# EDGAR Filing Document

**Accession Number:** 0000810016
**File Stem:** 0000940400-26-021600
**Filing Date:** 2026-5
**Character Count:** 31725
**Document Hash:** c8359f8f78f02e957cecce0bc79cd09c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-021600.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000940400-26-021600

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ivy Variable Insurance Portfolios
- **CENTRAL INDEX KEY:** 0000810016

**ORGANIZATION NAME:**
- **EIN:** 481146010
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05017
- **FILM NUMBER:** 261031794

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354
- **BUSINESS PHONE:** (800) 523-1918

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ivy Funds Variable Insurance Portfolios
- **DATE OF NAME CHANGE:** 20100301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ivy Funds Variable Insurance Portfolios, Inc.
- **DATE OF NAME CHANGE:** 20080819

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** W&R TARGET FUNDS INC
- **DATE OF NAME CHANGE:** 20001026

## Series and Classes Contracts Data

### Nomura VIP Natural Resources Series (Series ID: S000006240)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017174 | Service      |  |

## Nport-Ex

## Schedule of investments
Nomura VIP Natural Resources Series

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 97.51%♣** | &nbsp;&nbsp;**Common Stocks — 97.51%♣** | &nbsp;&nbsp;**Common Stocks — 97.51%♣** |
| &nbsp;&nbsp;Agricultural Products — 2.45% | &nbsp;&nbsp;Agricultural Products — 2.45% | &nbsp;&nbsp;Agricultural Products — 2.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Global | &nbsp;&nbsp;&nbsp;&nbsp;21588 | &nbsp;&nbsp;$2745994 |
|  |  | &nbsp;&nbsp;&nbsp; 2745994 |
| &nbsp;&nbsp;Aluminum — 2.67% | &nbsp;&nbsp;Aluminum — 2.67% | &nbsp;&nbsp;Aluminum — 2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcoa | &nbsp;&nbsp;&nbsp;&nbsp;45034 | &nbsp;&nbsp;&nbsp; 2987105 |
|  |  | &nbsp;&nbsp;&nbsp; 2987105 |
| &nbsp;&nbsp;Coal & Consumable Fuels — 5.49% | &nbsp;&nbsp;Coal & Consumable Fuels — 5.49% | &nbsp;&nbsp;Coal & Consumable Fuels — 5.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core Natural Resources | &nbsp;&nbsp;&nbsp;&nbsp;36060 | &nbsp;&nbsp;&nbsp; 3776564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peabody Energy | &nbsp;&nbsp;&nbsp;&nbsp;72255 | &nbsp;&nbsp;&nbsp; 2380802 |
|  |  | &nbsp;&nbsp;&nbsp; 6157366 |
| &nbsp;&nbsp;Construction & Engineering — 1.90% | &nbsp;&nbsp;Construction & Engineering — 1.90% | &nbsp;&nbsp;Construction & Engineering — 1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcosa | &nbsp;&nbsp;&nbsp;&nbsp;20094 | &nbsp;&nbsp;&nbsp; 2132777 |
|  |  | &nbsp;&nbsp;&nbsp; 2132777 |
| &nbsp;&nbsp;Construction Materials — 3.37% | &nbsp;&nbsp;Construction Materials — 3.37% | &nbsp;&nbsp;Construction Materials — 3.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH | &nbsp;&nbsp;&nbsp;&nbsp;26225 | &nbsp;&nbsp;&nbsp; 2743673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Titan | &nbsp;&nbsp;&nbsp;&nbsp;19700 | &nbsp;&nbsp;&nbsp; 1032861 |
|  |  | &nbsp;&nbsp;&nbsp; 3776534 |
