INVESTORS LIFE<br>VARIABLE ANNUITY FUND D<br>40 WALL ST<br>NEW YORK NY 10005 | 11.87% |
| **Service Class** | RIVERSOURCE LIFE INSURANCE CO<br>707 2ND AVE S<br>ROUTING 5889<br>MINNEAPOLIS MN 55402 | 88.75% |
|  | RIVERSOURCE LIFE INSURANCE CO<br>OF NEW YORK<br>707 2ND AVE S, ROUTING 5889<br>MINNEAPOLIS MN 55402 | 11.04% |
| **Nomura VIP Investment Grade Series** | **Nomura VIP Investment Grade Series** | **Nomura VIP Investment Grade Series** |

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**Principal Holders**

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| | | |
|:---|:---|:---|
| **Series/Class** | **Name and Address of Account** | **Percentage**  |
| **Standard Class** | FIRST INVESTORS LIFE LEVEL PREMIUM<br>VARIABLE LIFE INSURANCE<br>SEPARATE ACCOUNT B<br>40 WALL ST<br>NEW YORK NY 10005 | 52.42% |
|  | FIRST INVESTORS LIFE<br>SEPARATE ACCOUNT E<br>40 WALL ST<br>NEW YORK NY 10005 | 18.37% |
|  | FIRST INVESTORS LIFE<br>VARIABLE ANNUITY FUND C<br>40 WALL ST<br>NEW YORK NY 10005 | 17.42% |
|  | FIRST INVESTORS LIFE<br>VARIABLE ANNUITY FUND D<br>40 WALL ST<br>NEW YORK NY 10005 | 11.79% |
| **Service Class** | NOMURA INVESTMENT MANAGEMENT<br>ADVISERS<br>ATTN RICK SALUS<br>100 INDEPENDENCE<br>610 MARKET STREET 7TH FLOOR<br>PHILADELPHIA PA 19106-2354 | 100.00% |
| **Nomura VIP Corporate Bond Series** | **Nomura VIP Corporate Bond Series** | **Nomura VIP Corporate Bond Series** |
| **Service Class** | BANK OF NEW YORK-MELLON CUST<br>MACQUARIE VIP PATHFINDER MOD<br>AGGR FUND MASTER ACCOUNT<br>ATTN ADAM DEITZ<br>100 INDEPENDENCE 610 MARKET ST 7TH<br>PHILADELPHIA PA 19103 | 16.53% |
|  | BANK OF NEW YORK-MELLON CUST<br>MACQUARIE VIP PATHFINDER MOD<br>CONS FUND MASTER ACCOUNT<br>ATTN ADAM DIETZ<br>100 INDEPENDENCE 610 MARKET ST 7TH<br>PHILADELPHIA PA 19103 | 6.95% |
|  | BANK OF NEW YORK-MELLON CUST<br>MACQUARIE VIP PATHFINDER MOD<br>MNGD VOL FUND MASTER ACCOUNT<br>ATTN ADAM DEITZ<br>100 INDEPENDENCE 610 MARKET ST 7TH<br>PHILADELPHIA PA 19103 | 16.98% |
|  | BANK OF NEW YORK-MELLON CUST<br>MACQUARIE VIP PATHFINDER MODERATE<br>FUND MASTER ACCOUNT ATTN ADAM DEITZ<br>100 INDEPENDENCE<br>610 MARKET ST 7TH FLOOR<br>PHILADELPHIA PA 19103 | 17.98% |
|  | MINNESOTA LIFE INSURANCE CO<br>MINNESOTA LIFE WRVA<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 13.15% |

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| | | |
|:---|:---|:---|
| **Series/Class** | **Name and Address of Account** | **Percentage**  |
|  | NATIONWIDE LIFE INSURANCE COMPANY<br>C/O IPO PORTFOLIO ACCOUNTING<br>PO BOX 182029<br>COLUMBUS OH 43218-2029 | 5.64% |
| **Nomura VIP High Income Series** | **Nomura VIP High Income Series** | **Nomura VIP High Income Series** |
| **Standard Class** | BANK OF NEW YORK-MELLON CUST<br>MACQUARIE VIP PATHFINDER MOD<br>AGGR FUND MASTER ACCOUNT<br>ATTN ADAM DEITZ<br>100 INDEPENDENCE 610 MARKET ST 7TH<br>PHILADELPHIA PA 19103 | 14.58% |
|  | BANK OF NEW YORK-MELLON CUST<br>MACQUARIE VIP PATHFINDER MOD<br>CONS FUND MASTER ACCOUNT<br>ATTN ADAM DIETZ<br>100 INDEPENDENCE 610 MARKET ST 7TH<br>PHILADELPHIA PA 19103 | 7.32% |
|  | BANK OF NEW YORK-MELLON CUST<br>MACQUARIE VIP PATHFINDER MOD<br>MNGD VOL FUND MASTER ACCOUNT<br>ATTN ADAM DEITZ<br>100 INDEPENDENCE 610 MARKET ST 7TH<br>PHILADELPHIA PA 19103 | 16.70% |
|  | BANK OF NEW YORK-MELLON CUST<br>MACQUARIE VIP PATHFINDER MODERATE<br>FUND MASTER ACCOUNT ATTN ADAM DEITZ<br>100 INDEPENDENCE<br>610 MARKET ST 7TH FLOOR<br>PHILADELPHIA PA 19103 | 17.82% |
|  | BANK OF NEW YORK-MELLON CUST<br>MACQUARIE VIP PATHFINDER<br>CONSERVATIVE FUND MASTER ACCOUNT<br>ATTN ADAM DEITZ<br>100 INDEPENDENCE 610 MARKET ST 7TH<br>PHILADELPHIA PA 19103 | 5.24% |
|  | LINCOLN NATIONAL LIFE INSURANCE CO<br>1300 S CLINTON ST<br>FORT WAYNE IN 46802-3506 | 34.62% |
| **Service Class** | AXA EQUITABLE LIFE INSURANCE COMPANY<br>SEPARATE ACCOUNT A<br>525 WASHINGTON BLVD FL 35<br>JERSEY CITY NJ 07310-1606 | 8.50% |
|  | AXA EQUITABLE LIFE INSURANCE COMPANY<br>SEPARATE ACCOUNT FP<br>525 WASHINGTON BLVD FL 35<br>JERSEY CITY NJ 07310-1606 | 9.30% |
|  | EQUITABLE AMERICA VARIABLE<br>1345 AVENUE OF THE AMERICAS<br>NEW YORK NY 10104 | 16.85% |
|  | EQUITABLE LIFE SEPARATE ACCOUNT<br>1290 AVENUE OF THE AMERICAS FL 16<br>NEW YORK NY 10104-0295 | 16.97% |
| **Nomura VIP Limited Duration Bond Series** | **Nomura VIP Limited Duration Bond Series** | **Nomura VIP Limited Duration Bond Series** |

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**Principal Holders**

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| | | |
|:---|:---|:---|
| **Series/Class** | **Name and Address of Account** | **Percentage**  |
| **Standard Class** | FIRST INVESTORS LIFE LEVEL PREMIUM<br>VARIABLE LIFE INSURANCE<br>SEPARATE ACCOUNT B<br>40 WALL ST<br>NEW YORK NY 10005 | 47.20% |
|  | FIRST INVESTORS LIFE<br>SEPARATE ACCOUNT E<br>40 WALL ST<br>NEW YORK NY 10005 | 20.71% |
|  | FIRST INVESTORS LIFE<br>VARIABLE ANNUITY FUND C<br>40 WALL ST<br>NEW YORK NY 10005 | 18.84% |
|  | FIRST INVESTORS LIFE<br>VARIABLE ANNUITY FUND D<br>40 WALL ST<br>NEW YORK NY 10005 | 13.25% |
| **Nomura VIP Limited-Term Bond Series** | **Nomura VIP Limited-Term Bond Series** | **Nomura VIP Limited-Term Bond Series** |
| **Service Class** | BANK OF NEW YORK-MELLON CUST<br>MACQUARIE VIP PATHFINDER MOD<br>AGGR FUND MASTER ACCOUNT<br>ATTN ADAM DEITZ<br>100 INDEPENDENCE 610 MARKET ST 7TH<br>PHILADELPHIA PA 19103 | 12.06% |
|  | BANK OF NEW YORK-MELLON CUST<br>MACQUARIE VIP PATHFINDER MOD<br>CONS FUND MASTER ACCOUNT<br>ATTN ADAM DIETZ<br>100 INDEPENDENCE 610 MARKET ST 7TH<br>PHILADELPHIA PA 19103 | 10.57% |
|  | BANK OF NEW YORK-MELLON CUST<br>MACQUARIE VIP PATHFINDER MOD<br>MNGD VOL FUND MASTER ACCOUNT<br>ATTN ADAM DEITZ<br>100 INDEPENDENCE 610 MARKET ST 7TH<br>PHILADELPHIA PA 19103 | 20.53% |
|  | BANK OF NEW YORK-MELLON CUST<br>MACQUARIE VIP PATHFINDER MODERATE<br>FUND MASTER ACCOUNT ATTN ADAM DEITZ<br>100 INDEPENDENCE<br>610 MARKET ST 7TH FLOOR<br>PHILADELPHIA PA 19103 | 21.72% |
|  | BANK OF NEW YORK-MELLON CUST<br>MACQUARIE VIP PATHFINDER<br>CONSERVATIVE FUND MASTER ACCOUNT<br>ATTN ADAM DEITZ<br>100 INDEPENDENCE 610 MARKET ST 7TH<br>PHILADELPHIA PA 19103 | 8.36% |
|  | MINNESOTA LIFE INSURANCE CO<br>MINNESOTA LIFE WRVA<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 14.32% |
| **Nomura VIP Global Growth Series** | **Nomura VIP Global Growth Series** | **Nomura VIP Global Growth Series** |

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| | | |
|:---|:---|:---|
| **Series/Class** | **Name and Address of Account** | **Percentage**  |
| **Service Class** | MINNESOTA LIFE INSURANCE CO<br>INDIVIDUAL ANNUITIES<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 9.63% |
|  | MINNESOTA LIFE INSURANCE CO<br>INDIVIDUAL LIFE<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 14.27% |
|  | MINNESOTA LIFE INSURANCE CO<br>MINNESOTA LIFE WRVA<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 10.10% |
|  | NATIONWIDE LIFE INSURANCE COMPANY<br>C/O IPO PORTFOLIO ACCOUNTING<br>PO BOX 182029<br>COLUMBUS OH 43218-2029 | 13.46% |
|  | NATIONWIDE LIFE INSURANCE COMPANY<br>C/O IPO PORTFOLIO ACCOUNTING<br>PO BOX 182029<br>COLUMBUS OH 43218-2029 | 14.02% |
|  | NATIONWIDE LIFE INSURANCE COMPANY<br>C/O IPO PORTFOLIO ACCOUNTING<br>PO BOX 182029<br>COLUMBUS OH 43218-2029 | 13.99% |
|  | UNITED INVESTORS LIFE<br>ADVANTAGE II<br>PO BOX 10287<br>BIRMINGHAM AL 35202-0287 | 9.36% |
|  | UNITED INVESTORS LIFE<br>VARIABLE UNIVERSAL LIFE (PLUS)<br>PO BOX 10287<br>BIRMINGHAM AL 35202-0287 | 8.46% |
| **Nomura VIP International Core Equity Series** | **Nomura VIP International Core Equity Series** | **Nomura VIP International Core Equity Series** |
| **Standard Class** | BANK OF NEW YORK-MELLON CUST<br>MACQUARIE FUNDS VIP PATHFINDER MOD<br>AGGR FUND MASTER ACCOUNT<br>ATTN ADAM DEITZ<br>100 INDEPENDENCE 610 MARKET ST 7TH<br>PHILADELPHIA PA 19103 | 20.98% |
|  | BANK OF NEW YORK-MELLON CUST<br>MACQUARIE FUNDS VIP PATHFINDER MOD<br>MNGD VOL FUND MASTER ACCOUNT<br>ATTN ADAM DEITZ<br>100 INDEPENDENCE 610 MARKET ST 7TH<br>PHILADELPHIA PA 19103 | 12.90% |
|  | BANK OF NEW YORK-MELLON CUST<br>MACQUARIE FUNDS VIP PATHFINDER MODERATE<br>FUND MASTER ACCOUNT ATTN ADAM DEITZ<br>100 INDEPENDENCE<br>610 MARKET ST 7TH FLOOR<br>PHILADELPHIA PA 19103 | 13.66% |

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**Principal Holders**

---

| | | |
|:---|:---|:---|
| **Series/Class** | **Name and Address of Account** | **Percentage**  |
|  | FIRST INVESTORS LIFE LEVEL PREMIUM<br>VARIABLE LIFE INSURANCE<br>SEPARATE ACCOUNT B<br>40 WALL ST<br>NEW YORK NY 10005 | 22.67% |
|  | JP MORGAN CHASE BANK NA FBO:<br>INTELLIGENT VARIABLE UNIV LIFE<br>TEACHERS INSURANCE & ANNUITY ASSOC.<br>SEPARATE ACCOUNT VA-5<br>8500 ANDREW CARNEGIE BLVD.<br>CHARLOTTE, NC 28262-8500 | 10.44% |
| **Service Class** | MINNESOTA LIFE INSURANCE CO<br>INDIVIDUAL ANNUITIES<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 20.28% |
|  | MINNESOTA LIFE INSURANCE CO<br>INDIVIDUAL LIFE<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 59.85% |
| **Nomura VIP Emerging Markets Series** | **Nomura VIP Emerging Markets Series** | **Nomura VIP Emerging Markets Series** |
| **Standard Class** | LINCOLN LIFE<br>1300 S CLINTON ST<br>FORT WAYNE IN 46802-3518 | 78.71% |
|  | NY LIFE INSURANCE & ANNUITY CORP<br>169 LACKAWANNA AVE<br>PARSIPPANY NJ 07054-1007 | 6.10% |
|  | TALCOTT RESOLUTION LIFE<br>INSURANCE COMPANY<br>PO BOX 5051<br>HARTFORD CT 06102 | 11.69% |
| **Service Class** | LINCOLN LIFE ANNUITY OF NY<br>(LLANY)<br>1300 S CLINTON ST<br>FORT WAYNE IN 46802-3506 | 5.31% |
|  | LINCOLN LIFE<br>1300 S CLINTON ST<br>FORT WAYNE IN 46802-3518 | 85.11% |
| **Nomura VIP Asset Strategy Series** | **Nomura VIP Asset Strategy Series** | **Nomura VIP Asset Strategy Series** |
| **Standard Class** | IVY INVESTMENT MANAGEMENT COMPANY<br>ATTN: TREASURY DEPARTMENT<br>6301 GLENWOOD ST<br>MISSION KS 66202-4291 | 43.97% |
|  | LINCOLN NATIONAL LIFE INSURANCE CO<br>1300 S CLINTON ST<br>FORT WAYNE IN 46802-3506 | 34.45% |
|  | MASS MUTUAL LIFE INSURANCE COMPANY<br>1295 STATE ST<br>MIP C105<br>SPRINGFIELD MA 01111-0001 | 7.78% |

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| | | |
|:---|:---|:---|
| **Series/Class** | **Name and Address of Account** | **Percentage**  |
|  | RIVERSOURCE LIFE INSURANCE CO<br>707 2ND AVE S<br>ROUTING 5889<br>MINNEAPOLIS MN 55402 | 6.77% |
| **Service Class** | AUGUSTAR LIFE INSURANCE CO<br>FBO ITS SEPARATE ACCOUNTS<br>1 FINANCIAL WAY<br>CINCINNATI OH 45242-5800 | 15.21% |
|  | MINNESOTA LIFE INSURANCE CO<br>INDIVIDUAL LIFE<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 7.77% |
|  | MINNESOTA LIFE INSURANCE CO<br>MINNESOTA LIFE WRVA<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 5.36% |
|  | NATIONWIDE LIFE INSURANCE COMPANY<br>C/O IPO PORTFOLIO ACCOUNTING<br>PO BOX 182029<br>COLUMBUS OH 43218-2029 | 7.16% |
|  | NATIONWIDE LIFE INSURANCE COMPANY<br>C/O IPO PORTFOLIO ACCOUNTING<br>PO BOX 182029<br>COLUMBUS OH 43218-2029 | 15.29% |
|  | NATIONWIDE LIFE INSURANCE COMPANY<br>C/O IPO PORTFOLIO ACCOUNTING<br>PO BOX 182029<br>COLUMBUS OH 43218-2029 | 5.18% |
|  | PACIFIC LIFE INS COMPANY<br>SEPARATE ACCOUNT A<br>700 NEWPORT CENTER DR<br>NEWPORT BEACH CA 92660-6397 | 12.08% |
| **Nomura VIP Balanced Series** | **Nomura VIP Balanced Series** | **Nomura VIP Balanced Series** |
| **Service Class** | MINNESOTA LIFE INSURANCE CO<br>INDIVIDUAL ANNUITIES<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 25.27% |
|  | MINNESOTA LIFE INSURANCE CO<br>INDIVIDUAL LIFE<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 53.24% |
|  | UNITED INVESTORS LIFE<br>ADVANTAGE II<br>PO BOX 10287<br>BIRMINGHAM AL 35202-0287 | 5.61% |
| **Nomura VIP Total Return Series** | **Nomura VIP Total Return Series** | **Nomura VIP Total Return Series** |
| **Standard Class** | FIRST INVESTORS LIFE LEVEL PREMIUM<br>VARIABLE LIFE INSURANCE<br>SEPARATE ACCOUNT B<br>40 WALL ST<br>NEW YORK NY 10005 | 35.63% |

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**Principal Holders**

---

| | | |
|:---|:---|:---|
| **Series/Class** | **Name and Address of Account** | **Percentage**  |
|  | FIRST INVESTORS LIFE<br>SEPARATE ACCOUNT E<br>40 WALL ST<br>NEW YORK NY 10005 | 30.06% |
|  | FIRST INVESTORS LIFE<br>VARIABLE ANNUITY FUND C<br>40 WALL ST<br>NEW YORK NY 10005 | 16.47% |
|  | FIRST INVESTORS LIFE<br>VARIABLE ANNUITY FUND D<br>40 WALL ST<br>NEW YORK NY 10005 | 17.58% |
| **Service Class** | NOMURA INVESTMENT MANAGEMENT<br>ADVISERS<br>ATTN RICK SAULS<br>100 INDEPENDENCE<br>610 MARKET STREET 7TH FLOOR<br>PHILADELPHIA PA 19106-2354 | 100.00% |
| **Nomura VIP Energy Series** | **Nomura VIP Energy Series** | **Nomura VIP Energy Series** |
| **Standard Class** | LINCOLN NATIONAL LIFE INSURANCE CO<br>1300 S CLINTON ST<br>FORT WAYNE IN 46802-3506 | 100.00% |
| **Service Class** | LINCOLN NATIONAL LIFE INSURANCE CO<br>1300 S CLINTON ST<br>FORT WAYNE IN 46802-3506 | 12.67% |
|  | PACIFIC LIFE AND ANNUITY COMPANY<br>SEPARATE ACCOUNT A<br>700 NEWPORT CENTER DR<br>NEWPORT BEACH CA 92660-6397 | 5.23% |
|  | PACIFIC LIFE INS COMPANY<br>SEPARATE ACCOUNT A<br>700 NEWPORT CENTER DR<br>NEWPORT BEACH CA 92660-6397 | 65.20% |
| **Nomura VIP Natural Resources Series** | **Nomura VIP Natural Resources Series** | **Nomura VIP Natural Resources Series** |
| **Service Class** | AUGUSTAR LIFE INSURANCE CO<br>FBO ITS SEPARATE ACCOUNTS <br>1 FINANCIAL WAY<br>CINCINNATI OH 45242-5800 | 27.13% |
|  | JEFFERSON NATIONAL LIFE INSURANCE<br>COMPANY<br>10350 ORMSBY PARK PL STE 600<br>LOUISVILLE KY 40223-6175 | 9.86% |
|  | MINNESOTA LIFE INSURANCE CO<br>INDIVIDUAL ANNUITIES<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 29.56% |
|  | MINNESOTA LIFE INSURANCE CO<br>INDIVIDUAL LIFE<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 13.24% |

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| | | |
|:---|:---|:---|
| **Series/Class** | **Name and Address of Account** | **Percentage**  |
|  | NATIONWIDE LIFE INSURANCE COMPANY<br>C/O IPO PORTFOLIO ACCOUNTING<br>PO BOX 182029<br>COLUMBUS OH 43218-2029 | 5.92% |
| **Nomura VIP Science and Technology Series** | **Nomura VIP Science and Technology Series** | **Nomura VIP Science and Technology Series** |
| **Standard Class** | BANK OF NEW YORK-MELLON CUST<br>MACQUARIE VIP PATHFINDER MOD<br>AGGR FUND MASTER ACCOUNT<br>ATTN ADAM DEITZ<br>100 INDEPENDENCE 610 MARKET ST 7TH<br>PHILADELPHIA PA 19103 | 31.19% |
|  | BANK OF NEW YORK-MELLON CUST<br>MACQUARIE VIP PATHFINDER MOD<br>CONS FUND MASTER ACCOUNT<br>ATTN ADAM DIETZ<br>100 INDEPENDENCE 610 MARKET ST 7TH<br>PHILADELPHIA PA 19103 | 6.47% |
|  | BANK OF NEW YORK-MELLON CUST<br>MACQUARIE VIP PATHFINDER MOD<br>MNGD VOL FUND MASTER ACCOUNT<br>ATTN ADAM DEITZ<br>100 INDEPENDENCE 610 MARKET ST 7TH<br>PHILADELPHIA PA 19103 | 21.80% |
|  | BANK OF NEW YORK-MELLON CUST<br>MACQUARIE VIP PATHFINDER MODERATE<br>FUND MASTER ACCOUNT ATTN ADAM DEITZ<br>100 INDEPENDENCE<br>610 MARKET ST 7TH FLOOR<br>PHILADELPHIA PA 19103 | 23.09% |
|  | LINCOLN NATIONAL LIFE INSURANCE CO<br>1300 S CLINTON ST<br>FORT WAYNE IN 46802-3506 | 5.57% |
| **Service Class** | AUGUSTAR LIFE INSURANCE CO<br>FBO ITS SEPARATE ACCOUNTS<br>1 FINANCIAL WAY<br>CINCINNATI OH 45242-5800 | 12.41% |
|  | LINCOLN NATIONAL LIFE INSURANCE CO<br>1300 S CLINTON ST<br>FORT WAYNE IN 46802-3506 | 7.79% |
|  | MINNESOTA LIFE INSURANCE CO<br>INDIVIDUAL ANNUITIES<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 7.79% |
|  | MINNESOTA LIFE INSURANCE CO<br>INDIVIDUAL LIFE<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 14.03% |
|  | NATIONWIDE LIFE INSURANCE COMPANY<br>C/O IPO PORTFOLIO ACCOUNTING<br>PO BOX 182029<br>COLUMBUS OH 43218-2029 | 7.39% |

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**Principal Holders**

---

| | | |
|:---|:---|:---|
| **Series/Class** | **Name and Address of Account** | **Percentage**  |
|  | NATIONWIDE LIFE INSURANCE COMPANY<br>C/O IPO PORTFOLIO ACCOUNTING<br>PO BOX 182029<br>COLUMBUS OH 43218-2029 | 9.09% |
|  | NATIONWIDE LIFE INSURANCE COMPANY<br>C/O IPO PORTFOLIO ACCOUNTING<br>PO BOX 182029<br>COLUMBUS OH 43218-2029 | 7.64% |
|  | UNITED INVESTORS LIFE<br>ADVANTAGE II<br>PO BOX 10287<br>BIRMINGHAM AL 35202-0287 | 8.48% |
|  | UNITED INVESTORS LIFE<br>VARIABLE UNIVERSAL LIFE (PLUS)<br>PO BOX 10287<br>BIRMINGHAM AL 35202-0287 | 8.37% |
| **Nomura VIP Pathfinder Aggressive Series** | **Nomura VIP Pathfinder Aggressive Series** | **Nomura VIP Pathfinder Aggressive Series** |
| **Service Class** | MINNESOTA LIFE INSURANCE CO<br>INDIVIDUAL LIFE<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 20.37% |
|  | MINNESOTA LIFE INSURANCE CO<br>MINNESOTA LIFE WRVA<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 17.43% |
|  | NATIONWIDE LIFE INSURANCE COMPANY<br>C/O IPO PORTFOLIO ACCOUNTING<br>PO BOX 182029<br>COLUMBUS OH 43218-2029 | 55.12% |
| **Nomura VIP Pathfinder Moderately Aggressive Series** | **Nomura VIP Pathfinder Moderately Aggressive Series** | **Nomura VIP Pathfinder Moderately Aggressive Series** |
| **Service Class** | MINNESOTA LIFE INSURANCE CO<br>MINNESOTA LIFE WRVA<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 22.37% |
|  | NATIONWIDE LIFE INSURANCE COMPANY<br>C/O IPO PORTFOLIO ACCOUNTING<br>PO BOX 182029<br>COLUMBUS OH 43218-2029 | 65.78% |
| **Nomura VIP Pathfinder Moderate Series** | **Nomura VIP Pathfinder Moderate Series** | **Nomura VIP Pathfinder Moderate Series** |
| **Service Class** | MINNESOTA LIFE INSURANCE CO<br>MINNESOTA LIFE WRVA<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 22.52% |
|  | NATIONWIDE LIFE INSURANCE COMPANY<br>C/O IPO PORTFOLIO ACCOUNTING<br>PO BOX 182029<br>COLUMBUS OH 43218-2029 | 70.42% |
| **Nomura VIP Pathfinder Moderately Conservative Series** | **Nomura VIP Pathfinder Moderately Conservative Series** | **Nomura VIP Pathfinder Moderately Conservative Series** |
| **Service Class** | MINNESOTA LIFE INSURANCE CO<br>MINNESOTA LIFE WRVA<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 22.06% |

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| | | |
|:---|:---|:---|
| **Series/Class** | **Name and Address of Account** | **Percentage**  |
|  | NATIONWIDE LIFE INSURANCE COMPANY<br>C/O IPO PORTFOLIO ACCOUNTING<br>PO BOX 182029<br>COLUMBUS OH 43218-2029 | 72.86% |
| **Nomura VIP Pathfinder Conservative Series** | **Nomura VIP Pathfinder Conservative Series** | **Nomura VIP Pathfinder Conservative Series** |
| **Service Class** | MINNESOTA LIFE INSURANCE CO<br>MINNESOTA LIFE WRVA<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 23.70% |
|  | NATIONWIDE LIFE INSURANCE COMPANY<br>C/O IPO PORTFOLIO ACCOUNTING<br>PO BOX 182029<br>COLUMBUS OH 43218-2029 | 69.94% |
| **Nomura VIP Pathfinder Moderate – Managed Volatility Series** | **Nomura VIP Pathfinder Moderate – Managed Volatility Series** | **Nomura VIP Pathfinder Moderate – Managed Volatility Series** |
| **Service Class** | MINNESOTA LIFE INSURANCE CO<br>INDIVIDUAL ANNUITIES<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 51.95% |
|  | MINNESOTA LIFE INSURANCE CO<br>MINNESOTA LIFE WRVA<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 44.10% |
| **Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series** | **Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series** | **Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series** |
| **Service Class** | MINNESOTA LIFE INSURANCE CO<br>INDIVIDUAL ANNUITIES<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 29.27% |
|  | MINNESOTA LIFE INSURANCE CO<br>MINNESOTA LIFE WRVA<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 56.15% |
|  | NATIONWIDE LIFE INSURANCE COMPANY<br>C/O IPO PORTFOLIO ACCOUNTING<br>PO BOX 182029<br>COLUMBUS OH 43218-2029 | 8.49% |
| **Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series** | **Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series** | **Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series** |
| **Service Class** | MINNESOTA LIFE INSURANCE CO<br>INDIVIDUAL ANNUITIES<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 17.39% |
|  | MINNESOTA LIFE INSURANCE CO<br>MINNESOTA LIFE WRVA<br>400 ROBERT ST N<br>SAINT PAUL MN 55101-2099 | 82.61% |

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**Appendix A — Description of Ratings**

<u>**Corporate Obligation Ratings**</u>

*Moody's Investment Grade*

Aaa: Bonds rated Aaa are judged to be of the highest quality, with minimal credit risk.

Aa: Bonds rated Aa are judged to be high quality and are subject to very low credit risk.

A: Bonds rated A are considered upper medium-grade obligations and are subject to low credit risk.

Baa: Bonds rated Baa are subject to moderate credit risk and are considered medium-grade obligations. As such they may have certain speculative characteristics.

*Moody's Below Investment Grade*

Ba: Bonds rated Ba are judged to have speculative elements and are subject to substantial credit risk.

B: Bonds rated B are considered speculative and are subject to high credit risk.

Caa: Bonds rated Caa are judged to be of poor standing and are subject to very high credit risk.

Ca: Bonds rated Ca are considered highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

C: Bonds rated C are the lowest rated class of bonds and are typically in default. They have little prospect for recovery of principal or interest.

Note: Moody's appends numerical modifiers 1, 2 and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; modifier 2 indicates a mid-range ranking; and modifier 3 indicates a ranking in the lower end of that generic rating category.

*S&P*<sup>*®*</sup>

The issue rating definitions are expressions in terms of default risk. As such, they pertain to senior obligations of an entity. Junior obligations are typically rated lower than senior obligations, to reflect the lower priority in bankruptcy. (Such differentiation applies when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.) Accordingly, in the case of junior debt, the rating may not conform exactly with the category definition.

**Investment Grade**

AAA: This is the highest rating assigned by S&P to a debt obligation. The obligor's capacity to meet its financial commitment on the obligation is extremely strong.

AA: Obligations rated AA differ from AAA issues only in a small degree. The obligor's capacity to meet its financial commitment on the obligation is very strong.

A: Obligations rated A are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in the higher ratings categories. However, the obligor's capacity to meet its financial commitment on the obligation is still strong.

BBB: Obligations rated BBB exhibit adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

**Below Investment Grade**

BB, B, CCC, CC, C: Obligations rated BB, B, CCC, CC and C are regarded as having significant speculative characteristics. BB indicates the least degree of speculation and C the highest degree of speculation. While these obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.

BB: An obligation rated BB is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitment on the obligation.

B: An obligation rated B is more vulnerable to nonpayment than obligations rated BB, but the obligor currently has the capacity to meet its financial commitment on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitment on the obligation.

CCC: An obligation rated CCC is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation.

CC: An obligation rated CC is currently highly vulnerable to nonpayment.

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C: A subordinated debt or preferred stock obligation rated C is currently highly vulnerable to nonpayment. The C rating may be used to cover a situation where a bankruptcy petition has been filed or similar action taken, but payments on this obligation are being continued. The C rating is also assigned to a preferred stock issue in arrears on dividends or sinking fund payments, but that is still making payments.

D: Obligations rated D are in payment default. The D rating category is used when payments on an obligation are not made on the date due even if the applicable grace period has not expired, unless S&P believes that such payments will be made during such grace period. The D rating is also used upon the filing of a bankruptcy petition or the taking of a similar action if payments on an obligation are jeopardized.

Plus (+) or minus (-): The ratings from "AA" to "CCC" may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.

r: This symbol is attached to the ratings of instruments with significant noncredit risks and highlights risks to principal or volatility of expected returns that are not addressed in the credit rating.

<u>**Short-Term Debt Ratings**</u>

*Moody's*

Moody's short-term debt ratings are opinions of the ability of issuers to honor short-term financial obligations. Ratings may be assigned to issuers, short-term programs and to individual short-term debt instruments. These obligations generally have an original maturity not exceeding 13 months, unless explicitly noted. Moody's employs the following designations to indicate the relative repayment capacity of rated issuers:

P-1 (Prime-1): Issuers (or supporting institutions) so rated have a superior ability to repay short-term debt obligations.

P-2 (Prime-2): Issuers (or supporting institutions) so rated have a strong ability to repay short-term debt obligations.

P-3 (Prime-3): Issuers (or supporting institutions) so rated have an acceptable ability to repay short-term debt obligations.

NP: Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

*S&P*<sup>*®*</sup>

S&P's ratings are a current opinion of the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program. Short-term ratings are generally assigned to those obligations considered short-term in the relevant market. In the US, for example, that means obligations with an original maturity of no more than 365 days — including commercial paper. Short-term ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. The result is a dual rating, in which the short-term rating addresses the put feature, in addition to the usual long-term rating.

A-1: This designation indicates that the obligor's capacity to meet its financial commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitment on these obligations is extremely strong.

A-2: Issues carrying this designation are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations carrying the higher designations. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

A-3: Issues carrying this designation exhibit adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

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**Appendix B —** **Sub-Advisor Proxy Voting Policies**

<u>**<u>Macquarie Investment Management Global Limited</u>**</u>

On behalf of its clients, Macquarie Asset Management ("MAM") will vote proxies for portfolio holdings within the public markets pursuant to its Global Proxy Voting Policy and Proxy Voting Guidelines (the "Guidelines"). MAM has established a Proxy Voting Committee (the "Committee") which is responsible for overseeing MAM's proxy voting process for its clients. One of the main responsibilities of the Committee is to review and approve the Global Proxy Voting Policy and to ensure that the Guidelines are designed to allow MAM to vote proxies in a manner consistent with the goal of voting in the best interests of clients.

In order to facilitate the actual process of voting proxies, MAM has contracted a proxy advisory firm to analyse proxy statements on behalf of its clients and provide MAM with research recommendations on upcoming proxy votes in accordance with the Guidelines. The Guidelines summarises MAM's position on how to vote proxies on behalf of MAM's clients. MAM will generally vote in accordance with the recommendation, via a standing instruction, unless a vote is raised for review, whereby Committee or its delegates approval is required if an alternate vote is recommended by the investment team. After a proxy has been voted for a client, a record of the vote will be available to clients as requested. The Committee and its delegates are responsible for overseeing the proxy advisory firms' proxy voting activities.

MAM generally believes that recommendations of management on any issue (particularly routine issues) should be given a fair amount of weight in determining how proxy issues should be voted. Thus, on many issues, MAM's votes are cast in accordance with the recommendations of the company's management. However, MAM may vote against management's position when it runs counter to MAM's Guidelines, and MAM will also vote against management's recommendation when MAM believes such position is not in the best interests of our clients.

Some examples of MAM's Guidelines are as follows:

1. Board of Directors appointments<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Support independence, diversity, accountability<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Vote against directors where governance or risk oversight is materially deficient<br>2. Executive compensation<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Link pay to long term-performance and shareholder outcomes<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Vote against excessive, poorly structured or misaligned practices<br>3. Capital structure and shareholder rights<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Protect shareholder rights (one share/one vote, avoid poison pill)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Scrutinise dilution, issuance limits or related party transactions<br>4. Audit and Risk oversight<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Expect independent auditors and transparent financial reporting<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Hold audit committees accountable for failures<br>5. ESG and sustainability<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Support proposals that enhance long term risk management and value creation case by case on climate, human rights or political spending depending on materiality or alignment with fiduciary duty<br>

Most of the proxies which MAM receives on behalf of its clients are voted in accordance with the Guidelines. Since the Guidelines are pre-determined by the Committee, application of these by MAM's portfolio management teams when voting proxies after reviewing the proxy and research provided by the proxy advisory firms should in most instances adequately address any potential conflicts of interest. If MAM becomes aware of a conflict of interest in an upcoming proxy vote, the proxy vote will generally be referred to the Committee or its delegates for review. If the portfolio management team for such proxy intends to vote in accordance with the proxy advisory firm's recommendation pursuant to MAM's Guidelines, then no further action is needed to be taken by the Committee. If MAM's portfolio management team is considering voting a proxy contrary to the proxy advisory firm's research recommendation under the Guidelines, the Committee or its delegates will assess the proposed vote to determine if it is reasonable. The Committee or its delegates will also assess whether any business or other material relationships between MAM and a portfolio company (unrelated to the ownership of the portfolio company's securities) could have influenced an inconsistent vote on that company's proxy. If the Committee or its delegates determines that the proposed proxy vote is unreasonable or unduly influenced by a conflict, the portfolio management team will be required to vote the proxy in accordance with the proxy advisory firm's research recommendation or abstain from voting.

Clients may request that their client services representative provide them with a complete copy of the Policy and Guidelines and information on how their securities were voted by MAM.

<u>**<u>Nomura Corporate Research and Asset Management Inc.</u>**</u>

NCRAM recognizes that proxy voting is a valuable right of company shareholders. The firm has in place policies and procedures to ensure that NCRAM is administering proxy voting matters in a manner consistent with the best interests of its clients and in accordance with its fiduciary duties under applicable laws. Generally, NCRAM will vote all proxies it receives. However, it may be unable to vote proxies in certain circumstances, such as when securities are part of a securities lending program. In fulfilling its obligations to clients, NCRAM's goal and intent is to vote all proxies in its

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clients' best long term interests. NCRAM may vote in a manner that could diminish the value of a client's position in the short-term if NCRAM believes it will increase this value in the long-term and NCRAM expects to hold the security for the long-term. NCRAM also has procedures to address potential material conflicts of interest between NCRAM and its clients.

<u>**<u>Van Eck Associates Corporation</u>**</u>

**Proxy Voting Policy and Procedures - October 2024**

<u>Policy Statement</u>

When VanEck has been granted proxy voting authority by a client, VanEck, as a matter of policy and practice, will vote all proxies in accordance with applicable rules and regulations and in the best interests of its clients without influence by real or apparent conflicts of interest. Under its duty of care, VanEck will monitor corporate events and vote proxies. Under the duty of loyalty, VanEck will cast proxy votes in a manner consistent with the best interest of its clients and not subrogate the clients' interests to its own.

VanEck has adopted the following policies and procedures, which are reasonably designed to ensure that proxies are voted in a manner that is consistent with the best interests of its clients in accordance with its fiduciary duties and Rule 206(4)-6 under the Advisers Act.

<u>Background / Regulatory Requirements</u>

An investment adviser must exercise the duties of care and loyalty with respect to proxy voting in accordance with its fiduciary duties and SEC rules 30b1-4, 206(4)-6 and 204-2, as amended under the Advisers Act. Consistent with its fiduciary duties and Rule 206(4)-6 under the Advisers Act, an adviser owes its clients the duties of care and loyalty when voting proxies on their behalf. As such, an adviser must stay abreast of corporate events and vote proxies in a manner that is always in the best interests of its clients despite any potential conflicts of interest.

Rule 206(4)-6 of the Advisers Act requires an adviser to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, which must include how an adviser addresses material conflicts that may arise between an adviser's interests and those of its clients; and b) disclose information about its proxy voting procedures to its clients and to inform clients how to obtain information about how their proxies were voted.Additionally, Rule 204-2 under the Advisers Act requires an adviser to maintain certain proxy voting records.

An adviser that exercises voting authority without complying with Rule 206(4)-6 will be deemed to have engaged in a "fraudulent, deceptive, or manipulative" act, practice or course of business within the meaning of Section 206(4) of the Advisers Act.

<u>Procedure</u>

**PROXY VOTING AGENT**

VanEck has engaged Glass, Lewis & Co., LLC ("Glass Lewis"), an independent third party proxy voting specialist, to assist in the implementation and administration of proxy voting-related functions. Glass Lewis is responsible for notifying VanEck of all upcoming meetings, providing a proxy analysis and vote recommendation for each proposal, verifying that all proxies are received, submitting vote instructions to the appropriate tabulator, and contacting custodian banks to request missing proxies. In addition, Glass Lewis is responsible for maintaining copies of all proxy statements received by issuers and to promptly provide such materials to VanEck upon request.

VanEck oversees the Glass Lewis activities by reviewing reports produced by Glass Lewis, performing periodic audits of the proxy votes, reviewing Glass Lewis policies, procedures and practices regarding potential conflicts of interest, and conducting periodic onsite due diligence.

**PROXY VOTING GUIDELINES**

VanEck has adopted the Glass Lewis Proxy Voting Guidelines (the "Proxy Voting Guidelines"). The Proxy Voting Guidelines reflect VanEck's general voting positions on specific corporate governance issues and corporate actions. The Proxy Voting Guidelines address routine as well as significant matters commonly encountered. VanEck's portfolio managers review the Proxy Voting Guidelines (including any revisions made to the Proxy Voting Guidelines) on an annual basis.

While it is VanEck's policy to generally follow the Proxy Voting Guidelines, the portfolio manager retains the right, on any specific proxy, to vote differently from the Proxy Voting Guidelines, if he/she believes it is in the best interests of VanEck's clients. Absent a Glass Lewis vote recommendation, such votes will be made on a case-by-case basis by VanEck. Any such exceptions will be documented by the portfolio manager and reviewed by the CCO or designee.

**PRE-POPULATION OF VOTES**

The Adviser pre-populates votes with Glass Lewis to help ensure all proxies are voted and such proxies are voted consistent with Glass Lewis' recommendations. The Adviser has the right to change or override the vote up until the vote deadline and in some instances up until the time of the meeting. In the absence of intervention by the Adviser, Glass Lewis will submit votes prior to the vote deadline.

The Adviser has established procedures to access and review additional information provided by the issuer of a proxy that may become available before the Adviser casts its vote.

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**Appendix B — Sub-Advisor Proxy Voting Policies**

**SHARES OF REGISTERED INVESTMENT COMPANIES**

Certain funds advised by VanEck may invest their assets in other unaffiliated investment companies. To comply with Section 12(d)(1)(F), Rule 12d1-4 of the 1940 Act, or No-Action Letters\* (if applicable), funds that hold shares in underlying funds may vote their shares in any underlying fund in the same proportion as the vote of all other shareholders in that underlying fund (sometimes called "echo" or "proportionate" voting) as required by the rules. The above proportionate voting procedures do not apply to non-U.S. underlying funds held by the VanEck Funds.

**NON-VOTING**

**FOREIGN SECURITIES**

VanEck may refrain from voting a proxy of a foreign issue due to logistical considerations that may impair VanEck's ability to vote the proxy. These issues may include, but are not limited to: (i) proxy statements and ballots being written in a foreign language, (ii) untimely notice of a shareholder meeting,(iii) requirements to vote proxies in person, (iv) restrictions on foreigner's ability to exercise votes, or (v) requirements to provide local agents with power of attorney to facilitate the voting instructions. Such proxies are voted on a best-efforts basis.

In certain foreign jurisdictions, the voting of portfolio proxies can result in additional restrictions that have an economic impact or cost to the security, such as "share-blocking." Share-blocking would prevent VanEck from selling the shares of the foreign company for a period of time if VanEck votes the portfolio proxy relating to the foreign company. VanEck will generally refrain from voting proxies on foreign securities that are subject to share blocking restrictions.

**SECURITIES LENDING**

Certain portfolios managed by VanEck participate in securities lending programs to generate additional revenue. Proxy voting rights generally pass to the borrower when a security is on loan. If the security in question is on loan as part of a securities lending program, the Adviser may determine that the benefit to the Client of voting a particular proxy is outweighed by the revenue that would be lost by terminating the loan and recalling the securities. VanEck will use its best efforts to recall a security on loan and vote such securities if the portfolio manager determines that the proxy involves a material event.

There may be other instances where the Adviser may determine that casting a vote will not reasonably be expected to have a material effect on the value of a Client's investments and instances where the Adviser is unable to vote because it did not receive proxy materials timely. Annually, the Adviser shall provide a report to the Board of proxies not voted.

**RESOLVING MATERIAL CONFLICTS OF INTEREST**

VanEck may occasionally be subject to material conflicts of interest in voting proxies due to business or personal relationships it maintains with persons having an interest in the outcome of certain votes.

A "material conflict of interest" means the existence of a business relationship between a portfolio company or an affiliate and VanEck, any affiliate or subsidiary, or an "affiliated person" of a VanEck mutual fund. Examples of when a material conflict of interest exists include a situation where the adviser provides significant investment advisory, brokerage or other services to a company whose management is soliciting proxies; an officer of the adviser serves on the board of a charitable organization that receives charitable contributions from the portfolio company and the charitable organization is a client of the adviser; a portfolio company that is a significant selling agent of the adviser's products and services solicits proxies; a broker-dealer or insurance company that controls 5% or more of the adviser's assets solicits proxies; the adviser serves as an investment adviser to the pension or other investment account of the portfolio company; the adviser and the portfolio company have a lending relationship. In each of these situations voting against management may cause the adviser a loss of revenue or other benefit.

When a material conflict of interest exists, proxies will be voted in the following manner:

<sup>1.</sup> Strict adherence to the Proxy Voting Guidelines, or

<sup>2.</sup> The potential conflict will be disclosed to the client:

a) Requesting the client to vote the proxy,<br>b) Recommending the client to engage another party to determine how the proxy should be voted, or<br>c) If the foregoing are not acceptable to the client, disclosure of how VanEck intends to vote and a written consent to that vote by the client.<br>

**CLIENT INQUIRIES AND DISCLOSURE**

VanEck provides clients with a copy of the Proxy Voting Policy and Procedures upon request. In addition, it discloses a summary of this policy in Part 2A of Form ADV which it provides to clients at or prior to entering into an investment advisory agreement with a client and also offers to existing clients on an annual basis.

__________________________________________

\*SPDR S&P Dividend ETF No-Action Letter, dated March 28, 2016 (IM Ref. No. 20151221518).

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Generally, clients of VanEck have the right, and shall be afforded the opportunity, to have access to records of voting actions taken with respect to securities held in their respective accounts. All inquiries by clients as to how VanEck has voted proxies must immediately be forwarded to the Portfolio Administration Department.

OVERSIGHT OF PROXY ADVISER

The Adviser oversees Glass Lewis' activities by reviewing various voting reports. The Adviser reviews Glass Lewis' policies, procedures and practices regarding potential conflicts of interest to confirm that Glass Lewis remains independent and objective in the formulation of its recommendations. No less frequently than annually, the Adviser shall review Glass Lewis' capacity/competency (i.e., nature and quality of services, capability of research staff, methodologies for formulating voting recommendations, the adequacy and quality of staffing, personnel and technology, as applicable). The Adviser shall no less frequently than annually sample actual votes cast to confirm votes were cast as intended.

**RECORDKEEPING**

VanEck is required to maintain and preserve in an easily accessible place for a period of not less than five years, the first two years in VanEck's office, the following records:

<sup>1.</sup> Copies of VanEck's Proxy Voting Policies, Procedures and Guidelines;

<sup>2.</sup> Copies or records of each proxy statement received with respect to clients' securities for whom VanEck exercises voting authority;

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| | |
|:---|:---|
| <sup>3.</sup> | A record of each vote cast on behalf of an account as well as certain records pertaining to VanEck's decision on the vote; |

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| | |
|:---|:---|
| <sup>5.</sup> | A copy of each written client request for information on how VanEck voted proxies on behalf of the client, and a copy of any written response by VanEck to any client request for information (either written or oral) on how VanEck voted proxies on behalf of the requesting client. |

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VanEck relies on Glass Lewis to maintain proxy statements and records of proxy votes on VanEck's behalf. As such, Glass Lewis must provide a copy of the records promptly upon request.

**SAY-ON-PAY**

VanEck is an institutional investment manager who is required to file reports under Section 13(f) and exercises voting authority on behalf of its clients on executive compensation (Say-on-Pay) matters pursuant to Section 14A of the Exchange Act.

Since VanEck exercises voting authority over securities, VanEck must file Form N-PX annually by August 31, covering the 12-month period ending June 30. This form includes records of proxy votes cast on behalf of its client accounts regarding:

• Executive compensation (Say-on-Pay) votes (Section 14A(a)),<br>• Frequency of Say-on-Pay votes (Section 14A(b)),<br>• Golden parachute compensation related to mergers and acquisitions.<br>

If another adviser or a registered fund managed by VanEck has reported the votes, VanEck may submit an Institutional Manager Notice Report (the "Notice Report") on Form N-PX.

The Notice Report indicates that no additional votes are being reported. The Notice Report is an abbreviated filing where VanEck simply discloses that the registered fund has reported all the relevant proxy votes. The Notice Report must identify the registered funds that are responsible for reporting the votes, as well as the fact that VanEck is relying on the joint reporting provision.

VanEck may choose to file a detailed Form N-PX detailing all proxy votes on Say-on-Pay votes or file a Notice Report.VanEck may request confidential treatment of certain votes if disclosure would likely result in harm to VanEck or its clients. Such requests must be filed in accordance with SEC Rule 24b-2 and the instructions for confidential treatment on Form N-PX.

Detailed records of all proxy votes must be maintained. These records must be kept for at least five years and made available for SEC examinations upon request.

**AI-VIP 4/26**155

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PART C

(Ivy Variable Insurance Portfolios)

File Nos. 033-11466/811-05017

Post-Effective Amendment No. 105

Other Information

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| | | |
|:---|:---|:---|
| Item 28. | <u>Exhibits</u>. The following exhibits are incorporated by reference to the Registrant's previously filed documents indicated below, except as noted: | <u>Exhibits</u>. The following exhibits are incorporated by reference to the Registrant's previously filed documents indicated below, except as noted: |
| (a) | <u>Articles of Incorporation</u>. | <u>Articles of Incorporation</u>. |
|  | (1) | [Amended and Restated Agreement and Declaration of Trust (August 16, 2017)](https://www.sec.gov/Archives/edgar/data/810016/000119312518138980/d541489dex99a6.htm) incorporated into this filing by reference to Post-Effective Amendment No. 73 filed April 27, 2018. |
|  | (i) | [Amended and Restated Schedule A (April 30, 2024)](https://www.sec.gov/Archives/edgar/data/810016/000114544325000124/mimivip4418841-ex99a1i.htm) to the Agreement and Declaration of Trust incorporated into this filing by reference to Post-Effective Amendment No. 104 filed April 29, 2025. |
| (b) | <u>By-Laws</u>. [Amended and Restated By-Laws (August 16, 2017)](https://www.sec.gov/Archives/edgar/data/810016/000119312518138980/d541489dex99b2.htm) incorporated into this filing by reference to Post-Effective Amendment No. 73 filed April 27, 2018. | <u>By-Laws</u>. [Amended and Restated By-Laws (August 16, 2017)](https://www.sec.gov/Archives/edgar/data/810016/000119312518138980/d541489dex99b2.htm) incorporated into this filing by reference to Post-Effective Amendment No. 73 filed April 27, 2018. |
| (c) | <u>Instruments Defining Rights of Security Holders</u>. None other than those contained in Exhibits (a) and (b). | <u>Instruments Defining Rights of Security Holders</u>. None other than those contained in Exhibits (a) and (b). |
| (d) | <u>Investment Advisory Contracts</u>. | <u>Investment Advisory Contracts</u>. |
|  | (1) | [Investment Management Agreement (December 1, 2025)](ivip-efp24290_ex99d1.htm) between Delaware Management Company (a series of Nomura Investment Management Business Trust) and the Registrant attached as Exhibit No. EX-99.d.1. |
|  | (2) | [Investment Advisory Expense Limitation Letter (April 2026)](ivip-efp24290_ex99d2.htm) from Delaware Management Company (a series of Nomura Investment Management Business Trust) relating to the Registrant attached as Exhibit No. EX-99.d.2. |
|  | (3) | [Sub-Advisory Agreement (December 1, 2025)](ivip-efp24290_ex99d3.htm) between Delaware Management Company (a series of Nomura Investment Management Business Trust) and Macquarie Investment Management Global Limited attached as Exhibit No. EX-99.d.3. |
|  | (4) | [Sub-Advisory Agreement (April 30, 2026)](ivip-efp24290_ex99d4.htm) between Delaware Management Company (a series of Nomura Investment Management Business Trust) and Nomura Corporate Research and Asset Management Inc. attached as Exhibit No. EX-99.d.4. |
|  | (5) | [Sub-Advisory Agreement (December 1, 2025)](ivip-efp24290_ex99d5.htm) between Delaware Management Company (a series of Nomura Investment Management Business Trust) and Securian Asset Management, Inc. attached as Exhibit No. EX-99.d.5. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [Sub-Advisory Agreement (December 1, 2025)](ivip-efp24290_ex99d6.htm) between Delaware Management Company (a series of Nomura Investment Management Business Trust) and Van Eck Associates Corporation
 attached as Exhibit EX-99.d.6.

(e) <u>Underwriting Contracts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Distribution Agreement (December 1, 2025)](ivip-efp24290_ex99e1.htm) between Delaware Distributors, L.P. and the Registrant attached as Exhibit No. EX-99.e.1.

(f) <u>Bonus or Profit Sharing Contracts</u>. Not applicable.

(g) <u>Custodian Agreements</u>.

(1) [Mutual Fund Custody and Services Agreement (July 20, 2007)](https://www.sec.gov/Archives/edgar/data/810016/000114544323000110/d4150451-ex99g1.htm) between The Bank of New York Mellon (formerly, Mellon
 Bank, N.A.) and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 92 filed April 28, 2023.

(i) [Amendment No. 2 (July 1, 2017)](https://www.sec.gov/Archives/edgar/data/810016/000114544323000110/d4150451-ex99g1i.htm) to Mutual Fund Custody and Services Agreement incorporated into this filing by reference
 to Post-Effective Amendment No. 92 filed April 28, 2023.

(ii) [Amendment No. 4 (July 19, 2019)](https://www.sec.gov/Archives/edgar/data/810016/000114544323000110/d4150451-ex99g1ii.htm) to Mutual Fund Custody and Services Agreement incorporated into this filing by
 reference to Post-Effective Amendment No. 92 filed April 28, 2023.

(iii) [Amendment No. 5 (December 31, 2021)](https://www.sec.gov/Archives/edgar/data/810016/000114544323000110/d4150451-ex99g1iii.htm) to Mutual Fund Custody and Services Agreement incorporated into this filing
 by reference to Post-Effective Amendment No. 92 filed April 28, 2023.

(iv) [Amendment No. 6 (December 31, 2021)](https://www.sec.gov/Archives/edgar/data/810016/000114544323000110/d4150451-ex99g1iv.htm) to Mutual Fund Custody and Services Agreement incorporated into this filing
 by reference to Post-Effective Amendment No. 92 filed April 28, 2023.

(v) [Amendment No. 7 (June 30, 2024)](https://www.sec.gov/Archives/edgar/data/810016/000114544325000124/mimivip4418841-ex99g1v.htm) to Mutual Fund Custody and Services Agreement incorporated into this filing by reference to Post-Effective Amendment
 No. 104 filed April 29, 2025.

(vi) [Amendment No. 8 (April 1, 2025)](https://www.sec.gov/Archives/edgar/data/875352/000113322826002320/dpt-efp22906_ex99g1vi.htm) to Mutual Fund Custody and Services Agreement incorporated into this filing by reference to Post-Effective Amendment
 No. 108 filed on February 26, 2026 by Delaware Pooled Trust (File No. 033-40991).

(vii) [Amendment No. 9 (April 25, 2025)](https://www.sec.gov/Archives/edgar/data/875352/000113322826002320/dpt-efp22906_ex99g1vii.htm) to Mutual Fund Custody and Services Agreement into this filing by reference to Post-Effective Amendment No.
 108 filed on February 26, 2026 by Delaware Pooled Trust (File No. 033-40991).

(viii) [Amendment No. 10 (December 1, 2025)](https://www.sec.gov/Archives/edgar/data/875352/000113322826002320/dpt-efp22906_ex99g1viii.htm) to Mutual Fund Custody and Services Agreement into this filing by reference to Post-Effective Amendment
 No. 108 filed on February 26, 2026 by Delaware Pooled Trust (File No. 033-40991).

(h) <u>Other Material Contracts</u>.

(1) [Shareholder Services Agreement (June 24, 2022)](ivip-efp24290_ex99h1.htm) between Delaware Investments Fund Services Company and the Registrant attached as Exhibit No. EX-99.h.1.

(i) [Amended and Restated Schedule A (December 1, 2025)](ivip-efp24290_ex99h1i.htm) to the Shareholder Services Agreement attached Exhibit No. EX-99.h.1.i.

(2) [Amended and Restated Fund Accounting and Financial Administration Services Agreement (January 1, 2014)](https://www.sec.gov/Archives/edgar/data/810016/000114544323000110/d4150451-ex99h2.htm) between The Bank of New York Mellon
 and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 92 filed April 28, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Amendment No. 1 (July 1, 2017)](https://www.sec.gov/Archives/edgar/data/810016/000114544323000110/d4150451-ex99h2i.htm) to Amended and Restated Fund Accounting and Financial Administration Services Agreement incorporated into this
 filing by reference to Post-Effective Amendment No. 92 filed April 28, 2023.

(ii) [Amendment No. 2 (October 11, 2021)](https://www.sec.gov/Archives/edgar/data/810016/000114544323000110/d4150451-ex99h2ii.htm) to Amended and Restated Fund Accounting and Financial Administration Services Agreement incorporated into
 this filing by reference to Post-Effective Amendment No. 92 filed April 28, 2023.

(iii) [Amendment No. 3 (December 31, 2021)](https://www.sec.gov/Archives/edgar/data/810016/000114544323000110/d4150451-ex99h2iii.htm) to Amended and Restated Fund Accounting and Financial Administration Services Agreement incorporated into
 this filing by reference to Post-Effective Amendment No. 92 filed April 28, 2023.

