UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-05017
(Exact name of registrant as specified in charter)
610 Market Street
Philadelphia, PA 19106
Philadelphia, PA 19106
Registrant's telephone number, including area code:
(800) 523-1918
Date of fiscal year end:
December 31
Date of reporting period:
Item 1. Report to Stockholders.
(a) The registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
Semiannual shareholder report | June 30, 2026
What were the Series' costs for the last six months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment^ |
| Standard Class | $ |
| ^ | Annualized. |
Series statistics (as of June 30, 2026)
| Series net assets | $ |
| Total number of portfolio holdings* | |
| Total net advisory fees paid (during reporting period) | $ |
| Portfolio turnover rate |
| * |
Excludes cash and cash equivalents. |
Series holdings (as of June 30, 2026)
The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Portfolio composition
| Common Stocks | |
| Corporate Bonds | |
| Agency Mortgage-Backed Securities | |
| Bullion | |
| Exchange-Traded Funds | |
| US Treasury Obligations | |
| Non-Agency Commercial Mortgage-Backed Securities | |
| Non-Agency Asset-Backed Securities | |
| Non-Agency Collateralized Mortgage Obligations | |
| Collateralized Loan Obligations |
Top 10 equity holdings
| NVIDIA | |
| Taiwan Semiconductor Manufacturing | |
| Apple | |
| KLA | |
| Alphabet Class A | |
| Eli Lilly & Co. | |
| SK hynix | |
| Microsoft | |
| Alimentation Couche-Tard | |
| Amazon.com |
Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5778168)
TSSR-46600H646-0826
Semiannual shareholder report | June 30, 2026
What were the Series' costs for the last six months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment^ |
| Service Class | $ |
| ^ | Annualized. |
Series statistics (as of June 30, 2026)
| Series net assets | $ |
| Total number of portfolio holdings* | |
| Total net advisory fees paid (during reporting period) | $ |
| Portfolio turnover rate |
| * |
Excludes cash and cash equivalents. |
Series holdings (as of June 30, 2026)
The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Portfolio composition
| Common Stocks | |
| Corporate Bonds | |
| Agency Mortgage-Backed Securities | |
| Bullion | |
| Exchange-Traded Funds | |
| US Treasury Obligations | |
| Non-Agency Commercial Mortgage-Backed Securities | |
| Non-Agency Asset-Backed Securities | |
| Non-Agency Collateralized Mortgage Obligations | |
| Collateralized Loan Obligations |
Top 10 equity holdings
| NVIDIA | |
| Taiwan Semiconductor Manufacturing | |
| Apple | |
| KLA | |
| Alphabet Class A | |
| Eli Lilly & Co. | |
| SK hynix | |
| Microsoft | |
| Alimentation Couche-Tard | |
| Amazon.com |
Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5778168)
TSSR-46600H109-0826
Semiannual shareholder report | June 30, 2026
What were the Series' costs for the last six months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment^ |
| Service Class | $ |
| ^ | Annualized. |
Series statistics (as of June 30, 2026)
| Series net assets | $ |
| Total number of portfolio holdings* | |
| Total net advisory fees paid (during reporting period) | $ |
| Portfolio turnover rate |
| * |
Excludes cash and cash equivalents. |
Series holdings (as of June 30, 2026)
The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Portfolio composition
| Common Stocks | |
| Corporate Bonds | |
| Agency Mortgage-Backed Securities | |
| Exchange-Traded Funds | |
| US Treasury Obligations | |
| Non-Agency Commercial Mortgage-Backed Securities | |
| Non-Agency Collateralized Mortgage Obligations | |
| Non-Agency Asset-Backed Securities | |
| Agency Commercial Mortgage-Backed Securities | |
| Agency Collateralized Mortgage Obligations |
Top 10 equity holdings
| NVIDIA | |
| Apple | |
| Taiwan Semiconductor Manufacturing ADR | |
| Applied Materials | |
| Alphabet Class A | |
| Howmet Aerospace | |
| Seagate Technology Holdings | |
| Microsoft | |
| Alphabet Class C | |
| Advanced Micro Devices |
Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5778168)
TSSR-46600H208-0826
Semiannual shareholder report | June 30, 2026
What were the Series' costs for the last six months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment^ |
| Service Class | $ |
| ^ | Annualized. |
Series statistics (as of June 30, 2026)
| Series net assets | $ |
| Total number of portfolio holdings* | |
| Total net advisory fees paid (during reporting period) | $ |
| Portfolio turnover rate |
| * |
Excludes cash and cash equivalents. |
