# EDGAR Filing Document

**Accession Number:** 0000810016
**File Stem:** 0001133228-26-007528
**Filing Date:** 2026-4
**Character Count:** 16420
**Document Hash:** fdb0a2d440453ef693233f48a311bc04
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-007528.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001133228-26-007528

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-11466
- **FILM NUMBER:** 26926763

**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 Mid Cap Growth Series (Series ID: S000006228)

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

---

| |
|:---|
| ![](sp2651img002.jpg)  |
| Summary prospectus |

---

Nomura VIP Mid Cap Growth Series — Standard Class and Service Class

(formerly, Macquarie VIP Mid Cap Growth Series)

April 30, 2026

Before you invest, you may want to review the Series' statutory prospectus (and any supplements thereto), which contains more information about the Series and its risks. You can find the Series' statutory prospectus and other information about the Series, including its statement of additional information and most recent reports to shareholders, online at nomuraassetmanagement.com/vip-literature. You can also get this information at no cost by calling 800 523-1918. The Series' statutory prospectus and statement of additional information, both dated April 30, 2026 (and any supplements thereto), are incorporated by reference into this summary prospectus.

**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 |

---

------

Summary prospectus<br>

------

**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 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.

2<br>

------

**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.

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

![](sp2651img001.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.

3<br>

------

Summary prospectus<br>

------

**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.

**VIPSUM-MIDCP 4/26**<br>