(iv) [Amendment No. 4 (January 31, 2022)](https://www.sec.gov/Archives/edgar/data/810016/000114544323000110/d4150451-ex99h2iv.htm) to Amended and Restated Fund Accounting and Financial Administration Services Agreement incorporated into
 this filing by reference to Post-Effective Amendment No. 92 filed April 28, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [Amendment No. 5 (effective May 31, 2024)](https://www.sec.gov/Archives/edgar/data/810016/000114544325000124/mimivip4418841-ex99h2v.htm) to Amended and Restated Fund Accounting and Financial Administration Services Agreement incorporated
 into this filing by reference to Post-Effective Amendment No. 104 filed April 29, 2025.

(vi) [Amendment No. 6 (July 30, 2024)](https://www.sec.gov/Archives/edgar/data/810016/000114544325000124/mimivip4418841-ex99h2vi.htm) to Amended and Restated Fund Accounting and Financial Administration Services Agreement incorporated into this
 filing by reference to Post-Effective Amendment No. 104 filed April 29, 2025.

(vii) [Amendment No. 7 (April 1, 2025)](https://www.sec.gov/Archives/edgar/data/810016/000114544325000124/mimivip4418841-ex99h2vii.htm) to Amended and Restated Fund Accounting and Financial Administration Services Agreement incorporated into this
 filing by reference to Post-Effective Amendment No. 104 filed April 29, 2025.

(viii) [Amendment No. 8 (April 25, 2025)](ivip-efp24290_ex99h2viii.htm) to Amended and Restated Fund Accounting
 and Financial Administration Services Agreement attached as Exhibit No. EX-99.h.2.viii.

(ix) [Amendment No. 9 (December 1, 2025)](ivip-efp24290_ex99h2ix.htm) to Amended and Restated Fund Accounting
 and Financial Administration Services Agreement attached as Exhibit No. EX-99.h.2.ix.

(3) [Fund Accounting and Financial Administration Oversight Agreement (December 1, 2025)](ivip-efp24290_ex99h3.htm) between Delaware Investments Fund Services Company and the Registrant attached as Exhibit No. EX-99.h.3.

(i) <u>Legal Opinion</u>.

(1) [Opinion and Consent of Counsel (April 29, 2022)](https://www.sec.gov/Archives/edgar/data/810016/000114544322000163/d3971641-ex99i.htm) incorporated into this filing by reference to Post-Effective Amendment No. 86 filed April
 29, 2022.

(2) [Opinion and Consent of Counsel (February 23, 2024)](https://www.sec.gov/Archives/edgar/data/810016/000114544324000032/mimivip4252511-ex99i2.htm) with respect to the Standard Class (formerly, Class I) shares of Nomura VIP International
 Core Equity Series (formerly, Delaware Ivy International Core Equity) incorporated into this filing by reference to Post-Effective Amendment
 No. 102 filed February 23, 2024.

(j) <u>Other Opinions</u>.

(1) [Consent of Independent Registered Public Accounting Firm (April 2026)](ivip-efp24290_ex99j1.htm) attached as Exhibit No. EX-99.j.1.

(k) <u>Omitted Financial Statements</u>. Not applicable.

(l) <u>Initial Capital Agreements</u>. Not applicable.

(m) <u>Rule 12b-1 Plan</u>.

(1) [Service Plan (April 30, 2021)](https://www.sec.gov/Archives/edgar/data/810016/000120677421002499/mimivip3955711-ex99m1.htm) incorporated into this filing by reference to Post-Effective Amendment No. 83 filed September 14, 2021.

(n) <u>Rule 18f-3 Plan</u>.

(1) [Multiple Class Plan Pursuant to Rule 18f-3 (December 1, 2025)](ivip-efp24290_ex99n1.htm) attached as Exhibit No. EX-99.n.1.

(o) <u>Reserved</u>.

(p) <u>Codes of Ethics</u>.

(1) [Code of Ethics for Nomura Investment Management Business Trust, Nomura Funds, Optimum Fund Trust and Nomura ETF Trust (December 1, 2025)](https://www.sec.gov/Archives/edgar/data/778108/000113322826000945/dgef-efp22168_ex99p1.htm) into this filing by reference to Post-Effective Amendment No. No. 97 filed on January 28, 2026 by Delaware Group Equity Funds IV (File
 No. 033-00442).

(2) [Code of Ethics for Macquarie Investment Management Global Limited (January 2026)](https://www.sec.gov/Archives/edgar/data/778108/000113322826000945/dgef-efp22168_ex99p2.htm) into this filing by reference to Post-Effective Amendment
 No. No. 97 filed on January 28, 2026 by Delaware Group Equity Funds IV (File No. 033-00442).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Code of Ethics for Securian Asset Management, Inc. (January 1, 2025)](ivip-efp24290_ex99p3.htm) attached as Exhibit No. EX-99.p.3.

(4) [Code of Ethics for Van Eck Associates Corporation (January 8, 2026)](https://www.sec.gov/Archives/edgar/data/875352/000113322826002320/dpt-efp22906_ex99p3.htm) incorporated into this filing by reference to Post-Effective Amendment No. 108 filed on February 26, 2026 by Delaware Pooled Trust (File
 Nol 033-40991).

(5) [Code of Ethics for Nomura Corporate Research and Asset Management Inc. (May 31, 2025)](ivip-efp24290_ex99p5.htm) attached as Exhibit No. EX-99.p.3.

(q) <u>Other</u>.

(1) [Powers of Attorney (January 20, 2022](https://www.sec.gov/Archives/edgar/data/810016/000114544322000163/d3971641-ex99q1.htm)) incorporated into this filing by reference to Post-Effective Amendment No. 86 filed April 29, 2022.

---

| | |
|:---|:---|
| Item 29. | <u>Persons Controlled by or Under Common Control with the Registrant</u>. None.<br>|
| Item 30. | <u>Indemnification</u>. Reference is made to Article 15 of the [Distribution Agreement](https://www.sec.gov/Archives/edgar/data/810016/000120677421002499/mimivip3955711-ex99e1i.htm), incorporated into this filing by reference to Post-Effective Amendment No. 83 filed September 14, 2021.and to Article VII of the [Amended and Restated Agreement and Declaration of Trust](https://www.sec.gov/Archives/edgar/data/810016/000119312518138980/d541489dex99a6.htm), filed by EDGAR on April 27, 2018, as Exhibit No. EX-99.(a)(6) to Post-Effective Amendment No. 73, each of which provide indemnification. Also refer to Section 3817 of the Delaware Statutory Trust Act. |

---

---

| |
|:---|
| Registrant undertakes to carry out all indemnification provisions of its Trust Instrument and the above-described contract in accordance with the Investment Company Act Release No. 11330 (September 4, 1980) and successor releases.<br>|
| Insofar as indemnification for liability arising under the Securities Act of 1933, as amended, may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. |

---

Item 31. <u>Business and Other Connections of the Investment Adviser</u>.

---

| |
|:---|
| Delaware Management Company (the "Manager"), a series of Nomura Investment Management Business Trust (NIMBT), serves as investment manager to the Registrant and also serves as investment manager to other funds in the Nomura Funds (Delaware Group<sup>®</sup> Adviser Funds, Delaware Group Cash Reserve, Delaware Group Equity Funds II, Delaware Group Equity Funds IV, Delaware Group Equity Funds V, Delaware Group Global & International Funds, Delaware Group Government Fund, Delaware Group Income Funds, Delaware Group Limited-Term Government Funds, Delaware Group State Tax-Free Income Trust, Delaware Group Tax-Free Fund, Delaware Pooled<sup>®</sup> Trust, Delaware VIP<sup>®</sup> Trust, Ivy Funds, Voyageur Mutual Funds, Voyageur Mutual Funds II and Voyageur Tax Free Funds), Nomura ETF Trust and Optimum Fund Trust. In addition, certain officers of the Manager also serve as trustees and/or officers of other Nomura Funds, Nomura ETF Trust and Optimum Fund Trust. A company indirectly owned by the Manager's parent company acts as principal underwriter to the mutual funds in the Nomura Funds (see Item 32 below) and another such company acts as the shareholder services, dividend disbursing, accounting servicing and transfer agent for all of the Nomura Funds**.**<br>|
| The Manager, located at 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354, is a series of NIMBT, a Delaware statutory trust. Nomura Asset Management is part of the Investment Management Division of the Nomura Group. Nomura Asset Management primarily operates through several distinct investment managers, which includes NIMBT and its Delaware Management Company series. Information on the trustees and officers of the Manager set forth in its Form ADV filed with the U.S. Securities and Exchange Commission (File No. 801-32108) is incorporated into this filing by reference. |

---

---

| |
|:---|
| Macquarie Investment Management Global Limited (MIMGL), located at 1 Elizabeth Street, Sydney NSW 2000, Australia, serves as a sub-advisor to Nomura VIP Asset Strategy Series and Nomura VIP Balanced Series. Information on the directors and officers of MIMGL set forth in its Form ADV filed with the U.S. Securities and Exchange Commission (File No. 801-106854) is incorporated into this filing by reference.<br>|
| Nomura Corporate Research and Asset Management Inc. (NCRAM), located at Worldwide Plaza, 309 West 49th Street, New York, NY 10019, serves as subadvisor to Nomura VIP High Income Series. NCRAM is primarily engaged in the investment management business. Information about the officers and partners of NCRAM are included in its Form ADV filed with the Securities and Exchange Commission (File No. 801-38965) and is incorporated herein by reference.<br>|
| Van Eck Associates Corporation (VanEck), located at 666 Third Avenue, New York, NY, 10017, serves as a sub-advisor to the Nomura VIP Energy Series and Nomura VIP Natural Resources Series. Information on the directors and officers of Van Eck set forth in its Form ADV filed with the U.S. Securities and Exchange Commission (File No. 801-21340) is incorporated into this filing by reference.<br>|
| Securian Asset Management, Inc. (Securian), located at 400 Robert Street North, St. Paul, MN 55101, provides investment advice to, and generally conducts the investment management program as it relates to the portion of, a Managed Volatility Series allocated to the volatility management strategy for each Nomura VIP Pathfinder Moderate – Managed Volatility Series, Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series and Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series. Information on the directors and officers of Securian set forth in its Form ADV filed with the U.S. Securities and Exchange Commission (File No. 801-47262) is incorporated into this filing by reference. |

---

Item 32. <u>Principal Underwriters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Delaware Distributors, L.P. serves as principal underwriter for all the mutual funds in the
 Nomura Funds and the Optimum Fund Trust.

(b) Information with respect to each officer and partner of the principal underwriter and
 the Registrant is provided below. Unless otherwise noted, the principal business address of each officer and partner of Delaware Distributors,
 L.P. is 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354.

---

| | | |
|:---|:---|:---|
| **Name and Principal Business Address** | **Positions and Offices with Underwriter** | **Positions and Offices with Registrant** |
| Delaware Distributors, Inc. | General Partner | None |
| Delaware Capital Management | Limited Partner | None |
| Delaware Investments Distribution Partner, Inc. | Limited Partner | None |

---

---

| | | |
|:---|:---|:---|
| **Name and Principal Business Address** | **Positions and Offices with Underwriter** | **Positions and Offices with Registrant** |
| Ivy Distributors, Inc. | Limited Partner | None |
| Milissa Hutchinson | President/Head of US Wealth Distribution, Client Group Americas/Senior Managing Director | None |
| Christopher J. Calhoun | SVP/US Wealth Chief Operations Officer/Managing Director | Senior Vice President/Head of Business Management - Investments/Managing Director |
| Erin Canon | SVP/Deputy Head of Business Management – Investments/Managing Director | Senior Vice President/Deputy Head of Business Management – Investments/Managing Director |
| David Chorba | SVP/National Sales Manager, CSG AMER/Managing Director | None |
| Eugene Chiulli | Chief Financial Officer/Managing Director | None |
| Anthony G. Ciavarelli | SVP/Associate General Counsel/Assistant Secretary/Managing Director | Senior Vice President/Associate General Counsel/Assistant Secretary |
| David F. Connor | SVP/General Counsel/Secretary/Managing Director | Senior Vice President/Assistant Secretary |
| Michael E. Dresnin | SVP/Associate General Counsel/Assistant Secretary/Managing Director | Senior Vice President/Associate General Counsel/Assistant Secretary |
| Jamie Fox | SVP/Divisional Sales Manager, CSG Americas/Managing Director | None |
| Daniel V. Geatens | SVP/Head of US Fund Administration/Managing Director | Senior Vice President/Treasurer |
| Robert T. Haenn | SVP/Channel Head-Strategic Relationship, CSG Americas/Managing Director | None |
| Michael Q. Mahoney | SVP/Transfer Agency & Intermediary Services/Managing Director | Senior Vice President/Transfer Agency & Intermediary Services/Managing Director |

---

---

| | | |
|:---|:---|:---|
| **Name and Principal Business Address** | **Positions and Offices with Underwriter** | **Positions and Offices with Registrant** |
| Susan L. Natalini | SVP/Head of Business Management - Investments/Managing Director | Senior Vice President/Head of Business Management - Investments/Managing Director |
| Richard Salus | SVP/Global Head of Fund Services/Managing Director | Senior Vice President/Chief Financial Officer |
| Emilia P. Wang | SVP/Associate General Counsel/Assistant Secretary/Managing Director | Senior Vice President/Associate General Counsel/Assistant Secretary/Managing Director |
| Kate R. Williams | SVP/Deputy General Counsel/Assistant Secretary/Managing Director | Senior Vice President/Deputy General Counsel/Assistant Secretary |
| Marty Wolin | SVP/Chief Compliance Officer and Anti-Money Laundering Officer/Managing Director | Senior Vice President/Chief Compliance Officer/Anti-Money Laundering Officer |
| Aaron C. Buser | VP/Associate General Counsel/Assistant Secretary/Managing Director | Vice President/General Counsel/Secretary |
| Jennifer Craig | VP/Associate Director, US Intermediary Services/Executive Director | None |
| Catherine DiValentino | VP/Associate General Counsel/Assistant Secretary/Executive Director | Assistant Vice President/Associate General Counsel/Assistant Secretary |
| Thomas Garvey | VP/Chief Compliance Officer/Executive Director | None |
| Stephen Hoban | VP/Controller/Executive Director | Vice President/Financial Management |
| Gregory Ito | Treasurer/Managing Director | None |
| Konstantine C. Mylonas | VP/Senior Relationship Manager, SRG, CSG Americas/Executive Director | None |
| Philip A. Shipp | VP/Associate General Counsel/Assistant Secretary/Executive Director | Vice President/Associate General Counsel/Assistant Secretary |
| Augustas Baliulis | VP/Associate General Counsel/Assistant Secretary/Vice President | Vice President/Associate General Counsel/Assistant Secretary |
| Ross Oklewicz | VP/Associate General Counsel/Assistant Secretary/Executive Director | Vice President/Associate General Counsel/Assistant Secretary |
| Tracey Todd | VP/Associate General Counsel/Assistant Secretary/Executive Director | Vice President/Associate General Counsel/Assistant Secretary |

---

---

| | | |
|:---|:---|:---|
| **Name and Principal Business Address** | **Positions and Offices with Underwriter** | **Positions and Offices with Registrant** |
| William Hynes | Tax Officer | None |

---

---

| | | |
|:---|:---|:---|
|  | (c) | Not applicable.<br>|
| Item 33. | <u>Location of Accounts and Records</u>. All accounts and records required to be maintained by Section 31 (a) of the Investment Company Act of 1940 and the rules under that section are maintained by the following entities: Delaware Management Company, Delaware Investments Fund Services Company and Delaware Distributors, L.P. (100 Independence, 610 Market Street, Philadelphia, PA 19106-2354); BNY Mellon Investment Servicing (US) Inc. (500 Ross Street, 154-0520, Pittsburgh, PA 15262); and The Bank of New York Mellon (240 Greenwich Street, New York, NY 10286-0001). | <u>Location of Accounts and Records</u>. All accounts and records required to be maintained by Section 31 (a) of the Investment Company Act of 1940 and the rules under that section are maintained by the following entities: Delaware Management Company, Delaware Investments Fund Services Company and Delaware Distributors, L.P. (100 Independence, 610 Market Street, Philadelphia, PA 19106-2354); BNY Mellon Investment Servicing (US) Inc. (500 Ross Street, 154-0520, Pittsburgh, PA 15262); and The Bank of New York Mellon (240 Greenwich Street, New York, NY 10286-0001). |
| Item 34. | <u>Management Services</u>. None. | <u>Management Services</u>. None. |
| Item 35. | <u>Undertakings</u>. Not applicable. | <u>Undertakings</u>. Not applicable. |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Philadelphia and Commonwealth of Pennsylvania on this 29th day of April, 2026.

---

| | |
|:---|:---|
| **IVY VARIABLE INSURANCE PORTFOLIOS** | **IVY VARIABLE INSURANCE PORTFOLIOS** |
| By: | /s/ Shawn K. Lytle |
|  | Shawn K. Lytle<br> President/Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:

---

| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ Shawn K. Lytle | President/Chief Executive Officer | April 29, 2026 |
| Shawn K. Lytle | (Principal Executive Officer) and Trustee |  |
| Jerome D. Abernathy \* | Trustee | April 29, 2026 |
| Jerome D. Abernathy |  |  |
| Ann D. Borowiec \* | Trustee | April 29, 2026 |
| Ann D. Borowiec |  |  |
| Joseph W. Chow \* | Trustee | April 29, 2026 |
| Joseph W. Chow |  |  |
| H. Jeffrey Dobbs \* | Trustee | April 29, 2026 |
| H. Jeffrey Dobbs |  |  |
| John A. Fry \* | Trustee | April 29, 2026 |
| John A. Fry |  |  |

---

---

| | | |
|:---|:---|:---|
| Joseph Harroz, Jr.\* | Trustee | April 29, 2026 |
| Joseph Harroz, Jr. |  |  |
| Sandra A.J. Lawrence \* | Trustee | April 29, 2026 |
| Sandra A.J. Lawrence |  |  |
| Frances A. Sevilla-Sacasa \* | Trustee | April 29, 2026 |
| Frances A. Sevilla-Sacasa |  |  |
| Thomas K. Whitford \* | Chair and Trustee | April 29, 2026 |
| Thomas K. Whitford |  |  |
| Christianna Wood \* | Trustee | April 29, 2026 |
| Christianna Wood |  |  |
| Richard Salus \* | Senior Vice President/Chief Financial Officer | April 29, 2026 |
| Richard Salus | (Principal Financial Officer/Chief Accounting Officer/Controller) |  |

---

\*By: <u>/s/ Shawn K. Lytle</u>

Shawn K. Lytle

as Attorney-in-Fact for each of the persons indicated

(Pursuant to Powers of Attorney previously filed)

u.s. SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

Exhibits

to

Form N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

INDEX TO EXHIBITS

(Ivy Variable Insurance Portfolios N-1A)

---

| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Exhibit</u> |
| EX-99.d.1 | [Investment Management Agreement (December 1, 2025) between Delaware Management Company (a series of Nomura Investment Management Business Trust) and the Registrant](ivip-efp24290_ex99d1.htm) |
| EX-99.d.2 | [Investment Advisory Expense Limitation Letter (April 2026) from Delaware Management Company (a series of Nomura Investment Management Business Trust) relating to the Registrant](ivip-efp24290_ex99d2.htm) |
| EX-99.d.3 | [Sub-Advisory Agreement (December 1, 2025) between Delaware Management Company (a series of Nomura Investment Management Business Trust) and Macquarie Investment Management Global Limited](ivip-efp24290_ex99d3.htm) |
| EX-99.d.4 | [Sub-Advisory Agreement (April 30, 2026) between Delaware Management Company (a series of Nomura Investment Management Business Trust) and Nomura Corporate Research and Asset Management Inc.](ivip-efp24290_ex99d4.htm) |
| EX-99.d.5 | [Sub-Advisory Agreement (December 1, 2025) between Delaware Management Company (a series of Nomura Investment Management Business Trust) and Securian Asset Management, Inc.](ivip-efp24290_ex99d5.htm) |
| EX-99.d.6 | [Sub-Advisory Agreement (December 1, 2025) between Delaware Management Company (a series of Nomura Investment Management Business Trust) and Van Eck Associates Corporation](ivip-efp24290_ex99d6.htm) |
| EX-99.e.1 | [Distribution Agreement (December 1, 2025) between Delaware Distributors, L.P. and the Registrant](ivip-efp24290_ex99e1.htm) |
| EX-99.h.1 | [Shareholder Services Agreement (June 24, 2022) between Delaware Investments Fund Services Company and the Registrant](ivip-efp24290_ex99h1.htm) |
| EX-99.h.1.i | [Amended and Restated Schedule A (December 1, 2025) to the Shareholder Services Agreement](ivip-efp24290_ex99h1i.htm) |
| EX-99.h.2.viii | [Amendment No. 8 (April 25, 2025) to Amended and Restated Fund Accounting and Financial Administration Services Agreement](ivip-efp24290_ex99h2viii.htm) |
| EX-99.h.2.ix | [Amendment No. 9 (December 1, 2025) to Amended and Restated Fund Accounting and Financial Administration Services Agreement](ivip-efp24290_ex99h2ix.htm) |
| EX-99.h.3 | [Fund Accounting and Financial Administration Oversight Agreement (December 1, 2025) between Delaware Investments Fund Services Company and the Registrant](ivip-efp24290_ex99h3.htm) |
| EX-99.j.1 | [Consent of Independent Registered Public Accounting Firm (April 2026)](ivip-efp24290_ex99j1.htm) |
| EX-99.n.1 | [Multiple Class Plan Pursuant to Rule 18f-3 (December 1, 2025)](ivip-efp24290_ex99n1.htm) |
| EX-99.p.3 | [Code of Ethics for Securian Asset Management, Inc. (January 1, 2025)](ivip-efp24290_ex99p3.htm) |
| EX-99.p.5. | [Code of Ethics for Nomura Corporate Research and Asset Management Inc. (May 31, 2025)](ivip-efp24290_ex99p5.htm) |

---

## Ex-99.D1

**EX-99.d.1**

INVESTMENT MANAGEMENT AGREEMENT

AGREEMENT, made by and between **IVY VARIABLE INSURANCE PORTFOLIOS**, a Delaware statutory trust (the "Trust"), on behalf of each series of shares of beneficial interest of the Trust that is listed on Exhibit A to this Agreement, as that Exhibit may be amended from time to time (each such series of shares is hereinafter referred to as a "Fund" and, together with other series of shares listed on such Exhibit, the "Funds"), and **DELAWARE MANAGEMENT COMPANY**, a series of Nomura Investment Management Business Trust, a Delaware statutory trust (the "Investment Manager").

**WITNESSETH:**

WHEREAS, the Trust has been organized and operates as an investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, each Fund engages in the business of investing and reinvesting its assets in securities;

WHEREAS, the Investment Manager is registered under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), as an investment adviser and engages in the business of providing investment management services; and

WHEREAS, the Trust, on behalf of each Fund, and the Investment Manager desire to enter into this Agreement so that the Investment Manager may provide investment management services to each Fund.

NOW, THEREFORE, in consideration of the mutual covenants herein contained, and each of the parties hereto intending to be legally bound, it is agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust hereby employs the Investment Manager to manage the investment and reinvestment of each Fund's assets and to administer its affairs, subject to the direction of the Trust's Board of Trustees and officers for the period and on the terms hereinafter set forth. The Investment Manager hereby accepts such employment and agrees during such period to render the services and assume the obligations herein set forth for the compensation herein provided. The Investment Manager shall for all purposes herein be deemed to be an independent contractor, and shall, unless otherwise expressly provided and authorized, have no authority to act for or represent the Trust or the Funds in any way, or in any way be deemed an agent of the Trust or the Funds. The Investment Manager shall regularly make decisions as to what securities and other instruments to purchase and sell on behalf of each Fund and shall effect the purchase and sale of such investments in furtherance of each Fund's investment objectives and policies and shall furnish the Board of Trustees of the Trust with such information and reports regarding each Fund's investments as the Investment Manager deems appropriate or as the Trustees of the Trust may reasonably request. Such decisions and services shall include exercising discretion regarding any voting rights, rights to consent to corporate actions and any other rights pertaining to each Fund's investment securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Trust shall conduct its own business and affairs and shall bear the expenses and salaries necessary and incidental thereto, including, but not in limitation of the foregoing, the costs incurred in: the maintenance of its corporate existence; the maintenance of its own books, records and procedures; dealing with its own shareholders; the payment of dividends; transfer of shares, including issuance, redemption and repurchase of shares; preparation of share certificates; reports and notices to shareholders; calling and holding of shareholders' and trustees' meetings; miscellaneous office expenses; brokerage commissions; custodian fees; legal, auditing, fund accounting, and financial administration fees; taxes; federal and state registration fees; and other costs and expenses approved by the Board of Trustees. Trustees, officers and employees of the Investment Manager may be directors, trustees, officers and employees of any of the investment companies within the Delaware Investments family of funds (including the Trust). Trustees, officers and employees of the Investment Manager who are directors, trustees, officers and/or employees of these investment companies shall not receive any compensation from such companies for acting in such dual capacity.

In the conduct of the respective businesses of the parties hereto and in the performance of this Agreement, the Trust and Investment Manager may share facilities common to each, which may include legal and accounting personnel, with appropriate proration of expenses between them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. (a) Subject to the primary objective of obtaining the best execution, the Investment Manager may place orders for the purchase and sale of portfolio securities and other instruments with such broker/dealers selected by the Investment Manager who provide statistical, factual and financial information and services to the Trust, to the Investment Manager, to any sub-adviser (as defined in Paragraph 5 hereof, a "Sub-Adviser") or to any other fund or account for which the Investment Manager or any Sub-Adviser provides investment advisory services and/or with broker/dealers who sell shares of the Trust or who sell shares of any other investment company (or series thereof) for which the Investment Manager or any Sub-Adviser provides investment advisory services. Broker/dealers who sell shares of any investment companies or series thereof for which the Investment Manager or Sub-Adviser provides investment advisory services shall only receive orders for the purchase or sale of portfolio securities to the extent that the placing of such orders is in compliance with the rules of the Securities and Exchange Commission (the "SEC") and Financial Industry Regulatory Authority, Inc. ("FINRA") and does not take into account such broker/dealer's promotion or sale of such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the provisions of subparagraph (a) above and subject to such policies and procedures as may be adopted by the Board of Trustees and officers of the Trust, the Investment Manager may cause a Fund to pay a member of an exchange, broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another member of an exchange, broker or dealer would have charged for effecting that transaction, in such instances where the Investment Manager has determined in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such member, broker or dealer, viewed in terms of either that particular transaction or the Investment Manager's overall responsibilities with respect to the Trust and to other investment companies (or series thereof) and other advisory accounts for which the Investment Manager exercises investment discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. As compensation for the investment services to be rendered to a particular Fund by the Investment Manager under the provisions of this Agreement, the Trust shall pay monthly to the Investment Manager exclusively from that Fund's assets, a fee based on the average daily net assets of that Fund during the month. Such fee shall be calculated in accordance with the fee schedule applicable to that Fund as set forth in Exhibit A hereto.

If this Agreement is terminated prior to the end of any calendar month with respect to a particular Fund, the management fee for such Fund shall be prorated for the portion of any month in which this Agreement is in effect with respect to such Fund according to the proportion which the number of calendar days during which the Agreement is in effect bears to the number of calendar days in the month, and shall be payable within 10 calendar days after the date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Investment Manager may, at its expense, select and contract with one or more investment advisers registered under the Advisers Act ("Sub-Advisers") to perform some or all of the services for a Fund for which it is responsible under this Agreement. The Investment Manager will compensate any Sub-Adviser for its services to the Fund. The Investment Manager may terminate the services of any Sub-Adviser at any time in its sole discretion, and shall at such time assume the responsibilities of such Sub-Adviser unless and until a successor Sub-Adviser is selected and the requisite approval of the Fund's shareholders, if required, is obtained. The Investment Manager will continue to have responsibility for all advisory services furnished by any Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The services to be rendered by the Investment Manager to the Trust under the provisions of this Agreement are not to be deemed to be exclusive. The Investment Manager, its trustees, officers, employees, agents and shareholders may engage in other businesses, may render investment advisory services to other investment companies, or to any other corporation, association, firm or individual, and may render underwriting services to the Trust or to any other investment company, corporation, association, firm or individual, so long as the Investment Manager's other activities do not impair its ability to render the services provided for in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. It is understood and agreed that so long as the Investment Manager and/or its advisory affiliates shall continue to serve as the Trust's investment adviser, other investment companies as may be sponsored or advised by the Investment Manager or its affiliates may have the right permanently to adopt and to use the words "Delaware," "Delaware Investments" or "Delaware Group" in their names and in the names of any series or class of shares of such funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. In the absence of willful misfeasance, bad faith, gross negligence, or a reckless disregard of the performance of its duties as the Investment Manager to the Trust, the Investment Manager shall not be subject to liability to the Trust or to any shareholder of the Trust for any action or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. (a) This Agreement shall be executed and become effective as of the date written below, and shall become effective with respect to a particular Fund as of the effective date set forth in Exhibit A for that Fund, only if approved by the vote of a majority of the outstanding voting securities of that Fund. It shall continue in effect for an initial period of two years for each Fund and may be renewed thereafter only so long as such renewal and continuance is specifically approved at least annually by the Board of Trustees or by the vote of a majority of the outstanding voting securities of that Fund and only if the terms and the renewal hereof have been approved by the vote of a majority of the Trustees of the Trust who are not parties hereto or interested persons of any such party ("Independent Trustees"), cast in person at a meeting called for the purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement (and Exhibit A hereto) may be amended without the approval of a majority of the outstanding voting securities of the Fund if the amendment relates solely to a management fee reduction or other change that is permitted or not prohibited under then current federal law, rule, regulation or SEC staff interpretation thereof to be made without shareholder approval. This Agreement may be amended from time to time pursuant to a written agreement executed by the Trust, on behalf of the applicable Fund, and the Investment Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may be terminated as to any Fund by the Trust at any time, without the payment of a penalty, on sixty days' written notice to the Investment Manager of the Trust's intention to do so, pursuant to action by the Board of Trustees of the Trust or pursuant to the vote of a majority of the outstanding voting securities of the affected Fund. The Investment Manager may terminate this Agreement at any time, without the payment of a penalty, on sixty days' written notice to the Trust of its intention to do so. Upon termination of this Agreement, the obligations of all the parties hereunder shall cease and terminate as of the date of such termination, except for any obligation to respond for a breach of this Agreement committed prior to such termination, and except for the obligation of the Trust to pay to the Investment Manager the fee provided in Paragraph 4 hereof, prorated to the date of termination. This Agreement shall automatically terminate in the event of its assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. This Agreement shall extend to and bind the administrators, successors and permitted assigns of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. For the purposes of this Agreement, (i) the terms "vote of a majority of the outstanding voting securities"; "interested persons"; and "assignment" shall have the meaning ascribed to them in the 1940 Act, and (ii) references to the SEC and FINRA shall be deemed to include any successor regulators.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed by their duly authorized officers as of the 1st day of December, 2025.

DELAWARE MANAGEMENT COMPANY,

a series of Nomura Investment Management Business Trust

---

| | |
|:---|:---|
| By: | /s/ Shawn K. Lytle |
| Name: | Shawn K. Lytle |
| Title: | President/Senior Managing Director |

---

Ivy Variable Insurance Portfolios,

on behalf of the Funds listed on Exhibit A

---

| | |
|:---|:---|
| By: | /s/ Richard Salus |
| Name: | Richard Salus |
| Title: | SVP/Global Head of Fund Services/Managing Director |

---

**EXHIBIT A**

**OF THE INVESTMENT MANAGEMENT AGREEMENT**

THIS EXHIBIT to the Investment Management Agreement dated December 1, 2025 (the "Agreement") between **IVY VARIABLE INSURANCE PORTFOLIOS** and **DELAWARE MANAGEMENT COMPANY** (the "Investment Manager"), a series of Nomura Investment Management Business Trust lists the Funds for which the Investment Manager provides investment management services pursuant to this Agreement, along with the management fee rate schedule for each Fund and the date on which the Agreement became effective for each Fund.

---

| | | |
|:---|:---|:---|
| <br> <u>Fund Name</u> | <u>Effective Date</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management Fee Schedule (as a<br> percentage of average daily net assets) <br> <u>Annual Rate</u> |
| Nomura VIP Asset Strategy Series *<br> (formerly, Macquarie VIP Asset Strategy Series)* | &nbsp;&nbsp; December 1, 2025 | &nbsp;&nbsp; 0.70% of net assets up to $1 billion<br> 0.65% of net assets over $1 billion and up to $2 billion<br> 0.60% of net assets over $2 billion and up to $3 billion<br> 0.55% of net assets over $3 billion |
| Nomura VIP Balanced Series *<br> (formerly, Macquarie VIP Balanced Series)* | &nbsp;&nbsp; December 1, 2025 | &nbsp;&nbsp; 0.70% of net assets up to $1 billion<br> 0.65% of net assets over $1 billion and up to $2 billion<br> 0.60% of net assets over $2 billion and up to $3 billion<br> 0.55% of net assets over $3 billion |
| Nomura VIP Core Equity Series *<br> (formerly, Macquarie VIP Core Equity Series)* | &nbsp;&nbsp; December 1, 2025 | &nbsp;&nbsp; 0.70% of net assets up to $1 billion<br> 0.65% of net assets over $1 billion and up to $2 billion<br> 0.60% of net assets over $2 billion and up to $3 billion<br> 0.55% of net assets over $3 billion |
| &nbsp;&nbsp; Nomura VIP Corporate Bond Series<br> *(formerly, Macquarie VIP Corporate Bond Series)* | &nbsp;&nbsp; December 1, 2025 | &nbsp;&nbsp; 0.475% of net assets up to $1 billion<br> 0.45% of net assets over $1 billion and up to $1.5 billion<br> 0.40% of net assets over $1.5 billion |
| Nomura VIP Energy Series <br> *(formerly, Macquarie VIP Energy Series)* | &nbsp;&nbsp; December 1, 2025 | &nbsp;&nbsp; 0.85% of net assets up to $1 billion<br> 0.83% of net assets over $1 billion and up to $2 billion<br> 0.80% of net assets over $2 billion and up to $3 billion<br> 0.76% of net assets over $3 billion |
| &nbsp;&nbsp; Nomura VIP Global Growth Series<br> *(formerly, Macquarie VIP Global Growth Series)* | &nbsp;&nbsp; December 1, 2025 | &nbsp;&nbsp; 0.85% of net assets up to $1 billion<br> 0.83% of net assets over $1 billion and up to $2 billion<br> 0.80% of net assets over $2 billion and up to $3 billion<br> 0.76% of net assets over $3 billion |
| Nomura VIP Growth Series <br> *(formerly, Macquarie VIP Growth Series)* | &nbsp;&nbsp; December 1, 2025 | &nbsp;&nbsp; 0.70% of net assets up to $1 billion<br> 0.65% of net assets over $1 billion and up to $2 billion<br> 0.60% of net assets over $2 billion and up to $3 billion<br> 0.55% of net assets over $3 billion |
| Nomura VIP High Income Series <br> *(formerly, Macquarie VIP High Income Series)* | &nbsp;&nbsp; December 1, 2025 | &nbsp;&nbsp; 0.625% of net assets up to $500 million<br> 0.60% of net assets over $500 million and up to $1 billion<br> 0.55% of net assets over $1 billion and up to $1.5 billion<br> 0.50% of net assets over $1.5 billion |
| &nbsp;&nbsp; Nomura VIP International Core Equity Series<br> *(formerly, Macquarie International Core Equity Series)* | &nbsp;&nbsp; December 1, 2025 | &nbsp;&nbsp; 0.85% of net assets up to $1 billion<br> 0.83% of net assets over $1 billion and up to $2 billion<br> 0.80% of net assets over $2 billion and up to $3 billion<br> 0.76% of net assets over $3 billion |
| &nbsp;&nbsp; Nomura VIP Limited-Term Bond Series<br> *(formerly, Macquarie VIP Limited-Term Bond Series)* | &nbsp;&nbsp; December 1, 2025 | &nbsp;&nbsp; 0.50% of net assets up to $500 million<br> 0.45% of net assets over $500 million and up to $1 billion<br> 0.40% of net assets over $1 billion and up to $1.5 billion<br> 0.35% of net assets over $1.5 billion |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> <u>Fund Name</u> | <u>Effective Date</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management Fee Schedule (as a<br> percentage of average daily net assets) <br> <u>Annual Rate</u> |
| &nbsp;&nbsp; Nomura VIP Mid Cap Growth Series<br> *(formerly, Macquarie VIP Mid Cap Growth Series)* | &nbsp;&nbsp; December 1, 2025 | &nbsp;&nbsp; 0.85% of net assets up to $1 billion<br> 0.83% of net assets over $1 billion and up to $2 billion<br> 0.80% of net assets over $2 billion and up to $3 billion<br> 0.76% of net assets over $3 billion |
| &nbsp;&nbsp; Nomura VIP Natural Resources Series<br> *(formerly, Macquarie VIP Natural Resources Series)* | &nbsp;&nbsp; December 1, 2025 | &nbsp;&nbsp; 0.85% of net assets up to $1 billion<br> 0.83% of net assets over $1 billion and up to $2 billion<br> 0.80% of net assets over $2 billion and up to $3 billion<br> 0.76% of net assets over $3 billion and up to $5 billion<br> 0.73% of net assets over $5 billion and up to $10 billion<br> 0.70% of net assets over $10 billion |
| &nbsp;&nbsp; Nomura VIP Pathfinder Aggressive Series *(formerly, Macquarie VIP*<br> *Pathfinder Aggressive Series*<br> *Series)* | &nbsp;&nbsp; December 1, 2025 | All net assets at 0.00% |
| &nbsp;&nbsp; Nomura VIP Pathfinder Conservative Series *(formerly, Macquarie VIP*<br> *Pathfinder Conservative Series)* | &nbsp;&nbsp; December 1, 2025 | All net assets at 0.00% |
| &nbsp;&nbsp; Nomura VIP Pathfinder Moderate Series<br> *(formerly, Macquarie VIP Pathfinder Moderate Series)* | &nbsp;&nbsp; December 1, 2025 | All net assets at 0.00% |
| &nbsp;&nbsp; Nomura VIP Pathfinder Moderate<br> - Managed Volatility Series<br> *(formerly, Macquarie VIP Pathfinder Moderate - Managed Volatility Serie)* | &nbsp;&nbsp; December 1, 2025 | &nbsp;&nbsp; 0.20% of net assets up to $500 million<br> 0.17% of net assets over $500 million and up to $1 billion<br> 0.15% of net assets over $1 billion |
| Nomura VIP Pathfinder Moderately Aggressive Series *(formerly, Macquarie VIP Pathfinder Moderately Aggressive Series)* | &nbsp;&nbsp; December 1, 2025 | All net assets at 0.00% |
| &nbsp;&nbsp; Nomura VIP Pathfinder Moderately Aggressive - Managed Volatility Series *(formerly, Macquarie VIP Pathfinder Moderately Aggressive*<br> *- Managed Volatility Series)* | &nbsp;&nbsp;&nbsp; December 1, 2025 | &nbsp;&nbsp; 0.20% of net assets up to $500 million<br> 0.17% of net assets over $500 million and up to $1 billion<br> 0.15% of net assets over $1 billion |
| Nomura VIP Pathfinder Moderately Conservative Series *(formerly, Macquarie* VIP Pathfinder Moderately Conservative Series) | &nbsp;&nbsp; December 1, 2025 | All net assets at 0.00% |
| Nomura VIP Pathfinder Moderately Conservative - Managed Volatility Series *(formerly, Macquarie VIP Pathfinder Moderately Conservative - Managed Volatility Series)* | &nbsp;&nbsp; December 1, 2025 | &nbsp;&nbsp; 0.20% of net assets up to $500 million<br> 0.17% of net assets over $500 million and up to $1 billion<br> 0.15% of net assets over $1 billion |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> <u>Fund Name</u> | <u>Effective Date</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management Fee Schedule (as a<br> percentage of average daily net assets) <br> <u>Annual Rate</u> |
| &nbsp;&nbsp; Nomura VIP Science and Technology Series<br> *(formerly, Macquarie VIP Science and Technology Series)* | &nbsp;&nbsp; December 1, 2025 | &nbsp;&nbsp; 0.85% of net assets up to $1 billion<br> 0.83% of net assets over $1 billion and up to $2 billion<br> 0.80% of net assets over $2 billion and up to $3 billion<br> 0.76% of net assets over $3 billion |
| &nbsp;&nbsp; Nomura VIP Small Cap Growth Series<br> *(formerly, Macquarie VIP Small Cap Growth Series)* | &nbsp;&nbsp; December 1, 2025 | &nbsp;&nbsp; 0.85% of net assets up to $1 billion<br> 0.83% of net assets over $1 billion and up to $2 billion<br> 0.80% of net assets over $2 billion and up to $3 billion<br> 0.76% of net assets over $3 billion |
| &nbsp;&nbsp; Nomura VIP Smid Cap Core Series<br> *(formerly, Macquarie VIP Smid Cap Core Series)* | &nbsp;&nbsp; December 1, 2025 | &nbsp;&nbsp; 0.85% of net assets up to $1 billion<br> 0.83% of net assets over $1 billion and up to $2 billion<br> 0.80% of net assets over $2 billion and up to $3 billion<br> 0.76% of net assets over $3 billion |
| Nomura VIP Value Series <br> *(formerly, Macquarie VIP Value Series)* | &nbsp;&nbsp; December 1, 2025 | &nbsp;&nbsp; 0.70% of net assets up to $1 billion<br> 0.65% of net assets over $1 billion and up to $2 billion<br> 0.60% of net assets over $2 billion and up to $3 billion<br> 0.55% of net assets over $3 billion |

---

## Ex-99.D2

**EX-99.d.2**

Delaware Management Company

100 Independence, 610 Market Street

Philadelphia, PA 19106-2354

April 22, 2026

Ivy Variable Insurance Portfolios

100 Independence, 610 Market Street

Philadelphia, PA 19106-2354

Re: <u>Expense Limitations</u>

To whom it may concern:

By our execution of this letter agreement (the "Agreement"), intending to be legally bound hereby, Delaware Management Company, a series of Nomura Investment Management Business Trust (the "Manager"), agrees that in order to improve the performance of the series of Ivy Variable Insurance Portfolios set forth below (each a "Series"), the Manager shall waive all or a portion of its investment advisory fees (if any) and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations (collectively, the "Excluded Expenses")) in an aggregate amount equal to the amount by which a Series' total annual series operating expenses (excluding any Excluded Expenses) exceed the percentages set forth below for the period from April 30, 2026 through April 29, 2027. For purposes of this Agreement, Excluded Expenses may also include such additional costs and expenses as may be agreed upon from time to time by the Series' Board of Trustees and the Manager.

---

| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Expense Cap</u>** |
| Nomura VIP Asset Strategy Series | 0.52% |
| Nomura VIP Balanced Series | 0.77% |
| Nomura VIP Core Equity Series | 0.70% |
| Nomura VIP Corporate Bond Series | 0.53% |
| Nomura VIP Energy Series | 0.84% |
| Nomura VIP Global Growth Series | 0.79% |
| Nomura VIP Growth Series | 0.76% |
| Nomura VIP International Core Equity Series | 0.86% |
| Nomura VIP Limited-Term Bond Series | 0.54% |
| Nomura VIP Mid Cap Growth Series | 0.85% |
| Nomura VIP Natural Resources Series | 0.86% |
| Nomura VIP Small Cap Growth Series | 0.89% |
| Nomura VIP Smid Cap Core Series | 0.94% |
| Nomura VIP Value Series | 0.73% |
| Nomura VIP Pathfinder Conservative Series | 0.14% |
| Nomura VIP Pathfinder Moderate—Managed Volatility Series | 0.16% |
| Nomura VIP Pathfinder Moderately Aggressive—Managed Volatility Series | 0.16% |
| Nomura VIP Pathfinder Moderately Conservative—Managed Volatility Series | 0.16% |

---

The Manager acknowledges that it (1) shall not be entitled to collect on, or make a claim for, waived fees at any time in the future, and (2) shall not be entitled to collect on, or make a claim for, reimbursed Series expenses at any time in the future.

Delaware Management Company, a series of

Nomura Investment Management Business Trust

---

| | |
|:---|:---|
| By: | /s/ Richard Salus |
| Name: | Richard Salus |
| Title: | Senior Vice President |

---

## Ex-99.D3

**EX-99.d.3**

**SUB-ADVISORY AGREEMENT**

**SUB-ADVISORY AGREEMEN**T made by and between **DELAWARE MANAGEMENT COMPANY, a series of Nomura Investment Management Business Trust**, a Delaware statutory trust (the "Investment Manager"), and **Macquarie Investment management GLOBAL LIMITED** (the "Sub-Adviser'').

**WITNESSETH:**

**WHEREAS,** each Trust on Schedule 1 hereto (each a "Trust" and collectively the "Trusts") are registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and are organized as statutory trusts under the laws of the State of Delaware;

**WHEREAS,** the Investment Manager and the relevant Trust, on behalf of each Fund listed on Schedule 1 (each, a "Fund" and collectively, the "Funds"), have entered into an investment management agreement (the "Investment Management Agreement") whereby the Investment Manager will provide investment advisory services to the Trust with respect to the Fund;

**WHEREAS,** the Investment Manager has the authority under the Investment Management Agreement to retain one or more sub-advisers to assist the Investment Manager in providing investment advisory services to the Trust with respect to the Fund;

**WHEREAS,** the Investment Manager and the Sub-Adviser are registered investment advisers under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and engage in the business of providing investment advisory services;

**WHEREAS,** the Board of Trustees (the "Board") of the Trust and the Investment Manager desire that the Investment Manager retain the Sub-Adviser to render investment advisory and other services with respect to that portion of the Fund as the Investment Manager shall from time to time allocate to the Sub-Adviser (the "Managed Portion") in the manner, for the period, and on the terms hereinafter set forth;

**NOW, THEREFORE,** in consideration of the mutual covenants herein contained, and each of the parties hereto intending to be legally bound, it is agreed as follows:

1. (a) The Sub-Adviser will supervise and direct the investments of the assets of the Managed Portion of each Fund listed on Schedule A attached hereto in accordance with the Fund's investment objectives, policies and restrictions as provided in each Fund's Prospectus, Statement of Additional Information, as currently in effect and as the same may be hereafter modified, amended and/or supplemented from time to time (hereinafter referred to collectively as the "Prospectus"), and such other limitations as the Fund may impose by notice in writing to the Sub-Adviser, subject always to the supervisions and control of the Investment Manager and the Board. The Sub-Adviser is not responsible for monitoring the total position of the Fund where the assets that the Sub-Adviser is appointed to manage under this Agreement to not comprise all of the assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As part of the services it will provide hereunder, the Sub-Adviser is authorized, in its discretion and without prior consultation with the Fund or the Investment Manager to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) obtain and evaluate information relating to investment recommendations,
asset allocation advice, industries, businesses, securities markets, research, economic analysis, and other investment services with respect
to the securities that are included in the Managed Portion or that are under consideration for inclusion in the Managed Portion
and invest the Managed Portion in accordance with the Investment Manager's and the Board's written direction as more fully
set forth herein and as otherwise directed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) regularly make decisions as to what securities to purchase and sell
on behalf of the Fund, effect the purchase and sale of such investments in furtherance of the Fund's objectives and policies, and
furnish the Board with such information and reports within the Sub-Adviser's possession and control regarding the Sub-Adviser's
activities in the performance of its duties and obligations under this Agreement as the Investment Manager reasonably deems appropriate
or as the Board may reasonably request, including such reports, information, and certifications as the officers of the Trust may reasonably
require in order to comply with applicable international, federal and state laws and regulations and Trust policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) provide any and all material composite or other performance information,
records and supporting documentation about accounts or funds the Sub-Adviser manages, if appropriate and subject to any obligation of
confidentiality, that are relevant to the Managed Portion and that have investment objectives, policies, and strategies substantially
similar to those employed by the Sub-Adviser in managing the Managed Portion that may be reasonably necessary, under applicable laws,
to allow the Fund or its agent to present information concerning the Sub-Adviser's prior performance in similar strategies in the
Fund's currently effective Prospectus, as the same may be hereafter modified, amended, and/or supplemented from time to time, and
in any permissible reports and materials prepared by the Fund or its agent to which the Sub-Adviser has consented. To the extent that
any material contemplated under this paragraph has been prepared by the Investment Manager, Board, Trust or Fund regarding the Sub-Adviser,
including the Sub-Adviser's performance, the Investment Manager must provide such information to the Sub-Adviser for review prior
to publication in cases where it can reasonably be presumed that such materials should be provided to the Sub-Advisor for their review. ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) provide information as reasonably requested by the Investment Manager
or the Board to assist them or their agents in the determination of the fair value of certain portfolio securities held in the Fund when
market quotations are not readily available for the purpose of calculating the Fund's net asset value in accordance with procedures
and methods established by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) vote proxies, exercise conversion or subscription rights, and respond
to tender offers and other consent solicitations ("Corporate Actions") with respect to the issuers of securities held in the
Fund, provided materials relating to such Corporate Actions have been timely received by the Sub-Adviser, and to submit reports regarding
such Corporate Actions, including a copy of any policies regarding such Corporate Actions, in a form reasonably satisfactory to the Investment
Manager and the Fund in order to comply with any applicable federal or state reporting requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) provide performance and other information as reasonably requested by
the Investment Manager or the Board to assist them or their agents in conducting ongoing due diligence and performance monitoring, subject
to any obligation of confidentiality; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) maintain all accounts, books, and records with
respect to the Fund as are required of an investment adviser of a registered investment company pursuant to the 1940 Act and the Advisers
Act and the rules thereunder and preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any accounts, books and records
that it maintains for the Fund and that are required to be maintained by Rule 31a-l under the 1940 Act. The Investment Manager shall notify
the Sub-Adviser of the above requirements relating to the 1940 Act from time to time in writing and, if reasonably practicable, before
the time changes to such requirements become effective. The Sub-Adviser shall furnish to the Investment Manager copies of all such accounts,
books, and records as the Investment Manager may reasonably request. The Sub-Adviser agrees that such accounts, books, and records are
the property of the Trust, and will be surrendered to the Trust promptly upon request, with the understanding that the Sub-Adviser may
retain its own copy of all records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser shall not consult with any other sub-adviser of the Fund or of any fund that is an "affiliated person" of the Fund concerning transactions for the Fund in securities or other assets. In no instance will any portfolio securities of the Fund be purchased from, or sold to, the Investment Manager, the Sub-Adviser, the Trust's principal underwriter, or any affiliated persons of the Trust, the Investment Manager, the Sub-Adviser or the Trust's principal underwriter, acting as principal in the transaction, except to the extent permitted by the Securities and Exchange Commission (the "SEC") and the 1940 Act, including Rule 17a-7 thereunder, Rule 17a-10, Rule 10f-3, Rule 12d3-1 and Rule 17e-1 under the 1940 Act. The Investment Manager shall provide a list of the Trust's principal underwriter and any affiliated persons of the Trust, the Investment Manager or the Trust's principal underwriter from time to time, however, as a general matter, brokers or dealers with "Nomura" or "Instinet" in the name will be deemed to be affiliated persons of the Investment Manager*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to sub-clause 1(e), in furnishing services hereunder, the Sub-Adviser shall be subject to, and shall perform in accordance with, the following: (i) provisions of the Trust's Agreement and Declaration of Trust, as the same may be hereafter modified, amended, and/or supplemented from time to time, that are applicable to the Fund and notified to the Sub-Adviser; (ii) provisions of the Trust's By-Laws, as the same may be hereafter modified, amended, and/or supplemented from time to time that are applicable to the Fund and notified to the Sub-Adviser; (iii) the Fund's Prospectus; (iv) the 1940 Act and the Advisers Act and the rules under each and all other international, federal and state securities laws or regulations applicable to the Trust and the Fund; (v) the Trust's compliance policies and procedures and other policies and procedures adopted from time to time by the Board applicable to the Fund and notified to the Sub-Adviser; (vi) the written instructions of the Investment Manager where the Investment Manager has provided reasonable notice of such instructions. The Sub-Adviser will promptly inform the Investment Manager if it is unable to comply with the notified modification, amendment, supplement, policy procedure or written instruction (together, "Instruction"), and the Sub-Adviser must promptly seek to clarify such Instruction with the Investment Manager. If an Instruction is inconsistent with the Fund's Prospectus in the Sub-Adviser's reasonable belief or, in the Sub-Adviser's opinion, ambiguous or unclear in any respect, the Sub-Adviser must promptly clarify the Instruction with the Investment Manager and the Instruction will not operate until it has been clarified. However, for the avoidance of doubt, the Sub-Adviser is not obligated to review the Instruction for consistency with the Fund's Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Investment Manager agrees to provide the Sub-Adviser with current copies of the documents mentioned in paragraphs l(d)(i), (ii), (iii) and (v) above and all changes made to such documents at, or if practicable before, the time such changes become effective, and the Investment Manager and Sub-Advisor each acknowledge and agree that the Sub-Advisor shall not be responsible for compliance with such documents or amendments until such time as the Sub-Advisor is provided with copies thereof.. The

Investment Manager will seek to advise the Sub-Advisor of the specific provisions, and associated changes to the specific provisions, applicable to the Sub-Advisor's services in the documents mentioned in paragraphs 1(d)(i), (ii), (iii) and (v) above. The Sub-Adviser shall be fully protected in acting upon any proper instructions reasonably believed by it to be genuine and signed or communicated by or on behalf of the Investment Manager or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In order to assist the Trust and the Trust's chief compliance officer (the "Trust CCO") and the Investment Manager and the Investment Manager's Chief Compliance Officer (the "IM CCO") in satisfying the requirements contained in Rule 38a-1 under the 1940 Act and Rule 206(4)-7 under the Advisers Act, respectively, the Sub-Adviser shall provide to the Trust CCO and/or IM CCO: (i) direct access to the Sub-Adviser's chief compliance officer (the "Sub-Adviser CCO") and its officers and employees, as reasonably requested by the Trust CCO and/or IM CCO; (ii) quarterly reports reasonably required by the Investment Manager confirming that the Sub-Adviser has complied with the Trust's Compliance Procedures in managing the Fund to the extent those Compliance Procedures directly relate to the Sub-Adviser's services under this Agreement; and (iii) quarterly certifications with respect to Material Compliance Matters (as that term is defined in Rule 38a-1(e)(2) under the 1940 Act) related to the Sub-Adviser's management of the Managed Portion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Sub-Adviser shall promptly provide the Trust CCO and IM CCO with copies and summaries of: (i) the Sub-Adviser's policies and procedures for compliance by the Sub-Adviser with the federal securities laws and to prevent violation of the Advisers Act (together, the "Sub-Adviser Compliance Procedures"); and (ii) any material changes to the Sub-Adviser Compliance Procedures. The Sub-Adviser shall cooperate fully with the Trust CCO and IM CCO so as to facilitate the Trust CCO's and IM CCO's performance of their respective responsibilities under Rule 38a-1 and Rule 206(4)-7, including to review, evaluate and report to the Board on the operation of the Sub-Adviser Compliance Procedures, and shall promptly report to the Trust CCO and IM CCO any Material Compliance Matter arising under the Sub-Adviser Compliance Procedures involving the Fund. The Sub-Adviser shall allow the Trust CCO and/or the IM CCO, as reasonably requested from time to time, access to examine and review the Sub-Adviser's Compliance Procedures and the Sub-Adviser's adherence thereto. The Sub-Adviser shall provide to the Trust CCO and IM CCO: (i) quarterly reports confirming the Sub-Adviser's compliance with the Sub-Adviser Compliance Procedures in managing the Fund; and (ii) certifications that there were no Material Compliance Matters involving the Sub-Adviser that arose under the Sub-Adviser Compliance Procedures that affected the Fund. At least annually, the Sub-Adviser shall provide a certification to the Trust CCO and IM CCO to the effect that the Sub-Adviser has in place and has implemented policies and procedures that are reasonably designed to ensure compliance by the Sub-Adviser with the federal securities laws, including the conduct and results of our annual review for adequacy and effectiveness. A representative list of reporting will be separately provided by Investment Manager to Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Sub-Adviser shall provide reasonable assistance to the Fund in the preparation of the Trust's registration statements (the "Registration Statement"), the Prospectuses, shareholder reports and other regulatory filings, or any amendment or supplement thereto (collectively, "Regulatory Filings") as may relate to the Fund, and shall provide the Fund with information in its possession and control and reasonably requested by the Investment Manager for use in the Fund's Regulatory Filings, including, without limitation, information related to the Sub-Adviser's investment management personnel, portfolio manager compensation, investment management strategies and techniques, and proxy voting policies. The Sub-Adviser shall provide such certifications regarding the Fund as the Trust's officers may reasonably request for purposes of the preparation of any Regulatory Filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Sub-Adviser hereby agrees during the period hereinafter set forth to render the services and assume the obligations herein set forth for the compensation herein provided. The Sub-Adviser shall for all purposes herein be deemed to be an independent contractor, and shall, unless otherwise expressly provided and authorized herein or otherwise, have no authority to act for or represent the Trust, the Fund or the Investment Manager in any way, or in any way be deemed an agent of the Trust, the Fund or the Investment Manager. Notwithstanding the foregoing, the Investment Manager appoints the Sub-Adviser as agent of the Fund to provide investment advisory services to the Fund on the terms contained in this Agreement and the Sub-Adviser accepts this appointment. For the avoidance of doubt, Sub-Adviser may, as agent, instruct and place trades, respond to corporate actions, execute Fund documentation, agreements, contracts and other documents requested by brokers, dealers, counterparties and other persons in connection with providing advisory services to the Fund; provided that Sub-Adviser must seek prior written approval from the Investment Manager before entering into any ISDAs or similar agreements for the Fund except where derivatives are listed as permitted instruments in the relevant Fund's investment guidelines consistent with the Fund's Prospectus and as agreed in writing between the parties from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Sub-Adviser may perform its services through its employees, officers, agents and the Investment Manager shall not be entitled to the advice, recommendation or judgment of any specific person; provided, however, that the persons identified in the Fund's Prospectus shall perform the portfolio management duties described therein until the Sub-Adviser provides reasonable advance written notification (where practicable, and where it is not practicable, immediately upon the effective date) to the Investment Manager that one or more other affiliates, employees, officers or agents identified in such notice shall assume such duties as of a specific date. The Sub-Adviser may perform administrative services such as reporting through delegates, which may include third parties as well as affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Investment Manager shall provide (or use its reasonable endeavors to cause to be provided) timely information to the Sub-Adviser regarding such matters as the cash requirements and cash available for investment in the Fund, and all other information as may be reasonably necessary for the Sub-Adviser to perform its responsibilities under this Agreement.