Series holdings (as of June 30, 2026)
The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Sector allocation*
| Information Technology | |
| Industrials | |
| Financials | |
| Communication Services | |
| Healthcare | |
| Consumer Discretionary | |
| Utilities | |
| Consumer Staples | |
| Materials | |
| Energy | |
Top 10 equity holdings
| Alphabet Class A | |
| NVIDIA | |
| Apple | |
| Taiwan Semiconductor Manufacturing ADR | |
| Applied Materials | |
| Howmet Aerospace | |
| Seagate Technology Holdings | |
| Microsoft | |
| Advanced Micro Devices | |
| Amazon.com |
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5784252)
TSSR-46600H406-0826
Semiannual shareholder report | June 30, 2026
What were the Series' costs for the last six months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment^ |
| Service Class | $ |
| ^ | Annualized. |
Series statistics (as of June 30, 2026)
| Series net assets | $ |
| Total number of portfolio holdings* | |
| Total net advisory fees paid (during reporting period) | $ |
| Portfolio turnover rate |
| * |
Excludes cash and cash equivalents. |
Series holdings (as of June 30, 2026)
The table below shows the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Sector allocation
| Banking | |
| Electric | |
| Consumer Non-Cyclical | |
| Communications | |
| Energy | |
| Technology | |
| Finance Companies | |
| Capital Goods | |
| Insurance | |
| Consumer Cyclical | |
Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5784252)
TSSR-46600H307-0826
Semiannual shareholder report | June 30, 2026
What were the Series' costs for the last six months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment^ |
| Standard Class | $ |
| ^ | Annualized. |
Series statistics (as of June 30, 2026)
| Series net assets | $ |
| Total number of portfolio holdings* | |
| Total net advisory fees paid (during reporting period) | $ |
| Portfolio turnover rate |
| * |
Excludes cash and cash equivalents. |
Series holdings (as of June 30, 2026)
The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Sector allocation*
| Oil & Gas Exploration & Production | |
| Integrated Oil & Gas | |
| Oil & Gas Equipment & Services | |
| Coal & Consumable Fuels | |
| Oil & Gas Refining & Marketing | |
| Oil & Gas Drilling | |
| Electrical Components & Equipment | |
| Heavy Electrical Equipment | |
| Independent Power Producers & Energy Traders | |
Top 10 equity holdings
| Canadian Natural Resources | |
| Ovintiv | |
| Diamondback Energy | |
| Permian Resources Class A | |
| ConocoPhillips | |
| Exxon Mobil | |
| BP ADR | |
| SLB | |
| Expand Energy | |
| TotalEnergies |
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5778168)
TSSR-46600H638-0826
Semiannual shareholder report | June 30, 2026
What were the Series' costs for the last six months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment^ |
| Service Class | $ |
| ^ | Annualized. |
Series statistics (as of June 30, 2026)
| Series net assets | $ |
| Total number of portfolio holdings* | |
| Total net advisory fees paid (during reporting period) | $ |
| Portfolio turnover rate |
| * |
Excludes cash and cash equivalents. |
Series holdings (as of June 30, 2026)
The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Sector allocation*
| Oil & Gas Exploration & Production | |
| Integrated Oil & Gas | |
| Oil & Gas Equipment & Services | |
| Coal & Consumable Fuels | |
| Oil & Gas Refining & Marketing | |
| Oil & Gas Drilling | |
| Electrical Components & Equipment | |
| Heavy Electrical Equipment | |
| Independent Power Producers & Energy Traders | |
Top 10 equity holdings
| Canadian Natural Resources | |
| Ovintiv | |
| Diamondback Energy | |
| Permian Resources Class A | |
| ConocoPhillips | |
| Exxon Mobil | |
| BP ADR | |
| SLB | |
| Expand Energy | |
| TotalEnergies |
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5778168)
TSSR-46600H604-0826
Semiannual shareholder report | June 30, 2026
What were the Series' costs for the last six months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment^ |
| Service Class | $ |
| ^ | Annualized. |
Series statistics (as of June 30, 2026)
| Series net assets | $ |
| Total number of portfolio holdings* | |
| Total net advisory fees paid (during reporting period) | $ |
| Portfolio turnover rate |
| * |
Excludes cash and cash equivalents. |
Series holdings (as of June 30, 2026)
The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Country allocation
| United States | |
| Taiwan | |
| United Kingdom | |
| India | |
| France | |