| &nbsp;&nbsp;Diversified Metals & Mining — 10.51% | &nbsp;&nbsp;Diversified Metals & Mining — 10.51% | &nbsp;&nbsp;Diversified Metals & Mining — 10.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anglo American | &nbsp;&nbsp;&nbsp;&nbsp;74419 | &nbsp;&nbsp;&nbsp; 3195224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Metal Recycling<br> Holdings =, † | 1900000 | &nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glencore | &nbsp;&nbsp;&nbsp;&nbsp;475140 | &nbsp;&nbsp;&nbsp; 3598650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudbay Minerals | &nbsp;&nbsp;&nbsp;&nbsp;143215 | &nbsp;&nbsp;&nbsp; 2993194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teck Resources Class B | &nbsp;&nbsp;&nbsp;&nbsp;38493 | &nbsp;&nbsp;&nbsp; 1995072 |
|  |  | &nbsp;&nbsp;&nbsp; 11782140 |
| &nbsp;&nbsp;Fertilizers & Agricultural Chemicals — 8.27% | &nbsp;&nbsp;Fertilizers & Agricultural Chemicals — 8.27% | &nbsp;&nbsp;Fertilizers & Agricultural Chemicals — 8.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings | &nbsp;&nbsp;&nbsp;&nbsp;17600 | &nbsp;&nbsp;&nbsp; 2285184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corteva | &nbsp;&nbsp;&nbsp;&nbsp;31414 | &nbsp;&nbsp;&nbsp; 2629666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nutrien | &nbsp;&nbsp;&nbsp;&nbsp;57686 | &nbsp;&nbsp;&nbsp; 4352986 |
|  |  | &nbsp;&nbsp;&nbsp; 9267836 |
| &nbsp;&nbsp;Forest Products — 3.47% | &nbsp;&nbsp;Forest Products — 3.47% | &nbsp;&nbsp;Forest Products — 3.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana-Pacific | &nbsp;&nbsp;&nbsp;&nbsp;16291 | &nbsp;&nbsp;&nbsp; 1185170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Fraser Timber | &nbsp;&nbsp;&nbsp;&nbsp;41377 | &nbsp;&nbsp;&nbsp; 2702548 |
|  |  | &nbsp;&nbsp;&nbsp; 3887718 |
| &nbsp;&nbsp;Gold — 11.68% | &nbsp;&nbsp;Gold — 11.68% | &nbsp;&nbsp;Gold — 11.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines | &nbsp;&nbsp;&nbsp;&nbsp;16110 | &nbsp;&nbsp;&nbsp; 3270008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining | &nbsp;&nbsp;&nbsp;&nbsp;41810 | &nbsp;&nbsp;&nbsp; 1705430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coeur Mining † | &nbsp;&nbsp;&nbsp;&nbsp;139544 | &nbsp;&nbsp;&nbsp; 2619241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eldorado Gold | &nbsp;&nbsp;&nbsp;&nbsp;39740 | &nbsp;&nbsp;&nbsp; 1364274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmont | &nbsp;&nbsp;&nbsp;&nbsp;38128 | &nbsp;&nbsp;&nbsp; 4127356 |
|  |  | &nbsp;&nbsp;&nbsp; 13086309 |
| &nbsp;&nbsp;Integrated Oil & Gas — 8.00% | &nbsp;&nbsp;Integrated Oil & Gas — 8.00% | &nbsp;&nbsp;Integrated Oil & Gas — 8.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BP ADR | &nbsp;&nbsp;&nbsp;&nbsp;89720 | &nbsp;&nbsp;&nbsp; 4216840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell | &nbsp;&nbsp;&nbsp;&nbsp;72250 | &nbsp;&nbsp;&nbsp; 3346262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unit | &nbsp;&nbsp;&nbsp;&nbsp;40675 | &nbsp;&nbsp;&nbsp; 1405321 |
|  |  | &nbsp;&nbsp;&nbsp; 8968423 |
| &nbsp;&nbsp;Oil & Gas Drilling — 1.92% | &nbsp;&nbsp;Oil & Gas Drilling — 1.92% | &nbsp;&nbsp;Oil & Gas Drilling — 1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helmerich & Payne | &nbsp;&nbsp;&nbsp;&nbsp;59678 | &nbsp;&nbsp;&nbsp; 2150198 |
|  |  | &nbsp;&nbsp;&nbsp; 2150198 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Oil & Gas Equipment & Services — 2.98% | &nbsp;&nbsp;Oil & Gas Equipment & Services — 2.98% | &nbsp;&nbsp;Oil & Gas Equipment & Services — 2.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLB | &nbsp;&nbsp;&nbsp;&nbsp;37600 | &nbsp;&nbsp;$1932264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weatherford International | &nbsp;&nbsp;&nbsp;&nbsp;14910 | &nbsp;&nbsp;&nbsp; 1410188 |