2. (a) Under the terms of the Investment Management Agreement, the Trust shall conduct its own business and affairs and shall bear the expenses and salaries necessary and incidental thereto including, but not in limitation of the foregoing, the costs incurred in: the maintenance of its existence as a statutory trust organized under the laws of the State of Delaware; the maintenance of its own books, records, and procedures; dealing with its own shareholders; the payment of dividends; transfer of shares, including issuance and repurchase of shares; preparation of share certificates, if any; reports and notices to shareholders; calling and holding of shareholders' meetings; miscellaneous office expenses; transfer agency expenses; pricing service expenses; expenses relating to tax services; brokerage commissions; custodian fees; legal and accounting fees; taxes; interest; federal securities law filing expenses; and federal and state registration fees. The Sub-Adviser shall not be obligated to pay any expenses of the Investment Manager, the Trust or the Fund unless expressly assumed by the Sub-Adviser pursuant to this Agreement or otherwise agreed to in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Directors, members, officers and employees of the Sub-Adviser may be directors, officers and employees of other funds that have employed the Sub-Adviser as sub-adviser or investment manager. Directors, members, officers and employees of the Sub-Adviser who are Trustees, officers and/or employees of the Trust, shall not receive any compensation from the Trust for acting in such dual capacity.

3. (a) The Sub-Adviser will select brokers and dealers to effect all Fund transactions subject to the conditions set forth herein. The Sub-Adviser may combine orders for the Fund with orders for other accounts or funds under management. Transactions involving combined orders are allocated in a manner deemed equitable to each account. The Sub-Adviser will place all necessary orders with brokers, dealers, or issuers, and will negotiate brokerage commissions, if applicable. The Sub-Adviser is directed at all times to seek to execute transactions for the Managed Portion (i) in accordance with written policies, practices or procedures of the Sub-Adviser bearing in mind the Fund's best interests at all times and (ii) as described in accordance with the Fund's Prospectus . In placing any orders for the purchase or sale of investments for the Managed Portion the Sub-Adviser shall use its best efforts to obtain for the Fund "best execution," considering all of the circumstances, and shall maintain records adequate to demonstrate compliance with this requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to applicable law and regulations, including Section 17(e) of the 1940 Act and Rule 17e-l thereunder, the Sub-Adviser is authorized to place orders for the purchase and sale of securities for the Fund with brokers or dealers that are affiliated with the Sub-Adviser. Any entity or person associated with the Investment Manager or the Sub-Adviser that is a member of a national securities exchange is authorized to effect any transaction on such exchange for the account of the Fund to the extent and as permitted by Section 11(a)(1)(H) of the Exchange Act and Rule 11a2-2(T) thereunder. The Investment Manager shall provide the Sub-Adviser a list of its affiliates from time to time, however, as a general matter, brokers or dealers with "Nomura" or "Instinet" in the name will be deemed to be affiliates of Investment Manager.

4. As compensation for the services to be rendered to the Trust for the benefit of the Fund by the Sub-Adviser under the provisions of this Agreement, the Investment Manager shall pay to the Sub-Adviser the fees calculated in accordance with Exhibit A attached hereto.

5. The services to be rendered by the Sub-Adviser to the Trust for the benefit of the Fund under the provisions of this Agreement are not exclusive, and the Sub-Adviser shall be free to render similar or different services to others so long as its ability to render the services provided for in this Agreement shall not be materially impaired thereby.

6. (a) Subject to the limitation set forth in Paragraph 5, the Sub-Adviser, its directors, officers, employees, agents, and shareholders may engage in other businesses, may render investment advisory services to other investment companies, or to any other corporation, association, firm or individual, and may render underwriting services to the Trust or to any other investment company, corporation, association, firm or individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the Investment Manager, the Trust nor the Fund shall use the Sub-Adviser's actual or fictitious name(s), mark(s), derivative(s) and/or logo(s) or otherwise refer to the Sub-Adviser in any materials related to the Trust or the Fund distributed to third parties, including the Fund's shareholders, without prior review and written approval by the Sub-Adviser, which may not be unreasonably withheld or delayed. Upon termination of this Agreement, the Investment Manager, the Trust and the Fund, shall, to the extent applicable and as soon as is reasonably possible, cease to use the Sub- Adviser's actual or fictitious name(s), mark(s), derivative(s) and/or logo(s) in materials related to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser shall not use the Investment Manager's name (or that of any affiliate of the Investment Manager) or otherwise refer to the Investment Manager in any materials related to the Trust or the Fund distributed to third parties, including the Fund's shareholders, without prior review and written approval by the Investment Manager, which may not be unreasonably withheld or delayed. Upon termination of this Agreement, the Sub-Adviser, shall, to the extent applicable and as soon as is reasonably possible, cease to use the actual or fictitious name(s), mark(s), derivative(s) and/or logo(s) of the Trust and the Fund, except for the purpose of describing prior clients or prior performance of the Sub-Adviser, as permitted by the Advisers Act or other applicable requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Section 6 applies solely to materials related to the Fund and the Trust only, and not to other products or relationships between the Sub-Adviser and the Investment Manager.

7. (a) In the absence of willful misfeasance, bad faith, gross negligence, fraud, dishonesty or reckless disregard in the performance of its duties as Sub-Adviser to the Trust on behalf of the Fund, neither the Sub-Adviser nor any of its affiliates nor any of its or their controlling persons, members, officers, directors, employees, legal representatives, persons controlled by it, agents or delegates (collectively, "Sub-Adviser Related Persons") shall be liable to the Trust, the Fund, the Investment Manager or any shareholder of the Trust for any action or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security, or otherwise. The Sub-Adviser makes no representation or warranty, express or implied, that any level of performance or investment results will be achieved by the Managed Portion, or that the Managed Portion will perform comparably with any standard or index, including other clients of the Sub-Adviser, whether public or private. Subject to the first sentence of this Section 7(a), the Sub-Adviser shall not be responsible for any loss incurred by any reason of any act or omission of any bank, broker, the custodian bank or any administrator or trustee whether appointed on behalf of the Investment Manager, the Fund or the Trust. Nothing contained herein shall be deemed to waive any liability which cannot be waived under applicable law, including applicable U.S. state and federal securities laws, or any rules or regulations adopted under any of those laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Investment Manager will indemnify Sub-Adviser and Sub-Adviser Related Persons against any expense, cost, charge, loss or liability (collectively, "Losses") incurred by Sub-Adviser or Sub-Adviser Related Persons arising out of, or in connection with (i) Sub-Adviser or Sub-Adviser Related Persons acting under this Agreement; or (ii) any willful misfeasance, bad faith, gross negligence, fraud, dishonesty or reckless disregard of Investment Manager's duties under this Agreement or the breach of any law or regulation by Investment Manager and its affiliates and its or their controlling persons, officers, directors, employees, agents, legal representatives and persons controlled by it (collectively "Investment Manager Related Persons"), relating to Investment Manager's or Investment Manager Related Persons' performance of this Agreement (for the purposes of this Section 7 indemnification, Sub-Adviser shall not be considered an agent of Investment Manager) including, without limitation, such Losses arising under any applicable law or that may be based upon any untrue statement of a material fact contained in the Trust's Registration Statement or any amendment thereof or supplement thereto, or the omission to state therein a material fact that was known or that should have been known and was required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made in reasonable reliance upon information furnished to the Investment Manager or the Trust by the Sub-Adviser or a Sub-Adviser Related Person specifically for inclusion in the Registration Statement or any amendment thereof or supplement thereto, except to the extent any such Losses referred to in this paragraph (b) result from willful misfeasance, bad faith, gross negligence, fraud, dishonesty or reckless disregard on the part of the Sub-Adviser or a Sub-Adviser Related Person in the performance of any of its duties under, or in connection with, this Agreement. This obligation continues after the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser will indemnify the Investment Manager and Investment Manager Related Persons, against any and all Losses incurred by the Investment Manager or Investment Manager Related Persons arising out of, or in connection with Sub-Adviser's willful misfeasance, bad faith, gross negligence, fraud, dishonesty or reckless disregard of Sub-Adviser's duties under this Agreement or the breach of any law or regulation by Sub-Adviser and Sub-Adviser Related Persons relating to Sub-Adviser's or Sub-Adviser Related Persons' performance of this Agreement (for the purposes of this Section 7 indemnification, Investment Manager shall not be considered an agent of Sub-Adviser), including, without limitation, such Losses arising under any applicable law or that may be based upon any untrue statement of a material fact

contained in the Trust's Registration Statement or any amendment thereof or supplement thereto, or the omission to state therein a material fact that was known or that should have been known and was required to be stated therein or necessary to make the statements therein not misleading, if such statement or omission was made in reasonable reliance upon information furnished to the Investment Manager or the Trust by the Sub-Adviser or by a Sub-Adviser Related Person specifically for inclusion in the Registration Statement or any amendment thereof or supplement thereto, except to the extent any such Losses referred to in this paragraph (c) result from willful misfeasance, bad faith, gross negligence, fraud, dishonesty or reckless disregard on the part of the Investment Manager or an Investment Manager Related Person in the performance of any of its duties under, or in connection with, this Agreement. This obligation continues after termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary in this Agreement, neither party is liable to the other party for consequential loss. For the purposes of this Agreement, 'consequential loss' includes loss or profits, loss of revenue, loss or denial of opportunity, loss of or damage to access to markets, loss of anticipated savings, loss of or damage to goodwill, loss of or damage to business reputation, future reputation, and publicity, any indirect, remote abnormal or unforeseeable loss or any similar loss whether or not in the reasonable contemplation of the parties at the time of execution of this Agreement.

8. (a) This Agreement shall be executed and become effective as of the date written below; <u>provided, however,</u> that this Agreement shall not become effective with respect to the Fund unless it has first been approved with respect to the Fund in the manner required by the 1940 Act and the rules thereunder or in accordance with exemptive or other relief granted by the SEC or its staff. This Agreement shall continue in effect with respect to the Fund for a period of two (2) years and may be renewed thereafter with respect to the Fund only so long as such renewal and continuance with respect to the Fund is specifically approved at least annually by the applicable Board or by the vote of a majority of the outstanding voting securities of the Fund and only if the terms and the renewal hereof have been approved by the vote of a majority of those Trustees of the Trust who are not parties hereto or "interested persons" of the Trust, the Fund, or any party hereto, in the manner required by the 1940 Act and the rules thereunder or in accordance with exemptive or other relief granted by the SEC or its staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be amended only by written agreement of the Investment Manager and the Sub-Adviser and only in accordance with the provisions of the 1940 Act and the rules and regulations promulgated thereunder or any applicable exemptive order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may be terminated with respect to a the Fund (i) by the Investment Manager at any time, without the payment of a penalty, on written notice to the Sub-Adviser of the Investment Manager's intention to do so and (ii) by the Trust with respect to the Fund in the Trust at any time, without the payment of a penalty, on written notice to the Sub-Adviser of the Trust's intention to do so pursuant to action by the Board or pursuant to the vote of a majority of the outstanding voting securities of the Fund. The Sub-Adviser may terminate this Agreement with respect to the Fund at any time, without the payment of a penalty, on 30 days' written notice to the Investment Manager and the Trust of its intention to do so. Upon termination of this Agreement, the obligations of all the parties hereunder shall cease and terminate as of the date of such termination, except for (i) any obligation arising out of or relating to a breach of this Agreement committed prior to such termination, (ii) the obligation of the Investment Manager to pay to the Sub-Adviser the fee provided in Paragraph 4 hereof prorated to the date of termination, and (iii) any indemnification obligation provided in Paragraph 7 hereof. This Agreement shall automatically terminate in the event of its assignment (as such term is defined in the 1940 Act) or upon the termination of an Investment Management Agreement.

9. Any information and advice furnished by either party to this Agreement to the other party, including material non-public information with respect to the Fund (which includes the portfolio holdings of the Fund), shall be treated as confidential and shall not be disclosed to third parties without the consent of the other party hereto. Notwithstanding the foregoing, information shall not be subject to such confidentiality obligations if it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is already known to the receiving party at the time it is obtained (other
than through previous disclosure by the protected party or by a party known by the receiving party to be bound by a confidentiality obligation
to the protected party);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is or becomes publicly known or available through no wrongful act of
the receiving party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is rightfully received from a third party who, to the best of the receiving
party's knowledge, is not under a duty of confidentiality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is required to be disclosed by the receiving party pursuant to a requirement
of a court order, subpoena, governmental or regulatory agency or law (provided the receiving party provides the protected party written
notice of such requirement, to the extent such notice is permitted and reasonably practicable in the circumstances);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) is relevant to the defense of any claim or cause of action asserted
against the receiving party (provided the receiving party provides the protected party with reasonable written notice of any disclosure
if practicable or such lesser amount as may be necessary and provided such notice does not prejudice the receiving party); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) has been or is independently developed or obtained by the receiving
party.

The Sub-Adviser shall not disclose any "nonpublic personal information" (as such term is defined in Regulation S-P, including any amendments thereto) pertaining to the customers (as such term is defined in Regulation S-P, including any amendments thereto) of the Trust to any third party or use such information other than for the purpose of providing the services contemplated by this Agreement.

10. The Sub-Adviser represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser: (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act, the Advisers Act or other law, regulation or order from performing the services contemplated by this Agreement (iii) to the best of its knowledge, has met and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory agency necessary to be met in order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform the services contemplated by this Agreement; and (v) will promptly notify the Investment Manager of the occurrence of any event that would disqualify the Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise. The Sub-Adviser will also promptly notify the Fund and the Investment Manager if it is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, where the Fund is named or is otherwise materially implicated by such matter, unless disclosure is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser has adopted policies and procedures and a written code of ethics complying with the requirements of Rule 17j-l under the 1940 Act and 204A-1 under the Advisers Act and will provide the Investment Manager and the Board with a copy of such policies and procedures and code of ethics, together with evidence of its adoption. In accordance with the requirements of Rule 17j-l, the Sub-Adviser shall certify to the Investment Manager that the Sub-Adviser has complied in all material respects with the requirements of Rule 17j-l during the previous year and that there has been no material violation of the Sub-Adviser's code of ethics relating to the services the Sub-Adviser performs under this Agreement or,

if such a material violation has occurred, that appropriate action was taken in response to such violation. Upon the written request of the Investment Manager, the Sub-Adviser shall provide to the Investment Manager, its employees or its agents all information required by Rule 17j-l(c)(l) relating to the approval by the Board of the Sub-Adviser's code of ethics relating to the services the Sub-Adviser performs under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser has provided the Trust and the Investment Manager with a copy of its Form ADV at least forty-eight (48) hours prior to execution of this Agreement, which as of the date of this Agreement is its Form ADV as most recently filed with the SEC, and promptly will furnish a copy of all amendments to the Trust and the Investment Manager at least annually. Such amendments shall reflect all changes in the Sub-Adviser's organizational structure, professional staff or other significant developments affecting the Sub-Adviser, as required by the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser will notify the Trust and the Investment Manager of any event that would be deemed an assignment of this Agreement, with the exception of any assignment by or with respect to the Investment Manager, or change of control of the Sub-Adviser, as applicable, and any changes in the key personnel who are the portfolio manager(s) of the Managed Portion prior to or promptly after such change. In the event that there is a proposed change in control of the Sub-Adviser that would act to terminate this Agreement, and if a vote of shareholders to approve continuation of this Agreement is at that time deemed by counsel to the Trust to be required by the 1940 Act or any rule or regulation thereunder, the Sub-Adviser agrees to assume all reasonable costs associated with soliciting shareholders of the Fund to approve continuation of this Agreement. Such expenses include the costs of preparation and mailing of a proxy statement and of soliciting proxies. In the event that such proposed change in control of the Sub-Adviser shall occur following either: (i) receipt by the Investment Manager and the Trust of an exemptive order issued by the SEC with respect to the appointment of sub-advisers absent shareholder approval, or (ii) the adoption of proposed Rule 15a-5 under the 1940 Act , the Sub-Adviser agrees to assume all reasonable costs and expenses (including the costs of mailing) associated with the preparation of a statement, required by the exemptive order or Rule 15a-5, containing all information that would be included in a proxy statement (an "Information Statement"). In addition, if the Sub-Adviser shall resign within three years from the date of this Agreement, the Sub-Adviser agrees to assume all reasonable costs and expenses (including the costs of mailing) associated with the preparation of a proxy statement and soliciting materials or an Information Statement, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Adviser agrees to maintain an appropriate level of errors and omissions or professional liability insurance coverage as shall be reasonably necessary in light of its obligations under this Agreement.

11. The Investment Manager will notify the Sub-Adviser of any event that would be deemed an assignment of this Agreement, with the exception of any assignment by or with respect to the Sub-Adviser, or change of control of the Investment Manager, as applicable.

12. The Sub-Adviser has implemented policies and procedures designed to prevent the disclosure by the Sub-Adviser, its employees or agents of the Fund's portfolio holdings to any person or entity other than the Investment Manager, the Trust's custodian, or other persons expressly designated by the Investment Manager.

13. This Agreement shall extend to and bind the successors of the parties hereto. Nothing in this Agreement, express or implied, is intended to or shall (a) confer on any person other than the parties hereto and their respective successors or permitted assigns any rights (including third party beneficiary rights), remedies, obligations or liabilities under or by reason of this Agreement, or (b) constitute the parties hereto as partners or as participants in a joint venture.

14. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

15. All written notices, requests or other communications to any party hereunder shall be given to the following addresses or such other address communicated to the other parties from time to time:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;If to the Sub Adviser: | &nbsp;&nbsp;Attention: | &nbsp;&nbsp;MSI Team |
|  | &nbsp;&nbsp;Address: | &nbsp;&nbsp; 1 Elizabeth Street<br> Sydney, New South Wales, Australia |
|  | &nbsp;&nbsp;Email: | &nbsp;&nbsp;FMGInstClients@macquarie.com/<br> miminstitutionalclients@macquarie.com |
|  | &nbsp;&nbsp;Copy: | &nbsp;&nbsp;MAM public investments Legal Sydney |
|  | &nbsp;&nbsp;Address: | &nbsp;&nbsp;Same as above |
|  | &nbsp;&nbsp;Email: | &nbsp;&nbsp;<u>MFGLegalMIM@macquarie.com</u> |
| &nbsp;&nbsp;If to the Investment Manager or the Fund: | &nbsp;&nbsp; Delaware Management Company, a series of Nomura Investment<br> Management Business Trust<br> 100 Independence, 610 Market Street<br> Philadelphia, PA 19106<br> Attention: General Counsel | &nbsp;&nbsp; Delaware Management Company, a series of Nomura Investment<br> Management Business Trust<br> 100 Independence, 610 Market Street<br> Philadelphia, PA 19106<br> Attention: General Counsel |

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16. For the purposes of this Agreement, the terms "vote of a majority of the outstanding voting securities," "interested person," "affiliated person," and "assignment" shall have the meanings given them in the 1940 Act, subject, however to such exemptions as may be granted by the SEC and its staff under the 1940 Act.

17. If by reason of (a) market movements; (b) contributions to or withdrawals from the Portfolio; (c) a change in the nature of any investment (whether through change in business activity or credit rating); or (d) circumstances beyond the reasonable control of the Sub-Adviser, the Fund ceases to comply with any document or instruction referred to in clause 1(d), the Sub-Adviser must remedy the non-compliance as soon as practicable after the Sub-Adviser becomes aware of the non-compliance. The Investment Manager acknowledges that the Sub-Adviser will not be liable to the Investment Manager or to the Investment Manager Related Persons for Losses resulting from the reasons set out in this clause 17 unless such Losses arise due to the Sub-Adviser's willful misfeasance, bad faith, gross negligence, fraud, dishonesty or reckless disregard in performing its responsibilities under this Agreement, and subject to the limitations on the Sub-Advisor's liability in clauses 7(a), (c) and (d).

18. The Investment Manager and Trust acknowledge that the Sub-Adviser will manage the Fund on a pre-tax basis and is not required to take into account the Fund's tax position in managing the Fund.

19. A party will not be liable to the other for any failure, interruption or delay in performance of their respective obligations to the extent such failure, interruption or delay is caused by (a) a breakdown, failure or malfunction of any telecommunications or computer service or system which has been set up and maintained by a party in accordance with the requirements of this Agreement; (b) the closure or suspension of any market relevant to a party's obligations under this Agreement; or (c) any fire, explosion, flood, earthquake, peril of the sea, strike or lockout, embargo, civil commotions, riots, wars, weather, governmental laws, orders or restrictions, national or regional emergencies, strikes, labour stoppages or slowdowns or other industrial disturbances, shortage of adequate power, materials or transportation facilities or any similar cause beyond a party's reasonable control.

20. The Investment Manager acknowledges that the Sub-Adviser is a member of the Macquarie Group Limited group of companies ("Macquarie Group") and that such group is a diversified provider of financial and investment services, engaging in a broad range of activities including securities underwriting, sales and trading, investment banking, lending, financial advisory services, investment research, asset management and other activities. The Sub-Adviser generally has no control over these activities. As a result, the Investment Manager acknowledges that from time to time the Sub-Adviser's investment activities may be restricted, for example due to regulatory constraints applicable to the Macquarie Group, and/or its internal policies designed to comply with such constraints. Without limitation, this includes circumstances where an acquisition of securities would cause the Macquarie Group's aggregated holdings in a company to exceed applicable takeover thresholds. In addition, where, due to such restrictions, there is limited capacity to acquire particular securities, the Fund will not have priority over any member of, or any other fund or clients associated with, the Macquarie Group to acquire those securities, however the Sub-Adviser will allocate available securities amongst funds and clients (including the Fund) in a fair and equitable manner.

21. Subject to the 1940 Act, as amended, and its rules and regulations and in accordance with the Fund's compliance policies and procedures, the Sub-Adviser may 'cross securities' where one or more of the client accounts or pooled funds managed by the Sub-Adviser or a related body corporate of the Sub-Adviser ("Sub-Adviser Accounts") either (a) have demand for assets contained in the Fund; or (b) have available for sale assets which the Sub-Adviser wishes to be contained in the Fund. A 'crossing of securities' may occur by the Sub-Adviser making an offer to purchase specific assets from the Fund or making an offer to sell to the Fund specific assets. Neither the Sub-Adviser nor its related body corporate may charge transaction fees with respect to the trade between the Fund and an account managed by the Sub-Adviser or its affiliates pursuant to this clause. Before the Sub-Adviser may engage in such transactions under this section, the Investment Manager will notify the Sub-Adviser in writing.

22. The Investment Manager:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Acknowledges that the Sub-Adviser must comply with Anti-Money Laundering and Counter-Terrorism laws ("**AML/CTF Laws**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Agrees that it will not knowingly do anything to cause the Sub-Adviser to breach the AML/CTF Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Agrees, if requested by the Sub-Adviser, to provide additional information and comply with all reasonable requests to facilitate the Sub-Adviser's compliance with AML/CTF Laws, except where such actions would be prohibited by applicable law and regulation to which the Investment Manager and/or the Fund are subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Acknowledges that in certain circumstances, the Sub-Adviser may be obligated to freeze or block an account where it is used in connection with money laundering, terrorism financing, or similar activities ("**Illegal Activities**") or suspected Illegal Activities, in which case, the Sub-Adviser will immediately notify Investment Manager (to the extent permitted by relevant laws) and will not be liable for any consequences or losses of such action; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents that, to the best of its knowledge, it is not aware and has no reason to suspect that any assets in a Fund are derived from or relate to Illegal Activities.

23. The Investment Manager:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) acknowledges that the Sub-Adviser must comply with Sanctions;<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) agrees that it will not knowingly do anything to cause the Sub-Adviser to breach the Sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) represents that neither it, nor any director, officer, agent, employee or any other person acting on behalf of it, is a Sanctions Target;<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) must not directly or indirectly use, authorise or otherwise enable any Sanctions Target to use any of the services provided by the Sub-Adviser under this Agreement and will ensure that no Sanctions Target has any interest in the Funds;<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) agrees, if requested by the Sub-Adviser, to provide additional information and comply with all reasonable requests to facilitate the Sub-Adviser's compliance with Sanctions;<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) enters into this Agreement as principal and not for or on behalf of any other person or entity that is a Sanctions Target or in furtherance of any business of any other person or entity with a Sanctions Target or a country or territory that is the subject of Sanctions;<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) acknowledges that in certain circumstances, the Sub-Adviser may be legally obliged to cease to trade in relation to a Fund where the Sub-Adviser reasonably believes that Fund is used in connection with Sanctions, in which case, the Sub-Adviser will immediately notify Investment Manager (to the extent permitted by relevant laws) and will not be liable for any consequence or losses of such action; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) represents that, to the best of its knowledge, it is not aware and has no reason to suspect that the assets comprising the Funds are derived from or related to Sanctions.

Definitions:

***Sanctions*** means any economic or financial sanctions, trade controls or embargoes, exports controls, international boycotts or similar or equivalent restrictive measures imposed, administered, enacted or enforced under the laws, rules or regulations of Australia, New Zealand, the United States of America (including the U.S. Department of the Treasury's Office of Foreign Assets Control, the U.S. Departments of State or Commerce and other relevant agencies), the European Union, the United Kingdom, the United Nations or any other relevant sanctions authority which the Investment Manager, the Sub-Adviser, Trust, a Fund or this Agreement is subject to.

***Sanctions Target*** means any person, entity, government or country subject to Sanctions.

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be signed by their duly authorized officers as of December 1, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**DELAWARE MANAGEMENT COMPANY**, a series of Nomura Investment | &nbsp;&nbsp;**DELAWARE MANAGEMENT COMPANY**, a series of Nomura Investment |
| &nbsp;&nbsp;Management Business Trust | &nbsp;&nbsp;Management Business Trust |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Susan Natalini |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Susan Natalini |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp;Managing Director |

---

---

| | | |
|:---|:---|:---|
| **EXECUTED** by **MACQUARIE**<br> **INVESTMENT MANAGEMENT**<br> **GLOBAL LIMITED**<br>|)))))) |  |
| /s/ Benjamin Leung |  | /s/ Lorraine Yoo |
| Signature of attorney |  | Signature of attorney |
| Benjamin Leung |  | Lorraine Yoo |
| Name of attorney |  | Name of attorney |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Agreed to and accepted as of the day and year first above written: | &nbsp;&nbsp;Agreed to and accepted as of the day and year first above written: |
| &nbsp;&nbsp;**ON BEHALF OF EACH FUND LISTED IN EXHIBIT A** | &nbsp;&nbsp;**ON BEHALF OF EACH FUND LISTED IN EXHIBIT A** |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Richard Salus |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Richard Salus |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp;Division Director |

---

**EXHIBIT A**

**FEE SCHEDULE**

![](graphicsimage_002.gif)

The compensation payable to Sub-Adviser for its services hereunder, pursuant to Paragraph 4 of the Agreement, shall be calculated and paid as follows in regards to the following Funds which have a dedicated allocation to the Sub-Adviser (the "Managed Portion"). In the event that the Sub-Adviser is primarily responsible for managing the Fund, the entirety of the Fund's assets shall be considered to be the Managed Portion.

---

| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Investment Management Fee</u>** |
| Nomura VIP Balanced Series<br>Nomura VIP Growth and Income Series<br>Nomura VIP Total Return Series<br>Nomura VIP Asset Strategy Series<br>Nomura Growth and Income Fund<br>Nomura Wealth Builder Fund<br>Nomura Systematic Emerging Markets Equity Fund<br>Nomura Balanced Fund<br>Nomura Global Listed Real Assets Fund<br>Nomura Asset Strategy Fund<br>| 0.20% on Managed Portion for each Fund |

---

The fee shall be payable on the Managed Portion's average daily net assets monthly to the Sub-Adviser on or before the tenth (10th) day of the next succeeding calendar month. If this Agreement becomes effective or terminates before the end of any month, the sub-advisory fee for the period from the effective date to the end of such month or from the beginning of such month to the date of termination, as the case may be, shall be prorated according to the proration which such period bears to the full month in which such effectiveness or termination occurs. Each month, the Investment Manager will provide the Sub- Adviser with a worksheet accompanying payment of the sub-advisory fee that sets forth the computation of such sub-advisory fee.

## Ex-99.D4

**EX-99.d.4**

 ****

**<u>SUB-ADVISORY AGREEMENT</u>**

**THIS SUB-ADVISORY AGREEMENT** (this "Agreement) is made by and between DELAWARE MANAGEMENT COMPANY, a series of NOMURA INVESTMENT **MANAGEMENT BUSINESS TRUST** (the "Investment Manager") and **NOMURA CORPORATE RESEARCH AND ASSET MANAGEMENT INC.** (the "Sub-Adviser").

**WITNESSETH:**

WHEREAS each Trust on <u>Schedule A</u> attached hereto (each a "Trust" and collectively, the "Trusts") are registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and organized as a statutory trust under the laws of the State of Delaware; and

WHEREAS, the Investment Manager and the relevant Trust, on behalf of each Fund listed on <u>Schedule A</u> (each a "Fund" and collectively, the "Funds"), as such Schedule is amended from time to time, have entered into an investment management agreement (the "Investment Management Agreement") whereby the Investment Manager will provide investment advisory services to the Trusts with respect to the Funds; and

WHEREAS, the Investment Manager has the authority under the Investment Management Agreement to retain one or more sub-advisers to assist the Investment Manager in providing investment advisory services to the Trusts with respect to the Funds; and

WHEREAS, the Investment Manager and the Sub-Adviser are registered investment advisers under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and engage in the business of providing investment advisory services; and

WHEREAS, the Board of Trustees (the "Board" or the "Trustees") of the Trusts and the Investment Manager desire that the Investment Manager retain the Sub-Adviser to render investment advisory and other services with respect to the Funds in the manner, for the period, and on the terms hereinafter set forth;

NOW, THEREFORE, in consideration of the mutual covenants herein contained, and each of the parties hereto intending to be legally bound, it is agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. (a) The Sub-Adviser will supervise and direct the investments of, either all or a portion of, the assets of each Fund listed on <u>Schedule A</u> in accordance with each Fund's investment objectives, policies, and restrictions as provided in each Fund's Prospectus and Statement of Additional Information, as currently in effect and as the same may be hereafter modified, amended and/or supplemented from time to time (hereinafter referred to as the "**Prospectus and SAI**"), and such other limitations as a Fund may impose by notice in writing to the Sub-Adviser, subject always to the supervision and control of the Investment Manager and the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As part of the services it will provide hereunder, the Sub-Adviser is authorized and directed, in its discretion and without prior consultation with the Funds or the Investment Manager to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) obtain and evaluate information relating to investment recommendations, asset allocation advice, industries, businesses, securities markets, research, economic analysis, and other investment services with respect to the securities that are included in the Funds or that are under consideration for inclusion in the Funds and invest the Funds in accordance with the Investment Manager's and the Board's written direction as more fully set forth herein and as otherwise directed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) regularly make decisions as to what securities to purchase and sell on behalf of each Fund, effect the purchase and sale of such investments in furtherance of the respective Fund's objectives and policies, and furnish the Board with such information and reports regarding the Sub-Adviser's activities in the performance of its duties and obligations under this Agreement as the Investment Manager deems appropriate or as the Board may reasonably request, including such reports, information, and certifications as the officers of the respective Trust may reasonably require in order to comply with applicable federal and state laws and regulations and Trust policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) provide any and all material composite or other performance information, records and supporting documentation about accounts or funds the Sub-Adviser manages, if appropriate, that are relevant to the Funds and that have investment objectives, policies, and strategies substantially similar to those employed by the Sub-Adviser in managing the Funds that may be reasonably necessary, under applicable laws, to allow a Fund or its agent to present information concerning the Sub-Adviser's prior performance in similar strategies in its Prospectus and SAI, and any permissible reports and materials prepared by a Fund or its agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) provide information as reasonably requested by the Investment Manager or the Board to assist them or their delegate in the determination of the fair value of certain portfolio securities when market quotations are not readily available for the purpose of calculating a Fund's net asset value in accordance with procedures and methods established by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) vote proxies, exercise conversion or subscription rights, and respond to tender offers and other consent solicitations ("**Corporate Actions**") with respect to the issuers of securities in which Fund assets may be invested, provided materials relating to such Corporate Actions have been forwarded to the Sub-Adviser in a timely fashion by a Fund's custodian or otherwise known to the Sub-Adviser, and to submit reports regarding such Corporate Actions, including a copy of any policies regarding such Corporate Actions, in a form reasonably satisfactory to the Investment Manager and a Fund in order to comply with any applicable federal or state reporting requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) provide performance and other information as reasonably requested by the Investment Manager or the Board to assist them or their delegate in conducting ongoing due diligence and performance monitoring; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) except as the Investment Manager and the Sub-Adviser may agree in writing from time to time, maintain all accounts, books, and records with respect to the Funds as are required of an investment adviser of a registered investment company pursuant to the 1940 Act and the Advisers Act and the rules thereunder and preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any accounts, books and records that it maintains for the Funds and that are required to be maintained by Rule 31a-1 under the 1940 Act. The Sub-Adviser shall furnish to the Investment Manager copies of all such accounts, books, and records as the Investment Manager may reasonably request. The Sub-Adviser agrees that such accounts, books, and records are the property of the Trusts, and will be surrendered to the Trusts promptly upon request, with the understanding that the Sub-Adviser may retain its own copy of all records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In furnishing services hereunder, the Sub-Adviser shall be subject to, and shall perform in accordance with, the following: (i) each Trust's Agreement and Declaration of Trust, as the same may be hereafter modified, amended, and/or supplemented from time to time; (ii) each Trust's By-Laws, as the same may be hereafter modified, amended, and/or supplemented from time to time, that are applicable to the Fund and notified to the Sub-Adviser; (iii) each Fund's Prospectus and SAI; (iv) the 1940

Act and the Advisers Act and the rules under each and all other federal and state securities laws or regulations applicable to the Trusts and the Funds; (v) the Trusts' compliance policies and procedures adopted from time to time by the Board for compliance by the Trusts with the Federal Securities Laws (as that term is defined in Rule 38a-1(e)(1) under the 1940 Act) (together, the "Trust Compliance Procedures") and any other Trust policies and procedures adopted from time to time by the Board applicable to the Fund and notified to the Sub-Adviser; and (vi) the written instructions of the Investment Manager. The Investment Manager agrees to provide the Sub-Adviser with current copies of each Trust's and each Fund's documents mentioned above and all changes made to such documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In order to assist the Trusts and the Trusts' chief compliance officer (the "Trust CCO") and the Investment Manager and the Investment Manager's Chief Compliance Officer (the "IM CCO") in satisfying the requirements contained in Rule 38a-1 under the 1940 Act and Rule 206(4)-7 under the Adviser Act, respectively, the Sub-Adviser shall provide to the Trust CCO and/or IM CCO: (i) direct access to the Sub-Adviser's chief compliance officer (the "Sub-Adviser CCO") and its officers and employees, as reasonably requested by the Trust CCO and/or IM CCO; (ii) quarterly reports confirming that the Sub-Adviser has complied with the Trust Compliance Procedures in managing the Funds; and (iii) quarterly certifications with respect to Material Compliance Matters (as that term is defined in Rule 38a-1(e)(2) under the 1940 Act) related to the Sub-Adviser's management of the Funds.

The Sub-Adviser shall promptly provide the Trust CCO and IM CCO with copies and summaries of: (i) the Sub-Adviser's policies and procedures for compliance by the Sub-Adviser with the Federal Securities Laws and to prevent violation of the Advisers Act (together, the "Sub-Adviser Compliance Procedures"); and (ii) any material changes to the Sub-Adviser Compliance Procedures. The Sub-Adviser shall cooperate fully with the Trust CCO and IM CCO so as to facilitate the Trust CCO's and IM CCO's performance of their respective responsibilities under Rule 38a-1 and Rule 206(4)-7, including to review, evaluate and report to the Board on the operation of the Sub-Adviser Compliance Procedures, and shall promptly report to the Trust CCO and IM CCO any Material Compliance Matter arising under the Sub-Adviser Compliance Procedures. The Sub-Adviser shall allow the Trust CCO and/or the IM CCO, as reasonably requested from time to time, access to examine and review the Sub-Adviser's Compliance Procedures and the Sub-Adviser's adherence thereto. The Sub-Adviser shall provide to the Trust CCO and IM CCO: (i) quarterly reports confirming the Sub-Adviser's compliance with the Sub-Adviser Compliance Procedures; and (ii) certifications that there were no Material Compliance Matters involving the Sub-Adviser that arose under the Sub-Adviser Compliance Procedures. At least annually, the Sub-Adviser shall provide a certification to the Trust CCO and IM CCO to the effect that the Sub-Adviser has in place and has implemented policies and procedures that are reasonably designed to ensure compliance by the Sub-Adviser with the Federal Securities Laws, including the conduct and results of our annual review for adequacy and effectiveness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Adviser shall assist each Fund in the preparation of the respective Trust's registration statement, the Prospectus and SAI, shareholder reports and other regulatory filings, or any amendment or supplement thereto (collectively, "Regulatory Filings"), and shall provide each Fund with disclosure for use in such Fund's Regulatory Filings, including, without limitation, disclosure related to the Sub-Adviser's investment management personnel, portfolio manager compensation, investment management strategies and techniques, and proxy voting policies. The Sub-Adviser shall provide such certifications regarding the Funds as the Trusts' officers may reasonably request for purposes of the preparation of any Regulatory Filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Sub-Adviser hereby agrees during the period hereinafter set forth to render the services and assume the obligations herein set forth for the compensation herein provided. The Sub-Adviser shall for all purposes herein be deemed to be an independent contractor, and shall, unless otherwise expressly provided and authorized, have no authority to act for or represent the Trusts in any way, or in any

way be deemed an agent of the Trusts. Notwithstanding the foregoing, the Investment Manager appoints the Sub-Adviser as agent of each Fund to provide investment advisory services to such Fund on the terms contained in this Agreement and the Sub-Adviser accepts this appointment. For the avoidance of doubt, Sub-Adviser may, as agent, instruct and place trades, respond to corporate actions, and execute documentation and agreements that are requested by brokers and dealers ("Brokers") in connection with providing advisory services to the Fund. ISDAs and other similar agreements in regards to derivatives trading are excluded from the prior sentence and Sub-Adviser will notify the Investment Manager if they want to enter into an ISDA or other derivatives transactions on behalf of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Sub-Adviser may perform certain of its services under this Agreement through its employees, officers or agents, and the Investment Manager shall not be entitled to the advice, recommendation or judgment of any specific person; provided, however, that the persons identified in each Fund's Prospectus shall perform the portfolio management duties described therein until the Sub-Adviser provides at least thirty (30) days' prior notice to the Investment Manager that one or more other persons identified in such notice shall assume such duties as of a specific future date. The Sub-Adviser may enter into sub-services agreements with one or more of its affiliates to perform accounting, administrative, reporting, compliance and ancillary services (other than investment management services) required to enable the Sub-Adviser to perform its functions under this Agreement, the Sub-Adviser shall be responsible for all activities carried out by such affiliates with respect to the services provided under such sub-services agreements. In addition, the Sub-Adviser may pay a portion of the fee to which it is entitled hereunder to one or more of its affiliates in consideration of the marketing and client servicing services provided to the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. (a) Under the terms of the Investment Management Agreement, each Trust shall conduct its own business and affairs and shall bear the expenses and salaries necessary and incidental thereto including, but not in limitation of the foregoing, the costs incurred in: the maintenance of its existence as a statutory trust organized under the laws of the State of Delaware; the maintenance of its own books, records, and procedures; dealing with its own shareholders; the payment of dividends; transfer of shares, including issuance and repurchase of shares; preparation of share certificates, if any; reports and notices to shareholders; calling and holding of shareholders' meetings; miscellaneous office expenses; brokerage commissions; custodian fees; legal and accounting fees; taxes; and federal and state registration fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Directors, officers and employees of the Sub-Adviser may be directors, officers and employees of other funds that have employed the Sub-Adviser as sub-adviser or investment manager. Directors, officers and employees of the Sub-Adviser who are Trustees, officers and/or employees of the Trusts, shall not receive any compensation from the Trusts for acting in such dual capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. (a) The Sub-Adviser will select brokers and dealers to effect all Fund transactions subject to the conditions set forth herein. The Sub-Adviser may, but shall be under no obligation to combine orders for a Fund with orders for other accounts or funds under management. Such transactions (including associated expenses) will be allocated in a manner deemed equitable to each account.

The Sub-Adviser will place all necessary orders with brokers, dealers, or issuers, and will negotiate brokerage commissions, if applicable. The Sub-Adviser is directed at all times to seek to execute transactions for the Funds (i) in accordance with any written policies, practices or procedures that may be established by the Board or the Investment Manager from time to time and communicated in writing to the Sub-Adviser, and (ii) as described in a Fund's Prospectus and SAI. In placing any orders for the purchase or sale of investments for a Fund, with respect to the Funds, the Sub-Adviser shall use its best efforts to obtain for the Funds "best execution," considering all of the circumstances, and shall maintain records adequate to demonstrate compliance with this requirement. Unless otherwise instructed by the Investment

Manager in writing, the Sub-Adviser will effect foreign exchange transactions through the custodian for income repatriation and when country-specific regulations and/or local market practice call for such execution. These transactions will be subject to the terms and conditions of the Fund's agreement with its custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Sub-Adviser will not effect securities transactions for the Funds through broker-dealers which are affiliated with, or may be deemed to be affiliated with Sub-Adviser, nor will Sub-Adviser or any of its officers, affiliates or employees act as principal or receive any compensation in respect of transactions undertaken on behalf of the Funds, other than as specifically provided in this Agreement, without the prior written consent of the Investment Adviser. In order to provide the Funds with full access to debt instruments across the capital structure that Sub-Adviser considers attractive, Sub-Adviser may purchase investments (including Rule 144A securities) for the Funds from a third party unaffiliated with Nomura Securities International, Inc. or any of its affiliates (collectively, "Nomura") where Nomura is a member or manager of the underwriting syndicate. Sub-Adviser will not purchase investments for the Funds directly from Nomura.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless otherwise agreed to in writing by the parties, the Sub-Adviser will not compile or file claims or take any related actions on behalf of the Investment Manager or the Fund in any class action, bankruptcy or other legal proceeding related to the Fund. The Sub-Adviser shall provide factual information in its possession as the Investment Manager may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. As compensation for the services to be rendered to a Trust for the benefit of a Fund by the Sub-Adviser under the provisions of this Agreement, the Investment Manager shall pay to the Sub-Adviser a fee as provided in <u>Schedule B</u> attached hereto, as such Schedule is amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The services to be rendered by the Sub-Adviser to the Trusts for the benefit of the Funds under the provisions of this Agreement are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render similar or different services to others so long as its ability to render the services provided for in this Agreement shall not be impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. (a) Subject to the limitation set forth in Paragraph 5, the Sub-Adviser, its directors, officers, employees, agents, and shareholders may engage in other businesses, may render investment advisory services to other investment companies, or to any other corporation, association, firm or individual, and may render underwriting services to the Trusts or to any other investment company, corporation, association, firm or individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the Investment Manager, the Trusts nor the Funds shall use the Sub-Adviser's actual or fictitious name(s), mark, derivative and/or logo or otherwise refer to the Sub-Adviser in any materials distributed to third parties, including the Funds' shareholders, without prior review and

written approval by the Sub-Adviser, which may not be unreasonably withheld or delayed. Upon termination of this Agreement, the Investment Manager, the Trusts and the Funds, shall, to the extent applicable and as soon as is reasonably possible, cease to use the Sub-Adviser's actual or fictitious name(s), mark, derivative and/or logo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser shall not use the Investment Manager's name (or that of any affiliate of the Investment Manager) or otherwise refer to the Investment Manager in any materials distributed to third parties, including the Funds' shareholders, without prior review and written approval by the Investment Manager, which may not be unreasonably withheld or delayed. Upon termination of this Agreement, the Sub-Adviser, shall, to the extent applicable and as soon as is reasonably possible, cease to use the actual or fictitious name(s), mark, derivative and/or logo of the Investment Manager, the Trusts and the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. (a) In the absence of willful misfeasance, bad faith, gross negligence, or reckless disregard in the performance of its duties as Sub-Adviser to a Trust on behalf of a Fund, the Sub-Adviser shall not be liable to such Trust, such Fund, the Investment Manager or any shareholder of such Trust for any action or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security, or otherwise. The Sub-Adviser makes no representation or warranty, express or implied, that any level of performance or investment results will be achieved by the Funds, or that the Funds will perform comparably with any standard or index, including other clients of Sub-Adviser, whether public or private.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Investment Manager shall indemnify the Sub-Adviser and its affiliates and its or their controlling persons, officers, directors, employees, agents, legal representatives and persons controlled by it (which shall not include the Trusts or the Funds) (collectively, "Sub-Adviser Related Persons") to the fullest extent permitted by law against any and all loss, damage, judgments, fines, amounts paid in settlement and reasonable expenses, including attorneys' fees, (collectively "Losses") incurred by the Sub-Adviser or Sub-Adviser Related Persons arising from or in connection with this Agreement or the performance by the Sub-Adviser or Sub-Adviser Related Persons of its or their duties hereunder so long as such Losses arise out of the Investment Manager's willful misfeasance, bad faith, gross negligence, or reckless disregard in performing its responsibilities hereunder, including, without limitation, such Losses arising under any applicable law or that may be based upon any untrue statement of a material fact contained in a Trust's Registration Statement, or any amendment thereof or any supplement thereto, or the omission to state therein a material fact that was known or that should have been known and was required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made in reasonable reliance upon information furnished to the Investment Manager or a Trust by the Sub-Adviser or a Sub-Adviser Related Person specifically for inclusion in the Registration Statement or any amendment thereof or supplement thereto, except to the extent any such Losses referred to in this paragraph (b) result from willful misfeasance, bad faith, gross negligence or reckless disregard on the part of the Sub-Adviser or a Sub-Adviser Related Person in the performance of any of its duties under, or in connection with, this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser shall indemnify the Investment Manager and its affiliates and its or their controlling persons, officers, directors, employees, agents, legal representatives and persons controlled by it (collectively, "Investment Manager Related Persons") to the fullest extent permitted by law against any and all Losses incurred by the Investment Manager or Investment Manager Related Persons arising from or in connection with this Agreement or the performance by the Investment Manager or Investment Manager Related Persons of its or their duties hereunder so long as such Losses arise out of the Sub-Adviser's willful misfeasance, bad faith, gross negligence, or reckless disregard in performing its responsibilities hereunder, including, without limitation, such Losses arising under any applicable law or that may be based upon any untrue statement of a material fact contained in a Trust's Registration

Statement, or any amendment thereof or any supplement thereto, or the omission to state therein a material fact that was known or that should have been known and was required to be stated therein or necessary to make the statements therein not misleading, if such statement or omission was made in reasonable reliance upon information furnished to the Investment Manager or a Trust by the Sub-Adviser or a Sub-Adviser Related Person specifically for inclusion in the Registration Statement or any amendment thereof or supplement thereto, except to the extent any such Losses referred to in this paragraph (c) result from willful misfeasance, bad faith, gross negligence or reckless disregard on the part of the Investment Manager or an Investment Manager Related Person in the performance of any of its duties under, or in connection with, this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary in this Agreement, neither party is liable to the other party for consequential loss. For the purposes of this Agreement, 'consequential loss' includes loss of profits, loss of revenue, loss or denial of opportunity, loss of or damage to access to markets, loss of anticipated savings, loss of or damage to goodwill, loss of or damage to business reputation, future reputation, and publicity, any indirect, remote abnormal or unforeseeable loss or any similar loss whether or not in the reasonable contemplation of the parties at the time of execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. (a) This Agreement shall be executed and become effective as of the date written below; <u>provided</u>, <u>however</u>, that this Agreement shall not become effective with respect to the Funds unless it has first been approved in the manner required by the 1940 Act and the rules thereunder or in accordance with exemptive or other relief granted by the SEC or its staff. This Agreement shall continue in effect for a period of two (2) years and may be renewed thereafter only so long as such renewal and continuance is specifically approved at least annually by the Board or by the vote of a majority of the outstanding voting securities of the Funds and only if the terms and the renewal hereof have been approved by the vote of a majority of those Trustees of the Trusts who are not parties hereto or "interested persons" of the Trusts, the Funds, or any party hereto, in the manner required by the 1940 Act and the rules thereunder or in accordance with exemptive or other relief granted by the SEC or its staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No amendment to this Agreement shall be effective unless approved in the manner required by the 1940 Act and the rules thereunder or in accordance with exemptive or other relief granted by the SEC or its staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may be terminated by the Investment Manager or the Trusts at any time, without the payment of a penalty, on written notice to the Sub-Adviser of the Investment Manager's or the Trusts' intention to do so, in the case of a Trust pursuant to action by the Board or pursuant to the vote of a majority of the outstanding voting securities of a Fund. The Sub-Adviser may terminate this Agreement at any time, without the payment of a penalty, on sixty (60) days' written notice to the Investment Manager and the Trusts of its intention to do so. Upon termination of this Agreement, the obligations of all the parties hereunder shall cease and terminate as of the date of such termination, except for (i) any obligation to respond for a breach of this Agreement committed prior to such termination, (ii) the obligation of the Investment Manager to pay to the Sub-Adviser the fee provided in Paragraph 4 hereof, prorated to the date of termination, and (iii) any indemnification obligation provided in Paragraph 7 hereof. This Agreement shall automatically terminate in the event of its assignment. This Agreement shall automatically terminate upon the termination of the Investment Management Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Any information and advice furnished by any party to this Agreement to the other party or parties, including material non-public information with respect to a Fund (which includes the portfolio holdings of such Fund), shall be treated as confidential and shall not be disclosed to third parties without the consent of the other party hereto except as required by law, rule or regulation. Notwithstanding the foregoing, information shall not be subject to such confidentiality obligations if it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is already known to the receiving party at the time it is obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is or becomes publicly known or available through no wrongful act of the receiving party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is rightfully received from a third party who, to the best of the receiving party's knowledge, is
not under a duty of confidentiality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is released by the protected party to a third party without restriction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) is required to be disclosed by the receiving party pursuant to a requirement of a court order, subpoena,
governmental or regulatory agency or law (provided the receiving party will provide the other party written notice of such requirement,
to the extent such notice is permitted);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) is relevant to the defense of any claim or cause of action asserted against the receiving party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) has been or is independently developed or obtained by the receiving party.

The Sub-Adviser shall not disclose any "nonpublic personal information" (as such term is defined in Regulation S-P, including any amendments thereto) pertaining to the customers of the Trusts or a client of the Investment Manager to any third party or use such information other than for the purpose of providing the services contemplated by this Agreement.

In addition, each party shall use its best efforts to ensure that any of its agents or affiliates who may gain access to confidential information shall be made aware of its proprietary nature and shall likewise treat it as confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Sub-Adviser represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser: (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act, the Advisers Act or other law, regulation or order from performing the services contemplated by this Agreement; (iii) to the best of its knowledge, has met and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory agency necessary to be met in order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform the services contemplated by this Agreement; and (v) will promptly notify the Investment Manager of the occurrence of any event that would disqualify the Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise. The Sub-Adviser will also promptly notify the Funds and the Investment Manager if it is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, involving the affairs of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser has adopted policies and procedures and a written code of ethics complying with the requirements of Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, and will provide the Investment Manager and the Board with copies of such policies and procedures and code of ethics, together with evidence of its adoption. In accordance with the requirements of Rule 17j-1, the Sub-Adviser shall certify to the Investment Manager that the Sub-Adviser has complied in all material respects with the requirements of Rule 17j-1 during the previous year and that there has been no

material violation of the Sub-Adviser's code of ethics relating to the services the Sub-Adviser performs under this Agreement or, if such a material violation has occurred, that appropriate action was taken in response to such violation. Upon the written request of the Investment Manager, the Sub-Adviser shall provide to the Investment Manager, its employees or its agents all information required by Rule 17j-1(c)(1) relating to the approval by the Funds' Board of Trustees of the Sub-Adviser's code of ethics relating to the services the Sub-Adviser performs under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser has provided the Trusts and the Investment Manager with a copy of its Form ADV at least forty-eight (48) hours prior to execution of this Agreement, which as of the date of this Agreement is its Form ADV as most recently filed with the SEC and promptly will furnish a copy of all amendments to the Trusts and the Investment Manager at least annually. Such amendments shall reflect all changes in the Sub-Adviser's organizational structure, professional staff or other significant developments affecting the Sub-Adviser, as required by the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser will notify the Trusts and the Investment Manager of any assignment of this Agreement or change of control of the Sub-Adviser, as applicable, and any changes in the key personnel who are the portfolio manager(s) of the Funds prior to such change. The Sub-Adviser agrees to bear all reasonable expenses of the Funds, if any, arising out of an assignment or change in control of the Sub-Adviser. In the event that there is a proposed change in control of the Sub-Adviser that would act to terminate this Agreement, and if a vote of shareholders to approve continuation of this Agreement is at that time deemed by counsel to the Trusts to be required by the 1940 Act or any rule or regulation thereunder, the Sub-Adviser agrees to assume all reasonable costs associated with soliciting shareholders of the Funds to approve continuation of this Agreement. Such expenses include the costs of preparation and mailing of a proxy statement, and of soliciting proxies. In the event that such proposed change in control of the Sub-Adviser shall occur following either: (i) receipt by the Investment Manager and the Trusts of an exemptive order issued by the SEC with respect to the appointment of sub-advisers absent shareholder approval, or (ii) the adoption of proposed Rule 15a-5 under the 1940 Act, the Sub-Adviser agrees to assume all reasonable costs and expenses (including the costs of mailing) associated with the preparation of a statement, required by the exemptive order or Rule 15a-5, containing all information that would be included in a proxy statement (an "Information Statement").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Adviser agrees to maintain an appropriate level of errors and omissions or professional liability insurance coverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Sub-Adviser has implemented policies and procedures that will prevent the disclosure by the Sub-Adviser, its employees or agents of the Funds' portfolio holdings to any person or entity other than the Investment Manager, the Trusts' custodian, or other persons expressly designated by the Investment Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The Trusts represents and warrants that the Funds listed on <u>Schedule A</u> are each a "qualified institutional buyer" as defined in Rule 144A under the U.S. Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. This Agreement shall extend to and bind the successors of the parties hereto. Nothing in this Agreement, express or implied, is intended to or shall (a) confer on any person other than the parties hereto and their respective successors, or permitted assigns any rights (including third party beneficiary rights), remedies, obligations or liabilities under or by reason of this Agreement, or (b) constitute the parties hereto as partners or as participants in a joint venture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. All written notices, requests or other communications to any party hereunder shall be given to the following addresses and electronic mail addresses, or such other address communicated to the other parties from time to time:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Sub-Adviser: | Nomura Corporate Research and Asset Management Inc. |
|  | Legal Department: Email: <u>ncramlegal@us.nomura.com</u> |
|  | with a copy to Compliance department |
|  | Email: <u>compliancenomuraasset@nomura.com</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Fund: | AG Ciavarelli<br> 610 Market Street |
|  | Philadelphia, PA 19106; |
|  | Email: <u>ag.ciavarelli@nomura.com</u> |
|  | with a copy to General Counsel at same address |
|  | Email: <u>david.connor@nomura.com</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Investment Manager: | AG Ciavarelli |
|  | 610 Market Street |
|  | Philadelphia, PA 19106; |
|  | Email: <u>ag.civavarelli@nomura.com</u> |
|  | with a copy to General Counsel at same address |
|  | Email: <u>david.connor@nomura.com</u> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. For the purposes of this Agreement, the terms "vote of a majority of the outstanding voting securities," "interested person," "affiliated person," and "assignment" shall have the meanings given them in the 1940 Act.

