# EDGAR Filing Document

**Accession Number:** 0000810016
**File Stem:** 0002071844-26-000181
**Filing Date:** 2026-2
**Character Count:** 47383
**Document Hash:** 9359c876c28bc32cc4bed91f4ca93238
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071844-26-000181.hdr.sgml**: 20260211

**ACCESSION NUMBER**: 0002071844-26-000181

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260211

**DATE AS OF CHANGE**: 20260211

**EFFECTIVENESS DATE**: 20260211

**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:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-11466
- **FILM NUMBER:** 26619795

**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:** DELAWARE VIP TRUST
- **CENTRAL INDEX KEY:** 0000814230

**ORGANIZATION NAME:**
- **EIN:** 232470518
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-14363
- **FILM NUMBER:** 26619796

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354
- **BUSINESS PHONE:** 18005231918

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DELAWARE GROUP PREMIUM FUND
- **DATE OF NAME CHANGE:** 20000428

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DELAWARE PREMIUM FUND
- **DATE OF NAME CHANGE:** 20000224

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DELAWARE GROUP PREMIUM FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

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

---

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

---

### Nomura VIP Fund for Income Series (Series ID: S000065942)

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| Standard   | C000212997 |
| Service    | C000234377 |

---

## Series and Classes Contracts Data

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

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

### Nomura VIP Fund for Income Series (Series ID: S000065942)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000212997 | Standard     |  |
| C000234377 | Service      |  |

#### IVY VARIABLE INSURANCE PORTFOLIOS

#### Nomura VIP High Income Series (formerly Macquarie VIP High Income Series) ("VIP High Income Series")

#### DELAWARE VIP TRUST

#### Nomura VIP Fund for Income Series (formerly Macquarie VIP Fund for Income Series) ("VIP Fund for Income Series")

#### (each, a "Series")

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

<u>Sub-Advisor Appointment for each Series</u>

On or about May 1, 2026 ("Effective Date"), Nomura Corporate Research and Asset Management Inc. ("NCRAM" or the "Sub-Advisor"), located at 309 West 49<sup>th</sup> Street, New York, NY 10019, will become a sub-advisor to the VIP High Income Series and the VIP Fund for Income Series and the changes described below will become effective. On the Effective Date, NCRAM is added as a Sub-Advisor to all applicable sections of the VIP High Income Series' and VIP Fund for Income Series' Summary Prospectus, Statutory Prospectus, and SAI.

<u>Additional Series Changes (Effective on or about May 1, 2026)</u>

<u>For VIP High Income Series only:</u>

*Under the "Series Summary – What are the Series' principal investment strategies?" section of the Series' Prospectus, the current information is replaced in its entirety with the following.*

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.

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 governs 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.

*Under the "Series Summary – What are the principal risks of investing in the Series?" section of the Series' Prospectus, the current definition of "Restricted securities risk" is replaced with the following, and the following additional risks are added immediately following the "Subsidiary risk" definition.*

**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 Management Team 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.

*Under the "Series Summary – Who manages the Series?" section of the Prospectus, the current information is replaced in its entirety with the following:*

#### Who manages the Series?

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

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title with Delaware Management Company** | **Start date on the Series** |
| John McCarthy, CFA | Senior Portfolio Manager – Leveraged Credit | November 2021 |

---

#### Sub-advisor
Nomura Corporate Research and Asset Management Inc.

---

| | | |
|:---|:---|:---|
| **Portfolio Managers** | **Title with Nomura Corporate Research and Asset Management Inc.** | **Start date on the Series** |
| David Crall, CFA | President, Chief Executive Officer, Chief Investment Officer, and Managing Director | May 2026 |

---

------

<u> Stephen Kotsen, CFA </u> <u> Managing Director, Portfolio Manager </u> <u> May 2026 </u> <br> <u> Amy Yu Chang, CFA </u> <u> Managing Director, Portfolio Manager </u> <u> May 2026 </u> <br> <u> Christopher Parham, CFA </u> <u> Executive Director, Assistant Portfolio Manager </u> <u> May 2026 </u>

Employees of the Manager's affiliates outside the US participate in the management of certain 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.

*Under the 'How we manage the Series – Our principal investment strategies" section of the Series' Prospectus, the current information is replaced in its entirety with the following:*

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.

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.

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.

*Under the "How we manage the Series – The risks of investing in the Series" section of the Series' Prospectus, the following risks are added as principal risks (P) of the Series in the table starting on page 183 of the statutory prospectus, the following risk definitions are added in alphabetical order and all references to "the Manager" in this section are revised to include "or the Management Team, as applicable":*

**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.

<u>For VIP Fund for Income Series only:</u>

*Under the "Series Summary – What are the Series' principal investment strategies?" section of the Series' Prospectus, the current information is replaced in its entirety with the following.*

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", together 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 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.

*Under the "Series summary – What are the principal risks of investing in the Series?" section of the Series' Prospectus, the following additional risks are added immediately following the "Liquidity risk" definition.*

**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 Management Team 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.