|  |  | &nbsp;&nbsp;&nbsp; 3342452 |
| &nbsp;&nbsp;Oil & Gas Exploration & Production — 22.24% | &nbsp;&nbsp;Oil & Gas Exploration & Production — 22.24% | &nbsp;&nbsp;Oil & Gas Exploration & Production — 22.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARC Resources | &nbsp;&nbsp;&nbsp;&nbsp;128829 | &nbsp;&nbsp;&nbsp; 2681044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources | &nbsp;&nbsp;&nbsp;&nbsp;66860 | &nbsp;&nbsp;&nbsp; 3261534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chord Energy | &nbsp;&nbsp;&nbsp;&nbsp;13364 | &nbsp;&nbsp;&nbsp; 1900094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;27920 | &nbsp;&nbsp;&nbsp; 3685440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy | &nbsp;&nbsp;&nbsp;&nbsp;22427 | &nbsp;&nbsp;&nbsp; 4435836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy | &nbsp;&nbsp;&nbsp;&nbsp;16130 | &nbsp;&nbsp;&nbsp; 1770751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimbell Royalty Partners | &nbsp;&nbsp;&nbsp;&nbsp;164530 | &nbsp;&nbsp;&nbsp; 2380749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovintiv | &nbsp;&nbsp;&nbsp;&nbsp;35790 | &nbsp;&nbsp;&nbsp; 2124494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources Class A | &nbsp;&nbsp;&nbsp;&nbsp;126251 | &nbsp;&nbsp;&nbsp; 2691671 |
|  |  | &nbsp;&nbsp;&nbsp; 24931613 |
| &nbsp;&nbsp;Oil & Gas Refining & Marketing — 2.38% | &nbsp;&nbsp;Oil & Gas Refining & Marketing — 2.38% | &nbsp;&nbsp;Oil & Gas Refining & Marketing — 2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy | &nbsp;&nbsp;&nbsp;&nbsp;10814 | &nbsp;&nbsp;&nbsp; 2671923 |
|  |  | &nbsp;&nbsp;&nbsp; 2671923 |
| &nbsp;&nbsp;Packaged Foods & Meats — 1.71% | &nbsp;&nbsp;Packaged Foods & Meats — 1.71% | &nbsp;&nbsp;Packaged Foods & Meats — 1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JBS Class A † | &nbsp;&nbsp;&nbsp;&nbsp;106730 | &nbsp;&nbsp;&nbsp; 1916871 |
|  |  | &nbsp;&nbsp;&nbsp; 1916871 |
| &nbsp;&nbsp;Paper Packaging — 4.48% | &nbsp;&nbsp;Paper Packaging — 4.48% | &nbsp;&nbsp;Paper Packaging — 4.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Paper | &nbsp;&nbsp;&nbsp;&nbsp;80402 | &nbsp;&nbsp;&nbsp; 2870351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smurfit Westrock | &nbsp;&nbsp;&nbsp;&nbsp;53810 | &nbsp;&nbsp;&nbsp; 2144329 |
|  |  | &nbsp;&nbsp;&nbsp; 5014680 |
| &nbsp;&nbsp;Steel — 3.99% | &nbsp;&nbsp;Steel — 3.99% | &nbsp;&nbsp;Steel — 3.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics | &nbsp;&nbsp;&nbsp;&nbsp;24867 | &nbsp;&nbsp;&nbsp; 4476060 |
|  |  | &nbsp;&nbsp;&nbsp; 4476060 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $92,731,414)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $92,731,414)** | &nbsp;&nbsp;&nbsp;**109295999** |
| &nbsp;&nbsp;**Short-Term Investments — 3.81%** | &nbsp;&nbsp;**Short-Term Investments — 3.81%** | &nbsp;&nbsp;**Short-Term Investments — 3.81%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 3.81% | &nbsp;&nbsp;Money Market Mutual Funds — 3.81% | &nbsp;&nbsp;Money Market Mutual Funds — 3.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.55%) | 1067515 | &nbsp;&nbsp;&nbsp; 1067515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.53%) | 1067514 | &nbsp;&nbsp;&nbsp; 1067514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.59%) | 1067514 | &nbsp;&nbsp;&nbsp; 1067514 |