| South Korea | |
| Japan | |
| Canada | |
| Denmark | |
| Spain | |
Sector allocation*
| Information Technology | |
| Financials | |
| Industrials | |
| Healthcare | |
| Consumer Discretionary | |
| Communication Services | |
| Consumer Staples | |
| Materials | |
| Energy | |
| Utilities | |
Top 10 equity holdings
| NVIDIA | |
| Taiwan Semiconductor Manufacturing | |
| Apple | |
| KLA | |
| Alphabet Class A | |
| Eli Lilly & Co. | |
| SK hynix | |
| Microsoft | |
| Alimentation Couche-Tard | |
| Amazon.com |
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5784252)
TSSR-46600H877-0826
Semiannual shareholder report | June 30, 2026
What were the Series' costs for the last six months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment^ |
| Service Class | $ |
| ^ | Annualized. |
Series statistics (as of June 30, 2026)
| Series net assets | $ |
| Total number of portfolio holdings* | |
| Total net advisory fees paid (during reporting period) | $ |
| Portfolio turnover rate |
| * |
Excludes cash and cash equivalents. |
Series holdings (as of June 30, 2026)
The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Sector allocation*
| Information Technology | |
| Healthcare | |
| Financials | |
| Communication Services | |
| Industrials | |
| Consumer Discretionary | |
| Materials | |
| Consumer Staples | |
Top 10 equity holdings
| NVIDIA | |
| Apple | |
| Microsoft | |
| Alphabet Class A | |
| Advanced Micro Devices | |
| Amazon.com | |
| Visa Class A | |
| Eli Lilly & Co. | |
| Taiwan Semiconductor Manufacturing ADR | |
| Broadcom |
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5778168)
TSSR-46600H802-0826
Semiannual shareholder report | June 30, 2026
What were the Series' costs for the last six months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment^ |
| Standard Class | $ |
| ^ | Annualized. |
Series statistics (as of June 30, 2026)
| Series net assets | $ |
| Total number of portfolio holdings* | |
| Total net advisory fees paid (during reporting period) | $ |
| Portfolio turnover rate |
| * |
Excludes cash and cash equivalents. |
Series holdings (as of June 30, 2026)
The table below shows the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Sector allocation*
| Energy | |
| Media | |
| Basic Industry | |
| Healthcare | |
| Capital Goods | |
| Telecommunications | |
| Financial Services | |
| Leisure | |
| Electric | |
| Services | |
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5778168)
TSSR-46600H620-0826
Semiannual shareholder report | June 30, 2026
What were the Series' costs for the last six months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment^ |
| Service Class | $ |
| ^ | Annualized. |
Series statistics (as of June 30, 2026)
| Series net assets | $ |
| Total number of portfolio holdings* | |
| Total net advisory fees paid (during reporting period) | $ |
| Portfolio turnover rate |
| * |
Excludes cash and cash equivalents. |
Series holdings (as of June 30, 2026)
The table below shows the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Sector allocation*
| Energy | |
| Media | |
| Basic Industry | |
| Healthcare | |
| Capital Goods | |
| Telecommunications | |
| Financial Services | |
| Leisure | |
| Electric | |
| Services | |
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5778168)
TSSR-46600H885-0826
Semiannual shareholder report | June 30, 2026
What were the Series' costs for the last six months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment^ |
| Standard Class | $ |
| ^ | Annualized. |
Series statistics (as of June 30, 2026)
| Series net assets | $ |
| Total number of portfolio holdings* | |
| Total net advisory fees paid (during reporting period) | $ |
| Portfolio turnover rate |
| * |
Excludes cash and cash equivalents. |
Series holdings (as of June 30, 2026)
The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Country allocation
| Japan | |
| Netherlands | |
| United States | |
| Taiwan | |
| Germany | |
| South Korea | |
| Brazil | |
| United Kingdom | |
| India | |
| Canada | |
Sector allocation*
| Information Technology | |
| Financials | |
| Industrials | |
| Healthcare | |
| Consumer Discretionary | |
| Consumer Staples | |
| Materials | |
| Communication Services | |
| Energy | |
| Utilities | |
| Real Estate | |
Top 10 equity holdings
| Taiwan Semiconductor Manufacturing | |
| Samsung Electronics | |
| ASML Holding | |
| ING Groep | |
| Daikin Industries | |
| SK hynix | |
| SMC | |
| Banco Bilbao Vizcaya Argentaria | |
| Mitsubishi UFJ Financial Group | |