*Under the "Series Summary – Who manages the Series?" section of the Prospectus, the current information is replaced in its entirety with the following:*

#### Who manages the Series?

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

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title with Delaware Management Company** | **Start date on the Series** |
| John McCarthy, CFA | Senior Portfolio Manager – Leveraged Credit | October 2019 |

---

#### Sub-advisor
Nomura Corporate Research and Asset Management Inc.

---

| | | |
|:---|:---|:---|
| **Portfolio Managers** | **Title with Nomura Corporate Research and Asset Management Inc.** | **Start date on the Series** |

---

------

---

| | | |
|:---|:---|:---|
| David Crall, CFA | President, Chief Executive Officer, Chief Investment Officer, and Managing Director | May 2026 |
| Stephen Kotsen, CFA | Managing Director, Portfolio Manager | May 2026 |
| Amy Yu Chang, CFA | Managing Director, Portfolio Manager | May 2026 |
| Christopher Parham, CFA | Executive Director, Assistant Portfolio Manager | May 2026 |

---

*Under the "How we manage the Series – Our principal investment strategies" section of the Series' Prospectus, the current information is replaced in its entirety with the following*

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 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.

*Under the "How we manage the Series – The risks of investing in the Series" section of the Series' Prospectus, the following risks are added as principal risks (P) of the Series in the table starting on page 183 of the statutory prospectus, the following risk definitions are added in alphabetical order and all references to "the Manager" in this section are revised to include "or the Management Team, as applicable":*

**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 Management Team 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.

*The following information is added to the end of the list of sub-advisors under the "Who manages the Series – Sub-Advisors" section of the Series' Prospectus:*

*Nomura Corporate Research and Asset Management Inc.*

Nomura Corporate Research and Asset Management Inc. (NCRAM), located at 309 West 49<sup>th</sup> Street, New York, NY, 10019, serves as the sub-advisor for the Nomura VIP High Income Series and the Nomura VIP Fund for Income Series.

*Under the "Who manages the Series —Portfolio managers" section of the Series' Prospectus, the current information regarding who is primarily responsible for the day-to-day management of each Series is replaced in its entirety with the following and the additional information regarding the NCRAM portfolio managers is added to the portfolio manager bio section:*

#### Nomura VIP High Income Series and 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.

**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.

**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.

**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.

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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.

**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.

#### Statement of Additional Information

*On page 96 of the Statement of Additional Information under the "Investment Manager and Other Service Providers—Sub-Advisors" section, the following disclosure is added at the beginning of the section:*

*Nomura Corporate Research and Asset Management Inc. (NCRAM)*

NCRAM, an SEC-registered investment adviser located at 309 West 49<sup>th</sup> Street, New York, NY, 10019, serves as the sub-advisor for Nomura VIP High Income Series and Nomura VIP Fund for Income Series.

*On page 101 under the "Portfolio Managers – Other Accounts Managed" section of the Statement of Additional Information, the following information is added:*

#### Other Accounts Managed

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| | | | | |
|:---|:---|:---|:---|:---|
|  | No. of Accounts | Total Assets Managed | No. of Accounts with Performance-Based Fees | Total Assets in Accounts with Performance-Based Fees |
| **David Crall** | **David Crall** | **David Crall** | **David Crall** | **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 |
| **Steve Kotsen** | **Steve Kotsen** | **Steve Kotsen** | **Steve Kotsen** | **Steve Kotsen** |
| Registered Investment Companies | 4 | $2.2 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 14 | $8.3 billion | 0 | $0 |
| Other Accounts | 31 | $22.7 billion | 4 | $2.3 billion |
| **Amy Yu Chang** | **Amy Yu Chang** | **Amy Yu Chang** | **Amy Yu Chang** | **Amy Yu Chang** |
| Registered Investment Companies | 2 | $2 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 2 | $1.9 billion | 0 | $0 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Other Accounts | 9 | $2.4 billion | 1 | $547.3 million |
| **Chris Parham** | **Chris Parham** | **Chris Parham** | **Chris Parham** | **Chris Parham** |
| Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles | 6 | $1 billion | 0 | $0 |
| Other Accounts | 0 | $0 | 0 | $0 |

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As of December 31, 2025

*On page 105 under the "Portfolio Managers – Description of Material Conflicts of Interest" section of the Statement of Additional Information, the following information is added with respect to NCRAM:*

#### Description of Material Conflicts of Interest – 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.

*On page 105 under the "Portfolio Managers – Compensation Structure" section of the Statement of Additional Information, the following information is added with respect to NCRAM:*

#### Compensation Structure – NCRAM

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).

*On page 107 under the "Portfolio Managers – Ownership of Series Shares" section of the Statement of Additional Information, the following information is added with respect to NCRAM:*

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#### Ownership of Series Shares - NCRAM

As of December 31, 2025, the NCRAM portfolio managers did not beneficially own any shares of the Series.

***Because everyone's tax situation is unique, you should consult your tax professional about federal, state, local or foreign tax consequences before making an investment in a Series or acting on a distribution check (if applicable).***

#### Please keep this Supplement for future reference.

#### This Supplement is dated February 11, 2026.