---

NQ- IV074 [0326] 0526 (5459540) 1

------

Nomura VIP Natural Resources Series

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Short-Term Investments (continued)** | &nbsp;&nbsp;**Short-Term Investments (continued)** | &nbsp;&nbsp;**Short-Term Investments (continued)** |
| &nbsp;&nbsp;Money Market Mutual Funds (continued) | &nbsp;&nbsp;Money Market Mutual Funds (continued) | &nbsp;&nbsp;Money Market Mutual Funds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.57%) | 1067514 | &nbsp;&nbsp;$1067514 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $4,270,057)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $4,270,057)** | &nbsp;&nbsp;&nbsp; **4270057** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—101.32%<br> (cost $97,001,471)** |  | &nbsp;&nbsp;&nbsp;**113566056** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(1.32%)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(1479278)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 15,416,294 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$112086778** |

---

---

| |
|:---|
| Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |
| The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security. |
| Non-income producing security. |

---

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |

---

2 NQ- IV074 [0326] 0526 (5459540)

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Ivy Variable Insurance Portfolios

- **b. Investment Company Act file number:** 811-05017

- **c. CIK number of Registrant:** 0000810016

- **d. LEI of Registrant:** 72XHPUAYSOH6ROSGJT53

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Independence

  - **City:** Philadelphia

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19106

  - **Telephone number:** 215-255-1200

**Item A.2. Information about the Series.**

- **a. Name of Series:** Nomura VIP Natural Resources Series

- **b. EDGAR series identifier (if any):** S000006240

- **c. LEI of Series:** 549300B5IBATN68SK387

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $112376948.26

**Total Liabilities:** $194292.53

**Net Assets:** $112182655.73

**Cash Not Reported:** $88959.92

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017174 | 10.28%               | 7.69%                | -0.14%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2451242.24              | $7097916.26                                |
| Month 2  | $4110977.49              | $3753903.75                                |
| Month 3  | $4351500.21              | $-4386306.20                               |