| Barclays |
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5778168)
TSSR-46600H562-0826
Semiannual shareholder report | June 30, 2026
What were the Series' costs for the last six months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment^ |
| Service Class | $ |
| ^ | Annualized. |
Series statistics (as of June 30, 2026)
| Series net assets | $ |
| Total number of portfolio holdings* | |
| Total net advisory fees paid (during reporting period) | $ |
| Portfolio turnover rate |
| * |
Excludes cash and cash equivalents. |
Series holdings (as of June 30, 2026)
The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Country allocation
| Japan | |
| Netherlands | |
| United States | |
| Taiwan | |
| Germany | |
| South Korea | |
| Brazil | |
| United Kingdom | |
| India | |
| Canada | |
Sector allocation*
| Information Technology | |
| Financials | |
| Industrials | |
| Healthcare | |
| Consumer Discretionary | |
| Consumer Staples | |
| Materials | |
| Communication Services | |
| Energy | |
| Utilities | |
| Real Estate | |
Top 10 equity holdings
| Taiwan Semiconductor Manufacturing | |
| Samsung Electronics | |
| ASML Holding | |
| ING Groep | |
| Daikin Industries | |
| SK hynix | |
| SMC | |
| Banco Bilbao Vizcaya Argentaria | |
| Mitsubishi UFJ Financial Group | |
| Barclays |
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5778168)
TSSR-46600H869-0826
Semiannual shareholder report | June 30, 2026
What were the Series' costs for the last six months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment^ |
| Service Class | $ |
| ^ | Annualized. |
Series statistics (as of June 30, 2026)
| Series net assets | $ |
| Total number of portfolio holdings* | |
| Total net advisory fees paid (during reporting period) | $ |
| Portfolio turnover rate |
| * |
Excludes cash and cash equivalents. |
Series holdings (as of June 30, 2026)
The table below shows the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Portfolio composition
| US Treasury Obligations | |
| Corporate Bonds | |
| Non-Agency Asset-Backed Securities | |
| Agency Mortgage-Backed Securities | |
| Collateralized Loan Obligations | |
| Non-Agency Collateralized Mortgage Obligations | |
| Non-Agency Commercial Mortgage-Backed Securities | |
| Sovereign Bond | |
| Government Agency Obligation | |
| Agency Collateralized Mortgage Obligations |
Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5784252)
TSSR-46600H687-0826
Semiannual shareholder report | June 30, 2026
What were the Series' costs for the last six months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment^ |
| Standard Class | $ |
| ^ | |
Series statistics (as of June 30, 2026)
| Series net assets | $ |
| Total number of portfolio holdings* | |
| Total net advisory fees paid (during reporting period) | $ |
| Portfolio turnover rate |
| * |
|
Series holdings (as of June 30, 2026)
The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Sector allocation*
| Information Technology | |
| Industrials | |
| Healthcare | |
| Consumer Discretionary | |
| Financials | |
| Materials | |
| Real Estate | |
| Consumer Staples | |
| Communication Services | |
Top 10 equity holdings
| Cloudflare Class A | |
| Monolithic Power Systems | |
| IDEXX Laboratories | |
| Sterling Infrastructure | |
| Snowflake Class A | |
| Fastenal | |
| Datadog Class A | |
| Edwards Lifesciences | |
| Novanta | |
| SPX Technologies |
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5778168)
TSSR-46600H596-0826
Semiannual shareholder report | June 30, 2026
What were the Series' costs for the last six months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment^ |
| Service Class | $ |
| ^ | Annualized. |
Series statistics (as of June 30, 2026)
| Series net assets | $ |
| Total number of portfolio holdings* | |
| Total net advisory fees paid (during reporting period) | $ |
| Portfolio turnover rate |
| * |
Excludes cash and cash equivalents. |
Series holdings (as of June 30, 2026)
The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Sector allocation*
| Information Technology | |
| Industrials | |
| Healthcare | |
| Consumer Discretionary | |
| Financials | |
| Materials | |
| Real Estate | |
| Consumer Staples | |
| Communication Services | |
Top 10 equity holdings
| Cloudflare Class A | |
| Monolithic Power Systems | |
| IDEXX Laboratories | |
| Sterling Infrastructure | |
| Snowflake Class A | |
| Fastenal | |
| Datadog Class A | |
| Edwards Lifesciences | |
| Novanta | |
| SPX Technologies |
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5778168)
