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

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^th 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.

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)

Sub-advisor

Nomura Corporate Research and Asset Management Inc.

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.

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.

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)

Sub-advisor

Nomura Corporate Research and Asset Management Inc.

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 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.

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^th 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^® 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^® 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.

Ms. Yu Chang received her B.S. in Biology from Yale University in 1999. She is a CFA^® 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^® 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^th 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

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:

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.