### Schedule of Portfolio Investments

| Name                                         | Title                                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| International Paper Co.                      | International Paper Co. COM                                 | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |     80402 | NS      | $2870351.40   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp.                          | Expand Energy Corp. COM                                     | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     16130 | NS      | $1770751.40   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| HudBay Minerals Inc                          | HudBay Minerals Inc COM                                     | CUSIP: 443628102<br>LEI: 894500LX3TMESP27BE29 | Long             | EC               | CORP              | CA        |    143215 | NS      | $2993193.50   | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                                  | Corteva Inc COM                                             | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     31414 | NS      | $2629665.94   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd                       | Agnico Eagle Mines Ltd COM                                  | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |     13300 | NS      | $2699634.00   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp.                          | Valero Energy Corp. COM                                     | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     10814 | NS      | $2671923.12   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimbell Royalty Partners Lp                  | Kimbell Royalty Partners Lp UNIT                            | CUSIP: 49435R102<br>LEI: 5493007FC11POVYRB841 | Long             | EC               | CORP              | US        |    164530 | NS      | $2380749.10   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| China Metal Recycling Holdings               | China Metal Recycling Holdings Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   1900000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Ovintiv Inc                                  | Ovintiv Inc COM                                             | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |     35790 | NS      | $2124494.40   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| SLB LTD                                      | SLB Ltd. COM STK                                            | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |     37600 | NS      | $1932264.00   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Colchester Street Trust             | Fidelity Colchester Street Trust MNY MRKT FDS I             | CUSIP: 316175108<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        |   1067514 | NS      | $1067514.34   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Limited           | Canadian Natural Resources Limited COM NPV                  | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |     66860 | NS      | $3261533.75   | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp                       | Permian Resources Corp CLASS A COM                          | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |    126251 | NS      | $2691671.32   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                       | Diamondback Energy Inc COM                                  | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     22427 | NS      | $4435836.33   | 3.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp.                           | Chord Energy Corp. COM NEW                                  | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |     13364 | NS      | $1900093.52   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corporation                            | Alcoa Corporation COM                                       | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |     45034 | NS      | $2987105.22   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Peabody Energy Corp.                         | Peabody Energy Corp. COM                                    | CUSIP: 704551100<br>LEI: EJCO258LNNVSKAR2JX59 | Long             | EC               | CORP              | US        |     72255 | NS      | $2380802.25   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                                      | CRH PLC ORD EUR 0.32 (DI)                                   | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |     26225 | NS      | $2743673.05   | 2.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Glencore PLC                                 | Glencore PLC ORD USD0.01                                    | CUSIP: 000000000<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |    475140 | NS      | $3598650.24   | 3.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Arcosa Inc                                   | Arcosa Inc COM                                              | CUSIP: 039653100<br>LEI: 549300WFHLTCZV7D6V29 | Long             | EC               | CORP              | US        |     20094 | NS      | $2132777.16   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Trust                          | Goldman Sachs Financial Square Government Fund              | CUSIP: 38141W273<br>LEI: S2FHCT8U6D2VORP0J605 | Long             | STIV             | RF                | US        |   1067514 | NS      | $1067514.34   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Limited                       | Teck Resources Limited CLASS'B'SUB-VTG COM NPV              | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |     38493 | NS      | $1995072.46   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan SA                                     | Titan SA NPV                                                | CUSIP: 000000000<br>LEI: 213800H2CDP9I374WH83 | Long             | EC               | CORP              | BE        |     19700 | NS      | $1032861.09   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Barrick Mining Corp.                         | Barrick Mining Corp. COM SHS                                | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |     41810 | NS      | $1705429.90   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| ARC Resources Ltd.                           | ARC Resources Ltd. COM NPV                                  | CUSIP: 00208D408<br>LEI: 5493000OCGNQZEVTDT08 | Long             | EC               | CORP              | CA        |    128829 | NS      | $2681043.45   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd                                  | Nutrien Ltd COM                                             | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |     57686 | NS      | $4352985.56   | 3.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International Plc                | Weatherford International Plc COM USD0.001                  | CUSIP: 000000000<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               | CORP              | IE        |     14910 | NS      | $1410187.80   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                               | ConocoPhillips COM                                          | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     27920 | NS      | $3685440.00   | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Institutional Liquidity Funds | Morgan Stanley Institutional Liquidity Funds GOVT PTF INSTL | CUSIP: 61747C707<br>LEI: 5493000A332Y142SOW84 | Long             | STIV             | RF                | US        |   1067514 | NS      | $1067514.34   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| BP PLC                                       | BP PLC SPONSORED ADR                                        | CUSIP: 055622104<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |     83950 | NS      | $3945650.00   | 3.52%             |  |  |  | No            |                  1 | On Loan: No      |
| JBS NV                                       | JBS NV COM EUR0.01 CL A                                     | CUSIP: 000000000<br>LEI: 254900JSFON4WL81TW77 | Long             | EC               | CORP              | NL        |     73170 | NS      | $1314133.20   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Eldorado Gold Corp                           | Eldorado Gold Corp COM                                      | CUSIP: 284902509<br>LEI: 5493004PWQ01YDD1IH62 | Long             | EC               | CORP              | CA        |     39740 | NS      | $1364274.20   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics, Inc.                         | Steel Dynamics, Inc. COM                                    | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     24867 | NS      | $4476060.00   | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                    | Shell PLC ORD EUR0.07                                       | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     72250 | NS      | $3346261.78   | 2.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Coeur Mining Inc                             | Coeur Mining Inc COM NEW                                    | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |    139544 | NS      | $2619240.88   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| West Fraser Timber Co Ltd.                   | West Fraser Timber Co Ltd. COM NPV                          | CUSIP: 952845105<br>LEI: 5493005WD1ZK6WBVR988 | Long             | EC               | CORP              | CA        |     41377 | NS      | $2702547.78   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings, Inc.                 | CF Industries Holdings, Inc. COM                            | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     17600 | NS      | $2285184.00   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Unit Corporation                             | Unit Corporation COM NEW                                    | CUSIP: 909218406<br>LEI: 549300XGK22FZCTN8B67 | Long             | EC               | CORP              | US        |     40675 | NS      | $1405321.25   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Helmerich & Payne Inc                        | Helmerich & Payne Inc COM                                   | CUSIP: 423452101<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | EC               | CORP              | US        |     59678 | NS      | $2150198.34   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corporation                          | Newmont Corporation COM                                     | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     38128 | NS      | $4127356.00   | 3.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Natural Resources Inc.                  | Core Natural Resources Inc. COM SHS                         | CUSIP: 218937100<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |     36060 | NS      | $3776563.80   | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American PLC                           | Anglo American PLC ORD USD0.623855311355311                 | CUSIP: 000000000<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |     74419 | NS      | $3195224.02   | 2.85%             |  |  |  | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                    | BlackRock Liquidity Funds FEDFUND INSTL                     | CUSIP: 09248U700<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |   1067514 | NS      | $1067514.41   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Smurfit WestRock plc                         | Smurfit WestRock plc COM USD0.001                           | CUSIP: 000000000<br>LEI: 635400EGSEOPDW2EXS14 | Long             | EC               | CORP              | IE        |     53810 | NS      | $2144328.50   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunge Global SA                              | Bunge Global SA COM SHS                                     | CUSIP: 000000000<br>LEI: 254900IVXSV9K0B7PO26 | Long             | EC               | CORP              | CH        |     21588 | NS      | $2745993.60   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Louisiana Pacific Corporation                | Louisiana Pacific Corporation COM                           | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |     16291 | NS      | $1185170.25   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-28

**Name of Applicant:** Ivy Variable Insurance Portfolio

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

**Title:** Division Director - Head of US Fund Administration