# EDGAR Filing Document

**Accession Number:** 0000810016
**File Stem:** 0001133228-26-007529
**Filing Date:** 2026-4
**Character Count:** 17548
**Document Hash:** f21bdac93294cb0383c8a289d290f277
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-007529.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001133228-26-007529

**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:** 26926765

**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 Corporate Bond Series (Series ID: S000006237)

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

---

| |
|:---|
| ![](sp2648img002.jpg)  |
| Summary prospectus |

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Nomura VIP Corporate Bond Series — Service Class

(formerly, Macquarie VIP Corporate Bond 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 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. |

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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......................................................................................... | $80 |
| 3 years........................................................................................ | $251 |
| 5 years........................................................................................ | $438 |
| 10 years....................................................................................... | $977 |

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Summary prospectus<br>

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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 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.

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.

2<br>

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**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 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)**

![](sp2648img001.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% |

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3<br>

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Summary prospectus<br>

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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** |
| 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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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.

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