**IN WITNESS WHEREOF,** the parties hereto have caused this Agreement to be signed by their duly authorized officers and duly attested as of the 30<sup>th</sup> day of April, 2026.

---

| | |
|:---|:---|
| **NOMURA CORPORATE RESEARCH AND ASSET MANAGEMENT INC.** | **NOMURA CORPORATE RESEARCH AND ASSET MANAGEMENT INC.** |
| By: | /s/ David Crall |
| Name: | David Crall |
| Title: | Chief Executive Officer and Chief Investment Officer |
| **DELAWARE MANAGEMENT COMPANY,** | **DELAWARE MANAGEMENT COMPANY,** |
| **a series of NOMURA INVESTMENT MANAGEMENT BUSINESS TRUST** | **a series of NOMURA INVESTMENT MANAGEMENT BUSINESS TRUST** |
| By: | /s/ Richard Salus |
| Name: | Richard Salus |
| Title: | Senior Vice President |
| Agreed to and accepted as of the day and year first above written: | Agreed to and accepted as of the day and year first above written: |
| **IVY FUNDS** | **IVY FUNDS** |
| **on behalf of Nomura High Income Fund** | **on behalf of Nomura High Income Fund** |
| By: | /s/ Daniel V. Geatens |
| Name: | Daniel V. Geatens |
| Title: | Senior Vice President |
| **IVY VARIABLE INSURANCE PORTFOLIOS** | **IVY VARIABLE INSURANCE PORTFOLIOS** |
| **on behalf of Nomura VIP High Income Series** | **on behalf of Nomura VIP High Income Series** |
| By: | /s/ Daniel V. Geatens |
| Name: | Daniel V. Geatens |
| Title: | Senior Vice President |
| **DELAWARE VIP TRUST** | **DELAWARE VIP TRUST** |
| **on behalf of Nomura VIP Fund for Income Series** | **on behalf of Nomura VIP Fund for Income Series** |
| By: | /s/ Daniel V. Geatens |
| Name: | Daniel V. Geatens |
| Title: | Senior Vice President |

---

SCHEDULE A

TO

SUB-ADVISORY AGREEMENT

FUNDS

Nomura High Income Fund, a series of Ivy Funds

Nomura VIP High Income Series, a series of Ivy Variable Insurance Portfolios

Nomura VIP Fund for Income Series, a series of Delaware VIP Trust

SCHEDULE B

TO

SUB-ADVISORY AGREEMENT

FEE SCHEDULE

The compensation payable to Sub-Adviser for its services hereunder, pursuant to Paragraph 4 of the Sub-Advisory Agreement, shall be calculated and paid as follows in regards to the Funds:

The total fee will be the sum of the following percentage (on an annual basis) of all or a portion of the average daily net assets within the Funds (as set forth in the chart below):

---

| | | |
|:---|:---|:---|
| **FUND** | EFFECTIVE DATE | INVESTMENT MANAGEMENT FEE |
| Nomura High Income Fund | April 30, 2026 | 0.30% on the portion of the assets managed by the Sub-Adviser |
| Nomura VIP High Income Series | April 30, 2026 | 0.30% on the portion of the assets managed by the Sub-Adviser |
| Nomura VIP Fund for Income Series | April 30, 2026 | 0.30% on the portion of the assets managed by the Sub-Adviser |

---

The fee shall be payable on the Funds' average daily net assets monthly to the Sub-Adviser on or before the fifteenth (15th) day of the next succeeding calendar month, subject to Investment Manager receiving an invoice from Sub-Adviser within the timeframe described below. If this Agreement becomes effective or terminates before the end of any month, the sub-advisory fee for the period from the effective date to the end of such month or from the beginning of such month to the date of termination, as the case may be, shall be prorated according to the proration which such period bears to the full month in which such effectiveness or termination occurs.

Each month, the Investment Manager will provide the Sub-Adviser with a worksheet that sets forth its computation of such sub-advisory fee on or before the fifth (5<sup>th</sup>) day of the relevant month in order for the Sub-Adviser to validate the computation and generate an invoice that is sent back to the Investment Manager by the tenth (10<sup>th</sup>) day of the relevant month. Payment shall be made by wire transfer, ACH or other electronic means agreed to by the Parties.

Billing contact – [redacted]

## Ex-99.D5

**EX-99.d.5**

**SUB-ADVISORY AGREEMENT**

THIS SUB-ADVISORY AGREEMENT (the "Agreement") is made as of December 1, 2025, by and between **DELAWARE MANAGEMENT COMPANY, a series of NOMURA INVESTMENT MANAGEMENT BUSINESS TRUST** (the "Investment Manager") and **SECURIAN ASSET MANAGEMENT, INC.**, a Minnesota corporation (the "Sub-Adviser").

**WITNESSETH:**

WHEREAS, **Ivy Variable Insurance Portfolios** (the "Trust") is an open-end non-diversified management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and is organized as a statutory trust under the laws of the State of Delaware; and

WHEREAS, (i) **Nomura VIP Pathfinder Moderate – Managed Volatility Series**, (ii) **Nomura VIP Pathfinder Nomura Aggressive – Managed Volatility Series**, and (iii) **Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series** (each a "Fund", and collectively, the "Funds") are each a series of the Trust; and

WHEREAS, the Investment Manager and the Trust, on behalf of the Fund, have entered into an agreement (the "Investment Management Agreement") whereby the Investment Manager will provide investment advisory services to the Trust with respect to the Fund; and

WHEREAS, the Investment Manager has the authority under the Investment Management Agreement to retain one or more sub-advisers to assist the Investment Manager in providing investment advisory services to the Trust with respect to the Fund; and

WHEREAS, the Investment Manager and the Sub-Adviser are registered investment advisers under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and engage in the business of providing investment advisory services; and

WHEREAS, the Board of Trustees (the "Board" or the "Trustees") of the Trust and the Investment Manager desire that the Investment Manager retain the Sub-Adviser to render investment advisory and other services with respect to that portion of the Fund as the Investment Manager shall from time to time allocate to the Sub-Adviser (the "Managed Portion") in the manner, for the period, and on the terms hereinafter set forth;

NOW, THEREFORE, in consideration of the mutual covenants herein contained, and each of the parties hereto intending to be legally bound, it is agreed as follows:

1. (a) The Sub-Adviser will supervise and direct the investments of the assets of the Managed Portion of each Fund listed on Schedule A attached hereto in accordance with the Fund's investment objectives, policies, and restrictions as provided in the Fund's Prospectus and Statement of Additional Information, as currently in effect and as the same may be hereafter modified, amended and/or supplemented from time to time (hereinafter referred to as the "Prospectus and SAI"), and such other limitations as the Fund may impose by notice in writing to the Sub-Adviser, subject always to the supervision and control of the Investment Manager and the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As part of the services it will provide hereunder, the Sub-Adviser is authorized and directed, in its discretion and without prior consultation with the Fund or the Investment Manager to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) obtain and evaluate information relating to investment recommendations, asset allocation advice, industries, businesses, securities markets, research, economic analysis, and other investment services with respect to the securities that are included in the Managed Portion or that are under consideration for inclusion in the Managed Portion and invest the Managed Portion in accordance with the Investment Manager's and the Board's written direction as more fully set forth herein and as otherwise directed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) regularly make decisions as to what securities to purchase and sell on behalf of the Fund with respect to the Managed Portion, effect the purchase and sale of such investments in furtherance of the Fund's objectives and policies, and furnish the Board with such information and reports regarding the Sub-Adviser's activities in the performance of its duties and obligations under this Agreement as the Investment Manager deems appropriate or as the Board may reasonably request, including such reports, information, and certifications as the officers of the Trust may reasonably require in order to comply with applicable federal and state laws and regulations and Trust policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) provide any and all material composite or other performance information, records and supporting documentation about accounts or funds the Sub-Adviser manages, if appropriate, that are relevant to the Managed Portion and that have investment objectives, policies, and strategies substantially similar to those employed by the Sub-Adviser in managing the Managed Portion that may be reasonably necessary, under applicable laws, to allow the Fund or its agent to present information concerning the Sub-Adviser's prior performance in the Fund's Prospectus and SAI, and any permissible reports and materials prepared by the Fund or its agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) provide information as reasonably requested by the Investment Manager or the Board to assist them or their delegate in the determination of the fair value of certain portfolio securities included in the Managed Portion when market quotations are not readily available for the purpose of calculating the Fund's net asset value in accordance with procedures and methods established by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) vote proxies, exercise conversion or subscription rights, and respond to tender offers and other consent solicitations ("Corporate Actions") with respect to the issuers of securities in which Fund assets may be invested, provided materials relating to such Corporate Actions have been forwarded to the Sub-Adviser in a timely fashion by the Fund's custodian or otherwise known to the Sub-Adviser, and to submit reports regarding such Corporate Actions, including a copy of any policies regarding such Corporate Actions, in a form reasonably satisfactory to the Investment Manager and the Fund in order to comply with any applicable federal or state reporting requirements. The Sub-Adviser shall not have any responsibility to initiate, consider, or participate in any bankruptcy, class action, or other litigation against or involving any issue or securities held in or formerly held in the Fund or to advise or take any action on behalf of the Fund with respect to any such actions or litigation. The Sub-Adviser will forward any information received by it about such actions to the Investment Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) provide performance and other information with respect to the Managed Portion as reasonably requested by the Investment Manager or the Board to assist them or their delegate in conducting ongoing due diligence and performance monitoring; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) except as the Investment Manager and the Sub-Adviser may agree in writing from time to time, maintain all accounts, books, and records with respect to the Managed Portion as are required of an investment adviser of a registered investment company pursuant to the 1940 Act and the Advisers Act and the rules thereunder. The Sub-Adviser shall furnish to the Investment Manager copies of all such accounts, books, and records as the Investment Manager may reasonably request. The Sub-Adviser agrees that such accounts, books, and records are the property of the Trust, and will be surrendered to the Trust promptly upon request, with the understanding that the Sub-Adviser may retain its own copy of all records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser shall not consult with any other sub-adviser of the Fund or of any fund that is an "affiliated person" of the Fund concerning transactions for the Managed Portion in securities or other assets. In no instance will any portfolio securities of the Managed Portion be purchased from, or sold to, the Investment Manager, the Sub-Adviser, the Trust's principal underwriter, or any affiliated persons of the Trust, the Investment Manager, the Sub-Adviser or the Trust's principal underwriter, acting as principal in the transaction, except to the extent permitted by the Securities and Exchange Commission (the "SEC") and the 1940 Act, including Rule 17a-7 thereunder. The Sub-Adviser acknowledges that the Investment Manager and the Trust may rely on Rule 17a-7, Rule 17a-10, Rule 10f-3, Rule 12d3-1 and Rule 17e-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In furnishing services hereunder, the Sub-Adviser shall be subject to, and shall perform in accordance with, the following: (i) the Trust's Agreement and Declaration of Trust, as the same may be hereafter modified, amended, and/or supplemented from time to time; (ii) the Trust's By-Laws, as the same may be hereafter modified, amended, and/or supplemented from time to time; (iii) the Fund's Prospectus and SAI; (iv) the 1940 Act and the Advisers Act and the rules under each and all other federal and state securities laws or regulations applicable to the Trust and the Fund; (v) the Trust's compliance policies and procedures adopted from time to time by the Board for compliance by the Trust with the Federal Securities Laws (as that term is defined in Rule 38a-1(e)(1) under the 1940 Act) (together, the "Trust Compliance Procedures") and any other Trust policies and procedures adopted from time to time by the Board; and (vi) the written instructions of the Investment Manager. The Investment Manager agrees to provide the Sub-Adviser with current copies of the Trust's and the Fund's documents mentioned above and all changes made to such documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In order to assist the Trust and the Trust's chief compliance officer (the "Trust CCO") and the Investment Manager and the Investment Manager's Chief Compliance Officer (the "IM CCO") in satisfying the requirements contained in Rule 38a-1 under the 1940 Act and Rule 206(4)-7 under the Adviser Act, respectively, the Sub-Adviser shall provide to the Trust CCO and/or IM CCO: (i) direct access to the Sub-Adviser's chief compliance officer (the "Sub-Adviser CCO") and its officers and employees, as reasonably requested by the Trust CCO and/or IM CCO; (ii) quarterly reports confirming that the Sub-Adviser has complied with the Trust Compliance Procedures in managing the Managed Portion; and (iii) quarterly certifications with respect to Material Compliance Matters (as that term is defined in Rule 38a-1(e)(2) under the 1940 Act) related to the Sub-Adviser's management of the Managed Portion.

The Sub-Adviser shall promptly provide the Trust CCO and IM CCO with copies and summaries of: (i) the Sub-Adviser's policies and procedures for compliance by the Sub-Adviser with the Federal Securities Laws and to prevent violation of the Advisers Act (together, the "Sub-Adviser Compliance Procedures"); and (ii) any material changes to the Sub-Adviser Compliance Procedures. The Sub-Adviser shall cooperate fully with the Trust CCO and IM CCO so as to facilitate the Trust CCO's and IM CCO's performance of their respective responsibilities under Rule 38a-1 and Rule 206(4)-7, including to review, evaluate and report to the Board on the operation of the Sub-Adviser Compliance Procedures, and shall promptly report to the Trust CCO and IM CCO any Material Compliance Matter arising under the Sub-Adviser Compliance Procedures involving the Managed Portion. The Sub-Adviser shall allow the Trust CCO and/or the IM CCO, as reasonably requested from time to time, access to examine and review the Sub-Adviser's Compliance Procedures and the Sub-Adviser's adherence thereto. The Sub-Adviser shall provide to the Trust CCO and IM CCO: (i) quarterly reports confirming the Sub-Adviser's compliance with the Sub-Adviser Compliance Procedures in managing the Managed Portion; and (ii) certifications that there were no Material Compliance Matters involving the Sub-Adviser that arose under the Sub-Adviser Compliance Procedures that affected the Managed Portion. At least annually, the Sub-Adviser shall provide a certification to the Trust CCO and IM CCO to the effect that the Sub-Adviser has in place and has implemented policies and procedures that are reasonably designed to ensure compliance by the Sub-Adviser with the Federal Securities Laws, including the conduct and results of our annual review for adequacy and effectiveness. The Sub-Adviser shall provide reasonable assistance with respect to the Managed Portion of the Fund in the preparation of the Trust's registration statement, the Prospectus and SAI, shareholder reports and other regulatory filings, or any amendment or supplement thereto (collectively, "Regulatory Filings"), and shall provide the Fund with disclosure for use in the Fund's Regulatory Filings, including, without limitation, disclosure related to the Sub-Adviser's investment management personnel, portfolio manager compensation, investment management strategies and techniques, and proxy voting policies. The Sub-Adviser shall provide such certifications regarding the Fund as the Trust's officers may reasonably request for purposes of the preparation of any Regulatory Filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Sub-Adviser hereby agrees during the period hereinafter set forth to render the services and assume the obligations herein set forth for the compensation herein provided. The Sub-Adviser shall for all purposes herein be deemed to be an independent contractor, and shall, unless otherwise expressly provided and authorized, have no authority to act for or represent the Trust in any way, or in any way be deemed an agent of the Trust. Notwithstanding the foregoing, to enable the Sub-Adviser to fully exercise its discretion, the Adviser hereby appoints the Sub-Adviser as agent and attorney-in-fact for the Managed Portion, limited to the power and authority necessary, as determined by the Sub-Adviser, to buy, sell and otherwise deal in securities and contracts for the Managed Portion, subject to the terms and conditions of this Agreement.

2. (a) Under the terms of the Investment Management Agreement, the Trust shall conduct its own business and affairs and shall bear the expenses and salaries necessary and incidental thereto including, but not in limitation of the foregoing, the costs incurred in: the maintenance of its existence as a statutory trust organized under the laws of the State of Delaware; the maintenance of its own books, records, and procedures; dealing with its own shareholders; the payment of dividends; transfer of shares, including issuance and repurchase of shares; preparation of share certificates, if any; reports and notices to shareholders; calling and holding of shareholders' meetings; miscellaneous office expenses; brokerage commissions; custodian fees; legal and accounting fees; taxes; and federal and state registration fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Directors, officers and employees of the Sub-Adviser may be directors, officers and employees of other funds that have employed the Sub-Adviser as sub-adviser or investment manager. Directors, officers and employees of the Sub-Adviser who are Trustees, officers and/or employees of the Trust, shall not receive any compensation from the Trust for acting in such dual capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the conduct of the respective business of the parties hereto and in the performance of this Agreement, the Trust, the Investment Manager, and the Sub-Adviser may share facilities common to each, which may include legal and accounting personnel, with appropriate proration of expenses between and among them.

3. (a) The Sub-Adviser will select brokers and dealers to effect all transactions of the Managed Portion subject to the conditions set forth herein. The Sub-Adviser will place all necessary orders with brokers, dealers, or issuers, and will negotiate brokerage commissions, if applicable. The Sub-Adviser is directed at all times to seek to execute transactions for the Managed Portion (i) in accordance with any written policies, practices or procedures that may be established by the Board or the Investment Manager from time to time, and (ii) as described in the Fund's Prospectus and SAI. In placing any orders for the purchase or sale of investments for the Fund, with respect to the Managed Portion, the Sub-Adviser shall use its best efforts to obtain for the Managed Portion "best execution," considering all of the circumstances, and shall maintain records adequate to demonstrate compliance with this requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any entity or person associated with the Investment Manager or the Sub-Adviser that is a member of a national securities exchange is authorized to effect any transaction on such exchange for the account of the Fund to the extent and as permitted by Section 11(a)(1)(H) of the Exchange Act.

4. As compensation for the services to be rendered to the Trust for the benefit of the Fund by the Sub-Adviser under the provisions of this Agreement, the Investment Manager shall pay to the Sub-Adviser a fee as provided in Schedule A attached hereto.

5. The services to be rendered by the Sub-Adviser to the Trust for the benefit of the Fund under the provisions of this Agreement are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render similar or different services to others so long as its ability to render the services provided for in this Agreement shall not be impaired thereby.

6. (a) Subject to the limitation set forth in Paragraph 5, the Sub-Adviser, its directors, officers, employees, agents, and shareholders may engage in other businesses, may render investment advisory services to other investment companies, or to any other corporation, association, firm or individual, and may render underwriting services to the Trust or to any other investment company, corporation, association, firm or individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the Investment Manager, the Trust nor the Fund shall use the Sub-Adviser's actual or fictitious name(s), mark, derivative and/or logo (or that of any affiliate of the Sub-Adviser, other than that of the Fund, the Trust, or any affiliate of the Investment Manager that is an affiliate of the Sub-Adviser solely by reason of the Sub-Adviser's provision of services pursuant to this Agreement) or otherwise refer to the Sub-Adviser in any materials distributed to third parties, including the Fund's shareholders, without prior review and written approval by the Sub-Adviser, which may not be unreasonably withheld or delayed. Upon termination of this Agreement, the Investment Manager, the Trust and the Fund, shall, to the extent applicable and as soon as is reasonably possible, cease to use the Sub-Adviser's actual or fictitious name(s), mark, derivative and/or logo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser shall not use the Investment Manager's name (or that of any affiliate of the Investment Manager) or otherwise refer to the Investment Manager in any materials distributed to third parties, including the Fund's shareholders, without prior review and written approval by the Investment Manager, which may not be unreasonably withheld or delayed. Upon termination of this Agreement, the Sub-Adviser, shall, to the extent applicable and as soon as is reasonably possible, cease to use the actual or fictitious name(s), mark, derivative and/or logo of the Investment Manager, the Trust and the Fund.

7. (a) In the absence of willful misfeasance, bad faith, gross negligence, or reckless disregard in the performance of its duties as Sub-Adviser to the Trust on behalf of the Fund, the Sub-Adviser shall not be liable to the Trust, the Fund, the Investment Manager or any shareholder of the Trust for any action or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security, or otherwise. The Sub-Adviser makes no representation or warranty, express or implied, that any level of performance or investment results will be achieved by the Managed Portion or the Fund, or that the Managed Portion or the Fund will perform comparably with any standard or index, including other clients of Sub-Adviser, whether public or private.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Investment Manager shall indemnify the Sub-Adviser and its affiliates and its or their controlling persons, officers, directors, employees, agents, legal representatives and persons controlled by it (which shall not include the Trust or the Fund) (collectively, "Sub-Adviser Related Persons") to the fullest extent permitted by law against any and all loss, damage, judgments, fines, amounts paid in settlement and reasonable expenses, including attorneys' fees, (collectively "Losses") incurred by the Sub-Adviser or Sub-Adviser Related Persons arising from or in connection with this Agreement or the performance by the Sub-Adviser or Sub-Adviser Related Persons of its or their duties hereunder so long as such Losses arise out of the Investment Manager's willful misfeasance, bad faith, gross negligence, or reckless disregard in performing its responsibilities hereunder, including, without limitation, such Losses arising under any applicable law or that may be based upon any untrue statement of a material fact contained in the Trust's Registration Statement, or any amendment thereof or any supplement thereto, or the omission to state therein a material fact that was known or that should have been known and was required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made in reasonable reliance upon information furnished to the Investment Manager or the Trust by the Sub-Adviser or a Sub-Adviser Related Person specifically for inclusion in the Registration Statement or any amendment thereof or supplement thereto, except to the extent any such Losses referred to in this paragraph (b) result from willful misfeasance, bad faith, gross negligence or reckless disregard on the part of the Sub-Adviser or a Sub-Adviser Related Person in the performance of any of its duties under, or in connection with, this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser shall indemnify the Investment Manager and its affiliates and its or their controlling persons, officers, directors, employees, agents, legal representatives and persons controlled by it (collectively, "Investment Manager Related Persons") to the fullest extent permitted by law against any and all Losses incurred by the Investment Manager or Investment Manager Related Persons arising from or in connection with this Agreement or the performance by the Investment Manager or Investment Manager Related Persons of its or their duties hereunder so long as such Losses arise out of the Sub-Adviser's willful misfeasance, bad faith, gross negligence, or reckless disregard in performing its responsibilities hereunder, including, without limitation, such Losses arising under any applicable law or that may be based upon any untrue statement of a material fact contained in the Trust's Registration Statement, or any amendment thereof or any supplement thereto, or the omission to state therein a material fact that was known or that should have been known and was required to be stated therein or necessary to

make the statements therein not misleading, if such statement or omission was made in reasonable reliance upon information furnished to the Investment Manager or the Trust by the Sub-Adviser or a Sub-Adviser Related Person specifically for inclusion in the Registration Statement or any amendment thereof or supplement thereto, except to the extent any such Losses referred to in this paragraph (c) result from willful misfeasance, bad faith, gross negligence or reckless disregard on the part of the Investment Manager or an Investment Manager Related Person in the performance of any of its duties under, or in connection with, this Agreement.

8. (a) This Agreement shall be executed and become effective as of the date written below; provided, however, that this Agreement shall not become effective with respect to the Fund unless it has first been approved in the manner required by the 1940 Act and the rules thereunder or in accordance with exemptive or other relief granted by the SEC or its staff. This Agreement shall continue in effect for a period of two (2) years and may be renewed thereafter only so long as such renewal and continuance is specifically approved at least annually by the Board or by the vote of a majority of the outstanding voting securities of the Fund and only if the terms and the renewal hereof have been approved by the vote of a majority of those Trustees of the Trust who are not parties hereto or "interested persons" of the Trust, the Fund, or any party hereto, in the manner required by the 1940 Act and the rules thereunder or in accordance with exemptive or other relief granted by the SEC or its staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No amendment to this Agreement shall be effective unless approved in the manner required by the 1940 Act and the rules thereunder or in accordance with exemptive or other relief granted by the SEC or its staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may be terminated by the Investment Manager or the Trust at any time, without the payment of a penalty, on written notice to the Sub-Adviser of the Investment Manager's or the Trust's intention to do so, in the case of the Trust pursuant to action by the Board or pursuant to the vote of a majority of the outstanding voting securities of the Fund. The Sub-Adviser may terminate this Agreement at any time, without the payment of a penalty, on sixty (60) days' written notice to the Investment Manager and the Trust of its intention to do so. Upon termination of this Agreement, the obligations of all the parties hereunder shall cease and terminate as of the date of such termination, except for (i) any obligation to respond for a breach of this Agreement committed prior to such termination, (ii) the obligation of the Investment Manager to pay to the Sub-Adviser the fee provided in Paragraph 4 hereof, prorated to the date of termination, and (iii) any indemnification obligation provided in Paragraph 7 hereof. This Agreement shall automatically terminate in the event of its assignment. This Agreement shall automatically terminate upon the termination of the Investment Management Agreement.

9. Any information and advice furnished by any party to this Agreement to the other party or parties, including material non-public information with respect to the Fund (which includes the portfolio holdings of the Fund), shall be treated as confidential and shall not be disclosed to third parties without the consent of the other party hereto except as required by law, rule or regulation. Notwithstanding the foregoing, information shall not be subject to such confidentiality obligations if it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is already known to the receiving party at the time it is obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is or becomes publicly known or available through no wrongful act of the receiving party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is rightfully received from a third party who, to the best of the receiving party's knowledge, is not under a duty of confidentiality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is released by the protected party to a third party without restriction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) is required to be disclosed by the receiving party pursuant to a requirement of a court order, subpoena, governmental or regulatory agency or law (provided the receiving party will provide the other party written notice of such requirement, to the extent such notice is permitted);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) is relevant to the defense of any claim or cause of action asserted against the receiving party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) has been or is independently developed or obtained by the receiving party.

The Sub-Adviser shall not disclose any "nonpublic personal information" (as such term is defined in Regulation S-P, including any amendments thereto) pertaining to the customers of the Trust or a client of the Investment Manager to any third party or use such information other than for the purpose of providing the services contemplated by this Agreement.

10. The Sub-Adviser represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser: (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act, the Advisers Act or other law, regulation or order from performing the services contemplated by this Agreement; (iii) to the best of its knowledge, has met and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory agency necessary to be met in order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform the services contemplated by this Agreement; and (v) will promptly notify the Investment Manager of the occurrence of any event that would disqualify the Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise. To the extent permitted by applicable law, the Sub-Adviser will also promptly notify the Fund and the Investment Manager if it is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, directly involving the affairs of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser has adopted policies and procedures and a written code of ethics complying with the requirements of Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, and will provide the Investment Manager and the Board with copies of such policies and procedures and code of ethics, together with evidence of its adoption. In accordance with the requirements of Rule 17j-1, the Sub-Adviser shall certify to the Investment Manager that the Sub-Adviser has complied in all material respects with the requirements of Rule 17j-1 during the previous year and that there has been no material violation of the Sub-Adviser's code of ethics relating to the services the Sub-Adviser performs under this Agreement or, if such a material violation has occurred, that appropriate action was taken in response to such violation. Upon the written request of the Investment Manager, the Sub-Adviser shall provide to the Investment Manager, its employees or its agents all information required by Rule 17j-1(c)(1) relating to the approval by the Fund's Board of Trustees of the Sub-Adviser's code of ethics relating to the services the Sub-Adviser performs under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser has provided the Trust and the Investment Manager with a copy of its Form ADV at least forty-eight (48) hours prior to execution of this Agreement, which as of the date of this Agreement is its Form ADV as most recently filed with the SEC and promptly will furnish a copy of all amendments to the Trust and the Investment Manager at least annually. Such amendments shall reflect all changes in the Sub-Adviser's organizational structure, professional staff or other significant developments affecting the Sub-Adviser, as required by the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser will notify the Trust and the Investment Manager of any assignment of this Agreement or a change of control of the Sub-Adviser, as applicable, and any changes in the key personnel who are the portfolio manager(s) of the Managed Portion prior to or promptly after such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Adviser agrees to maintain an appropriate level of errors and omissions or professional liability insurance coverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Sub-Adviser has implemented policies and procedures that will prevent the disclosure by the Sub-Adviser, its employees or agents of the Fund's portfolio holdings to any person or entity other than the Investment Manager, the Trust's custodian, or other persons expressly designated by the Investment Manager.

11. This Agreement may not be assigned by either Sub-Adviser or Adviser without the prior written consent of the other party. For purposes of this Section 11, the term "assign" shall have the meaning ascribed to the term "assignment" in Section 202(a)(1) of the Advisers Act and Rule 202(a)(1)-1 thereunder. Subject to the foregoing, this Agreement shall inure to the benefit of and be binding upon the parties hereto and their successors and permitted assigns, provided, in each case any such successor or permitted assignee agrees to be bound by the terms and conditions of this Agreement.

12. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

13. All written notices, requests or other communications to any party hereunder shall be given to the following addresses and telecopy numbers, or such other address and telecopy number communicated to the other parties from time to time:

If to the Sub-Adviser:

Securian Asset Management, Inc.

400 Robert Street North

Saint Paul, Minnesota 55101-2098

Attention: Chief Compliance Officer

Email: securianamcompliance@securianam.com

With required copy to:

Securian Asset Management, Inc.

400 Robert Street North

Mail Stop A9-1908

Saint Paul, Minnesota 55101-2098

Attention: Legal Department

If to the Fund:

Shawn Lytle

100 Independence

610 Market Street

Philadelphia, PA 19106;

with a copy to General Counsel at same address

If to the Investment Manager:

Shawn Lytle

100 Independence

610 Market Street

Philadelphia, PA 19106;

with a copy to General Counsel at same address

14. For the purposes of this Agreement, the terms "vote of a majority of the outstanding voting securities," "interested person," "affiliated person," and "assignment" shall have the meanings given them in the 1940 Act.

15. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original copy and which together shall constitute one and the same instrument binding upon all parties hereto, notwithstanding that all of such parties may not have executed the same counterpart. The parties each acknowledge and agree that electronic signature, including without limitation via DocuSign, shall constitute an original signature and shall be fully valid and binding upon such party. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or other electronic method of transmission, including without limitation by DocuSign, shall be equally as effective as delivery of an original executed counterpart of this Agreement.

**IN WITNESS WHEREOF,** the parties hereto have caused this Agreement to be signed by their duly authorized officers and duly attested as of the 1st day of December, 2025.

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| | | | |
|:---|:---|:---|:---|
| SECURIAN ASSET MANAGEMENT, INC. | SECURIAN ASSET MANAGEMENT, INC. | DELAWARE MANAGEMENT COMPANY,<br> a series of NOMURA INVESTMENT MANAGEMENT BUSINESS TRUST | DELAWARE MANAGEMENT COMPANY,<br> a series of NOMURA INVESTMENT MANAGEMENT BUSINESS TRUST |
| By: | /s/ Suzette L. Huovinen | By: | /s/ Shawn K. Lytle |
| Name: | Suzette L. Huovinen | Name: | Shawn K. Lytle |
| Title: | President | Title: | President / Senior Managing Director |

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Agreed to and accepted as of the first day and year above written:

**IVY VARIABLE INSURANCE PORTFOLIOS on behalf of Nomura VIP Pathfinder Moderate – Managed Volatility Series, Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series, and Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series**

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| | |
|:---|:---|
| By: | /s/ Shawn K. Lytle |
| Name: | Shawn K. Lytle |
| Title: | President / Senior Managing Director |

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**SCHEDULE A TO**

**SUB-ADVISORY**

**AGREEMENT**

**FEE SCHEDULE**

1. **Nomura VIP Pathfinder Managed Volatility Portfolios.** The compensation payable to Sub-Adviser for its services hereunder, pursuant to Paragraph 4 of the Agreement, shall be calculated and paid as follows in regards to (i) Nomura VIP Pathfinder Moderate – Managed Volatility Series, (ii) Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series, and (iii) Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series:

The total fee will be the sum of the following percentages (on an annual basis) of the average daily net assets within the Managed Portion(s) sub-advised by Sub-Adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Nomura VIP Pathfinder Moderate – Managed Volatility Series

0.20% (20 basis points) of the first $500 million within the Managed Portion(s)

0.17% (17 basis points) of the next $500 million within the Managed Portion(s)

0.15% (15 basis points) of all assets above $1 billion within the Managed Portion(s)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series

0.20% (20 basis points) of the first $500 million within the Managed Portion(s)

0.17% (17 basis points) of the next $500 million within the Managed Portion(s)

0.15% (15 basis points) of all assets above $1 billion within the Managed Portion(s)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series

0.20% (20 basis points) of the first $500 million within the Managed Portion(s)

0.17% (17 basis points) of the next $500 million within the Managed Portion(s)

0.15% (15 basis points) of all assets above $1 billion within the Managed Portion(s)

The fee shall be payable on the Managed Portion's average daily net assets monthly to the Sub-Adviser on or before the tenth (10th) day of the next succeeding calendar month. If this Agreement becomes effective or terminates before the end of any month, the sub-advisory fee for the period from the effective date to the end of such month or from the beginning of such month to the date of termination, as the case may be, shall be prorated according to the proration which such period bears to the full month in which such effectiveness or termination occurs. Each month, the Investment Manager will provide the Sub-Adviser with a worksheet accompanying payment of the sub-advisory fee that sets forth the computation of such sub-advisory fee.

## Ex-99.D6

**EX-99.d.6**

**SUB-ADVISORY AGREEMENT**

AGREEMENT made by and between **DELAWARE MANAGEMENT COMPANY, a series of NOMURA INVESTMENT MANAGEMENT BUSINESS TRUST** (the "Investment Manager") and **VAN ECK ASSOCIATES CORPORATION** (the "Sub-Adviser").

**WITNESSETH:**

WHEREAS, **Ivy Funds and Ivy Variable Insurance Portfolios** (the "Trusts") are each an investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and organized as a statutory trust under the laws of the State of Delaware; and

WHEREAS, the funds listed on Schedule A attached hereto (the "Funds") are each a series of the respective Trust; and

WHEREAS, the Investment Manager and the Trusts, on behalf of the Funds, have entered into an agreement (the "Investment Management Agreement") whereby the Investment Manager will provide investment advisory services to the Trusts with respect to the Funds; and

WHEREAS, the Investment Manager has the authority under the Investment Management Agreement to retain one or more sub-advisers to assist the Investment Manager in providing investment advisory services to the Trusts with respect to the Funds; and

WHEREAS, the Investment Manager and the Sub-Adviser are registered investment advisers under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and engage in the business of providing investment advisory services; and

WHEREAS, the Board of Trustees (the "Board" or the "Trustees") of the Trusts and the Investment Manager desire that the Investment Manager retain the Sub-Adviser to render investment advisory and other services with respect to that portion of the Funds as the Investment Manager shall from time to time allocate to the Sub-Adviser (the "Managed Portion") in the manner, for the period, and on the terms hereinafter set forth;

NOW, THEREFORE, in consideration of the mutual covenants herein contained, and each of the parties hereto intending to be legally bound, it is agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. (a) The Sub-Adviser will supervise and direct the investments of the assets of the Managed Portion of each Fund listed on Schedule A attached hereto in accordance with each Fund's investment objectives, policies, and restrictions as provided in each Fund's Prospectus and Statement of Additional Information, as currently in effect and as the same may be hereafter modified, amended and/or supplemented from time to time (hereinafter referred to as the **"Prospectus and SAI"),** and such other limitations as a Fund may impose by providing reasonable advance written notice to the Sub-Adviser, subject always to the supervision and control of the Investment Manager and the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As part of the services it will provide hereunder, the Sub-Adviser is authorized and directed, in its discretion and without prior consultation with the Funds or the Investment Manager, except for consultation and approval required in connection with Nomura Climate Solutions Fund as provided below, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) obtain and evaluate information relating to investment recommendations, asset allocation advice, industries, businesses, securities markets, research, economic analysis, and other investment services with respect to the securities that are included in the Managed Portion or that are being evaluated by the Sub-Adviser for potential inclusion in the Managed Portion and invest, subject to the Investment Manager's approval for the Nomura Climate Solutions Fund, the Managed Portion in accordance with the Investment Manager's and the Board's written direction as more fully set forth herein, and as otherwise directed, provided that such direction is not in contravention of the respective Fund's Prospectus and SAI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Nomura Climate Solutions Fund only: regularly consult with the Investment Manager as to whether the securities the Sub-Adviser wishes to purchase and sell on behalf of the Nomura Climate Solutions Fund meet the Fund's societal objectives identified as being capable of reducing, displacing and/or sequestering greenhouse gas (GHG) emissions or helping others to do so. With respect to the Managed Portion, effect the purchase and sale of such investments, subject to the Investment Manager's approval, in furtherance of the respective Fund's objectives and policies, and furnish the Board with such information and reports regarding the Sub-Adviser's activities in the performance of its duties and obligations under this Agreement as the Investment Manager reasonably deems appropriate or as the Board may reasonably request including such reports, information, and certifications as the officers of Ivy Fund Trust may reasonably require in order to comply with applicable federal and state laws and regulations and Trust policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to each Fund other than Nomura Climate Solutions Fund: regularly make decisions as to what securities to purchase and sell on behalf of each Fund with respect to the Managed Portion, effect the purchase and sale of such investments in furtherance of the respective Fund's objectives and policies, and furnish the Board with such information and reports regarding the Sub-Adviser's activities in the performance of its duties and obligations under this Agreement as the Investment Manager reasonably deems appropriate or as the Board may reasonably request including such reports, information, and certifications as the officers of the respective Trust may reasonably require in order to comply with applicable federal and state laws and regulations and Trust policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) provide any and all material composite or other performance information, records and supporting documentation about accounts or funds the Sub-Adviser manages, if appropriate, that are relevant to the Managed Portion and that have investment objectives, policies, and strategies substantially similar to those employed by the Sub-Adviser in managing the Managed Portion that may be reasonably necessary, under applicable laws, to allow a Fund or its agent to present information concerning the Sub-Adviser's prior performance in its Prospectus and SAI, and any permissible reports and materials prepared by a Fund or its agent, subject to the Sub-Adviser's confidentiality obligations to other clients and applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) provide information as reasonably requested by the Investment Manager or the Board to assist them or their delegate in the determination of the fair value of certain portfolio securities when market quotations are not readily available for the purpose of calculating a Fund's net asset value in accordance with procedures and methods established by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) vote proxies, exercise conversion or subscription rights, and respond to tender offers and other consent solicitations **("Corporate Actions")** with respect to the issuers of securities in which Fund assets may be invested, provided materials relating to such Corporate Actions have been forwarded to the Sub-Adviser in a timely fashion by a Fund's custodian or otherwise known to the Sub-Adviser, and to submit reports regarding such Corporate Actions, including a copy of any policies regarding such Corporate Actions, in a form reasonably satisfactory to the Investment Manager and a Fund in order to comply with any applicable federal or state reporting requirements provided that the Sub-Adviser shall use its discretion in the voting, exercise and response of such Corporate Actions in accordance with its policies and procedures regarding the same. Notwithstanding the foregoing, with respect to Nomura Climate Solutions Fund, the authority to vote proxies shall be retained by the Investment Manager, and Investment Manager will consult with Sub-Adviser on such proxy votes as Investment Manager deems necessary from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) provide performance and other information as reasonably requested by the Investment Manager or the Board to assist them or their delegate in conducting ongoing due diligence and performance monitoring; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) except as the Investment Manager and the Sub-Adviser may agree in writing from time to time, maintain all accounts, books, and records with respect to the Managed Portion as are required of an investment adviser of a registered investment company pursuant to the 1940 Act and the Advisers Act and the rules thereunder. The Sub-Adviser shall furnish to the Investment Manager copies of all such accounts, books, and records as the Investment Manager may reasonably request. The Sub-Adviser agrees that such accounts, books, and records are the property of the Trusts, and will be surrendered to the Trusts promptly upon request, with the understanding that the Sub-Adviser may retain its own copy of all records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser shall not consult with any other sub-adviser of a Fund or of any fund that is an "affiliated person" of a Fund concerning transactions for the respective Fund in securities or other assets. In no instance will any portfolio securities of a Fund be purchased from, or sold to, the Investment Manager, the Sub-Adviser, the Trusts' principal underwriter, or any affiliated persons of the Trusts, the Investment Manager, the Sub-Adviser or the Trusts' principal underwriter, acting as principal in the transaction, except to the extent permitted by the Securities and Exchange Commission (the "SEC") and the 1940 Act, including Rule 17a-7 thereunder. The Sub-Adviser acknowledges that the Investment Manager and the Trusts may rely on Rule 17a-7, Rule 17a-lO, Rule IOf-3, Rule 12d3-1 and Rule 17e-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In furnishing services hereunder, the Sub-Adviser shall be subject to, and shall perform in accordance with, the following: (i) each Trust's Agreement and Declaration of Trust, as the same may be hereafter modified, amended, and/or supplemented from time to time; (ii) each Trust's By-Laws, as the same may be hereafter modified, amended, and/or supplemented from time to time; (iii) each Fund's Prospectus and SAI; (iv) the 1940 Act and the Advisers Act and the rules under each and all other federal and state securities laws or regulations applicable to the Trusts and the Funds; (v) the Trusts' compliance policies and procedures adopted from time to time by the Board for compliance by the Trusts with the Federal Securities Laws (as that term is defined in Rule 38a-l(e)(I) under the 1940 Act) (together, the "Trust Compliance Procedures") and any other Trust policies and procedures adopted from time to time by the Board; and (vi) the written instructions of the Investment Manager. The Investment Manager agrees to provide the Sub-Adviser with current copies of each Trust's and each Fund's documents mentioned above and all changes made to such documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In order to assist the Trusts and the Trusts' chief compliance officer (the "Trust CCO") and the Investment Manager and the Investment Manager's Chief Compliance Officer (the "IM CCO") in satisfying the requirements contained in Rule 38a-l under the 1940 Act and Rule 206(4)-7 under the Adviser Act, respectively, the Sub-Adviser shall provide to the Trust CCO and/or IM CCO: (i) direct access to the Sub-Adviser's chief compliance officer (the "Sub-Adviser CCO") and its officers and employees, as reasonably requested by the Trust CCO and/or IM CCO; (ii) quarterly reports confirming that the Sub-Adviser has complied with the Trust Compliance Procedures in managing the Managed Portion; and (iii) quarterly certifications with respect to Material Compliance Matters (as that term is defined in Rule 38a-l(e)(2) under the 1940 Act) related to the Sub-Adviser's management of the Managed Portion.

The Sub-Adviser shall promptly provide the Trust CCO and IM CCO with copies and summaries of: (i) the Sub-Adviser's policies and procedures for compliance by the Sub-Adviser with the Federal Securities Laws and to prevent violation of the Advisers Act (together, the "Sub-Adviser Compliance

Procedures"); and (ii) any material changes to the Sub-Adviser Compliance Procedures. The Sub-Adviser shall cooperate fully with the Trust CCO and IM CCO so as to facilitate the Trust CCO's and IM CCO's performance of their respective responsibilities under Rule 38a-1 and Rule 206(4)-7, including to review, evaluate and report to the Board on the operation of the Sub-Adviser Compliance Procedures, and shall promptly report to the Trust CCO and IM CCO any Material Compliance Matter arising under the Sub-Adviser Compliance Procedures. The Sub-Adviser shall allow the Trust CCO and/or the IM CCO, as reasonably requested from time to time and upon reasonable advance notice, access to examine and review the Sub-Adviser's Compliance Procedures and the Sub-Adviser's adherence thereto, subject to appropriate confidentiality arrangements. The Sub-Adviser shall provide to the Trust CCO and IM CCO: (i) quarterly reports confirming the Sub-Adviser's compliance with the Sub-Adviser Compliance Procedures; and (ii) certifications that there were no Material Compliance Matters involving the Sub-Adviser that arose under the Sub-Adviser Compliance Procedures. At least annually, the Sub-Adviser shall provide a certification to the Trust CCO and IM CCO to the effect that the Sub-Adviser has in place and has implemented policies and procedures that are reasonably designed to ensure compliance by the Sub-Adviser with the Federal Securities Laws, including the conduct and results of our annual review for adequacy and effectiveness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Sub-Adviser shall assist each Fund in the preparation of the respective Trust's registration statement, the Prospectus and SAI, shareholder reports and other regulatory filings, or any amendment or supplement thereto (collectively, "Regulatory Filings"), and shall provide each Fund with disclosure for use in such Fund's Regulatory Filings, including, without limitation, disclosure related to the Sub-Adviser's investment management personnel, portfolio manager compensation, investment management strategies and techniques, and proxy voting policies. The Sub-Adviser shall provide such certifications regarding the Funds as the Trusts' officers may reasonably request for purposes of the preparation of any Regulatory Filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Sub-Adviser hereby agrees during the period hereinafter set forth to render the services and assume the obligations herein set forth for the compensation herein provided. The Sub-Adviser shall for all purposes herein be deemed to be an independent contractor, and shall, unless otherwise expressly provided and authorized, have no authority to act for or represent the Trusts in any way, or in any way be deemed an agent of the Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. (a) Under the terms of the Investment Management Agreement, each Trust shall conduct its own business and affairs and shall bear the expenses and salaries necessary and incidental thereto including, but not in limitation of the foregoing, the costs incurred in: the maintenance of its existence as a statutory trust organized under the laws of the State of Delaware; the maintenance of its own books, records, and procedures; dealing with its own shareholders; the payment of dividends; transfer of shares, including issuance and repurchase of shares; preparation of share certificates, if any; reports and notices to shareholders; calling and holding of shareholders' meetings; miscellaneous office expenses; brokerage commissions; custodian fees; legal and accounting fees; taxes; and federal and state registration fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Directors, officers and employees of the Sub-Adviser may be directors, officers and employees of other funds that have employed the Sub-Adviser as sub-adviser or investment manager. Directors, officers and employees of the Sub-Adviser who are Trustees, officers and/or employees of the Trusts, shall not receive any compensation from the Trusts for acting in such dual capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the conduct of the respective business of the parties hereto and in the performance of this Agreement, the Trusts, the Investment Manager, and the Sub-Adviser may share facilities common to each, which may include legal and accounting personnel, with appropriate proration of expenses between and among them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except for expenses specifically assumed or agreed to be paid by the Sub-Adviser pursuant hereto, the Sub-Adviser shall not be liable for any expenses of the Investment Manager or the Trusts including, without limitation, (a) interest and taxes, (b) brokerage commissions and other costs in connection with the purchase or sale of securities or other investment instruments with respect to the Portfolio, and (c) custodian fees and expenses. The Sub-Adviser will pay its own expenses incurred in furnishing the services to be provided by it pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. (a) The Sub-Adviser will select brokers and dealers to effect all Fund transactions subject to the conditions set forth herein. The Sub-Adviser will place all necessary orders with brokers, dealers, or issuers, and will negotiate brokerage commissions, if applicable. The Sub-Adviser is directed at all times to seek to execute transactions for the Managed Portion (i) in accordance with any written policies, practices or procedures that may be established by the Board or the Investment Manager and provided to the Sub-Adviser from time to time, and (ii) as described in a Fund's Prospectus and SAI. In placing any orders for the purchase or sale of investments for a Fund, with respect to the Managed Portion, the Sub-Adviser shall use its best efforts to obtain for the Managed Portion "best execution," considering all of the circumstances, and shall maintain records adequate to demonstrate compliance with this requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any entity or person associated with the Investment Manager or the Sub-Adviser that is a member of a national securities exchange is authorized to effect any transaction on such exchange for the account of a Fund to the extent and as permitted by Section 1l(a)(l)(H) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. As compensation for the services to be rendered to a Trust for the benefit of a Fund by the Sub-Adviser under the provisions of this Agreement, the Investment Manager shall pay to the Sub-Adviser a fee as provided in Schedule B attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. (a) The Investment Manager shall provide (or cause the Funds' custodian to provide) requested information to the Sub-Adviser in a timely manner regarding such matters as the composition of assets in the Funds, cash requirements and cash available for investment in the Funds, and all other information as may be reasonably necessary for the Sub-Adviser to perform its responsibilities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) agrees during the continuance of this Agreement to furnish the Sub-Adviser copies of any revisions or supplements thereto at, or, if practicable, before the time the revisions or supplements become effective, and any further materials or information which the Sub-Adviser may reasonably request to enable it to perform its functions under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The services to be rendered by the Sub-Adviser to the Trusts for the benefit of the Funds under the provisions of this Agreement are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render similar or different services to others so long as its ability to render the services provided for in this Agreement shall not be impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. (a) Subject to the limitation set forth in Paragraph 5, the Sub-Adviser, its directors, officers, employees, agents, and shareholders may engage in other businesses, may render investment advisory services to other investment companies, or to any other corporation, association, firm or individual, and may render underwriting services to the Trusts or to any other investment company, corporation, association, firm or individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the Investment Manager, the Trusts nor the Funds shall use the Sub-Adviser's actual or fictitious name(s), mark, derivative and/or logo (or that of any affiliate of the Sub-Adviser, other than that of the Funds, the Trusts, or any affiliate of the Investment Manager that is an affiliate of the Sub-Adviser solely by reason of the Sub-Adviser's provision of services pursuant to this Agreement) or otherwise refer to the Sub-Adviser in any materials distributed to third parties, including the Funds' shareholders, without prior review and written approval by the Sub-Adviser, which may not be unreasonably withheld or delayed. Upon termination of this Agreement, the Investment Manager, the Trusts and the Funds, shall, to the extent applicable and as soon as is reasonably possible, cease to use the Sub-Adviser's actual or fictitious name(s), mark, derivative and/or logo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser shall not use the Investment Manager's name (or that of any affiliate of the Investment Manager) or otherwise refer to the Investment Manager in any materials distributed to third parties, including the Funds' shareholders, without prior review and written approval by the Investment Manager, which may not be unreasonably withheld or delayed. Upon termination of this Agreement, the Sub-Adviser, shall, to the extent applicable and as soon as is reasonably possible, cease to use the actual or fictitious name(s), mark, derivative and/or logo of the Investment Manager, the Trusts and the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. (a) Except in the case of willful misfeasance, bad faith, gross negligence, or reckless disregard in the performance of its duties as Sub-Adviser to a Trust on behalf of a Fund, neither the Sub-Adviser nor any of its officers, directors, employees or agents shall be liable to such Trust, such Fund, the Investment Manager or any shareholder of such Trust for any action or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security, or otherwise. <u>In no event shall Sub-Adviser be liable for an</u><u>y</u> <u>indirect. special. incidental.</u> <u>punitive</u> <u>or conse</u><u>q</u><u>uential dama</u><u>g</u><u>es</u>, except to the extent such damages arise out of Sub-Adviser's willful misfeasance, bad faith, gross negligence, or reckless disregard of its duties under this Agreement. The Sub-Adviser makes no representation or warranty, express or implied, that any level of performance or investment results will be achieved by the Managed Portion or a Fund, or that the Managed Portion or a Fund will perform comparably with any standard or index, including other clients of Sub-Adviser, whether public or private.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Investment Manager shall indemnify the Sub-Adviser and its affiliates and its or their controlling persons, officers, directors, employees, agents, legal representatives and persons controlled by it (which shall not include the Trusts or the Funds) (collectively, "Sub-Adviser Related Persons") to the fullest extent permitted by law against any and all loss, damage, judgments, fines, amounts paid in settlement and reasonable and documented expenses, including attorneys' fees, (collectively "Losses") incurred by the Sub-Adviser or Sub-Adviser Related Persons arising from or in connection with this Agreement or the performance by the Sub-Adviser or Sub-Adviser Related Persons of its or their duties hereunder so long as such Losses arise out of the Investment Manager's willful misfeasance, bad faith, gross negligence, or reckless disregard in performing its responsibilities hereunder, including, without limitation, such Losses arising under any applicable law or that may be based upon any untrue statement of a material fact contained in a Trust's Registration Statement, or any amendment thereof or any supplement

thereto, or the omission to state therein a material fact that was known or that should have been known and was required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made in reasonable reliance upon information furnished to the Investment Manager or a Trust by the Sub-Adviser or a Sub-Adviser Related Person specifically for inclusion in the Registration Statement or any amendment thereof or supplement thereto, except to the extent any such Losses referred to in this paragraph (b) result from willful misfeasance, bad faith, gross negligence or reckless disregard on the part of the Sub-Adviser or a Sub-Adviser Related Person in the performance of any of its duties under, or in connection with, this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser shall indemnify the Investment Manager and its affiliates and its or their controlling persons, officers, directors, employees, agents, legal representatives and persons controlled by it (collectively, "Investment Manager Related Persons") to the fullest extent permitted by law against any and all Losses incurred by the Investment Manager or Investment Manager Related Persons arising from or in connection with this Agreement or the performance by the Investment Manager or Investment Manager Related Persons of its or their duties hereunder so long as such Losses arise out of the Sub-Adviser's willful misfeasance, bad faith, gross negligence, or reckless disregard in performing its responsibilities hereunder, including, without limitation, such Losses arising under any applicable law or that may be based upon any untrue statement of a material fact contained in a Trust's Registration Statement, or any amendment thereof or any supplement thereto, or the omission to state therein a material fact that was known or that should have been known and was required to be stated therein or necessary to make the statements therein not misleading, if such statement or omission was made in reasonable reliance upon information furnished to the Investment Manager or a Trust by the Sub-Adviser or a Sub-Adviser Related Person specifically for inclusion in the Registration Statement or any amendment thereof or supplement thereto, except to the extent any such Losses referred to in this paragraph (c) result from willful misfeasance, bad faith, gross negligence or reckless disregard on the part of the Investment Manager or an Investment Manager Related Person in the performance of any of its duties under, or in connection with, this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. (a) This Agreement shall be executed and become effective as of the date written below; <u>provided</u><u>,</u> <u>however,</u> that this Agreement shall not become effective with respect to the Funds unless it has first been approved in the manner required by the 1940 Act and the rules thereunder or in accordance with exemptive or other relief granted by the SEC or its staff. This Agreement shall continue in effect for a period of two (2) years and may be renewed thereafter only so long as such renewal and continuance is specifically approved at least annually by the Board or by the vote of a majority of the outstanding voting securities of the Funds and only if the terms and the renewal hereof have been approved by the vote of a majority of those Trustees of the Trusts who are not parties hereto or "interested persons" of the Trusts, the Funds, or any party hereto, in the manner required by the 1940 Act and the rules thereunder or in accordance with exemptive or other relief granted by the SEC or its staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No amendment to this Agreement shall be effective unless approved in the manner required by the 1940 Act and the rules thereunder or in accordance with exemptive or other relief granted by the SEC or its staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may be terminated by the Investment Manager or the Trusts at any time, without the payment of a penalty, on written notice to the Sub-Adviser of the Investment Manager's or the Trusts' intention to do so, in the case of a Trust pursuant to action by the Board or pursuant to the vote of a majority of the outstanding voting securities of a Fund. The Sub-Adviser may terminate this Agreement at any time, without the payment of a penalty, on sixty (60) days' written notice to the Investment Manager and the Trusts of its intention to do so. Upon termination of this Agreement, the obligations of all the parties hereunder shall cease and terminate as of the date of such termination, except for (i) any obligation to respond for a breach of this Agreement committed prior to such termination, (ii) the obligation of the Investment Manager to pay to the Sub-Adviser the fee provided in Paragraph 4 hereof, prorated to the date of termination, and (iii) any indemnification obligation provided in Paragraph 8 hereof.

This Agreement shall automatically terminate in the event of its assignment. This Agreement shall automatically terminate upon the termination of the Investment Management Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Any information and advice furnished by any party to this Agreement to the other party or parties, including material non-public information with respect to a Fund (which includes the portfolio holdings of such Fund), shall be treated as confidential and shall not be disclosed to third parties without the consent of the other party hereto except as required by law, rule or regulation. Notwithstanding the foregoing, information shall not be subject to such confidentiality obligations if it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is already known to the receiving party at the time it is obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is or becomes publicly known or available through no wrongful act of the receiving party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is rightfully received from a third party who, to the best of the receiving party's knowledge, is
not under a duty of confidentiality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is released by the protected party to a third party without restriction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) is required to be disclosed by the receiving party pursuant to a requirement of a court order, subpoena,
governmental or regulatory agency or law (provided the receiving party will provide the other party written notice of such requirement,
to the extent such notice is permitted);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) is relevant to the defense of any claim or cause of action asserted against the receiving party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) has been or is independently developed or obtained by the receiving party.