TSSR-46600H851-0826
Semiannual shareholder report | June 30, 2026
What were the Series' costs for the last six months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment^ |
| Service Class | $ |
| ^ | |
Series statistics (as of June 30, 2026)
| Series net assets | $ |
| Total number of portfolio holdings* | |
| Total net advisory fees paid (during reporting period) | $ |
| Portfolio turnover rate |
| * |
|
Series holdings (as of June 30, 2026)
The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Sector allocation*
| Oil & Gas Exploration & Production | |
| Gold | |
| Diversified Metals & Mining | |
| Fertilizers & Agricultural Chemicals | |
| Coal & Consumable Fuels | |
| Integrated Oil & Gas | |
| Steel | |
| Paper Packaging | |
| Forest Products | |
| Oil & Gas Equipment & Services | |
Top 10 equity holdings
| Nutrien | |
| Diamondback Energy | |
| Canadian Natural Resources | |
| Ovintiv | |
| CRH | |
| BP ADR | |
| Glencore | |
| Core Natural Resources | |
| Hudbay Minerals | |
| Steel Dynamics |
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5778168)
TSSR-46600H703-0826
Semiannual shareholder report | June 30, 2026
What were the Series' costs for the last six months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment^ |
| Service Class | $ |
| ^ | |
Series statistics (as of June 30, 2026)
| Series net assets | $ |
| Total number of portfolio holdings* | |
| Total net advisory fees paid (during reporting period) | $ |
| Portfolio turnover rate |
| * |
|
Series holdings (as of June 30, 2026)
The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Portfolio composition
| Affiliated Mutual Funds | |
| Fixed Income Funds | |
| Global / International Equity Fund | |
| US Equity Funds | |
| Affiliated Exchange-Traded Funds |
Top 10 underlying funds
| Nomura VIP International Core Equity Series – Standard Class | |
| Nomura VIP Core Equity Series – Service Class | |
| Nomura VIP Growth and Income Series – Standard Class | |
| Nomura Transformational Technologies ETF | |
| Nomura Focused Large Growth ETF | |
| Nomura VIP Corporate Bond Series – Service Class | |
| Nomura VIP Smid Cap Core Series – Service Class | |
| Nomura Focused International Core ETF | |
| Nomura VIP Value Series – Service Class | |
| Nomura VIP Limited-Term Bond Series – Service Class |
Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5779450)
TSSR-46600H752-0826
Semiannual shareholder report | June 30, 2026
What were the Series' costs for the last six months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment^ |
| Service Class | $ |
| ^ | Annualized. |
Series statistics (as of June 30, 2026)
| Series net assets | $ |
| Total number of portfolio holdings* | |
| Total net advisory fees paid (during reporting period) | $ |
| Portfolio turnover rate |
| * |
Excludes cash and cash equivalents. |
Series holdings (as of June 30, 2026)
The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Portfolio composition
| Affiliated Mutual Funds | |
| Fixed Income Funds | |
| Global / International Equity Fund | |
| US Equity Funds | |
| Affiliated Exchange-Traded Funds |
Top 10 underlying funds
| Nomura VIP Corporate Bond Series – Service Class | |
| Nomura VIP Limited-Term Bond Series – Service Class | |
| Nomura VIP Core Equity Series – Service Class | |
| Nomura VIP International Core Equity Series – Standard Class | |
| Nomura Transformational Technologies ETF | |
| Nomura Focused Large Growth ETF | |
| Nomura VIP Growth and Income Series – Standard Class | |
| Nomura VIP Smid Cap Core Series – Service Class | |
| Nomura Focused International Core ETF | |
| Nomura VIP High Income Series – Standard Class |
Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5779450)
TSSR-46600H711-0826
Semiannual shareholder report | June 30, 2026
What were the Series' costs for the last six months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment^ |
| Service Class | $ |
| ^ | Annualized. |
Series statistics (as of June 30, 2026)
| Series net assets | $ |
| Total number of portfolio holdings* | |
| Total net advisory fees paid (during reporting period) | $ |
| Portfolio turnover rate |
| * |
Excludes cash and cash equivalents. |
Series holdings (as of June 30, 2026)
The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Portfolio composition
| Affiliated Mutual Funds | |
| Fixed Income Funds | |
| Global / International Equity Fund | |
| US Equity Funds | |
| Affiliated Exchange-Traded Funds |
Top 10 underlying funds