The Sub-Adviser shall not disclose any "nonpublic personal information" (as such term is defined in Regulation S-P, including any amendments thereto) pertaining to the customers of the Trusts or a client of the Investment Manager to any third party or use such information other than for the purpose of providing the services contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Sub-Adviser represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser: (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act, the Advisers Act or other law, regulation or order from performing the services contemplated by this Agreement; (iii) to the best of its knowledge, has met and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory agency necessary to be met in order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform the services contemplated by this Agreement; and (v) will promptly notify the Investment Manager of the occurrence of any event that would disqualify the Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise. The Sub-Adviser will also promptly notify the Funds and the Investment Manager if it is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, involving the affairs of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser has adopted policies and procedures and a written code of ethics complying with the requirements of Rule 17j-l under the 1940 Act and Rule 204A-l under the Advisers Act, and will provide the Investment Manager and the Board with copies of such policies and procedures and code of ethics, together with evidence of its adoption. In accordance with the requirements of Rule 17j-1, the Sub-Adviser shall certify to the Investment Manager that the Sub-Adviser has complied in all material respects with the requirements of Rule 17j-1 during the previous year and that there has been no material violation of the Sub-Adviser's code of ethics relating to the services the Sub-Adviser performs under this Agreement or, if such a material violation has occurred, that appropriate action was taken in response to such violation. Upon the written request of the Investment Manager, the Sub-Adviser shall provide to the Investment Manager, its employees or its agents all information required by Rule l 7j-l(c)(l) relating to the approval by the Funds' Board of Trustees of the Sub-Adviser's code of ethics relating to the services the Sub-Adviser performs under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser has provided the Trusts and the Investment Manager with a copy of its Form ADV at least forty-eight (48) hours prior to execution of this Agreement, which as of the date of this Agreement is its Form ADV as most recently filed with the SEC and promptly will furnish a copy of all amendments to the Trusts and the Investment Manager at least annually. Such amendments shall reflect all changes in the Sub-Adviser's organizational structure, professional staff or other significant developments affecting the Sub-Adviser, as required by the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser will notify the Trusts and the Investment Manager of any assignment of this Agreement or change of control of the Sub-Adviser, as applicable, and any changes in the key personnel who are the portfolio manager(s) of the Managed Portion prior to or promptly after such change. The Sub-Adviser agrees to bear all reasonable and documented expenses of the Funds directly arising out of an assignment or change in control of the Sub-Adviser. In the event that there is a proposed change in control of the Sub-Adviser that would act to terminate this Agreement, and if a vote of shareholders to approve continuation of this Agreement is at that time deemed by counsel to the Trusts to be required by the 1940 Act or any rule or regulation thereunder, the Sub-Adviser agrees to assume all reasonable costs associated with soliciting shareholders of the Funds to approve continuation of this Agreement. Such expenses include the costs of preparation and mailing of a proxy statement, and of soliciting proxies. In the event that such proposed change in control of the Sub-Adviser shall occur following either: (i) receipt by the Investment Manager and the Trusts of an exemptive order issued by the SEC with respect to the appointment of sub-advisers absent shareholder approval, or (ii) the adoption of proposed Rule lSa-5 under the 1940 Act, the Sub-Adviser agrees to assume all reasonable costs and expenses (including the costs of mailing) associated with the preparation of a statement, required by the exemptive order or Rule ISa-5, containing all information that would be included in a proxy statement (an "Information Statement"). In addition, if the Sub-Adviser shall resign, the Sub-Adviser agrees to assume all reasonable costs and expenses (including the costs of mailing) associated with the preparation of a proxy statement and soliciting materials or an Information Statement, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Adviser agrees to maintain commercially reasonable errors and omissions or professional liability insurance coverage consistent with industry standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Sub-Adviser has implemented policies and procedures that will prevent the disclosure by the Sub-Adviser, its employees or agents of the Funds' portfolio holdings to any person or entity other than the Investment Manager, the Trusts' custodian, or other persons expressly designated by the Investment Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The Investment Manager represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Investment Manager: (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act, the Advisers Act or other law, regulation or order from performing the services contemplated by this Agreement; (iii) to the best of its knowledge, has met and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory agency necessary to be met in

order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform the services contemplated by this Agreement; and (v) will promptly notify the Sub-Adviser of the occurrence of any event that would disqualify the Investment Manager from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Investment Manager represents and warrants that each Fund meets all applicable qualifications, including but not limited to being a qualified institutional buyer under Rule 144A under the Securities Act of 1933, as amended, an eligible person under CFTC regulations, and an eligible contract participant under the Commodity Exchange Act, as applicable to such Fund's investment strategy and operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. This Agreement shall extend to and bind the successors of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. All written notices, requests or other communications to any party hereunder shall be given to the following addresses and electronic mail addresses, or such other address and telecopy number communicated to the other parties from time to time:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Sub-Adviser: | Van Eck Associates Corporation |
|  | 666 Third Avenue, 9<sup>th</sup> Floor |
|  | New York, NY 10017 |
|  | <u>legalnotices@vaneck.com</u> |
|  | with a copy to General Counsel at same address |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Funds: | Shawn Lytle |
|  | 610 Market Street |
|  | Philadelphia, PA 19106; |
|  | with a copy to General Counsel at same address |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Investment Manager: | Shawn Lytle |
|  | 610 Market Street |
|  | Philadelphia, PA 19106; |
|  | with a copy to General Counsel at same address |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. For the purposes of this Agreement, the terms "vote of a majority of the outstanding voting securities," "interested person," "affiliated person," and "assignment" shall have the meanings given them in the 1940 Act.

**IN WITNESS WHEREOF,** the parties hereto have caused this Agreement to be signed by their duly authorized officers and duly attested as of the 1<sup>st</sup> day of December, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **VAN ECK ASSOCIATES CORPORATION** | **VAN ECK ASSOCIATES CORPORATION** | **DELAWARE MANAGEMENT COMPANY, a**<br> **series of NOMURA INVESTMENT MANAGEMENT BUSINESS TRUST** | **DELAWARE MANAGEMENT COMPANY, a**<br> **series of NOMURA INVESTMENT MANAGEMENT BUSINESS TRUST** |
| By: | /s/ Laura I. Martinez | By: | /s/ Richard Salus |
| Name: | Laura I. Martinez | Name: | Richard Salus |
| Title: | VP & AGC | Title: | Senior Vice President |

---

Agreed to and accepted as of the day and year first above written:

---

| | | | |
|:---|:---|:---|:---|
| **IVY FUNDS,** | **IVY FUNDS,** | **IVY VARIABLE INSURANCE PORTFOLIOS,** | **IVY VARIABLE INSURANCE PORTFOLIOS,** |
| **on behalf of Nomura Climate Solutions Fund and Nomura Natural Resources Fund** | **on behalf of Nomura Climate Solutions Fund and Nomura Natural Resources Fund** | **on behalf of Nomura VIP Energy Series and Nomura VIP Natural Resources Series** | **on behalf of Nomura VIP Energy Series and Nomura VIP Natural Resources Series** |
| By: | /s/ Daniel V. Geatens | By: | /s/ Daniel V. Geatens |
| Name: | Daniel Geatens | Name: | Daniel Geatens |
| Title: | Senior Vice President | Title: | Senior Vice President |

---

SCHEDULE A

TO

SUB-ADVISORY AGREEMENT

FUNDS

Nomura Climate Solutions Fund, a Series of Ivy Fund Trust

Nomura Natural Resources Fund, a Series of Ivy Fund Trust

Nomura VIP Energy Series, a Series of Ivy Variable Insurance Portfolios

Nomura VIP Natural Resources Series, a Series of Ivy Variable Insurance Portfolios

SCHEDULEB

TO

SUB-ADVISORY AGREEMENT

FEE SCHEDULE

The compensation payable to Sub-Adviser for its services hereunder, pursuant to Paragraph 4 of the Sub-Advisory Agreement, shall be calculated and paid as follows in regards to the Funds:

The total fee will be the sum of the following percentages (on an annual basis) of the average daily net assets within the Managed Portion(s) sub-advised by Sub-Adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.5 basis points (0.425%)

The fee shall be payable on the Managed Portion's average daily net assets monthly to the Sub-Adviser on or before the fifteenth (15th) day of the next succeeding calendar month, subject to Investment Manager receiving an invoice from Sub-Adviser within the timeframe described below. If this Agreement becomes effective or terminates before the end of any month, the sub-advisory fee for the period from the effective date to the end of such month or from the beginning of such month to the date of termination, as the case may be, shall be prorated according to the proration which such period bears to the full month in which such effectiveness or termination occurs.

Each month, the Investment Manager will provide the Sub-Adviser with a worksheet that sets forth its computation of such sub-advisory fee on or before the fifth (5<sup>th</sup> day of the relevant month in order for the Sub-Adviser to validate the computation and generate an invoice that is sent back to the Investment Manager by the tenth (10<sup>th</sup> day of the relevant month. Payment shall be made by wire transfer, ACH or other electronic means agreed to by the Parties.

## Ex-99.E1

**EX-99.e.1**

**IVY VARIABLE INSURANCE PORTFOLIOS**

**DISTRIBUTION AGREEMENT**

Distribution Agreement (the "Agreement") made as of December 1, 2025, by and between **IVY VARIABLE INSURANCE PORTFOLIOS**, a Delaware statutory trust (the "Trust"), for the series identified on Schedule I attached hereto, as from time to time amended (the "Series"), and **DELAWARE DISTRIBUTORS, L.P.** (the "Distributor"), a Delaware limited partnership.

**WITNESSETH**

**WHEREAS**, the Trust is an investment company regulated by Federal and State regulatory bodies, and

**WHEREAS**, the Distributor is engaged in the business of promoting the distribution of the securities of investment companies and, in connection therewith and acting solely as agent for such investment companies and not as principal, advertising, promoting, offering and selling their securities to the public, and

**WHEREAS**, the Trust desires to enter into an agreement with the Distributor as of the date hereof, pursuant to which the Distributor shall serve as the national distributor of each class of each Series identified on Schedule I hereto, as from time to time amended, which Trust, Series and classes may do business under the names set forth on Schedule I hereto or such other names as the Board of Trustees may designate from time to time, on the terms and conditions set forth below.

**NOW, THEREFORE,** the parties hereto, intending to be legally bound hereby, agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust hereby engages the Distributor to promote the distribution of the shares of each Series and, in connection therewith and
as agent for the Trust and not as principal, to advertise, promote, offer and sell shares of each Series to the public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. (a) The Distributor agrees to serve as distributor of each Series' shares and, as agent for the Trust and not as principal,
to advertise, promote and use its best efforts to sell each Series' shares wherever their sale is legal, either through dealers
or otherwise, in such places and in such manner, as may be mutually determined by the Trust and the Distributor from time to time and
that comply with: (1) the provisions of this Agreement; (2) all applicable laws, rules and regulations, including, without limitation,
the Investment Company Act of 1940, as amended ("1940 Act"), the Securities Act of 1933, as amended, the Securities Exchange
Act of 1934, as amended ("1934 Act"), all rules and regulations promulgated by the Securities and Exchange Commission ("SEC")
thereunder and all rules and regulations adopted by any securities association registered under the 1934 Act; (3) the Trust's Agreement
and Declaration of Trust and By -laws; (4) instructions received from the Trustees of the Trust; and (5) the Trust's Registration
Statement under the 1933 Act, including the Summary Prospectuses, the Statutory Prospectuses, and the Statements of Additional Information
contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the Standard Class Shares of each Series, the Distributor will bear all costs of financing any activity which is primarily intended
to result in the sale of that class of shares, including, but not necessarily limited to, advertising, compensation of underwriters, dealers
and sales personnel, the printing and mailing of sales literature and distribution of that class of shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the Service Class Shares of each Series, the Trust shall, in addition, compensate the Distributor, certain insurance companies
or others for services as provided in the Distribution Plan as adopted on behalf of the Service Class Shares, pursuant to Rule 12b-l under
the 1940 Act (the "Plans"), a copy of which as presently in force is attached hereto as an Exhibit and at the rates set forth
on Schedule I hereto, as from time to time amended, or at such lower rates as may be set from time to time by the Board in agreement with
the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. (a) The Trust agrees to make available for sale by the Trust through the Distributor all or such part of the authorized but unissued
shares of beneficial interest of the Series as the Distributor shall require from time to time and, except as provided in Paragraph 3(b)
hereof, the Trust will not sell Series' shares other than through the efforts of the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust reserves the right from time to time (1) to sell and issue shares other than for cash; (2) to issue shares in exchange for
substantially all of the assets of any corporation or trust, or in exchange of shares of any corporation or trust; (3) to pay stock dividends
to its shareholders, or to pay dividends in cash or shares of beneficial interest at the option of its shareholders, or to sell shares
of beneficial interest to existing shareholders to the extent of dividends payable from time to time in cash, or to split up or combine
its outstanding shares; (4) to offer shares for cash to its shareholders as a whole, by the use of transferable rights or otherwise, and
to sell and issue shares pursuant to such offers; (5) to act as its own distributor in any jurisdiction in which the Distributor is not
registered as a broker-dealer; and (6) to reject any order for shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Distributor may, at its expense, select and contract with one or more registered broker-dealers to perform some or all of the
services for a Series for which it is responsible under this agreement. The Distributor will be responsible for paying the compensation,
if any, to any such broker-dealer for its services with respect to the Series. The Distributor may terminate the services of any such
broker-dealer at any time in its sole discretion, and shall at such time assume the responsibilities of such broker-dealer unless or until
a replacement is selected and approved by the Board of Trustees. The Distributor will continue to have responsibility for all distribution-related
services furnished by any such broker-dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Trust warrants the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust is, or will be, a properly registered investment company, and any and all Series' shares which it will sell through
the Distributor are, or will be, properly registered with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The provisions of this Agreement do not violate the terms of any instrument by which the Trust is bound, nor do they violate any law
or regulation of any body having jurisdiction over the Trust or its property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. (a) The Trust will supply to the Distributor a conformed copy of the Registration Statement and all amendments thereto, including
all exhibits and each Summary Prospectus, Statutory Prospectus, and Statement of Additional Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust will register or qualify the Series' shares for sale in such states as is deemed desirable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust, without expense to the Distributor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) will give the Distributor and continue to give such financial statements and other information as may be required by the SEC or the
proper public bodies of the states in which the Series' shares may be qualified;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) from time to time, will furnish to the Distributor as soon as reasonably practicable true copies of its periodic reports to shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) will promptly advise the Distributor in person, by telephone, or by email or other electronic means, and promptly confirm such advice
in writing, (a) when any amendment or supplement to the Registration Statement becomes effective, (b) of any request by the SEC for amendments
or supplements to the Registration Statement or the Summary Prospectuses, Statutory Prospectuses, Statements of Additional Information,
or for additional information, and (c) of the issuance by the SEC of any Stop Order suspending the effectiveness of the Registration Statement,
or the initiation of any proceedings for that purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) if at any time the SEC shall issue any Stop Order suspending the effectiveness of the Registration Statement, will make every reasonable
effort to obtain the lifting of such order at the earliest possible moment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) before filing any further amendment to the Registration Statement or to any Summary Prospectus, Statutory Prospectus or Statement
of Additional Information, will furnish to the Distributor copies of the proposed amendment and will not, at any time, whether before
or after the effective date of the Registration Statement, file any amendment to the Registration Statement or supplement to any Summary
Prospectus, Statutory Prospectus or Statement of Additional Information of which the Distributor shall not previously have been advised
or to which the Distributor shall reasonably object (based upon the accuracy or completeness thereof) in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) will continue to make available to its shareholders (and forward copies to the Distributor) of such periodic, interim and any other
reports as are now, or as hereafter may be, required by the provisions of the Investment Company Act of 1940, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) will, for the purpose of computing the offering price of each class of each Series' shares, advise the Distributor within two
hours after the close of the New York Stock Exchange (or as soon as practicable thereafter) on each business day upon which the New York
Stock Exchange may be open of the net asset value per share of each class of each Series' shares of beneficial interest outstanding,
determined in accordance with any applicable provisions of law and the provisions of the Agreement and Declaration of Trust, as amended,
of the Trust as of the close of business on such business day. In the event that prices are to be calculated more than once daily, the
Trust will promptly advise the Distributor of the time of each calculation and the price computed at each such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Distributor agrees to submit to the Trust, prior to its use, the form of all sales literature, institutional sales material, and
independently prepared reprints (each as defined below) proposed to be generally disseminated by or for the Distributor, all advertisements
proposed to be used by the Distributor, all sales literature, advertisements, institutional sales material and independently prepared
reprints (each as defined in Rule 2210 of the Conduct Rules of FINRA, Inc. ("FINRA") or any successor rule) prepared by or
for the Distributor for such dissemination or for use by others in connection with the sale of the Series' shares, and the form
of dealers' sales contract the Distributor intends to use in connection with sales of the Series' shares. The Distributor
also agrees that the Distributor will submit such sales literature and advertisements to the FINRA, SEC or other regulatory agency as
from time to time may be appropriate, considering practices then current in the industry. The Distributor agrees not to use such form
of dealers' sales contract or to use or to permit others to use such sales literature, advertisements, institutional sales material,
or independently prepared reprints,

without the written consent of the Trust if any regulatory agency expresses objection thereto or if the Trust delivers to the Distributor a written objection thereto. Neither the Distributor nor any dealer or other person is authorized by the Trust to provide any information or make any representation about the Trust or its Series other than those contained in the Trust's Registration Statement, Summary Prospectuses, Statutory Prospectuses, Statements of Additional Information, advertising, sales literature or institutional sales material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The purchase price of each share sold hereunder shall be the offering price per share mutually agreed upon by the parties hereto and,
as described in the Trust's Prospectuses, as amended from time to time, determined in accordance with any applicable provision of
law, the provisions of its Agreement and Declaration of Trust and the Conduct Rules of FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The responsibility of the Distributor hereunder shall be limited to the promotion of sales of Series' shares. The Distributor
shall undertake to promote such sales solely as agent of the Trust, and shall not purchase or sell such shares as principal. Orders for
Series' shares and payment for such orders shall be directed to the Trust's agent, Delaware Investments Fund Services Company,
for acceptance on behalf of the Trust. The Distributor is not empowered to approve orders for sales of Series' shares or accept
payment for such orders. Sales of Series' shares shall be deemed to be made when and where accepted by Delaware Investments Fund
Services Company on behalf of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. With respect to the apportionment of costs between the Trust and the Distributor of activities with which both are concerned, the
following will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust and the Distributor will cooperate in preparing the Registration Statements, the Summary Prospectuses, Statutory Prospectuses,
the Statements of Additional Information, and all amendments, supplements and replacements thereto. The Trust will pay all costs incurred
in the preparation and filing of the Trust's Registration Statement, including typesetting, the costs incurred in printing and mailing
Summary Prospectuses, Statutory Prospectuses, Statements of Additional Information and any supplements or amendments thereto to its own
Shareholders. The Trust will also pay all costs included in preparing, typesetting, printing and mailing all Annual, Semi-Annual and other
financial reports to its own shareholders. The Trust will pay all fees and expenses of its counsel and accountants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor will pay the costs incurred in printing and mailing copies of Summary Prospectuses, Statutory Prospectuses and any
Statements of Additional Information to prospective investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor will pay advertising and promotional expenses, including the costs of literature sent to prospective investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust will pay the costs and fees incurred in registering or qualifying the Series' shares with the various states and with
the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Distributor will pay the costs of any additional copies of Trust financial and other reports and other Trust literature supplied
to the Distributor by the Trust for sales promotion purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The books and records maintained by the Distributor shall be the property of the Trust. The Distributor shall prepare, maintain and
preserve such books and records as required by the 1940 Act and other applicable laws, rules and regulations. The Distributor shall surrender
such books and records to the Trust, in the form in which such books and records have been maintained or preserved, promptly upon receipt
of instructions from the Trust. The Trust shall have access to such books and records at all time during the Distributor's normal
business hours. Upon the reasonable request of the Trust, copies of any such books and records shall be provided by the Distributor to
the Trust at the Trust's expense. The Distributor shall assist the Trust, the Trust's independent auditors, or, upon approval
of the Trust, any regulatory body, in any requested review of the Trust's books and records, and reports by the Distributor or its
independent accountants concerning its accounting system and internal auditing controls will be open to such entities for audit or inspection
upon reasonable request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The Distributor shall maintain at all times a program reasonably designed to prevent violations of the federal securities laws (as
defined in Rule 38a-1 under the 1940 Act) with respect to the services provided, and shall provide to the Trust a certification to such
effect no less than annually or as otherwise reasonably requested by the Trust. The Distributor shall make available its compliance personnel
and shall provide at its own expense summaries and other relevant materials relating to such program as reasonably requested by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. The Distributor agrees to maintain an anti-money laundering program in compliance with Title III of the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the "USA Patriot Act") and
all applicable laws and regulations promulgated thereunder. At the request of the Trust, the Distributor will supply the Trust with copies
of the Distributor's anti-money laundering policy and procedures, and such other relevant certifications and representations regarding
such policy and procedures as the Trust may reasonably request from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. The Distributor may engage in other business, provided such other business does not interfere with the performance by the Distributor
of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. The Trust agrees to indemnify, defend and hold harmless from the assets of the relevant Series, the Distributor and each person, if
any, who controls the Distributor within the meaning of Section 15 of the Securities Act of 1933, from and against any and all losses,
damages, or liabilities to which, jointly or

severally, the Distributor or such controlling person may become subject, insofar as the losses, damages or liabilities arise out of the performance of the Distributor's duties hereunder, except that the Trust shall not be liable for indemnification of the Distributor or any controlling person thereof for any liability resulting from the willful misfeasance, bad faith, or gross negligence of the Distributor or any controlling person thereof in the performance of the Distributor's duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Copies of financial reports, Registration Statements, Summary Prospectuses and Statutory Prospectuses, as well as demands, notices,
requests, consents, waivers, and other communications in writing which it may be necessary or desirable for either party to deliver or
furnish to the other will be duly delivered or furnished, if delivered to such party at its address shown below during regular business
hours, or if sent to that party by registered mail or overnight mail, postage prepaid, in all cases within the time or times herein prescribed,
addressed to the recipient at One Commerce Square, Philadelphia, Pennsylvania 19103, or at such other address as the Trust or the Distributor
may designate in writing and furnish to the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. This Agreement shall not be assigned, as that term is defined in the Investment Company Act of 1940, by the Distributor and shall
terminate automatically in the event of its attempted assignment by the Distributor. This Agreement shall not be assigned by the Trust
without the written consent of the Distributor signed by its duly authorized officers and delivered to the Trust. Except as specifically
provided in the indemnification provision contained in Paragraph 15 herein, this Agreement and all conditions and provisions hereof are
for the sole and exclusive benefit of the parties hereto and their legal successors and no express or implied provision of this Agreement
is intended or shall be construed to give any person other than the parties hereto and their legal successors any legal or equitable right,
remedy or claim under or in respect of this Agreement or any provisions herein contained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. (a) This Agreement shall be executed and become effective as of the date first written above, and shall become effective with respect
to a particular Series as of the effective date set forth in Schedule I for that Series. It shall remain in force for a period of two
years from the date hereof for each Series and from year to year thereafter, but only so long as such continuance is specifically approved
at least annually by the Board of Trustees or, with respect to each Series, by vote of a majority of the outstanding voting securities
of that Series and only if the terms and the renewal thereof have been approved by the vote of a majority of the Trustees of the Trust
who are not parties hereto or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such
approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor may terminate this Agreement as to any Series on written notice to the Trust at any time in case the effectiveness
of the Registration Statement shall be suspended, or in case Stop Order proceedings are

initiated by the SEC in respect of the Registration Statement and such proceedings are not withdrawn or terminated within thirty days. The Distributor may also terminate this Agreement as to any Series at any time by giving the Trust written notice of its intention to terminate the Agreement at the expiration of three months from the date of delivery of such written notice of intention to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust may terminate this Agreement as to any Series at any time on at least thirty days' prior written notice to the Distributor
(1) if proceedings are commenced by the Distributor or any of its partners for the Distributor's liquidation or dissolution or the
winding up of the Distributor's affairs; (2) if a receiver or trustee of the Distributor or any of its property is appointed and
such appointment is not vacated within thirty days thereafter; (3) if, due to any action by or before any court or any federal or state
commission, regulatory body, or administrative agency or other governmental body, the Distributor shall be prevented from selling securities
in the United States or because of any action or conduct on the Distributor's part, sales of the shares are not qualified for sale.
The Trust may also terminate this Agreement as to any Series at any time upon prior written notice to the Distributor of its intention
to so terminate at the expiration of three months from the date of the delivery of such written notice to the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may be amended only if such amendment is approved (1) either by action of the Trustees of the Trust or at a meeting
of the shareholders of the Trust by the affirmative vote of a majority of the outstanding shares of the Trust; and (2) by a majority of
the Trustees of the Trust who are not interested persons of the Trust and who have no direct or indirect financial interest in the operation
of this Agreement by vote cast in person at a meeting called for the purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. The validity, interpretation and construction of this Agreement, and of each part hereof, will be governed by the laws of the Commonwealth
of Pennsylvania.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. In the event any provision of this Agreement is determined to be void or unenforceable, such determination shall not affect the remainder
of the Agreement, which shall continue to be in force.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. This Agreement is executed by the Trust with respect to each of the Series and the obligations hereunder are not binding upon any
of the Trustees, officers or shareholders of the Trust individually but are binding only upon the Series to which such obligations pertain
and the assets and property of such Series. All obligations of the Trust under this Agreement shall apply only on a Series-by-Series basis,
and the assets of one Series shall not be liable for the obligations of another Series.

---

| | |
|:---|:---|
| **DELAWARE DISTRIBUTORS, L.P.** | **DELAWARE DISTRIBUTORS, L.P.** |
| **DELAWARE DISTRIBUTORS, INC.,** | **DELAWARE DISTRIBUTORS, INC.,** |
| **General Partner** | **General Partner** |
| By: | /s/ Richard Salus |
| Name: | Richard Salus |
| Title: | SVP/Global Head of Fund Services/Managing Director |
| **IVY VARIABLE INSURANCE PORTFOLIOS, on behalf of the Series listed on Schedule I** | **IVY VARIABLE INSURANCE PORTFOLIOS, on behalf of the Series listed on Schedule I** |
| By: | /s/ Shawn K. Lytle |
| Name: | Shawn K. Lytle |
| Title: | President / Senior Managing Director |

---

EXHIBIT A

SERVICE CLASS DISTRIBUTION PLAN

The following Distribution Plan (the "Plan") has been adopted pursuant to Rule 12b-l under the Investment Company Act of 1940, as amended (the "Act"), by Ivy Variable Insurance Portfolios (the "Trust"), separately for each series of the Trust identified on Schedule I, as that Schedule I may be amended from time to time. Each series and class covered by this Plan is referred to herein individually as a "Series" or "Class," as appropriate.

The Plan has been approved by a majority of the Board of Trustees, including a majority of the Trustees who are not interested persons of the Trust and who have no direct or indirect financial interest in the operation of the Plan or in any agreements related <sup>t</sup>hereto ("noninterested Trustees"), cast in person at a meeting called for the purpose of voting on such Plan. Such approval by the Trustees included a determination that in the exercise of reasonable business judgment and in light of their fiduciary duties, there is a reasonable likelihood that the Plan will benefit each such Series and shareholders of each Class. References to shareholders in this Plan shall include contract holders of any variable insurance products that invest indirectly in the Trust.

The Trust is an open-end management investment company organized as a business trust under the laws of the State of Delaware, and is authorized to issue different series and classes of shares of beneficial interest. The Trust offers such shares to certain life insurance companies ("Insurance Companies") for allocation to certain of their separate accounts established for the purpose of funding variable annuity contracts and variable life insurance policies (collectively, "Variable Contracts"). Delaware Distributors, L.P. (the "Distributor") is the principal underwriter and national distributor for each Series' shares, including shares of the corresponding Classes pursuant to a Distribution Agreement between the Distributor and the Trust on behalf of each Series ("Distribution Agreement").

The Plan provides that:

1. The Trust shall pay to the Distributor, the Insurance Companies, or others, out of the assets of a particular Class, a monthly fee not to exceed the fee rate set forth on Schedule I for such Class as may be determined by the Trust's Board of Trustees from time to time.

2. The Trust shall pay the Distributor, the Insurance Companies or others, out of the assets of a particular Class, for activities primarily intended to sell Service Class shares or Variable Contracts offering Service Class shares. Payments made under the Plan may be used for, among other things, the printing of prospectuses and reports used for sales purposes, preparing and distributing sales literature and related expenses, advertisements, education of contract owners or dealers and their representatives, and other distribution-related expenses. Payments made under the Plan may also be used to pay Insurance Companies, dealers or others for, among other things, service fees as defined under NASD Regulation, Inc. rules, furnishing personal services or such other enhanced services as the Trust or a Variable Contract may require, or maintaining customer accounts and records.

3. The officers of the Trust, together with the Distributor, shall furnish to the Board of Trustees of the Trust, for their review, on a quarterly basis, a written report of the amounts expended under the Plan with respect to each Class and the purposes for which such expenditures were made.

4. This Plan shall take effect with respect to the Service Class of a particular Series as of the effective date set forth on Schedule I (the "Commencement Date"); thereafter, the Plan shall continue in effect with respect to the Service Class of a particular Series for a period of more than one year from the Commencement Date only so long as such continuance is specifically approved at least annually by a vote of the Board of Trustees of the Trust, and of the non-interested Trustees, cast in person at a meeting called for the purpose of voting on such Plan.

5.(a) The Plan may be terminated as to the Service Class of any particular Series at any time by vote of a majority of the non-interested Trustees or by vote of the variable insurance contract owners who indirectly control a majority of the outstanding voting securities of such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Plan may not be amended as to the Service Class of any particular Series to increase materially the amount to be spent for distribution pursuant to paragraph I hereof without approval by the vote of the variable insurance contract owners who indirectly control a majority of the outstanding voting securities of the affected Class.

6. All material amendments to this Plan shall be approved by the non-interested Trustees in the manner described in paragraph 5 above.

7. So long as the Plan is in effect, the selection and nomination of the Trust's noninterested Trustees shall be committed to the discretion of such non-interested Trustees.

8. The definitions contained in Sections 2(a)(19) and 2(a)(42) of the Act shall govern the meaning of "interested person(s)" and "vote of a majority of the outstanding voting securities," respectively, for the purposes of this Plan.

This Plan shall take effect on the Commencement Date, as previously defined.

April 19, 2001

**SCHEDULE I**

**TO THE DISTRIBUTION AGREEMENT**

This Schedule to the Distribution Agreement between Ivy Variable Insurance Portfolios and Delaware Distributors, L.P. entered into as of December 1, 2025 (the "Agreement") lists the Series and Classes for which Delaware Distributors, L.P. provides distribution services pursuant to this Agreement, along with the 12b-1 Plan rates, if applicable, for each class and the date on which the Agreement became effective for each Series.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Series Name | Class Names | Total 12b-l Plan Fee Rate (per annum of the Series' average daily net assets represented by shares of the Class) | Portion designated as Service Fee Rate (per annum of the Series' average daily net assets represented by shares of the Class) | Effective Date |
| Nomura VIP Asset Strategy Series | Standard Class |  |  | December 1, 2025 |
| Nomura VIP Asset Strategy Series | Service Class |  | 0.25 of 1% | December 1, 2025 |
| Nomura VIP Balanced Series | Service Class |  | 0.25 of 1% | December 1, 2025 |
| Nomura VIP Core Equity Series | Service Class |  | 0.25 of 1% | December 1, 2025 |
| Nomura VIP Corporate Bond Series | Service Class |  | 0.25 of 1% | December 1, 2025 |
| Nomura VIP Energy Series | Standard Class |  |  | December 1, 2025 |
| Nomura VIP Energy Series | Service Class |  | 0.25 of 1% | December 1, 2025 |
| Nomura VIP Global Growth Series | Service Class |  | 0.25 of 1% | December 1, 2025 |
| Nomura VIP Growth Series | Service Class |  | 0.25 of 1% | December 1, 2025 |
| Nomura VIP High Income Series | Standard Class |  |  | December 1, 2025 |
| Nomura VIP High Income Series | Service Class |  | 0.25 of 1% | December 1, 2025 |
| Nomura VIP International Core Equity Series | Standard Class |  |  | December 1, 2025 |
| Nomura VIP International Core Equity Series | Service Class |  | 0.25 of 1% | December 1, 2025 |
| Nomura VIP Limited-Term Bond Series | Service Class |  | 0.25 of 1% | December 1, 2025 |
| Nomura VIP Mid Cap Growth Series | Standard Class |  |  | December 1, 2025 |
| Nomura VIP Mid Cap Growth Series | Service Class |  | 0.25 of 1% | December 1, 2025 |
| Nomura VIP Natural Resources Series | Service Class |  | 0.25 of 1% | December 1, 2025 |
| Nomura VIP Pathfinder Aggressive Series | Service Class |  | 0.25 of 1% | December 1, 2025 |
| Nomura VIP Pathfinder Conservative Series | Service Class |  | 0.25 of 1% | December 1, 2025 |

---

---

| | | | |
|:---|:---|:---|:---|
| Nomura VIP Pathfinder Moderate Series | Service Class | 0.25 of 1% | December 1, 2025 |
| Nomura VIP Pathfinder Moderate – Managed Volatility Series | Service Class | 0.25 of 1% | December 1, 2025 |
| Nomura VIP Pathfinder Moderately Aggressive Series | Service Class | 0.25 of 1% | December 1, 2025 |
| Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series | Service Class | 0.25 of 1% | December 1, 2025 |
| Nomura VIP Pathfinder Moderately Conservative Series | Service Class | 0.25 of 1% | December 1, 2025 |
| Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series | Service Class | 0.25 of 1% | December 1, 2025 |
| Nomura VIP Science & Technology Series | Standard Class |  | December 1, 2025 |
| Nomura VIP Science & Technology Series | Service Class | 0.25 of 1% | December 1, 2025 |
| Nomura VIP Smid Cap Core Series | Service Class | 0.25 of 1% | December 1, 2025 |
| Nomura VIP Small Cap Growth Series | Standard Class |  | December 1, 2025 |
| Nomura VIP Small Cap Growth Series | Service Class | 0.25 of 1% | December 1, 2025 |
| Nomura VIP Value Series | Service Class | 0.25 of 1% | December 1, 2025 |

---

## Ex-99.H1

**EX-99.h.1**

**IVY VARIABLE INSURANCE PORTFOLIOS**

**SHAREHOLDER SERVICES AGREEMENT**

THIS AGREEMENT, made as of this 24th day of June, 2022 by and between **IVY VARIABLE INSURANCE PORTFOLIOS** (the "Trust"), a Delaware business trust, for the series set forth in Schedule A hereto as it shall be amended from time to time (each a "Series"), and **DELAWARE INVESTMENTS FUND SERVICES COMPANY** ("DIFSC"), a Delaware Corporation, each having its principal office and place of business at 100 Independence, 610 Market Street, Philadelphia, Pennsylvania 19106-2354.

**W I T N E S S E T H:**

WHEREAS, the Investment Management Agreement between the Trust and Delaware Management Company, a series of Macquarie Investment Management Business Trust, provide that the Trust shall conduct its own business and affairs and shall bear the expenses and salaries necessary and incidental thereto including, but not in limitation of the foregoing, the costs incurred in: the maintenance of its corporate existence; the maintenance of its own books, records and procedures; dealing with its own shareholders; the payment of dividends; transfers of stock, including issuance, redemption and repurchase of shares; preparation of share certificates; reports and notices to shareholders; calling and holding of shareholders' meetings; miscellaneous office expenses; brokerage commissions; custodian fees, legal and accounting fees; taxes; and federal and state registration fees; and

WHEREAS, the Trust and DIFSC desire to have this written agreement supercede any and all previous agreements concerning the performance of the foregoing services and providing compensation therefore; and

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, and intending legally to be bound, it is agreed:

I. APPOINTMENT AS AGENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 The Trust hereby appoints DIFSC Shareholder Services Agent for the Series to provide as agent for the Trust services as Transfer Agent, Dividend Disbursing Agent and Shareholder Servicing Agent and DIFSC hereby accepts such appointment and agrees to provide the Trust, as its agent, the services described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 The Trust shall pay DIFSC and DIFSC shall accept, for the services provided hereunder, the compensation provided for in Section VIII hereof. The Trust also shall reimburse DIFSC for expenses incurred or advanced by it for the Trust in connection with its services hereunder.

II. DOCUMENTATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The Trust represents that it has provided or made available to DIFSC (or has given DIFSC an opportunity to examine) copies of, and DIFSC represents that it has received from the Trust (or is otherwise familiar with), the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agreement and Declaration of Trust or other documents evidencing the Trust's form of organization and any current amendments or supplements thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The By-Laws of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any resolution or other action of the Trust or the Board of Trustees of the Trust establishing or affecting the rights, privileges or other status of each class or series of shares of the Trust, including those relating to the Series or altering or abolishing each such class or series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A certified copy of a resolution of the Board of Trustees of the Trust appointing DIFSC as Shareholder Services Agent for the Series and authorizing the execution of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The forms of share certificates of the Series in the forms approved by the Board of Trustees of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A copy of the Trust's currently effective Prospectuses and Statement of Additional Information under the Securities Act of 1933, if effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Copies of all account application forms and other documents relating to shareholder accounts in the Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Copies of documents relating to Plans of the Trust for the purchase, sale or repurchase of its shares, including periodic payment or withdrawal plans, reinvestment plans or retirement plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any opinion of counsel to the Trust relating to the authorization and validity of the shares of the Series issued or proposed to be issued under the law of the State of the Trust's organization, including the status thereof under any applicable securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) A certified copy of any resolution of the Board of Trustees of the Trust authorizing any person to give instructions to DIFSC under this Agreement (with a specimen signature of such person if not already provided), setting forth the scope of such authority; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Any amendment, revocation or other documents altering, adding, qualifying or repealing any document or authority called for under this Section 2.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 The Trust and DIFSC may consult as to forms or documents that may be required in performing services hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 The Trust shall provide or make available to DIFSC a certified copy of any resolution of the shareholders or the Board of Trustees of the Trust providing for a dividend, capital gains distribution, distribution of capital, stock dividend, stock split or other similar action affecting the authorization or issuance of shares of the Trust or the payment of dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 In the case of any recapitalization or other capital adjustment requiring a change in the form of stock certificates or the books recording the same, the Trust shall deliver or make available to DIFSC:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A certified copy of any document authorizing or effecting such change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Written instructions from an authorized officer implementing such change; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An opinion of counsel to the Trust as to the validity of such action, if requested by DIFSC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 The Trust warrants the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust is, or will be, a properly registered investment company under the Investment Company Act of 1940 and any and all Series' shares which it issues will be properly registered and lawfully issued under applicable federal and state laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The provisions of this contract do not violate the terms of any instrument by which the Trust is bound; nor do they violate any law or regulation of any body having jurisdiction over the Trust or its property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 DIFSC warrants the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) DIFSC is and will be properly registered as a transfer agent under the Securities and Exchange Act of 1934 and is duly authorized to serve, and may lawfully serve as such.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The provisions of this contract do not violate the terms of any instrument by which DIFSC is bound; nor do they violate any law or regulation of any body having jurisdiction over DIFSC or its property.

III. STOCK CERTIFICATES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 The Trust shall furnish or authorize DIFSC to obtain, at the Trust's expense, a sufficient supply of blank stock certificates for the Series, and from time to time will replenish such supply upon the request of DIFSC. The Trust agrees to indemnify and exonerate, save and hold DIFSC harmless, from and against any and all claims or demands that may be asserted against DIFSC concerning the genuineness of any stock certificate supplied to DIFSC pursuant to this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 DIFSC shall safeguard, and shall account to the Trust, upon its demand for, all such stock certificates: (a) as issued, showing to whom issued, or (b) as unissued, establishing the safekeeping, cancellation or destruction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 The Trust shall promptly inform DIFSC in writing of any change in the officers authorized to sign stock certificates or in the form thereof. If an officer whose manual or facsimile signature is affixed to any blank share certificate shall die, resign or be removed prior to the issuance of such certificate, DIFSC may nevertheless issue such certificate notwithstanding such death, resignation or removal, and the Trust shall with respect thereto promptly provide to DIFSC any approval, adoption or ratification as may be required by DIFSC.

IV. TRANSFER AGENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 As Transfer Agent for the Trust, DIFSC shall issue, redeem and transfer shares of the Series, and, in connection therewith but not in limitation thereof, it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon receipt of authority to issue shares, determine the total shares to be issued and issue such shares by crediting shares to accounts created and maintained in the registration forms provided; as applicable, prepare, issue and deliver stock certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon proper transfer authorization, transfer shares by debiting transferor- shareholder accounts and crediting such shares to accounts created and/or maintained for transferee- shareholders; if applicable, issue and/or cancel stock certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon proper redemption authorization, determine the total shares redeemed and to be redeemed; determine the total redemption payments made and to be made; redeem shares by debiting shareholder accounts; as applicable receive and cancel stock certificates for shares redeemed; and remit or cause to be remitted the redemption proceeds to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Create and maintain accounts; reconcile and control cash due and paid, shares issued and to be issued, cash remitted and to be remitted and shares debited and credited to accounts; provide such notices, instructions or authorizations as the Trust may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 DIFSC shall not be required to issue, transfer or redeem Series' shares upon receipt of DIFSC from the Trust, or from any federal or state regulatory agency or authority, written notice that the issuance, transfer or redemption of Series' shares has been suspended or discontinued.

V. DIVIDEND DISBURSING AGENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 As Dividend Disbursing Agent for the Series, DIFSC shall disburse and cause to be disbursed to shareholders of the Series dividends, capital gains distributions or any payments from other sources as directed by the Trust. In connection therewith, but not in the limitation thereof, DIFSC shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculate the total disbursement due and payable and the disbursement to each shareholder as to shares owned, in accordance with the Trust's authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculate the total disbursements for each shareholder, as aforesaid, to be disbursed in cash; prepare and mail checks therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Calculate the total disbursement for each shareholder of the Series, as aforesaid, for which Series' shares are to be issued and authorized and instruct the issuance of Series' shares therefor in accordance with Section IV hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Prepare and mail or deliver such forms and notices pertaining to disbursements as required by federal or state authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Create and maintain records, reconcile and control disbursements to be made and made, both as to cash and shares, as aforesaid; provide such notices, instruction or authorization as the Trust may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 DIFSC shall not be required to make any disbursement upon the receipt of DIFSC from the Trust, or from any federal or state agency or authority, written notice that such disbursement shall not be made.

VI. SHAREHOLDER SERVICING AGENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 As Shareholder Servicing Agent for the Series, DIFSC shall provide those services ancillary to, but in implementation of, the services provided under Sections I through V hereof, and those generally defined and accepted as shareholder services. In connection therewith, but not in limitation thereof, DIFSC shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except where instructed in writing by the Trust not to do so, and where in compliance with applicable law, accept orders on behalf of the Trust; receive and process investments and applications; remit to the Trust or its custodian payments for shares acquired and to be issued; and direct the issuance of shares in accordance with Section IV hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Receive, record and respond to communications of shareholders and their agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As instructed by the Trust, prepare and mail shareholder account information, mail Series shareholder reports and Series prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Prepare and mail proxies and material for Trust shareholder meetings, receive and process proxies from shareholders, and deliver such proxies as directed by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Administer investment plans offered by the Trust to investors and shareholders of each Series, including retirement plans, including activities not otherwise provided in Section I through V of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Implement and operate the Series' anti-money laundering program as described in the Series' Risk Management Procedures, as amended from time to time; consent to and ensure that federal examiners will be able to obtain information and records relating to the Series' monitors the operation of its anti-money laundering program and assesses the effectiveness of the program's procedures and controls.

VII. PERFORMANCE OF DUTIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 The parties hereto intend that Series shareholders and their stockholdings shall be confidential, and any information relating thereto shall be released by DIFSC only to those persons or authorities who DIFSC has reason to believe are authorized to receive such information; or, as instructed by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 DIFSC may, in performing this Agreement, require the Trust or the Trust's distributor to provide it with an adequate number of copies of prospectuses, reports or other documents required to be furnished to investors or shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 DIFSC may request or receive instructions from the Trust and may, at the Trust's expense, consult with counsel for the Trust or its own counsel with respect to any matter arising in connection with the performance of its duties hereunder, and shall not be liable for any action taken or omitted by it in good faith in accordance with such instructions or opinions of counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 DIFSC shall maintain reasonable insurance coverage for errors and omissions and reasonable bond coverage for fraud.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 Upon notice thereof to the Trust, DIFSC may employ others to provide services to DIFSC in its performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 Personnel and facilities of DIFSC used to perform services hereunder may be used to perform similar services to other funds in the Delaware Investments family and to others, and may be used to perform other services for the Trust, the other funds in the Delaware Investments family and to others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 DIFSC shall provide its services as transfer agent hereunder in accordance with Section 17 of the Securities Exchange Act of 1934, and the rules and regulations thereunder. Further, the parties intend that the processes, procedures, safeguards and controls employed should be those generally applied and accepted for the type services provided hereunder by other institutions providing the same or similar services, and, those which should provide efficient, safe and economical services so as to promote promptness and accuracy and to maintain the integrity of the Trust's records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 The Trust and DIFSC may, from time to time, set forth in writing Guidelines For Selective Procedures to be applicable to the services hereunder.

VIII. COMPENSATION

&nbsp;&nbsp;&nbsp;&nbsp;8.1 The Trust and DIFSC acknowledge that because DIFSC has common ownership and

close management ties with the Trust's investment adviser and the Trust's distributor and serves the other funds in the Delaware Investments family (DIFSC having been originally established to provide the services hereunder for the funds in the Delaware Investments family), advantages and benefits to the Trust in the employment of DIFSC hereunder can be available which may not generally be available to it from others providing similar services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 The Trust and DIFSC further acknowledge that the compensation by the Trust to DIFSC is intended to induce DIFSC to provide services under this Agreement of a nature and quality which the Board of Trustees of the Trust, including a majority who are not parties to this Agreement or interested person of the parties hereto, has determined after due consideration to be necessary for the conduct of the business of the Trust, in the best interests of the Trust, the Series and their shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Compensation by the Trust to DIFSC hereunder shall be determined in accordance with Schedule B hereto as it shall be amended from time to time as provided for herein and which is incorporated herein as a part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 Compensation as provided in Schedule B shall be reviewed and approved in the manner set forth in Section 10.1 hereof by the Board of Trustees of the Trust at least annually and may be reviewed and approved more frequently at the request of either party. The Board may request, and DIFSC shall provide, such information as the Board may reasonably require to evaluate the basis of and approve the compensation.

IX. STANDARD OF CARE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 The Trust acknowledges that DIFSC shall not be liable for, and in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of the performance of its duties under this Agreement, agrees to indemnify DIFSC against, any claim or deficiency arising from the performance of DIFSC's duties hereunder, including DIFSC's costs, counsel fees and expenses incurred in investigation or defending any such claim or any administrative or other proceeding, and acknowledges that any risk of loss or damage arising from the conduct of the Trust's affairs in accordance herewith or in accordance with Guidelines or instructions given hereunder, shall be borne by the Trust.

X. CONTRACTUAL STATUS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 This Agreement shall be executed and become effective on the date first written above if approved by a vote of the Board of Trustees of the Trust, including an affirmative vote of a majority of the non-interested members of the Board, cast in person at a meeting called for the purpose of voting on such approval. It shall continue in effect for an indeterminate period, and is subject to termination on sixty (60) days' notice by either party unless earlier terminated or amended by agreement among the parties. Compensation under this Agreement shall require approval by a majority vote of the Board of Trustees of the Trust, including an affirmative vote of the majority of the non-interested members of the Board cast in person at a meeting called for the purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 This Agreement may not be assigned without the approval of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 This Agreement shall be governed by the laws of the Commonwealth of Pennsylvania.

---

| | |
|:---|:---|
| **DELAWARE INVESTMENTS FUND SERVICES COMPANY** | **DELAWARE INVESTMENTS FUND SERVICES COMPANY** |
| By: | /s/ Richard Salus |
| Name: | Richard Salus |
| Title: | Senior Vice President |
| **IVY VARIABLE INSURANCE PORTFOLIOS**<br> for its series set forth in Schedule A | **IVY VARIABLE INSURANCE PORTFOLIOS**<br> for its series set forth in Schedule A |
| By: | /s/ Shawn K. Lytle |
| Name: | Shawn K. Lytle |
| Title: | President and Chief Executive Officer |

---

**<u>SCHEDULE A</u>**

**IVY VARIABLE INSURANCE PORTFOLIOS**

**SHAREHOLDER SERVICES AGREEMENT**

**APPLICABLE SERIES**

**AS OF JUNE 24, 2022**

---

| | |
|:---|:---|
| &nbsp;&nbsp; Delaware Ivy VIP Asset Strategy<br> *(formerly, Ivy VIP Asset Strategy)* | &nbsp;&nbsp;Effective as of June 24, 2022 |
| &nbsp;&nbsp; Delaware Ivy VIP Balanced<br> *(formerly, Ivy VIP Balanced)* | &nbsp;&nbsp;Effective as of June 24, 2022 |
| &nbsp;&nbsp; Delaware Ivy VIP Core Equity<br> *(formerly, Ivy VIP Core Equity)* | &nbsp;&nbsp;Effective as of June 24, 2022 |
| &nbsp;&nbsp; Delaware Ivy VIP Corporate Bond<br> *(formerly, Ivy VIP Corporate Bond)* | &nbsp;&nbsp;Effective as of June 24, 2022 |
| &nbsp;&nbsp; Delaware Ivy VIP Energy<br> *(formerly, Ivy VIP Energy)* | &nbsp;&nbsp;Effective as of June 24, 2022 |
| &nbsp;&nbsp; Delaware Ivy VIP Global Equity Income<br> *(formerly, Ivy VIP Global Equity Income)* | &nbsp;&nbsp;Effective as of June 24, 2022 |
| &nbsp;&nbsp; Delaware Ivy VIP Global Growth<br> *(formerly, Ivy VIP Global Growth)* | &nbsp;&nbsp;Effective as of June 24, 2022 |
| &nbsp;&nbsp; Delaware Ivy VIP Growth<br> *(formerly, Ivy VIP Growth)* | &nbsp;&nbsp;Effective as of June 24, 2022 |
| &nbsp;&nbsp; Delaware Ivy VIP High Income<br> *(formerly, Ivy VIP High Income)* | &nbsp;&nbsp;Effective as of June 24, 2022 |
| &nbsp;&nbsp; Delaware Ivy VIP International Core Equity<br> *(formerly, Ivy VIP International Core Equity)* | &nbsp;&nbsp;Effective as of June 24, 2022 |
| &nbsp;&nbsp; Delaware Ivy VIP Limited-Term Bond<br> *(formerly, Ivy VIP Limited-Term Bond)* | &nbsp;&nbsp;Effective as of June 24, 2022 |
| &nbsp;&nbsp; Delaware Ivy VIP Mid Cap Growth<br> *(formerly, Ivy VIP Mid Cap Growth)* | &nbsp;&nbsp;Effective as of June 24, 2022 |
| &nbsp;&nbsp; Delaware Ivy VIP Natural Resources<br> *(formerly, Ivy VIP Natural Resources)* | &nbsp;&nbsp;Effective as of June 24, 2022 |
| &nbsp;&nbsp; Delaware Ivy VIP Pathfinder Aggressive<br> *(formerly, Ivy VIP Pathfinder Aggressive)* | &nbsp;&nbsp;Effective as of June 24, 2022 |
| &nbsp;&nbsp; Delaware Ivy VIP Pathfinder Conservative<br> *(formerly, Ivy VIP Pathfinder Conservative)* | &nbsp;&nbsp;Effective as of June 24, 2022 |
| &nbsp;&nbsp; Delaware Ivy VIP Pathfinder Moderate<br> *(formerly, Ivy VIP Pathfinder Moderate)* | &nbsp;&nbsp;Effective as of June 24, 2022 |
| &nbsp;&nbsp; Delaware Ivy VIP Pathfinder Moderate - Managed<br> Volatility *(formerly, Ivy VIP Pathfinder Moderate – Managed Volatility)* | &nbsp;&nbsp;Effective as of June 24, 2022 |
| &nbsp;&nbsp; Delaware Ivy VIP Pathfinder Moderately Aggressive<br> *(formerly, Ivy VIP Pathfinder Moderately Aggressive)* | &nbsp;&nbsp;Effective as of June 24, 2022 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; Delaware Ivy VIP Pathfinder Moderately Aggressive -<br> Managed Volatility *(formerly, Ivy VIP Pathfinder Moderately Aggressive - Managed Volatility)* | &nbsp;&nbsp;Effective as of June 24, 2022 |
| &nbsp;&nbsp; Delaware Ivy VIP Pathfinder Moderately Conservative<br> *(formerly, Ivy VIP Pathfinder Moderately Conservative)* | &nbsp;&nbsp;Effective as of June 24, 2022 |
| &nbsp;&nbsp; Delaware Ivy VIP Pathfinder Moderately Conservative -<br> Managed Volatility *(formerly, Ivy VIP Pathfinder Moderately Conservative - Managed Volatility)* | &nbsp;&nbsp;Effective as of June 24, 2022 |
| &nbsp;&nbsp; Delaware Ivy VIP Securian Real Estate Securities<br> *(formerly, Ivy VIP Real Estate Securities)* | &nbsp;&nbsp;Effective as of June 24, 2022 |
| &nbsp;&nbsp; Delaware Ivy VIP Science and Technology<br> *(formerly, Ivy VIP Science and Technology)* | &nbsp;&nbsp;Effective as of June 24, 2022 |
| &nbsp;&nbsp; Delaware Ivy VIP Small Cap Growth<br> *(formerly, Ivy VIP Small Cap Growth)* | &nbsp;&nbsp;Effective as of June 24, 2022 |
| &nbsp;&nbsp; Delaware Ivy VIP Smid Cap Core<br> *(formerly, Ivy VIP Smid Cap Core)* | &nbsp;&nbsp;Effective as of June 24, 2022 |
| &nbsp;&nbsp; Delaware Ivy VIP Value<br> *(formerly, Ivy VIP Value)* | &nbsp;&nbsp;Effective as of June 24, 2022 |

---

**SCHEDULE B**

**SHAREHOLDER SERVICES AGREEMENT**

**(the Shareholder Services Agreement is the "Agreement")**

**COMPENSATION SCHEDULE**

**EFFECTIVE JUNE 25, 2022**

**DELAWARE FUNDS BY MACQUARIE**

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>All retail Series (the "Retail Series") (includes the Delaware Global Listed Real Assets Fund of Delaware Pooled Trust ("DPT"), but does not include the other Series of DPT or any Series of Delaware VIP Trust ("VIP") or Ivy Variable Insurance Portfolios ("Ivy VIP"))</u>. The compensation payable to Delaware Investments Fund Services Company ("DIFSC") for providing services to each Series of the Trust will be at the annual rates set forth in the table below based on the average daily net assets of each Series:

---

| | |
|:---|:---|
| **Aggregate Assets of the Retail Series** | **DIFSC Transfer Agency Fee** |
| Up to $20 billion | 0.0140% |
| From $20 - $25 billion | 0.0110% |
| From $25 - $30 billion | 0.0070% |
| From $30 - $50 billion | 0.0040% |
| From $50 - $75 billion | 0.0020% |
| Over $75 billion | 0.0015% |

---

DIFSC will bill, and the Trust will pay, such compensation monthly. In addition, DIFSC shall be entitled to reimbursement of out-of-pocket expenses paid on behalf of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>DPT, VIP and Ivy VIP (except the Delaware REIT Fund of DPT)</u>. DIFSC's compensation for providing services to the Series will be 0.0075% of average daily net assets per Series annually. DIFSC will bill, and the Trust will pay, such compensation monthly. In addition, DIFSC shall be entitled to reimbursement of out-of-pocket expenses paid on behalf of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>All Trusts</u>. The Trust will bear its allocable portion of all third party transfer agent fees and expenses, including expenses related to sub-transfer agency services provided by BNY Mellon Investment Servicing (US) Inc. ("BNY Mellon") and omnibus fees and networking fees that are charged by third party financial intermediaries. DIFSC is the Trust's operational interface with a variety of third party administrators, banks, trust companies, and other organizations that provide retirement administration, trust or other collective services to the Trust's shareholders. Sub-transfer agency fees (or similar fees) related to such relationships on a retirement processing system will be passed on to the Trust at cost, without markup, and such fees will be allocated among all share classes except Class R6 (which does not pay sub-transfer agency or similar fees outside of the Sub-TA Agreement with BNY Mellon noted below) and Class E (which is used exclusively for 529 plans) in accordance with the Trust's then-current Multiple Class Plan pursuant to Rule 18f-3 of the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;4. If during the term of the Sub-Transfer Agency and Shareholder Services Agreement between DIFSC and BNY Mellon (the "Sub-TA Agreement") the Trust (i) terminates the Agreement other than "for cause" (defined herein as a termination based on DIFSC's material and systemic failure to provide (or arrange for the provision of) the services under the Agreement in a commercially reasonable manner as determined by reference to quarterly performance reports); and (ii) enters into a new transfer agency service agreement with a transfer agency service provider other than BNY Mellon, then the Trust shall bear: (a) its deconversion expenses associated with the transmittal of Series data to the successor service provider; and (b) the portion of the liquidated damages relating to the Trust that are payable to BNY Mellon in connection with a wrongful termination of the Sub-TA Agreement by the Trust.

---

| | | | |
|:---|:---|:---|:---|
| **AGREED AND ACCEPTED:** | **AGREED AND ACCEPTED:** |  |  |
| **DELAWARE INVESTMENTS FUND SERVICES COMPANY** | **DELAWARE INVESTMENTS FUND SERVICES COMPANY** | **DELAWARE FUNDS BY MACQUARIE**, on behalf of the registered investment companies listed on Attachment A | **DELAWARE FUNDS BY MACQUARIE**, on behalf of the registered investment companies listed on Attachment A |
| By: |  | By: |  |
| Name: | Richard Salus | Name: | Shawn K. Lytle |
| Title: | Senior Vice President | Title: | President and Chief Executive Officer |

---

**ATTACHMENT A**

**TO**

**SCHEDULE B TO SHAREHOLDER SERVICES AGREEMENT**

**COMPENSATION SCHEDULE**

**INVESTMENT COMPANY PARTIES TO AGREEMENT<sup>\*</sup>**

---

| | |
|:---|:---|
| **Delaware Group Adviser Funds** | **Delaware Pooled Trust** |
| **Delaware Group Cash Reserve** | **Delaware VIP Trust** |
| **Delaware Group Equity Funds I** | **Voyageur Insured Funds** |
| **Delaware Group Equity Funds II** | **Voyageur Intermediate Tax Free Funds** |
| **Delaware Group Equity Funds IV** | **Voyageur Mutual Funds** |
| **Delaware Group Equity Funds V** | **Voyageur Mutual Funds II** |
| **Delaware Group Foundation Funds** | **Voyageur Mutual Funds III** |
| **Delaware Group Global & International Funds** | **Voyageur Tax Free Funds** |
| **Delaware Group Government Fund** | **Ivy Funds** |
| **Delaware Group Income Funds** | **Ivy Variable Insurance Portfolios** |
| **Delaware Group Limited-Term Government Funds** | |
| **Delaware Group State Tax-Free Income Trust** | |
| **Delaware Group Tax-Free Fund** | |

---

\* Each Investment Company Party is a Trust.

## Ex-99.H1I

**EX-99.h1.i**

**AMENDED AND RESTATED**

**<u>SCHEDULE A</u>**

**IVY VARIABLE INSURANCE PORTFOLIOS**

**SHAREHOLDER SERVICES AGREEMENT**

**APPLICABLE SERIES**

**AS OF DECEMBER 1, 2025** 

---

| | |
|:---|:---|
| Nomura VIP Asset Strategy Series<br> *(formerly, Macquarie VIP Asset Strategy Series)* | Effective as of June 24, 2022 |
| Nomura VIP Balanced Series<br> *(formerly, Macquarie VIP Balanced Series)* | Effective as of June 24, 2022 |
| Nomura VIP Core Equity Series<br> *(formerly, Macquarie VIP Core Equity Series)* | Effective as of June 24, 2022 |
| Nomura VIP Corporate Bond Series<br> *(formerly, Macquarie VIP Corporate Bond Series)* | Effective as of June 24, 2022 |
| Nomura VIP Energy Series<br> *(formerly, Macquarie VIP Energy Series)* | Effective as of June 24, 2022 |
| Nomura VIP Global Growth Series<br> *(formerly, Macquarie VIP Global Growth Series)* | Effective as of June 24, 2022 |
| Nomura VIP Growth Series<br> *(formerly, Macquarie VIP Growth Series)* | Effective as of June 24, 2022 |
| Nomura VIP High Income Series<br> *(formerly, Macquarie VIP High Income Series)* | Effective as of June 24, 2022 |
| Nomura VIP International Core Equity Series<br> *(formerly, Macquarie VIP International Core Equity Series)* | Effective as of June 24, 2022 |
| Nomura VIP Limited-Term Bond Series<br> *(formerly, Macquarie VIP Limited-Term Bond Series)* | Effective as of June 24, 2022 |
| Nomura VIP Mid Cap Growth Series<br> *(formerly, Macquarie VIP Mid Cap Growth Series)* | Effective as of June 24, 2022 |
| Nomura VIP Natural Resources Series<br> *(formerly, Macquarie VIP Natural Resources Series)* | Effective as of June 24, 2022 |
| Nomura VIP Pathfinder Aggressive Series<br> *(formerly, Macquarie VIP Pathfinder Aggressive Series)* | Effective as of June 24, 2022 |
| Nomura VIP Pathfinder Conservative Series<br> *(formerly, Macquarie VIP Pathfinder Conservative Series)* | Effective as of June 24, 2022 |
| Nomura VIP Pathfinder Moderate Series<br> *(formerly, Macquarie VIP Pathfinder Moderate Series)* | Effective as of June 24, 2022 |
| Nomura VIP Pathfinder Moderate - Managed<br> Volatility Series *(formerly, Macquarie VIP Pathfinder Moderate – Managed Volatility Series)* | Effective as of June 24, 2022 |
| Nomura VIP Pathfinder Moderately Aggressive<br> Series *(formerly, Macquarie VIP Pathfinder Moderately Aggressive Series)* | Effective as of June 24, 2022 |

---

---

| | |
|:---|:---|
| Nomura VIP Pathfinder Moderately Aggressive -<br> Managed Volatility Series *(formerly, Macquarie VIP Pathfinder Moderately Aggressive - Managed Volatility Series)* | Effective as of June 24, 2022 |
| Nomura VIP Pathfinder Moderately Conservative<br> Series *(formerly, Macquarie VIP Pathfinder Moderately Conservative Series)* | Effective as of June 24, 2022 |
| Nomura VIP Pathfinder Moderately Conservative -<br> Managed Volatility Series *(formerly, Macquarie VIP Pathfinder Moderately Conservative - Managed Volatility Series)* | Effective as of June 24, 2022 |
| Nomura VIP Science and Technology Series<br> *(formerly, Macquarie VIP Science and Technology Series)* | Effective as of June 24, 2022 |
| Nomura VIP Small Cap Growth Series<br> *(formerly, Macquarie VIP Small Cap Growth Series)* | Effective as of June 24, 2022 |
| Nomura VIP Smid Cap Core Series<br> *(formerly, Macquarie VIP Smid Cap Core Series)* | Effective as of June 24, 2022 |
| Nomura VIP Value Series<br> *(formerly, Macquarie VIP Value Series)* | Effective as of June 24, 2022 |

---

---

| | | | |
|:---|:---|:---|:---|
| **AGREED AND ACCEPTED:** | **AGREED AND ACCEPTED:** |  |  |
| **DELAWARE INVESTMENTS FUND SERVICE COMPANY** | **DELAWARE INVESTMENTS FUND SERVICE COMPANY** | **IVY VARIABLE INSURANCE PORTFOLIOS**<br> for its series set forth in this Schedule A | **IVY VARIABLE INSURANCE PORTFOLIOS**<br> for its series set forth in this Schedule A |
| By: | /s/ Richard Salus | By: | /s/ Shawn K. Lytle |
| Name: | Richard Salus | Name: | Shawn K. Lytle |
| Title: | SVP/Global Head of Fund Services/Managing Director | Title: | President/Senior Managing Director |

---

## Ex-99.H2Viii

**EX-99.h.2.viii**

EXECUTION

**AMENDMENT NO. 8**

**TO AMENDED AND RESTATED FUND ACCOUNTING AND FINANCIAL <br> ADMINISTRATION SERVICES AGREEMENT**

THIS AMENDMENT ("Amendment") is made as of April 25, 2025 (the "Effective Date") to that certain Amended and Restated Fund Accounting and Financial Administration Services Agreement dated as of January 1, 2014 (as amended, restated, supplemented or otherwise modified) by and between each investment company listed on Schedule A attached thereto (each an "Existing Fund" and collectively, the "Existing Funds") and The Bank of New York Mellon (referred to herein as "BNY").

**BACKGROUND:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
 Existing Funds and BNY are parties to an Amended and Restated Fund Accounting and Financial
 Administration Services Agreement dated as of January 1, 2014 (the Agreement"), as
 amended by Amendment No. 1 dated July 1, 2017, Amendment No. 2 dated October 11, 2021, Amendment
 No. 3 dated December 31, 2021, Amendment No. 4 dated January 31, 2022, Amendment No. 5 dated
 May 15, 2024, Amendment No. 6 dated July 30, 2024, and Amendment No. 7 dated April 1, 2025
 relating to BNY's provision of fund accounting, financial administration and related
 services described in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Each
 New Fund (defined below, and collectively with the Existing Funds, the "Funds")
 is not a registered investment company and desires to retain BNY to perform the services
 described in the Agreement as amended hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The
 parties desire to amend the Agreement as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. This
 Background section is incorporated by reference into and made part of this Amendment.

**TERMS:**

In consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each party, and intending to be legally bound, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Agreement is hereby amended as of the Effective Date by adding the following Funds (each a "New Fund") to Schedule A of the Agreement:

NC Macau I, Ltd.

NC Macau II, Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Miscellaneous.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Capitalized terms used in this Amendment not otherwise defined herein shall have the meanings set forth in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As hereby amended and supplemented, the Agreement shall remain in full force and effect. In the event of a conflict between the terms of this Amendment and the terms ofthe Agreement, the terms of this Amendment shall control with respect to the matters described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The parties expressly agree that this Amendment may be executed in one or more counterparts and expressly agree that such execution may occur by manual signature on a physically delivered copy of this Amendment, by a manual signature on a copy of this Amendment transmitted by facsimile transmission, by a manual signature on a copy of this Amendment transmitted as an imaged document attached to an email, or by "Electronic Signature", which is hereby defined to mean inserting an image, representation or symbol of a signature into an electronic copy of this Amendment by electronic, digital or other technological methods. Each counterpart executed in accordance with the foregoing shall be deemed an original, with all such counterparts together constituting one and the same instrument. The exchange of executed counterparts of this Amendment or of executed signature pages to counterparts of this Amendment, in either case by facsimile transmission or as an imaged document attached to an email transmission, shall constitute effective execution and delivery of this Amendment and may be used for all purposes in lieu of a manually executed and physically delivered copy of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any provision or provisions of this Amendment shall be held to be invalid, unlawful or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired.

*[Remainder of page intentionally left blank]* 

*[Signature pages follow]*

**IN WITNESS WHEREOF**, each of the parties hereto has caused this Amendment to be executed as of the Effective Date by its duly authorized representative indicated below. An authorized representative, if executing this Amendment by Electronic Signature, affirms authorization to execute this Amendment by Electronic Signature and that the Electronic Signature represents an intent to enter into this Amendment and an agreement with its terms.

NC MACAU I, LTD.

By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity of investment adviser

By signing below Macquarie Alternative Strategies in its individual capacity covenants to BNY that NC Macau I, Ltd. has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

NC MACAU II, LTD.

By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity of investment adviser

By signing below Macquarie Alternative Strategies in its individual capacity covenants to BNY that NC Macau II, Ltd. has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

CHATTANOOGA OPPORTUNITIES LLC

By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity as investment adviser

By signing below Macquarie Alternative Strategies in its individual capacity covenants to BNY that Chattanooga Opportunities LLC has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

IVY ASF II, LTD.

By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity as investment adviser

By signing below Macquarie Alternative Strategies in its individual capacity covenants to BNYM that Ivy ASF II, Ltd. has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

IVY VIP ASF II, LTD.

By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity as investment adviser

By signing below Macquarie Alternative Strategies in its individual capacity covenants to BNYM that Ivy VIP ASF II, Ltd. has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

IVY ASF III (SBP), LLC

By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity as investment adviser

By signing below Macquarie Alternative Strategies in its individual capacity covenants to BNYM that Ivy ASF III (SBP), LLC has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

IVY VIP ASF III (SBP), LLC

By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity as investment adviser

By signing below Macquarie Alternative Strategies in its individual capacity covenants to BNYM that Ivy VIP ASF III (SBP), LLC has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

IVY WGA ASF III (SBP), LLC

By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity as investment adviser

By signing below Macquarie Alternative Strategies in its individual capacity covenants to BNYM that Ivy WGA ASF III (SBP), LLC has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

DELAWARE GROUP ADVISER FUNDS

DELAWARE GROUP CASH RESERVE

DELAWARE GROUP EQUITY FUNDS II

DELAWARE GROUP EQUITY FUNDS IV

DELAWARE GROUP EQUITY FUNDS V

DELAWARE GROUP INCOME FUNDS

DELAWARE GROUP STATE TAX-FREE INCOME TRUST <br> DELAWARE GROUP TAX-FREE FUND

DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS <br> VOYAGEUR INSURED FUNDS

VOYAGEUR MUTUAL FUNDS <br> VOYAGEUR MUTUAL FUNDS II

DELAWARE GROUP GOVERNMENT FUND,

DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS <br> DELAWARE POOLED TRUST

VOYAGEUR TAX FREE FUNDS

DELAWARE VIP TRUST

IVY FUNDS

IVY VARIABLE INSURANCE PORTFOLIOS

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

The Bank of New York Mellon

---

| | |
|:---|:---|
| By: | /s/ Michael Gronsky |
| Name: | Michael Gronski |
| Title: | Senior Vice President |

---

## Ex-99.H2Ix

**EX-99.h.2.ix**

**AMENDMENT NO. 9**

**TO AMENDED AND RESTATED FUND ACCOUNTING AND FINANCIAL <br> ADMINISTRATION SERVICES AGREEMENT**

THIS AMENDMENT ("Amendment") is made as of December 1, 2025 (the "Effective Date") to that certain Amended and Restated Fund Accounting and Financial Administration Services Agreement dated as of January 1, 2014 (as amended, restated, supplemented or otherwise modified) by and between each investment company listed on Schedule A attached thereto (each an "Existing Fund" and collectively, the "Existing Funds") and The Bank of New York Mellon (referred to herein as "BNY").

**BACKGROUND:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
Existing Funds and BNY are parties to an Amended and Restated Fund Accounting and Financial Administration Services Agreement dated as
of January 1, 2014 (the Agreement"), as amended by Amendment No. 1 dated July 1, 2017, Amendment No. 2 dated October 11, 2021,
Amendment No. 3 dated December 31, 2021, Amendment No. 4 dated January 31, 2022, Amendment No. 5 dated May 15, 2024, relating to BNY's
provision of fund accounting, financial administration and related services described in the Agreement and Amendment No.6 dated July
30, 2024, Amendment No.7 dated April 1, 2025, and Amendment No. 8 dated April 25, 2025 relating to BNY's provision of fund accounting,
financial administration, and related services described in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The
 parties desire to amend the Agreement as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. This
 Background section is incorporated by reference into and made part of this Amendment.

**TERMS:**

In consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each party, and intending to be legally bound, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Schedule A of the Agreement is hereby deleted in its entirety and replaced Schedule A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Miscellaneous.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Capitalized terms used in this Amendment not otherwise defined herein shall have the meanings set forth in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As hereby amended and supplemented, the Agreement shall remain in full force and effect. In the event of a conflict between the terms of this Amendment and the terms oft he Agreement, the terms of this Amendment shall control with respect to the matters described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The parties expressly agree that this Amendment may be executed in one or more counterparts and expressly agree that such execution may occur by manual signature on a physically delivered copy of this Amendment, by a manual signature on a copy of this Amendment transmitted by facsimile transmission, by a manual signature on a copy of this Amendment transmitted as an imaged document attached to an email, or by "Electronic Signature", which is hereby defined to mean inserting an image, representation or symbol of a signature into an electronic copy of this Amendment by electronic, digital or other technological methods. Each counterpart executed in accordance with the foregoing shall be deemed an original, with all such counterparts together constituting one and the same instrument. The exchange of executed counterparts of this Amendment or of executed signature pages to counterparts of this Amendment, in either case by facsimile transmission or as an imaged document attached to an email transmission, shall constitute effective execution and delivery of this Amendment and may be used for all purposes in lieu of a manually executed and physically delivered copy of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any provision or provisions of this Amendment shall be held to be invalid, unlawful or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired.

*[Remainder of page intentionally left blank]* 

*[Signature pages follow]*

**IN WITNESS WHEREOF**, each of the parties hereto has caused this Amendment to be executed as of the Effective Date by its duly authorized representative indicated below. An authorized representative, if executing this Amendment by Electronic Signature, affirms authorization to execute this Amendment by Electronic Signature and that the Electronic Signature represents an intent to enter into this Amendment and an agreement with its terms.

NC MACAU I, LTD.

By: Nomura Alternative Strategies, a series of Nomura Investment Management Business Trust, solely in its capacity as investment adviser

By signing below Nomura Alternative Strategies in its individual capacity covenants to BNY that NC Macau I, Ltd. has the power to authorize and direct, and has duly authorized and directed, Nomura Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

NC MACAU II, LTD.

By: Nomura Alternative Strategies, a series of Nomura Investment Management Business Trust, solely in its capacity as investment adviser

By signing below Nomura Alternative Strategies in its individual capacity covenants to BNY that NC Macau II, Ltd. has the power to authorize and direct, and has duly authorized and directed, Nomura Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

CHATTANOOGA OPPORTUNITIES LLC

By: Nomura Alternative Strategies, a series of Nomura Investment Management Business Trust, solely in its capacity as investment adviser

By signing below Nomura Alternative Strategies in its individual capacity covenants to BNY that Chattanooga Opportunities LLC has the power to authorize and direct, and has duly authorized and directed, Nomura Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

IVY ASF II, LTD.

By: Nomura Alternative Strategies, a series of Nomura Investment Management Business Trust, solely in its capacity as investment adviser

By signing below Nomura Alternative Strategies in its individual capacity covenants to BNY that Ivy ASF II, Ltd. has the power to authorize and direct, and has duly authorized and directed, Nomura Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

IVY VIP ASF II, LTD.

By: Nomura Alternative Strategies, a series of Nomura Investment Management Business Trust, solely in its capacity as investment adviser

By signing below Nomura Alternative Strategies in its individual capacity covenants to BNY that Ivy VIP ASF II, Ltd. has the power to authorize and direct, and has duly authorized and directed, Nomura Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

IVY ASF III (SBP), LLC

By: Nomura Alternative Strategies, a series of Nomura Investment Management Business Trust, solely in its capacity as investment adviser

By signing below Nomura Alternative Strategies in its individual capacity covenants to BNY that Ivy ASF III (SBP), LLC has the power to authorize and direct, and has duly authorized and directed, Nomura Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

IVY VIP ASF III (SBP), LLC

By: Nomura Alternative Strategies, a series of Nomura Investment Management Business Trust, solely in its capacity as investment adviser

By signing below Nomura Alternative Strategies in its individual capacity covenants to BNY that Ivy VIP ASF III (SBP), LLC has the power to authorize and direct, and has duly authorized and directed, Nomura Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

IVY WGA ASF III (SBP), LLC

By: Nomura Alternative Strategies, a series of Nomura Investment Management Business Trust, solely in its capacity as investment adviser

By signing below Nomura Alternative Strategies in its individual capacity covenants to BNY that Ivy WGA ASF III (SBP), LLC has the power to authorize and direct, and has duly authorized and directed, Nomura Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

DELAWARE GROUP ADVISER FUNDS <br> DELAWARE GROUP CASH RESERVE <br> DELAWARE GROUP EQUITY FUNDS II <br> DELAWARE GROUP EQUITY FUNDS IV <br> DELAWARE GROUP EQUITY FUNDS V

DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS <br> DELAWARE GROUP GOVERNMENT FUND

DELAWARE GROUP INCOME FUNDS

DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS

DELAWARE GROUP STATE TAX-FREE INCOME TRUST<br> DELAWARE GROUP TAX-FREE FUND

DELAWARE POOLED TRUST <br> DELAWARE VIP TRUST

IVY FUNDS

IVY VARIABLE INSURANCE PORTFOLIOS<br> VOYAGEUR MUTUAL FUNDS <br> VOYAGEUR MUTUAL FUNDS II <br> VOYAGEUR TAX FREE FUNDS

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

The Bank of New York Mellon

---

| | |
|:---|:---|
| By: | /s/ Alison M. Gardner |
| Name: | Allison M. Gardner |
| Title: | Senior Vice President |

---

**<u>Schedule A</u>**

The following Fund and its Portfolios and share classes are covered by, and made parties to, the Amendment as of the date first written above:

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;**Registrant, Name of Portfolio and Share Class** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group® Adviser Funds**<br> Nomura Diversified Income Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group® Cash Reserve**<br> Nomura Ultrashort Fund – Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group® Equity Funds II**<br> Nomura Value Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group® Equity Funds IV**<br> Nomura Healthcare Fund – Class A, Class C, Class R and Institutional Class Shares <br> Nomura Growth and Income Fund – Class A, R6 and Institutional Class Shares<br> Nomura Opportunity Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group® Equity Funds V**<br> Nomura Small Cap Core Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares <br> Nomura Cap Value Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares <br> Nomura Wealth Builder Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group® Global & International Funds**<br> Nomura Emerging Markets Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group® Government Fund**<br> Nomura Emerging Markets Debt Corporate Fund – Class A, Class C and Institutional Class Shares <br> Nomura Strategic Income Fund – Class A, Class C, Class R and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group® Income Funds**<br> Nomura Corporate Bond Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares<br> Nomura Extended Duration Bond Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares <br> Nomura Floating Rate Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group® Limited-Term Government Funds**<br> Nomura Limited-Term Diversified Income Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares<br> Nomura Tax-Free Oregon Fund – Class A and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group® State Tax-Free Income Trust**<br> Nomura Tax-Free Pennsylvania Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group® Tax-Free Fund**<br> Nomura Tax-Free USA Fund – Class A, Class C, and Institutional Class Shares<br> Nomura Tax-Free USA Intermediate Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp; **Delaware Pooled® Trust**<br> Nomura Global Listed Real Assets Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp; **Delaware VIP® Trust**<br> Nomura VIP Emerging Markets Series – Standard Class Shares and Service Class Shares <br> Nomura VIP Small Cap Value Series – Standard Class Shares and Service Class Shares <br> Nomura VIP Fund for Income Series – Standard Class Shares and Service Class Shares<br> Nomura VIP Growth and Income Series – Standard Class Shares<br> Nomura VIP Growth Equity Series – Standard Class Shares<br> Nomura VIP Investment Grade Series – Standard Class Shares and Service Class Shares<br> Nomura VIP Limited Duration Bond Series – Standard Class Shares<br> Nomura VIP Opportunity Series– Standard Class Shares<br> Nomura VIP Total Return Series– Standard Class Shares and Service Class Shares |

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| |
|:---|
| &nbsp;&nbsp;&nbsp;**Registrant, Name of Portfolio and Share Class** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ivy Funds**<br> Nomura Asset Strategy Fund – Class A, Class C, Class R, Class R6, Y Class and Institutional Class Shares <br> Nomura Balanced Fund – Class A, Class C, Class R, Class R6, Y Class and Institutional Class Shares <br> Nomura Core Equity Fund – Class A, Class C, Class R, Class R6, Y Class and Institutional Class Shares <br> Nomura Climate Solutions Fund – Class A, Class C, Class R, Class R6, Y Class and Institutional Class Shares <br> Nomura Global Bond Fund – Class A, Class C, Class R, Class R6, Y Class and Institutional Class Shares<br> Nomura Global Growth Fund – Class A, Class C, Class R, Class R6, Y Class and Institutional Class Shares <br> Nomura High Income Fund – Class A, Class C, Class R, Class R6, Y Class and Institutional Class Shares<br> Nomura International Core Equity Fund – Class A, Class C, Class R, Class R6, Y Class and Institutional Class Shares<br> Nomura Large Cap Growth Fund – Class A, Class C, Class R, Class R6, Y Class and Institutional Class Shares <br> Nomura Mid Cap Growth Fund – Class A, Class C, Class R, Class R6, Y Class and Institutional Class Shares <br> Nomura Mid Cap Income Opportunities Fund – Class A, Class C, Class R, Class R6, Y Class and Institutional Class Shares<br> Nomura Natural Resources Fund – Class A, Class C, Class R, Class R6, Y Class and Institutional Class Shares <br> Nomura Science and Technology Fund – Class A, Class C, Class R, Class R6, Y Class and Institutional Class Shares<br> Nomura Real Estate Securities Fund – Class A, Class C, Class R, Class R6, Y Class and Institutional Class Shares <br> Nomura Small Cap Growth Fund – Class A, Class C, Class R, Class R6, Y Class and Institutional Class Shares<br> Nomura Smid Cap Core Fund – Class A, Class C, Class R, Class R6, Y Class and Institutional Class Shares<br> Nomura Systematic Emerging Markets Equity Fund – Class A, Class C, Class R, Class R6, Y Class and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ivy Variable Insurance Portfolios**<br> Nomura VIP Asset Strategy Series– Standard Class and Service Class Shares <br> Nomura VIP Balanced Series – Service Class Shares<br> Nomura VIP Core Equity Series – Service Class Shares<br> Nomura VIP Corporate Bond Series – Service Class Shares<br> Nomura VIP Energy Series – Standard and Service Class Shares<br> Nomura VIP Global Growth Series – Service Class Shares<br> Nomura VIP Growth Series – Service Class Shares<br> Nomura VIP High Income Series – Standard and Service Class Shares<br> Nomura VIP International Core Equity Series – Standard and Service Class Shares<br> Nomura VIP Limited-Term Bond Series – Service Class Shares<br> Nomura VIP Mid Cap Growth – Standard and Service Class Shares <br> Nomura VIP Natural Resources Series – Service Class Shares<br> Nomura VIP Pathfinder Aggressive Series – Service Class Shares<br> Nomura VIP Pathfinder Conservative Series – Service Class Shares <br> Nomura VIP Pathfinder Moderate Series – Service Class Shares<br> Nomura VIP Pathfinder Moderate – Managed Volatility Series – Service Class Shares <br> Nomura VIP Pathfinder Moderately Aggressive Series – Service Class Shares<br> Nomura VIP Pathfinder Moderately Aggressive - Managed Volatility Series – Service Class Shares <br> Nomura VIP Pathfinder Moderately Conservative Series – Service Class Shares<br> Nomura VIP Pathfinder Moderately Conservative – Service Managed Volatility Series – Service Class Shares <br> Nomura VIP Science and Technology Series – Standard and Service Class Shares<br> Nomura VIP Small Cap Growth Series – Standard and Service Class Shares<br> Nomura VIP Smid Cap Core Series – Service Class Shares<br> Nomura VIP Value Series – Service Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp; **Voyageur Mutual Funds**<br> Nomura Minnesota High-Yield Municipal Bond Fund – Class A, Class C and Institutional Class Shares<br> Nomura National High-Yield Municipal Bond Fund – Class A, Class C and Institutional Class Shares <br> Nomura Tax-Free California Fund – Class A, Class C and Institutional Class Shares<br> Nomura Tax-Free Idaho Fund – Class A, Class C and Institutional Class Shares<br> Nomura Tax-Free New York Fund – Class A, Class C and Institutional Class Shares |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;**Registrant, Name of Portfolio and Share Class** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Voyageur Mutual Funds II**<br> Nomura Tax-Free Colorado Fund – Class A, Class C and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp; **Voyageur Tax Free Funds**<br> Nomura Tax-Free Minnesota Fund – Class A, Class C and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;**Chattanooga Opportunities LLC** |
| &nbsp;&nbsp;&nbsp;**Ivy ASF II, Ltd.** |
| &nbsp;&nbsp;&nbsp;**Ivy VIP ASF II, Ltd.** |
| &nbsp;&nbsp;&nbsp;**Ivy ASF III (SBP), LLC** |
| &nbsp;&nbsp;&nbsp;**Ivy VIP ASF III (SBP), LLC** |
| &nbsp;&nbsp;&nbsp;**Ivy WGA ASF III (SBP), LLC** |
| &nbsp;&nbsp;&nbsp;**NC Macau I, Ltd.** |
| &nbsp;&nbsp;&nbsp;**NC Macau II, Ltd.** |

---

## Ex-99.H3

**EX-99.** **h.3**

**FUND ACCOUNTING and financial administration oversight <br> agreement**

THIS AGREEMENT is made as of the 1<sup>st</sup> day of December, 2025 (the "Effective Date"), by and between each fund in the **Nomura Funds** complex listed on <u>Schedule A</u> (each, a "Fund" and collectively, the "Funds"), having their principal place of business at 100 Independence, 610 Market Street, Philadelphia, PA 19106, and **Delaware Investments Fund Services Company**, ("DIFSC"), a Delaware statutory trust having its principal place of business at 100 Independence, 610 Market Street, Philadelphia, PA 19106.

WHEREAS, each Fund is registered with the Securities and Exchange Commission ("SEC") as an investment company under the Investment Company Act of 1940 (the "1940 Act");

WHEREAS, the Funds have engaged The Bank of New York Mellon ("BNY") to provide fund accounting, financial administration and related services for the Funds pursuant to the Amended and Restated Fund Accounting and Financial Administration Services Agreement, dated as of January 1, 2014 (the "BNY Fund Accounting Agreement");

WHEREAS, pursuant to a Fund Accounting and Financial Administration Oversight Agreement dated as of January 1, 2014, as amended, DIFSC previously provided the Funds with fund accounting, financial administration and related services similar to those described in this Agreement to supplement the services provided by BNY pursuant to the BNY Fund Accounting Agreement (the "Prior DIFSC Oversight Agreement");

WHEREAS, the Prior DIFSC Oversight Agreement terminated effective with the acquisition of DIFSC's parent company by Nomura Holding America, Inc. as of December 1, 2025;

WHEREAS, the Funds desire that DIFSC continue to perform the fund accounting, financial administration and related services provided to the Funds under the Prior DIFSC Oversight Agreement as described in this Agreement to supplement the services provided by BNY pursuant to the BNY Fund Accounting Agreement;

WHEREAS, the Funds also desire that DIFSC establish and monitor certain service level requirements with respect to BNY's performance of its duties pursuant to the BNY Fund Accounting Agreement; and

WHEREAS, DIFSC is willing to perform the aforementioned services on the terms and conditions set forth in this Agreement;

NOW, THEREFORE, in exchange for good and valuable consideration, the receipt and sufficiency of which are acknowledged, and intending to be legally bound, the Funds and DIFSC agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Services</u>

DIFSC shall perform for each Fund and its series (including all share classes) listed in <u>Schedule A,</u> the fund accounting, financial administration and related services set forth in <u>Schedule B</u> to this Agreement ("Services"). A Fund may add to, or delete from, this Agreement a Fund series and/or class if such Fund series and/or class is added to, or deleted from, the BNY Fund Accounting Agreement. Such addition or deletion must be evidenced by amending <u>Schedule A</u>. Each existing and future series of a Fund (including all share classes) covered by this Agreement is individually and collectively referred to as a "Portfolio." DIFSC may perform other services for each Fund only upon terms, conditions and compensation that DIFSC and the Fund mutually agree to, as evidenced by an amendment to this Agreement or <u>Schedule B</u>. To the extent that BNY does not consent to the addition of a new Portfolio or share class to the BNY Fund Accounting Agreement and a different service provider is engaged to provide the fund accounting and financial administration services for such Portfolio or share class, DIFSC agrees to negotiate in good faith with the applicable Fund concerning the provision of the fund accounting and financial administration oversight services for such Portfolio or share class given the scope of services to be provided by the new fund accounting and financial administration service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Compensation and Expenses</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In return for performing the Services, the Funds shall compensate DIFSC as set forth in this Section and in <u>Schedule C</u> to this Agreement. Fees due shall be accrued daily. If this Agreement is lawfully terminated before the end of any month, fees shall be calculated on a pro rated basis through the date of termination and shall be due upon the Agreement's termination date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Funds will pay all of their own expenses that are incurred in the Funds' operation and not specifically assumed by DIFSC. Expenses to be borne by the Funds include, but are not limited to: pricing, security and other similar data information vendor services; organizational expenses; costs of services of the Funds' independent registered public accounting firm ("independent accountant") and the Funds' outside legal and tax counsel (including such counsel's review of the Funds' registration statements, proxy materials, federal and state tax qualification as regulated investment companies and any review of reports and materials prepared by DIFSC under this Agreement); costs of any services contracted for by the Funds directly from parties other than DIFSC; trade association dues; costs of trading operations and brokerage fees, commissions and transfer taxes in connection with the purchase and sale of securities for the Funds; investment advisory fees; taxes; Fund insurance premiums and other Fund insurance-related fees and expenses applicable to their operations; costs incidental to any meetings of shareholders, including, but not limited to, legal and auditor fees, proxy filing fees and the costs of printing and mailing of any proxy materials; costs incidental to Fund board meetings, including fees and expenses of Fund board members, but excluding costs specifically assumed by DIFSC; the salary and expenses of any officer, director/trustee or employee of the Funds who is not also a DIFSC employee; registration fees, filing fees, and costs incidental to the preparation, typesetting, printing and/or distribution, as applicable, of the Funds' registration statements on Forms N-1A, N-2, N-3, N-4, N-6, and N-14, as applicable, and any amendments thereto, shareholder reports on Form N-CSR, Form N-SAR, Form N-Q, Form N-PX, Form N-MFP, tax returns, and all notices, registrations and amendments associated with applicable federal and state tax and securities laws; and other expenses properly payable by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Funds agree to reimburse DIFSC for its actual out-of-pocket expenses in providing the Services, including without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Electronic
 transmission expenses incurred by DIFSC in communicating with each Fund, the Fund's
 investment advisers (which term, for purposes of this Agreement, shall be interpreted to
 include any sub-advisers) or custodian, BNY, dealers or others as required for DIFSC to perform
 the Services if a Fund officer requests such electronic transmission and provides DIFSC with
 prior written approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 cost of creating microfilm, microfiche or electronic copies of Fund records, and the cost
 of storage of paper and electronic copies of Fund records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 charges for services provided by the vendors set forth on <u>Schedule D</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any
 additional expenses reasonably incurred by DIFSC in the performance of the Services, provided
 that: (a) if any individual expense is less than $1,000, DIFSC shall provide prior written
 notice to the applicable Fund to the extent practicable; and (b) if any individual expense
 is $1,000 or more, DIFSC shall obtain the prior written consent of an officer of the applicable
 Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) In
 the event that DIFSC is requested or authorized by the Funds or is required by law, summons,
 subpoena, investigation, examination or other legal or regulatory process to produce documents
 or personnel with respect to the Services, and so long as DIFSC is not the subject of the
 investigation or proceeding in question, the Funds will reimburse DIFSC for its actual out-of-pocket
 expenses (including reasonable attorneys' fees) incurred in responding to these requests;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Any
 additional expenses incurred by DIFSC at the written direction of a Fund officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. DIFSC shall be entitled to receive the following amounts:

Any systems development and project fees for new or enhanced services requested by the Funds (including significant enhancements required by regulatory changes), and all systems-related expenses associated with the provision of special reports and services, in each case as agreed upon by a Fund officer in advance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Ad
 hoc reporting fees billed at an agreed upon rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. DIFSC shall bill each Fund on a monthly basis for the fees and expenses owed to DIFSC by such Fund under this Agreement. The monthly bill shall be set forth on a detailed invoice in a form mutually agreed upon by DIFSC and the Funds. DIFSC shall send such invoice to each Fund no later than fifteen (15) days after the last day of each month; provided, however, that the failure by DIFSC to do so shall not be considered a breach of this Agreement. Each Fund shall pay such invoice within fifteen (15) days of receipt of such invoice by such Fund. In the event that a Fund does not receive an invoice within fifteen (15) days after the last day of a month, such Fund shall have fifteen (15) days from the date of receipt of such invoice to pay DIFSC. Any undisputed fees or expenses that are not paid by a Fund within the required time frame shall be subject to a late fee of 1.5% of the amount billed for each month that such fees or expenses remain unpaid, and the late fee shall be due and payable upon demand. If any fees or expenses are disputed by a Fund, DIFSC and such Fund shall work together in good faith to resolve the dispute promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. DIFSC will assume responsibility for the costs of its ordinary and necessary office facilities (including telephone, telephone transmission, and telecopy expenses), equipment and personnel to perform the Services, including the compensation of its employees who serve as Fund trustees, directors or officers. In the event that DIFSC is the subject of an examination, subpoena, investigation, proceeding or legal or regulatory process relating to the Services it provides to the Funds ("DIFSC Services Inquiry"), and if DIFSC requests that the Funds provide, or if the Funds are required by law, summons, subpoena, investigation, examination or other legal or regulatory process, to produce documents or personnel with respect to the Services, then DIFSC will reimburse the Funds for their actual out-of-pocket expenses (including reasonable attorneys' fees) incurred in responding to these requests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Length and Termination of Agreement</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The revised term of this Agreement shall commence on April 1, 2025 and continue for a term expiring on July 31, 2030.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. A party may terminate this Agreement for one or more of the following reasons, provided the terminating party provides the applicable written notice to the other party or parties of the reason for such termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) <u>Non-Renewal</u>: Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) <u>Mutual Agreement</u>: The parties may mutually agree in writing to terminate this Agreement at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) "<u>For Cause"</u>: A party may terminate the Agreement "For Cause," as defined below, by providing the other party or parties with 60 days' advance written notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) <u>Termination of Investment Manager</u>: Upon the termination of the investment management agreement(s) between a Fund (on behalf of its Portfolio(s)) and its investment adviser, whether terminated by the investment adviser, the Fund, its board of directors/trustees or its shareholders, this Agreement shall automatically terminate; provided, however, that neither (a) a change in such Fund's investment adviser to another investment adviser that is under common ownership with such Fund's investment adviser or its successor, nor (b) entering into a new

investment management agreement with any such investment adviser shall automatically terminate this Agreement. In the event of the automatic termination of this Agreement with respect to a Fund due to the termination of such Fund's investment management agreement, DIFSC agrees to negotiate in good faith with the applicable Fund in connection with DIFSC's provision of Services during the transition to a new fund accounting and financial administration oversight service provider. For purposes of this subparagraph B(iv) only, the term "investment adviser" does not include any subadvisers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) <u>Termination of BNY Fund Accounting Agreement</u>: This Agreement shall automatically terminate in the event that the BNY Fund Accounting Agreement is terminated, provided that DIFSC agrees to negotiate in good faith with the Funds to enter into a new fund accounting and financial administration oversight agreement reflecting the appropriate scope of services to be provided by DIFSC given the scope of services to be provided by BNY's successor as fund accounting provider.

For purposes of subparagraph (iii) above, "For Cause" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a material breach of this Agreement that has not been remedied for at least thirty (30) days following the receipt of written notice by the non-breaching party or parties that identifies in reasonable detail the alleged failure of the other party to perform; provided, however, that if such breach is capable of being cured, then the breaching party or parties shall be entitled to such longer period of time as may reasonably be required to cure such breach if the breaching party or parties have commenced such cure and or diligently pursuing such cure, but such cure must be completed within one hundred twenty (120) days following the discovery of such breach in any event; provided, however, that for the avoidance of doubt, written notice must be provided promptly after discovery of any breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when a party commits any act or omission that constitutes negligence, willful misconduct, fraud or reckless disregard of its duties under this Agreement and that act or omission results in material adverse consequences to the other party or parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a final, unappealable judicial, regulatory or administrative ruling or order in which the party or parties to be terminated have been found guilty of criminal or unethical behavior in the conduct of their business that directly relates to the subject matter of the Services; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) when a party shall make a general assignment for the benefit of its creditors or any proceeding shall be instituted by or against such party to adjudicate it as bankrupt or insolvent, or to seek to liquidate, wind up, or reorganize such party, or protect or relieve such party's debts under any law, or to seek the entry of an order for relief or the appointment of a receiver, trustee or other similar official for it or for a substantial portion of its assets, which proceeding shall remain unstayed for sixty (60) days or such party has taken steps to authorize any of the above actions or has become unable to pay its debts as they mature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. If this Agreement is terminated by any party (regardless of whether it is terminated pursuant to paragraph B. above or for any reason other than those specified in paragraph B. above), the Funds shall pay to DIFSC on or before the effective date of such termination any undisputed and unpaid fees, and shall reimburse DIFSC for any undisputed and unpaid out-of-pocket costs and expenses owed to DIFSC under this Agreement prior to its termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. If either (i) DIFSC terminates this Agreement with respect to a Fund at any time for any reason other than those specified in paragraph B. above, or (ii) a Fund terminates this Agreement with respect to such Fund at any time "For Cause" under subparagraph B(iii) of this Section, then DIFSC shall reimburse such Fund for any Costs and Expenses incurred by such Fund in connection with converting such Fund to a successor service provider with respect to the Services, including without limitation the delivery to such successor service provider, such Fund and/or other Fund service providers any of such Fund's property, records, data, instruments and documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. If this Agreement is (i) not renewed upon the expiration of the Term, (ii) terminated by DIFSC and the Funds at any time "upon mutual agreement" under subsection 3B(ii), (iii) terminated by DIFSC at any time as a result of the "termination of investment manager" under subsection 3B(iv), (iv) terminated by the Funds at any time for any reason other than non-renewal or any of those reasons specified in subsection 3B above, or (v) terminated by DIFSC at any time "For Cause" under subsection 3B(iii), and if the Funds request that DIFSC assist the Funds in converting them to a successor service provider with respect to the Services, then, in connection with such expiration or termination, the Funds shall reimburse DIFSC promptly for any Costs and Expenses (as defined below) incurred by DIFSC in connection with effecting such expiration or termination and converting the Funds to a successor service provider with respect to the Services, including without limitation the delivery to such successor service provider, to the Funds, and/or to any other Fund service provider(s) any of the Funds' property, records, data, instruments, and documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. For purposes of this Section 3, "Costs and Expenses" incurred by a party shall mean any provable, reasonable, customary and direct costs and expenses actually incurred by such party. For purposes of this Section 3, Costs and Expenses shall not include any wind-down costs, including, without limitation, non-cancelable lease payments; severance payments due and payable to DIFSC or sub-contractors' personnel; unused equipment expense; and non-cancelable payments or termination charges regarding hosting and other subcontracting services that were not incurred at the written direction of the Funds and that cannot be transferred or redeployed by DIFSC. Such party must provide the other party with written evidence of such costs and expenses before the other party is obligated to pay them. Such party also has a duty to mitigate, and must exercise its duty to mitigate, such costs and expenses. Except as expressly set forth in Sections 3 and 9 and Schedule C, no party hereto shall be responsible for any costs and expenses or damages of any kind whatsoever resulting from, related to or otherwise in connection with the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. In the event of the termination of this Agreement, DIFSC agrees to cooperate and act in good faith to ensure an orderly transition to DIFSC's successor with respect to the Services provided herein. Without limiting the generality of the foregoing sentence, DIFSC agrees that, in the event that this Agreement is terminated by a party or the parties, DIFSC shall deliver a Fund's or the Funds' property, records, data, instruments and documents to such Fund or Funds, its or their successor service providers and/or its or their other service providers, as the case may be, in a non-proprietary, commercially available electronic format.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. The termination of this Agreement with respect to any given Fund or Portfolio shall in no way affect the continued validity of this Agreement with respect to any other Fund or Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Amendments, Assignment and Delegation</u>

A modification of this Agreement (which term includes all <u>Schedules</u>) will be effective only if in writing and signed by the parties. No party shall assign the rights or delegate the duties pursuant to this Agreement without the prior written consent of the other party or parties, except as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) DIFSC
 may employ such person or persons it may deem desirable to assist it in performing the Services
 without notice to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) DIFSC
 may hire a third party to assist it in performing the Services (each a "Subcontractor").
 DIFSC shall obtain the Funds' prior written consent before DIFSC engages a Subcontractor
 to provide significant services or functions to assist DIFSC in performing the Services under
 this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) DIFSC
 may delegate one or more of the functions or assign this Agreement to any direct or indirect
 majority-owned affiliate of Nomura Holdings, Inc. with prior written notice to the Funds;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) A
 Fund merger or reorganization that does not result in a change in such Fund's investment
 adviser and where the fund surviving from such merger or reorganization assumes the duties
 and obligations of such Fund under this Agreement shall not require DIFSC's consent.
 For purposes of the this sub-paragraph 4(iv), the term "investment adviser" does
 not include any sub-advisers.

With respect to the delegation of duties under (i), (ii) and (iii) above, DIFSC shall: (a) be responsible for the acts or omissions of such persons, Subcontractors or affiliates to the same extent as DIFSC's own acts or omissions under this Agreement; (b) be responsible for the compensation of such persons, Subcontractors or affiliates; and (c) not be relieved of any of its responsibilities under this Agreement by virtue of the use of such persons, Subcontractors or affiliates. However, if the Funds instruct DIFSC to engage a specific Subcontractor for the performance of any of the Services, DIFSC will not be responsible for any acts or omissions by, or compensation payable to, such Subcontractor.

This Agreement shall be binding upon, and shall inure to the benefit of, the parties and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Documentation</u>

Each Fund represents that it has provided or made available to DIFSC (or has given DIFSC an opportunity to examine) copies of the following documents, current as of the Effective Date of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Articles of Incorporation, Agreement and Declaration of Trust, Partnership Agreement, or
 other similar charter document, as relevant, evidencing the Fund's form of organization
 and any current amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 By-Laws or procedural guidelines of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any
 resolution or other action of the Fund or the Fund's board establishing or affecting
 the rights, privileges or other status of any class of shares of a Portfolio, or altering
 or abolishing any such class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) A
 copy of a resolution of the Fund board appointing DIFSC to provide the Services for each
 Portfolio and authorizing the execution of this Agreement and its Schedules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) A
 copy of the Fund's currently effective prospectus(es) and statement(s) of additional
 information ("Registration Statement") under the Securities Act of 1933 (the
 "1933 Act") and 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Copies
 of all pertinent Fund policies and procedures that affect the Services that DIFSC is to provide
 under this Agreement, including, but not limited to, those relating to valuation, pricing,
 Section 2(a)(41) of the 1940 Act and Rules 2a-4 and 2a-7 thereunder, net asset value errors,
 and "as-of" processing (e.g., relating to error corrections, post-trade revisions
 or similar processing policies that may exist); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Such
 other documents that DIFSC reasonably believes to be necessary or appropriate in the proper
 performance of the Services, subject to the agreement of the Fund, which shall not be unreasonably
 withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Representations and Warranties of the Funds</u>

Each Fund represents and warrants the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund is duly organized and validly existing, in good standing under the laws of the jurisdiction of its organization, and qualified to do business in each jurisdiction in which the nature or conduct of its business requires such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Fund has requisite authority and power under its organizational documents and applicable law to execute, deliver, consummate and perform this Agreement; this Agreement is legally valid, binding and enforceable against the Fund; and the Fund has all necessary registrations and/or licenses necessary to conduct the activities as described in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. There is no pending or threatened legal proceeding or regulatory action that would materially impair the Fund's ability to perform its obligations under this Agreement. The Fund's performance of its obligations under this Agreement will not conflict with or result in a breach of any terms or provisions of any agreement to which the Fund is a party or bound, and does not violate any applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The execution and delivery of this Agreement have been authorized by the Fund's directors/trustees and signed by an authorized Fund officer, acting as such, and neither such authorization by the Fund directors/trustees nor such execution and delivery by the Fund officer shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, and the obligations of this Agreement are not binding upon any of the Fund directors/trustees or shareholders, but bind only the property of the Fund, as provided in its charter documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Representations and Warranties of DIFSC</u>

DIFSC represents and warrants to the Funds the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. DIFSC is duly organized as a business in the State of Delaware; is in good standing; and is qualified to do business in each jurisdiction in which the nature or conduct of its business requires such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. DIFSC has requisite authority and power under its organizational documents and applicable law to execute, deliver, consummate and perform this Agreement; this Agreement is legally valid, binding and enforceable against DIFSC; and DIFSC has all necessary registrations and/or licenses necessary to perform the Services described in <u>Schedule B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. There is no pending or threatened legal proceeding or regulatory action that would materially impair DIFSC's ability to provide the Services. DIFSC's performance of the Services will not conflict with or result in a breach of any of the terms or provisions of any agreement to which DIFSC is a party or bound, and does not violate any applicable law to which DIFSC is subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. DIFSC has completed, obtained and performed all registrations, filings, approvals, and authorizations, consents or examinations required by any government or governmental authority to which DIFSC is subject, to perform the Services contemplated by this Agreement and will maintain the same in effect for so long as this Agreement remains in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. DIFSC has implemented and maintains reasonable procedures and systems (including reasonable disaster recovery and business continuity plans and procedures consistent with legal, regulatory and business needs applicable to DIFSC's delivery of the Services) to safeguard the Funds' records and data and DIFSC's records, data, equipment facilities and other property that DIFSC uses in the performance of its obligations hereunder from loss or damage attributable to fire, theft, or any other cause, and DIFSC will make such changes to the procedures and systems from time to time as are reasonably required for the secure performance of its obligations hereunder.

EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT, THERE ARE NO EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES AS TO THE SERVICES UNDER THIS AGREEMENT OR THE PERFORMANCE THEREOF, INCLUDING WITHOUT LIMITATION, THE MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE SERVICES (IRRESPECTIVE OF ANY COURSE OF DEALING, CUSTOM OR USAGE OF TRADE).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Standard of Care</u>

DIFSC shall act in good faith and exercise reasonable care in performing the Services under this Agreement. DIFSC's duties shall be confined to those expressly set forth herein, and no implied duties are assumed by or may be asserted against DIFSC hereunder. In that regard, DIFSC shall have no responsibility for the actions or activities of any other party, including service providers, except as provided in Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Indemnification and Limitation of Liability</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. DIFSC will not be liable to the Funds for any loss incurred by the Funds as a result of any error of judgment, mistake of law, act or omission in the course of, or in connection with the Services rendered by, DIFSC under the Agreement in the absence of fraud, negligence or willful misconduct of DIFSC or the reckless disregard of its duties under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. DIFSC agrees to indemnify, defend and hold harmless the Funds, their trustees, directors, officers, employees, agents and nominees and their respective successors and permitted assigns from and against claims, demands, actions, suits, judgments, liabilities, losses, fines, damages, costs, charges, and counsel fees (collectively, "Losses") resulting directly and proximately from DIFSC's fraud, negligence or willful misconduct in the performance of the Services, or reckless disregard of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. In order for these indemnification provisions to apply, a party or parties seeking indemnification or to be held harmless shall fully and promptly advise the indemnifying party or parties in writing of all pertinent facts concerning the situation in question which are actually known by the party or parties seeking indemnification. The party or parties seeking indemnification will use reasonable care to identify and notify the indemnifying party or parties in writing promptly concerning any situation which presents or appears likely to present the probability of an indemnification claim. However, failure to do so in good faith shall not affect the rights under this provision unless the indemnifying party or parties are materially prejudiced by such failure. As to any matter eligible for indemnification, the indemnified party or parties shall act reasonably and in accordance with good faith business judgment, and shall not effect any settlement or confess judgment without the consent of the indemnifying party or parties, which consent shall not be withheld or delayed unreasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The indemnifying party or parties shall be entitled to participate in the defense at their own expense, or assume the defense, of any suit brought to enforce any claims subject to this indemnity provision. If the indemnifying party or parties elect to assume the defense, they shall be conducted by counsel of their choosing that is reasonably satisfactory to the indemnified party or parties; the indemnified party or parties shall bear the fees and expenses of any additional counsel they retain. If the indemnifying party or parties do not elect to assume the defense of such suit, they will reimburse the indemnified party or parties for the reasonable fees and expenses of any counsel the indemnified party or parties retain, which is reasonably satisfactory to the indemnifying party or parties. The indemnifying party or parties shall not effect any settlement without the consent of the indemnified party or parties (which shall not be withheld or delayed unreasonably) unless such settlement imposes no liability, responsibility or other obligation upon the indemnified party or parties and relieves them of all fault.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The parties shall have a duty to mitigate damages for which the other party or parties may become responsible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. No party hereto shall be liable to any other party for any special, indirect, incidental or consequential damages of any kind whatsoever. NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE CONTRARY, IN NO EVENT SHALL THE FUNDS, DIFSC, THEIR AFFILIATES OR ANY OF ITS OR THEIR TRUSTEES, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS OR SUBCONTRACTORS BE LIABLE FOR EXEMPLARY, PUNITIVE, SPECIAL, INCIDENTAL, INDIRECT OR CONSEQUENTIAL DAMAGES (INCLUDING, WITHOUT LIMITATION, ATTORNEYS' FEES), LOSS OF BUSINESS, OR LOST PROFITS, EACH OF WHICH IS HEREBY EXCLUDED BY AGREEMENT OF THE PARTIES REGARDLESS OF WHETHER SUCH DAMAGES WERE FORESEEABLE OR WHETHER A PARTY OR ANY ENTITY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Books and Records, Retention and Rights of Ownership</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. DIFSC shall maintain on behalf of the Funds all books and records which are customary or which are legally required to be kept in connection with DIFSC's performance of Services, including without limitation those required by Rules 31a-1 and 31a-2 promulgated under the 1940 Act ("**Records**") to the extent that such Records are not maintained by BNY in connection with the BNY Fund Accounting Agreement. DIFSC will prepare and maintain such Records at the Funds' expense, and the Records shall be the Funds' property. DIFSC will make the Records available for inspection by the SEC, including giving the SEC access to the Records, and otherwise surrender the Records promptly in accordance with Rule 31a-3 promulgated under the 1940 Act. DIFSC will allow the Funds and their authorized persons and representatives to review the Records during DIFSC's normal business hours or, upon reasonable notice, at such other times as the Funds may request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Notwithstanding the foregoing, all computer programs, systems and procedures employed or developed by or on behalf of DIFSC, or on behalf of DIFSC by system providers or vendors used by DIFSC, to perform the Services that are not Records are the sole and exclusive property of DIFSC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Reports</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. DIFSC shall furnish reports to the Funds, their other service providers, their broker/dealers and to others that the Funds designate in writing at such times as are prescribed pursuant to this Agreement to be provided or completed by DIFSC, or as subsequently agreed upon by the parties pursuant to this Agreement or any amendment thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. DIFSC will provide reasonable access to the Funds' independent accountant as well as internal auditors employed by the Funds' administrator or affiliate to periodically perform a reasonable review of DIFSC's internal controls and procedures relevant to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Notices</u>

Any communication, notice, or demand made or given pursuant to this Agreement shall be properly addressed, in writing and delivered by personal service (including express or courier service), registered or certified mail, or by facsimile with proof of proper transmission and a means for confirmation of delivery to recipient, as follows:

If to DIFSC:

**Delaware Investments Fund Services Company**

100 Independence, 610 Market Street

Philadelphia, PA 19106-2354

Attention: General Counsel

If to the Funds:

**Nomura Funds**

100 Independence, 610 Market Street

Philadelphia, PA 19106-2354

Attention: Chairman of the Board

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Advice and Reliance</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. DIFSC may consult with DIFSC's or the Funds' counsel, independent accountant and other experts with respect to any matter arising in connection with the Services performed by DIFSC, and DIFSC shall not be liable nor accountable for any action taken or omitted by it in good faith in accordance with the advice of such counsel, independent accountant or other experts. DIFSC shall in no event be liable to the Funds or any Fund shareholder or beneficial owner for any action reasonably taken pursuant to such advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. DIFSC agrees to cooperate with the Funds' independent accountant, to reasonably support the independent accountant's engagement with the Funds, and to provide the independent accountant reasonable access to the Records. DIFSC also agrees to provide periodic sub-certifications to each Fund's chief compliance officer and certifying principal executive and financial officers relating to the Services DIFSC performs, based on a form of sub-certification that DIFSC and the Funds mutually and reasonably agree to, and subject to such limitations as may be reasonable or necessary to not make a material misstatement, omission or untrue statement of fact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Compliance with Law</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In performing the Services, DIFSC shall comply with all applicable laws, and its standard of performance shall be in accord with such standards as may be imposed by law and the requirements of all regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. DIFSC shall use commercially reasonable efforts to make its employees who are responsible for providing the Services ("Relevant Employees") available to federal, state and local governmental and regulatory and supervisory authorities having jurisdiction over the performance of the Services ("Governmental Authorities") as may be required by such Governmental Authorities pursuant to applicable law, subpoena or order, and as may be requested by any Governmental Authorities on behalf of or with respect to the Funds or any of their affiliates or as may be requested by the Funds to be made available to such Governmental Authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Governing Law and Jurisdiction</u>

This Agreement and performance hereunder and all suits and proceedings hereunder shall be governed by and construed in accordance with the internal laws of the Commonwealth of Pennsylvania, without giving effect to conflict of law principles. Each of the parties to this Agreement expressly and irrevocably submits to the exclusive jurisdiction of the courts of Pennsylvania and waives any claims of inconvenient forum or venue. To the extent that the laws of the Commonwealth of Pennsylvania conflict with the applicable provisions of the 1940 Act, the applicable provisions of the 1940 Act shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Services Not Exclusive</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. DIFSC's Services are not exclusive to the Funds and DIFSC shall be free to render similar services to others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. DIFSC shall perform the Services solely as an independent contractor and no joint venture, partnership, employment, agency or any other relationship is intended, accomplished or embodied in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. In performing the Services, DIFSC is acting solely on behalf of the Funds and no contractual or service relationship shall be deemed to be established between DIFSC and any other person, including without limitation the custodian and Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Force Majeure and Uncontrollable Events</u>

DIFSC shall maintain adequate and reliable computer and other equipment necessary or appropriate to carry out its obligations under this Agreement. Upon the Funds' reasonable request, DIFSC shall provide supplemental information concerning the aspects of its disaster recovery and business continuity plan that are relevant to the Services. Notwithstanding the foregoing or any

other provision of this Agreement, DIFSC assumes no responsibility hereunder, and shall not be liable for, any damage, loss of data, business interruption, delay or any other loss whatsoever caused by "Force Majeure Events." "Force Majeure Events" are events beyond the reasonable control of DIFSC, its agents and its Subcontractors. In the event of Force Majeure Events, or any disaster that causes a business interruption, DIFSC shall act in good faith and follow applicable procedures in its disaster recovery and business continuity plan and use all commercially reasonable efforts to minimize service interruptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Severability</u>

If any provision of this Agreement shall be held or made invalid, the remainder of this Agreement and the parties' rights and obligations under it shall not be affected by such action, and the invalid provisions of the Agreement shall be deemed to be severable only in the jurisdiction that so determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Survivability</u>

The following provisions shall survive beyond the expiration and termination of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All
 compensation provisions, including Section 2 <u>Compensation and Expenses</u>, Section 3.C
 regarding termination fees and expenses, and <u>Schedule C;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section
 4. <u>Amendments, Assignment and Delegation;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section
 6. <u>Representations and Warranties of the Funds</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section
 7. <u>Representations and Warranties of DIFSC</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section
 9. <u>Indemnification and Limitation of Liability</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section
 10. <u>Books and Records, Retention and Rights of Ownership;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section
 17. <u>Force Majeure and Uncontrollable Events</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section
 18. <u>Severability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Confidential Information</u>

"Confidential Information" of a party shall be maintained confidential by any other party, and shall include: (a) any data or information that is competitively sensitive material, and not generally known to the public, including, but not limited to, information about product plans, marketing strategies, finances, operations, customer relationships, customer profiles, customer lists, sales estimates, business plans, and internal performance results relating to the past, present or future business activities of a Fund or DIFSC, their respective subsidiaries and affiliated companies and the customers, clients and suppliers of any of them; (b) any scientific or technical

information, design, process, procedure, formula, or improvement that is commercially valuable and secret in the sense that its confidentiality affords a Fund or DIFSC a competitive advantage over its competitors; (c) all confidential or proprietary concepts, documents, reports, data, specifications, computer software, source code, object code, flow charts, databases, inventions, know-how, and trade secrets, whether or not patentable or copyrightable; (d) non-public portfolio holdings information of a Portfolio; and (e) anything designated as confidential. DIFSC shall maintain adequate safeguards to prevent the use of the Confidential Information by DIFSC, its employees, Subcontractors and affiliates for any purpose other than performing the Services under this Agreement. DIFSC also shall maintain adequate safeguards to limit the dissemination of a Portfolio's non-public portfolio holdings information to third parties (x) that assist DIFSC in the performance of the Services under this Agreement and have entered into a confidentiality agreement no less restrictive than the terms in this Agreement and (y) with the prior written consent of an officer of the applicable Fund. "Confidential information" shall include, without limitation, any customer or shareholder personal information in the possession, custody, or control of the Funds or of DIFSC.