| Nomura VIP Corporate Bond Series – Service Class | |
| Nomura VIP Core Equity Series – Service Class | |
| Nomura VIP International Core Equity Series – Standard Class | |
| Nomura Transformational Technologies ETF | |
| Nomura VIP Limited-Term Bond Series – Service Class | |
| Nomura Focused Large Growth ETF | |
| Nomura VIP Growth and Income Series – Standard Class | |
| Nomura VIP Smid Cap Core Series – Service Class | |
| Nomura Focused International Core ETF | |
| Nomura VIP Value Series – Service Class |
Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5779450)
TSSR-46600H737-0826
Semiannual shareholder report | June 30, 2026
What were the Series' costs for the last six months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment^ |
| Service Class | $ |
| ^ | Annualized. |
Series statistics (as of June 30, 2026)
| Series net assets | $ |
| Total number of portfolio holdings* | |
| Total net advisory fees paid (during reporting period) | $ |
| Portfolio turnover rate |
| * |
Excludes cash and cash equivalents. |
Series holdings (as of June 30, 2026)
The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Portfolio composition
| Affiliated Mutual Funds | |
| Fixed Income Funds | |
| Global / International Equity Fund | |
| US Equity Funds | |
| Affiliated Exchange-Traded Funds |
Top 10 underlying funds
| Nomura VIP International Core Equity Series – Standard Class | |
| Nomura VIP Core Equity Series – Service Class | |
| Nomura VIP Corporate Bond Series – Service Class | |
| Nomura Transformational Technologies ETF | |
| Nomura VIP Growth and Income Series – Standard Class | |
| Nomura Focused Large Growth ETF | |
| Nomura VIP Smid Cap Core Series – Service Class | |
| Nomura VIP Limited-Term Bond Series – Service Class | |
| Nomura Focused International Core ETF | |
| Nomura VIP Value Series – Service Class |
Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5779450)
TSSR-46600H745-0826
Semiannual shareholder report | June 30, 2026
What were the Series' costs for the last six months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment^ |
| Service Class | $ |
| ^ | Annualized. |
Series statistics (as of June 30, 2026)
| Series net assets | $ |
| Total number of portfolio holdings* | |
| Total net advisory fees paid (during reporting period) | $ |
| Portfolio turnover rate |
| * |
Excludes cash and cash equivalents. |
Series holdings (as of June 30, 2026)
The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Portfolio composition
| Affiliated Mutual Funds | |
| Fixed Income Funds | |
| Global / International Equity Fund | |
| US Equity Funds | |
| Affiliated Exchange-Traded Funds |
Top 10 underlying funds
| Nomura VIP Corporate Bond Series – Service Class | |
| Nomura VIP Core Equity Series – Service Class | |
| Nomura VIP International Core Equity Series – Standard Class | |
| Nomura VIP Limited-Term Bond Series – Service Class | |
| Nomura Transformational Technologies ETF | |
| Nomura Focused Large Growth ETF | |
| Nomura VIP Growth and Income Series – Standard Class | |
| Nomura VIP Smid Cap Core Series – Service Class | |
| Nomura Focused International Core ETF | |
| Nomura VIP Value Series – Service Class |
Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5779450)
TSSR-46600H729-0826
Semiannual shareholder report | June 30, 2026
What were the Series' costs for the last six months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment^ |
| Service Class | $ |
| ^ | Annualized. |
Series statistics (as of June 30, 2026)
| Series net assets | $ |
| Total number of portfolio holdings* | |
| Total net advisory fees paid (during reporting period) | $ |
| Portfolio turnover rate |
| * |
Excludes cash and cash equivalents. |
Series holdings (as of June 30, 2026)
The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Portfolio composition
| Affiliated Mutual Funds | |
| Fixed Income Funds | |
| Global / International Equity Fund | |
| US Equity Funds | |
| Affiliated Exchange-Traded Funds |
Top 10 underlying funds
| Nomura VIP Corporate Bond Series – Service Class | |
| Nomura VIP Core Equity Series – Service Class | |
| Nomura VIP International Core Equity Series – Standard Class | |
| Nomura Transformational Technologies ETF | |
| Nomura VIP Limited-Term Bond Series – Service Class | |
| Nomura Focused Large Growth ETF | |
| Nomura VIP Growth and Income Series – Standard Class | |
| Nomura VIP Smid Cap Core Series – Service Class | |
| Nomura Focused International Core ETF | |
| Nomura VIP Value Series – Service Class |
Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5779450)
TSSR-46600H679-0826
Semiannual shareholder report | June 30, 2026
What were the Series' costs for the last six months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment^ |
| Service Class | $ |
| ^ | Annualized. |
Series statistics (as of June 30, 2026)
| Series net assets | $ |
| Total number of portfolio holdings* | |
| Total net advisory fees paid (during reporting period) | $ |
| Portfolio turnover rate |
| * |
Excludes cash and cash equivalents. |
Series holdings (as of June 30, 2026)
The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Portfolio composition
| Affiliated Mutual Funds | |
| Fixed Income Funds | |
| Global / International Equity Fund | |
| US Equity Funds | |
| Affiliated Exchange-Traded Funds |
Top 10 underlying funds
| Nomura VIP International Core Equity Series – Standard Class | |
| Nomura VIP Core Equity Series – Service Class | |
| Nomura VIP Corporate Bond Series – Service Class | |
| Nomura Transformational Technologies ETF | |
| Nomura VIP Growth and Income Series – Standard Class | |
| Nomura Focused Large Growth ETF | |
| Nomura VIP Smid Cap Core Series – Service Class | |
| Nomura VIP Limited-Term Bond Series – Service Class | |
| Nomura Focused International Core ETF | |
| Nomura VIP Value Series – Service Class |
Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5779450)
TSSR-46600H661-0826
Semiannual shareholder report | June 30, 2026
What were the Series' costs for the last six months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment^ |
| Service Class | $ |
| ^ | |
Series statistics (as of June 30, 2026)
| Series net assets | $ |
| Total number of portfolio holdings* | |
| Total net advisory fees paid (during reporting period) | $ |
| Portfolio turnover rate |
| * |
|
Series holdings (as of June 30, 2026)
The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Portfolio composition
| Affiliated Mutual Funds | |
| Fixed Income Funds | |
| Global / International Equity Fund | |
| US Equity Funds | |
| Affiliated Exchange-Traded Funds |
Top 10 underlying funds
| Nomura VIP Corporate Bond Series – Service Class | |
| Nomura VIP Core Equity Series – Service Class | |
| Nomura VIP International Core Equity Series – Standard Class | |
| Nomura VIP Limited-Term Bond Series – Service Class | |
| Nomura Transformational Technologies ETF | |
| Nomura Focused Large Growth ETF | |
| Nomura VIP Growth and Income Series – Standard Class | |
| Nomura VIP Smid Cap Core Series – Service Class | |
| Nomura Focused International Core ETF | |
| Nomura VIP Value Series – Service Class |
Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5779450)
TSSR-46600H653-0826
Semiannual shareholder report | June 30, 2026
What were the Series' costs for the last six months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment^ |
| Standard Class | $ |
| ^ | Annualized. |
Series statistics (as of June 30, 2026)
| Series net assets | $ |
| Total number of portfolio holdings* | |
| Total net advisory fees paid (during reporting period) | $ |
| Portfolio turnover rate |
| * |
Excludes cash and cash equivalents. |
Series holdings (as of June 30, 2026)
The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Sector allocation*
| Information Technology | |
| Communication Services | |
| Consumer Discretionary | |
| Industrials | |
| Healthcare | |
Top 10 equity holdings
| Advanced Micro Devices | |
| NVIDIA | |
| Lam Research | |
| Seagate Technology Holdings | |
| Taiwan Semiconductor Manufacturing ADR | |
| Apple | |
| Western Digital | |
| Broadcom | |
| Samsung Electronics | |
| Texas Instruments |
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5778168)
TSSR-46600H588-0826
Semiannual shareholder report | June 30, 2026
What were the Series' costs for the last six months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment^ |
| Service Class | $ |
| ^ | |
Series statistics (as of June 30, 2026)
| Series net assets | $ |
| Total number of portfolio holdings* | |
| Total net advisory fees paid (during reporting period) | $ |
| Portfolio turnover rate |
| * |
|
Series holdings (as of June 30, 2026)
The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Sector allocation*
| Information Technology | |
| Communication Services | |
| Consumer Discretionary | |
| Industrials | |
| Healthcare | |
Top 10 equity holdings
| Advanced Micro Devices | |
| NVIDIA | |
| Lam Research | |
| Seagate Technology Holdings | |
| Taiwan Semiconductor Manufacturing ADR | |
| Apple | |