However, Confidential Information shall not be subject to such confidentiality obligations if it: (a) is already known to a receiving party at the time it is obtained; (b) is or becomes publicly known or available through no wrongful act of a receiving party; (c) is rightfully received from a third party who, to the best of a receiving party's knowledge, is not under a duty of confidentiality; (d) is released by a protected party to a third party without restriction; (e) is required to be disclosed pursuant to a Fund's Registration Statement or by a requirement of a court order, subpoena, governmental or regulatory agency or law (provided the disclosing party will promptly provide the other party written notice of such requirement, to the extent such notice is permitted); (f) is relevant to the defense of any claim or cause of action asserted against a receiving party; or (g) has been or is independently developed or obtained by a receiving party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Contract Terms To Be Exclusive</u>

This Agreement constitutes the complete agreement of the parties about the covered subject matter, and supersedes all prior negotiations, understandings and agreements bearing upon the covered subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Waiver</u>

A party's waiver of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach by any party. A party's failure to insist upon strict adherence to any provision of the Agreement shall not constitute a waiver or deprive such party of the right to insist upon strict adherence to such provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Counterparts and Reproduction of Documents</u>

This Agreement may be executed in any number of counterparts, each of which is deemed an original and all of which together evidence the entire Agreement. This Agreement and any amendments may be reproduced by any commercially acceptable process. The parties agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceedings, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement facsimile or further reproduction of such reproduction shall be likewise admissible in evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Miscellaneous</u>

Paragraph headings in this Agreement are included for convenience only and are not to be used to construe or interpret this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. <u>Covenants of DIFSC</u>

Covenants of DIFSC. DIFSC hereby covenants and agrees with the Funds that (i) DIFSC shall maintain a fidelity bond and an insurance policy with respect to errors and omissions coverage in form and amount that are commercially reasonable in light of the duties and responsibilities of DIFSC under the Agreement as modified by this Amendment; and (ii) DIFSC shall provide notice to the Funds of any breach of this Agreement committed by DIFSC promptly after the discovery thereof.

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be duly executed all as of the day and year first above written.

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| | |
|:---|:---|
| **NOMURA FUNDS**<br> (as listed on Schedule A) | **DELAWARE INVESTMENTS FUND**<br> **SERVICES COMPANY** |

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| | | | |
|:---|:---|:---|:---|
| By: | /s/ Richard Salus | By: | /s/ Daniel V. Geatens |
| Name: | Richard Salus | Name: | Daniel V. Geatens |
| Title: | SVP/Global Head of Fund Services | Title: | SVP/Head of US Fund Administration |

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**<u>SCHEDULE A</u>**

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| |
|:---|
| &nbsp;&nbsp;**Series, Portfolio and Share Class** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> Adviser Funds**<br> Nomura Diversified Income Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> Cash Reserve**<br> Nomura Ultrashort Fund – Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> Equity Funds II**<br> Nomura Value Fund – Class A, Class C, Class R, Class R6, Class T, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> Equity Funds IV**<br> Nomura Healthcare Fund – Class A, Class C, Class R, and Institutional Class Shares<br> Nomura Growth and Income Fund – Class A, Class R6, and Institutional Class Shares<br> Nomura Opportunity Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> Equity Funds V**<br> Nomura Small Cap Core Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares<br> Nomura Small Cap Value Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares<br> Nomura Wealth Builder Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> Global & International Funds**<br> Nomura Emerging Markets Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> Government Fund**<br> Nomura Emerging Markets Debt Corporate Fund – Class A, Class C, Class R, and Institutional Class Shares<br> Nomura Strategic Income Fund – Class A, Class C, Class R, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> Income Funds**<br> Nomura Corporate Bond Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares<br> Nomura Extended Duration Bond Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares<br> Nomura Floating Rate Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> Limited-Term Government Funds**<br> Nomura Limited-Term Diversified Income Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares<br> Nomura Tax-Free Oregon Fund – Class A and Institutional Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> State Tax-Free Income Trust**<br> Nomura Tax-Free Pennsylvania Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> Tax-Free Fund**<br> Nomura Tax-Free USA Fund – Class A, Class C, and Institutional Class Shares<br> Nomura Tax-Free USA Intermediate Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware Pooled<sup>®</sup> Trust**<br> Nomura Global Listed Real Assets Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware VIP<sup>®</sup> Trust**<br> Nomura VIP Emerging Markets Series – Standard Class Shares and Service Class Shares<br> Nomura VIP Small Cap Value Series – Standard Class Shares and Service Class Shares<br> Nomura VIP Fund for Income Series – Standard Class Shares and Service Class Shares<br> Nomura VIP Growth and Income Series – Standard Class Shares<br> Nomura VIP Growth Equity Series – Standard Class Shares<br> Nomura VIP Investment Grade Series – Standard Class Shares and Service Class Shares<br> Nomura VIP Limited Duration Bond Series – Standard Class Shares<br> Nomura VIP Opportunity Series – Standard Class Shares<br> Nomura VIP Total Return Series – Standard Class Shares and Service Class Shares |

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ivy Variable Insurance Portfolios**<br> Nomura VIP Asset Strategy Series – Standard Class Shares and Service Class Shares<br> Nomura VIP Balanced Series – Service Class Shares<br> Nomura VIP Core Equity Series – Service Class Shares<br> Nomura VIP Corporate Bond Series – Service Class Shares<br> Nomura VIP Energy Series – Standard Class Shares and Service Class Shares<br> Nomura VIP Global Growth Series – Service Class Shares<br> Nomura VIP Growth Series – Service Class Shares<br> Nomura VIP High Income Series – Standard Class Shares and Service Class Shares<br> Nomura VIP International Core Equity Series – Standard Class Shares and Service Class Shares<br> Nomura VIP Limited-Term Bond Series – Service Class Shares<br> Nomura VIP Mid Cap Growth Series – Standard Class Shares and Service Class Shares<br> Nomura VIP Natural Resources Series – Service Class Shares<br> Nomura VIP Pathfinder Aggressive Series – Service Class Shares<br> Nomura VIP Pathfinder Conservative Series – Service Class Shares<br> Nomura VIP Pathfinder Moderate Series – Service Class Shares<br> Nomura VIP Pathfinder Moderate – Managed Volatility Series – Service Class Shares<br> Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series – Service Class Shares<br> Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series – Service Class Shares<br> Nomura VIP Pathfinder Moderately Aggressive Series – Service Class Shares<br> Nomura VIP Pathfinder Moderately Conservative Series – Service Class Shares<br> Nomura VIP Science and Technology Series – Standard Class Shares and Service Class Shares<br> Nomura VIP Small Cap Growth Series – Standard Class Shares and Service Class Shares<br> Nomura VIP Smid Cap Core Series – Service Class Shares<br> Nomura VIP Value Series – Service Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ivy Funds**<br> Nomura Climate Solutions Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Nomura Real Estate Securities Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Nomura Asset Strategy Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Nomura Balanced Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Nomura Core Equity Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Nomura Global Bond Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Nomura Global Growth Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Nomura High Income Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Nomura International Core Equity Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Nomura Large Cap Growth Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Nomura Mid Cap Growth Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Nomura Mid Cap Income Opportunities Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Nomura Natural Resources Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Nomura Science and Technology Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Nomura Small Cap Growth Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Nomura Smid Cap Core Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Nomura Systematic Emerging Markets Equity Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Voyageur Mutual Funds**<br> Nomura Minnesota High-Yield Municipal Bond Fund – Class A, Class C, and Institutional Class Shares<br> Nomura National High-Yield Municipal Bond Fund – Class A, Class C, and Institutional Class Shares<br> Nomura Tax-Free California Fund – Class A, Class C, and Institutional Class Shares<br> Nomura Tax-Free Idaho Fund – Class A, Class C, and Institutional Class Shares<br> Nomura Tax-Free New York Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Voyageur Mutual Funds II**<br> Nomura Tax-Free Colorado Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Voyageur Tax Free Funds**<br> Nomura Tax-Free Minnesota Fund – Class A, Class C, and Institutional Class Shares |

---

**<u>SCHEDULE B</u>**

DIFSC shall perform for each Fund and each of its Portfolios the following fund accounting, financial administration and related services. Unless otherwise noted, capitalized terms used herein shall have the same meanings assigned to them in the Agreement.

**A. Valuations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Participate
 on the Fund's fair value committee, manage the committee's decision-making process
 and provide BNY with fair value pricing decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide
 oversight of the Fund's pricing process, including maintaining a relationship with
 pricing vendors, providing BNY with sources for prices obtained through broker/dealer quotes,
 and reviewing stale pricing reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Verify
 that the daily net asset value ("NAV") is disseminated to interested parties;
 facilitate resolution of NAV errors, and ensure that corrective action is implemented, if
 necessary; review procedures with BNY to verify that appropriate controls are in place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Subject
 to the oversight and approval, if necessary, of the Fund's Board, select pricing vendors
 and negotiate and maintain contracts with such vendors for the benefit of the Fund.

**B. Calculation and Payment of Expenses**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Process
 and pay certain invoices on behalf of the Fund and approve bills for payment by BNY and provide
 BNY with allocation instructions and wire instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide
 BNY with information on the amount of directors'/trustees' fees to be accrued
 and the methodology for allocating these expenses among the Portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Issue
 checks on behalf of the Fund to directors/trustees for director/trustee compensation (net
 of Philadelphia city wage tax) and for reimbursement of meeting expenses; remit Philadelphia
 city wage tax on behalf of directors/trustees with respect to such payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Provide
 BNY with asset-based fee information on an annual basis, promptly notify BNY of any changes
 impacting these fees, and review and approve BNY's fee calculations based on timeframes
 detailed in the applicable Service Level Document (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Provide
 BNY with any applicable expense limitations and review Portfolio expenses to ensure that
 expense limitations have been properly implemented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Review
 budget assumptions employed by BNY for new and existing Portfolios, inform BNY of any significant
 new items requiring accrual or changes to current accruals, and review the over accruals/under
 accruals and approve non-routine adjustments to journal entries before the year-end excise
 tax period.

**C. Financial Reporting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Manage
 certifications and sub-certification process as required for financial reports, data and
 processes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Review
 financial reporting information provided by BNY for prospectuses, statements of additional
 information and other disclosure documents and coordinate completion of financial administration
 responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Review
 reports on regulatory forms (including, but not limited to, Form N-CSR, Form N-MFP, Form
 N-PORT and Form N-CEN) for accuracy, completeness, and proper financial disclosures in conjunction
 with BNY. Participate in review by, and resolution of comments from, external auditors when
 necessary or appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If
 a closed-end fund, analyze financial data and coordinate tender offer process with Fund management
 and the investment manager's legal department, the investment manager's investment
 team and BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Support
 regulatory reporting for filings (including, but not limited to, Form N-PORT and Form N-CEN)
 by completing and reviewing responses to financial questions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Provide
 financial data for inclusion in board reports, and furnish direction to BNY regarding board
 reporting requirements. Review financial information included in board reports prior to distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. In
 conjunction with BNY, provide analysis and recommendations regarding the impact of new accounting
 pronouncements on the Fund.

**D. Portfolio Securities Transactions and Trade Operations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Coordinate
 notification of, and responses to, voluntary corporate actions between BNY and the investment
 manager's investment team. Facilitate and ensure issues resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Maintain
 data requirements for order management and trading systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Ensure
 that information on executed trades is provided to BNY, broker/dealers and agents, including
 information on trades not executed through trading systems (e.g., derivatives, swaps and
 currency contracts). Confirm executed trades with broker/dealers and agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Provide
 support and trade maintenance for soft dollar transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Provide
 ad hoc support for trading systems, including testing and implementation of enhancements
 and modifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Manage
 trade settlement processes between the custodians and broker/dealers for Fund for standard
 trades, next day settlements, cash trades and mortgage-backed securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Maintain
 relationships with custodian banks in support of trade settlement processes.

DIFSC may rely on Delaware Management Company ("DMC") or BNY to provide any of the Services enumerated in this section to the extent such Services are provided by DMC or BNY.

**E. Dividends and Distributions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Review
 dividend projections prepared by BNY, prepare Section 19(a) notices and coordinate with the
 investment manager's legal department to prepare press releases regarding dividends
 and distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Coordinate
 dividend process with BNY, the Fund's transfer agent, Fund management, and the investment
 manager's legal department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Ensure
 timely payout of Fund distributions for both net income and capital gains, and verify appropriate
 and timely dissemination of data to interested parties. Conduct summary level review of distribution
 calculations and amounts.

**F. Reconciliation and Cash Management**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Review
 cash and principal assets reconciliation reports to mitigate potential NAV impacts resulting
 from cash, position or share discrepancies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Monitor
 the daily delivery of investable cash information to the investment manager's investment
 team and respond to questions and ensure timely resolution of issues. Act as liaison between
 the investment manager's investment team and BNY.

**G. Fund Performance Information**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Provide
 oversight for timely dissemination of performance information and conduct trend analysis
 review on performance information.

**H. Audit Support**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In
 coordination with BNY, participate in planning and execution of external audits and coordinate
 and participate in responses to inquiries from external auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Receive
 and maintain copy of external audit correspondence.

**I. Tax Reporting and Consulting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Provide
 detailed review of all federal, state and city tax returns and ancillary schedules, including
 year-end excise tax distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide
 consulting services, including interpretation of applicable regulations, to the Fund and
 BNY regarding tax diversification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Ensure
 that all tax returns are filed in accordance with filing deadlines and maintain copies of
 tax returns, including proof of timely mailing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Monitor
 and be familiar with new and proposed tax legislation through membership in the Investment
 Company Institute's tax committee and other legal, financial and trade organizations.
 Provide analysis and recommendations regarding the impact of new tax legislation on the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Prepare
 non-shareholder tax forms, as required, including Form 1099, for each member of the board
 of directors/trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Review
 and provide comments on the tax-related sections of shareholder reports, Section 19(a) notices,
 prospectuses, statements of additional information and other disclosure documents, and audit
 work preparation.

**J. Tax Compliance Monitoring**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Ensure
 that diversification tests are completed as prescribed by Internal Revenue Service and Securities
 and Exchange Commission regulations. Facilitate corrective action with the investment manager's
 investment team as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Ensure
 compliance with Subchapter M and Section 4982 of the Internal Revenue Code.

**K. Dissemination of Fund Data**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Participate
 in managing the dissemination of Fund data to third parties by furnishing BNY with details
 regarding new requests and notification of changes to Fund and Fund management.

**L. Performance of Services by BNY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Establish
 and monitor certain service level requirements as detailed in the service level documents
 (each a "Service Level Document") entered into between DIFSC and BNY with respect
 to BNY's performance of its duties pursuant to the BNY Fund Accounting Agreement with
 the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Evaluate
 BNY's performance against the mutually agreed upon requirements as detailed in the
 applicable Service Level Document and recommend adjustments as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Conduct
 periodic due diligence review of BNY's processes as detailed in the applicable Service
 Level Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Ensure
 that corrective action plans are developed and implemented by BNY as a result of a service
 requirement default as detailed in the applicable Service Level Documents.

**M. Business Continuity**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Confirm
 the adequacy of disaster recovery plans with respect to systems and processes of third party
 vendors selected by the Fund or DIFSC and relating to fund accounting and financial administration.

**N. Relationship Management**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Participate
 in meetings with BNY to discuss trends, technology and strategic direction, and report pertinent
 information to the Fund board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Represent
 interests of Fund board at regular meetings with BNY to discuss services provided, system
 functionality and policy/procedural documentation.

**O. Other**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Review
 leverage requirements and manage credit facilities on behalf of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Monitor
 the flow of information between BNY and the Fund's proxy voting agent. In order to
 ensure proper voting of proxies received in connection with securities held by the Portfolio(s),
 review the Fund's proxy voting summaries, which will be prepared by BNY from the records
 of the proxy voting agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If
 a closed-end fund, act as liaison between BNY and the investment manager's investment
 team, ratings agencies and the investment manager's Compliance Department for closed-end
 ratings agency tests, ensuring that communication and corrective action protocols are maintained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Arrange
 in good faith for the amendment of the BNY Fund Accounting Agreement or the negotiation of
 new contractual arrangements with another service provider with respect to new fund accounting
 or financial administration services requested by the Funds or required by applicable law
 after the date of this Agreement.

**<u>SCHEDULE C</u>**

**Annual Fee**

Each Fund will be charged an annual fee equal to the sum of (a) a base fee of $4,000 ("Flat Fee") plus (b) a Pro Rata AUM Fee calculated as follows:

First, a total annual fee will be calculated by multiplying the average daily net assets of all Funds during the year by the applicable fee rates in the following table to calculate the "Total Fee."

---

| | |
|:---|:---|
| Average Daily Net Assets | Annual Fees |
| First $60 billion of average daily net assets | .00500% |
| Next $30 billion of average daily net assets | .00475% |
| Over $90 billion of average daily net assets | .00150% |

---

Second, the Flat Fee will be multiplied by the number of Funds in the complex to calculate the "Aggregate Flat Fee."

Third, the Aggregate Flat Fee will be subtracted from the Total Fee to calculate the "Total AUM Allocation Fee."

Fourth, the Pro Rata AUM Fee for each Fund will be equal to the product of the Total AUM Allocation Fee multiplied by a fraction, the numerator of which is such Fund's average daily net assets in the year of calculation and the denominator of which is the average daily net assets of all Funds during such year.

**Example:**

Assume that the complex has 60 Funds and $60,000,000,000 in AUM. The annual fee would be calculated as follows:

The Funds, as a complex, would be charged $3,000,000 ($60,000,000,000 \* .00500% = $3,000,000)

Each of the 60 Funds would be allocated a flat fee of $4,000 (60 \* $4,000 = $240,000)

Each of the 60 Funds would be charged an asset based fee on the remaining $2,760,00 ($3,000,000 - $240,000 = $2,760,000)

The asset based fee on the $2,760,000 would be allocated pro rata to each of the 60 Funds based on AUM per Fund

Assume that the complex launches a new Fund and has 61 Funds, but assets remain at $60,000,000,000 in AUM. The annual fee would be calculated as follows:

The Funds, as a complex, would still be charged $3,000,000 ($60,000,000,000 \* .00500% = $3,000,000)

Each of the 61 Funds would be allocated a flat fee of $4,000 (61 \* $4,000 = $244,000)

Each of the 61 Funds would be charged an asset based fee on the remaining $2,756,000 ($3,000,000 - $244,000 = $2,756,000)

The asset based fee on the $2,756,000 would be allocated pro rata to each of the 61 Funds based on AUM per Fund

The complex would be charged the same total amount. The difference would be that the pro rata calculation would be based on a smaller amount because there are more funds in the complex.

**<u>SCHEDULE D</u>**

**LIST OF AUTHORIZED PRICING VENDORS:**

---

| | |
|:---|:---|
| **<u>Name of Vendor</u>** | **<u>Types of Securities</u>** |
| Interactive Data | Equities (US and Foreign), Taxable Bonds, Non Taxable Bonds, CDS |
| Standard & Poor's (including JJ Kenny) | Non Taxable Bonds, Taxable Bonds |
| Bloomberg | Equities, Bonds, Futures, Options |
| Thomson Reuters | Exchange Rates, Equities, Taxable Bonds, Bank Loans |
| Markit | Bank Loans, Swaps, OTC Derivatives |

---

**FAIR VALUATION INFORMATION VENDOR(S):**

---

| | |
|:---|:---|
| **<u>Name of Vendor</u>** | **<u>Types of Securities</u>** |
| Interactive Data Fair Value Service | Foreign Equities |

---

**LIST OF AUTHORIZED DATA INFORMATION VENDORS:**

---

| | |
|:---|:---|
| **<u>Name of Vendor</u>** | **<u>Type of Service</u>** |
| GICS | Security Classifications |
| S&P – CUSIP | CUSIP Database |
| LSE – SEDOL License | SEDOL Database |

---

## Ex-99.J1

**EX-99.j.1**

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

We hereby consent to the incorporation by reference in the Registration Statement on Form N-1A of Delaware VIP Trust of our reports dated February 27, 2026, relating to the financial statements and financial highlights of Nomura VIP Emerging Markets Series, Nomura VIP Fund for Income Series, Nomura VIP Growth and Income Series, Nomura VIP Growth Equity Series, Nomura VIP Investment Grade Series, Nomura VIP Limited Duration Bond Series, Nomura VIP Opportunity Series, Nomura VIP Small Cap Value Series and Nomura VIP Total Return Series, which appear in Delaware VIP Trust's Certified Shareholder Reports on Form N-CSR for the year ended December 31, 2025.

We also consent to the incorporation by reference in the Registration Statement on Form N-1A of Ivy Variable Insurance Portfolios of our reports dated February 27, 2026, relating to the financial statements and financial highlights of Nomura VIP Asset Strategy Series, Nomura VIP Balanced Series, Nomura VIP Core Equity Series, Nomura VIP Corporate Bond Series, Nomura VIP Energy Series, Nomura VIP Global Growth Series, Nomura VIP Growth Series, Nomura VIP High Income Series, Nomura VIP International Core Equity Series, Nomura VIP Limited-Term Bond Series, Nomura VIP Mid Cap Growth Series, Nomura VIP Natural Resources Series, Nomura VIP Pathfinder Aggressive Series, Nomura VIP Pathfinder Conservative Series, Nomura VIP Pathfinder Moderate Series, Nomura VIP Pathfinder Moderate - Managed Volatility Series, Nomura VIP Pathfinder Moderately Aggressive Series, Nomura VIP Pathfinder Moderately Aggressive - Managed Volatility Series, Nomura VIP Pathfinder Moderately Conservative Series, Nomura VIP Pathfinder Moderately Conservative - Managed Volatility Series, Nomura VIP Science and Technology Series, Nomura VIP Small Cap Growth Series, Nomura VIP Smid Cap Core Series and Nomura VIP Value Series, which appear in Ivy Variable Insurance Portfolios' Certified Shareholder Reports on Form N-CSR for the year ended December 31, 2025.

We also consent to the references to us under the headings "Financial Statements" and "Financial Highlights" in such Registration Statements.

/s/ PricewaterhouseCoopers LLP<br> Philadelphia, Pennsylvania<br> April 29, 2026

## Ex-99.N1

**EX-99.n.1**

**Nomura Funds**

**(Delaware VIP Trust and Ivy Variable Insurance Portfolios)**

**Multiple Class Plan Pursuant to Rule 18f-3**

This Multiple Class Plan (the "Plan") has been adopted by a majority of the Board of Trustees of Delaware VIP Trust and Ivy Variable Insurance Portfolios (the "Funds"), including a majority of the Trustees who are not interested persons of the Funds, pursuant to Rule 18f-3 under the Investment Company Act of 1940, as amended (the "Act"). The Board of the Funds has determined that the Plan, including the allocation of expenses, is in the best interests of the Funds as a whole, each series of shares offered by the Funds (individually and collectively the "Series") and each class of shares offered by its Series. The Plan sets forth the provisions relating to the establishment of multiple classes of shares for the Funds' Series. To the extent that a subject matter set forth in this Plan is covered by the Funds' Agreement and Declaration of Trust or By-Laws, such Agreement and Declaration of Trust or By-Laws will control in the event of any inconsistencies with descriptions contained in this Plan.

**<u>CLASSES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each Series of the Funds shall offer two classes of shares to be referred to herein as Standard Class and Service Class shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All shares of the Funds shall be sold solely to the separate accounts of certain life insurance companies ("Insurance Companies") for the purpose of funding certain variable annuity and variable life insurance contracts ("Variable Contracts") and to such other investors as are determined to be eligible to purchase such shares.

**<u>FRONT-END AND CONTINGENT DEFERRED SALES CHARGES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Standard Class and Service Class shares are sold without the imposition of any front-end or contingent deferred sales charges (although the Variable Contracts are subject to such sales charges).

**<u>RULE 12b-1 PLANS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. In accordance with the Rule 12b-1 Plan adopted by the Funds on behalf of the Service Class shares of each Series (the "Service Class 12b-1 Plan"), the Delaware VIP Trust shall pay to Delaware Distributors, L.P. (the "Distributor"), Insurance Companies or others a monthly fee not to exceed 0.30% per annum of each Series' average daily net assets represented by its Service Class shares, and Ivy Variable Insurance Portfolios provides for a maximum fee of 0.25% of the average annual net assets of each Series' average daily net assets represented by its Service Class shares, as may be determined by the Funds' Board of Trustees from time to time.

Provided however, Service Class shares of Nomura VIP Pathfinder Aggressive Series, Nomura VIP Pathfinder Moderately Aggressive Series, Nomura VIP Pathfinder Moderate Series, Nomura VIP Pathfinder Moderately Conservative Series, Nomura VIP Pathfinder Conservative Series, Nomura VIP Pathfinder Moderate — Managed Volatility Series, Nomura VIP Pathfinder Moderately Aggressive — Managed Volatility Series, and Nomura VIP Pathfinder Moderately Conservative — Managed Volatility Series are not subject to a Rule 12b-1 fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Service Class 12b-1 Plan may be used to pay the Distributor, Insurance Companies or others to assist in the promotion and distribution of Service Class shares or Variable Contracts offering Service Class shares. Payments made under the Service Class 12b-1 Plan may be used for, among other things, the printing of prospectuses and reports used for sales purposes, preparing and distributing sales literature and related expenses, advertisements, education of contract owners or dealers and their representatives, and other distribution-related expenses. Payments made under the Plan may also be used to pay Insurance Companies, dealers or others for, among other things, service fees as defined under National Association of Securities Dealers, Inc. rules, furnishing personal services or such other enhanced services as the Funds or a Variable Contract may require, or maintaining customer accounts and records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Funds have not adopted any Rule 12b-1 Plan for the Standard Class shares of the Series of the Funds.

**<u>ALLOCATION OF EXPENSES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Funds shall allocate to each class of shares of a Series any fees and expenses incurred by the Funds in connection with the distribution or servicing of such class of shares under a Rule 12b-1 Plan, if any, adopted for such class. In addition, the Funds reserve the right, subject to approval by the Funds' Board of Trustees, to allocate fees and expenses of the following nature to a particular class of shares of a Series (to the extent that such fees and expenses actually vary among each class of shares or vary by types of services provided to each class of shares of the Series):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) transfer agency and other recordkeeping costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Securities and Exchange Commission and blue sky registration or qualification fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) printing and postage expenses related to printing and distributing class-specific materials, such as shareholder reports, prospectuses and proxies to current shareholders of a particular class or to regulatory authorities with respect to such class of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) audit or accounting fees or expenses relating solely to such class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the expenses of administrative personnel and services as required to support the shareholders of such class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) litigation or other legal expenses relating solely to such class of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Trustees' fees and expenses incurred as a result of issues relating solely to such class of shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) other expenses subsequently identified and determined to be properly allocated to such class of shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. (a) <u>Daily Dividend Series</u>. With respect to Series that declare a dividend to shareholders on a daily basis, all expenses incurred by a Series will be allocated to each class of shares of such Series on the basis of "settled shares" (net assets valued in accordance with generally accepted accounting principles but excluding the value of subscriptions receivable) of each class in relation to the net assets of the Series, except for any expenses that are allocated to a particular class as described in paragraph 7 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Non-Daily Dividend Series</u>. With respect to Series that do not declare a dividend to shareholders on a daily basis, all expenses incurred by a Series will be allocated to each class of shares of such Series on the basis of the net asset value of each such class in relation to the net asset value of the Series, except for any expenses that are allocated to a particular class as described in paragraph 7 above.

• **<u>ALLOCATION OF INCOME AND GAINS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;9. (a) <u>Daily Dividend Series</u>. With respect to Series that declare a dividend to shareholders on a daily basis, income will be allocated to each class of shares of such Series on the basis of settled shares of each class in relation to the net assets of Series, and realized and unrealized capital gains and losses of the Series will be allocated to each class of shares of such Series on the basis of the net asset value of each such class in relation to the net asset value of the Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Non-Daily Dividend Series</u>. With respect to Series that do not declare a dividend to shareholders on a daily basis, income and realized and unrealized capital gains and losses of a Series will be allocated to each class of shares of such Series on the basis of the net asset value of each such class in relation to the net asset value of the Series.

**<u>CONVERSIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;10. Standard Class and Service Class shares do not have a conversion feature.

**<u>EXCHANGES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;11. Shares of either class may be exchangeable for shares of the same class of another Series of the Funds according to the terms and conditions related to transfer privileges set forth in the Variable Contract and/or Funds prospectuses, as they may be amended from time to time.

**<u>OTHER PROVISIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;12. Each class will vote separately with respect to any Rule 12b-1 Plan related to that class.

&nbsp;&nbsp;&nbsp;&nbsp;13. On an ongoing basis, the Trustees, pursuant to their fiduciary responsibilities under the Act and otherwise, will monitor each Series for the existence of any material conflicts between the interests of all the classes of shares offered by such Series. The Trustees, including a majority of the Trustees who are not interested persons of the Funds, shall take such action as is reasonably necessary to eliminate any such conflict that may develop. The Manager and the Distributor shall be responsible for alerting the Board to any material conflicts that arise.

&nbsp;&nbsp;&nbsp;&nbsp;14. All material amendments to this Plan must be approved by a majority of the Trustees of the Funds, including a majority of the Trustees who are not interested persons of the Funds.

Initially effective November 16, 2000 for Delaware VIP Trust and April 28, 2017 for Ivy Variable Insurance Portfolios.

Effective as of December 1, 2025 as Nomura Funds.

**APPENDIX A**

**TO THE DELAWARE VIP TRUST**

**RULE 18F-3 MULTI-CLASS PLAN**

This Appendix A ("Appendix A"), to the Delaware VIP Trust Rule 18F-3 Plan dated December 1, 2025 (the "Agreement"), is effective as of December 1, 2025, and supersedes any prior Appendix A to the Agreement.

---

| | |
|:---|:---|
| **Delaware VIP Trust** | **Share Class** |
| Nomura VIP Emerging Markets Series<br> *(formerly, Macquarie VIP Emerging Markets Series)* | Standard Class<br> Service Class |
| Nomura VIP Fund for Income Series<br> *(formerly, Macquarie VIP Fund for Income Series)* | Standard Class<br> Service Class |
| Nomura VIP Growth and Income Series<br> *(formerly, Macquarie VIP Growth and Income Series)* | Standard Class |
| Nomura VIP Growth Equity Series <br> *(formerly, Macquarie VIP Growth Equity Series)* | Standard Class |
| Nomura VIP Investment Grade Series <br> *(formerly, Macquarie VIP Investment Grade Series)* | Standard Class<br> Service Class |
| Nomura VIP Limited Duration Bond Series *(formerly, <br> Macquarie VIP Limited Duration Bond Series)* | Standard Class |
| Nomura VIP Opportunity Series *(formerly, <br> Macquarie VIP Opportunity Series)* | Standard Class |
| Nomura VIP Small Cap Value Series *(formerly, <br> Macquarie VIP Small Cap Value Series)* | Standard Class<br> Service Class |
| Nomura VIP Total Return Series *(formerly, <br> Macquarie VIP Total Return Series)* | Standard Class<br> Service Class |
| **<u>Ivy Variable Insurance Portfolios</u>** | **<u>Share Class</u>** |
| Nomura VIP Asset Strategy Series *(formerly, <br> Macquarie VIP Asset Strategy Series)* | Standard Class<br> Service Class |
| Nomura VIP Balanced Series *(formerly, <br> Macquarie VIP Balanced Series)* | Service Class |
| Nomura VIP Core Equity Series *(formerly, <br> Macquarie VIP Core Equity Series)* | Service Class |
| Nomura VIP Corporate Bond Series *(formerly, <br> Macquarie VIP Corporate Bond Series)* | Service Class |
| Nomura VIP Energy Series *(formerly, <br> Macquarie VIP Energy Series)* | Standard Class<br> Service Class |
| Nomura VIP Global Growth Series *(formerly, <br> Macquarie VIP Global Growth Series)* | Service Class |
| Nomura VIP Growth Series *(formerly, <br> Macquarie VIP Growth Series)* | Service Class |
| Nomura VIP High Income Series *(formerly, <br> Macquarie VIP High Income Series)* | Standard Class<br> Service Class |
| Nomura VIP International Core Equity Series <br>*(formerly, Macquarie VIP Internation Core Equity Series)* | Standard Class<br> Service Class |

---

---

| | |
|:---|:---|
| Nomura VIP Limited-Bond Series *<br> (formerly, Macquarie VIP Limited-Bond Series)* | Service Class |
| Nomura VIP Mid Cap Growth Series *<br> (formerly, Macquarie VIP Mid Cap Growth Series)* | Standard Class |
| Nomura VIP Natural Resources Series *<br> (formerly, Macquarie VIP Natural Resources Series)* | Service Class |
| Nomura VIP Pathfinder Aggressive Series *<br> (formerly, Macquarie VIP Pathfinder Aggressive Series)* | Service Class |
| Nomura VIP Pathfinder Conservative Series<br> *(formerly, Macquarie VIP Pathfinder Conservative Series)* | Service Class |
| Nomura VIP Pathfinder Moderate Series *<br> (formerly, Macquarie VIP Pathfinder Moderate Series)* | Service Class |
| Nomura VIP Pathfinder Moderate – Managed Volatility Series <br> *(formerly, Macquarie VIP Pathfinder Moderate – Managed Volatility Series)* | Service Class |
| Nomura VIP Pathfinder Moderately Aggressive Series <br> *(formerly, Macquarie VIP Pathfinder Moderately Aggressive Series)* | Service Class |
| Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series <br> *(formerly, Macquarie VIP Pathfinder Moderately Aggressive – Managed Volatility Series)* | Service Class |
| Nomura VIP Pathfinder Moderately Conservative Series <br> *(formerly, Macquarie VIP Pathfinder Moderately Conservative Series)* | Service Class |
| Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series <br> *(formerly, Macquarie VIP Pathfinder Moderately Conservative – Managed Volatility Series)* | Service Class |
| Nomura VIP Science & Technology Series <br> *(formerly, Macquarie VIP Science & Technology Series)* | Standard Class<br> Service Class |
| Nomura VIP Smid Cap Core Series *<br> (formerly, Macquarie VIP Smid Cap Core Series)* | Service Class |
| Nomura VIP Small Cap Growth Series *<br> (formerly, Macquarie VIP Small Cap Growth Series)* | Standard Class<br> Service Class |
| Nomura VIP Value Series *<br> (formerly, Macquarie VIP Value Series)* | Service Class |

---

## Ex-99.P3

**EX-99.p.3**

![](imgp3_01.jpg)

**Code of Ethics**

Securian Asset Management, Inc.

![](imgp3_02.jpg)

**Introduction**

Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act") and Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act"), require that each registered investment adviser adopt and implement a written code of ethics that, at a minimum, contains provisions regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 adviser's standards of business conduct that reflect its fiduciary duty to its clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with all applicable federal securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reporting
 and review of each **Access Persons** personal securities transactions and holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reporting
 of violations of and issues arising under the code of ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Delivery
 to and acknowledgement of the code of ethics by all Supervised Persons.

---

| |
|:---|
| **"Supervised Persons"** |
| All employees, officers, and directors of Securian AM, and any other individual notified by the CCO of Securian AM that they are subject to the Code, are considered "Supervised Persons". |

---

In accordance with Rule 204A-1 and Rule 17j-1, this Code of Ethics (the "Code") sets forth the standards of business conduct expected of all **Supervised Persons** of Securian Asset Management, Inc. ("Securian AM"). The purpose of this Code is to prevent and detect violations of applicable federal securities laws by Securian AM and its Supervised Persons, and to promote ethical and professional conduct. The Code is based upon the principle that Securian AM owes a fiduciary duty to its clients. As such, Supervised Persons must perform their duties in such a manner as to avoid (i) serving their own personal interests ahead of clients, (ii) taking inappropriate advantage of their position with Securian AM, and (iii) where appropriate, mitigate any actual or potential conflicts of interest. The provisions of the Code are not all-inclusive. Rather, they are intended as a guide to alert Supervised Persons to significant issues that may arise. However, this Code is not a summary of all laws or policies that apply to Securian AM's business. Accordingly, Supervised Persons are expected to adhere to the spirit, and not just the letter, of the Code in meeting Securian AM's fiduciary obligations to its clients. Any situation where there is uncertainty or questions as to the intent or application of the provisions of the Code should be directed to the Chief Compliance Officer (the "CCO") of Securian AM.

**Violations of the Code may result in disciplinary actions, including, but not limited to, written letters of warning, re-certification of the Code, sanctions, disgorgement of profits, and/or termination of employment.**

**"Access Persons"**<br>Access Persons for purposes of this Code are:<br>(i) Supervised Persons who:<br>(a) have access to non-public information regarding any clients purchase or sale of securities or regarding the portfolio holdings of any reportable fund (i.e., any mutual fund advised by Securian AM); or<br>(b) are involved in making securities recommendations to clients or that have access to such recommendations that are non-public; or<br>(ii) all of Securian AM's directors, officers and partners<br>

**Certification**

All Supervised Persons are required to certify their receipt and understanding of, and agree to comply with, the Code within ten (10) business days of becoming a Supervised Person. On an annual basis, all Supervised Persons are required to re-certify their understanding of, and compliance with, the Code via the compliance administration system, Orion. Additional reporting and certification requirements are included in the Gifts and Entertainment and Personal Securities Transactions sections of the Code.

**Personal Securities Transactions**

The restrictions and limitations on personal securities trading activity set forth below only apply to **Access Persons**. Generally, Access Persons may engage in personal securities transactions for their own accounts or for the accounts of their immediate family members sharing the same household, or other persons with whom they have a Beneficial Ownership, provided that they fully comply with the Code. For purposes of the Code, "immediate family members" include any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, domestic partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and includes adoptive children, stepchildren, that share the same household as the Access Person. Personal securities transactions conducted by Access Persons must be executed in a manner consistent with Securian AM's fiduciary obligations to its clients: trades must avoid actual or potential conflicts of interest, as well as the appearance of impropriety.

---

| | |
|:---|:---|
| **"Beneficial Ownership"** | **"Beneficial Ownership"** |
| Accounts holding, or that are permitted to hold, Reportable Securities: | Accounts holding, or that are permitted to hold, Reportable Securities: |
| (i) | held in the name of the Access Person; or |
| (ii) | over which the Access Person has any direct or indirect ownership, future ownership, control or authority interest in the investment account holding such Reportable Securities; or |
| (iii) | held by immediate family members sharing the same household. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Personal Securities Accounts Covered by the Code** 

The Code applies to all personal trading accounts holding, or that are permitted to hold, any Reportable Securities over which **Access Persons** have any **Beneficial Ownership**. It may be possible for Access Persons to exclude accounts held personally or by immediate family members sharing the same household from the Code if the Access Person does not have any direct or indirect influence or control over the accounts (a "Managed Account"). Access Persons must obtain the written approval of the CCO before excluding any accounts held personally or by immediate family members sharing the same household.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Reportable Securities** 

**Access Persons** must provide periodic reports regarding transactions and holdings in all "**Reportable Securities**," which include any security **<u>except</u>** the following (collectively, "**Non-Reportable Securities**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S.
 government securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankers'
 acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt
 instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares
 issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares
 of mutual funds unless Securian AM acts as the investment adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares
 issued by unit investment trusts that are invested exclusively in one (1) or more unaffiliated
 open-end registered investment companies, none of which are advised or underwritten by Securian
 AM or an affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-traded
 funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Municipal
 securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities
 held in a Managed Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities
 transactions effected pursuant to an automatic investment plan, such as 401(k) plans that
 do not contain a brokerage option, and dividend reinvestment plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Pre-Clearance** 

**Access Persons** must obtain pre-clearance for all Reportable Securities transactions via Orion. Non-Reportable Securities transactions are exempt from pre-clearance. If pre-clearance is approved, the approval is effective for a two (2) business day period. After the two (2) business day period expires, a new request for pre-clearance must be submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Reporting** 

**Access Persons** are required to submit both holdings reports as well as transaction reports to Securian AM Compliance for Reportable Securities over which they or immediate family members have a Beneficial Ownership, on the frequency set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Initial Disclosure of all Accounts and Holdings</u>. **Access Persons** must submit a report listing all personal trading accounts over which the Access Person or their immediate family members have a Beneficial Ownership, that hold, or that are permitted to hold, Reportable Securities, to Securian AM Compliance via Orion within **ten (10) business days** of becoming an Access Person. The initial disclosure report must also include all current holdings of Reportable Securities and must be current as of a date no more than **forty-five (45)** days prior to the date the individual first becomes an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Newly Established Accounts</u>. **Access Persons** must report the opening of any new personal trading accounts over which the Access Person or their immediate family members have a Beneficial Ownership, that hold, or that are permitted to hold, Reportable Securities to Securian AM Compliance via Orion within **thirty (30) days** of account establishment. Any newly established account is subject to the preclearance requirements set forth above in Section C. The Access Person is responsible for ensuring that Securian AM Compliance is provided with all holdings in the account, as well as of any transactions that may have taken place in the account since the account's inception.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Quarterly Reports</u>. Within **thirty (30) calendar days** following the end of each calendar quarter, **Access Persons** must report all Reportable Securities transactions in personal trading accounts over which the Access Person or immediate family members have a Beneficial Ownership for the full quarter to Securian AM Compliance via Orion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Annual Reports</u>. On or before **February 15**, of each year, **Access Persons** must report all personal trading accounts and holdings over which the Access Person or their immediate family members have a Beneficial Ownership, that hold, or that are permitted to hold, Reportable Securities as of yearend, to Securian AM Compliance via Orion.

Access Persons may satisfy all the transactions reporting requirements required under the Code by providing Securian AM Compliance duplicate account statements for transactions placed through a broker-dealer, provided the statements includes, at a minimum, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 date of each transaction, the title, and as applicable, the exchange ticker symbol or CUSIP
 number, interest rate and maturity date, number of shares, and principal amount of each security
 involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 nature of the transaction (i.e., purchase, sale, or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 price of the security at which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 name of the broker-dealer, bank, or firm, through which the transaction was effected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Exceptions from Reporting Requirements</u>. Access Persons are **not** required to provide reports for the any of following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Reportable Securities transactions held in Managed Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Reportable Securities transactions effected pursuant to an automatic investment plan (e.g., 401(k) plans that do not have a brokerage account option, and dividend reinvestment plans); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Reportable Securities transactions held in accounts with a direct electronic broker feed within Orion.

Any personal trading accounts that may be eligible for these exceptions should immediately after such accounts are established be brought to the attention of the CCO, who will, on a case-by-case basis, determine whether an account qualifies for an exception and make a record of such determination. In making this determination, the CCO may ask for supporting documentation, such as a copy of the automatic investment plan, a copy of the discretionary account management agreement, and/or a written certification from an unaffiliated investment adviser and/or broker-dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Personal Trading and Holdings Reviews** 

The Code is designed to mitigate material conflicts of interest associated with Access Persons' personal trading activities. Accordingly, Securian AM Compliance will closely monitor Access Persons' investment patterns to detect the following behavior that violates or potentially violates federal securities laws including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading
 in securities appearing on a MNPI Restricted List;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Frequent
 trades in Reportable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Front-running
 and other trading in conflict with client interests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading
 that appears to be based on MNPI.

Any personal trading that violates or potentially violates federal securities laws will result in further inquiry by the CCO and may result in sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Material Non-Public Information** 

Securian AM and/or Access Persons may receive information that may be deemed to be material non-public information ("MNPI"). Consequently, Securian AM Compliance may choose to restrict personal trading in a security of a company or issuer by placing the company or issuer on a restricted list ("MNPI Restricted List") and/or creating a restricted group for Access Persons that are in possession of MNPI. Access Persons that are part of a MNPI restricted group are prohibited from trading in any security of a company or issuer on the MNPI Restricted List. All questions relating to MNPI or whether a Supervised Person possesses, or may possess, MNPI should be directed to the CCO.

If you receive MNPI about a public company, you must immediately notify the CCO, so that it can be added to the MNPI Restricted List.

**Gifts and Entertainment**

Securian AM recognizes that certain Access Persons may receive or provide gifts, business meals or other entertainment from or to persons or entities that do business with or on behalf of Securian AM, such as brokers, dealers, custodians, service providers, sub-advisers, or clients. However, such gifts or entertainment may create actual or potential conflicts of interest with the interests of Securian AM's clients or may otherwise violate the fiduciary duty that Securian AM owes to its clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access
 Persons must not accept or provide a gift that is excessive, lavish, or extravagant, or that
 may influence or appear to influence their objectivity or independence in performing their
 duties for Securian AM. For the purposes of this Code, a gift is considered excessive, lavish,
 or extravagant if its value exceeds $100 per person per occasion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access
 Persons must not accept or provide any gift that is in the form of cash or cash equivalents,
 such as gift cards, vouchers, or certificates, regardless of the amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access
 Persons must not accept or provide any gift, meal, or entertainment that is conditioned on
 or results in any quid pro quo, favor, or preferential treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access
 Persons must not accept or provide any gift, meal, or entertainment that is illegal, unethical,
 or immoral, or that may harm the reputation or goodwill of Securian AM or its clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access
 Persons must report all gifts, meals, or other entertainment received or provided to the
 CCO or his or her designee, on a quarterly basis, via Orion. The value of the meals or entertainment,
 independently, from any one (1) source in one (1) calendar year may not exceed $250
unless you receive prior approval from the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access
 Persons must obtain prior written approval from the CCO or his or her designee before accepting
 or providing any gift, meal, or entertainment that exceeds the value thresholds specified
 above, or that may otherwise raise any concerns or questions regarding the compliance with
 this Code.

Any gift that violates the Code must be refused or immediately returned, or the Access Person must consult with the CCO or his or her designee to determine the appropriate action under the circumstances. When in doubt about a gift, fully disclose the nature of the situation to the CCO prior to accepting a gift.

**Conflicts of Interest and Disclosure**

Securian AM recognizes that Access Persons may encounter situations or circumstances that may create actual or potential conflicts of interest with the interests of Securian AM's clients or may otherwise violate the fiduciary duty that Securian AM owes to its clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access
 Persons must always act in the best interests of Securian AM's clients and must place
 the interests of the clients above their own personal interests or the interests of any other
 person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access
 Persons must avoid any actual or potential conflicts of interest with the interests of Securian
 AM's clients, or any situations or circumstances that may give rise to such conflicts
 of interest. A conflict of interest may exist when an Access Person's personal interest
 or relationship interferes or appears to interfere with the interests of Securian AM's
 clients, or when an Access Person's loyalty or duty to Securian AM or its clients is
 compromised or appears to be compromised by any other person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access
 Persons must disclose any actual or potential conflicts of interest to the CCO or his or
 her designee, as soon as they become aware of them, via Orion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access
 Persons must cooperate with the CCO or his or her designee in resolving any actual or potential
 conflicts of interest and must follow any instructions or directions given by the CCO or
 his or her designee to eliminate, mitigate, or manage the actual or potential conflict of
 interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access
 Persons must disclose any material facts or information that may affect Securian AM's
 ability to provide impartial and objective advice to its clients, or that may otherwise be
 relevant or important for the clients to know or understand, in accordance with Securian
 AM's Form ADV and other disclosure documents.

**Electronic Communications**

All electronic communications relating to Securian AM's business activities must be conducted through Securian AM's approved electronic communication channels, which, as of the date of this Code, are Microsoft Teams, Bloomberg, WebEx, Zoom and Outlook. Electronic communications include, but are not limited to, emails, instant messages, text messages, voice messages, video messages, social media posts, and any other forms of electronic communication that may be used to communicate with clients, service providers, sub-advisers, regulators, or other third parties.

These channels are subject to Securian AM's supervision, retention, and retrieval policies and procedures, and are designed to ensure that Securian AM maintains accurate and complete records of its electronic communications.

Securian AM prohibits the use of any other electronic communication channels, such as text messaging, personal email, WhatsApp, social media, or any other unapproved applications on unapproved platforms, for any business-related purposes. These channels are not subject to Securian AM's supervision, retention, and retrieval policies and procedures, and may pose significant risks to Securian AM's compliance with books and records requirements, as well as the protection of confidential and sensitive information.

Any Access Person of Securian AM who receives or sends any business-related electronic communication through an unapproved channel must immediately forward or copy the communication to

Securian AM's approved channel and notify the CCO or his or her designee of the incident. The CCO or his or her designee will review the communication and determine the appropriate corrective action, which may include disciplinary measures, additional training, or reporting to Securian AM leadership.

**Compliance and Reporting**

Securian AM is committed to ensuring compliance with this Code and with all applicable laws and regulations governing its business activities. Securian AM has designated the CCO as the person responsible for administering and enforcing this Code, and for overseeing the compliance program of Securian AM. The CCO has the authority and the duty to interpret, implement, monitor, and review this Code and the compliance program, and to report any issues or violations to Securian AM's management and the appropriate authorities. Access Persons must acknowledge in writing that they have received, read, understood, and agreed to comply with this Code, within 10 (ten) business days upon joining Securian AM and on an annual basis thereafter via Orion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access
 Persons must report any violations or suspected violations of this Code, or any other unethical
 or illegal conduct, to the CCO or his or her designee as soon as they become aware of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access
 Persons must not retaliate or take any adverse action against any person who reports or participates
 in the investigation of any violations or suspected violations of this Code, or any other
 unethical or illegal conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 CCO or his or her designee will review and evaluate any reports or disclosures submitted
 by Access Persons and will determine the appropriate course of action to address any violations
 or suspected violations of this Code, or any other unethical or illegal conduct. The CCO
 or his or her designee may impose any disciplinary measures or sanctions that are warranted
 by the circumstances, such as warnings, reprimands, suspensions, terminations, disgorgements,
 fines, or referrals to the relevant authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 CCO or his or her designee will maintain records of all reports, disclosures, investigations,
 and actions taken under this Code, and will report any material issues or violations to Securian
 AM's management and the appropriate authorities, as required by law or regulation.

**Client Confidentiality**

All Supervised Persons have a responsibility to protect the confidentiality of information relating to Securian AM clients and their accounts. This responsibility may be imposed by law, may arise out of agreement with clients, or may be based on policies and practices adopted by Securian AM. Any nonpublic information concerning Securian AM clients that Supervised Persons acquire in connection with their employment with Securian AM is confidential. This includes information regarding actual or contemplated investment decisions, portfolio composition, investment recommendations, and client interests and holdings. The restriction of disclosing client information is not intended, nor shall it be interpreted, to prevent Supervised Persons from reporting to any regulatory authority or government body any conduct a Supervised Person believes to be in violation of the law, or from responding truthfully to questions or requests from a government body or regulator in a court of law.

**Amendments**

The CCO shall review the Code at least annually in light of legal, regulatory, and/or business developments to ensure the Code remain adequate and effectively implemented. Supervised Persons will be informed of any substantive changes to the Code as a result of this review and will be required to re-certify that they have received, read, understood, and agreed to comply with the revised Code.

## Ex-99.P5

**EX-99.p.5**

**CODE OF ETHICS**

**Nomura Asset Management U.S.A. Inc.**

**Nomura Corporate Research and Asset Management Inc.**

**Japan Smaller Capitalization Fund, Inc.**

Effective Date <u>May 31, 2025</u> <br> <u>Applicable Entities</u> <u>Investment Advisers</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;o | Nomura Asset Management U.S.A. Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;o | Nomura Corporate Research and Asset Management Inc. |
| U.S. Registered Investment Companies | U.S. Registered Investment Companies |
| &nbsp;&nbsp;&nbsp;&nbsp;o | Japan Smaller Capitalization Fund, Inc.<br>|

---

**TABLE OF CONTENTS**

I. STATEMENT OF POLICY 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. General Principles 4

B. Disciplinary Action; Supervisor
 Responsibility 5

II. PERSONS COVERED UNDER THE CODE 5

III. STANDARDS OF CONDUCT 7

A. Compliance with Securities Laws,
 Rules and Regulations 7

B. Confidentiality 8

C. Protection of Corporate Assets 9

D. Employee Political and Charitable
 Contributions 9

E. Insider Trading 9

IV. OUTSIDE AFFILATIONS 10

A. Outside Employment, Advisory and
 Other Related Activities 10

B. Outside Board Memberships 12

C. Speaking, Teaching, Writing, and
 Broadcasting 13

V. OTHER POTENTIAL CONFLICTS OF INTEREST 13

A. Accepting and Giving Gifts and Entertainment 13

B. Disclosure of Personal Interests
 and Interests of Family Members 14

VI. PERSONAL TRADING POLICY 14

A. Persons Covered by the Procedures 14

B. Purpose of the Procedures 14

C. Securities Covered by the Procedures 15

D. Accounts Covered by the Procedures 15

E. Use of Approved Broker-Dealers 17

F. General Trading Prohibitions 17

G. Preclearance of Personal Securities
 Transactions 18

H. Investment Clubs 22

I. Trading in Nomura Securities 23

J. Section 16 Holding Periods 23

K. Reporting of Securities Transactions
 and Holdings 24

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. Expatriate Requirements 26

VII. SUPPLEMENTAL COMPLIANCE PROCEDURES 26

VIII. RESPONSIBILITIES OF JOF'S DIRECTORS 26

A. Approval by JOF's Directors 26

B. Annual Report to JOF's Directors 27

IX. WHISTLEBLOWING POLICY 27

X. WRITTEN ACKNOWLEDGEMENTS 28

A. Certification of Receipt 28

B. Annual Certification of Compliance 28

XI. RECORDKEEPING 28

<u>Schedule A:</u> U.S. Open-end Investment Companies Managed or Sub-advised by Nomura Advisers (Affiliated Mutual Funds)

<u>Schedule B:</u> U.S. Closed-End Investment Companies Managed by Nomura Advisers (Affiliated Exchange-Traded Closed-end Funds)

<u>Schedule C:</u> Approved Broker-Dealers

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**Code of Ethics**

**Nomura Asset Management U.S.A. Inc.**

**Nomura Corporate Research and Asset Management Inc.**

**Japan Smaller Capitalization Fund, Inc.**

I. STATEMENT OF POLICY

For the purposes of this policy, Nomura Asset Management U.S.A. Inc. ("**NAM-USA**") and Nomura Corporate Research and Asset Management Inc. ("**NCRAM**") are together referred to as "**Nomura**" or the "**firm**". The firm's reputation for integrity and ethics is one of its most important assets. In order to safeguard this reputation, we believe it is essential not only to comply with relevant U.S. and foreign laws and regulations but also to maintain high standards of personal and professional conduct at all times. This Code of Ethics (the "**Code**") is designed to ensure that our conduct is at all times consistent with these standards, with our fiduciary obligations to our clients, and with industry and regulatory standards for investment managers.