| Western Digital | |
| Broadcom | |
| Samsung Electronics | |
| Texas Instruments |
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5778168)
TSSR-46600H794-0826
Semiannual shareholder report | June 30, 2026
What were the Series' costs for the last six months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment^ |
| Standard Class | $ |
| ^ | |
Series statistics (as of June 30, 2026)
| Series net assets | $ |
| Total number of portfolio holdings* | |
| Total net advisory fees paid (during reporting period) | $ |
| Portfolio turnover rate |
| * |
|
Series holdings (as of June 30, 2026)
The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Sector allocation*
| Healthcare | |
| Information Technology | |
| Industrials | |
| Financials | |
| Consumer Discretionary | |
| Energy | |
| Materials | |
| Consumer Staples | |
| Communication Services | |
Top 10 equity holdings
| Mirum Pharmaceuticals | |
| PriceSmart | |
| DigitalOcean Holdings | |
| FirstCash Holdings | |
| Kontoor Brands | |
| Agilysys | |
| Adaptive Biotechnologies | |
| Advanced Energy Industries | |
| Encompass Health | |
| A10 Networks |
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5778168)
TSSR-46600H570-0826
Semiannual shareholder report | June 30, 2026
What were the Series' costs for the last six months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment^ |
| Service Class | $ |
| ^ | Annualized. |
Series statistics (as of June 30, 2026)
| Series net assets | $ |
| Total number of portfolio holdings* | |
| Total net advisory fees paid (during reporting period) | $ |
| Portfolio turnover rate |
| * |
Excludes cash and cash equivalents. |
Series holdings (as of June 30, 2026)
The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Sector allocation*
| Healthcare | |
| Information Technology | |
| Industrials | |
| Financials | |
| Consumer Discretionary | |
| Energy | |
| Materials | |
| Consumer Staples | |
| Communication Services | |
Top 10 equity holdings
| Mirum Pharmaceuticals | |
| PriceSmart | |
| DigitalOcean Holdings | |
| FirstCash Holdings | |
| Kontoor Brands | |
| Agilysys | |
| Adaptive Biotechnologies | |
| Advanced Energy Industries | |
| Encompass Health | |
| A10 Networks |
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5778168)
TSSR-46600H786-0826
Semiannual shareholder report | June 30, 2026
What were the Series' costs for the last six months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment^ |
| Service Class | $ |
| ^ | Annualized. |
Series statistics (as of June 30, 2026)
| Series net assets | $ |
| Total number of portfolio holdings* | |
| Total net advisory fees paid (during reporting period) | $ |
| Portfolio turnover rate |
| * |
Excludes cash and cash equivalents. |
Series holdings (as of June 30, 2026)
The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Sector allocation*
| Industrials | |
| Information Technology | |
| Financials | |
| Healthcare | |
| Consumer Discretionary | |
| Real Estate | |
| Energy | |
| Materials | |
| Consumer Staples | |
| Utilities | |
| Communication Services | |
Top 10 equity holdings
| Semtech | |
| MACOM Technology Solutions Holdings | |
| Ligand Pharmaceuticals | |
| Casey's General Stores | |
| East West Bancorp | |
| Axsome Therapeutics | |
| Astera Labs | |
| Axis Capital Holdings | |
| Ally Financial | |
| Liberty Energy |
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5778168)
TSSR-46600H778-0826
Semiannual shareholder report | June 30, 2026
What were the Series' costs for the last six months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment^ |
| Service Class | $ |
| ^ | Annualized. |
Series statistics (as of June 30, 2026)
| Series net assets | $ |
| Total number of portfolio holdings* | |
| Total net advisory fees paid (during reporting period) | $ |
| Portfolio turnover rate |
| * |
Excludes cash and cash equivalents. |
Series holdings (as of June 30, 2026)
The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.
Sector allocation*
| Financials | |
| Information Technology | |
| Industrials | |
| Healthcare | |
| Consumer Discretionary | |
| Materials | |
| Consumer Staples | |
| Energy | |
| Communication Services | |
| Utilities | |
| Real Estate | |
Top 10 equity holdings
| Microsoft | |
| Carrier Global | |
| Amazon.com | |
| PPG Industries | |
| Wells Fargo & Co. | |
| Alphabet Class A | |
| Teledyne Technologies | |
| Progressive | |
| Bank of America | |
| Duke Energy |
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.
(5784252)
TSSR-46600H760-0826