&nbsp;&nbsp;&nbsp;&nbsp;***A.***  ***General Principles*** 

The following fundamental principles underlying the Code are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 interests of our clients must always come first;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Our
 personal securities transactions must be conducted in such a manner as to be consistent with
 the Code and to avoid any actual or potential conflicts of interest or any abuse of an employee's
 position of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Even
 if our clients are not harmed, we cannot take inappropriate advantage of our position as
 fiduciaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. We
 must preserve the confidentiality of our clients' security holdings and transactions,
 financial circumstances, and other client information that we have obtained within the scope
 of the manager-client relationship; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Our
 independence in the investment decision-making process is paramount. Accordingly, we cannot
 participate in any business relationship or accept gifts and entertainment that could reasonably
 be expected to affect our independence, objectivity, or loyalty to clients.

This Code contains detailed rules concerning personal securities transactions and other relevant issues. In addition, the Code sets forth the general principles that will apply even when the specific rules do not address a particular situation or are unclear or potentially inapplicable. In addition, this Code is intended to prevent employees from engaging in any act, practice or course of business prohibited by Rule 204A-1 under the Investment Advisers Act of 1940, as amended ("**Advisers Act**") and Rule 17j-1 under the Investment Company Act of 1940, as amended ("**Investment Company Act**"). This Code also serves as the Code of Ethics for the Japan Smaller Capitalization Fund, Inc. ("**JOF**").

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Although the Code provides guidance with respect to many common types of situations, please remember that the Code cannot address all potential conflicts of interest. Whether or not a specific provision of this Code applies, you must conduct your activities in accordance with the general principles embodied in the Code. Our policy is to avoid conflicts and, where they unavoidably occur, to resolve them in a manner that clearly places the interests of our clients first. If you are uncertain whether a real or an apparent conflict exists in a particular situation, you should consult the US Investment Management Compliance Department ("**Compliance**" or the "**Compliance Department**") immediately.

**It bears emphasis that technical compliance with the letter of the Code's requirements and procedures will not automatically insulate from scrutiny transactions or actions that appear to indicate a pattern of abuse of your fiduciary duties to our clients.**

&nbsp;&nbsp;&nbsp;&nbsp;***B.***  ***Disciplinary Action; Supervisor Responsibility*** 

Failure to comply with the Code may result in disciplinary action. Moreover, you should be aware that failure to comply with certain elements of the Code may constitute a violation of federal and/or state law and may subject you and the firm to a wide range of criminal and/or civil liability. Violations or potential violations of the Code may be reported to the Board of Directors of JOF, and if warranted, to state and federal authorities, such as the Securities and Exchange Commission ("**SEC**").

If a violation has occurred, the firm's Chief Compliance Officer ("**CCO**") may, after determining the seriousness of the infraction, impose one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reversal
 of the trade, with profits (if any) donated to a charity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monetary
 fine – to be donated to a charity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Partial
 or full restriction on personal trading; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recommend
 suspension or termination of employment.

In addition, the federal securities laws<sup>1</sup> require Nomura and individual supervisors to reasonably supervise employees with a view toward preventing violations of law and of the Code. As a result, all employees who have supervisory responsibility should endeavor to ensure that the employees they supervise, including temporary employees and contractors, are familiar with, and remain in compliance with, the requirements of the Code.

II. PERSONS COVERED UNDER THE CODE

The Code applies to all employees, officers and directors of Nomura and JOF ("**Access Persons**"). Temporary staff, consultants and interns will be reviewed on a case-by-case basis by Compliance to determine whether or not they will be deemed Access Persons.

**<u>Disinterested Directors</u>**. A "Disinterested Director" means a director of JOF who is not an *Interested Person* of JOF. An Interested Person of another person, when used with respect to a fund, means (i) any affiliated person of the fund; (ii) any member of the immediate family of any natural

<sup>1</sup> Federal securities laws mean the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act, the Advisers Act, Title V of the Gramm-Leach-Biley Act, any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the SEC or the Department of the Treasury.

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person who is an affiliated person of the fund; (iii) any interested person of any investment adviser or principal underwriter for the fund; (iv) any person or partner or employee of any person who at any time since the beginning of the last two completed fiscal years of the fund has acted as legal counsel for the fund; (v) any broker or dealer registered under the Securities Exchange Act of 1934 or any affiliated person of such broker or dealer; or (vi) any natural person whom the SEC by order shall have determined to be an interested person by reason of having had, at any time since the beginning of the last two completed fiscal years of the fund, a material business or professional relationship with the fund or with the principal executive officer of such company or with any other investment company having the same investment adviser or principal underwriter or with the principal executive officer of such other investment company, provided, that no person shall be deemed to be an interested person of an investment company solely by reason of (aa) his or her being a member of its board of directors or advisory board or an owner of its securities, or (bb) his or her membership in the immediate family of any person specified in clause (aa) of this provision.

**<u>Non-Executive Affiliated Directors</u>**<u>.</u> A "Non-Executive Affiliated Director" means a board of director of the firm who (i) is not an employee of the firm (but rather an employee of a Nomura affiliate), (ii) does not make or participate in the making of recommendations for client accounts, and (iii) does not receive information about current client recommendations or trading, or who has knowledge of current client recommendations or trading activity only infrequently or inadvertently.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Compliance
 reviews and maintains copies of the ACA Code, along with any amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ACA
 monitors the Principal Financial Officer/Treasurer's personal trading activity to ensure
 it does not create conflicts of interest with respect to JOF and its portfolio trading activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Each
 quarter, ACA provides Compliance with a certification that the Principal Financial Officer/Treasurer
 has complied with the ACA Code. ACA also provides Compliance with the personal trading activity
 of the Principal Financial Officer/Treasurer. Compliance reviews the activity to ensure it
 does not create conflicts of interests with respect to JOF and its portfolio trading activity.

**<u>Applicability of the Policies Discussed in this Code to Disinterested Directors, Non-Executive Affiliated Directors, and the Outsourced JOF Principal Financial Officer/Treasurer</u>:** The table below summarizes the applicability of the policies discussed in this Code to certain types of Access Persons.

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| | | | |
|:---|:---|:---|:---|
| | **Does the Policy/Requirement Apply?** | **Does the Policy/Requirement Apply?** | **Does the Policy/Requirement Apply?** |
| <br>**Policy/Requirement** | **Disinterested Directors** | **Non-Executive Affiliated Directors** | **Outsourced JOF Principal Financial Officer/Treasurer** |
| Personal Trading Policy – preclearance/reporting | No\* | No | No |
| Gifts and Entertainment Policy – preapproval/reporting | No\*\* | No\*\* | No |
| Speaking Engagements and Media Communications - preapproval | No\*\* | No\*\* | No\*\* |
| Political Contributions Policy – preapproval/reporting | No | Yes | No |

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\* Not subject to the requirement to have personal securities transactions pre-approved by or reported to Compliance unless they have access to non-public information regarding any Nomura clients' transactions, or non-public information regarding the portfolio holdings of any client of Nomura (excluding JOF), or who are involved in making portfolio recommendations to clients, or who have access to such recommendations that are non-public.

\*\* Not required to pre-approve and report gifts, entertainment, speaking engagements or media communications unless provided or received in connection with their duties as a board member of Nomura or JOF.

III. STANDARDS OF CONDUCT

The Code sets forth certain minimum standards of conduct that must be observed by all Nomura Access Persons in light of their relationship with Nomura clients and funds.

&nbsp;&nbsp;&nbsp;&nbsp;***A.***  ***Compliance with Securities Laws, Rules and Regulations*** 

Access Persons must comply with applicable federal securities laws and applicable foreign laws, rules, and regulations. As part of this requirement, Access Persons are not permitted, in connection with the purchase or sale, directly or indirectly, of a security held or to be acquired by a client:

1) To defraud a client in any manner;

2) To mislead a client, including by making a statement that omits material facts;

3) To engage in any act, practice or course of conduct that operates or would operate as a fraud or deceit upon a client; and

4) To engage in any manipulative practice with respect to securities, including price manipulation.

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&nbsp;&nbsp;&nbsp;&nbsp;***B.***  ***Confidentiality*** 

The exercise of confidentiality extends to four major areas of our operations: internal operating procedures and planning, clients and fund shareholders, investment advice, and investment research. The duty to exercise confidentiality applies not only when you are employed by the firm, but also after you cease employment with the firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Internal Operating Procedures and Planning.* The firm has developed unique methods of operations
 and portfolio management that we believe gives the firm a distinct advantage over its competitors.
 Accordingly, you should be guarded in discussing our business practices with outsiders. Any
 requests from outsiders for specific information of this type should be cleared with your
 supervisor before it is released.

Also, from time to time, management holds meetings with personnel in which material, non-public information concerning the future plans of Nomura or any of its affiliates is disclosed. Access Persons should never discuss confidential information with, or provide copies of written material concerning the firm's internal operating procedures or projections for the future to, unauthorized persons outside the firm.

*2)* *Clients and Fund Shareholders.* In many instances, when clients employ Nomura's services, we ask them to disclose fully their financial status and needs. This is done only after we have assured them that every member of our organization will hold this information in strict confidence. It is essential that we respect their trust. A simple rule for Access Persons to follow is that the names of our clients or fund shareholders or any information pertaining to their investments must never be divulged to anyone outside the firm, not even to members of their immediate families and must never be used as a basis for personal trades over which the Access Person has beneficial interest or control.

*3)* *Investment Tips.* There are two major considerations that dictate why we must not provide investment "tips":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From
 the point of view of our clients, it is not fair to give other people information that clients
 must purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From
 the point of view of the firm, it is not desirable to create an outside demand for a security
 when we are trying to buy it for our clients, as this will only serve to push the price up.
 The reverse is true if we are selling.

In light of these considerations, you must never disclose to outsiders our buy and sell recommendations, securities we are considering for future investment, or the portfolio holdings of our clients or funds unless the disclosure is required by law or is necessary in connection with your job responsibilities.

The practice of giving investment advice informally to members of your immediate family should be restricted to very close relatives. Any transactions resulting from such advice are subject to the prior approval and reporting requirements of this Code (see Section VI. Personal Trading Policy). Under no circumstances should an employee receive compensation directly or indirectly (other than from Nomura or its affiliates) for rendering advice to either clients or non-clients.

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*4)* *Investment Research.* Any report circulated by a research analyst employed by Nomura or its affiliates is confidential in its entirety and should not be reproduced or shown to anyone outside of our organization, except to our clients or prospective clients where appropriate or as approved by Compliance.

*Client Account Information and Company Records.* The accounts of clients and fund shareholders are the sole property of Nomura and/or JOF. This applies to all clients for whom Nomura acts as investment adviser; regardless of how or through whom the client relationship originated and regardless of whom within the Nomura Group the client has a direct relationship. At the time of termination of employment with Nomura, an employee must: (1) surrender to Nomura in good condition all materials, reports or records (including all copies in his or her possession or subject to his or her control) developed by him or her or any other person which are confidential information of Nomura (except copies of any research material in the production of which the employee participated to a material extent); and (2) refrain from communicating, transmitting or making known to any person or firm any information relating to any materials or matters whatsoever which are considered by Nomura to be confidential.

Access Persons must use care in disposing of any confidential records or correspondence. Confidential material that is to be discarded should be torn up or shredded.

&nbsp;&nbsp;&nbsp;&nbsp;***C.***  ***Protection of Corporate Assets*** 

Access Persons are responsible for taking measures to ensure that Nomura's assets are properly protected. This responsibility not only applies to our business facilities, equipment and supplies, but also to intangible assets such as proprietary research or marketing information, corporate trademarks and service marks, and copyrights.

&nbsp;&nbsp;&nbsp;&nbsp;***D.***  ***Employee Political and Charitable Contributions*** 

Nomura realizes, as active members of the community and involved citizens, its employees often participate in political and charitable projects and activities that may include donations and contributions by employees to political candidates or charitable organizations. Although Nomura encourages civic and community involvement by its employees, Nomura desires to avoid any situation that raises a conflict of interest or that creates an appearance of impropriety in the context of Nomura's business relationships.

Access Persons are required to obtain *<u>prior written approval</u>* from Compliance for any political contribution. Nomura's policy on political contributions is contained in its *Political Contributions Policy and Procedures* and should be reviewed.

&nbsp;&nbsp;&nbsp;&nbsp;***E.***  ***Insider Trading*** 

Various SEC rules, and federal and state laws prohibit the misuse of confidential non-public information. Accordingly, Nomura has developed an insider trading policy which provides guidance on steps employees must take when they believe they are in possession of material non-public information. Violations of this policy can not only lead to job termination, but could expose both you and the firm to criminal and/or civil liability.

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Access Persons may not transact in a security while in possession of material, non-public information relating to the issuer of the security. This prohibition applies to trading on behalf of client accounts and personal accounts. In addition, Access Persons may not convey material, nonpublic information about publicly traded issuers to others outside the company. Access Persons should immediately contact Compliance if they believe they have received material, nonpublic information in the course of contacts with representatives of public companies. Please refer to the firm's *Insider Trading Policy* regarding the handling of material, nonpublic information.

IV. OUTSIDE BUSINESS ACTIVITIES

&nbsp;&nbsp;&nbsp;&nbsp;***A.***  ***Outside Employment, Advisory and Other Related Activities*** 

Access Persons are expected to devote their full time and loyalty to the interests of Nomura during regular business hours and during any additional time that may be required. In addition, Nomura may impose certain limitations on activities conducted by Access Persons outside of the firm in order to avoid an actual or potential conflict that might be inconsistent with the interests of Nomura or its clients, or create possible reputational risk to the firm. Furthermore, FINRA rules require registered personnel of securities firms to obtain prior permission from their employer firms for most outside activities.

Access Persons may also engage in private investments, but must obtain pre-approval from Compliance before doing so. Investments in private investments such as hedge funds or private funds are subject to the Personal Trading Policy discussed below in Section VI of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Outside Business Activities** 

Outside business activities are broadly defined and include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An
 Access Person's own business venture or employment by another person or entity (e.g.,
 waitress, bartender, disc jockey, arbitrator/mediator);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Crypto-currency
 investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Teaching
 positions and professorships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as director/board member (including any non-executive directorship), officer, partner, consultant
 or advisor to a for-profit enterprise (including a family business);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as director/board member, officer, employee of, consultant or advisor to a non-profit organization;

---

| | |
|:---|:---|
| <sup>•</sup> | Civic activities such as elected or appointed political or governmental posts (e.g., services as an officer of a campaign or party committee or as an appointee to a federal, municipal or local advisory board);<sup>2</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Philanthropic
 community enterprises (e.g., director/board member or trustee of a charity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging
 in ongoing or significant publication arrangements (e.g., writing a weekly/monthly/quarterly
 article for publication or writing a book);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acting
 as a legal fiduciary (trustee, conservator, executor, custodian or guardian, etc.) in a personal
 capacity for any individual or organization with which the firm has a current or potential business relationship
including clients, vendors and suppliers of goods and services<sup>3</sup>.

<sup>2</sup> These outside activities are subject to additional approvals and certain limitations. Please refer to the firm's *Political Contributions Policy and Procedures*.

<sup>3</sup> All brokerage accounts under the control of an employee as a result of his or her service as a legal fiduciary are subject to Nomura's Personal Trading Policy

Page 10 of 32

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Related Party Transactions** 

A related party transaction consists of instances in which a member of an Access Person's immediate family: (a) owns more than 10% of the voting interest of a legal entity not owned or controlled by the Nomura Group; (b) controls the composition of the governing body (e.g., board of directors) of any legal entity not owned or controlled by the Nomura Group; or (c) directly or indirectly influence significantly the management or operating policies of any legal entity not owned or controlled by the Nomura Group (e.g., by serving in capacities such as directors, senior officers, heads of principal functions or other deciders of policy or strategy).

For purposes of this section only, "immediate family" means a family member who might control or significantly influence an employee, or whom the employee might control or significantly influence, because of the Access Person's family relationship. Common examples include the Access Person's spouse, children and other family members living in the Access Person's household, and also parents, step-parents, siblings, in-laws or other relatives where the element of control or influence exists due, for example, to financial support.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Disclosure and Consent Requirements** 

Access Persons must disclose the existence of all their outside business activities and seek written consent from their relevant designated supervisor and Compliance at the commencement of their association with the firm and, thereafter, prior to undertaking any other outside business activities. Disclosure of outside business activities must be made by completing and submitting to the relevant supervisor and Compliance, for their review and approval, the Outside Business Activity Request in PTCC. Consent by the supervisor or Compliance shall not imply that the outside affiliation is being undertaken at the direction or request of the firm, or that Nomura is somehow involved or sponsoring the outside activity. Any material changes to the nature of the outside affiliation will also require written consent by the above-reference parties. Unpaid community or charitable work (other than as a director or officer) and educational and recreational activities unrelated to Nomura's business do not require disclosure or prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Restrictions on Outside Business Activities** 

Certain outside business activities are generally discouraged and may be prohibited. These include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Becoming
 involved in any commission-sharing arrangements with other broker-dealers or any other non-Nomura
 person or entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Receiving
 income for financial advice from any source;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accepting
 finder's, introductory or referral fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Serving
 on a board, advisory board or in advisory position in a publicly traded company, see section
 B. below for additional details;

Page 11 of 32

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entering
 into an independent business relationship with a firm client or vendor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Participation
 in "expert networks" or other primary research organizations that provide specialist
 background or insight into particular business sectors, industries, markets, etc.

Furthermore, the following additional restrictions apply to any outside investment or outside activity that is approved by the firm:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All
 outside business activities must be undertaken outside of Nomura's normal business
 hours and should be performed primarily off Nomura's premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 remuneration for outside business activities must be reasonably related to the time spent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Outside
 business activities must not interfere with Nomura's employment priorities or the individual's
 efficiency within the firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No
 Nomura stationary, marketing materials, or equipment are to be used in connection with an
 approved activity or investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No
 solicitation of Nomura's client, potential clients or firm personnel, directly or indirectly
 is permitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Should
 an employee be asked about Nomura's involvement in the outside venture, it must be
 made clear that Nomura does not sponsor or offer any opinion regarding the affiliation or
 investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Should
 the scope of the employee's duties, responsibilities, involvement or compensation materially
 change in the future, Nomura policy requires that the employee once again seek the approval
 of his or her supervisor and the review of the Compliance Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees
 are prohibited from utilizing proprietary client information in connection with an outside
 business activity or venture/investment.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Registered Personnel** 

Personnel registered with FINRA must disclose certain outside business activities other than those that are non-investment related and exclusively charitable, civic, religious or fraternal **<u>and</u>** recognized as tax exempt when completing a Uniform Application for Securities Industry Registration or Transfer (Form U-4). This means that an employee is required to disclose all reportable outside business activities on the Form U-4 when initially applying for registration. After becoming registered, employees must file an amended Form U-4 when commencing such activities.

&nbsp;&nbsp;&nbsp;&nbsp;***B.***  ***Outside Board Memberships*** 

 ****

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **General Policy** 

Access Persons may serve on a board of directors, act as an officer, consultant or advisor to any non-public company or any non-profit organization, or similar governing bodies of business entities only with the prior approval by the firm in accordance with the review and approval process described above.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Individual Capacity versus Representative Capacity** 

An Access Person permitted to serve as an outside board member, other than at the firm's request (an "Independent Director"), should understand that he or she is acting in an individual capacity and not as a representative of the firm. Accordingly, an Access Person's service as an Independent

Page 12 of 32

Director is not covered by any indemnification or insurance provided by the firm, and an Access Person, who serves as such, should consult the Compliance Department to determine any actions or steps that should be taken to maintain his or her independent status. However, if an employee becomes a board member at the request of the firm (a "Designated Director"), the Access Person may be entitled to indemnification or insurance coverage provided by the firm.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Disclosure Requirements** 

Access Persons should consult the Compliance Department at an early stage to determine relevant information such as, limits on director/officer interlocks, SEC filings and disclosures in research reports that may need to be made regarding an employee's affiliation as a board member of a company, irrespective of whether such affiliation was undertaken at the request of the firm.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Chinese Wall** 

Access Persons who serve as outside directors, either Independent or Designated, should be sensitive about information they acquire in these capacities and should consult with the Compliance Department about any restrictions that may need to be imposed or precautions that may need to be taken as a consequence of possessing or having access to such information.

&nbsp;&nbsp;&nbsp;&nbsp;***C.***  ***Speaking, Teaching, Writing, and Broadcasting*** 

Any Access Person intending to engage in any speaking, teaching, writing or broadcasting activities must, prior to commencing such activities, obtain the approval of his or her supervisor as well as review the activities with the Compliance and NHA Corporate Communication Departments. These activities include, but are not limited to: appearing on radio or television, providing comments or market/industry related information for use on radio, television or on-line, writing or being identified as the author of any articles or columns, providing comments or market/industry related information for any newspaper or magazine (whether in print or on-line), and sponsoring or participating in any speaking engagements such as seminars, lectures, or classes including on-line forums.

Approval can be obtained by completing a Communications with the Public Form (contact Compliance).

V. OTHER POTENTIAL CONFLICTS OF INTEREST

&nbsp;&nbsp;&nbsp;&nbsp;***A.***  ***Accepting and Giving Gifts and Entertainment*** 

Access Persons should not accept or give gifts or entertainment that might in any way create, or appear to create, a conflict of interest or interfere with the impartial discharge of our responsibilities to clients or place our firm in a difficult or embarrassing position. For specific requirements on the receipt and giving of gifts, please see Nomura's *Gifts and Entertainment Policy.*

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&nbsp;&nbsp;&nbsp;&nbsp;***B.***  ***Disclosure of Personal Interests and Interests of Family Members*** 

It may be a conflict of interest in recommending, implementing or considering any securities transaction in a security on behalf of a Nomura client, if you have a personal interest in that security, without first disclosing that personal interest. Therefore, if you are a portfolio manager or an analyst and have a personal interest in a security, you are required to disclose that personal interest to your supervisor.

It is important to note that the potential for a conflict of interest also can arise if a member of your immediate family is employed in the securities industry, or has a significant economic interest in any organization with which Nomura does business or invests in. If a member of your immediate family has such an employment relationship or such an economic interest, please notify Compliance promptly.

VI. PERSONAL TRADING POLICY

In accordance with the requirements of the securities laws of the United States (i.e., the Advisers Act, the Investment Company Act, the Securities Exchange Act of 1934, as amended, and the Insider Trading and Securities Fraud Enforcement Act of 1988, as amended), Nomura has adopted the following personal trading procedures (the "**Procedures**").

&nbsp;&nbsp;&nbsp;&nbsp;***A.***  ***Persons Covered by the Procedures*** 

These Procedures apply to all Access Persons or to other personnel as determined on a case-by-case basis by Compliance. For purposes of these Procedures, the fund vehicles and other client accounts that Nomura manages are referred to collectively as "**Clients**."

All of the provisions and requirements of the Code, including the rules pertaining to preclearance of personal securities transactions, also apply to persons who are closely connected persons, which include any family member who is presently living in your household, or to whose financial support you make a significant contribution, and trusts or estates over which you have investment control. In case of any doubt, please contact Compliance.

Unless specified otherwise, these procedures shall not apply to Access Persons who are Disinterested Directors (as defined in Section II of this Code).

&nbsp;&nbsp;&nbsp;&nbsp;***B.***  ***Purpose of the Procedures*** 

These Procedures were developed to help guide Access Persons in the conduct of their personal transactions and to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mitigate
 the possibility of a transaction occurring that the SEC or other regulatory bodies would
 view as illegal, such as *front running* (see *General Trading Prohibitions* below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Avoid
 situations where it might appear that Nomura or JOF or any of their officers, directors or
 employees benefited at the expense of a Client or taken inappropriate advantage of their
 fiduciary positions; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prevent,
 as well as detect, the misuse of material, nonpublic information.

All those covered by these Procedures are urged to consider the reasons for the adoption. The reputations of Nomura and JOF could be adversely affected as a result of even a single transaction considered questionable in light of the fiduciary duties of Nomura and the Disinterested Directors of JOF.

&nbsp;&nbsp;&nbsp;&nbsp;***C.***  ***Securities Covered by the Procedures*** 

For purposes of this Code, the term "Securities" means any note, stock, treasury stock, bond debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, futures contracts and options traded on a commodities exchange, including currency futures, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option or privilege entered into on a national securities exchange relating to foreign currency or, in general, any interest or instrument commonly known as a security or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

The term Securities does ***<u>not</u>*** include the following ***Exempt Securities***:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Securities
 that are direct obligations of the U.S. Government (e.g. U.S. Treasury obligations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Shares
 of money market funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Bankers'
 acceptances, bank certificates of deposit, commercial paper, and other high quality short-term
 debt instruments, including repurchase agreements. *High quality short-term debt instruments are interpreted to mean any instrument that has a maturity at issuance of less than 366 days and that is rated in one of the two highest rating categories by a Nationally Recognized Statistical Rating Organization.* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Shares
 of *non-affiliated* open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Shares
 of *non-affiliated* unit investment trusts that are invested exclusively in one or more *non-affiliated* open-end investment
companies.

An investment company is considered "affiliated" if Nomura acts as a manager or adviser to the fund. Affiliated US open-end investment companies ("**Affiliated Mutual Funds**") are listed on **<u>Schedule A</u>**.

Please note that foreign exchange *spot* trades in any currency are not considered Securities transactions and therefore not subject to the requirements of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;***D.***  ***Accounts Covered by the Procedures*** 

The following types of accounts are covered by these Procedures:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All
 accounts in the name of an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All
 accounts of an Access Person's spouse or partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All
 accounts of any children or other relatives (by marriage or otherwise) living in the Access
 Person's home; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All
 accounts in which any of the foregoing persons have any beneficial ownership interest or
 over which he or she exercises control or investment influence.

For the purposes of #4 above, you are considered to have ***Beneficial Ownership*** of Securities if you have or share a direct or indirect ***Pecuniary Interest*** in such Securities.

You have a Pecuniary Interest in Securities if you have the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the Securities. Therefore, you would be considered to have Beneficial Ownership in any Security that is held by you, or by others for your benefit (such as custodians, trustees, executors, etc.); held by you as a trustee for members of your immediate family (child, stepchild, grandchild, parent, stepparent, grandparent, spouse, partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and any adoptive relationship); or held in the name of your spouse, or minor children (including custodians under the Uniform Gifts to Minors Act) or any relative of yours or of your spouse (including an adult child) who is sharing your home, whether or not you supervise such investments. You will also be considered to have Beneficial Ownership of any Security for which you have a contract, understanding, relationship, agreement, or other arrangement that gives you, or any person described above, a present or future direct or indirect benefit substantially equivalent to an ownership interest in that Security. For example, you may have Beneficial Ownership of the following: 1) a Security held by a partnership in which you are a partner; 2) a Security held by a limited liability company in which you are a manager or member; 3) a Security held by an investment club in which you are a member; or 4) an investment held by a trust of which you are the settler, unless the consent of all of the beneficiaries is required in order for you to revoke the trust.

There is the presumption that you can exert some measure of influence or control over accounts in which you serve as guardian, executor or trustee for individuals that are not considered members of your immediate family, but this presumption may be rebutted if you certify in writing (and periodically re-certify, as applicable) that you have no such control or influence.

*Control* means the power to exercise a controlling influence over management or policies of a company, whether through ownership of securities, by contract, or otherwise. Any person who owns beneficially, either directly or through one or more controlled companies, 25% or more of a company's outstanding voting securities is presumed to control such company. Such presumption may be countered by the facts and circumstances of a given situation.

Note that Securities accounts that are only eligible to transact in mutual fund shares (e.g., certain 529 Plans) are not covered by these procedures.

*Note: The above list of examples is non-exhaustive. If in doubt as to whether you have Beneficial Ownership of Securities, the Compliance Department should be consulted.*

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&nbsp;&nbsp;&nbsp;&nbsp;***E.***  ***Use of Approved Broker-Dealers*** 

Generally, Access Persons may maintain an account only with authorized broker-dealers. The current list of Approved Broker-Dealers, which is subject to change from time to time, is included in **<u>Schedule C</u>**. Any exceptions to this general provision must be approved by Compliance.

Access Persons must notify the Compliance Department promptly upon establishing a new brokerage account.

&nbsp;&nbsp;&nbsp;&nbsp;***F.***  ***General Trading Prohibitions*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. *Inside Information****:* Access Persons are prohibited from engaging in any transaction in a Security at a time when the Access Person is in possession of material, non-public information regarding the Security or the issuer of the Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2. Front Running****:* Access Persons are prohibited from engaging in front running. Front running is generally defined as the purchase or sale of a security by an officer, director or employee of an investment adviser or fund in anticipation of and prior to the adviser effecting similar transactions for its clients in order to take advantage of or avoid changes in market prices affected by the clients' transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. *Preclearance Required***: Access Persons are prohibited from engaging in any Securities transaction without obtaining the appropriate preclearance as set forth in this Code (unless the transaction is exempt from preclearance as set forth below in Section G).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. *Blackout Period****:* As a general matter, no Access Person may purchase or sell a Security other than an Exempt Security during the seven (7) calendar days before and after the day it has been traded in for a Client (i.e., if a Client transacts in a Security on Monday, the Access Person may not personally trade in the Security from the Monday before until the Monday after the Client transaction).

The seven-day blackout period *before* a Client trades is designed to deter front-running transactions. The blackout period *after* a Client trades is designed to allow dissipation of the market effect of a Client's trade before an Access Person trades. It is also designed to prevent Access Persons from benefiting from a trade that is opposite a Client's trade (e.g., the sale of a Security shortly after the Client purchased the Security and boosted its price).

Please note that Access Persons are permitted to invest in equity securities of issuers whose fixed income instruments are being held and/or transacted in by Clients. The seven-day blackout period requirement does not apply to such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. *Short-Term Trading and Holding Period Requirements***: Securities issued by Nomura Holdings, Inc. or its subsidiaries ("**Nomura Group Securities**") must be held for at least 180 calendar days (see Section I below). Most positions in your accounts, other than Nomura Group Securities, must be held for at least 15 calendar days, measured from the date of purchase/opening of the position. Accordingly, all derivative positions, including options, must have at least 15 calendar days until maturity or expiration at the inception/opening of the investment.

Page 17 of 32

Access Persons must also alert the Compliance Department whenever the mechanics of a derivative transaction may cause them to hold a position less than the full 15 days (e.g., when the Access Person writes a short put or call, or a covered written option that is assigned within the 15 days).

Please remember the holding period requirements are measured on a last-in first-out basis (LIFO). Certain transactions may be exempt from the holding period rule as set forth below in Section G.12).

*It is recognized that this prohibition effectively limits the utility of options trading, short sales of Securities, and various legitimate and non-abusive hedging activities by Access Persons. Accordingly, exceptions to this prohibition may be allowed by Compliance on a case-by-case basis, but only where no abuse is involved and the equities of the situation strongly support an exception.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. *Market Timing and Other Abusive Trading Practices****:* The term "**Market Timing**" is defined as excessive trading in mutual funds. Such activities can be detrimental to long-term shareholders, and consequently fund companies must maintain policies and procedures to detect and prevent market timing abuses and other short-term trading. Market timing and other abusive trading practices, such as time zone arbitrage, involving any Client account managed or sub-advised by Nomura is strictly prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. *Acting as Trustees for Client Accounts***: Access Persons are prohibited from becoming trustees for Client assets or obtaining powers of attorney for Clients separate and apart from the firm.

&nbsp;&nbsp;&nbsp;&nbsp;***G.***  ***Preclearance of Personal Securities Transactions*** 

All Access Persons must obtain approval from Compliance prior to entering into personal securities transactions involving the purchase or sale of any Security, including any Security to be acquired in a private transaction, absent an exemption.

Nomura reserves the right to restrict the purchase or sale by an Access Persons of any Security at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Use of PTCC

Preclearance requests should generally be made via the PTCC system. PTCC will automatically send any preclearance request to Compliance if it requires a manual approval. If PTCC is not available, please contact Compliance**.**

Requests will normally be processed on the same day that they are received; however additional time may be required in certain circumstances (e.g., to allow checks to be made with affiliates as necessary).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Length of Preclearance Approval

Preclearance is effective for two (2) business days, inclusive of the day approval is granted (or in the case of a private placement purchase, the closing of a private placement transaction). If preclearance is given after the market is closed, it is valid for the next two business days. If the trade is not executed before the preclearance period expires, the Access Person must again seek preclearance if he/she wishes to execute the trade.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Limit, GTC and Stop-Loss Orders

Limit orders, GTC and Stop-Loss instructions must be withdrawn by the end of the second business day after preclearance (inclusive of the day approval is granted), unless a new approval is obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Maintaining Margin Accounts**

Access Persons are permitted to maintain margin accounts. Securities sales by Access Persons pursuant to margin calls are not subject to preclearance provided the Access Person does not have advance knowledge of or influence over such Securities transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Initial Public Offerings**

Access Persons are generally prohibited from acquiring securities in an equity initial public offering ("IPO"). In the event that an Access Person holds securities in a company that has announced that it will engage in an IPO, he or she must immediately notify Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Special Preclearance Procedures for Private Placements

 ****

A *private placement* is defined as an offering of a Security not being made to "the public," but made rather to a limited number of investors and deemed not to require registration with the SEC. Access Persons are permitted to acquire securities through a private placement provided that they obtain prior approval from Compliance. Access Persons are not required to obtain approval when divesting of a private placement holding.

Please note that private placements transactions include transactions in shares of or interests in privately held companies, non-publicly traded limited partnerships and privately offered funds, such as hedge funds (including privately offered funds managed by the firm or its affiliates).

Access Persons requesting permission to execute a private placement transaction must complete a Private Placement Request Form in PTCC and provide the respective document(s) regarding the investment, such as offering memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. De Minimus Transactions

Preclearance will generally be granted for certain Access Persons, as determined by Compliance, for U.S. equity Securities whose issuers have a market capitalization of $6 billion or more. Transactions meeting the de minimus threshold will not be subject to blackout period restrictions discussed in Section F. above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Deferred Compensation Plan Securities from Previous Employers

Equity shares acquired from a previous employer under a deferred compensation plan must be reported as a holding in PTCC.

Page 19 of 32

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Securities Given as Gifts

Gifts of Securities made to others, such as relatives or charities, are treated as a disposition of Beneficial Ownership, and must be precleared like any other securities transaction prior to the transfer of the securities. There may be instances where it may not be possible to identify with precision the date on which a gift transfer will actually take place. For that reason, Compliance may, in its discretion, waive certain technical pre-clearance requirements with respect to gifts of Securities if (i) the gift transaction was precleared in advance, but the transfer of the Securities was delayed beyond the pre-clearance date, or (ii) if the facts and circumstances warrant.

Securities received as gifts are generally exempt from preclearance. See *Exceptions to Preclearance Requirements* below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Automatic Investment Plan Transactions

Securities transactions pursuant to an Automatic Investment Plan (including dividend reinvestment plans) are not subject to the preclearance or transaction reporting requirements in this Policy, except where such plan has been overridden. For example, automatic purchases in an employee stock purchase plan do not require preclearance or reporting, however, sales of shares from an employee stock purchase plan do require preclearance and reporting as the instruction is an override of the plan by the Access Person. Note that Securities holdings resulting from Automatic Investment Plan transactions must be reported in accordance with Section K. below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. *Disinterested Directors* and Non-Executive Affiliated Directors**

Disinterested Directors and Non-Executive Affiliated Directors are not required to preclear personal Securities transactions unless he or she knows or, in the ordinary course of the fulfillment of his or her official duties as a director or officer of Nomura or JOF, should have known that during the 15-day period immediately preceding or after the date of a transaction in a Security by that person, such a Security was purchased or sold by Clients, or that the purchase or sale of that Security was considered by Nomura for its Clients. In addition, Disinterested Directors and Non-Executive Affiliated Directors are not required to report their personal Securities transactions on a quarterly basis, or to report their holdings on an annual basis, to Nomura.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Transactions Excluded from the Preclearance Requirement (but still subject to the Reporting Requirements discussed in Section K below)

All Securities transactions listed below are subject to the reporting requirements described in Section K. below.

The following Securities transactions are not subject to the preclearance and holding period requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Securities Transactions with No Knowledge</u>. Purchases or sales effected in any account over which
 the Access Person has no direct or indirect influence, knowledge or control. For example,
 transactions in Securities effected for the Access Person by a trustee or a blind trust,
 or discretionary trades made by an investment manager retained by the Access Person, in connection
 with which the Access Person is neither consulted nor advised of the trade before it is executed;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Non-Volitional Transactions</u>. Transaction as to which you do not exercise investment discretion at the
 time of the transaction ("non-volitional transactions"). Examples of non-volitional
 transactions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Any
 acquisition of a Security through stock dividends, dividend reinvestments, stock splits,
 reverse stock splits, mergers, consolidations, spin-offs, or other similar corporate reorganizations
 or distributions generally applicable to all holders of the same class of the Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Any
 acquisition of a Security through the exercise of rights issued by an issuer pro rata to
 all holders of a class of its securities, to the extent the rights were acquired in the issue;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Any
 disposition of a Security through a tender offer, mandatory call or other corporate action
 equally available to all holders of such Security (or class of Security);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Securities Received as Gifts.</u> Securities received as gifts from an account in which the Access Person
 has no Beneficial Ownership. Gifts of Securities received depend on the nature of the gift.
 In the ordinary case, if you receive Securities as a gift, receipt of that gift is non-volitional
 on your part, and you cannot control the timing of the gift. Therefore, as a practical matter,
 you are not required to pre-clear the receipt of Securities in such cases. Please remember,
 however, that you cannot use the gift rules to circumvent the preclearance requirements.
 Therefore, if a gift of Securities that you receive is not truly non-volitional, you must
 preclear that gift like any other Securities acquisition. Once received, a Security is subject
 to the applicable preclearance, holding period and reporting requirements of these Procedures.
 Additionally, Nomura personnel are subject to the firm's *Gifts and Entertainment Policy* and must report gifts given or received in accordance with requirements specified
 in the policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Municipal Obligations</u>. Purchases or sales of municipal bonds and futures and options with respect
 to such instruments.

The following Securities transactions are not subject to the preclearance requirements but must follow the holding period requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Exchange Traded Funds and Exchange Traded Notes, Closed-end Funds, and Affiliated Mutual Funds</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Purchases
 or sales of exchange traded funds or exchange traded notes that (1) invest
in or are linked to a broad-based index or sector (i.e., consisting of at least 15 constituents) or (2) are linked to commodities, commodity
indices or derivative-based indices (such as volatility indices). Note: exchange traded funds or exchange traded notes that do not meet
this criteria must be pre-cleared (e.g., exchange traded funds with less than 15 constituents);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Purchases
 or sales of U.S. closed-end investment companies. Purchases and sales of U.S. closed-end
 investment companies managed or sub-advised by Nomura ()"**Affiliated Closed-end Funds** ")
 are also subject to the Code's preclearance requirements (see Schedule B).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Purchases
 or sales of Affiliated Mutual Funds (i.e., funds managed or sub-advised by Nomura must be
 reported but do not need to be pre-cleared).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) <u>Derivative Transactions</u>. Purchases or sales of commodity futures and options thereon; currency futures,
 currency forwards and options thereon; futures on broad-based indices, options on futures
 and options on broad-based indices; and swaps with respect to currencies, interest rates
 or broad-based indices.

Other Securities and/or transactions may be exempt from preclearance and/or holding period requirements as so designated by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Other Preclearance Exceptions

An Access Person may apply for a waiver from preclearance under the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An
 account under the exclusive discretion of an Access Person's spouse or partner, where
 the spouse or partner is employed by an investment firm  **<u>and</u>** where the spouse
 is subject to comparable preclearance requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An
 account whose exclusive investment discretion is delegated to an outside party; provided
 such outside party is not associated with Nomura or any affiliate of Nomura. Note that such
 delegation must be subject to a written contract and a copy must be provided to Compliance.
 The Access Person must certify in writing that he or she has not discussed, and will not
 discuss, potential investment decisions with the party to whom investment discretion has
 been delegated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 other situation where a waiver of preclearance is deemed appropriate by Compliance.

A waiver from preclearance is available at the discretion of Compliance. Transactions occurring in accounts that have obtained a waiver from preclearance are ***not*** exempt from the reporting requirements described in Section K. below.

H. Investment Clubs

An Access Person is prohibited from participating in an investment club unless such participation has been approved in writing by Compliance. The following conditions must be satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The
 Access Person's participation does not create any actual or potential conflicts of
 interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The
 Access Person does not control investment decision-making for the investment club; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The
 Access Person has made satisfactory arrangements to ensure that duplicate trade confirmations
 of investment club activity and quarterly statements of investment club holdings are provided
 to Compliance by brokers acting on behalf of the investment club.

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Should the Access Person contribute, but not necessarily control, investment decision-making for the investment club, all Securities transactions by the investment club would be subject to preclearance.

I. Trading in Nomura Securities

Access Persons have additional responsibilities with respect to transactions in Nomura Holdings, Inc. ADRs ("NMR") and other publicly-traded securities issued by the Nomura Group (collectively, "Nomura Securities"), and must be sensitive to any appearance of impropriety. The following restrictions apply to all transactions in Nomura Securities in your accounts. These restrictions are in addition to all other legal or regulatory restrictions that may apply to Access Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  ***Trading Nomura Securities*** . All requests to purchase or sell Nomura Securities must be submitted
 through PTCC and pre-cleared by the Access Person's designated supervisor and the Compliance
 Department. Access Persons may not effect transactions in Nomura Securities during the firm's
 "Blackout Period" designated by the Compliance Department. The Blackout Period
 generally begins 30 days before the public announcement of Nomura Holdings, Inc.'s
 quarterly earnings and ends at the start of the trading day following the announcement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  ***Holding Period*** *.* Transactions in Nomura Group securities are subject to a 180 day hold
 period. Exceptions may be made for shares acquired through the Nomura Group's deferred
 compensation plan. Please consult with Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.  ***Short Sales.*** Access Persons may not sell Nomura Group securities short.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.  ***Margin Transactions*** *.* Access Persons generally may not purchase publicly traded Nomura
 Securities on margin. However, employees may margin Nomura securities in connection with
 a cashless exercise of an employee stock option, and may use Nomura Securities to collateralize
 loans for non-securities purposes or for the acquisition of securities other than those issued
 by the Nomura Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.  ***Option Transactions*** *.* Access Persons generally may not execute option transactions
 referencing Nomura Securities. Access Persons, however, may execute option transactions in
 connection with a firm-sponsored compensation or employee option plan or similar program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.  ***Major Nomura Events*** *.* Access Persons who have knowledge of any pending material confidential
 information, including any unannounced or non-public information, concerning the Nomura Group
 or its securities are prohibited from buying or selling the publicly traded securities of
 Nomura before such public announcements, even if the employee believes the event does not
 constitute material non-public information

J. Section 16 Holding Periods

If you are a reporting person under Section 16 of the Securities Exchange Act of 1934, with respect to any closed end fund advised or sub-advised by Nomura, you are subject to a six month holding period and you must make certain filings with the SEC. It is your responsibility to determine if you are subject to Section 16 requirements and to arrange for appropriate filings. Please consult Compliance for more information.

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K. Reporting of Securities Transactions and Holdings

The Compliance Department receives automatic feeds of transactions and holdings from Approved Broker-Dealers. However, for Securities accounts maintained away from Approved Broker-Dealers, Access Persons must arrange for Compliance to receive, on a timely basis, duplicate copies of confirmations of all personal Securities transactions and/or copies of periodic statements for such Securities accounts. This information will be used to check for conflicts of interest against Nomura's preclearance records, Quarterly Securities Transaction Reports and Annual Holdings Reports.

*1) Blind Trusts/Managed Accounts*

An exemption from the preclearance and reporting requirements of the Code may be requested for Securities that are held in a blind or quasi-blind trust arrangement or a managed (discretionary) account. For the exemption to be available, you or a member of your immediate family must not have authority to advise or direct Securities transactions of the trust or managed account. Employees must certify that they or the members of their immediate family does not advise or direct transactions. Access Persons are responsible for ensuring that Compliance receives statements at least quarterly for transactions within the trust or managed account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) Exemptions from Reporting*

 

Exempt Securities identified in Section VI.C. above are not subject to the reporting requirements of this Section. The reporting requirements do ***not*** apply to accounts over which the employee has no direct or indirect control or influence.

*2) Initial Holdings Report*

<u>Within 10 calendar days of commencement of employment</u> (or within 10 calendar days of obtaining Access Person status) all Access Persons must disclose to Compliance all personal Securities holdings in which they have Beneficial Ownership through PTCC (if PTCC is not available, please contact Compliance)**.** The report must contain the information listed below and must be current as of a date no more than 45 days prior to the date the person becomes an Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The
 title and type of Security, and as applicable the exchange ticker symbol or CUSIP number,
 number of shares, and principal amount of each Security holding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The
 name of each broker, dealer or bank with which the Access Person maintains an account in
 which Securities are held for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The
 date the Access Person submits the report to Compliance.

*3) Annual Holdings Report*

All Access Persons must submit to Compliance an annual holdings report on or before February 14th of each year reflecting holdings as of a date no earlier than December 31<sup>st</sup> of the preceding year. The report must contain the information listed below:

Page 24 of 32

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The
 title and type of Security, and as applicable the exchange ticker symbol or CUSIP number,
 number of shares, and principal amount of each Security holding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The
 name of each broker, dealer or bank with which the Access Person maintains an account in
 which Securities are held for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The
 date the Access Person submits the report to Compliance.

In PTCC, Access Persons will be required to certify annual holdings and brokerage account information for accuracy and completeness.

*4) Quarterly Securities Transactions Report*

 

Not later than 30 calendar days after the end of each calendar quarter, each Access Person must submit through PTCC a quarterly transactions report with respect to all transactions in Securities effected during the quarter, including those not executed through a broker, dealer or bank (e.g., trades executed with the issuer of a Security). If PTCC is not available, please contact Compliance**.** Note that transactions effected pursuant to an automatic investment plan are not required to be reported.

However, any transaction that overrides the preset schedule or allocations of the automatic investment plan must be included in a quarterly transaction report.

With respect to transactions, the report must contain the information listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The
 date of the transaction, a description of the Security, and as applicable the exchange ticker
 symbol or CUSIP number, interest rate and maturity date, number of shares, and principal
 amount of the Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The
 nature of the transaction (i.e., purchase, sale, or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The
 price of the Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) The
 name of the broker, dealer, bank or other institution with or through which the transaction
 was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) For
 any brokerage account opened during the quarter in which the Access Person has Beneficial
 Ownership, the name of the broker, dealer or bank and date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) The date the Access Person submits the report to Compliance. In filing the report please note:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) You
 must file a report every quarter whether or not there were any reportable transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Reports
 must show sales, purchases, or other acquisitions or dispositions, including securities received
 as gifts, exercise of conversion rights and the exercise or sale of subscription rights.

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Note that a Disinterested Director and Non-Executive Affiliated Director are not required to submit a quarterly transaction report unless the Disinterested Director or Non-Executive Affiliated Director knew or, in the ordinary course of fulfilling his or her official duties as a director, should have known that during the 15-day period immediately before or after the director's transaction in a Security, the Client purchased or sold the Security, or the Client or Nomura considered purchasing or selling the Security.

In PTCC, Access Persons will be required to certify securities transaction and brokerage account information for accuracy and completeness.

*5) Review of Transactions and Holding Reports*

 

Securities transactions reports and holding reports will be reviewed by appropriate management or compliance personnel according to procedures established by Compliance.

Nomura reserves the right to monitor accounts for up to 45 days after termination of employment. In addition, should it be reasonably demonstrated that the Access Person derives no economic benefit from, and exercises no control over an account, Compliance may consider this policy does not apply to the account (rebut the presumption). Other exceptions must be submitted to the Compliance Department and will only be granted under limited circumstances.

L. Expatriate Employees

Expatriate employees are reminded that in addition to the requirements outlined in the Code, the personal trading requirements of their local Nomura company may also apply to them. In many cases, these requirements will be more restrictive than those contained in the Code. When a conflict arises between Nomura's requirements and the requirements of employees' local company, consult the Compliance Department.

VII. SUPPLEMENTAL COMPLIANCE PROCEDURES

The firm may establish, at its discretion, compliance procedures that are supplemental to those set forth in this Code in order to provide additional assurance that the purposes of the Procedures and/or the Code are fulfilled and/or assist the firm in the administration of the Code. These procedures may be more, but shall not be less, restrictive than the provisions of this Code and may include imposing additional restrictions on the trading activities on all or certain groups of Access Persons. These procedures, and amendments made to them, do not require the approval of the directors of JOF. Please consult with the Compliance Department for any additional restrictions that may apply.

VIII. RESPONSIBILITIES OF JOF'S DIRECTORS

**A. Approval by the JOF's Directors**

 ****

The directors of JOF are required to make a determination that this Code contains provisions reasonably necessary to prevent Access Persons from violating the anti-fraud provisions of Rule 17j-1 under the Investment Company Act. A majority of JOF's directors, including a majority of JOF's independent directors, is required to:

Page 26 of 32

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Approve
 the Code when initially engaging Nomura; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Approve
 any subsequent material changes to the Code within six months of the change.

Prior to approving the Code or any material change to the Code, the directors of JOF shall receive a certification from Nomura that the procedures are reasonably necessary to prevent employees from violating the Code.

B. Annual Report to JOF's Directors

Nomura will provide a written report, at least annually, to the directors of JOF, summarizing efforts to ensure compliance by the directors, officers and employees of Nomura with their fiduciary obligations to JOF. The report will, at a minimum:

1) Summarize existing procedures regarding personal Securities transactions, and any material changes in such procedures during the prior year;

2) Describe issues that arose under this Code, including material violations of this Code, if any, which resulted in remedial action during the prior year;

3) Describe any significant conflicts of interest that arose involving personal investment policies of the organization, even if the conflicts did not result in a violation of the Code;

4) Discussion of any material waivers to the Code that were granted during the prior year;

5) Describe any recommended changes in existing procedures or restrictions based upon experience with this Code, evolving industry practices, or developments in applicable laws or regulations; and

6) Certify to the directors that the organization has adopted procedures reasonably necessary to prevent Access Persons from violating the Code.

The managers and/or boards of the Affiliated Mutual Funds may require Nomura to provide similar information on their funds.

IX. WHISTLEBLOWING POLICY

If an Access Person becomes aware of a possible violation of the Code, or if an Access Person becomes aware of conduct, including accounting and auditing matters, that they believe is illegal or unethical, they must promptly notify the firm's CCO or Deputy CCO. The CCO or Deputy CCO will take appropriate steps to investigate whether and how such misconduct occurred and, when necessary, to correct it and prevent its reoccurrence.

Page 27 of 32

Alternatively, Access Persons who wish to report such matters anonymously may do so by calling the NHA Compliance Hotline (1-877-642-8477), which is available toll-free 24 hours a day, 7 days a week, and not leave their names or other identifying information.

In addition, these reporting obligations to the firm do not prevent employees from communicating with the SEC, the Commodity Futures Trading Commission, other federal agencies or state authorities and/or self-regulatory organizations concerning possible violations of applicable laws, rules or regulations. However, employees are not authorized generally to share information subject to the attorney-client privilege or the work product doctrine, unless specifically permitted by applicable law, rule or regulation.

Failure by Access Persons to comply with the Code may lead to sanctions, fines, suspensions and potentially termination of employment.

X. WRITTEN ACKNOWLEDGMENTS

A. Certification of Receipt

Compliance will distribute the Code and any amendments thereon, to all Access Persons. Within 10 calendar days of receipt of the Code or any such amendments, you are required to provide a written acknowledgement of your receipt of the Code and any amendments. Acknowledgments may be made through PTCC or through other means as determined by Compliance.

B. Annual Certification of Compliance

You must certify annually that you (a) have read and understand the Code; and (b) complied with the principles and requirements of the Code.

XI. RECORDKEEPING

Compliance shall maintain records in a manner and to the extent set forth below in accordance with Rule 204-2 of the Advisers Act, Rule 31a-2 under the Investment Company Act, as well as the requirements of other applicable foreign jurisdictions.

1) A copy of this Code, and any Nomura code of ethics that was in effect within the past five years, must be maintained in an easily accessible place;

2) A record of any violation of the Code, and of any action taken as a result of the violation for five years from the end of the fiscal year in which the violation occurred;

3) A record of all written acknowledgements of receipt of the Code and amendments for each person who is currently, or within the last five years, was an Access Person;

4) A copy of each initial holdings report, annual holdings report and quarterly transactions report made by an Access Person pursuant to the Code, including any brokerage confirmation and account statements made in lieu of these reports shall be preserved for a period of not less than five years from the end of the fiscal year in which it is made, the first two years in an easily accessible place;

Page 28 of 32

5) A list of all persons who, within the last five years have been required to make reports pursuant to this Code, or who were required to review these reports;

6) A record of any decision and the reason supporting the decision that grant Access Persons waivers from or exceptions to the Code; and

7) A copy of reports provided to the JOF's Board of Directors regarding the Code.

All Securities transactions reports and any other information filed with Compliance pursuant to this Code shall, to the greatest extent practicable, be treated as confidential.

Effective: February 2005

Revised: November 2006

Revised: April 2008

Revised: February 2009

Revised: May 2010

Revised: October 2011

Revised: July 2012

Revised: January 2013

Revised: August 2013

Revised: June 1, 2017

Revised: January 31, 2018

Revised: June 30, 2020

Revised: October 1, 2022

Revised: May 31, 2025

Page 29 of 32

**<u>Schedule A</u>**

**U.S. Open-end Investment Companies Managed or Sub-advised by the Nomura Advisers <br>(Affiliated Mutual Funds)**

American Century Investment Trust High Income Fund\*

American Century Select High Yield ETF\*\*

PACE Select Advisors Trust – PACE High Yield Investments\*\*\*

Northern Funds Multi-Manager High Yield Opportunity Fund\*\*\*

\* This fund was formally known as the Advisors' Inner Circle Fund III - Nomura High Yield Fund. The lead manager of this fund is American Century Investment Management, Inc. NCRAM serves as sub-adviser to the fund.

\*\* The lead manager of this fund is American Century Investment Management, Inc. NCRAM serves as sub-adviser to the fund.

\*\*\* The lead manager of this fund is a third-party investment manager. NCRAM serves as sub-adviser to the fund.

**<u>Schedule B</u>**

**U.S. Closed-end Investment Companies Managed by the Nomura Advisers <br>(Affiliated Closed-end Funds)**

Nomura Alternative Income Fund\*

Japan Smaller Capitalization Fund, Inc.\*\*

The Taiwan Fund, Inc.\*\*

\* The fund is a continuously offered interval closed end fund. The lead manager of the fund is NCM.

\*\* The fund is an exchange-traded closed-end fund. The lead manager of the fund is Nomura Asset Management U.S.A. Inc.

**<u>Schedule C</u>**

**Approved Broker-Dealers <br>(as of May 31, 2025)**

&nbsp;&nbsp;&nbsp;&nbsp;1. Fidelity

&nbsp;&nbsp;&nbsp;&nbsp;2. Charles
 Schwab

&nbsp;&nbsp;&nbsp;&nbsp;3. Merrill
 Lynch

&nbsp;&nbsp;&nbsp;&nbsp;4. Morgan
 Stanley (Retail)

&nbsp;&nbsp;&nbsp;&nbsp;5. Interactive
 Brokers

&nbsp;&nbsp;&nbsp;&nbsp;6. UBS

&nbsp;&nbsp;&nbsp;&nbsp;7. JP
 Morgan Securities

&nbsp;&nbsp;&nbsp;&nbsp;8. Citigroup

&nbsp;&nbsp;&nbsp;&nbsp;9. Wells
 Fargo

&nbsp;&nbsp;&nbsp;&nbsp;10. JP
 Morgan Private Bank

&nbsp;&nbsp;&nbsp;&nbsp;11. Vanguard

&nbsp;&nbsp;&nbsp;&nbsp;12. Chase
 Investment Services Corp.

&nbsp;&nbsp;&nbsp;&nbsp;13. Raymond
 James

&nbsp;&nbsp;&nbsp;&nbsp;14. Ameriprise
 Financial

&nbsp;&nbsp;&nbsp;&nbsp;15. William
 Blair

&nbsp;&nbsp;&nbsp;&nbsp;16. Stifel
 Financial